Miller Inds Financials
This page shows Miller Inds (MLR) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 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).
A working-capital unwind turned FY2025's sales slump into cash-rich deleveraging instead of a balance-sheet squeeze.
The striking part of FY2025 is not lower profit but that operating cash flow reached$98.7M while net income fell to$23.0M , which is more consistent with a working-capital release than with stronger underlying earnings. That cash surge then funded deleveraging: long-term debt fell to$31.1M from$65.0M in FY2024, so a weaker sales year still improved financial flexibility.
FY2025 also showed gross margin resilience: gross margin rose to
The balance-sheet posture is now more conservative, with debt-to-equity down to 0.1x and the current ratio at 3.2x. That matters because the company appears to be financing the downturn with internally generated cash, leaving a larger liquidity cushion rather than leaning harder on lenders.
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 Inds'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 Inds's revenue declined 37.2% year-over-year, from $1.3B to $790.3M. This contraction results in a growth score of 5/100.
Miller Inds carries a low D/E ratio of 0.07, meaning only $0.07 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 Inds's current ratio of 3.22 indicates adequate short-term liquidity, earning a score of 62/100. The company can meet its near-term obligations, though with limited headroom.
Miller Inds has a free cash flow margin of 10.8%, earning a moderate score of 38/100. The company generates positive cash flow after capital investments, but with room for improvement.
Miller Inds's ROE of 5.5% shows moderate profitability relative to equity, earning a score of 35/100. This is down from 15.8% the prior year.
Miller Inds passes 7 of 9 financial strength tests. 3 of 4 profitability signals pass, all 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Miller Inds generates $4.29 in operating cash flow ($98.7M OCF vs $23.0M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Key Financial Metrics
Earnings & Revenue
Miller Inds generated $790.3M in revenue in fiscal year 2025. This represents a decrease of 37.2% from the prior year.
Miller Inds reported $23.0M in net income in fiscal year 2025. This represents a decrease of 63.8% from the prior year.
Miller Inds earned $1.98 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 63.8% from the prior year.
Cash & Balance Sheet
Miller Inds generated $85.0M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 5500.3% from the prior year.
Miller Inds held $44.7M in cash against $31.1M in long-term debt as of fiscal year 2025.
Miller Inds paid $0.80 per share in dividends in fiscal year 2025. This represents an increase of 5.3% from the prior year.
Miller Inds had 11M shares outstanding in fiscal year 2025. This represents a decrease of 0.6% from the prior year.
Margins & Returns
Miller Inds's gross margin was 15.2% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 1.6 percentage points from the prior year.
Miller Inds's net profit margin was 2.9% in fiscal year 2025, showing the share of revenue converted to profit. This is down 2.1 percentage points from the prior year.
Miller Inds's ROE was 5.5% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 10.4 percentage points from the prior year.
Capital Allocation
Miller Inds invested $8.2M in research and development in fiscal year 2025. This represents an increase of 32.3% from the prior year.
Miller Inds spent $6.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 106.6% from the prior year.
Miller Inds invested $13.7M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 10.7% from the prior year.
MLR Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $180.9M+5.2% | $171.9M-3.8% | $178.7M-16.5% | $214.0M-5.1% | $225.7M+1.7% | $221.9M-29.4% | $314.3M-15.4% | $371.5M |
| Cost of Revenue | $155.2M+6.7% | $145.4M-5.2% | $153.3M-14.5% | $179.4M-6.4% | $191.7M+1.7% | $188.4M-30.8% | $272.2M-15.0% | $320.4M |
| Gross Profit | $25.7M-3.2% | $26.5M+4.7% | $25.3M-26.8% | $34.6M+1.9% | $33.9M+1.5% | $33.5M-20.4% | $42.0M-17.7% | $51.1M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $23.9M+13.7% | $21.1M-0.8% | $21.2M-9.2% | $23.4M+0.6% | $23.3M+18.2% | $19.7M-11.9% | $22.3M-2.0% | $22.8M |
| Operating Income | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Interest Expense | $145K-18.5% | $178K+91.4% | $93K-68.4% | $294K+209.5% | $95K-75.3% | $384K+53.0% | $251K-87.7% | $2.0M |
| Income Tax | $1.0M-35.4% | $1.6M+32.8% | $1.2M-58.0% | $2.9M+6.7% | $2.7M+30.1% | $2.1M-51.8% | $4.3M-24.2% | $5.7M |
| Net Income | $555K-83.7% | $3.4M+10.6% | $3.1M-63.6% | $8.5M+4.9% | $8.1M-23.4% | $10.5M-31.7% | $15.4M-24.8% | $20.5M |
| EPS (Diluted) | $0.05 | N/A | $0.27-63.0% | $0.73+5.8% | $0.69 | N/A | $1.33-25.3% | $1.78 |
MLR Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $585.6M-0.7% | $589.7M-2.4% | $604.3M-3.0% | $622.9M-2.6% | $639.7M-4.1% | $667.0M-11.7% | $755.3M+1.0% | $748.2M |
| Current Assets | $430.1M-2.2% | $439.6M-6.4% | $469.5M-3.3% | $485.4M-3.1% | $500.9M-5.4% | $529.8M-13.9% | $615.5M+0.7% | $611.0M |
| Cash & Equivalents | $53.0M+18.6% | $44.7M+16.4% | $38.4M+20.7% | $31.8M+16.3% | $27.4M+12.4% | $24.3M-40.1% | $40.6M+70.5% | $23.8M |
| Inventory | $172.5M-6.4% | $184.2M+1.9% | $180.7M+9.2% | $165.5M+0.3% | $164.9M-11.4% | $186.2M-2.2% | $190.3M+1.6% | $187.3M |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | $20.3M+0.9% | $20.1M+0.4% | $20.0M0.0% | $20.0M0.0% | $20.0M0.0% | $20.0M0.0% | $20.0M0.0% | $20.0M |
| Total Liabilities | $168.3M-0.5% | $169.1M-7.9% | $183.7M-10.1% | $204.3M-12.4% | $233.2M-12.3% | $266.0M-26.1% | $360.2M-2.2% | $368.3M |
| Current Liabilities | $144.5M+5.8% | $136.6M+0.6% | $135.8M-7.2% | $146.3M-5.7% | $155.2M-21.5% | $197.9M-32.0% | $290.8M-1.0% | $293.8M |
| Long-Term Debt | $21.0M-32.3% | $31.1M-31.0% | $45.0M-18.2% | $55.0M-26.7% | $75.0M+15.4% | $65.0M0.0% | $65.0M-7.1% | $70.0M |
| Total Equity | $417.3M-0.8% | $420.6M0.0% | $420.7M+0.5% | $418.6M+3.0% | $406.5M+1.4% | $401.0M+1.5% | $395.2M+4.0% | $379.9M |
| Retained Earnings | $267.0M-0.7% | $268.8M+0.4% | $267.7M+0.3% | $266.9M+2.4% | $260.7M+2.3% | $254.9M+3.4% | $246.6M+5.7% | $233.3M |
MLR Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $30.7M-37.1% | $48.9M+145.5% | $19.9M-26.9% | $27.2M+903.8% | $2.7M+123.2% | -$11.7M-138.7% | $30.3M+383.6% | -$10.7M |
| Capital Expenditures | $7.9M+55.2% | $5.1M+183.9% | $1.8M+7.3% | $1.7M-67.3% | $5.1M+304.7% | $1.3M-79.9% | $6.3M+101.5% | $3.1M |
| Free Cash Flow | $22.8M-47.8% | $43.8M+141.7% | $18.1M-29.2% | $25.6M+1159.1% | -$2.4M+81.4% | -$13.0M-154.1% | $24.0M+273.9% | -$13.8M |
| Investing Cash Flow | -$7.9M+66.4% | -$23.5M-4429.3% | -$518K+69.1% | -$1.7M+67.3% | -$5.1M-299.1% | -$1.3M+79.6% | -$6.3M-107.6% | -$3.0M |
| Financing Cash Flow | -$14.6M+27.6% | -$20.1M-49.6% | -$13.4M+41.0% | -$22.8M-506.3% | $5.6M+358.2% | -$2.2M+72.9% | -$8.0M-174.6% | $10.8M |
| Dividends Paid | $2.4M+4.5% | $2.3M0.0% | $2.3M-0.3% | $2.3M+0.3% | $2.3M+5.3% | $2.2M-0.1% | $2.2M-0.8% | $2.2M |
| Share Buybacks | $2.2M-2.1% | $2.2M+91.7% | $1.2M+132.0% | $500K-76.2% | $2.1M | $0-100.0% | $851K | N/A |
MLR Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 14.2%-1.2pp | 15.4%+1.2pp | 14.2%-2.0pp | 16.2%+1.1pp | 15.0%-0.0pp | 15.1%+1.7pp | 13.4%-0.4pp | 13.8% |
| Operating Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Margin | 0.3%-1.7pp | 2.0%+0.3pp | 1.7%-2.2pp | 4.0%+0.4pp | 3.6%-1.2pp | 4.8%-0.2pp | 4.9%-0.6pp | 5.5% |
| Return on Equity | 0.1%-0.7pp | 0.8%+0.1pp | 0.7%-1.3pp | 2.0%+0.0pp | 2.0%-0.6pp | 2.6%-1.3pp | 3.9%-1.5pp | 5.4% |
| Return on Assets | 0.1%-0.5pp | 0.6%+0.1pp | 0.5%-0.8pp | 1.4%+0.1pp | 1.3%-0.3pp | 1.6%-0.5pp | 2.0%-0.7pp | 2.7% |
| Current Ratio | 2.98-0.2 | 3.22-0.2 | 3.46+0.1 | 3.32+0.1 | 3.23+0.5 | 2.68+0.6 | 2.12+0.0 | 2.08 |
| Debt-to-Equity | 0.05-0.0 | 0.07-0.0 | 0.11-0.0 | 0.13-0.1 | 0.18+0.0 | 0.160.0 | 0.16-0.0 | 0.18 |
| FCF Margin | 12.6%-12.8pp | 25.4%+15.3pp | 10.1%-1.8pp | 11.9%+13.0pp | -1.1%+4.8pp | -5.9%-13.5pp | 7.6%+11.4pp | -3.7% |
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Frequently Asked Questions
What is Miller Inds's annual revenue?
Miller Inds (MLR) reported $790.3M in total revenue for fiscal year 2025. This represents a -37.2% 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 Inds's revenue growing?
Miller Inds (MLR) revenue declined by 37.2% year-over-year, from $1.3B to $790.3M in fiscal year 2025.
Is Miller Inds profitable?
Yes, Miller Inds (MLR) reported a net income of $23.0M in fiscal year 2025, with a net profit margin of 2.9%.
How much debt does Miller Inds have?
As of fiscal year 2025, Miller Inds (MLR) had $44.7M in cash and equivalents against $31.1M in long-term debt.
What is Miller Inds's gross margin?
Miller Inds (MLR) had a gross margin of 15.2% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Miller Inds's net profit margin?
Miller Inds (MLR) had a net profit margin of 2.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does Miller Inds pay dividends?
Yes, Miller Inds (MLR) paid $0.80 per share in dividends during fiscal year 2025.
What is Miller Inds's return on equity (ROE)?
Miller Inds (MLR) has a return on equity of 5.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Miller Inds's free cash flow?
Miller Inds (MLR) generated $85.0M in free cash flow during fiscal year 2025. This represents a 5500.3% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Miller Inds's operating cash flow?
Miller Inds (MLR) generated $98.7M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Miller Inds's total assets?
Miller Inds (MLR) had $589.7M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Miller Inds's capital expenditures?
Miller Inds (MLR) invested $13.7M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Miller Inds spend on research and development?
Miller Inds (MLR) invested $8.2M in research and development during fiscal year 2025.
What is Miller Inds's current ratio?
Miller Inds (MLR) had a current ratio of 3.22 as of fiscal year 2025, which is generally considered healthy.
What is Miller Inds's debt-to-equity ratio?
Miller Inds (MLR) had a debt-to-equity ratio of 0.07 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Miller Inds's return on assets (ROA)?
Miller Inds (MLR) had a return on assets of 3.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Miller Inds's Piotroski F-Score?
Miller Inds (MLR) has a Piotroski F-Score of 7 out of 9, indicating strong 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 Inds's earnings high quality?
Miller Inds (MLR) has an earnings quality ratio of 4.29x, considered cash-backed (high quality). 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 Inds?
Miller Inds (MLR) scores 40 out of 100 on our Financial Profile, indicating moderate 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.