Bill Miller's Trades and Holdings in Q1 2026

Breaking down the stocks Bill Miller (Miller Value Partners) bought, sold, and held in Q1 2026, including their holdings at the end of the quarter. All data sourced from Miller Value Partners' 13F filed on May 15, 2026.

Who are Bill Miller and Miller Value Partners?

Miller Value Partners is an investment firm founded by legendary investor Bill Miller, who gained fame for beating the S&P 500 for 15 consecutive years while managing the Legg Mason Value Trust. The firm employs Miller's unconventional value investing approach that embraces technology stocks and other growth-oriented investments that traditional value investors typically avoid. Miller's philosophy centers on identifying businesses trading at substantial discounts to intrinsic value regardless of sector or classification.

Millervalue.com
Wikipedia on Bill Miller
Q1 '26 13F filed with SEC

Holdings in Q1 2026

Current Investment Strategy

Miller Value Partners, led by Bill Miller IV, pursues a deep-value, sector-agnostic approach centered on buying securities at steep discounts to intrinsic value — anchoring its Q1 2026 portfolio in cyclical, commodity-linked, and financial names such as Cal-Maine Foods, LyondellBasell, OneMain, Boise Cascade, and Carlyle Group while initiating new positions in energy, consumer, real estate, and Latin American e-commerce via Crescent Energy, Bloomin' Brands, Arbor Realty Trust, and MercadoLibre. The firm's Q1 moves — which also included a rare S&P 500 index stake alongside the exit of industrials and energy-services names like Stellantis and TechnipFMC — reflect its conviction that deeply discounted cyclicals and small-cap value stocks are poised for a multi-year period of outperformance relative to growth-heavy benchmarks.

New Investments

Crescent Energy CRGY

Bill Miller bought $27.04B of Crescent Energy in Q1 2026. Over the last two quarters Crescent Energy has shown mixed but improving fundamentals: Q4 CY2025 revenue was $865 million (down 1.2% year over year) with a strong adjusted EPS beat at $0.49, and Q1 CY2026 accelerated to roughly $1.18 billion in revenue (up 24.5% YoY) with EPS of about $0.53 again topping expectations. While Q4 EBITDA was notably weak and trailing profitability remains modest (TTM operating margin around 6.4%, net margin about 3.7%), the business continues to generate solid cash with roughly $1.7 billion of operating cash flow over the last twelve months and maintains comfortable liquidity (current ratio ~1.48x). The stock has rerated strongly—up roughly 49.9% year to date and 39.8% over the past 12 months—yet still trades at a relatively undemanding forward P/E of about 8.6x, with a growing dividend and consensus “Buy” ratings and mid‑teens price targets implying roughly 20–25% additional upside if Crescent Energy sustains recent execution and commodity prices remain supportive.

• Q1 CY2026 revenue grew 24.5% year over year to roughly $1.18 billion, while EPS of about $0.53 beat consensus (~$0.39) by approximately $0.14.
• On a trailing-12‑month basis, Crescent Energy generated about $3.6 billion in revenue, ~$229 million of operating income (6.4% operating margin), ~$133 million of net income (3.7% net margin), and ~$1.7 billion in operating cash flow.
• Shares are up roughly 39.8% over the last 12 months and about 49.9% since the start of 2026, with the stock trading around $12.6 versus a Street consensus target near $15.7 (~25% implied upside) and a forward P/E of approximately 8.6x.

S&P 500 SPY

Bill Miller bought $19.54B of S&P 500 in Q1 2026. Over the past two quarters, the fund has been gaining ground alongside the S&P 500, recently trading near record highs around $748, supported by persistent strength in mega-cap technology and other growth-oriented sectors. In the current quarter, performance remains constructive as lower oil prices, easing Iran-related headlines, and strong tech earnings have fueled risk appetite, keeping the index in an uptrend with only shallow pullbacks toward S&P 500 support around the 7,050–7,120 area. Given its broad, market-cap-weighted exposure to roughly 500 U.S. large-cap stocks, the ETF continues to act as a liquid proxy for U.S. equities, with further upside likely to depend on ongoing earnings resilience, rate-cut expectations, and sustained leadership from the largest technology names.

• Recent closing price is approximately $748.17 per share, versus pre-market indications near $739.90, underscoring continued buying interest at or near all-time highs.
• The ETF tracks about 500 U.S. large-cap constituents, with performance disproportionately driven by the top 10 mega-cap holdings due to market-cap weighting.
• Current S&P 500 technical levels show near-term support in the 7,000–7,120 range on the index, framing the typical scale of pullbacks within the prevailing uptrend.

Bloomin Brands BLMN

Bill Miller bought $11B of Bloomin Brands in Q1 2026. In the most recent quarter, Bloomin Brands posted revenue of about $1.0 billion (vs. roughly $985 million expected) and an adjusted EPS beat (~$0.67 vs. $0.58 consensus), but trailing‑12‑month net income remains around breakeven at approximately -$5 million. Over the last two quarters, underlying trends have softened—sequential net income declined roughly 44% from about $42 million to $24 million amid traffic and margin pressure—and full‑year net loss was approximately $128 million, signaling that the business is still in earnings repair mode despite the headline beat. The stock has already reset lower (down roughly 50%+ over 12 months to a market cap near $620 million, around 0.16x sales, a dividend yield of roughly 8–9%, and a forward P/E near 6.8x), and with analysts at a Hold consensus and an average 12‑month target near $9.25 (~25–30% implied upside), any sustained improvement in traffic, cost control, or guidance following the recent earnings beat could drive a meaningful re‑rating from these depressed levels.

• Last quarter revenue was about $1.0 billion, beating estimates of roughly $985 million, while net income fell sequentially from around $42.2 million to about $23.8 million (down roughly 44%).
• Over the last 12 months, the stock is down approximately 51%, now trading around $7–8 per share with a market cap near $620 million and a price‑to‑sales ratio of roughly 0.16x.
• The company pays an annual dividend of about $0.60 per share (yield roughly 8–9%), and the current analyst consensus implies a forward P/E near 6.8x with a 12‑month target price around $9.25 (~25–30% upside).

Arbor Realty Trust ABR

Bill Miller bought $4.66B of Arbor Realty Trust in Q1 2026. Over the last two quarters, the stock's fundamentals have weakened, with the most recent quarter delivering EPS of $0.07 versus consensus of $0.16, revenue of $119.7M (above expectations of $109.9M), and net margin around 12.7%, following earlier pressure from declining revenue and a dividend cut. The stock has sold off sharply to near its 52-week low, down about 24.4% year-to-date from $7.77 to roughly $5.88, as investors react to the earnings miss, high leverage (debt-to-equity roughly 2.7x) and weaker multi-year revenue and EPS trends. Looking ahead, consensus still calls for EPS to grow roughly 28.6% next year from $0.77 to $0.99, and with the stock trading below book (P/B about 0.83x) and offering a forward dividend yield near 11.7%, any positive surprises on credit quality, loan growth or rate cuts could catalyze a recovery in valuation.

• Most recent quarter EPS was $0.07 vs. consensus of $0.16, on revenue of $119.67M vs. $109.86M expected, with net margin of about 12.73%.
• Shares are down about 24.4% since the start of the year, from $7.77 to roughly $5.88, versus a 52-week trading range of $5.69–$12.58.
• The stock trades at a trailing P/E of roughly 14.9x, a forward P/E near 7.6x, price-to-book of about 0.83x, and offers a forward dividend yield around 11.7%, while EPS is projected to grow 28.6% from $0.77 to $0.99 next year.

MercadoLibre MELI

Bill Miller bought $3.83B of MercadoLibre in Q1 2026. Over the last two quarters, the company has continued to post robust top-line growth, with Q4 revenue up roughly 33.8% year over year to about $6.79B and net income rising to around $523M, while the latest quarter produced a more mixed print that triggered about a 5.4% after-hours pullback as investors reassessed the pace of growth and earnings leverage. Operationally the business is still gaining ground, as daily active users increased to roughly 70.8M (up about 25.1% year over year) and the ecosystem continues to benefit from strong e-commerce and fintech synergies, though a modest EPS miss of roughly 3.2% versus expectations last quarter highlights ongoing reinvestment and cost pressures. Despite near-term volatility—with shares up roughly 11–12% over the last year but down about 8–9% over the past month—the stock’s valuation around a mid- to high-30s P/E still appears supported by high-30% revenue growth, expanding profitability, and structural Latin American digital adoption tailwinds that could drive further upside as recent investments begin to scale.

• Q4 revenue grew about 33.8% year over year to roughly $6.79B, beating consensus by approximately 3.9% while EPS of about $8.23 came in roughly 3.2% below estimates.
• Daily active users reached around 70.8M in the last reported quarter, an increase of about 25.1% year over year, while net income rose roughly 5.9% quarter over quarter to about $523M.
• The stock is up roughly 11–12% over the last 12 months but has declined about 8.7% over the past month following a mixed Q1 earnings reaction, trading at a P/E in the high-30s on normalized earnings.

Crocs CROX

Bill Miller bought $3.2B of Crocs in Q1 2026. Over the last 12 months, shares have traded in the $73–$123 range and now sit in the mid‑$90s, modestly above the year‑start level of $85.52 but still below prior highs as the market reassesses growth durability in the footwear/apparel space. In the most recent quarter, the company delivered EPS of $2.99, beating consensus by $0.21, while revenue declined 1.7% year over year, following a prior quarter where net income fell to roughly $145.8M on about $996.3M of sales, indicating slowing top‑line momentum but resilient profitability and active capital returns via buybacks. Analyst sentiment is mixed with an average rating near Hold (1 Strong Buy, 3 Buy, 8 Hold, 3 Sell) and a consensus price target around $119, implying moderate upside from the mid‑$90s if management can translate recent earnings beats into renewed revenue growth.

• Shares are up roughly 13.6% year to date, from $85.52 at the start of the year to around $97 recently.
• Most recent quarter EPS of $2.99 exceeded the $2.78 consensus by $0.21, despite a 1.7% year‑over‑year revenue decline.
• Consensus price target of about $119 versus a recent price in the $95–$97 range implies potential upside of roughly 20–25%.

Figure Technology FIGR

Bill Miller bought $3.09B of Figure Technology in Q1 2026. Over the last two quarters, Figure Technology has delivered accelerating fundamentals, with last quarter's revenue rising to $166–167 million and net income roughly doubling quarter‑over‑quarter to about $29.9 million, even as the share price remains well below its $78.00 52‑week high. Operationally the company appears to be gaining momentum—revenue beat expectations by roughly $7 million and EPS came in around $0.18—while the stock has rebounded from the mid‑$30s in late April to the low‑$40s recently, a move of roughly 20–30% in just a few weeks and about 6% year‑to‑date. With expectations for EPS to grow roughly 27–28% over the next year, a new $200 million share‑repurchase authorization, a Street rating of 'Moderate Buy,' and a consensus target price around $53–54 (implying roughly 20–25% upside from current levels), the setup for further value creation is favorable provided the company sustains its recent execution.

• Last quarter revenue was approximately $166.8–167 million, about $7 million above consensus expectations, with EPS of roughly $0.18.
• Quarter‑over‑quarter net income increased from about $14.3 million to $29.9 million, a gain of roughly 109%.
• Shares trade around $43–44, roughly 6% above the $40.84 level at the start of the year but about 45% below the $78.00 52‑week high.

Ziff Davis ZD

Bill Miller bought $2.86B of Ziff Davis in Q1 2026. Over the last two quarters, the company has shown stable but sluggish fundamentals, with the most recent quarter delivering EPS of $0.73 (a $0.01 beat vs. consensus $0.72) while revenue declined roughly 1.9% year over year, indicating modest margin-driven earnings resilience against a softening top line. On a trailing-twelve-month basis, revenue is roughly $1.42B with EPS around $1.65, and the stock has climbed about 15% year to date to roughly the low-$40s, trading at approximately 36x earnings versus a broader market near 44x, suggesting a still-reasonable valuation despite the recent move. Consensus now expects EPS to grow about 7% over the next year (from roughly $4.26 to $4.56), and any combination of continued cost discipline, stabilization in digital advertising and subscription demand, or incremental portfolio optimization could support further value creation if the company can re-accelerate growth from the current low single-digit decline.

• Most recent quarter EPS of $0.73, a $0.01 beat versus consensus $0.72.
• Quarterly revenue declined roughly 1.9% year over year, with trailing-twelve-month revenue at about $1.42B.
• Stock up about 15.3% year to date from around $35.15 to roughly $40.53, trading at a P/E of about 36.2x versus a market average near 44.4x.

Resideo Technologies REZI

Bill Miller bought $2.35B of Resideo Technologies in Q1 2026. Over the last 12 months, Resideo has delivered solid if moderate top-line expansion (TTM revenue about $6.8 billion and roughly 11% two-year annualized growth) and improving profitability, helping drive a share-price gain of approximately 43% despite historically volatile returns (3-year Sharpe ratio around -0.04). Fundamentals have strengthened over the last two quarters in particular, with Q4 2025 revenue up 2% year over year to $1.90 billion and Q1 2026 revenue growth accelerating to 8% year over year at $1.91 billion, both ahead of consensus, while free cash flow margin expanded to 13.8% in Q4 from 9.7% a year earlier and gross margin improved by about 1 percentage point. Near term, the company is guiding Q2 2026 EPS of $0.71–$0.75 and revenue of about $1.9 billion (below Street expectations), but its more upbeat full-year 2026 EBITDA and EPS guidance—midpoints of roughly $960 million and $3.10, respectively, both above consensus—suggests continued earnings leverage that could support further value creation if execution on cost controls and smart-home demand trends holds.

• Q1 2026 revenue grew 8.0% year over year to $1.91 billion, beating consensus of about $1.87 billion.
• Q4 2025 revenue was $1.90 billion, up 2% year over year and roughly 1.2% ahead of analyst estimates, while adjusted EBITDA of $226 million implied an 11.9% margin.
• Full-year 2026 guidance calls for adjusted EPS of about $3.10 and EBITDA of roughly $960 million at the midpoint, around 11% and 5% above Street forecasts, while the stock is up approximately 43% over the last 12 months.

Citi Trends CTRN

Bill Miller bought $2.33B of Citi Trends in Q1 2026. Citi Trends is a value-focused apparel and accessories retailer whose shares have gained about 53.6% over the past 12 months, a performance that has generally outpaced many apparel retail peers as fundamentals have stabilized. Operating trends have improved over the last two reported quarters: Q3 delivered $197.1M in sales with a 38.9% gross margin and a net loss of $6.9M, while Q4 2025 rebounded to EPS of $0.85, a sharp swing from - $1.54 a year ago and ahead of the $0.78 consensus estimate. Trailing‑12‑month revenue of $819.96M is up roughly 8.9% year over year with net income of $5.21M (EPS $0.63), and despite a rich valuation at around 70x P/E, the stock is supported near term by the recent earnings beat, renewed profitability, and a current analyst rating of Strong Buy with a $52 price target (~18–19% implied upside).

• Q4 2025 EPS was $0.85, versus - $1.54 in the prior-year quarter and ahead of the $0.78 consensus estimate.
• Q3 results showed sales of $197.1M with a 38.9% gross margin and a net loss of $6.9M, followed by a return to profitability in Q4.
• Trailing‑12‑month revenue is $819.96M (up about 8.9% year over year) with net income of $5.21M (EPS $0.63), while the stock trades at roughly 70x P/E and has risen about 53.6% over the last year.

Airbnb ABNB

Bill Miller bought $2.04B of Airbnb in Q1 2026. Over the past two quarters, the stock has drifted modestly lower (down about 2.1% year-to-date and roughly 3.7% over 12 months), even as fundamentals have continued to improve. In the most recent quarter, revenue grew nearly 18% year-over-year to about $3.10B with net income surging to roughly $642M, but EPS of $0.26 fell short of the $0.31 consensus, producing a mixed reaction and some near-term pressure on the shares. Looking ahead, with EPS expected to grow about 17.5% next year and the stock trading at a P/E of roughly 32.7x versus a market average near 44.4x, sustained high-teens revenue growth and improved EPS execution could support a re-rating toward the Street’s roughly $157.67 price target.

• Share price is down about 2.1% year-to-date and roughly 3.7% over the last 12 months, but has gained about 5.62% over the past month.
• Latest quarter revenue grew 17.9% year-over-year to $3.10B, beating the $3.03B consensus, while EPS of $0.26 missed expectations of $0.31 (a -14.5% surprise).
• Net income rose from about $154M to $642M quarter-over-quarter (+316.9%), and EPS is forecast to increase 17.5% next year from roughly $4.91 to $5.77, with a consensus target price of $157.67 implying around 18.7% upside from the current ~$133 level.

Maplebear CART

Bill Miller bought $1.71B of Maplebear in Q1 2026. Maplebear operates the Instacart online grocery marketplace; over the last 12 months the stock has traded between $29.84 and $53.44 and now sits in the mid‑$40s, with analysts generally viewing it as modestly undervalued relative to its growth and margin profile. Across the last two quarters, performance and sentiment have been stabilizing, with consensus 12‑month price targets clustered in the low‑$50s (implying roughly 11–15% upside from current levels), as the market focuses on order growth, an expanding high‑margin advertising mix, and improving operating leverage in the current quarter. Potential value‑creating catalysts this quarter include any upside surprises on order volumes, advertising revenue, or profitability versus expectations, as well as incremental partnerships or product initiatives that could support faster top‑line growth and justify multiple expansion.

• Street 12‑month price targets average around $51–53, implying roughly 11–15% upside from the recent price in the mid‑$40s.
• Analyst dispersion remains wide, with published target ranges from roughly $32–41 on the low end to $61–69 on the high end, suggesting potential downside of about -30% and upside of over +30%.
• Shares have traded between $29.84 and $53.44 over the last 52 weeks, placing the current price near the upper half of the range but still below the highs by roughly 15–20%.

Builders FirstSource BLDR

Bill Miller bought $1.56B of Builders FirstSource in Q1 2026. Over the last two reported quarters, net sales slipped from $4.23 billion in Q2 2025 (−5.0% y/y) to $3.3 billion in Q1 2026 (−10.1% y/y), indicating a decelerating top line as housing starts softened, though margins and capital returns remain solid with ROE around 21%. Despite trailing twelve‑month EPS of $6.59 and expectations for roughly 9.6% EPS growth next year, the shares have fallen about 39% over the past year, compressing valuation to roughly 18.8x trailing and 10.7x forward earnings. Management’s guidance for full‑year revenue of $14.8–$15.6 billion versus consensus near $16.3 billion, combined with balance‑sheet strength (current ratio 1.79x, interest coverage 3.97x) and ongoing share repurchases, positions the company to benefit if U.S. single‑family starts and repair‑and‑remodel demand inflect upward.

• Q1 2026 net sales were $3.3 billion, down 10.1% year over year, following Q2 2025 net sales of $4.23 billion (down 5.0% y/y).
• Trailing twelve‑month EPS $6.59; valuation at about 18.8x trailing P/E and 10.7x forward P/E, with Street modeling roughly 9.6% EPS growth next year.
• Return on equity ~21.1% and last reported quarterly net income of $185 million, up about 92% from the prior quarter’s $96 million, underscore strong profitability despite softer volumes.

Perdoceo Education PRDO

Bill Miller bought $1.5B of Perdoceo Education in Q1 2026. Over the last two quarters, the company has delivered back-to-back revenue beats (Q4 2025 revenue $209.6M vs. $206.9M est.; Q1 2026 $221.7M, up 4.1% YoY vs. $218.4M est.) and Q1 EPS of $0.90 topped consensus by $0.06, though net income dipped about 6% sequentially. Shares have gained roughly 63% over the past year while the stock still trades at a trailing P/E of about 13–14x, a forward P/E near 11–12x, and a PEG of roughly 0.75–0.87, supported by high profitability (net margin ~21%, ROE ~16%) and a strong balance sheet (cash-to-debt ~4.6x, debt-to-equity ~0.13x). Management’s Q2 2026 EPS guidance of $0.79–0.80 versus Street at $0.76 and expected EPS growth of about 7.4% next year (from $3.11 to $3.34) indicate the business is still gaining ground and could warrant further multiple expansion if execution and enrollment trends remain solid.

• Q1 2026 EPS was $0.90, beating consensus by $0.06, with revenue up 4.1% YoY to about $221.7M vs. $218.4M expected.
• The stock is up roughly 63% over the last 12 months and trades at a trailing P/E of about 13–14x and forward P/E near 11–12x with a PEG of around 0.75–0.87.
• Net margin is approximately 21%, ROE about 16%, and the company guides Q2 2026 EPS to $0.79–0.80 versus Street expectations of around $0.76.

Shift4 Payments FOUR

Bill Miller bought $1.31B of Shift4 Payments in Q1 2026. Revenue and earnings growth have remained strong over the last 12 months, with 2024 revenue reaching about $3.33 billion (up roughly 29.9% year over year) and earnings of around $227 million (up about 164% year over year), even as the share price has fallen more than 50% from its 52-week high. In the most recent quarter, revenue grew roughly 49% year over year to around $550 million, modestly above consensus, while EPS of $0.97 missed expectations by just $0.02 but was still up strongly versus the prior quarter, indicating the business is continuing to scale despite some near-term margin noise. Despite the drawdown that has left the stock roughly 50–53% below its 52-week high, valuation has compressed to a forward P/E near 8–9x with Street forecasts calling for about 20–21% EPS growth next year and an average analyst target price near $95 (implying roughly 90% upside), suggesting meaningful re-rating potential if execution remains solid over the coming quarters.

• 2024 revenue reached about $3.33 billion, up 29.86% from roughly $2.56 billion in 2023, while earnings rose to about $227.2 million (up approximately 163.6% year over year).
• Most recent quarter revenue grew about 49% year over year to roughly $549 million, with EPS of $0.97 coming in $0.02 below consensus but supported by net income nearly doubling sequentially (from about $16.7 million to $33.1 million, or roughly 98% growth).
• Shares are down roughly 53.18% over the past 12 months and trade at a forward P/E of about 8.27x, versus an average analyst target price of roughly $95 implying approximately 90–92% potential upside from recent levels.

Coupang CPNG

Bill Miller bought $1.18B of Coupang in Q1 2026. Over the last 12 months, the stock is up roughly 23%, now trading around the upper half of its $15.65–$34.08 52‑week range and at a premium valuation of about 130x P/E, reflecting high embedded growth and margin expectations. Fundamentally, the last two quarters show resilient top-line performance but weakening profitability: the most recent quarter delivered revenue of $8.52B (above the $8.38B estimate) but EPS of −$0.15 versus a −$0.09 consensus and net income falling to $32M from $107M (a −70.09% QoQ decline), suggesting near-term margin pressure from continued investment and competition. Looking ahead to the current quarter, consensus expects a return to positive EPS of about $0.04 on revenue of roughly $9.15B, while technicals (support near $27.12, upside targets in the low $30s) and a constructive sell-side stance (price targets clustered around $27–$40, including Morgan Stanley at $35) provide catalysts for further re-rating if execution on profitability improves.

• Share price up approximately 23.36% over the last year, currently around $27.52 versus a 52‑week range of $15.65–$34.08.
• Last reported quarter: revenue $8.52B (vs. $8.38B est.), EPS −$0.15 (vs. −$0.09 est.), and net income $32M vs. $107M in the prior quarter (a −70.09% QoQ change).
• Stock trades at roughly 130.8x P/E, with next-quarter consensus calling for EPS of about $0.04 on revenue of roughly $9.15B and Street price targets in a $27–$40 range (Morgan Stanley at $35).

Pinterest PINS

Bill Miller bought $1.1B of Pinterest in Q1 2026. Over the last two quarters the company has shown accelerating profitability, with the most recent quarter delivering revenue of roughly $998 million (up about 17% year over year) and EPS of $0.27, about 18% above consensus, while net income increased to roughly $38.8 million from about $8.9 million in the prior quarter. Operationally, user growth remains robust—Monthly Active Users rose roughly 10.8%—supporting ad pricing and allowing the business to sustain an EBITDA margin near 27.8% and a free cash flow margin around 25.6%, indicating that growth is coming alongside improving cash generation. Management's guidance for next‑quarter revenue of about $1.05 billion (implying mid‑teens growth) plus the stock's recent move higher—up roughly 7.8% in the last week, 5.2% over the last month, and about 2.5% over the past year—suggest investors are increasingly pricing in sustained gains in engagement, monetization, and margin expansion.

• Most recent quarter revenue was about $998.2 million, up roughly 17% year over year and ahead of the $974.9 million consensus estimate.
• EPS in the latest quarter was $0.27 versus a $0.23 estimate, a positive surprise of about 18%, while net income increased to $38.76 million from $8.92 million in the prior quarter (up roughly 334%).
• Management guides next quarter revenue to approximately $1.05 billion, and the stock is up about 7.8% over the past week, 5.16% over the past month, and 2.48% over the last year.

MasterBrand MBC

Bill Miller bought $871.34M of MasterBrand in Q1 2026. Over the past two quarters, the company has seen top-line pressure, with Q1 2026 revenue of $618 million down 6.4% year-over-year and results swinging from a modest profit to a $15.4 million net loss as softer housing demand and merger- and cost-action expenses weighed on margins despite positive adjusted EPS. For the last twelve months, revenue was roughly $2.70–2.78 billion (full-year 2024 down 0.95% year-over-year) and net income about $93–126 million (2024 down 30.8% YoY), underscoring cyclical and mix headwinds but still evidencing underlying profitability and cash generation versus some consumer cyclical peers. At around 0.5x trailing sales, roughly 1.0x book value and a P/E in the low-teens versus sector averages near 1.4x sales and 23.8x earnings, the stock screens as discounted, with potential rerating catalysts tied to execution on the planned $30 million cost program, tariff mitigation, and the proposed merger with American Woodmark.

• Q1 2026 sales were $618 million, down 6.4% year-over-year, with GAAP results moving from a $13.3 million profit to a $15.4 million net loss.
• Full-year 2024 revenue was $2.70 billion (-0.95% YoY) and net income was $125.9 million (-30.8% YoY), implying trailing EPS of about $0.72.
• Shares trade at roughly 0.5x trailing sales, 1.0x book value and a low-teens P/E, versus consumer cyclicals sector averages around P/E 23.8x, P/B 1.9x and P/S 1.4x.

Vroom VRM

Bill Miller bought $778.48M of Vroom in Q1 2026. Over the most recent reported quarter (Q4 2023), profitability continued to deteriorate, with EPS of -80.51 versus -48.80 in the prior-year quarter, leaving the business still subscale and loss-making relative to used-car and auto-financing peers that have generally moved back toward breakeven. Since then, the equity has de-rated sharply, now trading around $11–12 per share (roughly 65–70% below its 52-week high of about $34–35) with a market cap near $20–21M and a P/E of -6.77, signaling ongoing investor skepticism about the path to profitability over the last two quarters. For the current quarter, the key swing factors for upside are evidence that the wind-down of unprofitable operations is materially reducing cash burn, that the remaining finance platform can stabilize revenues and move EBITDA toward breakeven, and any balance sheet actions (asset sales, liability management, or strategic alternatives) that reduce perceived insolvency risk.

• Q4 2023 EPS was -80.51, worse than both consensus (approximately -29.60) and the prior-year Q4 EPS of -48.80.
• Shares now trade near $11.40, roughly 65–70% below the 52-week high of about $34–35 and only modestly above the 52-week low around $9–10.
• The company’s current market capitalization is about $20.8M with a P/E ratio of -6.77, underlining ongoing negative earnings and limited equity value relative to historical levels.

Portillos PTLO

Bill Miller bought $684.12M of Portillos in Q1 2026. Portillo's has seen its share price contract sharply, with the stock down roughly 67.5% over the past 12 months to about $4.00, as modest revenue growth has been outweighed by margin pressure and an EPS miss in the current quarter. In Q1 2026, revenue grew a muted 3.5% year over year to $182.62M (slightly below the $183.27M consensus), while EPS turned negative at −$0.01 versus expectations of $0.01 and $0.05 in the prior-year quarter, underscoring rising costs and weaker operating leverage over the last two quarters. Despite these setbacks, the business remains profitable on a trailing basis with TTM EPS of about $0.21 and a P/E of roughly 18–19x, and a key potential catalyst for multiple expansion would be clear margin recovery in upcoming results, where consensus looks for EPS to rebound toward roughly $0.09 and for earnings to grow about 22.7% over the next year.

• Share price is down about 67.5% over the last 12 months, trading near the bottom of its $3.96–$13.55 52-week range.
• Q1 2026 revenue was $182.62M, up 3.5% year over year but just below the $183.27M consensus, with EPS of −$0.01 missing the $0.01 estimate and down from $0.05 a year ago.
• Portillo's has generated trailing EPS of about $0.21, implying a P/E of roughly 18–19x, and Street forecasts EPS growth of roughly 22.7% next year from about $0.22 to $0.27.

Added, Trimmed, and Exited

Added

Miller Value Partners meaningfully added to eleven existing positions in Q1 2026, with the largest increases going to Conduent (CNDT) (nearly doubling the stake by adding ~4.4 million shares), Jeld-Wen (JELD) (+~2.5 million shares), and Gray Television (GTN) (+~1.4 million shares). Bill Miller also added to MicroStrategy (MSTR) (+~26,800 shares), UPS (UPS) (+~32,500 shares), Alliance Resource Partners (ARLP) (+~53,300 shares), Upbound Group (RCII) (+50,000 shares), Millrose Properties (MRP) (more than doubling the position), CTO Realty Growth (CTO) (+~121,900 shares), Viatris (VTRS) (+~112,700 shares), and Build-A-Bear (BBW) (+~25,700 shares).
What it means: The pattern across these adds reflects a classic deep-value, mean-reversion playbook. Nearly doubling Conduent (CNDT) and aggressively adding to Jeld-Wen (JELD) — both heavily beaten-down, operationally challenged businesses — signals high conviction that the market has over-discounted their turnaround potential. The step-up in MicroStrategy (MSTR) underscores Bill Miller's long-standing Bitcoin exposure thesis, while adding to UPS (UPS) and Alliance Resource Partners (ARLP) suggests a view that logistics and domestic energy names are mispriced relative to their cash-generation ability. More broadly, the adds skew toward economically sensitive, out-of-favor sectors — a posture that implies Miller Value Partners is positioning for a risk-on recovery rather than hedging against a downturn.

Trimmed

Miller Value Partners reduced eight existing positions in Q1 2026, cutting Gannett (GCI) by the largest margin (~1.4 million shares, roughly 42% of the prior stake), followed by Fossil Group (FOSL) (~759,000 shares), American Axle (AXL) (~339,000 shares), Quad/Graphics (QUAD) (~87,000 shares), UGI (UGI) (~141,000 shares, reducing the position by more than half), Nabors Industries (NBR) (~158,000 shares), Bristol-Myers Squibb (BMY) (~38,500 shares), and Verizon (VZ) (~30,000 shares).
What it means: The trims cluster around three themes: secular-decline media (Gannett (GCI), Quad/Graphics (QUAD)), challenged consumer/auto cyclicals (Fossil Group (FOSL), American Axle (AXL)), and lower-conviction income/utility names (UGI (UGI), Verizon (VZ), Bristol-Myers Squibb (BMY)). The deep cut to UGI (UGI) — more than halved — is particularly notable given ongoing pressure on that business. Taken together, the trims suggest Bill Miller is rotating capital away from slow-growth defensive and structurally challenged positions and redeploying it into higher-upside turnaround and growth ideas, consistent with the large number of new positions opened this quarter.

Exited

Miller Value Partners fully liquidated four positions in Q1 2026: Stellantis (STLA) (the largest exit at ~$4.67B prior value), TechnipFMC (FTI), Tutor Perini (TPC), and United Natural Foods (UNFI).
What it means: The four exits span auto manufacturing, oilfield services, construction, and food distribution — sectors that share a common thread of capital-intensive operations, thin margins, and limited pricing power in the current environment. The disposal of Stellantis (STLA) is especially significant given it was the largest of these positions; the stock had faced mounting headwinds from weak European auto demand and management instability, and the exit suggests Bill Miller lost conviction in a near-term recovery. Selling TechnipFMC (FTI) alongside trimming Nabors Industries (NBR) indicates a meaningful reduction in energy-services exposure, even as the firm simultaneously opened a new stake in Crescent Energy (CRGY) — pointing to a preference for upstream energy assets over services. The complete exit from United Natural Foods (UNFI) and Tutor Perini (TPC) rounds out what looks like a decisive portfolio cleanup, freeing capital for the sweeping set of new positions initiated this quarter.

Disclaimer: All posts are for informational purposes only. They are NOT a recommendation to buy or sell the securities discussed. Please do your own research and due diligence before investing your money.