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Meridian Holdings Inc.

MRDN NASDAQ Categories PDF
Technology · Electronic Gaming & Multimedia · United States · Updated May 11, 11:00am
$13.00
Price
$164.3M
Market Cap
1,200
Employees
1.41
Beta
William Scott
CEO
Business Description

Meridian Holdings, Inc. engages in offering casino, sportsbook, and competition products. Its brands include R Kings Competitions, MexPlay, and GM-AG. It operates through the Business-to-business (B2B) and Business-to-consumer (B2C) segments. The B2B segment is involved in the charges of usage of its software and royalties charged on the use of third-party gaming content. The B2C segment focuses on the charges to enter prize competitions in the United Kingdom. The company was founded by Weiting Feng and Anthony Brian Goodman on June 4, 2008 and is headquartered in Las Vegas, NV.

Business History
Price Overview
Last updated: May 11, 2026 12:49pm (just now)
$11.81
-1.63 (-12.13%)
Day Range
$11.81 – $13.84
52-Week Range
$5.80 – $23.76
50-Day MA
$8.31
200-Day MA
$10.64
Volume
41,752.74
Analyst Price Targets
Low $21.60
Consensus $21.60
High $21.60
(3 analysts)
Share Structure
Outstanding 12,641,062.00
Float 2,121,524.00
Free Float 16.8%
Low free float — 16.8% of shares trade freely, ~83.2% held by insiders/institutions
Below average liquidity. Large orders can move the price significantly. Insiders or strategic holders control the majority — watch for lockup expirations or secondary offerings.
Small absolute float (2.1M shares) — even with a decent free float %, volume can be thin. Check average daily volume before sizing a position.
Price History (1 Year)
Revenue & Net Income Trend
The directional story — useful even when net income is negative.
Revenue
The top line — total sales before any costs or taxes are subtracted. A measure of how much business the company is doing.
Net Income
The bottom line — profit left after subtracting all expenses, interest, and taxes from revenue. Reflects accounting profitability, but includes non-cash items like depreciation, so it isn't the same as cash earned.
Operating Cash Flow
The real cash generated by the day-to-day business — selling products, paying suppliers, collecting from customers. Calculated from net income by adding back non-cash items and adjusting for timing (unpaid bills, unsold inventory). When OCF consistently lags net income, the reported profit may not be converting to real money.
Period Revenue Net Income Net Margin YoY/QoQ
Key Metrics
API Direct from provider CALC Derived from statements
P/E Ratio (Price per dollar of earnings)
CALC
Stock Price / EPS (Diluted)
-1.68
Stock Price: $13.00
EPS (Diluted): -7.76
P/B Ratio (Price vs net asset value)
API
Stock Price / Book Value Per Share
2.39
Stock Price: $13.00
Total Equity: $46.55M
Shares: 11,589,076
EV/EBITDA (Total value vs operating profit)
API
Enterprise Value / EBITDA
-1.93
Market Cap: $164.33M
Total Debt: $23.39M
Cash: $18.08M
EBITDA: -$77.46M
Enterprise Value (Takeover price (cap + debt - cash))
API
Market Cap + Total Debt - Cash
$116.7M
Market Cap: $164.33M
Total Debt: $23.39M
Cash: $18.08M
Gross Margin (Revenue left after direct costs)
API
Gross Profit / Revenue
56.6%
Gross Profit: $103.46M
Revenue: $182.86M
Operating Margin (Revenue left after all operations)
API
Operating Income / Revenue
-2.0%
Operating Income: -$3.62M
Revenue: $182.86M
Net Margin (Revenue left as actual profit)
API
Net Income / Revenue
-49.2%
Net Income: -$89.90M
Revenue: $182.86M
ROE (Profit from shareholder equity)
API
Net Income / Total Equity
-102.8%
Net Income: -$89.90M
Total Equity: $46.55M
ROIC (Profit from all invested capital)
API
NOPAT / Invested Capital
-128.1%
Operating Income: -$3.62M
Tax Rate: 5.4%
Equity: $46.55M
Total Debt: $23.39M
Cash: $18.08M
Current Ratio (Can it pay short-term bills)
API
Current Assets / Current Liabilities
0.59
Current Assets: $35.44M
Current Liabilities: $59.57M
Debt/Equity (Leverage — debt vs equity)
CALC
Total Debt / Total Equity
0.50
Short-Term Debt: $13.24M
Long-Term Debt: $10.15M
Total Debt: $23.39M
Total Equity: $46.55M
Rev/Share (Top-line per share)
CALC
Revenue / Shares Outstanding
$15.78
Revenue: $182.86M
Shares: 11,589,076
Book Value/Share (Net assets per share)
CALC
(Total Assets - Total Liabilities) / Shares
$4.02
Total Equity: $46.55M
Shares: 11,589,076
FCF/Share (Real cash generated per share)
CALC
(Operating Cash Flow + CapEx) / Shares
$1.01
Operating CF: $25.36M
CapEx: -$13.65M
Shares: 11,589,076
CapEx is negative (outflow) — added to OCF to get FCF
Div Yield (Annual income from holding)
API
Last Annual Dividend / Stock Price
0.1%
Last Dividend: N/A
Stock Price: $13.00
Payout Ratio (Earnings paid out as dividends)
Dividends Paid / Net Income
—
Dividends Paid: N/A
Net Income: -$89.90M
Dividends paid not available in cash flow statement
Industry Benchmarks
Compares MRDN against LLM-researched typical ranges for its industry. One research call per industry, cached indefinitely — every stock in the same industry reuses the same baseline.
Deep Analysis

Pre-flight intelligence scans the company first, then routes to the right analytical methods.

0 Company Classification — What type of company is this?
1 Industry Landscape — Where is the industry headed?
2 Company Momentum — Where is this company trending?
3 Forward Projection — 1Y & 2Y projected metrics (requires Layer 1 + 2)
4a DCF Valuation — Present value of future cash flows
4b Earnings Power Value — Floor value — worth with zero growth
4c Anchored PE — Industry PE adjusted for growth differential
4d Reverse DCF — What growth is the market pricing in?
4e Revenue-Based DCF — For growth/narrative companies (skip if mature earner)
4f Anchored P/S — Price-to-Sales peer comparison (skip if mature earner)
4g Scenario Analysis — Bull / Base / Bear (skip if mature earner)
4h Dividend Discount Model — For dividend/income stocks only
4i Book Value Analysis — For deep value / turnaround stocks only
4j Insider Activity — Are insiders buying or selling?
4f Cash Flow Quality — How trustworthy is the FCF?
4g Debt Maturity Risk — Can it handle its debt?
4h Macro Environment — Rates, market valuation, volatility
4i Sector Intelligence — How does this company compare within its sector?
4j Revenue Confidence — How reliable is the growth projection?
4k Sensitivity Analysis — How fragile is the fair value estimate?
4l Sector Demand Cycle — Is the sector in a boom, steady state, or contraction?
5 AI Investigation — Adaptive research engine (Claude)
5b Thesis Evaluation — What does the market believe? (narrative/platform stocks only)
6 Valuation Synthesis — Weighted verdict from all methods (requires Layer 4)
Income Statement (Annual)
Metric 2021 2022 2023 2024 2025
Revenue $60.4M $36.0M $44.2M $151.1M $182.9M
Cost of Revenue $14.6M $26.9M $34.3M $62.5M $79.4M
Gross Profit $45.8M $9.2M $9.9M $88.6M $103.5M
Operating Expenses $31.5M $9.0M $10.4M $85.8M $107.1M
Operating Income $14.3M $192,492 $-526,247 $2.7M -$3.6M
Net Income $12.9M $44,028 -$1.2M -$1.5M -$89.9M
EBITDA $18.2M $609,117 $4,270 $15.5M -$77.5M
EPS $0.43 $-0.11 $-0.40 $-0.16 $-7.76
EPS (Diluted) — — — — —
Balance Sheet (Annual)
Metric 2021 2022 2023 2024 2025
Cash & Equivalents $16.8M $14.9M $17.1M $30.1M $18.1M
Total Current Assets $20.0M $19.3M $22.9M $45.1M $35.4M
Total Assets $20.5M $32.6M $35.6M $213.7M $118.1M
Current Liabilities $1.3M $2.7M $4.5M $63.6M $59.6M
Long-Term Debt $0 $0 $0 $14.4M $10.2M
Total Liabilities $1.5M $2.8M $4.5M $104.8M $69.7M
Total Equity $18.9M $26.8M $31.1M $105.1M $46.5M
Retained Earnings -$24.4M -$24.7M -$25.8M $57.0M $0
Cash Flow (Annual)
Metric 2021 2022 2023 2024 2025
Operating Cash Flow $21.2M $2.8M $23.7M $23.9M $25.4M
Capital Expenditure -$7.9M $-158,361 -$13.1M -$22.0M -$13.6M
Free Cash Flow $13.3M $2.6M $10.6M $1.9M $11.7M
Acquisitions (net) $0 -$4.2M $0 -$15.5M -$2.9M
Debt Repayment — — — — —
Dividends Paid — — — — —
Stock Buybacks $0 $0 $0 $-123,101 $-122,778
Net Change in Cash $9.5M -$1.8M $7.3M $9.7M -$12.0M
Analyst Estimates (Annual)
Metric 2026 2027 2028 2029
Revenue $210.9M
$210.0M – $211.5M
 $241.4M
$240.8M – $241.9M
 $263.7M
$262.6M – $264.4M
 $312.1M
$310.8M – $313.0M
EBITDA $-127,036
$-127,394 – $-126,485
 $-145,388
$-145,729 – $-145,047
 $-158,841
$-159,288 – $-158,151
 $-188,002
$-188,532 – $-187,186
Net Income $7.8M
$7.7M – $7.8M
 $13.8M
$10.2M – $17.4M
 $19.9M
$19.8M – $20.0M
 $26.4M
$26.3M – $26.5M
EPS — — — —
Growth Trends (YoY %)
Metric 2022 2023 2024 2025
Revenue Growth -40.3% +22.6% +242.1% +21.0%
Gross Profit Growth -80.0% +7.7% +797.5% +16.8%
Operating Income Growth -98.7% -373.4% +621.4% -232.1%
Net Income Growth -99.7% -2,763.6% -26.2% -5,973.2%
EBITDA Growth -96.6% -99.3% +363,366.0% -599.1%
Insider Trading (Recent)
Date Insider Type Shares Price Value
2026-05-04 Goodman Anthony Brian S-Sale 10,000.00 $12.75 $127,500
2026-04-14 Feng Weiting M-Exempt 3,125.00 $0.00 $0
2026-04-14 Feng Weiting M-Exempt 6,250.00 $0.00 $0
2026-04-14 Christensen Richard M-Exempt 4,687.00 $0.00 $0
2026-04-14 Christensen Richard M-Exempt 6,250.00 $0.00 $0
2026-04-14 Bozovic Snezana M-Exempt 3,125.00 $0.00 $0
2026-04-14 Bozovic Snezana M-Exempt 6,250.00 $0.00 $0
2026-04-23 Goodman Anthony Brian S-Sale 2,000.00 $6.30 $12,600
2026-04-24 Goodman Anthony Brian S-Sale 10,000.00 $6.34 $63,400
2026-04-27 Goodman Anthony Brian S-Sale 10,000.00 $6.41 $64,100
2026-04-16 Goodman Anthony Brian S-Sale 3,876.00 $6.92 $26,822
2026-04-17 Goodman Anthony Brian S-Sale 404.00 $6.90 $2,788
2026-04-22 Goodman Anthony Brian S-Sale 4,603.00 $6.34 $29,183
2026-04-08 Goodman Anthony Brian S-Sale 20,000.00 $7.03 $140,560
2026-04-09 Goodman Anthony Brian S-Sale 10,000.00 $7.00 $70,000
2026-04-10 Goodman Anthony Brian S-Sale 903.00 $6.99 $6,312
2026-04-13 Goodman Anthony Brian S-Sale 713.00 $6.90 $4,920
2026-04-14 Goodman Anthony Brian S-Sale 100.00 $6.90 $690
2026-04-15 Goodman Anthony Brian S-Sale 6,900.00 $6.93 $47,817
2026-03-31 Goodman Anthony Brian S-Sale 248.00 $7.25 $1,798
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Data via Financial Modeling Prep · Cached for performance · fmp
v1.1.193 · 1946f027 · 2026-05-08 18:57:27