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OUR COMPANY Miller Industries, Inc., a Tennessee corporation, is The World s Largest Manufacturer of Towing and Recovery Equipment , with executive offices in Ooltewah, Tennessee, domestic manufacturing operations in Tennessee and Pennsylvania, and foreign manufacturing operations in France, the United Kingdom and, most recently, Italy. On December 2, 2025, Miller Industries, Inc. acquired Omar…
Operating margin is thin at 2.94%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue declined 37.2% YoY. Margins deteriorated 3.3pp alongside, both lines moving the wrong way.
ROIC dropped from 14.09% to 3.20%, capital efficiency is deteriorating. Operating margin contracted 3.3pp YoY, cost discipline may be slipping.
Profitability & Returns
Revenue (TTM)
$745M
▼ -37.2% YoY
Net Income (TTM)
$16M
▼ -63.8% YoY
Op. Margin
1.91%
▼ -3.3pp YoY
ROIC
1.62%
▼ -10.9pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$110M
▲ +5500.3% YoY
Op. Cash Flow (TTM)
$127M
▲ +485.2% YoY
Net Debt
-$28M
Net Cash Position
Cash & Equiv.
$53M
5Y CAGR: +3.9%
5Y CAGR: +14.5%
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