MLRMILLER INDUSTRIES INC /TN/

Truck & Bus Bodies

Revenue: $790M; 37% YoY
Operating margin: —
EBITDA: —
Market cap: $577M
Employees: 1,535; $515K revenue each
Net debt / EBITDA: —; −$19M net debt
AI in 10-K: 3.9; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 0 of 7

TSR below peersNo
0 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
429% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
15% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
3% of assets
Over 40% of assets
Shareholder dissentNo
91% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
$515K · 70th pct
Bottom quartile of its SIC industry
Quiet on AINo
3.9 per 10K words · 78th pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 0.5× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedYes
$577M market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$0 net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$717M	$848M	$1.2B	$1.3B	$790M	37%
Net income	$16M	$20M	$58M	$63M	$23M	64%
Operating cash flow	$15M	−$19M	$11M	$17M	$99M	485%
Capex	$9M	$29M	$12M	$15M	$14M	11%
Stock-based comp	$200K	$743K	$1M	$3M	$5M	65%
Buybacks	—	—	—	$3M	$6M	107%
Dividends	$8M	$8M	$8M	$9M	$9M	5.0%

Deal filings

None.

13D filers

None on file.

Insider trading

No open-market trades in the last 12 months.

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	108	91
FY2024	—	—	194	82
FY2023	—	—	124	83
FY2022	—	—	77	70
FY2021	—	—	94	93