Merlin, Inc. (MRLN) Key Metrics
MRLN valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $110.7M
- Enterprise value
- $159.7M
- P/E (TTM)
- —
- Forward P/E
- —
- PEG ratio
- —
- Price / sales
- 16.3
- Price / book
- —
- EV / EBITDA
- —
- Dividend yield
- —
- Beta
- —
MRLN key metrics, 2023–2025
Fiscal year ended December 31, 2025 · U.S. dollarsMRLN valuation Price multiples at each fiscal year-end price.
MRLN returns How much profit the business earns on the capital it uses.
MRLN per-share figures Results divided by the shares outstanding at year-end.
MRLN financial health Debt, liquidity and how easily interest is covered.
MRLN valuation history
MRLN returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
MRLN debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
MRLN cash returned to shareholders
MRLN price vs earnings per share
MRLN key metrics
2023–2025| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Valuation | |||
| Market capitalization | $361.9M | $332.9M | — |
| Enterprise value | $361.2M | $332.5M | — |
| P/E ratio | 60.2 | — | — |
| Price / sales | — | 270.8 | — |
| Price / book | 1.4 | — | — |
| EV / sales | — | 270.6 | — |
| EV / EBITDA | 60.1 | — | — |
| Earnings yield | 1.7% | −16.6% | — |
| Free cash flow yield | −0.4% | −14.3% | — |
| Shareholder yield (dividends + buybacks) | — | 0.0% | — |
| Share price at fiscal year-end | $10.72 | $9.86 | — |
| Per share | |||
| Revenue per share | $0.00 | $0.04 | $0.03 |
| Earnings per share | $0.18 | −$1.64 | −$1.08 |
| Operating cash flow per share | −$0.04 | −$1.35 | −$0.94 |
| Free cash flow per share | −$0.04 | −$1.41 | −$1.08 |
| Cash per share | $0.02 | $1.11 | $1.51 |
| Book value per share | $7.44 | −$3.90 | −$2.31 |
| Tangible book value per share | $7.44 | −$3.90 | −$2.31 |
| Capex per share | $0.00 | $0.06 | $0.14 |
| Debt per share | — | $1.10 | $0.11 |
| Shares outstanding | 33.8M | 33.8M | 33.8M |
| Change in shares outstanding | 0.0% | 0.0% | — |
| Returns & profitability | |||
| Return on equity (ROE) | 10.1% | — | — |
| Return on invested capital (ROIC) | −6.0% | — | — |
| Return on assets (ROA) | 3.8% | −99.0% | −58.4% |
| Return on tangible assets | 2.3% | −112.3% | −58.4% |
| Income quality (OCF / net income) | −0.22 | — | — |
| Financial health | |||
| Total debt | — | $37.3M | $3.8M |
| Cash & short-term investments | $703,596 | $37.6M | $51.0M |
| Net debt | −$703,596 | −$313,000 | −$47.2M |
| Debt / assets | — | 0.76 | 0.06 |
| Net debt / EBITDA | −0.12 | — | — |
| Current ratio | 0.27 | 1.62 | 11.04 |
| Quick ratio | 0.27 | 1.62 | 11.04 |
| Interest coverage | — | -22.3 | -126.4 |
| Working capital | −$2.4M | $15.0M | $47.9M |
| Invested capital | $250.4M | −$131.8M | −$125.3M |
| Tangible asset value | $251.1M | −$131.5M | −$78.1M |
| Net current asset value | −$11.2M | −$141.6M | −$87.8M |
| Graham number | $5.46 | — | — |
| Graham net-net per share | −$0.34 | −$4.23 | −$2.65 |
| Capital allocation | |||
| Share buybacks (net) | — | $0 | $1.5M |
| Capex / revenue | — | 154.9% | 483.0% |
| Capex / depreciation | — | 0.93 | 2.70 |
| Stock-based compensation / revenue | — | 141.5% | 180.1% |
| R&D / revenue | — | 2,208.8% | 2,459.5% |
| SG&A / revenue | — | 1,595.4% | 1,399.3% |
| Efficiency | |||
| Days sales outstanding | — | 82.7 | 7.6 |
| Days payables outstanding | — | 57.8 | 693.3 |
| Cash conversion cycle (days) | — | 25.0 | -685.6 |
| Receivables turnover | — | 4.41 | 47.76 |
| Payables turnover | — | 6.32 | 0.53 |
| Asset turnover | 0.00 | 0.02 | 0.02 |
| Average receivables | — | $278,500 | $21,000 |
| Average payables | — | $1.3M | $1.4M |
| Intangibles / total assets | 0.0% | 0.0% | 0.0% |
Computed from MRLN's annual financial statements (latest annual report filed March 12, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
MRLN valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Merlin traded at 60.2 times earnings. Merlin earned a return on equity of 10.1% and a return on invested capital of −6.0% in fiscal 2025.
See the MRLN income statement, the MRLN chart for price history, or the MRLN stock overview for the latest quote and news.
MRLN key metrics FAQ
What is Merlin's P/E ratio?
Merlin traded at 60.2 times earnings at the end of fiscal 2025.
What is Merlin's EV/EBITDA?
Merlin's enterprise value was 60.1 times EBITDA at the end of fiscal 2025 (enterprise value $361.2 million, EBITDA $6.0 million).
What is Merlin's return on equity?
Merlin's return on equity (ROE) was 10.1% in fiscal 2025: net income of $6.0 million on average shareholders' equity of $59.8 million.
What is Merlin's ROIC?
Merlin's return on invested capital was −6.0% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
What is Merlin's free cash flow yield?
Merlin generated -$1.3 million of free cash flow in fiscal 2025, a free cash flow yield of −0.4% on its market value at year-end ($361.9 million).
What is Merlin's current ratio?
Merlin's current ratio was 0.27 at the end of fiscal 2025: current assets were 0.27 times current liabilities.