Miller Industries, Inc. — Earnings Quality Grade D
MLR · Consumer Cyclical
Significant concerns
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 92 days, change +1 days YoY
AR outpaced revenue for 2 consecutive years
Revenue -37.2%, CFFO 485.2%. Cash follows revenue
Expense Quality
Inventory growth -1.0% exceeds COGS -38.4%
CapEx growth -10.7% vs revenue -37.2%. Normal
SG&A/Gross Profit = 73.9%, exceeds 70%
Gross margin 15.2%, change +1.7pp. Stable
Cash Flow Quality
CFFO/NI = 4.29. Profits backed by cash
FCF < 50% of Net Income for 2 years
Accruals ratio = -12.8%. Low accruals
Cash $0.0B covers debt $0.0B
Balance Sheet Health
Goodwill+Intangibles $0.0B = 5% of equity. Manageable
Debt/EBITDA = 0.7x. Healthy
Other assets grew 715.3% vs revenue -37.2%
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles change 0% YoY. Normal
Manipulation Score
M-Score = -3.31 (< -2.22). Unlikely manipulator
Portfolio monitoring
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Beneish M-Score
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Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25