Is Miller Industries, Inc. (Tennessee) overvalued or undervalued?

As of 4 September 2025, the valuation grade for Miller Industries, Inc. (Tennessee) has moved from attractive to fair, indicating a shift in its perceived value. The company is currently fairly valued, with a P/E ratio of 10, a Price to Book Value of 1.29, and an EV to EBITDA ratio of 6.58. In comparison to its peers, Miller Industries has a P/E ratio of 11.18, while Gogoro, Inc. and Fisker, Inc. are both considered risky with negative valuations.
Despite its fair valuation, Miller Industries has underperformed in recent periods, with a year-to-date return of -37.33% compared to the S&P 500's return of 12.22%. This trend continues over one year, where the company's return of -31.73% significantly lags behind the S&P 500's 17.14%.