Meridian Holdings Inc (MRDN) AI Stock Analysis

Meridian Holdings Inc. is a business-to-business and business-to-consumer gaming technology company based in Las Vegas, Nevada. It develops and licenses gaming platforms while providing casino, sportsbook, and competition products in Central and South America, Europe, and Africa. The company conducts 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. employs 1,200 people.

Revenue grew from $60.4M in FY2021 to $182.9M in FY2025, representing a 5-year revenue CAGR of 103.6% from FY2020. Annual revenue fluctuated, falling 40.3% to $36.0M in FY2022 before rising 158.1% to $93.0M in FY2023, 62.5% to $151.1M in FY2024, and 21.0% in FY2025. Gross margin contracted from 75.8% in FY2021 to 56.6% in FY2025, while operating margin shifted from 23.7% to -2.0%. Net income swung from $12.9M in FY2021 to -$89.9M in FY2025, with EPS dropping to -$8.12. In the trailing twelve months through June 30, 2026, revenue stood at $197.2M, with quarterly revenue rising 16.1% year-over-year.

As of June 30, 2026, Meridian Holdings reported $17.3M in cash and short-term investments and $16.4M in total debt, leaving net cash of $957,189. Total assets were $115.1M, shareholders' equity was $49.7M, and the current ratio was 0.59. Debt-to-equity stood at 0.33. In FY2025, operating cash flow was $25.4M, funding capital expenditures of $13.6M and resulting in free cash flow of $11.7M. Cash outlays that year included $122,778 for share buybacks and $144,782 in dividends paid, while the 5-year share count increased 328.2%.

At $11.09 per share on October 16, 2026, Meridian Holdings has a market capitalization of $140.6M and an enterprise value of $168.5M. The stock trades at a forward P/E of 20.9x, compared to the 14.1x median of its US-listed Consumer Cyclical peers. Its EV to EBITDA multiple is 6.1x, below the peer median of 11.1x, while its price-to-sales ratio of 0.7x matches the peer median of 0.7x. Over the trailing 1-year period, the stock returned -4.3% versus 16.8% for the S&P 500 (SPY), and its 5-year return of -89.9% lagged the index return of 83.0%.

Wall Street analysts hold 1 Strong Buy, 1 Buy, and no Hold, Sell, or Strong Sell ratings on the stock. The mean price target is $19.73, which is 77.9% above the last close of $11.09. For the fiscal year ending December 31, 2026, consensus estimates project revenue of $204.9M and EPS of $0.73, representing estimated EPS growth of 109.4%. For the following fiscal year, 3 analysts project revenue of $227.3M and EPS of $1.15. The company beat EPS estimates in 3 of the last 4 quarters, and its next earnings date is October 29, 2026.

This page is an AI-written research summary of Meridian Holdings Inc (MRDN). The text was generated on October 30, 2026 from Quotelinks data as of October 16, 2026 (company profile, annual results, latest balance sheet, valuation, price performance and analyst estimates). An automatic check rejects any draft that contains a figure not found in that data. It is not investment advice; verify figures on the linked tabs before making decisions.

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