Miller Industries, Inc.
MLR Consumer Cyclical Auto Parts
Miller Industries, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $790.3 million, down 37.2% from fiscal 2024. In the quarter to June 2026, revenue grew 12.1%, EPS fell 13.5%, free cash flow grew 9.55% and total debt fell 94.2%, each against the same quarter a year earlier. Dividend growth for ten consecutive years, operating cash flow growth for three.
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Miller Industries, Inc. (MLR) Beneish M-score
Miller Industries, Inc.'s Beneish M-score for fiscal 2025 is −3.32; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −3.32 | (1.24) |
| FY2024 | −2.08 | (0.35) |
| FY2023 | −1.73 | 0.34 |
| FY2022 | −2.07 | 0.33 |
| FY2021 | −2.40 | 0.57 |
| FY2020 | −2.97 | (0.72) |
| FY2019 | −2.25 | 0.09 |
| FY2018 | −2.34 | (0.02) |
| FY2017 | −2.32 | 0.09 |
| FY2016 | −2.41 | 0.14 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.01 | — | 0.93 | |
| Gross margin index | 0.89 | — | 0.47 | |
| Asset quality index | 1.40 | — | 0.56 | |
| Sales growth index | 0.63 | — | 0.56 | |
| Depreciation index | 1.02 | — | 0.12 | |
| SG&A index | 1.64 | — | −0.28 | |
| Total accruals to total assets | (0.13) | — | −0.60 | |
| Leverage index | 0.72 | — | −0.24 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.32 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| FOXF Fox Factory Holding Corp. compare | −4.3× |
| MLR Miller Industries, Inc. | −3.3× |
| MNRO Monro Muffler Brake, Inc. compare | −2.7× |
| CPS Cooper-Standard Holdings Inc. compare | −2.6× |
| PLOW Douglas Dynamics, Inc. compare | −2.6× |
| SMP Standard Motor Products, Inc. compare | −2.4× |
| ECX ECARX Holdings, Inc. compare | −2.0× |
| SLDP Solid Power, Inc. compare | 1.6× |
| SES SES AI Corporation compare | 5.7× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI