Miller Convertible Total Return ETF Financials
This page shows Miller Convertible Total Return ETF (MCVT) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 12 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
FY2025 was dominated by balance-sheet expansion, as fresh capital and portfolio deployment mattered far more than the modest revenue line.
The biggest hidden shift is that FY2025's structure changed more than its income line suggests: total assets expanded from$20.5M to$190.4M , showing a much larger capital base. That expansion was funded by$219.5M of financing cash flow rather than internally generated cash, which is why the-$266.1M net loss looks more like a non-cash asset-value swing than an operating cash drain.
Recent results show earnings and cash diverged sharply: operating cash flow reached
With total assets of
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Miller Convertible Total Return ETF's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Miller Convertible Total Return ETF has an operating margin of -6772.6%, meaning the company retains $-6773 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from 48.3% the prior year.
Miller Convertible Total Return ETF carries a low D/E ratio of 0.12, meaning only $0.12 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.
Miller Convertible Total Return ETF's current ratio of 2.38 indicates adequate short-term liquidity, earning a score of 44/100. The company can meet its near-term obligations, though with limited headroom.
Miller Convertible Total Return ETF generates a -156.8% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from 5.9% the prior year.
Miller Convertible Total Return ETF passes 1 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.
For every $1 of reported earnings, Miller Convertible Total Return ETF generates $0.03 in operating cash flow (-$8.2M OCF vs -$266.1M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Key Financial Metrics
Earnings & Revenue
Miller Convertible Total Return ETF generated $3.9M in revenue in fiscal year 2025. This represents an increase of 18.1% from the prior year.
Miller Convertible Total Return ETF reported -$266.1M in net income in fiscal year 2025. This represents a decrease of 22886.3% from the prior year.
Miller Convertible Total Return ETF earned $-6.59 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 3761.1% from the prior year.
Cash & Balance Sheet
Miller Convertible Total Return ETF held $21.9M in cash against $0 in long-term debt as of fiscal year 2025.
Miller Convertible Total Return ETF had 77M shares outstanding in fiscal year 2025. This represents an increase of 1102.8% from the prior year.
Margins & Returns
Miller Convertible Total Return ETF's operating margin was -6772.6% in fiscal year 2025, reflecting core business profitability. This is down 6820.8 percentage points from the prior year.
Miller Convertible Total Return ETF's net profit margin was -6825.0% in fiscal year 2025, showing the share of revenue converted to profit. This is down 6860.4 percentage points from the prior year.
Miller Convertible Total Return ETF's ROE was -156.8% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 162.7 percentage points from the prior year.
Capital Allocation
Miller Convertible Total Return ETF spent $18.9M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.
MCVT Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $594K | N/A | $1.0M | N/A | $778K | N/A | $711K | N/A |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | N/A | N/A | N/A | $160K-1.9% | $163K | N/A | $148K+1.5% | $146K |
| Operating Income | -$60.5M | N/A | -$63.7M | N/A | $561K | N/A | $589K | N/A |
| Interest Expense | N/A | N/A | N/A | $0 | $0 | N/A | $0 | $0 |
| Income Tax | $0 | N/A | -$17.2M-6505.4% | $269K+147.1% | $109K | N/A | $126K-6.9% | $135K |
| Net Income | -$70.9M | N/A | -$44.3M | N/A | $452K | N/A | $464K | N/A |
| EPS (Diluted) | $-0.88 | N/A | $-0.72 | N/A | $0.07 | N/A | $0.07+16.7% | $0.06 |
MCVT Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $118.7M-37.6% | $190.4M-55.6% | $429.1M+1998.8% | $20.4M+3.0% | $19.8M-3.0% | $20.5M+0.7% | $20.3M+3.5% | $19.7M |
| Current Assets | $10.0M-67.0% | $30.3M-59.2% | $74.4M | N/A | N/A | $20.5M | N/A | N/A |
| Cash & Equivalents | $5.0M-77.2% | $21.9M-48.6% | $42.7M+2752.4% | $1.5M-14.4% | $1.7M-71.0% | $6.0M+92.4% | $3.1M-42.2% | $5.4M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $18.0M-12.9% | $20.6M-14.2% | $24.0M+12480.0% | $191K-29.2% | $270K-62.3% | $715K+45.7% | $491K+80.0% | $273K |
| Current Liabilities | $13.0M+2.3% | $12.7M-3.4% | $13.2M | N/A | N/A | $715K | N/A | N/A |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $100.8M-40.6% | $169.7M-58.1% | $405.1M+1899.9% | $20.3M+3.5% | $19.6M-0.9% | $19.8M-0.5% | $19.8M+2.4% | $19.4M |
| Retained Earnings | -$333.1M-27.1% | -$262.1M-550.1% | -$40.3M-3376.9% | -$1.2M0.0% | -$1.2M0.0% | -$1.2M0.0% | -$1.2M0.0% | -$1.2M |
MCVT Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$1.8M+72.1% | -$6.5M-404.9% | $2.1M+939.5% | -$252K+93.1% | -$3.6M-182.9% | $4.4M+215.8% | -$3.8M-177.2% | $4.9M |
| Capital Expenditures | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Free Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Investing Cash Flow | -$15.1M+96.9% | -$484.0M | N/A | N/A | $0 | $0 | N/A | N/A |
| Financing Cash Flow | $0-100.0% | $469.7M+288.2% | -$249.6M | $0+100.0% | -$630K+58.2% | -$1.5M-200.0% | $1.5M | $0 |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $0-100.0% | $15.7M+509.6% | $2.6M | $0-100.0% | $630K | $0 | $0 | N/A |
MCVT Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | -10187.6% | N/A | -6278.7% | N/A | 72.1% | N/A | 82.9% | N/A |
| Net Margin | -11946.0% | N/A | -4365.8% | N/A | 58.1% | N/A | 65.2% | N/A |
| Return on Equity | -70.4% | N/A | -10.9% | N/A | 2.3% | N/A | 2.3% | N/A |
| Return on Assets | -59.8% | N/A | -10.3% | N/A | 2.3% | N/A | 2.3% | N/A |
| Current Ratio | 0.77-1.6 | 2.38-3.3 | 5.65 | N/A | N/A | 28.62 | N/A | N/A |
| Debt-to-Equity | 0.18+0.1 | 0.12+0.1 | 0.06+0.0 | 0.010.0 | 0.01-0.0 | 0.04+0.0 | 0.02+0.0 | 0.01 |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
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Frequently Asked Questions
What is Miller Convertible Total Return ETF's annual revenue?
Miller Convertible Total Return ETF (MCVT) reported $3.9M in total revenue for fiscal year 2025. This represents a 18.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Miller Convertible Total Return ETF's revenue growing?
Miller Convertible Total Return ETF (MCVT) revenue grew by 18.1% year-over-year, from $3.3M to $3.9M in fiscal year 2025.
Is Miller Convertible Total Return ETF profitable?
No, Miller Convertible Total Return ETF (MCVT) reported a net income of -$266.1M in fiscal year 2025, with a net profit margin of -6825.0%.
What is Miller Convertible Total Return ETF's operating margin?
Miller Convertible Total Return ETF (MCVT) had an operating margin of -6772.6% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Miller Convertible Total Return ETF's net profit margin?
Miller Convertible Total Return ETF (MCVT) had a net profit margin of -6825.0% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Miller Convertible Total Return ETF's return on equity (ROE)?
Miller Convertible Total Return ETF (MCVT) has a return on equity of -156.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Miller Convertible Total Return ETF's operating cash flow?
Miller Convertible Total Return ETF (MCVT) generated -$8.2M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Miller Convertible Total Return ETF's total assets?
Miller Convertible Total Return ETF (MCVT) had $190.4M in total assets as of fiscal year 2025, including both current and long-term assets.
What is Miller Convertible Total Return ETF's current ratio?
Miller Convertible Total Return ETF (MCVT) had a current ratio of 2.38 as of fiscal year 2025, which is generally considered healthy.
What is Miller Convertible Total Return ETF's debt-to-equity ratio?
Miller Convertible Total Return ETF (MCVT) had a debt-to-equity ratio of 0.12 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Miller Convertible Total Return ETF's return on assets (ROA)?
Miller Convertible Total Return ETF (MCVT) had a return on assets of -139.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Miller Convertible Total Return ETF's cash runway?
Based on fiscal year 2025 data, Miller Convertible Total Return ETF (MCVT) had $21.9M in cash against an annual operating cash burn of $8.2M. This gives an estimated cash runway of approximately 32 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Miller Convertible Total Return ETF's Piotroski F-Score?
Miller Convertible Total Return ETF (MCVT) has a Piotroski F-Score of 1 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Miller Convertible Total Return ETF's earnings high quality?
Miller Convertible Total Return ETF (MCVT) has an earnings quality ratio of 0.03x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Miller Convertible Total Return ETF?
Miller Convertible Total Return ETF (MCVT) scores 24 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.