undamentalytics Newsletter
Sign in

Meridian Holdings Inc. (MRDN) stock

Add to watchlist

Add holding +

NASDAQ: MRDN Nasdaq Application Software Next results ~November 3, 2026

B Fundamentals grade

Meridian Holdings Inc. is a US-listed company in the application software industry. Its financial year ends in December.

Stock price today

Loading chart…

Third-party market data · may be delayed

Fair value per share

Under review: our cash-flow value ($55.13) was left out of our combined valuation (it is 5.87x the share price, outside the 0.2-5x range we accept), so it can't be the basis of a rating.

Price vs value

Under review: our cash-flow value ($55.13) was left out of our combined valuation (it is 5.87x the share price, outside the 0.2-5x range we accept), so it can't be the basis of a rating. We'll show the comparison once resolved.

Meridian Holdings Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders1 buying, 2 selling4 purchases and 39 sales by directors and officers, last 12 monthsInsider trades
  • Funds31 adding, 22 cuttingOf 4 active managers that changed their stake, 3 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Meridian files

Where Meridian stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $197m, up 14.1% on a year earlier, faster than the 12.6% growth a quarter earlier. Free-cash-flow margin fell to 11.3% from 12.9% a year earlier. Operating margin narrowed to -44.7% from -2.0%. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 4 of our 7 financial-health checks.

Our model value for Meridian is under review, so past values are not shown until it is resolved.

Source: 10-Q filed July 29, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 3, 2026 (estimated)

Meridian Holdings Inc.'s trailing-twelve-month revenue grew 14.1% year on year, with a free-cash-flow margin of 11.3%. Where it stands out: stock pay as % of revenue of 0.9% ranks 5 of 177 application software companies we cover.

Our discounted-cash-flow model values the business at ~$55 per share in the base case (~$42–$72 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 0.5% while net income fell 788.7%: a 789pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

Nothing in Meridian Holdings Inc.'s latest figures clears our strength thresholds.

Things to watch

  • Loss-making. Operating margin is -44.7%: costs exceed revenue.
  • Margins narrowing. Operating margin is down 42.7 points on a year ago.
  • Volatile shares. Over the past year the shares showed annualised volatility of 97% and a beta of 1.6 against the S&P 500.

Latest results: FY2026 Q2

Filed July 29, 2026
Earnings per share
$0.17 against an average estimate of $0.14: beat by 24.4%
Revenue
$50m, up 16.1% on a year earlier
Share reaction
-20.9% in the first session after the results on July 29, 2026, against +0.1% for the S&P 500
Guidance given
constant currency revenue growth growth 8% to 10% (second half of 2026)
Next report
November 3, 2026

Meridian's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-3.9%
  • 1 week-7.5%
  • 1 month-21.5%
  • This year-2.4%
  • 1 year-24.1%
  • 5 years-89.9%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$197M
Operating margin
-44.7%
Net margin
-42.6%

Growth

Revenue growth
+14.1%
Change in growth rate
+1.5 pts

Cash

Free cash flow (TTM)
$22.4M
FCF margin
11.3%
Stock pay % of revenue
0.9%

Earnings

Last results
July 29, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Leadership
  2. Announcement
  3. Leadership
  4. Results
  5. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Meridian Holdings Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: held for review: our cash-flow value ($55.13) was left out of our combined valuation (it is 5.87x the share price, outside the 0.2-5x range we accept), so it can't be the basis of a rating.

Our value per share comes from a discounted-cash-flow model of Meridian Holdings Inc.'s free cash flow after stock-based pay ( $21.9M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value Meridian Holdings Inc. as an operating company, with every model that fits that kind of business. Cost of equity 8.5%: the 10-year Treasury yield (4.9%) plus a beta of 0.78 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$55 ~$42–$72 Left out: out of range vs price (5.88x)
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$16 ~$13–$27 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: This model is withheld pending its input or assumption review.
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: This model is withheld pending its input or assumption review.
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Meridian Holdings Inc. with Application Software in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 201620172018201920212022202320242025
Share price$90.00$1.80$1.80$10.80$61.08$30.00$28.92$23.76$9.61
Market value$749m$811m$522m$11.2bn$482m$210m$201m$225m$111m
+ Net debt (− = net cash)$0$0$0$0$0$0−$20m$1m−$906358
Enterprise value$749m$811m$522m$11.2bn$482m$210m$181m$226m$110m
Multiples
Price / sales n/mn/m—n/m92.4x5.8x2.2x1.5x0.6x
Price / earnings —n/m—n/mn/mn/m14.7x——
Price / free cash flow —————76.9x11.2x13.4x5.8x
EV / EBITDA —n/m——n/mn/m11.5x70.9x—

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: High.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 3, 2026, before the open. Analysts expect revenue of $52m for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $0.73 +109% $205m +12%
Next $1.15 +58% $227m +11%

Next year's EPS estimate has moved −3.1% in 90 days, across 3 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +9.0% on 90 days ago. In the last 30 days, 2 analysts raised Meridian Holdings Inc.'s forecast and 1 cut it.

Consensus EPS forecast Meridian Holdings Inc., last 90 days
$0.60 $0.80 $1.00 $1.20 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $0.67 Current fiscal year, 60 days ago: $0.69 Current fiscal year, 30 days ago: $0.73 Current fiscal year, 7 days ago: $0.73 Current fiscal year, Now: $0.73 $0.73 Next fiscal year, 90 days ago: $1.19 Next fiscal year, 60 days ago: $1.19 Next fiscal year, 30 days ago: $1.19 Next fiscal year, 7 days ago: $1.15 Next fiscal year, Now: $1.15 $1.15

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $0.67$1.19
60 days ago $0.69$1.19
30 days ago $0.73$1.19
7 days ago $0.73$1.15
Now $0.73$1.15

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.14 $0.17 +24.4%
Mar 2026 $0.02 $0.18 +800.0%
Dec 2025 $0.04 −$7.74 −19450.0%
Sept 2025 −$0.12 $0.00 +100.0%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, July 29, 2026
  • constant currency revenue growth second half of 2026 8% growth to 10% growth
    “For the second half of 2026, the Company expects constant currency revenue growth of approximately 8% to 10% year-over-year.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Meridian Holdings Inc.'s revenue by +11.3% next year and +13.3% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+9.7%, weight 62%) and the company's own record (+14.1%, weight 38%) . How the weights are set.

Analyst recommendations

2 analysts, Oct 2026
Buy2100%
Hold00%
Sell00%

Monthly trend

  1. Oct 2026112
  2. Sep 2026112
  3. Aug 2026112

Counts of recommendations published by analysts covering Meridian Holdings Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
3.6%
of tradable shares
Days to cover
3.01
at average volume
Short interest, 1 month
+13%
to October 15, 2026
Held by institutions
5%
of shares
Held by insiders
77.9%
of shares
Employees
1,200
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −24.1%

$12.36 on October 31, 2025 to $9.38

ThenNowEffect
Revenue (last 12 months) $173m $197m +14.1%
P/S multiple 0.8x 0.6x −24.8%
Share count 11m 12m −11.5%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
MRDN−7%−60%−5%−18%−60%−2%
Industry peers (median)−8%−50%+19%+2%−20%−14%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
MRDN42%25%33%50%17%46%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
MRDN−55%−77%−52%−68%−71%−43%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 100% from November 23, 2015 to February 8, 2017. Getting back needed a 9449900% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$6.07 – $14.72
From 52-week high
−36.3%
vs 50-day average
−23.7%
vs 200-day average
−13.8%
Volatility (1 year)
97%
Beta vs S&P 500
1.62

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 7 down
typical move ±9.0%
After a week
5 up, 7 down
typical move ±11.7%
After a month
5 up, 7 down
typical move ±16.9%
Results releasedNext dayS&P 500 next day5 days21 days
July 29, 2026 −20.9% +0.1% −0.6% −0.7%
April 28, 2026 +12.7% −0.5% +55.0% +53.3%
March 31, 2026 −6.6% +3.7% −1.9% +32.6%
October 30, 2025 +3.0% −0.8% −2.6% −17.6%
August 6, 2025 −9.0% +0.7% −13.5% −34.2%
May 8, 2025 −7.0% +0.6% −11.4% +2.2%
March 24, 2025 +2.0% +2.0% −0.5% +8.1%
January 13, 2025 +25.9% +0.3% +4.1% −5.6%
November 12, 2024 −9.1% −0.3% −7.0% −32.6%
September 12, 2024 +6.0% +1.4% +12.9% 0.0%
August 13, 2024 −1.8% +2.0% +14.7% +8.3%
July 9, 2024 −4.2% +1.1% +16.4% −7.6%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Meridian Holdings Inc. in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Meridian Holdings Inc.
$50M $100M $150M $200M FY23 Q4 FY24 Q2 FY24 Q4 FY25 Q2 FY25 Q4 FY26 Q2 Revenue (TTM), FY23 Q4: $69.1M Revenue (TTM), FY24 Q1: $83.6M Revenue (TTM), FY24 Q2: $111.7M Revenue (TTM), FY24 Q3: $130.5M Revenue (TTM), FY24 Q4: $151.1M Revenue (TTM), FY25 Q1: $169M Revenue (TTM), FY25 Q2: $172.8M Revenue (TTM), FY25 Q3: $179.1M Revenue (TTM), FY25 Q4: $182.9M Revenue (TTM), FY26 Q1: $190.2M Revenue (TTM), FY26 Q2: $197.2M $197.2M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $69.1M
FY24 Q1 $83.6M
FY24 Q2 $111.7M
FY24 Q3 $130.5M
FY24 Q4 $151.1M
FY25 Q1 $169M
FY25 Q2 $172.8M
FY25 Q3 $179.1M
FY25 Q4 $182.9M
FY26 Q1 $190.2M
FY26 Q2 $197.2M
Revenue growth, TTM YoY Meridian Holdings Inc.
0% 50% 100% 150% FY24 Q4 FY25 Q2 FY25 Q4 FY26 Q2 Revenue growth, TTM YoY, FY24 Q4: 118.7% Revenue growth, TTM YoY, FY25 Q1: 102.1% Revenue growth, TTM YoY, FY25 Q2: 54.7% Revenue growth, TTM YoY, FY25 Q3: 37.2% Revenue growth, TTM YoY, FY25 Q4: 21.0% Revenue growth, TTM YoY, FY26 Q1: 12.6% Revenue growth, TTM YoY, FY26 Q2: 14.1% 14.1%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY24 Q4 118.7%
FY25 Q1 102.1%
FY25 Q2 54.7%
FY25 Q3 37.2%
FY25 Q4 21.0%
FY26 Q1 12.6%
FY26 Q2 14.1%
Operating margin (TTM) Meridian Holdings Inc.
-60% -40% -20% 0% 20% FY23 Q4 FY24 Q2 FY24 Q4 FY25 Q2 FY25 Q4 FY26 Q2 Operating margin (TTM), FY23 Q4: 5.2% Operating margin (TTM), FY24 Q1: 9.3% Operating margin (TTM), FY24 Q2: 7.9% Operating margin (TTM), FY24 Q3: 3.5% Operating margin (TTM), FY24 Q4: 1.8% Operating margin (TTM), FY25 Q1: -0.6% Operating margin (TTM), FY25 Q2: -2.0% Operating margin (TTM), FY25 Q3: -1.6% Operating margin (TTM), FY25 Q4: -52.6% Operating margin (TTM), FY26 Q1: -48.8% Operating margin (TTM), FY26 Q2: -44.7% -44.7%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 5.2%
FY24 Q1 9.3%
FY24 Q2 7.9%
FY24 Q3 3.5%
FY24 Q4 1.8%
FY25 Q1 -0.6%
FY25 Q2 -2.0%
FY25 Q3 -1.6%
FY25 Q4 -52.6%
FY26 Q1 -48.8%
FY26 Q2 -44.7%
FCF margin (TTM) Meridian Holdings Inc.
5% 10% 15% 20% FY23 Q4 FY24 Q2 FY24 Q4 FY25 Q2 FY25 Q4 FY26 Q2 FCF margin (TTM), FY23 Q4: 16.2% FCF margin (TTM), FY24 Q1: 17.1% FCF margin (TTM), FY24 Q2: 10.3% FCF margin (TTM), FY24 Q3: 7.2% FCF margin (TTM), FY24 Q4: 11.1% FCF margin (TTM), FY25 Q1: 11.8% FCF margin (TTM), FY25 Q2: 12.9% FCF margin (TTM), FY25 Q3: 14.6% FCF margin (TTM), FY25 Q4: 10.5% FCF margin (TTM), FY26 Q1: 8.8% FCF margin (TTM), FY26 Q2: 11.3% 11.3%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 16.2%
FY24 Q1 17.1%
FY24 Q2 10.3%
FY24 Q3 7.2%
FY24 Q4 11.1%
FY25 Q1 11.8%
FY25 Q2 12.9%
FY25 Q3 14.6%
FY25 Q4 10.5%
FY26 Q1 8.8%
FY26 Q2 11.3%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-KT, 10-KT/A, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2014 Jul 2014 2015 Jul 2015 2016 Jul 2016 2017 Jul 2017 2018 Jul 2018 2019 Jul 2019 2021 Jan 2021 2022 Oct 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 0 0 0 0 0 0 5 36 93 151 183 197
Gross profit 0 0 0 0 1 3 3 9 68 89 103 110
EBITDA −1 −2 −1 0 −1 — 0 1 16 3 −90 −82
Operating income −1 −2 −5 −0 −1 2 0 0 14 3 −96 −88
Net income −1 −3 −10 2 −1 2 0 0 14 −1 −92 −84
Diluted EPS −$0.04 −$0.00 −$180.32 $0.00 −$0.68 $0.24 $0.04 −$0.04 $1.92 −$0.16 −$7.76 —
Growth (year on year)
Revenue — — — +500.0% −100.0% — +>999% +589.9% +158.1% +62.5% +21.0% +14.1%
EBITDA — — — — <−999% — — +44.5% — −79.7% <−999% —
Operating income — — — — — — −78.0% −51.8% — −80.1% — —
Net income — — — — −173.2% — −77.5% −88.9% — −110.3% — —
Diluted EPS — — — — — — −83.3% −200.0% — −108.3% — —
Margins
Gross margin — — 100.0% 58.3% — — 61.7% 25.4% 73.4% 58.6% 56.6% 55.7%
EBITDA margin — — <−999% 64.3% — — 7.6% 1.6% 16.8% 2.1% −49.3% −41.8%
Operating margin — — <−999% −208.7% — 400.3% 7.6% 0.5% 14.8% 1.8% −52.6% −44.7%
Net margin — — <−999% >999% — 390.9% 7.6% 0.1% 14.7% −0.9% −50.3% −42.6%
Free-cash-flow margin — — — — — — — 7.6% 19.3% 11.1% 10.5% 14.3%
Cash flow
Cash from operations −1 −2 0 −0 0 1 2 3 24 24 25 28
Capital spending 0 0 — — — — — 0 6 7 6 0
Free cash flow −1 −2 — — — — — 3 18 17 19 28
Stock-based pay — — — — 0 0 2 3 — 5 4 2
Free cash flow after stock pay — — — — — — — 0 — 12 15 26
Balance sheet
Cash — — — — — — — — 20 30 18 17
Total debt 1 — 4 — 1 1 — 0 0 31 17 10
Net debt (negative = net cash) — — — — — — — — −20 1 −1 −7
Diluted shares 64m 797m 8m 451m 290m 1,035m 8m 7m 7m 9m 12m —
Returned to shareholders
Dividends — — — — — — — — 2 1 0 —
Buybacks — — — — — — — 0 0 0 3 —
Total returned — — — — — — — 0 2 1 3 —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

4 of 7 checks passed · June 30, 2026
What it owns · $115m
Short-term assets $35mLonger-term assets $80m
What it owes, and who funded it · $114m
Short-term liabilities $60mLonger-term liabilities $4mShareholders' equity $50m
  • Short-term assets cover short-term liabilities $35m of assets due within a year against $60m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $35m short-term assets against $4m of longer-dated liabilities.
  • More cash than debt $17m of cash against $10m of debt.
  • Debt below 40% of shareholders' equity Debt is 21% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 0% to 21% over five years.
  • A year's operating cash flow covers at least 20% of debt $28m of operating cash flow against $10m of debt.
  • Operating profit covers interest at least five times over Operating income of −$88m against $2m of interest.

From Meridian Holdings Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Dividends (TTM)
$0
Returned to shareholders
0%
of free cash flow
Buybacks, last 3 fiscal years
$3.1M
Total shareholder yield
0.0%
dividends 0.0% + buybacks 0.0% of market value
Sales & admin spending
100.4%
of revenue
Days sales outstanding
15 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in application software
Last 12 months unless stated MRDN UPLD MITK SOUN KLTR IIIV Median
Revenue, last 12 months $197m $198m $198m $203m $181m $218m $482m
Revenue growth, last 12 months 14.1% −21.5% 11.1% 54.6% −0.2% 4.1% 12.0%
Revenue growth, 3-year average — −13.9% 4.3% 77.8% 1.6% 21.0% 11.1%
Revenue growth, latest quarter 16.1% −7.9% 18.2% 45.0% 5.5% 2.2% 11.9%
Gross margin 55.7% 76.3% 86.7% 42.3% 72.0% 88.9% 69.2%
Operating margin −44.7% −6.1% 17.8% −68.5% −1.5% 2.7% 1.1%
Operating margin, 3-year average −12.9% −17.1% 7.9% −130.4% −9.0% 2.2% −0.8%
Net margin −42.6% −18.5% 11.4% −67.5% −6.9% 3.9% 2.1%
Cash from operations / revenue 14.3% 12.7% 27.1% −56.4% 6.4% 24.0% 18.2%
Free-cash-flow margin 11.3% 12.5% 24.6% −57.0% 6.2% 22.9% 15.0%
Free-cash-flow margin, 3-year average 11.5% 11.6% 21.1% −92.6% 4.8% 15.2% 16.2%
Stock pay / revenue 0.9% 2.6% 8.2% 38.7% 8.5% 8.3% 9.3%
Change in share count — −1.2% 4.1% 8.9% 6.0% 4.6% 2.2%

Median of all 185 companies we cover in application software. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

185 application software companies
Measure Company Peer median Rank
Revenue growth Growth 14.1% 12.0% 80 of 184
Change in growth rate Growth +1.5pp +0.2pp 62 of 184
Gross margin Profitability 55.7% 69.8% 114 of 160
Operating margin Profitability -44.7% 1.1% 143 of 181
Net margin Profitability -42.6% 2.1% 144 of 185
Free-cash-flow margin Cash generation 11.3% 15.2% 103 of 180
Stock pay as % of revenue Cash generation 0.9% 9.3% 5 of 177
Long-term debt as % of assets Balance sheet 0.2% 16.9% 14 of 98
Days sales outstanding Balance sheet 15 days 57 days 17 of 162

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Total Segments $183M 100.0% —
Meridian Bet Group $125M 68.1% —
R Kings and CFAC $43.8M 24.0% —
GMAG $14.5M 7.9% —
Geography
Region Revenue Share YoY
Europe UK Excl $102M 56.0% ▲ 14.4%
United Kingdom $35.1M 19.2% ▲ 26.2%
Africa $15.5M 8.5% ▲ 22.9%
Asia Pacific $12.2M 6.7% ▲ 8.8%
Central and South America $8.9M 4.9% ▲ 66.6%
Australia $8.7M 4.8% ▲ 89.0%

From Meridian Holdings Inc.'s 10-K filed March 31, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$9.2M
Institutions reporting
39
Shares held vs prior quarter
▲ 30.2%
Positions opened / closed
13 / 18

Top buyers and sellers, Q2 2026: 31 institutions bought and 22 sold ; the biggest buyer was Diametric Capital, LP (+123K shares) and the biggest seller Blackrock, Inc (−68K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Topline Capital Management, LLC $2.6M 186K 28.2% ▲ 32.9%
Diametric Capital, LP $1.7M 123K 18.6% New
AQR Capital Management LLC $667,131 48K 7.2% New
Vanguard Capital Management LLC $609,070 44K 6.6% ▲ 66.3%
Geode Capital Management, LLC $585,805 42K 6.4% ▼ 40.5%
Great Lakes Advisors, LLC $432,703 31K 4.7% New
Goldman Sachs Group Inc $408,357 29K 4.4% New
Blackrock, Inc. $378,207 27K 4.1% ▼ 71.5%
Morgan Stanley $312,921 22K 3.4% ▲ 410.8%
Vanguard Fiduciary Trust Co $241,749 17K 2.6% ▲ 13.3%
UBS Group AG $235,164 17K 2.6% ▲ 16.8%
Jane Street Group, LLC $230,543 17K 2.5% New

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Meridian Holdings Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $53,100 4 trades by 1 insider, last 12 months Insider sales History → $1.9M 39 trades by 2 insiders · 9% under pre-set plans
Net ▼ $1.8M net selling
Insider Date Trade Shares Price Value
Goodman Anthony Brian 10% owner June 23, 2026 Sell 5,500 $13.73 $75,515
Goodman Anthony Brian 10% owner June 22, 2026 Sell 3,650 $13.76 $50,224
Goodman Anthony Brian 10% owner June 18, 2026 Sell 5,000 $13.70 $68,500
Goodman Anthony Brian 10% owner June 16, 2026 Sell 5,000 $14.05 $70,250
Goodman Anthony Brian 10% owner June 15, 2026 Sell 5,000 $14.33 $71,650
Goodman Anthony Brian 10% owner June 12, 2026 Sell 10,000 $12.68 $126,800
Goodman Anthony Brian 10% owner June 11, 2026 Sell 9,000 $13.02 $117,180
Goodman Anthony Brian 10% owner June 10, 2026 Sell 7,000 $13.04 $91,280
Goodman Anthony Brian 10% owner May 22, 2026 Sell 5,000 $10.40 $52,000
Goodman Anthony Brian 10% owner May 22, 2026 Sell 2,196 $10.38 $22,794
Goodman Anthony Brian 10% owner May 22, 2026 Sell 5,000 $10.33 $51,650
Luxor Capital Llc 10% owner May 4, 2026 Sell 10,000 $12.75 $127,500

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around October 29, 2026 estimated from the company's past filing pattern, not announced

  • July 29, 2026
  • April 28, 2026
  • March 31, 2026
  • October 30, 2025
  • August 6, 2025
  • May 8, 2025

Recent SEC filings

Data status

When each part of this page on Meridian Holdings Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Meridian Holdings Inc. in brief

What does Meridian Holdings Inc. do?
Meridian Holdings Inc. is a US-listed company in the application software industry. Its financial year ends in December.
What is Meridian Holdings Inc.'s stock ticker?
Meridian Holdings Inc. trades under the ticker MRDN on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Meridian Holdings Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Meridian Holdings Inc. reported revenue of $197M, 14.1% higher than a year earlier, according to its SEC filings.
What is Meridian Holdings Inc.'s free cash flow?
Meridian Holdings Inc.'s free-cash-flow margin is 11.3% of revenue over the trailing twelve months, ranking 103 of the 180 application software companies we cover.
Who are Meridian Holdings Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Topline Capital Management, LLC, Diametric Capital, LP and AQR Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Meridian Holdings Inc.'s market cap?
On December 31, 2025, Meridian Holdings Inc.'s market capitalisation was about $111M and net debt of -$906,358. Market figures come from third-party market data and may be delayed.
Does Meridian Holdings Inc. pay a dividend?
Meridian Holdings Inc. reported no dividend payments in its trailing twelve months of filings.
How much debt does Meridian Holdings Inc. have?
Meridian Holdings Inc.'s debt-to-equity ratio is 20.5%, from its latest balance sheet (0.0% five years earlier). The financial health section below sets out its other solvency checks.
Who are Meridian Holdings Inc.'s competitors?
In our Application Software peer group, the companies closest to Meridian Holdings Inc. are Upland Software, Inc., Mitek Systems Inc, Soundhound AI, Inc., Kaltura Inc and I3 Verticals, Inc. The side-by-side comparison below sets their revenue, margins and growth against Meridian Holdings Inc.'s.
Are insiders buying or selling Meridian Holdings Inc. stock?
Over the last 12 months, Meridian Holdings Inc.'s directors and officers reported 4 open-market purchases and 39 sales on Form 4. The insider trading page charts every trade.
When is Meridian Holdings Inc.'s next earnings date?
Around November 3, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Meridian Holdings Inc. announces its own schedule.