Miller Industries (MLR) manufactures towing and recovery equipment with domestic plants in Tennessee and Pennsylvania and foreign operations in France, Italy, and the UK. Under the liquidation lens as of March 31, 2026, the company shows a reported MFFAIS cash liquidation value of approximately negative $114 million and an operating liquidation value of approximately positive $58 million, reflecting the typical asymmetry between haircut assets and face-value liabilities. Key balance sheet inputs: cash of $53.0 million (100% recovery = $53.0M); net trade receivables of $186.6 million (90-95% recovery = ~$168-177M); inventory of $172.5 million (60% recovery = ~$103M); PP&E net book value of $127.8 million (50-70% recovery = ~$64-90M). Against these, total liabilities stand at $168.3 million at face value, including current liabilities of $144.5 million (dominated by accounts payable of $85.8 million and accrued liabilities of $56.2 million) and long-term debt of $21.0 million (credit facility). Goodwill of $20.3 million gets zero recovery. Intangible assets associated with the Q4 2025 Omars acquisition are discussed in MD&A (amortization of ~$0.6M in Q1 2026, with additional acquisition-related fair-value step-ups in inventory flowing through cost of goods sold) but the filing does not separately tag intangible asset balances in XBRL beyond goodwill, so the full intangible asset carrying value is not determinable from tag data alone. The Ooltewah, TN plant expansion authorized in March 2026 at an estimated $100 million cost has not yet commenced and carries no balance sheet impact at period end, but represents a material future capital commitment that would increase PP&E and debt if executed. Additionally, the company carries a contingent repurchase obligation of up to $101.5 million on distributor-financed inventory — face value maintained per liquidation lens; management assessed no probable loss. Operating lease liability of $1.8 million (total undiscounted payments $2.0 million, weighted-average remaining term 6.7 years vs. 1.6 years at year-end 2025, reflecting new leases added in Q1 2026) is carried at face. Revenue declined 19.8% year-over-year to $180.9 million; net income collapsed to $0.6 million from $8.1 million, with effective tax rate at 65.4% due to non-deductible Omars acquisition adjustments. Operating cash flow improved significantly to $30.7 million (vs. $2.7 million in Q1 2025) driven by working capital release. Credit facility balance reduced to $20.0 million from $30.0 million at year-end 2025, with $80 million remaining availability.
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