MLR on NYSE

Miller Industries

Logo: https://www.millerind.com/img/logo-miller-industries.svg, Non-free logo, via Wikipedia4

Heavy-Duty Tow Truck Manufacturer

Miller Industries is an American tow truck and towing equipment manufacturing company based in the Chattanooga suburb of Ooltewah, Tennessee. Its primary subsidiary, Miller Industries Towing Equipment Inc., manufactures a variety of light- to heavy-duty wreckers, car carriers, and rotators under several brand names, including Century, Vulcan, Chevron, and Holmes.3 From Wikipedia, CC BY-SA 4.0

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Last updated Oct 18, 2026.

Overview

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  • TickerMLR on NYSE1
  • Industryautomotive industry1
  • HeadquartersKnoxville, United States1
  • Websitewww.millerind.com
  • Incorporated inTN5
  • Business address8503 Hilltop Dr, Ste 100, Ooltewah, Tn 373635
  • Filer categoryAccelerated filer5

Miller Industries is an American tow truck and towing equipment manufacturing company based in the Chattanooga suburb of Ooltewah, Tennessee. Its primary subsidiary, Miller Industries Towing Equipment Inc., manufactures a variety of light- to heavy-duty wreckers, car carriers, and rotators under several brand names, including Century, Vulcan, Chevron, and Holmes. Miller Industries also operates international brands with Boniface (U.K.) and Jige (France). It is listed on the New York Stock Exchange under the stock ticker symbol, MLR.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

15.2%Gross margin7
2.9%Net margin7
-37.2%Revenue growth, 20257
5.5%Return on equity7
0.07×Debt to equity7
$85.0MFree cash flow7

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Regions

North America brought in 81% of the revenue Miller Industries broke down this way in fiscal 2025.

  1. North America$641.4M781%down 43% from 2024
  2. Outside the United States$148.9M719%up 18% from 2024
Regions by year
Regions202320242025
North America$1.0B$1.1B$641.4M
Outside the United States$114.4M$125.7M$148.9M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue84¢$669.9M
  • Research and development1¢$8.2M
  • Selling, general and admin11¢$89.0M
  • Interest0¢$660.0K
  • Income tax1¢$8.5M
  • Profit3¢$23.0M

Out of $790.3M in revenue.7

Where each dollar of operating cash went, fiscal 2025

  • Capital spending14¢$13.7M
  • Dividends paid9¢$9.2M
  • Share buybacks6¢$6.0M
  • Kept or used elsewhere71¢$69.9M

Out of $98.7M of cash from operations.7

Financial statements

Revenue8910117$790.3M in 2025−3% since 2019
0$500.0M$1.0B$1.5B2019: $818.2M$818.2M20192020: $651.3M$651.3M2020−20%2021: $717.5M$717.5M2021+10%2022: $848.5M$848.5M2022+18%2023: $1.2B$1.2B2023+36%2024: $1.3B$1.3B2024+9%2025: $790.3M$790.3M2025−37%
Gross profit8910117$120.4M in 2025+25% since 2019
0$50.0M$100.0M$150.0M$200.0M2019: $96.5M$96.5M20192020: $78.4M$78.4M2020−19%2021: $69.9M$69.9M2021−11%2022: $82.4M$82.4M2022+18%2023: $151.9M$151.9M2023+84%2024: $170.8M$170.8M2024+12%2025: $120.4M$120.4M2025−30%
Net income8910117$23.0M in 2025−41% since 2019
0$20.0M$40.0M$60.0M$80.0M2019: $39.1M$39.1M20192020: $29.8M$29.8M2020−24%2021: $16.3M$16.3M2021−46%2022: $20.3M$20.3M2022+25%2023: $58.3M$58.3M2023+186%2024: $63.5M$63.5M2024+9%2025: $23.0M$23.0M2025−64%

Every line of the income statement in the latest annual report, as filed.7

Period ending2025-12-312024-12-312023-12-31
NET SALES$790.3M$1.3B$1.2B
COST OF OPERATIONS$669.9M$1.1B$1.0B
GROSS PROFIT$120.4M$170.8M$151.9M
Selling, general and administrative expenses$89.0M$86.3M$73.1M
Interest expense, net$660.0K$3.9M$6.0M
Other (income) expense, net-$745.0K$425.0K-$991.0K
Total expense, net$88.9M$90.7M$78.1M
INCOME BEFORE INCOME TAXES$31.5M$80.1M$73.8M
INCOME TAX PROVISION$8.5M$16.6M$15.5M
NET INCOME$23.0M$63.5M$58.3M
Basic income per common share (in dollars per share)$2.01$5.55$5.10
Diluted income per common share (in dollars per share)$1.98$5.47$5.07
CASH DIVIDENDS DECLARED PER SHARE OF COMMON STOCK$0.80$0.76$0.72
Basic (in shares)11.4M shares11.4M shares11.4M shares
Diluted (in shares)11.6M shares11.6M shares11.5M shares

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The story

Miller Industries was founded in 1990 by William G. Miller in Ooltewah, Tennessee. He formed the company (originally known as the Miller Group) after acquiring three under-performing wrecker and towing equipment manufacturers in Holmes, Century, and Challenger. Other early brand acquisitions included Champion and Eagle. In August 1994, the company made its initial public offering (IPO) and began trading on the New York Stock Exchange with a split-adjusted share price of $7. The company's IPO raised $22.4 million and, by 1996, Miller Industries was nearly free of debt.

That year, Miller Industries expanded internationally, acquiring both Boniface Engineering in the U.K. (Thetford) and Jige International in France (Revigny-sur-Ornain). 1996 also saw the company's acquisition of Mississippi-based towing equipment maker, Vulcan International, and the purchase of a manufacturing facility in Hermitage, Pennsylvania. Its headquarters during this time were located in Atlanta, Georgia.

In 1997, the company opened a plant in Greeneville, Tennessee to build car carriers and other products for its recent Vulcan acquisition. In November of that year, Jeffrey I. Badgley was named the President and sole CEO of the company. Badgley had been serving as co-CEO with William G. Miller who remained Chairman of the company after the announcement. Miller would resume the role of co-CEO in October 2003 alongside Badgley. In December 1997, the company acquired Mercer, Pennsylvania-based Chevron Inc., another tow truck manufacturer. Throughout the late 1990s and until 2014, Miller Industries was the official provider of wreckers and recovery equipment for various NASCAR races.

In 2006, the company announced an expansion of the manufacturing facility at its Ooltewah headquarters. In 2009, Miller Industries introduced a hybrid recovery truck at that year's Daytona 500. In 2011, William G. Miller's son, William G. Miller II, was appointed President of the company. The elder Miller remained chairman and Jeffrey Badgley became sole CEO again. In 2013, the younger Miller was appointed co-CEO alongside Badgley. Between 2015 and 2018, Miller Industries expanded and renovated its plants in Hermitage, Pennsylvania, Greeneville, Tennessee, and Ooltewah, Tennessee. In October 2019, the company introduced the world's first rolling rotator with a 100-ton recovery capacity.

From Wikipedia’s article on Miller Industries, shared under CC BY-SA 4.0.6

Leadership

Who has led Miller Industries, and when. Pick a name to see everywhere that person has worked.

Board members and other officers (16)

Products and brands

Miller Industries manufactures and sells a variety of wreckers. It also produces car carriers and rotators via a number of different brands. Many of the brands are operated as part of Miller Industries' primary subsidiary, Miller Industries Towing Equipment, Inc., which is considered the largest manufacturer of towing and recovery equipment in the world.

Miller brands include all of the following:

Holmes

The Holmes brand of wreckers came into existence in 1916 when Ernest Holmes invented the first tow truck in Chattanooga. The Ernest Holmes Company then became an leader in the towing and recovery industry. It was one of the first companies acquired by William G. Miller when he started Miller Industries in 1990.

Century

Century Wrecker Corp. was founded in 1974 by Ernest Holmes' grandson, Jerry Holmes. It was the first wrecker company to incorporate hydraulic towing equipment onto each wrecker, a feature that is now standard across all tow trucks. Century was another brand the William G. Miller acquired to start Miller Industries in 1990. It is considered the company's flagship brand and features a collection of light- to heavy-duty wreckers and car carriers.

Read the full text

Other brands

Other brands under the Miller umbrella include Vulcan, Chevron, Boniface, and Jige. Vulcan International was an independent tow truck manufacturer based in Olive Branch, Mississippi before being acquired by Miller Industries in 1996. Likewise, Chevron Inc. was an independent manufacturer of tow trucks based in Mercer, Pennsylvania until its acquisition by Miller in 1997.

Boniface Engineering, a tow truck and equipment manufacturer based in Thetford, Norfolk, England, was founded in 1982. It was acquired by Miller Industries in 1996 and became one of two major European brands for Miller. Boniface wreckers can be found throughout Europe and in parts of Asia. Jige International was another overseas towing equipment manufacturer acquired by Miller in 1996. The brand is based in Revigny-sur-Ornain in France. The company was originally founded in 1969.

From Wikipedia’s article on Miller Industries, shared under CC BY-SA 4.0.6

Subsidiaries and ownership

Subsidiaries

  • Boniface Engineering since 1996

From Wikidata.1

Acquisitions

  1. 1996Acquired Boniface Engineering1

Timeline

  1. Nov 15, 2006New chief executive Jeffrey I. Badgley becomes CEO15

Recent filings

  1. Sep 4, 2026SCHEDULE 13G/A
  2. Aug 5, 20268-K
  3. Aug 5, 202610-Q
  4. Jul 31, 2026SCHEDULE 13G/A
  5. May 29, 2026SD
  6. May 26, 20268-K
  7. May 26, 20264 OWNERSHIP DOCUMENT
  8. May 26, 20264 OWNERSHIP DOCUMENT
  9. May 26, 20264 OWNERSHIP DOCUMENT
  10. May 26, 20264 OWNERSHIP DOCUMENT
  11. May 26, 20264 OWNERSHIP DOCUMENT
  12. May 6, 20268-K
  13. May 6, 202610-Q
  14. Apr 30, 2026SCHEDULE 13G
  15. Apr 8, 20268-K

Every filing from the last three years, summarized. The full record is on SEC EDGAR.2

Sources

The numbers on this page point here. Each one links to the record it came from.

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