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Meridianlink Inc Financials

MLNK
Source SEC Filings (10-K/10-Q) Data as of Jun 30, 2025 Currency USD FYE December

This page shows Meridianlink Inc (MLNK) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI MLNK FY2024

Low-capex cash generation keeps producing cash, but rising overhead and debt service are absorbing most of the margin.

From FY2022 to FY2024, revenue added only $28.3M, while SG&A rose by $33.8M and interest expense increased by $14.2M; that is why a business still holding gross margin above 63.0% slid toward operating breakeven instead of scaling profit. At the same time, operating cash flow of $77.8M nearly equaled free cash flow of $77.4M, showing the pressure comes more from expense structure than from reinvestment needs.

The company operates with an asset-light model: FY2024 capex was only $367K against $77.8M of operating cash flow, so almost every operating cash dollar remained after maintenance spending. That helps explain why cash generation stayed firm even though net income was -$29.8M.

The balance sheet combines comfortable short-term liquidity with a debt-and-goodwill-heavy structure: cash reached $92.8M and the current ratio was 2.4x, but long-term debt was $464.9M and goodwill represented about 63.5% of total assets. In practice, near-term obligations look manageable, while the capital base depends heavily on financing and acquired intangibles rather than hard assets.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 52 / 100
Financial Health Score 52/100

Scored against operating companies for FY2024. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Meridianlink Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability
50

Meridianlink Inc has an operating margin of 1.5%, meaning the company retains $1 of operating profit per $100 of revenue. This results in a moderate score of 50/100, indicating healthy but not exceptional operating efficiency. This is down from 5.1% the prior year.

Growth
50

Meridianlink Inc's revenue grew a modest 4.2% year-over-year to $316.3M. This slow but positive growth earns a score of 50/100.

Leverage
9

Meridianlink Inc has elevated debt relative to equity (D/E of 1.09), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 9/100, reflecting increased financial risk.

Liquidity
67

With a current ratio of 2.42, Meridianlink Inc holds $2.42 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 67/100.

Cash Flow
90

Meridianlink Inc converts 24.5% of revenue into free cash flow ($77.4M). This strong cash generation earns a score of 90/100.

Returns
43

Meridianlink Inc's ROE of -7.0% shows moderate profitability relative to equity, earning a score of 43/100. This is up from -8.4% the prior year.

Altman Z-Score Distress
1.70

Meridianlink Inc scores 1.70, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($1.5B) relative to total liabilities ($533.8M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Strong
7/9

Meridianlink Inc passes 7 of 9 financial strength tests. 3 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Mixed
-2.61x

For every $1 of reported earnings, Meridianlink Inc generates $-2.61 in operating cash flow ($77.8M OCF vs -$29.8M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Interest Coverage At Risk
0.1x

Meridianlink Inc earns $0.1 in operating income for every $1 of interest expense ($4.6M vs $38.4M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue
$316.3M
YoY+4.2%
5Y CAGR+15.7%

Meridianlink Inc generated $316.3M in revenue in fiscal year 2024. This represents an increase of 4.2% from the prior year.

EBITDA
$62.9M
YoY-14.3%
5Y CAGR+1.3%

Meridianlink Inc's EBITDA was $62.9M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 14.3% from the prior year.

Net Income
-$29.8M
YoY+30.0%

Meridianlink Inc reported -$29.8M in net income in fiscal year 2024. This represents an increase of 30.0% from the prior year.

EPS (Diluted)
$-0.39
YoY+26.4%

Meridianlink Inc earned $-0.39 per diluted share (EPS) in fiscal year 2024. This represents an increase of 26.4% from the prior year.

Cash & Balance Sheet

Free Cash Flow
$77.4M
YoY+15.5%
5Y CAGR+33.2%

Meridianlink Inc generated $77.4M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 15.5% from the prior year.

Cash & Debt
$92.8M
YoY+15.3%
5Y CAGR-1.0%

Meridianlink Inc held $92.8M in cash against $464.9M in long-term debt as of fiscal year 2024.

Dividends Per Share
N/A
Shares Outstanding
76M
YoY-3.1%

Meridianlink Inc had 76M shares outstanding in fiscal year 2024. This represents a decrease of 3.1% from the prior year.

Margins & Returns

Gross Margin
65.7%
YoY+1.4pp
5Y CAGR-3.3pp

Meridianlink Inc's gross margin was 65.7% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is up 1.4 percentage points from the prior year.

Operating Margin
1.5%
YoY-3.7pp
5Y CAGR-11.8pp

Meridianlink Inc's operating margin was 1.5% in fiscal year 2024, reflecting core business profitability. This is down 3.7 percentage points from the prior year.

Net Margin
-9.4%
YoY+4.6pp
5Y CAGR-1.2pp

Meridianlink Inc's net profit margin was -9.4% in fiscal year 2024, showing the share of revenue converted to profit. This is up 4.6 percentage points from the prior year.

Return on Equity
-7.0%
YoY+1.4pp

Meridianlink Inc's ROE was -7.0% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is up 1.4 percentage points from the prior year.

Capital Allocation

R&D Spending
$39.5M
YoY-17.0%
5Y CAGR+19.8%

Meridianlink Inc invested $39.5M in research and development in fiscal year 2024. This represents a decrease of 17.0% from the prior year.

Share Buybacks
$104.8M
YoY+71.4%

Meridianlink Inc spent $104.8M on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding. This represents an increase of 71.4% from the prior year.

Capital Expenditures
$367K
YoY-61.1%
5Y CAGR-35.7%

Meridianlink Inc invested $367K in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 61.1% from the prior year.

MLNK Income Statement

Metric Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24 Q4'23 Q3'23
Revenue $84.6M+3.8% $81.5M+2.6% $79.4M-1.2% $80.4M+2.2% $78.7M+1.1% $77.8M+4.3% $74.6M-2.5% $76.5M
Cost of Revenue $27.5M-0.7% $27.7M+4.1% $26.6M-3.7% $27.6M-1.9% $28.2M+8.1% $26.1M+4.2% $25.0M-7.3% $27.0M
Gross Profit $57.1M+6.2% $53.8M+1.8% $52.8M+0.2% $52.7M+4.4% $50.5M-2.4% $51.7M+4.4% $49.5M+0.1% $49.5M
R&D Expenses $11.4M+4.3% $10.9M+8.6% $10.0M+0.3% $10.0M+1.2% $9.9M+4.4% $9.5M-11.4% $10.7M-4.8% $11.2M
SG&A Expenses $28.6M+3.1% $27.7M-14.5% $32.4M+9.3% $29.6M+1.4% $29.2M+16.1% $25.2M+12.0% $22.5M-3.2% $23.2M
Operating Income $5.2M+46.0% $3.6M+2102.8% -$178K-107.0% $2.6M+333.3% -$1.1M-132.7% $3.4M-50.6% $6.8M+21.8% $5.6M
Interest Expense $8.7M0.0% $8.7M-1.9% $8.9M-12.6% $10.2M+3.8% $9.8M+2.2% $9.6M-4.5% $10.0M+2.6% $9.8M
Income Tax $1.1M+73.4% $617K+275.3% -$352K-143.1% $816K+98.1% $412K+1187.5% $32K-99.9% $27.8M+3570.1% -$800K
Net Income -$3.0M+35.7% -$4.7M+39.5% -$7.7M-9.8% -$7.1M+27.1% -$9.7M-82.2% -$5.3M+82.1% -$29.6M-1329.4% -$2.1M
EPS (Diluted) $-0.04+33.3% $-0.06 N/A $-0.09+30.8% $-0.13-85.7% $-0.07 N/A $-0.03

MLNK Balance Sheet

Metric Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24 Q4'23 Q3'23
Total Assets $936.9M-5.1% $987.0M+2.7% $961.3M-0.7% $967.9M-1.9% $986.9M+1.7% $970.5M-2.6% $996.3M-4.7% $1.0B
Current Assets $137.9M-21.5% $175.6M+27.1% $138.2M+3.5% $133.4M-4.9% $140.3M+26.2% $111.1M-10.7% $124.4M-13.7% $144.2M
Cash & Equivalents $91.1M-29.3% $128.9M+38.9% $92.8M+12.8% $82.3M-11.6% $93.0M+49.3% $62.3M-22.6% $80.4M-17.5% $97.6M
Inventory N/A N/A N/A N/A N/A N/A N/A N/A
Accounts Receivable N/A N/A N/A $36.9M+11.2% $33.2M-3.6% $34.4M+13.6% $30.3M-4.5% $31.8M
Goodwill $610.1M0.0% $610.1M0.0% $610.1M0.0% $610.1M0.0% $610.1M0.0% $610.1M0.0% $610.1M+0.1% $609.3M
Total Liabilities $544.3M-1.9% $555.0M+4.0% $533.8M-2.9% $549.6M+0.4% $547.4M+8.6% $504.2M+3.3% $488.0M-0.7% $491.6M
Current Liabilities $68.8M-13.0% $79.0M+38.6% $57.0M-20.4% $71.6M+4.2% $68.7M-6.8% $73.7M+32.0% $55.8M-19.4% $69.2M
Long-Term Debt $463.1M-0.2% $464.0M-0.2% $464.9M-0.3% $466.1M-0.2% $467.1M+11.4% $419.1M-0.2% $420.0M-0.2% $420.9M
Total Equity $392.6M-9.1% $431.9M+1.0% $427.5M+2.2% $418.3M-4.8% $439.5M-5.7% $466.3M-8.2% $508.2M-8.2% $553.8M
Retained Earnings -$342.5M-19.6% -$286.4M-1.7% -$281.7M-2.8% -$274.1M-16.2% -$235.8M-20.2% -$196.2M-33.9% -$146.5M-60.6% -$91.2M

MLNK Cash Flow Statement

Metric Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24 Q4'23 Q3'23
Operating Cash Flow $19.2M-54.7% $42.4M+206.6% $13.8M-32.9% $20.6M+43.5% $14.4M-50.6% $29.0M+132.7% $12.5M-41.4% $21.3M
Capital Expenditures $154K+60.4% $96K-37.7% $154K+152.5% $61K+1.7% $60K-34.8% $92K-84.6% $596K+1319.0% $42K
Free Cash Flow $19.0M-54.9% $42.3M+209.3% $13.7M-33.5% $20.5M+43.6% $14.3M-50.6% $28.9M+143.6% $11.9M-44.1% $21.3M
Investing Cash Flow -$2.1M-22.5% -$1.7M+2.7% -$1.8M+5.2% -$1.9M+2.5% -$1.9M+1.1% -$1.9M+52.5% -$4.1M-221.0% -$1.3M
Financing Cash Flow -$54.9M-1119.0% -$4.5M-190.4% -$1.6M+94.7% -$29.5M-261.3% $18.3M+140.4% -$45.3M-77.3% -$25.5M+18.5% -$31.3M
Dividends Paid N/A N/A N/A N/A N/A N/A N/A N/A
Share Buybacks $52.8M $0 $0-100.0% $31.1M+4.3% $29.8M-32.3% $44.0M+72.5% $25.5M-16.4% $30.5M

MLNK Financial Ratios

Metric Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24 Q4'23 Q3'23
Gross Margin 67.5%+1.5pp 66.0%-0.5pp 66.5%+0.9pp 65.6%+1.4pp 64.2%-2.3pp 66.5%+0.1pp 66.4%+1.8pp 64.7%
Operating Margin 6.2%+1.8pp 4.4%+4.6pp -0.2%-3.4pp 3.2%+4.6pp -1.4%-5.7pp 4.3%-4.8pp 9.1%+1.8pp 7.3%
Net Margin -3.6%+2.2pp -5.8%+4.0pp -9.8%-1.0pp -8.8%+3.5pp -12.3%-5.5pp -6.8%+32.8pp -39.6%-37.0pp -2.7%
Return on Equity -0.8%+0.3pp -1.1%+0.7pp -1.8%-0.1pp -1.7%+0.5pp -2.2%-1.1pp -1.1%+4.7pp -5.8%-5.4pp -0.4%
Return on Assets -0.3%+0.1pp -0.5%+0.3pp -0.8%-0.1pp -0.7%+0.2pp -1.0%-0.4pp -0.5%+2.4pp -3.0%-2.8pp -0.2%
Current Ratio 2.01-0.2 2.22-0.2 2.42+0.6 1.86-0.2 2.04+0.5 1.51-0.7 2.23+0.1 2.08
Debt-to-Equity 1.18+0.1 1.07-0.0 1.09-0.0 1.11+0.1 1.06+0.2 0.90+0.1 0.83+0.1 0.76
FCF Margin 22.5%-29.3pp 51.8%+34.7pp 17.2%-8.4pp 25.6%+7.4pp 18.2%-19.0pp 37.2%+21.3pp 15.9%-11.9pp 27.8%

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