Meridian Holdings Inc. (MRDN) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 2, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q1 FY2026, filed Apr 28, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the MRDN SEC filings page.
Meridian Holdings Inc. (MRDN) reported $182.9M in revenue for fiscal year 2025, up 21.0% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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).
Growth is being overwhelmed by an expanded cost base, while positive cash flow masks a severe earnings-quality split.
FY2025 operating cash flow was$25.4M even as net income was-$92.0M ; that divergence means reported cash generation and accounting profitability are currently measuring materially different economic effects. Free cash flow remained positive after capital spending, but it does not resolve why operating results deteriorated so sharply.
FY2025 revenue increased
The current ratio fell from 1.5x in FY2023 to 0.6x in FY2025, indicating that short-term coverage weakened materially. At FY2025 year-end, current assets of
Financial Health Signals
Scored against operating companies for FY2025. 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 Meridian Holdings 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.
Meridian Holdings Inc. has an operating margin of -52.6%, meaning the company loses $53 on every $100 of revenue. This results in a profitability score of 11/100. This is down from 1.8% the prior year.
Meridian Holdings Inc.'s revenue surged 21.0% year-over-year to $182.9M, reflecting rapid business expansion. This strong growth earns a score of 93/100.
Meridian Holdings Inc. carries a low D/E ratio of 0.14, meaning only $0.14 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 78/100, indicating a strong balance sheet with room for future borrowing.
Meridian Holdings Inc.'s current ratio of 0.59 is below the typical benchmark, resulting in a score of 6/100. This tight liquidity could limit financial flexibility if cash inflows slow.
Meridian Holdings Inc. converts 10.5% of revenue into free cash flow ($19.2M). This strong cash generation earns a score of 72/100.
Meridian Holdings Inc. posts a -197.6% return on equity (ROE), meaning it loses $198 for every $100 of shareholders' equity. This results in a returns score of 8/100. This is down from -1.3% the prior year.
Meridian Holdings Inc. scores -0.48, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($151.2M) relative to total liabilities ($69.7M). 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.
Meridian Holdings Inc. passes 5 of 9 financial strength tests. 2 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
Meridian Holdings Inc. reported a net loss of $92.0M while generating $25.4M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.
Meridian Holdings Inc. reported an operating loss of $96.2M against $4.6M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Meridian Holdings Inc. generated $50.1M in revenue in Q1 2026. This represents an increase of 17.3% from the same quarter a year earlier. Against the prior quarter it is up 1.1%.
Meridian Holdings Inc.'s EBITDA was $5.6M in Q1 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 174.5% from the same quarter a year earlier. Against the prior quarter it is up 106.4%.
Meridian Holdings Inc. reported $2.2M in net income in Q1 2026. This represents an increase of 939.7% from the same quarter a year earlier. Against the prior quarter it is up 102.4%.
Meridian Holdings Inc. earned $0.18 per diluted share (EPS) in Q1 2026. Against the prior quarter it is up 102.3%.
Cash & Balance Sheet
Meridian Holdings Inc. held $16.2M in cash against $4.9M in long-term debt as of Q1 2026, with $53.3M of liabilities due within a year.
Not reported for Q1 2026.
Not reported for Q1 2026.
Margins & Returns
Meridian Holdings Inc.'s gross margin was 56.2% in Q1 2026, indicating the percentage of revenue retained after direct costs. This is down 0.5 percentage points from the same quarter a year earlier. Against the prior quarter it is down 1.3 percentage points.
Meridian Holdings Inc.'s operating margin was 6.3% in Q1 2026, reflecting core business profitability. This is up 6.6 percentage points from the same quarter a year earlier.
Meridian Holdings Inc.'s net profit margin was 4.3% in Q1 2026, showing the share of revenue converted to profit. This is up 4.9 percentage points from the same quarter a year earlier.
Meridian Holdings Inc.'s ROE was 4.5% in Q1 2026, measuring profit generated per dollar of shareholder equity. This is up 4.7 percentage points from the same quarter a year earlier. Against the prior quarter it is up 195.0 percentage points.
Capital Allocation
Meridian Holdings Inc. invested $229K in research and development in Q1 2026.
Not reported for Q1 2026.
Not reported for Q1 2026.
MRDN Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q | Q2'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $50.1M+17.3% | $49.6M+8.1% | $47.3M+15.4% | $43.2M+9.7% | $42.7M+71.9% | $45.9M | $41.0M+84.6% | $39.4M+74.6% |
| Cost of Revenue | $22.0M+18.5% | $21.1M+10.6% | $20.9M+12.6% | $18.9M+6.4% | $18.5M+158.8% | $19.1M | $18.6M+203.9% | $17.7M+193.5% |
| Gross Profit | $28.1M+16.3% | $28.5M+6.4% | $26.4M+17.8% | $24.4M+12.4% | $24.2M+36.8% | $26.8M | $22.4M+39.2% | $21.7M+31.1% |
| R&D Expenses | $229K | N/A | N/A | N/A | $0 | N/A | N/A | N/A |
| SG&A Expenses | $25.0M+2.8% | $121.9M+353.2% | $26.8M+14.5% | $26.7M+23.8% | $24.3M+73.6% | $26.9M | $23.4M+81.8% | $21.6M+71.0% |
| Operating Income | $3.2M+3077.9% | -$93.4M-94074.8% | -$388K+60.3% | -$2.3M-1942.2% | -$106K-102.9% | -$99K | -$976K-130.2% | $125K-96.8% |
| EBITDA | $5.6M+174.5% | -$88.2M-1603.5% | $3.6M+265.3% | $1.5M-26.2% | $2.0M-61.7% | -$5.2M | $986K-73.0% | $2.0M-53.7% |
| Interest Expense | $354K-76.0% | $1.1M-58.6% | $511K-35.4% | $1.5M+4461.2% | $1.5M+33561.9% | $2.7M | $790K+19415.8% | $32K+66.4% |
| Income Tax | $696K+307.2% | -$5.6M-10510.5% | $202K-89.2% | $490K-6.6% | -$336K-219.3% | -$52K | $1.9M+488.5% | $525K+25.5% |
| Net Income | $2.2M+939.7% | -$88.7M-4206.2% | $566K+116.6% | -$3.6M-5620.7% | -$258K-106.5% | -$2.1M | -$3.4M-197.9% | $65K-98.3% |
| EPS (Basic) | $0.18+1000.0% | -$7.74-38600.0% | $0.00+100.0% | -$0.03 | -$0.02-140.0% | -$0.02 | -$0.03-175.0% | $0.00-100.0% |
| EPS (Diluted) | $0.18 | -$7.74 | $0.00+100.0% | -$0.03 | -$0.02 | -$0.02 | -$0.03 | $0.00 |
| Diluted Shares (Avg) | 13M | N/A | 143M+17.5% | 138M+7.4% | 11M | N/A | 122M | 128M |
MRDN Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q | Q2'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $111.9M-47.7% | $118.1M-44.8% | $209.8M-1.7% | $210.3M+9.8% | $214.0M | $213.7M | $213.5M+500.0% | $191.5M+447.4% |
| Current Assets | $30.5M-33.6% | $35.4M-21.4% | $39.1M-30.9% | $39.0M-19.7% | $45.9M | $45.1M | $56.7M+148.0% | $48.6M+119.8% |
| Cash & Equivalents | $16.2M-45.3% | $18.1M-40.0% | $22.0M-42.6% | $22.1M-32.6% | $29.7M+37.1% | $30.1M | $38.4M+135.0% | $32.8M+106.4% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Inventory | $4.9M-0.3% | $5.5M+40.3% | $5.7M+28.7% | $4.8M+42.6% | $4.9M | $3.9M | $4.4M+157.5% | $3.3M+119.5% |
| Accounts Receivable | $5.5M-20.2% | $8.0M+31.2% | $7.2M-14.7% | $7.1M-1.8% | $6.9M | $6.1M | $8.5M+139.3% | $7.2M+84.1% |
| Long-Term Investments | $2.1M | $2.0M | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill | $8.8M-87.6% | $8.5M-88.1% | $71.3M+13173.9% | $71.3M | $71.0M | $71.2M | $537K-94.8% | N/A |
| Total Liabilities | $61.4M-39.5% | $69.7M-33.4% | $82.7M-28.0% | $85.3M-15.7% | $101.6M | $104.8M | $114.9M+2465.2% | $101.1M+2373.4% |
| Current Liabilities | $53.3M-14.1% | $59.6M-6.3% | $64.4M-7.2% | $63.6M+23.9% | $62.0M | $63.6M | $69.4M+1449.1% | $51.3M+1154.8% |
| Non-Current Liabilities | $8.2M-79.3% | $10.2M-75.3% | $18.3M-59.9% | $21.7M-56.4% | $39.6M | $41.2M | $45.5M | $49.8M |
| Long-Term Debt | $4.9M-63.9% | $6.6M-54.1% | $8.7M-45.9% | $11.3M-41.7% | $13.5M | $14.4M | $16.2M | $19.4M |
| Total Equity | $48.7M-55.1% | $46.5M-55.7% | $123.5M+31.1% | $121.3M+34.2% | $108.5M+76.9% | $105.1M | $94.3M+203.0% | $90.4M+192.5% |
| Retained Earnings | -$30.8M-154.2% | -$33.1M-158.0% | $53.7M-9.2% | $53.2M-15.1% | $56.8M | $57.0M | $59.2M+328.9% | $62.6M+335.1% |
MRDN Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q | Q2'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $5.2M-33.4% | $8.2M-50.5% | $7.0M+47.6% | $2.4M+224.8% | $7.7M+73.6% | $16.6M | $4.8M-7.7% | -$1.9M-692.4% |
| Depreciation & Amortization | $2.5M+14.3% | $3.8M+174.1% | $4.0M+103.3% | $3.8M+99.1% | $2.2M+30.9% | -$5.1M | $2.0M+366.3% | $1.9M+302.2% |
| Stock-Based Compensation | $248K-76.2% | N/A | $546K-66.2% | $1.4M-13.5% | $1.0M | N/A | $1.6M | $1.6M |
| Capital Expenditures | N/A | $1.8M-44.7% | $850K-65.4% | $2.5M+317.2% | $1.1M+18.8% | $3.2M | $2.5M+220.5% | $591K+6569322.2% |
| Free Cash Flow | N/A | $6.4M-51.9% | $6.2M+167.9% | -$89K+96.4% | $6.6M+88.1% | $13.4M | $2.3M-47.5% | -$2.5M-876.3% |
| Investing Cash Flow | -$2.5M+53.8% | -$6.9M+56.1% | -$3.2M+69.6% | -$6.6M+26.6% | -$5.3M-137.7% | -$15.7M | -$10.5M-356.2% | -$8.9M-99330411.1% |
| Financing Cash Flow | -$4.6M+8.5% | -$2.3M+54.4% | -$2.8M-129.6% | -$9.3M-141.6% | -$5.0M-711.1% | -$5.0M | $9.6M+1103.0% | $22.3M |
| Dividends Paid | N/A | $145K | $0 | $0 | $0-100.0% | $0 | $0-100.0% | $0-100.0% |
| Share Buybacks | N/A | -$104.9M+86287.2% | $0 | N/A | N/A | $121K | N/A | N/A |
MRDN Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q | Q2'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 56.2%-0.5pp | 57.5%-0.9pp | 55.8%+1.1pp | 56.4%+1.3pp | 56.6%-14.6pp | 58.4% | 54.6%-17.8pp | 55.0%-18.2pp |
| Operating Margin | 6.3%+6.6pp | -188.3% | -0.8%+1.6pp | -5.3%-5.7pp | -0.3%-15.1pp | -0.2% | -2.4%-16.9pp | 0.3%-17.1pp |
| Net Margin | 4.3%+4.9pp | -178.9% | 1.2%+9.5pp | -8.3%-8.5pp | -0.6%-16.7pp | -4.5% | -8.3%-24.0pp | 0.2%-16.3pp |
| Return on Equity | 4.5%+4.7pp | -190.6%-188.6pp | 0.5%+4.1pp | -3.0%-3.0pp | -0.2%-6.7pp | -2.0% | -3.6%-14.8pp | 0.1%-12.0pp |
| Return on Assets | 1.9%+2.1pp | -75.1%-74.2pp | 0.3%+1.9pp | -1.7%-1.7pp | -0.1% | -1.0% | -1.6%-11.4pp | 0.0%-10.6pp |
| Current Ratio | 0.57-0.2x | 0.59-0.1x | 0.61-0.2x | 0.61-0.3x | 0.74 | 0.71 | 0.82-4.3x | 0.95-4.5x |
| Debt-to-Equity | 0.100.0x | 0.140.0x | 0.07-0.1x | 0.09-0.1x | 0.12 | 0.14 | 0.170.0x | 0.21+0.1x |
| Asset Turnover | 0.45+0.2x | 0.42+0.2x | 0.230.0x | 0.210.0x | 0.20 | 0.21 | 0.19-0.4x | 0.21-0.4x |
| FCF Margin | N/A | 13.0%-16.2pp | 13.1%+7.4pp | -0.2%+6.1pp | 15.5%+1.3pp | 29.3% | 5.6%-14.2pp | -6.3%-7.8pp |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin.
Note: The current ratio is below 1.0 (0.59), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
Where Meridian Holdings Inc. Ranks
Frequently Asked Questions
What is Meridian Holdings Inc.'s annual revenue?
Meridian Holdings Inc. (MRDN) reported $182.9M in total revenue for fiscal year 2025. This represents a 21.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Meridian Holdings Inc.'s revenue growing?
Meridian Holdings Inc. (MRDN) revenue grew by 21.0% year-over-year, from $151.1M to $182.9M in fiscal year 2025.
Is Meridian Holdings Inc. profitable?
No, Meridian Holdings Inc. (MRDN) reported a net income of -$92.0M in fiscal year 2025, with a net profit margin of -50.3%.
What is Meridian Holdings Inc.'s EBITDA?
Meridian Holdings Inc. (MRDN) had EBITDA of -$81.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Meridian Holdings Inc. have?
As of fiscal year 2025, Meridian Holdings Inc. (MRDN) had $18.1M in cash and equivalents against $6.6M in long-term debt.
What is Meridian Holdings Inc.'s gross margin?
Meridian Holdings Inc. (MRDN) had a gross margin of 56.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Meridian Holdings Inc.'s operating margin?
Meridian Holdings Inc. (MRDN) had an operating margin of -52.6% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Meridian Holdings Inc.'s net profit margin?
Meridian Holdings Inc. (MRDN) had a net profit margin of -50.3% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Meridian Holdings Inc.'s return on equity (ROE)?
Meridian Holdings Inc. (MRDN) has a return on equity of -197.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Meridian Holdings Inc.'s free cash flow?
Meridian Holdings Inc. (MRDN) generated $19.2M in free cash flow during fiscal year 2025. This represents a 14.5% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Meridian Holdings Inc.'s operating cash flow?
Meridian Holdings Inc. (MRDN) generated $25.4M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Meridian Holdings Inc.'s total assets?
Meridian Holdings Inc. (MRDN) had $118.1M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Meridian Holdings Inc.'s capital expenditures?
Meridian Holdings Inc. (MRDN) invested $6.2M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Meridian Holdings Inc. spend on research and development?
Meridian Holdings Inc. (MRDN) invested $7.1M in research and development during fiscal year 2025.
What is Meridian Holdings Inc.'s current ratio?
Meridian Holdings Inc. (MRDN) had a current ratio of 0.59 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is Meridian Holdings Inc.'s debt-to-equity ratio?
Meridian Holdings Inc. (MRDN) had a debt-to-equity ratio of 0.14 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Meridian Holdings Inc.'s return on assets (ROA)?
Meridian Holdings Inc. (MRDN) had a return on assets of -77.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Meridian Holdings Inc.'s P/E ratio?
Meridian Holdings Inc. (MRDN) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to March 31, 2026). The market capitalization is $151.2M as of Oct 2, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Meridian Holdings Inc.'s price-to-sales ratio?
Meridian Holdings Inc. (MRDN) trades at 0.8x sales, its market capitalization divided by revenue of $190.2M revenue, trailing 12 months to March 31, 2026. The market capitalization is $151.2M as of Oct 2, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Meridian Holdings Inc.'s Altman Z-Score?
Meridian Holdings Inc. (MRDN) has an Altman Z-Score of -0.48, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Meridian Holdings Inc.'s Piotroski F-Score?
Meridian Holdings Inc. (MRDN) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Meridian Holdings Inc.'s earnings high quality?
Meridian Holdings Inc. (MRDN) reported a net loss of $92.0M while generating $25.4M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Meridian Holdings Inc. cover its interest payments?
Meridian Holdings Inc. (MRDN) reported an operating loss of $96.2M against $4.6M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Meridian Holdings Inc.?
Meridian Holdings Inc. (MRDN) scores 45 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.