Meridian Holdings Inc. (MRDN) intrinsic value & 10-year financials
Meridian Holdings Inc. (MRDN) has a Graham intrinsic value of $5.31 per share. At $11.09 on Oct 17, 2026, the stock trades 109% above that value. Over the last 10 fiscal years revenue grew 175.5% a year to $182.9M, with an average return on invested capital of -100.4%.
- Graham intrinsic value
- $5.31
- Share price (Oct 17, 2026)
- $11.09
- Price vs Graham value
- 109% above
- Market cap
- $128.5M
- Revenue (FY2025)
- $182.9M
- Revenue growth (10-yr CAGR)
- 175.5%
- ROIC (10-yr avg)
- -100.4%
- Free cash flow (FY2025)
- $19.2M
MRDN 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $182.9M | -$92.0M | -$7.76 | $19.2M | -52.6% | -113.4% |
| FY2024 | $151.1M | -$1.5M | -$0.01 | $16.8M | 1.8% | 1.8% |
| FY2023 | $93.0M | $13.7M | $0.16 | $17.9M | 14.8% | 44.6% |
| FY2022 | $35.2M | -$250.0K | -$0.00 | $2.7M | 0.5% | 1.2% |
| FY2021 | $3.0M | $398.1K | $0.00 | — | 13.4% | 34.0% |
| FY2020 | — | — | — | — | — | — |
| FY2019 | $452.8K | $1.8M | $0.00 | — | 400.3% | -1149.4% |
| FY2018 | $0 | -$1.3M | $0.00 | — | — | 91.6% |
| FY2017 | $120.0K | $1.8M | $0.00 | — | -208.7% | -65.3% |
| FY2016 | $20.0K | -$10.0M | -$15.03 | — | -25981.8% | 251.3% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Meridian Holdings Inc./NV is a consistent compounder, expanding top-line revenue at 175.5% annually over the past decade.
Meridian Holdings Inc./NV has historically struggled to out-earn its cost of capital, averaging just -1.6% ROIC.
Meridian Holdings Inc./NV capital allocation metrics are N/A for the decade; share count and net debt history are incomplete.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Meridian Holdings Inc./NV is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $5.31 per share.