Miller Industries Inc. /TN/ (MLR) intrinsic value & 10-year financials
Miller Industries Inc. /TN/ (MLR) has a Graham intrinsic value of $19.23 per share. At $51.47 on Oct 17, 2026, the stock trades 168% above that value. Over the last 10 fiscal years revenue grew 3.1% a year to $790.3M, with an average return on invested capital of 12.2%.
- Graham intrinsic value
- $19.23
- Share price (Oct 17, 2026)
- $51.47
- Price vs Graham value
- 168% above
- Market cap
- $597.8M
- Revenue (FY2025)
- $790.3M
- Revenue growth (10-yr CAGR)
- 3.1%
- ROIC (10-yr avg)
- 12.2%
- Free cash flow (FY2025)
- $85.0M
MLR 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $790.3M | $23.0M | $1.98 | $85.0M | — | 5.4% |
| FY2024 | $1.3B | $63.5M | $5.47 | $1.5M | — | 15.5% |
| FY2023 | $1.2B | $58.3M | $5.07 | -$1.1M | — | 17.2% |
| FY2022 | $848.5M | $20.3M | $1.78 | -$48.1M | — | 7.6% |
| FY2021 | $717.5M | $16.3M | $1.42 | $6.1M | — | 7.0% |
| FY2020 | $651.3M | $29.8M | $2.62 | $43.2M | — | 12.8% |
| FY2019 | $818.2M | $39.1M | $3.43 | $17.7M | — | 17.2% |
| FY2018 | $711.7M | $33.7M | $2.96 | $8.6M | — | 15.6% |
| FY2017 | $615.1M | $23.0M | $2.02 | -$10.7M | 5.1% | 12.3% |
| FY2016 | $601.1M | $19.9M | $1.75 | -$4.1M | 5.3% | 11.1% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
MILLER INDUSTRIES INC /TN/ has demonstrated mature, steady growth, with revenue compounding at 3.1% annually over the past decade.
MILLER INDUSTRIES INC /TN/ returns on capital have been average, hovering around 12.2% ROIC over the decade.
MILLER INDUSTRIES INC /TN/ has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, MILLER INDUSTRIES INC /TN/ is modeled at 1.4% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $19.23 per share.