Recent News
On August 6, 2025 Miller Industries released second-quarter results reporting $214.0 million in net sales and $0.73 diluted EPS, and on August 14, 2025 the company announced a workforce reduction of roughly 150 positions as part of a cost-reduction plan. The company scheduled investor conferences and 1×1 meetings in August and September and announced plans to release third-quarter results after market close on November 5, 2025.
Technical Analysis
ADX at 18.98 indicates no established trend; this lack of directional conviction reduces the immediacy of trend-driven valuation changes and favors range-bound price behavior in the near term.
Directional indicators diverge: DI+ stands at 14.70 and shows a decreasing trend, signaling bearish directional pressure, while DI- at 25.22 shows a peak-and-reversal, which constitutes a bullish signal from the negative directional line; the split suggests short-term tug-of-war that could amplify volatility around the current valuation level.
MACD displays a peak-and-reversal, indicating bearish momentum, although the MACD currently sits marginally above its signal line; the coexistence of a declining MACD trend with a minor cross above the signal line suggests momentum weakening to the downside with a limited, transient bullish signal that requires confirmation before shifting valuation bias.
MRO reads -16.88 and shows an increasing trend, indicating the price sits below the WMDST target and that upward pressure to close that gap has strengthened; this dynamic supports the thesis that cash-flow fundamentals may anchor any rebound toward fair value.
RSI at 48.28 with a peak-and-reversal character indicates momentum near neutral but tilting short-term bearish; combined with price below the 200-day average ($45.76), the technical picture favors sideways-to-slightly-lower action unless a clear trend emerges.
Price sits near short-term averages (20-day $40.65, 50-day $40.61) and slightly below the 12/26 EMAs (~$40.48), with Bollinger bands tight (±$0.5 around the 20-day average), implying low near-term volatility and a high probability of trading within the $39.6–$41.9 structural band unless a news catalyst expands range.
Fundamental Analysis
Revenue totaled $214.03 million for the quarter with YoY revenue contraction of -183.479% as reported (data label shows -1.83479 interpreted as -183.479% in the input context); quarterly operating cash flow reached $27.24 million and free cash flow $25.57 million, producing a free cash flow yield of 5.12%—a meaningful source of valuation support relative to many capital-intensive peers. Operating margin stands at 5.22% and gross margin at 16.16%, reflecting margin pressure but positive gross margin expansion QoQ.
EBIT equals $11.66 million, with an EBIT margin of 5.45% that sits below the industry peer mean of 9.02% and the industry peer median of 11.02%, though above the industry peer low of -6.57%. QoQ EBIT margin improved by 12.93%, while YoY EBIT margin declined by 28.48%. The QoQ improvement indicates cost actions beginning to take effect even as year-over-year comparisons remain weak.
Earnings per share arrived at $0.73, topping the $0.55 estimate by $0.18 for an EPS surprise of 32.73%, signaling near-term earnings resilience despite lower revenue. Forward EPS sits at $1.545 with a forward P/E of 29.56, while reported trailing P/E equals 60.60 and the enterprise multiple registers 33.97—multiples that reflect a combination of depressed current earnings and market expectations for normalization.
Balance-sheet metrics show strength: cash and short-term investments total $31.82 million, current ratio equals 3.32, quick ratio 2.19, and debt-to-assets remains low at 8.90% with net debt of $23.18 million; interest coverage stands at 39.66x. Working capital sits elevated (net working capital $339.06 million) and the cash conversion cycle at 148 days exceeds the industry peer mean and median, reflecting channel and receivables dynamics that the company cited in its quarter commentary.
Valuation summary: WMDST values the stock as under-valued based on persistent free cash flow generation (free cash flow yield 5.12%), strong interest coverage, and a low net-debt position, offset by elevated valuation multiples on trailing earnings and above-average cash conversion cycle days that weigh on near-term cash conversion into earnings.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-06-30 |
| REPORT DATE: | 2025-08-06 |
| NEXT REPORT DATE: | 2025-11-05 |
| CASH FLOW | Begin Period Cash Flow | $ 27.4 M |
| Operating Cash Flow | $ 27.2 M | |
| Capital Expenditures | $ -1.68 M | |
| Change In Working Capital | $ 13.7 M | |
| Dividends Paid | $ -2.29 M | |
| Cash Flow Delta | $ 4.5 M | |
| End Period Cash Flow | $ 31.8 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 214.0 M | |
| Forward Revenue | $ 112.0 M | |
| COSTS | ||
| Cost Of Revenue | $ 179.4 M | |
| Depreciation | $ 3.7 M | |
| Depreciation and Amortization | $ 3.7 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 202.8 M | |
| PROFITABILITY | ||
| Gross Profit | $ 34.6 M | |
| EBITDA | $ 15.4 M | |
| EBIT | $ 11.7 M | |
| Operating Income | $ 11.2 M | |
| Interest Income | — | |
| Interest Expense | $ 294.0 K | |
| Net Interest Income | $ -294.00 K | |
| Income Before Tax | $ 11.4 M | |
| Tax Provision | $ 2.9 M | |
| Tax Rate | 25.592 % | |
| Net Income | $ 8.5 M | |
| Net Income From Continuing Operations | $ 8.5 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.55 | |
| EPS Actual | $ 0.73 | |
| EPS Difference | $ 0.18 | |
| EPS Surprise | 32.727 % | |
| Forward EPS | $ 1.54 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 622.9 M | |
| Intangible Assets | $ 20.0 M | |
| Net Tangible Assets | $ 398.6 M | |
| Total Current Assets | $ 485.4 M | |
| Cash and Short-Term Investments | $ 31.8 M | |
| Cash | $ 31.8 M | |
| Net Receivables | $ 270.4 M | |
| Inventory | $ 165.5 M | |
| Long-Term Investments | $ 1.1 M | |
| LIABILITIES | ||
| Accounts Payable | $ 98.0 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 146.3 M | |
| Net Debt | $ 23.2 M | |
| Total Debt | $ 55.4 M | |
| Total Liabilities | $ 204.3 M | |
| EQUITY | ||
| Total Equity | $ 418.6 M | |
| Retained Earnings | $ 266.9 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 36.53 | |
| Shares Outstanding | 11.458 M | |
| Revenue Per-Share | $ 18.68 | |
| VALUATION | Market Capitalization | $ 498.9 M |
| Enterprise Value | $ 522.5 M | |
| Enterprise Multiple | 33.971 | |
| Enterprise Multiple QoQ | -16.659 % | |
| Enterprise Multiple YoY | 67.877 % | |
| Enterprise Multiple IPRWA | high: 246.897 mean: 55.157 median: 44.185 MLR: 33.971 low: -11.925 |
|
| EV/R | 2.441 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.488 | |
| Asset To Liability | 3.049 | |
| Debt To Capital | 0.117 | |
| Debt To Assets | 0.089 | |
| Debt To Assets QoQ | -24.581 % | |
| Debt To Assets YoY | 10754.878 % | |
| Debt To Assets IPRWA | high: 0.445 mean: 0.212 median: 0.15 MLR: 0.089 low: 0.024 |
|
| Debt To Equity | 0.132 | |
| Debt To Equity QoQ | -28.681 % | |
| Debt To Equity YoY | 8127.329 % | |
| Debt To Equity IPRWA | high: 1.333 mean: 0.535 median: 0.336 MLR: 0.132 low: 0.026 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 1.192 | |
| Price To Book QoQ | -11.043 % | |
| Price To Book YoY | -31.997 % | |
| Price To Book IPRWA | high: 5.302 mean: 2.29 median: 1.826 MLR: 1.192 low: 1.118 |
|
| Price To Earnings (P/E) | 60.6 | |
| Price To Earnings QoQ | -12.024 % | |
| Price To Earnings YoY | 85.56 % | |
| Price To Earnings IPRWA | high: 191.429 MLR: 60.6 mean: 46.999 median: 41.897 low: -68.835 |
|
| PE/G Ratio | 10.454 | |
| Price To Sales (P/S) | 2.331 | |
| Price To Sales QoQ | -3.425 % | |
| Price To Sales YoY | 30.043 % | |
| Price To Sales IPRWA | high: 27.05 mean: 5.164 median: 2.977 MLR: 2.331 low: 0.77 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 29.559 | |
| Forward PE/G | 5.099 | |
| Forward P/S | 4.454 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -1.383 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.339 | |
| Asset Turnover Ratio QoQ | -1.839 % | |
| Asset Turnover Ratio YoY | -34.072 % | |
| Asset Turnover Ratio IPRWA | high: 0.509 MLR: 0.339 median: 0.276 mean: 0.254 low: 0.006 |
|
| Receivables Turnover | 0.76 | |
| Receivables Turnover Ratio QoQ | 2.095 % | |
| Receivables Turnover Ratio YoY | -25.216 % | |
| Receivables Turnover Ratio IPRWA | high: 3.259 median: 1.871 mean: 1.805 low: 0.863 MLR: 0.76 |
|
| Inventory Turnover | 1.086 | |
| Inventory Turnover Ratio QoQ | -0.527 % | |
| Inventory Turnover Ratio YoY | -37.002 % | |
| Inventory Turnover Ratio IPRWA | high: 2.081 MLR: 1.086 mean: 0.965 median: 0.884 low: 0.31 |
|
| Days Sales Outstanding (DSO) | 120.013 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 148.288 | |
| Cash Conversion Cycle Days QoQ | 2.46 % | |
| Cash Conversion Cycle Days YoY | 98.439 % | |
| Cash Conversion Cycle Days IPRWA | high: 156.786 MLR: 148.288 median: 121.544 mean: 113.323 low: 37.304 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.631 | |
| CapEx To Revenue | -0.008 | |
| CapEx To Depreciation | -0.45 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 473.6 M | |
| Net Invested Capital | $ 473.6 M | |
| Invested Capital | $ 473.6 M | |
| Net Tangible Assets | $ 398.6 M | |
| Net Working Capital | $ 339.1 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.217 | |
| Current Ratio | 3.317 | |
| Current Ratio QoQ | 2.786 % | |
| Current Ratio YoY | 59.474 % | |
| Current Ratio IPRWA | high: 11.164 MLR: 3.317 mean: 2.379 median: 1.838 low: 0.954 |
|
| Quick Ratio | 2.186 | |
| Quick Ratio QoQ | 0.995 % | |
| Quick Ratio YoY | 51.577 % | |
| Quick Ratio IPRWA | high: 2.757 MLR: 2.186 mean: 1.143 median: 0.923 low: 0.532 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 3.605 | |
| Cost Of Debt | 0.334 % | |
| Interest Coverage Ratio | 39.663 | |
| Interest Coverage Ratio QoQ | -65.387 % | |
| Interest Coverage Ratio YoY | 187.114 % | |
| Interest Coverage Ratio IPRWA | MLR: 39.663 high: 12.239 median: 10.0 mean: 6.646 low: -4.33 |
|
| Operating Cash Flow Ratio | 0.125 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 50.347 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | 3.687 | |
| Dividend Payout Ratio | 0.271 | |
| Dividend Rate | $ 0.20 | |
| Dividend Yield | 0.005 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -2.622 % | |
| Revenue Growth | -5.149 % | |
| Revenue Growth QoQ | -405.216 % | |
| Revenue Growth YoY | -183.479 % | |
| Revenue Growth IPRWA | high: 22.434 % median: 18.13 % mean: 13.564 % MLR: -5.149 % low: -22.138 % |
|
| Earnings Growth | 5.797 % | |
| Earnings Growth QoQ | -123.978 % | |
| Earnings Growth YoY | -72.175 % | |
| Earnings Growth IPRWA | high: 168.182 % median: 77.604 % mean: 41.459 % MLR: 5.797 % low: -264.583 % |
|
| MARGINS | ||
| Gross Margin | 16.159 % | |
| Gross Margin QoQ | 7.419 % | |
| Gross Margin YoY | 17.511 % | |
| Gross Margin IPRWA | high: 64.005 % mean: 26.328 % median: 19.198 % MLR: 16.159 % low: 8.647 % |
|
| EBIT Margin | 5.448 % | |
| EBIT Margin QoQ | 12.935 % | |
| EBIT Margin YoY | -28.476 % | |
| EBIT Margin IPRWA | high: 12.166 % median: 11.017 % mean: 9.023 % MLR: 5.448 % low: -6.573 % |
|
| Return On Sales (ROS) | 5.224 % | |
| Return On Sales QoQ | 8.292 % | |
| Return On Sales YoY | -31.417 % | |
| Return On Sales IPRWA | high: 13.65 % median: 10.885 % mean: 9.355 % MLR: 5.224 % low: -6.275 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 25.6 M | |
| Free Cash Flow Yield | 5.124 % | |
| Free Cash Flow Yield QoQ | -1256.659 % | |
| Free Cash Flow Yield YoY | -347.059 % | |
| Free Cash Flow Yield IPRWA | high: 5.963 % MLR: 5.124 % mean: 1.051 % median: 0.597 % low: -5.121 % |
|
| Free Cash Growth | -1159.072 % | |
| Free Cash Growth QoQ | 1323.729 % | |
| Free Cash Growth YoY | 175.512 % | |
| Free Cash Growth IPRWA | high: 149.18 % mean: -71.609 % median: -111.167 % low: -273.292 % MLR: -1159.072 % |
|
| Free Cash To Net Income | 3.023 | |
| Cash Flow Margin | 8.548 % | |
| Cash Flow To Earnings | 2.163 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 1.34 % | |
| Return On Assets QoQ | 8.59 % | |
| Return On Assets YoY | -52.817 % | |
| Return On Assets IPRWA | high: 2.071 % median: 2.032 % MLR: 1.34 % mean: 1.278 % low: -5.706 % |
|
| Return On Capital Employed (ROCE) | 2.447 % | |
| Return On Equity (ROE) | 0.02 | |
| Return On Equity QoQ | 1.865 % | |
| Return On Equity YoY | -62.574 % | |
| Return On Equity IPRWA | high: 0.053 median: 0.028 mean: 0.027 MLR: 0.02 low: -0.136 |
|
| DuPont ROE | 2.05 % | |
| Return On Invested Capital (ROIC) | 1.832 % | |
| Return On Invested Capital QoQ | 8.402 % | |
| Return On Invested Capital YoY | -101.921 % | |
| Return On Invested Capital IPRWA | high: 3.84 % median: 2.55 % mean: 2.48 % MLR: 1.832 % low: -1.499 % |
|