COMP <GO>

MLR vs V // RETURN ON INVESTED CAPITAL (ROIC)

Miller Industries Inc. (NYSE) VS. Visa Inc. (NYSE) • 15-METRIC TALLY: MLR 3 — V 5

▲ RETURN ON INVESTED CAPITAL (ROIC) LEADER: V

LAST: $52.13 (+0.75%) • MKT CAP: $591.8M

roic

5.50%

LAST: $410.54 (+2.48%) • MKT CAP: $733.53B

roic

32.30%

15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (MLR VS. V) EMERALD CELL = QUANTITATIVE EDGE

INSTITUTIONAL METRIC	MLR	V	SPREAD (A - B)	ADVANTAGE	DEDICATED URL
Gross Profit Margin	15.20%	—	—	TIE	/gross-margins <GO>
Return on Invested Capital (ROIC) ACTIVE	5.50%	32.30%	-26.80	V	/roic <GO>
EV/EBITDA & P/E Valuation	—	28.9x	—	TIE	/valuation <GO>
Free Cash Flow Yield	14.37%	2.90%	+11.47	MLR	/fcf-yield <GO>
Operating Margin	—	60.00%	—	TIE	/operating-margins <GO>
Net Profit Margin	2.90%	50.10%	-47.20	V	/net-margins <GO>
Revenue Growth (YoY)	—	11.30%	—	TIE	/revenue-growth <GO>
Dividend Yield & FCF Payout Safety	1.55%	0.63%	+0.92	MLR	/dividend-safety <GO>
Altman Z-Score & Debt/Equity	—	9.09	—	TIE	/balance-sheet <GO>
Piotroski F-Score Quality	6/9	9/9	-3.00	V	/piotroski-score <GO>
Options Implied Move & Put/Call Skew	—	—	—	TIE	/options-implied-move <GO>
RSI-14 & 200D SMA Momentum	37.2	65.6	-28.38	V	/rsi-technicals <GO>
10Y Yield & FRED Macro Beta	—	1.06	—	TIE	/macro-sensitivity <GO>
Forward P/E Multiple	23.9x	34.0x	-10.10	MLR	/forward-pe <GO>
Enterprise Scale & Market Cap	$591.8M	$733.53B	-$732.94B	V	/market-cap <GO>

5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY

FISCAL YEAR	MLR REV	V REV	MLR GROSS %	V GROSS %	MLR FCF	V FCF
FY 2025	$790.3M	$40.00B	15.2%	—	$85.0M	$21.26B
FY 2024	$1.26B	$35.93B	13.6%	—	$1.5M	$18.33B
FY 2023	$0	$32.65B	—	—	$11.0M	$19.29B

FRED MACRO REGIME CORRELATION COMPARISON PEARSON r

MLR // BETA —

V // BETA 1.06