Meridian Holdings Inc. (MRDN) 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

-447.1%

-$32.56

vs $9.38 price

Levered DCF

$55.35

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

-0.16

Distress zone

Rating

C+

Overall 2 / 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	-1.24×	-152.31×	6.57×	-280.9×	177.35×	412.63×	13.04×	-0.7×
P/B	2.39×	2.14×	2.89×	2.62×	8.1×	12.39×	16.52×	-0.69×
P/S	0.61×	1.49×	0.97×	1.95×	2.54×	31.45×	5.92×	1.01×
EV / EBITDA	-1.51×	15.08×	3.48×	63.54×	7.53×	372.15×	9.2×	-0.89×
Gross margin	56.6%	58.6%	73.4%	25.4%	75.8%	61.7%	99.2%	92.1%
Operating margin	-2.0%	2.7%	15.1%	0.5%	23.7%	7.6%	62.9%	-108.2%
Net margin	-49.2%	-1.0%	14.7%	-0.7%	21.3%	7.6%	61.4%	-144.0%
Current ratio	0.59×	0.71×	5.1×	7.1×	14.86×	25×	1.65×	0.38×
Debt / equity	0.5×	0.37×	0×	0.01×	0.01×	0×	1.32×	-0.41×
Interest coverage	-0.79×	1.16×	388.89×	0×	0×	33.69×	39.96×	-6.12×
Dividend yield	0.1%	0.3%	2.0%	0.0%	7.6%	0.0%	0.0%	0.0%
Payout ratio	-0.2%	-52.0%	13.1%	0.0%	90.1%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-193.1%	-1.4%	44.1%	-0.9%	68.0%	3.0%	171.3%	98.3%
Return on invested capital	-4.8%	-2.8%	40.5%	0.1%	68.0%	3.0%	75.6%	124.7%
Return on assets	-76.1%	-0.7%	38.5%	-0.8%	62.9%	2.9%	58.9%	-160.8%
Free cash flow yield	10.5%	0.9%	11.8%	3.7%	8.7%	1.1%	8.5%	32.6%
Earnings yield	-80.7%	-0.7%	15.2%	-0.4%	8.4%	0.2%	10.4%	-142.1%
Enterprise value	$116.7M	$234M	$72.9M	$55.3M	$136.8M	$152.6M	$16.7M	$1M
Net debt / EBITDA	-0.07×	0.59×	-0.82×	-17×	-0.91×	-28.56×	-0.2×	-0.09×
Cash conversion cycle (days)	-48	-29	-2	28	-8	104	-521	75