MRDN Nasdaq Services-Prepackaged Software Financials FY2015βFY2025
Meridian Holdings Inc./NV had $183M of revenue in fiscal 2025, up 21.0% on the year before.
Last close Β· Oct 23, 2026
$10.35
2.0%Hi! I read Meridian Holdings Inc./NVβs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
+21.0%
Yes. Sales grew 21.0% last year.
Does it make a profit?
β50.3%
No. It lost money last year.
Does profit turn into cash?
10.5%
Yes. 10.5% of sales ends up as free cash.
How healthy are the accounts?
4 / 9
Mixed. It passes 4 of 9 health tests.
How is the share priced?
β
No P/E: it made no profit over the last four quarters.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
KIRA Β· Meridian Holdings Inc./NV had $183M of revenue in fiscal 2025, up 21.0% on the year before. Its operating margin was β52.6%, down 54.4Β pts: of every 100 in sales, about β53 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA Β· Meridian Holdings Inc./NV lost $92.0M in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was $19.2M in fiscal 2025, 10.5% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
KIRA Β· Meridian Holdings Inc./NV returned $3.1M to shareholders in fiscal 2025, 16% of free cash flow. The diluted share count rose 22.5%.
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· In the last 12 months, insiders sold $1.7M of shares on the open market and bought none.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$1.7M
2 insiders
Of sales under plans
0%
$0.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Jun 23, 2026 | Anthony Brian GoodmanFormer Director and CEO | Sold | 5,500 | $13.73 | $0.1M | Form 4 |
| Jun 22, 2026 | Anthony Brian GoodmanFormer Director and CEO | Sold | 3,650 | $13.76 | $0.1M | Form 4 |
| Jun 18, 2026 | Anthony Brian GoodmanFormer Director and CEO | Sold | 5,000 | $13.70 | $0.1M | Form 4 |
| Jun 16, 2026 | Anthony Brian GoodmanFormer Director and CEO | Sold | 5,000 | $14.05 | $0.1M | Form 4 |
| Jun 15, 2026 | Anthony Brian GoodmanFormer Director and CEO | Sold | 5,000 | $14.33 | $0.1M | Form 4 |
| Jun 12, 2026 | Anthony Brian Goodman10% owner, Former Director and CEO | Sold | 10,000 | $12.68 | $0.1M | Form 4 |
| Jun 11, 2026 | Anthony Brian Goodman10% owner, Former Director and CEO | Sold | 9,000 | $13.02 | $0.1M | Form 4 |
| Jun 10, 2026 | Anthony Brian Goodman10% owner, Former Director and CEO | Sold | 7,000 | $13.04 | $0.1M | Form 4 |
| May 22, 2026 | Anthony Brian Goodman10% owner, Former Director and former CEO | Sold | 12,196 | $10.37 | $0.1M | Form 4 |
| May 4, 2026 | Luxor Capital LLCGreater than 10% filing group | Sold | 10,000 | $12.75 | $0.1M | Form 4 |
| Apr 27, 2026 | Anthony Brian Goodman10% owner, Former Director and CEO | Sold | 10,000 | $6.41 | $0.1M | Form 4 |
| Apr 24, 2026 | Anthony Brian Goodman10% owner, Former Director and CEO | Sold | 10,000 | $6.34 | $0.1M | Form 4 |
| Apr 23, 2026 | Anthony Brian Goodman10% owner, Former Director and CEO | Sold | 2,000 | $6.30 | $0.0M | Form 4 |
| Apr 22, 2026 | Luxor Capital LLCGreater than 10% filing group | Sold | 4,603 | $6.34 | $0.0M | Form 4 |
| Apr 17, 2026 | Luxor Capital LLCGreater than 10% filing group | Sold | 404 | $6.90 | $0.0M | Form 4 |
| Apr 16, 2026 | Luxor Capital LLCGreater than 10% filing group | Sold | 3,876 | $6.92 | $0.0M | Form 4 |
| Apr 15, 2026 | Luxor Capital LLCGreater than 10% filing group | Sold | 6,900 | $6.93 | $0.0M | Form 4 |
| Apr 14, 2026 | Luxor Capital LLCGreater than 10% filing group | Sold | 100 | $6.90 | $0.0M | Form 4 |
| Apr 13, 2026 | Luxor Capital LLCGreater than 10% filing group | Sold | 713 | $6.90 | $0.0M | Form 4 |
| Apr 10, 2026 | Luxor Capital LLCGreater than 10% filing group | Sold | 903 | $6.99 | $0.0M | Form 4 |
| Apr 9, 2026 | Luxor Capital LLCGreater than 10% filing group | Sold | 10,000 | $7.00 | $0.1M | Form 4 |
| Apr 8, 2026 | Luxor Capital LLCGreater than 10% filing group | Sold | 20,000 | $7.03 | $0.1M | Form 4 |
| Apr 7, 2026 | Luxor Capital LLCGreater than 10% filing group | Sold | 1,006 | $6.90 | $0.0M | Form 4 |
| Mar 31, 2026 | Luxor Capital LLCGreater than 10% filing group | Sold | 248 | $7.25 | $0.0M | Form 4 |
| Mar 26, 2026 | Luxor Capital LLCGreater than 10% filing group | Sold | 3,016 | $7.75 | $0.0M | Form 4 |
| Mar 25, 2026 | Luxor Capital LLCGreater than 10% filing group | Sold | 3,421 | $7.94 | $0.0M | Form 4 |
| Mar 23, 2026 | Anthony Brian Goodman10% owner, Former Director and Former CEO | Sold | 4,000 | $8.54 | $0.0M | Form 4 |
| Mar 20, 2026 | Anthony Brian Goodman10% owner, Former Director and Former CEO | Sold | 10,000 | $8.86 | $0.1M | Form 4 |
| Mar 17, 2026 | Anthony Brian Goodman10% owner, Former Director and Former CEO | Sold | 5,500 | $9.67 | $0.1M | Form 4 |
| Mar 16, 2026 | Anthony Brian Goodman10% owner, Former Dir. & Former CEO | Sold | 3,596 | $9.87 | $0.0M | Form 4 |
| Mar 13, 2026 | Anthony Brian Goodman10% owner, Former Dir. & Former CEO | Sold | 1,908 | $9.05 | $0.0M | Form 4 |
| Mar 12, 2026 | Anthony Brian Goodman10% owner, Former Dir. & Former CEO | Sold | 1,002 | $9.28 | $0.0M | Form 4 |
| Mar 11, 2026 | Anthony Brian Goodman10% owner, Former Dir. & Former CEO | Sold | 1,000 | $9.04 | $0.0M | Form 4 |
Can it carry its debts, and how well does it use its money?
KIRA Β· Meridian Holdings Inc./NV has $0.9M more cash than debt.
Cash, debt and the ratios that show how comfortably Meridian Holdings Inc./NV can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $16.8M | $14.9M | $20.4M | $30.1M | $18.1M |
| Debt incl. finance leases | β | β | $0.0M | $31.2M | $17.2M |
| Net debt / EBITDA | β | β | β | 0.3x | β |
| Debt / equity | β | β | 0.0x | 0.3x | 0.4x |
| Interest coverage | β | β | β42.4x | 0.8x | β21.0x |
| Current ratio | 14.9x | 7.1x | 1.5x | 0.7x | 0.6x |
| Quick ratio | 14.9x | 6.7x | 1.5x | 0.6x | 0.5x |
| Total assets | $20.5M | $32.6M | $79.9M | $214M | $118M |
| Total liabilities | $1.5M | $2.8M | $19.9M | $105M | $69.7M |
| Shareholders' equity | $18.9M | $29.8M | $59.0M | $105M | $46.5M |
| Net debt (β = net cash) | β | β | β$20.4M | $1.0M | β$0.9M |
KIRA Β· Its return on capital was β166.5%: every 100 invested in the business earned about β166 in a year.
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· Meridian Holdings Inc./NV passes 4 of 9 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY15 | FY16 | FY17 | FY18 | FY19 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β | β | β | β |
| F-score | β / 3 | 4 / 7 | 3 / 8 | 4 / 7 | 5 / 7 | β / 4 | 2 / 8 | 6 / 9 | 4 / 9 |
| Accruals ratio | β412.4% | β12,478.2% | 3,632.4% | β357.2% | 16.6% | β10.3% | β6.0% | β17.3% | β70.7% |
| Altman Z'' | β633.66 | β12,567.59 | β1,134.62 | β131.66 | β21.50 | 12.18 | 6.27 | 1.44 | β7.03 |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY15 | FY16 | FY17 | FY18 | FY19 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $0.0M | $0.0M | $0.1M | $0.0M | $0.5M | β | $36.0M | $44.2M | $151M | $183M |
| Net interest income | β | β | β | $0.0M | $0.0M | β | $0.0M | β | β | β |
| Gross profit | $0.0M | $0.0M | $0.1M | $0.8M | $2.9M | β | $9.2M | $9.9M | $88.6M | $103M |
| Research and development | β | β | β | $0.0M | $0.0M | β | $0.0M | β | $6.1M | $7.1M |
| Operating income | β$2.0M | β$5.2M | β$0.3M | β$1.0M | $1.8M | β | $0.2M | β$0.5M | $2.7M | β$96.2M |
| Interest expense | $0.8M | $4.6M | $0.4M | $0.2M | $0.0M | β | $0.0M | $0.0M | $3.5M | $4.6M |
| Pretax income | β$2.6M | β | β | β | β | β | $0.5M | β$0.5M | $1.2M | β$97.2M |
| Income tax | $0.0M | β | β | β | β | β | $0.4M | $0.7M | $2.6M | β$5.2M |
| Net income | β$2.6M | β$10.0M | $1.8M | β$1.3M | $1.8M | β | $0.0M | β$1.2M | β$1.4M | β$92.0M |
| Net income to common | β | β | β | β$1.3M | $1.8M | β | β$0.3M | β$1.2M | β$1.5M | β$89.9M |
| Diluted EPS | β$0.00 | β$45.08 | $0.00 | β$0.17 | $0.06 | β | β$0.01 | β$0.03 | β$0.16 | β$7.76 |
| Diluted shares | 3.19B | 0.03B | 1.80B | 1.16B | 4.14B | β | 0.03B | 0.04B | 0.01B | 0.01B |
| Cash flow | ||||||||||
| Cash from operations | β$2.0M | $0.0M | β$0.0M | $0.3M | $1.5M | β | $2.8M | $2.2M | $23.9M | $25.4M |
| Capital expenditure | β | β | β | β | β | β | $0.0M | $0.0M | $7.2M | $6.2M |
| Free cash flow | β | β | β | β | β | β | $2.7M | $2.2M | $16.8M | $19.2M |
| Depreciation and amortization | $0.0M | $4.7M | $0.3M | $0.1M | β | β | $0.4M | $0.4M | $0.4M | $6.0M |
| Stock-based compensation | β | β | β | $0.1M | $0.2M | β | $2.7M | $2.2M | $4.7M | $4.1M |
| Acquisitions | β | β | β | β | β | β | $4.0M | $0.0M | β | β |
| Share buybacks | β | β | β | β | β | β | $0.0M | $0.0M | β | $3.0M |
| Dividends paid | β | β | β | β | β | β | β | β | $0.8M | $0.1M |
| Dividends and buybacks | β | β | β | β | β | β | $0.0M | $0.0M | $0.8M | $3.1M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $0.0M | $0.0M | $0.0M | $0.4M | $1.7M | $16.8M | $14.9M | $20.4M | $30.1M | $18.1M |
| Total debt | β | β | β | β | $1.0M | β | β | $0.0M | $31.2M | $17.2M |
| Current assets | $0.1M | $0.0M | $0.1M | $0.8M | $3.0M | $20.0M | $19.3M | $26.9M | $45.1M | $35.4M |
| Current liabilities | $3.0M | $4.0M | $1.6M | $2.2M | $1.8M | $1.3M | $2.7M | $17.6M | $63.6M | $59.6M |
| Inventory | β | β | β | β | β | $0.0M | $1.1M | $0.1M | $3.9M | $5.5M |
| Property and equipment, net | $0.0M | β | β | β | β | $0.0M | $0.1M | $27.8M | $27.4M | $29.0M |
| Goodwill | β | β | β | β | β | $0.0M | $10.5M | β | $71.2M | $8.5M |
| Intangible assets | β | β | β | β | β | $0.1M | $2.6M | $15.1M | $56.4M | $26.5M |
| Total assets | $0.1M | $0.0M | $0.1M | $0.8M | $3.0M | $20.5M | $32.6M | $79.9M | $214M | $118M |
| Total liabilities | $3.0M | $4.0M | $1.6M | $2.2M | $2.0M | $1.5M | $2.8M | $19.9M | $105M | $69.7M |
| Preferred stock | $0.0M | β | β | β | β | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Shareholders' equity | β$2.8M | β$4.0M | β$1.5M | β$1.3M | $1.0M | $18.9M | $29.8M | $59.0M | $105M | $46.5M |
| Margins | ||||||||||
| Gross margin | β | 100.0% | 58.3% | β | 631.7% | β | 25.4% | 22.3% | 58.6% | 56.6% |
| Operating margin | β | β25,982.0% | β208.7% | β | 400.2% | β | 0.5% | β1.2% | 1.8% | β52.6% |
| EBITDA margin | β | β2,608.5% | 64.3% | β | β | β | 1.6% | β0.2% | 2.1% | β49.3% |
| Net margin | β | β50,031.0% | 1,500.9% | β | 390.9% | β | 0.1% | β2.7% | β0.9% | β50.3% |
| FCF margin | β | β | β | β | β | β | 7.6% | 5.0% | 11.1% | 10.5% |
| Net interest share of revenue | β | β | β | β | 1.8% | β | 0.0% | β | β | β |
| Returns | ||||||||||
| Return on capital | β | β | β | β | 426.4% | β | β | β1.1% | 1.7% | β166.5% |
| Return on capital employed | 72.3% | 130.5% | 16.3% | 73.9% | 153.8% | β | 0.6% | β0.8% | 1.8% | β164.4% |
| Return on equity | β | β | β | β | β | β | 0.2% | β2.6% | β1.7% | β121.3% |
| Return on assets | β1,770.0% | β12,476.6% | 3,602.2% | β290.5% | 92.5% | β | 0.2% | β2.1% | β1.0% | β55.4% |
| Return on tangible equity | β | β | β | β | 171.3% | β | β1.5% | β2.7% | β | β773.0% |
| Growth | ||||||||||
| Revenue growth | β | β | 500.0% | β100.0% | β | β | β | 22.6% | 242.1% | 21.0% |
| Net income growth | β | β | β | β173.2% | β | β | β | β2,765.5% | β | β |
| FCF growth | β | β | β | β | β | β | β | β19.8% | 663.6% | 14.5% |
| Share count change | β | β99.0% | 5,312.6% | β35.7% | 257.0% | β | β | 26.3% | β73.3% | 22.5% |
| Financial health | ||||||||||
| Net debt / EBITDA | β | β | β | β | β | β | β | β | 0.3x | β |
| Debt / equity | β | β | β | β | 1.0x | β | β | 0.0x | 0.3x | 0.4x |
| Interest coverage | β2.5x | β1.1x | β0.6x | β6.1x | 39.9x | β | β | β42.4x | 0.8x | β21.0x |
| Current ratio | 0.0x | 0.0x | 0.1x | 0.4x | 1.6x | 14.9x | 7.1x | 1.5x | 0.7x | 0.6x |
| Quick ratio | 0.0x | 0.0x | 0.1x | 0.4x | 1.6x | 14.9x | 6.7x | 1.5x | 0.6x | 0.5x |
| Capital allocation | ||||||||||
| Capex / revenue | β | β | β | β | β | β | 0.1% | 0.0% | 4.7% | 3.4% |
| Stock comp / revenue | β | β | β | β | 45.7% | β | 7.4% | 4.9% | 3.1% | 2.2% |
| Payouts / FCF | β | β | β | β | β | β | 0.0% | 1.5% | 4.6% | 16.4% |
| Quality scores | ||||||||||
| Piotroski F-score | β | 4.0 | 3.0 | 4.0 | 5.0 | β | β | 2.0 | 6.0 | 4.0 |
| Altman Z'' | β633.7 | β12,567.6 | β1,134.6 | β131.7 | β21.5 | β | 12.2 | 6.3 | 1.4 | β7.0 |
| Accruals ratio | β412.4% | β12,478.2% | 3,632.4% | β357.2% | 16.6% | β | β10.3% | β6.0% | β17.3% | β70.7% |
Source: SEC EDGAR XBRL filings (CIK 0001437925). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β not investment advice. Check the original filings before relying on any figure.
