Miller Industries Inc

millerind.com

What Do They Do?

Designs and manufactures wreckers, car carriers and transport trailers for towing operators, vehicle transport businesses and government agencies.

How Do They Make Money?

FY2025 revenue

Who Are Their Customers?

Independent distributors buy products and resell them to end users; government entities buy through prime contractors, with sales representatives supporting both channels.

Do Revenues Turn Into Profits?

Yes. It kept 3 cents of every revenue dollar as net income in FY2025 and turned 11 cents into free cash flow.

Operating income, FY2025

3% of revenue

▼ −70% vs FY2024 ($78.3M, 6%)

Net income, FY2025

3% of revenue

▼ −64% vs FY2024 ($63.5M, 5%)

Free cash flow, FY2025

11% of revenue

▲ +5500% vs FY2024 ($1.5M, 0%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +12%; vs $214M in Q2 FY2025
Net income: ▼ −14%; vs $8.5M in Q2 FY2025

Aug 5, 2026 Reaffirmed full-year 2026 revenue and earnings outlook Reaffirmed revenue guidance of $850 million to $900 million and expects earnings per share generally in line with full-year 2025 results.

Growing. Revenue grew 10% in 4 years, from $717.5M in FY2021 to $790.3M in FY2025, about 2% a year.

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