Meridian Holdings (MRDN) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Meridian Holdings

NasdaqCM•Consumer Cyclical•Gambling

$13.55+0.09(0.01%)Market closed

Market Cap

$170.73M

P/S

0.9x

P/B

3.4x

Meridian Holdings Inc., a business-to-business and business-to-consumer gaming technology company, provides casino, sportsbook, and competition products in Central and South America, Europe, and Africa. It develops and licenses gaming platforms; and provides online sports betting and gaming operations under various brands, including Meridianbet, Expanse Studios, MexPlay, R Kings Competitions, Classics For A Cause, and GMAG. Meridian Holdings Inc. is based in Las Vegas, Nevada.

How this company scores

AverageMetricSide Score: 59/100

Strongest: Balance Sheet & Red Flags (25/25); weakest: Profitability (0/25).

Profitability0/25

Growth12/25

Balance Sheet & Red Flags25/25

Cash & Earnings Quality22/25

Strengths

Low leverageInterest easily coveredCash-backed earningsImproving leverage

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 75.2x5y range 75.2x – 610.6x

Currently below its 5-quarter median.

P/S · 0.9x5y range 0.5x – 65.0x

Currently below its 20-quarter median.

P/B · 3.4x5y range 1.3x – 23.1x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

The company posted negative operating margins in recent quarters — core operations are unprofitable.

Earnings Quality

Watch

FCF/Net Income has dropped below 0.7x in 4 quarters — monitor for earnings quality deterioration.

Price & Volume

Market Cap $170.73M

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $197.19M
Q. Revenue: $50.19M
TTM EBITDA: $-83.05M
TTM Op. Income: $-88.16M
Q. Op. Income: $2.44M
TTM Net Income: $-84.04M
Q. Net Income: $1.96M
EPS: $0.17
Shares Out.: $12.67M

$197.19M in TTM revenue grew 6.1% YoY, reaching $50.19M last quarter. TTM EBITDA of $-83.05M and TTM operating income of $-88.16M show growth is flowing through to the bottom line. However, net income is negative at $84.04M — growth is not yet reaching the bottom line. Across the last 8 quarters, TTM revenue has risen for 2 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 53.5%
EBITDA Margin: 7.2%
Op. Margin: 4.9%
Net Margin: 3.9%

Op. margin of 4.9% is up 10.2% YoY — cost efficiency is improving. Net margin at 3.9% and gross margin of 53.5% show how much of each revenue dollar survives to profit. Over the past year, operating margin is up 191% — a weakening trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: N/A
P/S Ratio: 0.9x
P/B Ratio: 3.4x

P/S of 0.9x and P/B of 3.4x. P/S is low relative to typical market levels.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $115.13M
Cash: $17.32M
Long-Term Debt: $237,123
Book Value: $49.75M
D/E Ratio: 0.0
Debt/EBITDA: 0.1

With $115.13M in assets and $237,123 in long-term debt, D/E is 0.0and book value is $49.75M — a conservative capital structure with a cushion to weather downturns. Across the last 8 quarters, debt/equity has fallen for 2 consecutive quarters — an improving trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $7.80M
TTM Free Cash Flow: $24.56M
FCF Margin: 12.5%
FCF / Net Income: -0.3

TTM FCF of $24.56M on $7.80M in operating cash flow. The FCF / Net Income ratio of -0.3x means the business consumes cash — it is not yet self-funding. Over the past year, free cash flow is up 10% — an improving trend.