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With a market capitalization of less than $1 billion U.S., tiny %MillerIndustries (NYSE: $MLR ) is known as a micro-cap stock. However, its shareholder returns have been massive.

Based outside Chattanooga, Tennessee, Miller Industries manufactures %TowTrucks and towing equipment. It’s a niche business in which the company is a leading global player.

Miller Industries manufactures tow trucks and their needed equipment under several brand names, including Century, Vulcan and Holmes.

The company has operations across the U.S. and in Europe, notably in the United Kingdom and France.

Founded in 1990, Miller Industries has been publicly traded since 1994. Annual revenues totaled $1.15 billion in 2023, up 36% year-over-year.

Analysts praise the company for its growth and its pristine balance sheet. Miller Industries is notable for having almost no debt on its books.

The stock has responded, having gained 65% so far this year and risen 70% in the last 12 months.

Currently trading at $68.64 U.S. a share, Miller Industries’ stock has nearly doubled in the last five years, with most of the gains occurring since summer 2023.

However, Miller Industries still looks cheap compared to most stocks, trading at 11 times future earnings estimates.

Plus, Miller Industries pays a quarterly dividend to shareholders of $0.19 U.S. per share, giving it a yield of 1.11%.

The dividend yield isn’t huge, but is impressive considering that the company’s market capitalization currently stands at only $786 million U.S.

The company also repurchased 45,000 of its own shares worth $2.9 million U.S. during this year’s third quarter.