Meridian Corporation (MRBK) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-150.9%

-$9.45

vs $18.57 price

Levered DCF

$34.46

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

0.35

Distress zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	9.11×	9.33×	11.68×	8.19×	6.21×	4.84×	12.32×	13.42×
P/B	1×	0.89×	0.98×	1.17×	1.34×	0.9×	1.07×	1×
P/S	0.97×	0.77×	0.92×	1.37×	1.39×	0.86×	1.51×	1.49×
EV / EBITDA	11.64×	12.42×	14.89×	10.44×	6.74×	10.8×	19.34×	18.18×
Gross margin	54.4%	51.1%	55.8%	83.8%	94.1%	85.3%	79.7%	82.4%
Operating margin	13.8%	11.0%	10.1%	21.4%	29.0%	23.1%	15.8%	14.2%
Net margin	10.6%	8.3%	7.9%	16.7%	22.3%	17.7%	12.2%	11.1%
Current ratio	0.06×	0.09×	0.17×	0.17×	0.19×	0.13×	0.08×	0.09×
Debt / equity	0.84×	1.02×	1.21×	1.06×	0.49×	1.81×	1.39×	1.18×
Interest coverage	0.36×	0.26×	0.25×	1.5×	5.5×	2.53×	0.82×	0.92×
Dividend yield	2.8%	3.7%	3.6%	6.1%	4.4%	1.2%	0.0%	0.0%
Payout ratio	26.0%	34.3%	42.4%	50.1%	27.2%	5.8%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	10.9%	9.5%	8.4%	14.2%	21.5%	18.7%	8.7%	7.5%
Return on invested capital	5.5%	4.4%	3.2%	6.3%	13.3%	5.5%	3.5%	3.3%
Return on assets	0.9%	0.7%	0.6%	1.1%	2.1%	1.5%	0.9%	0.8%
Free cash flow yield	11.3%	5.9%	11.0%	45.8%	72.2%	-124.3%	16.1%	8.5%
Earnings yield	11.0%	10.7%	8.6%	12.2%	16.1%	20.6%	8.1%	7.4%
Enterprise value	$330.5M	$299.1M	$289.5M	$302.7M	$279.8M	$350.6M	$278.1M	$216.5M
Net debt / EBITDA	4.63×	6.09×	6.94×	4.28×	1.41×	6.85×	10.34×	8.95×
Cash conversion cycle (days)	-6	128	225	364	212	70	-6	12