Miller Industries, Inc. Financial Ratios — MLR Stock

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Return on Common Equity (%)	- -	126.85	89.26	93.9	65.75	57.31	47.67	49.21	40.35	24.22	11.95	14.11	33.26	27.89	8.78
Return on Assets (%)	11.18	4.4	4.3	6.1	6.02	7.04	7.49	9.85	10.29	7.55	3.89	4.33	10.15	9.66	3.66
Return on Capital (%)	-734.91	133.94	99.22	98.12	68.18	55.46	43.19	43.11	37.79	24.15	12.56	13.72	27.56	22.9	7.54
Return on Invested Capital (%)	15.47	6.25	5.59	9.01	9.45	11.13	11.82	15.53	16.18	10.99	6.17	7.47	16.61	15.3	5
Gross Margin (%)	16.99	11.69	10.5	10.75	10.65	10.69	10.91	11.71	11.79	12.03	9.74	9.71	13.17	13.58	15.23
EBITDA Margin (%)	10.31	5.01	4.45	5.7	5.56	6.12	6.13	7.24	7.6	7.41	4.83	4.87	7.98	7.84	5.83
Operating Margin (%)	9.42	3.9	3.52	4.88	4.77	5.32	5.13	6.15	6.49	5.93	3.29	3.49	6.83	6.72	3.97
Incremental Operating Margin (%)	18.21	36.42	1.41	11.08	3.59	10.27	-3.01	12.68	8.74	8.66	-22.7	4.56	16.13	5.49	11.36
Pretax Margin (%)	9.24	3.69	3.43	4.77	4.6	5.17	4.93	5.85	6.16	5.85	3.03	3.03	6.4	6.37	3.99
Profit Margin (%)	5.58	2.66	2.28	3.02	2.95	3.31	3.74	4.74	4.78	4.58	2.27	2.4	5.05	5.05	2.91
Net Income to Common Margin (%)	5.58	2.66	2.28	3.02	2.95	3.31	3.74	4.74	4.78	4.58	2.27	2.4	5.05	5.05	2.91
Effective Tax Rate (%)	39.66	27.91	37.33	36.85	35.74	35.89	24.14	19	22.38	21.7	25.32	20.93	21	20.76	26.93
Dvd Payout Ratio (%)	24.1	63.17	77.26	45.88	45.4	38.73	35.58	24.3	20.99	27.53	50.54	40.4	14.15	13.74	39.78
Sustainable Growth Rate (%)	- -	46.73	20.29	50.82	35.9	35.12	30.71	37.25	31.88	17.55	5.91	8.41	28.55	24.06	5.29

Credit (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Total Debt	- -	- -	- -	- -	- -	5	11	16	7	2	1	46	61	66	34
ST Debt	- -	- -	- -	- -	- -	- -	- -	- -	1	- -	- -	- -	- -	- -	2
LT Debt	- -	- -	- -	- -	- -	5	10	16	6	1	1	46	61	65	31
Total Debt/EBITDA	- -	- -	- -	- -	- -	0.14	0.28	0.31	0.11	0.03	0.04	1.11	0.66	0.67	0.73
Net Debt/EBITDA	-1.18	-2.83	-2.38	-1.41	-1.28	-0.71	-0.3	-0.22	-0.33	-1.19	-1.57	0.12	0.33	0.41	-0.25
Total Debt/EBIT	- -	- -	- -	- -	- -	0.16	0.34	0.36	0.13	0.04	0.05	1.55	0.77	0.78	1.07
Net Debt/EBIT	-1.29	-3.64	-3.01	-1.65	-1.49	-0.82	-0.36	-0.26	-0.39	-1.49	-2.3	0.16	0.38	0.48	-0.36
EBITDA to Interest Expense	58.42	24.12	48.77	50.66	32.75	31.69	23.73	27.44	26.17	39.71	25.58	12.24	15.4	25.09	69.84
EBITDA-CapEx/Interest Expense	52.98	20.06	42.18	41.01	19.8	10.13	8.18	20.34	18.85	25.3	18.82	3.67	13.38	21.18	49.07
EBIT to Interest Expense	53.37	18.77	38.57	43.42	28.05	27.53	19.86	23.32	22.33	31.81	17.43	8.76	13.18	21.51	47.59
Interest Expense	1	1	- -	1	1	1	2	2	2	1	1	3	6	4	1
Common Equity/Total Assets	2.6	4.38	5.21	7.6	10.68	13.74	17.56	22.13	28.67	33.63	31.56	29.96	30.94	38.24	45.6
Long-Term Debt/Equity (%)	- -	- -	- -	- -	- -	2.71	5.03	6.83	2.46	0.4	0.31	15.54	17.39	16.26	7.41
Long-Term Debt/Capital (%)	- -	- -	- -	- -	- -	10.9	15.4	15.96	5.31	0.83	0.62	23.25	23.17	20.35	10.3
Long-Term Debt/Total Assets (%)	- -	- -	- -	- -	- -	1.68	3.22	4.22	1.62	0.28	0.2	9.09	9.35	9.78	5.28
Total Debt/Equity (%)	- -	- -	- -	- -	- -	2.71	5.22	6.96	2.74	0.53	0.44	15.64	17.48	16.34	7.98
Total Debt/Capital (%)	0.09	- -	- -	- -	- -	10.9	16	16.28	5.91	1.11	0.89	23.41	23.3	20.44	11.1
Total Debt/Total Assets (%)	- -	- -	- -	- -	- -	1.68	3.34	4.3	1.8	0.38	0.28	9.16	9.4	9.83	5.69
Net Debt to Equity	-32.85	-30.85	-26.51	-23.51	-22.11	-14.15	-5.56	-4.96	-8.03	-20.36	-19.09	1.65	8.65	10.14	-2.71
Net Debt/Capital (%)	112.34	122.34	135.76	201.39	392.7	-177.05	-25.42	-16.05	-22.18	-73.77	-63.9	3.11	13.02	13.73	-4.41
EBITDA	43	17	18	28	30	37	38	52	62	48	35	41	92	99	46
EBITDA-CapEx	39	14	16	23	18	12	13	38	45	31	26	12	80	83	32
Operating Income (Loss)	39	13	14	24	26	32	32	44	53	39	24	30	79	84	31

Liquidity (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Cash Ratio	0.88	1.13	0.68	0.43	0.41	0.29	0.22	0.22	0.21	0.52	0.37	0.26	0.13	0.12	0.33
Current Ratio	2.92	3.67	2.91	2.38	2.28	2.13	2.24	2.21	2.31	2.59	2.24	2.41	2.17	2.68	3.22
Quick Ratio	1.95	2.5	1.96	1.7	1.56	1.48	1.52	1.43	1.57	1.8	1.42	1.39	1.35	1.71	1.78
CFO/Avg Current Liab	0.54	0.12	0.02	0.13	0.22	0.21	0.13	0.19	0.28	0.52	0.12	-0.13	0.06	0.08	0.59
Common Equity/Total Assets	2.6	4.38	5.21	7.6	10.68	13.74	17.56	22.13	28.67	33.63	31.56	29.96	30.94	38.24	45.6
Long-Term Debt/Equity (%)	- -	- -	- -	- -	- -	2.71	5.03	6.83	2.46	0.4	0.31	15.54	17.39	16.26	7.41
Long-Term Debt/Capital (%)	- -	- -	- -	- -	- -	10.9	15.4	15.96	5.31	0.83	0.62	23.25	23.17	20.35	10.3
Long-Term Debt/Total Assets (%)	- -	- -	- -	- -	- -	1.68	3.22	4.22	1.62	0.28	0.2	9.09	9.35	9.78	5.28
Total Debt/Equity (%)	- -	- -	- -	- -	- -	2.71	5.22	6.96	2.74	0.53	0.44	15.64	17.48	16.34	7.98
Total Debt/Capital (%)	0.09	- -	- -	- -	- -	10.9	16	16.28	5.91	1.11	0.89	23.41	23.3	20.44	11.1
Total Debt/Total Assets (%)	- -	- -	- -	- -	- -	1.68	3.34	4.3	1.8	0.38	0.28	9.16	9.4	9.83	5.69
CFO/Total Liabilities	47.88	13.62	1.84	10.58	21.34	18.55	12.22	15.57	26.21	52.35	9.98	-9.21	3.66	6.34	58.38
CFO/CapEx	7.15	2.11	0.49	1.86	1.69	0.84	0.57	1.64	2.02	3.47	1.67	-0.66	0.91	1.1	7.2
Altman's Z-Score	5.25	5.07	4.78	4.5	4.73	4.77	4.64	4.54	5.43	5.29	4.33	3.78	4.2	5.23	4.39

Working Capital (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Accounts Receivable Turnover	6.81	5.7	5.78	4.99	4.79	5.13	4.77	5.05	5.15	4.2	4.85	5.12	4.97	4.19	3.09
Days Sales Outstanding	53.6	64.02	63.19	73.08	76.13	71.21	76.57	72.27	70.88	86.94	75.19	71.33	73.39	87.01	118.16
Inventory Turnover	7.86	6.49	7.29	7.95	7.88	8.24	8.26	7.74	7.94	6.67	6.51	5.7	5.83	5.78	3.62
Days Inventory Outstanding	46.44	56.26	50.06	45.91	46.32	44.32	44.19	47.15	45.96	54.76	56.03	63.98	62.59	63.14	100.91
Accounts Payable Turnover	9.55	8.5	9.49	7.49	6.85	6.75	6.72	7.36	7.38	6.28	6.55	6.51	6.54	6.42	5.95
Accounts Payable Turnover Days	38.23	42.93	38.45	48.72	53.3	54.1	54.32	49.57	49.45	58.15	55.75	56.07	55.8	56.89	61.31
Cash Conversion Cycle	61.82	77.34	74.79	70.27	69.15	61.43	66.45	69.85	67.39	83.54	75.48	79.25	80.17	93.26	157.76
Inventory to Cash Days	7.15	7.76	13.13	27.17	29.81	26.89	32.38	25.12	24.92	32.18	19.16	7.35	10.8	23.87	17.25
Inventories	48	45	54	56	66	64	69	94	88	84	115	154	190	186	184
Raw Materials	19	19	26	24	28	26	30	40	39	36	60	76	89	77	66
Work In Process	8	8	10	10	11	12	14	15	17	16	34	41	48	48	51
Finished Goods	21	18	18	22	27	26	25	39	32	31	21	37	53	61	67
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Market Capitalization	182	169	209	235	247	300	293	307	423	434	381	304	484	748	428
- Cash & Cash Equivalents	50	49	43	40	38	31	22	27	26	58	54	40	30	24	45
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	-1	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	- -	- -	- -	- -	- -	5	11	16	7	2	1	46	61	66	34
Enterprise Value	132	120	166	195	208	274	282	296	404	378	328	310	515	790	417
Total Capital	6	9	11	20	29	46	66	97	119	135	139	196	261	321	302
Total Debt/Capital (%)	0.09	- -	- -	- -	- -	10.9	16	16.28	5.91	1.11	0.89	23.41	23.3	20.44	11.1
Total Debt / EV	- -	- -	- -	- -	- -	0.02	0.04	0.05	0.02	- -	- -	0.15	0.12	0.08	0.08
EV/Sales	0.32	0.35	0.41	0.4	0.38	0.46	0.46	0.42	0.49	0.58	0.46	0.37	0.45	0.63	0.53
EV/EBITDA	3.11	7	9.22	6.96	6.92	7.45	7.48	5.75	6.5	7.83	9.47	7.5	5.59	8.01	9.04
EV/EBIT	3.41	8.99	11.66	8.12	8.07	8.57	8.94	6.77	7.61	9.77	13.89	10.48	6.53	9.35	13.27
EV/Cash Flow to Firm	4.6	18.15	116.56	18.98	10.03	12.64	18.6	12.65	10.93	6.12	20.15	- -	32.82	39.51	4.2
EV/Free Cash Flow to Firm	4.04	12.64	43.05	12.49	6.38	5.87	7.08	8.06	7.44	4.77	12.9	24.9	18.53	22.35	3.69
Diluted Market Cap	189	172	211	236	247	301	294	308	423	434	381	304	487	758	434
Diluted Enterprise Value	138	123	168	196	209	275	282	296	404	378	328	310	518	800	423
EV per Share	11.41	10.86	14.77	17.28	18.38	24.15	24.81	26.02	35.46	33.11	28.75	27.16	44.99	68.96	36.4
TTM Sales	413	343	404	493	541	601	615	712	818	651	717	848	1,153	1,258	790
TTM EBITDA	43	17	18	28	30	37	38	52	62	48	35	41	92	99	46
TTM Operating Income	39	13	14	24	26	32	32	44	53	39	24	30	79	84	31
TTM Cash Flow to Firm	29	7	1	10	21	22	15	23	37	62	16	-16	16	20	99
TTM Free Cash Flow to Firm	33	10	4	16	33	47	40	37	54	79	25	12	28	35	113

Multiples (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Price/Free Cash Flow	5.84	19.08	58.25	15.45	7.72	6.55	7.6	8.73	8.06	5.54	15.61	31.11	21.1	23.53	3.86
EV/EBIT	3.41	8.99	11.66	8.12	8.07	8.57	8.94	6.77	7.61	9.77	13.89	10.48	6.53	9.35	13.27
Enterprise Value	132	120	166	195	208	274	282	296	404	378	328	310	515	790	417
Low Price	14.3	13.55	14.73	16.44	17	18.93	22.8	22.8	25.91	25.25	31.51	21	26.3	38.33	33.81
EV/Sales	0.32	0.35	0.41	0.4	0.38	0.46	0.46	0.42	0.49	0.58	0.46	0.37	0.45	0.63	0.53
EV/EBITDA	3.11	7	9.22	6.96	6.92	7.45	7.48	5.75	6.5	7.83	9.47	7.5	5.59	8.01	9.04
Price/Earnings	7.93	18.5	22.67	15.76	15.44	15.06	12.74	9.11	10.82	14.54	23.45	14.96	8.3	11.79	18.59
Price/Earnings Average	8.51	19.13	20.13	14.43	15.07	12.44	12.74	8.82	9.4	11.86	27.34	14.71	6.97	10.25	22.62
Price/Earnings High	10.73	21.6	23.32	16.25	18.06	16.43	14.32	9.92	11.13	14.71	33.39	19.61	8.54	14.11	34.85
Price/Earnings Low	7.21	16.44	17.93	12.46	12.05	10.78	11.26	7.69	7.55	9.65	22.12	11.78	5.16	6.91	16.82
Price/Book Value	33.12	19.02	17.72	11.78	8.61	7.34	5.27	3.77	3.77	3.24	2.76	2.03	2.42	2.93	1.59
Price/Book Value Average	35.54	19.67	15.74	10.79	8.4	6.06	5.27	3.65	3.27	2.64	3.22	1.99	2.03	2.55	1.94
Price/Book Value High	44.82	22.21	18.23	12.15	10.07	8.01	5.92	4.11	3.87	3.27	3.93	2.66	2.48	3.51	2.98
Price/Book Value Low	30.11	16.9	14.01	9.32	6.72	5.26	4.65	3.19	2.63	2.15	2.6	1.6	1.5	1.72	1.44
Price/Tangible Book Value	1.29	1.16	1.39	1.5	1.52	1.73	1.53	1.42	1.72	1.6	1.4	1.08	1.48	1.96	1.07
Price/Tangible Book Value Average	1.39	1.2	1.24	1.37	1.48	1.43	1.53	1.38	1.49	1.31	1.63	1.06	1.24	1.71	1.3
Price/Tangible Book Value High	1.75	1.35	1.43	1.54	1.78	1.89	1.72	1.55	1.77	1.62	1.99	1.42	1.52	2.35	2
Price/Tangible Book Value Low	1.18	1.03	1.1	1.18	1.19	1.24	1.35	1.2	1.2	1.06	1.32	0.85	0.92	1.15	0.97
Price/Sales	0.44	0.49	0.52	0.48	0.46	0.5	0.48	0.43	0.52	0.67	0.53	0.36	0.42	0.6	0.54
Price/Sales Average	0.47	0.51	0.46	0.44	0.45	0.41	0.48	0.42	0.45	0.54	0.62	0.35	0.35	0.52	0.66
Price/Sales High	0.6	0.57	0.53	0.49	0.53	0.54	0.54	0.47	0.53	0.67	0.76	0.47	0.43	0.71	1.01
Price/Sales Low	0.4	0.44	0.41	0.38	0.36	0.36	0.42	0.36	0.36	0.44	0.5	0.28	0.26	0.35	0.49
Price/Cash Flow	6.44	27.63	175.56	23.64	12.23	14.34	21.02	14.04	12.05	7.14	24.96	-15.89	44.13	44.36	4.33
Price/Cash Flow Average	6.91	28.57	155.9	21.64	11.94	11.84	21.02	13.6	10.46	5.83	29.11	-15.62	37.05	38.58	5.27
Price/Cash Flow High	8.71	32.25	180.56	24.37	14.31	15.64	23.63	15.29	12.39	7.23	35.55	-20.83	45.39	53.11	8.12
Price/Cash Flow Low	5.85	24.55	138.81	18.69	9.55	10.26	18.58	11.86	8.41	4.74	23.55	-12.52	27.44	26.02	3.92
Price/Free Cash Flow Average	6.26	19.73	51.72	14.14	7.53	5.4	7.6	8.45	7	4.52	18.2	30.59	17.72	20.46	4.7
Price/Free Cash Flow High	7.9	22.27	59.9	15.93	9.03	7.14	8.54	9.51	8.29	5.61	22.23	40.78	21.71	28.18	7.24
Price/Free Cash Flow Low	5.31	16.95	46.05	12.21	6.02	4.69	6.72	7.37	5.62	3.68	14.73	24.51	13.12	13.8	3.49
EV/Sales Average	0.35	0.37	0.35	0.36	0.37	0.37	0.46	0.4	0.43	0.46	0.55	0.36	0.38	0.55	0.64
EV/Sales High	0.48	0.43	0.43	0.41	0.46	0.5	0.52	0.45	0.51	0.59	0.68	0.48	0.46	0.75	1
EV/Sales Low	0.28	0.3	0.3	0.3	0.28	0.31	0.4	0.35	0.34	0.36	0.43	0.29	0.29	0.38	0.48
EV/EBITDA Average	3.43	7.33	7.92	6.25	6.72	6.02	7.48	5.56	5.6	6.17	11.29	7.38	4.75	7.02	11.05
EV/EBITDA High	4.63	8.64	9.55	7.22	8.31	8.19	8.45	6.28	6.69	7.93	14.13	9.79	5.74	9.51	17.16
EV/EBITDA Low	2.72	5.9	6.78	5.21	5.12	5.13	6.58	4.82	4.44	4.81	8.84	5.94	3.61	4.87	8.16
EV/EBIT Average	3.75	9.42	10.01	7.29	7.85	6.93	8.94	6.54	6.56	7.7	16.57	10.31	5.55	8.19	16.22
EV/EBIT High	5.07	11.11	12.07	8.42	9.7	9.42	10.09	7.39	7.84	9.9	20.73	13.68	6.71	11.09	25.18
EV/EBIT Low	2.98	7.59	8.58	6.08	5.98	5.9	7.86	5.67	5.21	6	12.98	8.3	4.21	5.68	11.97
Last Price	15.73	15.25	18.63	20.79	21.78	26.45	25.8	27	37.13	38.02	33.4	26.66	42.29	65.36	37.37
High Price	21.29	17.8	19.16	21.44	25.48	28.85	29	29.4	38.18	38.47	47.57	34.95	43.5	78.25	70.06
Enterprise Value Average	146	126	142	175	202	222	282	287	348	298	391	305	437	692	510
Enterprise Value High	197	148	172	203	250	301	318	324	416	383	490	405	529	937	791
Enterprise Value Low	116	101	122	146	154	189	248	248	276	232	306	246	332	480	376

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Shares Outstanding	11	11	11	11	11	11	11	11	11	11	11	11	11	11	11
Diluted Weighted Avg Shares	12	11	11	11	11	11	11	11	11	11	11	11	12	12	12
Basic Weighted Avg Shares	12	11	11	11	11	11	11	11	11	11	11	11	11	11	11
Revenue per Share	35.57	30.96	35.98	43.62	47.77	52.98	54.11	62.5	71.77	57.11	62.88	74.32	100.83	109.83	69.04
EBITDA per Share	3.67	1.55	1.6	2.48	2.66	3.24	3.32	4.53	5.46	4.23	3.04	3.62	8.04	8.61	4.03
Operating Income per Share	3.35	1.21	1.27	2.13	2.28	2.82	2.77	3.85	4.66	3.39	2.07	2.59	6.89	7.38	2.74
Basic EPS, GAAP	1.98	0.82	0.82	1.32	1.41	1.76	2.02	2.96	3.43	2.62	1.42	1.78	5.1	5.55	2.01
Basic EPS from Cont Ops	1.98	0.82	0.77	1.31	1.41	1.76	2.02	2.96	3.43	2.62	1.42	1.78	5.1	5.55	2.01
Diluted EPS, GAAP	1.92	0.81	0.82	1.31	1.41	1.75	2.02	2.96	3.43	2.62	1.42	1.78	5.07	5.47	1.98
Diluted EPS from Cont Ops	1.92	0.81	0.77	1.31	1.41	1.75	2.02	2.96	3.43	2.62	1.42	1.78	5.07	5.47	1.98
Dividend per Share	0.48	0.52	0.56	0.6	0.64	0.68	0.72	0.72	0.72	0.72	0.72	0.72	0.72	0.76	0.8
Cash Flow per Share	2.44	0.55	0.11	0.88	1.78	1.84	1.23	1.92	3.08	5.32	1.34	-1.68	0.96	1.47	8.62
Free Cash Flow per Basic Share	2.1	0.29	-0.11	0.41	0.73	-0.36	-0.94	0.75	1.56	3.79	0.54	-4.21	-0.1	0.13	7.43
Cash & Equivalents per Share	4.32	4.39	3.82	3.51	3.4	2.74	1.93	2.37	2.29	5.04	4.76	3.52	2.61	2.13	3.9
Book Value per Share	0.48	0.8	1.05	1.76	2.53	3.6	4.9	7.15	9.86	11.75	12.1	13.16	17.51	22.28	23.49
Tangible Book Value per Share	12.16	13.18	13.36	13.88	14.33	15.25	16.84	18.96	21.61	23.75	23.92	24.69	28.67	33.28	34.99

Miller Industries, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)