Miller Industries, Inc. (MLR) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-41.8%

$30.59

vs $52.54 price

Levered DCF

$16.36

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

4.37

Safe zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	18.59×	11.78×	8.29×	14.98×	23.52×	14.51×	10.83×	9.12×
P/B	1.02×	1.87×	1.39×	1.04×	1.34×	1.54×	1.64×	1.35×
P/S	0.54×	0.6×	0.42×	0.36×	0.53×	0.67×	0.52×	0.43×
EV / EBITDA	8.9×	8.05×	5.53×	7.59×	9.6×	7.72×	6.53×	5.78×
Gross margin	15.2%	13.6%	13.2%	9.7%	9.7%	12.8%	11.8%	11.7%
Operating margin	4.0%	6.7%	6.8%	3.5%	3.3%	6.7%	6.5%	6.2%
Net margin	2.9%	5.0%	5.1%	2.4%	2.3%	4.6%	4.8%	4.7%
Current ratio	3.22×	2.68×	2.17×	2.41×	2.24×	2.59×	2.31×	2.21×
Debt / equity	0.08×	0.16×	0.17×	0.16×	0×	0.01×	0.03×	0.07×
Interest coverage	47.59×	21.51×	13.18×	8.76×	17.43×	35.69×	22.33×	23.32×
Dividend yield	2.1%	1.2%	1.7%	2.7%	2.2%	1.9%	1.9%	2.7%
Payout ratio	39.8%	13.7%	14.2%	40.4%	50.5%	27.5%	21.0%	24.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	5.5%	15.8%	16.8%	6.9%	5.7%	10.6%	15.2%	14.8%
Return on invested capital	5.0%	14.3%	15.1%	6.8%	6.1%	11.8%	15.4%	14.5%
Return on assets	3.9%	9.5%	9.0%	4.1%	3.7%	7.5%	10.0%	9.2%
Free cash flow yield	19.9%	0.2%	-0.2%	-15.8%	1.6%	10.0%	4.2%	2.8%
Earnings yield	5.4%	8.5%	12.0%	6.7%	4.3%	6.9%	9.2%	11.0%
Enterprise value	$416.7M	$789.6M	$514.7M	$310.1M	$328M	$377.6M	$404.3M	$296.3M
Net debt / EBITDA	-0.24×	0.42×	0.33×	0.14×	-1.55×	-1.15×	-0.31×	-0.22×
Cash conversion cycle (days)	149	105	90	90	74	78	71	74