Does MILLER INDUSTRIES, INC. have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores MILLER INDUSTRIES, INC. (MLR) 50.9 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 17, returns on capital 71, balance-sheet safety 78, capital discipline 45.

Is MLR stock trading below its intrinsic value?

Against a deliberately conservative owner-earnings model (9% discount rate, 4% assumed growth, capped at 4%), estimated intrinsic value is $37.98 per share versus a recent price of $49.64 — 31% above value. This is an educational estimate computed from primary SEC filings, not investment advice.

How has MLR's Moat Score changed over time?

The record logs 2 readings since Jul 17, 2026; the latest reads 50.9 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

MILLER INDUSTRIES, INC.

MLR · Consumer Discretionary · $564.5M mkt cap · FY2025 filings · Shallow moat ·

Doesn't clear the bar

Shallow moat

The four filters

Pricing power17

Median gross margin 11.8% over 10y, stable.

Returns on capital71

Median ROIC 13.4%, above the 9% hurdle in 100% of years.

Balance-sheet safety78

Net cash position — no leverage risk.

Capital discipline45

Owner earnings +2.1%/yr, share count flat.

Margin of safety

Above valueOn sale

31% above value

Owner earnings (normalized): $24.0M
Est. intrinsic value / share: $37.98
Recent price: $49.64
Discount to value: 31% above value

Conservative model: 9% discount rate, 4% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

Fundamentals

There's no normalized fundamentals series for MLR yet — it appears once ingest has processed its filings.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale50.9 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — MLR has read Shallow moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Consumer Discretionary context

#148 of 340 scored Consumer Discretionary companies, ranked by Moat Score.

Nearest peers by Moat Score

#146KR KROGER CO51.1 out of 100, Shallow moatShallow moat
#147MCRI MONARCH CASINO & RESORT, INC51.1 out of 100, Shallow moatShallow moat
#149FOXF Fox Factory Holding Corp.50.5 out of 100, Shallow moatShallow moat
#150BROS DUTCH BROS INC.50.4 out of 100, Shallow moatShallow moat

Compare MLR with its nearest peers →All Consumer Discretionary companies on the Index →

Common questions about MLR

Does MILLER INDUSTRIES, INC. have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores MILLER INDUSTRIES, INC. (MLR) 50.9 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 17, returns on capital 71, balance-sheet safety 78, capital discipline 45.
Is MLR stock trading below its intrinsic value?: Against a deliberately conservative owner-earnings model (9% discount rate, 4% assumed growth, capped at 4%), estimated intrinsic value is $37.98 per share versus a recent price of $49.64 — 31% above value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has MLR's Moat Score changed over time?: The record logs 2 readings since Jul 17, 2026; the latest reads 50.9 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell MLR. See the disclaimer.