Forensic Analysis · Automotive / Vehicle Manufacturing · as of Aug 11, 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.

D · Weak — demands caution

Forensic grade

Safe

Financial health

9.0

Distress distance

Clean

Earnings quality

Forensic signals

40.1

P / E (ttm)

5.5%

ROE

$609M

Market cap

1.54%

Dividend yield

-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 (red flags, auditor quality, say on pay, board independence). 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 D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 9.0, placing it in the Safe zone. 4 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 is outrunning what's being sold — a flag for softening demand or obsolescence risk ahead.

5.2%

FY2025

Return on invested capital. Return on invested capital is 5.2% in the latest fiscal year and slipping from 7% — well below its ~9% cost of capital, so reinvested dollars may be destroying value, not building it.

0.87×

FY2023–FY2025

Cash conversion. Over FY2023–FY2025, 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.

+0.6%/yr

FY2022–FY2025

Share count. Diluted share count changed +2% over the last 3 years to FY2025 (+0.6%/yr). Roughly flat — buybacks ($6M) are about offsetting stock comp ($5M), not shrinking the count. Per-share value isn't being meaningfully helped or hurt by the count.

Key fundamentals

Latest Revenue$790.3M

Revenue Growth YoY-37.2%

Net Margin2.9%

Free Cash Flow$85.0M

Return on Equity5.5%

Debt / Equity0.08x

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Data from SEC EDGAR public filings · metrics as of Aug 11, 2026. Forensic signals flag probability, not certainty.