Forensic Analysis · OEM & Vehicle Bodies · as of Nov 9, 2026

Miller Industries Inc /Tn/ (MLR)

A forensic read on Miller Industries Inc /Tn/ built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

C · Mixed — selective

Forensic grade

Safe

Financial health

7.8

Distress distance

Clean

Earnings quality

Forensic signals

5.6%

ROE

-37.2%

Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Miller Industries Inc /Tn/ earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 7.8, placing it in the Safe zone. 3 forensic signals were flagged in its latest SEC filings, led by inventory days.

What the filings flag

101d

FY2024→FY2025

Inventory days. Days inventory outstanding moved from 63 to 101 FY2024→FY2025 (against cost of goods sold; inventory -1% vs -38% in cost of sales). Inventory did not fall as fast as cost of sales, so days on hand lengthened sharply — a flag for softening demand or obsolescence risk ahead.

5.5%

FY2025

Return on invested capital. Return on invested capital is 5.5% in the latest fiscal year and slipping across FY2023–FY2025 from 16.5%. After-tax operating profit was $63M in FY2023 and $23M in FY2025. The capital base behind it cannot be compared across FY2023–FY2025: short-term debt is tagged in one of those two fiscal years and not the other, and an untagged line enters this calculation as zero, so any change in the base would be a change in what the filer tagged.

0.87×

FY2023–FY2025

Cash conversion. Over FY2023–FY2025, cumulative operating cash flow was 0.87× cumulative net income. Cash is lagging reported profit. The shortfall is profit tied up in working capital rather than collected — the accrual and receivables lines below show where.Cash conversion: operating cash flow divided by net income, the share of profit that arrived as cash.

Key fundamentals

Latest Revenue$790.3M

Revenue Growth YoY-37.2%

Revenue CAGR (2yr)-17.2%

Net Margin2.9%

Free Cash Flow$85.0M

Return on Equity5.6%

Debt / Equity0.08x

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Data from SEC EDGAR public filings · metrics as of Nov 9, 2026. Forensic signals flag probability, not certainty.

See a wrong number? Report an error with the filing it should match.