MILLER INDUSTRIES INC /TN/ financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data MILLER INDUSTRIES INC /TN/ files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	601	615	712	818	651	717	848	1,153	1,258	790
Cost of revenue	537	548	628	722	573	648	766	1,002	1,087	670
Gross profit	64.3	67.1	83.3	96.5	78.4	69.9	82.4	152	171	120
Research and development	1.8	1.94	3.13	3.7	4.72	3.6	4	6	6.2	8.2
Selling, general and administrative	32.3	35.6	39.5	43.4	39.7	46.2	52.8	73.1	86.3	89
Operating expenses	33.2
Operating income	32	31.5
Interest expense	1.16	1.59	1.88	2.38	1.22	1.36	3.38	5.97	3.93	0.66
Other non-operating income	0.28	0.39	-0.25
Pre-tax income	31.1	30.3	41.7	50.4	38.1	21.8	25.7	73.8	80.1	31.5
Income tax	11.2	7.32	7.92	11.3	8.27	5.51	5.39	15.5	16.6	8.48
Net income	19.9	23	33.7	39.1	29.8	16.3	20.3	58.3	63.5	23
EBITDA	36.8	37.7
EPS, basic	1.76	2.02	2.96	3.43	2.62	1.42	1.78	5.10	5.55	2.01
EPS, diluted	1.75	2.02	2.96	3.43	2.62	1.42	1.78	5.07	5.47	1.98
Shares, basic (weighted)	11.3	11.4	11.4	11.4	11.4	11.4	11.4	11.4	11.4	11.4
Shares, diluted (weighted)	11.4	11.4	11.4	11.4	11.4	11.4	11.4	11.5	11.6	11.6
Dividend per share	0.68	0.72	0.72	0.72	0.72	0.72	0.72	0.72	0.76	0.80

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	31.1	21.9	27	26.1	57.5	54.3	40.2	29.9	24.3	44.7
Receivables	125	133	149	169	142	154	178	286	313	198
Inventory	64.1	68.6	93.8	88	83.9	115	154	190	186	184
Other current assets	5.01	4.27	3.27	4.8	3.17	5.75	4.58	4.62	5.85	12.4
Total current assets	226	227	273	287	286	329	376	510	530	440
Property, plant and equipment	59.6	77.6	82.9	89.5	97.4	95.3	112	115	116	124
Lease right-of-use assets				1.64	1.47	1.23	0.91	0.83	0.55	0.28
Goodwill	11.6	11.6	11.6	11.6	11.6	11.6	11.6	20	20	20.1
Other non-current assets	0.57	0.56	0.5	0.52	0.43	0.53	0.71	0.82	0.73	5.93
Total assets	297	317	368	392	398	438	501	647	667	590
Accounts payable	85.1	79.3	98.2	98.5	88.3	122	126	192	146	78.5
Accrued liabilities	20.7	22	24.9	27.8	24.8	22.8	28.3	40.8	51.7	55.6
Deferred revenue			0.33	0.32	0.27	0.26	0.24
Short-term debt			0.29	0.37						2.25
Total current liabilities	106	102	123	124	111	147	156	235	198	137
Long-term debt			15.5	5			45	60	65	31.1
Lease liabilities				1.31	1.12	0.87	0.6	0.51	0.23	0.1
Total liabilities	113	114	141	134	116	153	208	299	266	169
Total debt			15.8	5.37			45	60	65	33.3
Paid-in capital	150	151	151	151	151	151	152	154	154	153
Retained earnings	40.8	55.6	81.4	108	130	138	150	200	255	269
Other comprehensive income	-6.67	-3.29	-4.81	-5.5	-2.79	-4.95	-9.17	-5.93	-7.73	-1.39
Shareholders' equity	185	203	228
Total equity	185	203	228	258	279	285	293	348	401	421
Total liabilities and equity	297	317	368	392	398	438	501	647	667	590
Shares outstanding	11.3	11.4	11.4	11.4	11.4	11.4	11.4	11.4	11.4	11.4

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	19.9	23	33.7	39.1	29.8	16.3	20.3	58.3	63.5	23
Depreciation and amortization	4.83	6.15	7.75	9.13	9.6	11	11.8	13.2	14.1	14.7
Stock-based compensation	0	0.15	0.15	0.15	0.19	0.2	0.74	1.06	3.23	5.33
Deferred income tax	3.22	-0.87	0.58	1.72	0.73	1.03	1.06	-2.18	-1.17	-1.52
Change in inventory	1.02	-2.84	-23.9	5.45	5.47	-32.1	-40.7	-30.4	2.18	18.9
Change in payables	12.9	-5.81	19.4	-2.17	-10.9	33.9	4.49	64.9	-45.4	-73.3
Cash from operations	20.9	14	21.9	35.1	60.7	15.3	-19.2	11	16.9	98.7
Capital expenditures	-25	-24.7	-13.3	-17.4	-17.5	-9.15	-28.9	-12.1	-15.4	-13.7
Acquisitions								-17.4		-18.6
Cash from investing	-25	-23.4	-13.2	-17.1	-17.2	-9.06	-28.9	-29.1	-15.3	-30.8
Debt repaid										-0.61
Stock issued	0	0.61	0.18
Share buybacks									-2.9	-5.99
Dividends paid	-7.72	-8.19	-8.2	-8.21	-8.21	-8.22	-8.22	-8.25	-8.72	-9.15
Cash from financing	-2.71	-2.44	-2.97	-18.6	-13.6	-8.24	36.8	6.75	-6.62	-50.7
Exchange rate effect					1.6	-1.16	-2.86	1.12	-0.55	3.16
Net change in cash	-7.33	-9.22	5.14	-0.97	31.4	-3.19	-14.2	-10.2	-5.57	20.3
Free cash flow	-4.1	-10.7	8.56	17.7	43.2	6.12	-48.1	-1.13	1.52	85
Interest paid	1.88	1.88	2.44	3.25	2.05	1.57	3.33	8.09	9.71	7.05
Income taxes paid	11.6	11.6	7.46	10.1	6.72	5.89	1.81	18.1	23.7	7.5

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $54.04 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	14.7%	Gross profit / revenue.
Pre-tax margin	2.7%	Pre-tax income / revenue.
Net margin	1.9%	Net income / revenue.
FCF margin	14.6%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	17.1%	Cash from operations / revenue.
Effective tax rate	31.9%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	2.4%	Net income / average total assets.
SG&A / revenue	11.9%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.5%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.5%	Capital expenditures / revenue.
D&A / revenue	2.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-37.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-2.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	3.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-29.5%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	13.5%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	9.0%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-63.8%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	4.2%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-5.1%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-63.8%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	3.6%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-5.4%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	485.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 5y	10.2%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	5,500.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 5y	14.5%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	5.3%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	3.6%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	2.1%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-11.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	5.6%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	8.2%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.6%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	0.4%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.46x	Current assets / current liabilities.
Quick ratio	1.52x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.30x	(Cash + short-term investments) / current liabilities.
Debt / assets	0.5%	Total debt / total assets.
Liabilities / assets	31.0%	Total liabilities / total assets.
Net debt	-$52.5M	Total debt - cash - short-term investments. Negative means more cash than debt.
Working capital	$269.2M	Current assets - current liabilities.
Goodwill and intangibles / assets	3.3%	(Goodwill + intangible assets) / total assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.27x	Revenue / average total assets.
Fixed asset turnover	6.03x	Revenue / average property, plant and equipment.
Inventory turnover	4.18x	Cost of revenue / average inventory.
Days inventory	87 days	365 x average inventory / cost of revenue.
Receivables turnover	3.43x	Revenue / average receivables.
Days sales outstanding	106 days	365 x average receivables / revenue.
Days payables	71 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	123 days	Days inventory + days sales outstanding - days payables.
FCF conversion	787.5%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	14.4%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.24	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$66.96	Revenue / diluted weighted shares.
FCF per share	$9.78	Free cash flow / diluted weighted shares.
Operating cash flow per share	$11.43	Cash from operations / diluted weighted shares.
Cash per share	$4.90	(Cash + short-term investments) / shares outstanding.
Payout ratio	65.4%	Dividends paid / net income, when net income is positive.
Dividends / FCF	8.3%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	7.1%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$613.5M	Share price x shares outstanding.
Enterprise value	$561.0M	Market cap + total debt - cash - short-term investments.
P/E	42.9x	Market cap / net income. Only when net income is positive.
P/S	0.80x	Market cap / revenue.
P/FCF	5.44x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	4.66x	Market cap / cash from operations, when positive.
EV/Sales	0.73x	Enterprise value / revenue.
EV/FCF	4.98x	Enterprise value / free cash flow, when both are positive.
FCF yield	18.4%	Free cash flow / market cap.
Earnings yield	2.3%	Net income / market cap (the inverse of P/E).
Dividend yield	1.5%	Dividends paid over the period / market cap.
Shareholder yield	2.8%	(Dividends paid + share buybacks) / market cap.
PEG	11.9x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was MILLER INDUSTRIES INC /TN/'s revenue in fiscal 2025?

MILLER INDUSTRIES INC /TN/ reported revenue of $790.3M for fiscal 2025, 37.2% lower than the year before.

Was MILLER INDUSTRIES INC /TN/ profitable in fiscal 2025?

Yes. Net income was $23.0M, a net margin of 2.9%.

How much free cash flow did MILLER INDUSTRIES INC /TN/ generate in fiscal 2025?

Cash from operations of $98.7M minus capital expenditures of $13.7M left free cash flow of $85.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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