Miller Industries (NYSE: MLR) is a towing and recovery equipment manufacturing company that designs and produces wreckers, car carriers, and transport trailers. Revenue is transactional, generated by selling finished equipment through a network of independent distributors and directly to government entities via prime contractors. Net sales were $790.3 million in FY2025, down 37.2% from $1,257.5 million in FY2024, with gross profit of $120.4 million and net income of $23.0 million in FY2025. The company sells under multiple brands including Century, Vulcan, Challenger, Holmes, Champion, Chevron, Eagle, Titan, Jige, Boniface, and Omars, spanning light-duty through heavy-duty product categories. Products are sold domestically and in Europe. Manufacturing involves cutting and bending steel or aluminum, welding, attaching third-party hydraulic and winch components, and painting, with facilities that include robotic welding cells. The U.S. General Services Administration has approved Miller Industries as a source for certain federal and defense agencies.

Revenue model

Transactional product sales of towing and recovery equipment through independent distributors and direct government contracts. No subscription or licensing revenue is disclosed in the FY2025 10-K filing.

Products and services

Wreckers (light-duty, medium-duty, heavy-duty), car carriers, multi-vehicle transport trailers, and specialized recovery vehicles sold under the Century, Vulcan, Challenger, Holmes, Champion, Chevron, Eagle (with Eagle Claw hook-up system), Titan, Jige, Boniface, and Omars brand names. The Titan line transports up to seven vehicles per trailer depending on configuration. Jige and Boniface are marketed primarily in Europe; Omars spans a full towing and recovery spectrum with strength in heavy-duty wreckers.

Customers and end markets

End customers are towing operators (including the repossession market for Eagle products) and government entities including U.S. federal agencies, defense agencies, and foreign governments. Products reach end users primarily through a network of independent distributors. Rising equipment ownership costs, insurance premiums, elevated interest rates, and fluctuating used-truck values were cited as pressures on end-market towers as of FY2025.

Value-chain role

Manufacturer and brand owner. Miller Industries fabricates wrecker and car carrier bodies, sources hydraulic cylinders, winches, valves, and pumps from third-party suppliers, and installs or ships completed bodies to distributors who mount them on chassis. The company does not manufacture chassis. Distribution is handled through independent distributors with supplemental direct government sales via prime contractors.

Geographic exposure

United States (primary market) and Europe. Jige and Boniface brands are marketed primarily in Europe, with Jige products designed for the narrow confines of European cities. The company disclosed uncertainty around U.S. tariff policy and trade agreement changes as of the FY2025 filing.

Competitors

Astec Industries (ASTE), Alamo Group (ALG), Blue Bird Corp (BLBD), Commercial Vehicle Group (CVGI), Columbus McKinnon Corporation (CMCO), FreightCar America (RAIL), L.B. Foster Co (FSTR), Mayville Engineering Company (MEC), Douglas Dynamics (PLOW), Standard Motor Products (SMP), Wabash National Corporation (WNC)

Source: SEC 10-K, filed 2026-03-04

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