MRLN Merlin, Inc. - Common Stock
$3.20
Price · Aug 19, 2026
Fundamentals as of Aug 14, 2026
52W Range
$3–$17
0% of range
Analyst Rating
BUY
10 analysts
Price Target
$9
+190% upside
P/E (TTM)
—
ROE
-62.9%
Net Profit Margin
—
MRLN Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$3.19
Market Cap
—
P/E (TTM)
—
EPS (TTM)
—
Revenue (TTM)
—
Div Yield
—
ROE
-62.9%
Debt/Equity
—
52W Range
$3 – $17
MRLN Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
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10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
—
EPS
—
Free Cash Flow
—
Margins
—
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
MRLN
Peer Median
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
MRLN
Peer Median
ROA
2.3%
1.6%
ROE
-62.9%
2.5%
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
MRLN
Peer Median
Current Ratio
0.3
3.1
Quick Ratio
0.2
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
MRLN
Peer Median
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
MRLN
Peer Median
MRLN Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
10 analysts
- Strong Buy 2 20.0%
- Buy 7 70.0%
- Hold 1 10.0%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
4 analysts · 2026-08-16
Median
$9.50
Mean
$9.25
← Below all targets
$3.19
Low
$8.00
High
$10.00
Median target
$9.50
+197.3%
Mean target
$9.25
+189.5%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
-0.61%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $-1.11 | $-0.18 | -0.93% |
| March 31, 2026 | $-0.39 | $-0.10 | -0.29% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| MRLN | — | — | — | — | -62.9% | — |
| SWMR | — | — | — | — | — | — |
| SPCE | $235M | -0.6 | -78.1% | -18063.9% | -103.8% | — |
| SATL | — | — | — | — | — | — |
| AIRO | $257M | -48.1 | 4.6% | -4.5% | -0.58% | 59.9% |
| ASLE | $336M | 39.5 | -2.8% | 2.6% | 2.0% | 31.6% |
| SIDU | — | -2.6 | -27.6% | -871.0% | -90.8% | -168.2% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 6
| Metric | Trend | 2025 |
|---|---|---|
| SG&A Expense | $4M | |
| Operating Income | $-4M | |
| Interest Income | $56.0K | |
| Other Non-op | $10M | |
| Net Income | $6M | |
| EBITDA | $-4M |
Balance Sheet 22
| Metric | Trend | 2025 |
|---|---|---|
| Cash & Equivalents | $59M | |
| Short-term Investments | $330.0K | |
| Receivables | $368.0K | |
| Prepaid Expense | $3M | |
| Current Assets | $71M | |
| PP&E (Net) | $7M | |
| PP&E (Gross) | $12M | |
| Accum. Depreciation | $5M | |
| Total Assets | $81M | |
| Accounts Payable | $3M | |
| Accrued Liabilities | $8M | |
| Short-term Debt | $29M | |
| Current Liabilities | $64M | |
| Capital Leases | $331.0K | |
| Total Liabilities | $154M | |
| Long-term Debt | $32M | |
| Common Stock | $7.0K | |
| Paid-in Capital | $477M | |
| Retained Earnings | $-551M | |
| Stockholders' Equity | $-74M | |
| Liabilities + Equity | $81M | |
| Shares Outstanding | 69,663,395 |
Cash Flow 3
| Metric | Trend | 2025 |
|---|---|---|
| Stock-based Comp | $670.0K | |
| Operating Cash Flow | $-1M | |
| Financing Cash Flow | $-75.0K |
Profitability 2
| Metric | Trend | 2025 |
|---|---|---|
| ROA | 2.3% | |
| ROE | -62.9% |
Liquidity & Solvency 2
| Metric | Trend | 2025 |
|---|---|---|
| Current Ratio | 0.3 | |
| Quick Ratio | 0.2 |
Valuation (TTM) 1
| Metric | Trend | 2025 |
|---|---|---|
| Net Income TTM | $6M |
Income Statement 17
| Metric | Trend | Q2 2026 | Q1 2026 | Q3 2025 | Q2 2025 | Q1 2025 |
|---|---|---|---|---|---|---|
| Revenue | $2M | $1M | · | $3M | $868.0K | |
| Cost of Revenue | $2M | $2M | · | $3M | $714.0K | |
| Gross Profit | $-119.0K | $2M | · | $41.0K | $154.0K | |
| R&D Expense | $16M | $14M | · | $7M | $7M | |
| SG&A Expense | $16M | $14M | $3M | $4M | $5M | |
| Operating Expenses | $33M | $29M | · | $11M | $12M | |
| Operating Income | $-34M | $-27M | $-3M | $-11M | $-11M | |
| Interest Income | $1M | $517.0K | $14.0K | $131.0K | $301.0K | |
| Other Non-op | $-25M | $-128.0K | $3M | $-5M | $-61.0K | |
| Pretax Income | $-58M | $-90M | · | $-16M | $-13M | |
| Income Tax | $125.0K | $48.0K | · | $1.0K | $1.0K | |
| Net Income | $-58M | $-90M | $83.7K | $-16M | $-13M | |
| EPS (Basic) | $-1.40 | $-1.27 | · | $-0.23 | $-0.18 | |
| EPS (Diluted) | $-1.40 | $-1.27 | · | $-0.23 | $-0.18 | |
| Shares (Basic) | 91,309,267 | 72,421,272 | · | 70,965,177 | 70,947,705 | |
| Shares (Diluted) | 91,309,267 | 72,421,272 | · | 70,965,177 | 70,947,705 | |
| EBITDA | $-34M | $-27M | $-3M | $-357.8K | $-239.3K |
Balance Sheet 23
| Metric | Trend | Q2 2026 | Q1 2026 | Q3 2025 | Q2 2025 | Q1 2025 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $184M | $123M | $1M | $2M | · | |
| Short-term Investments | $321.0K | $325.0K | · | · | · | |
| Receivables | $2M | $1M | · | · | · | |
| Prepaid Expense | $5M | $6M | $23.6K | $47.9K | $82.2K | |
| Current Assets | $191M | $130M | $1M | $2M | $2M | |
| PP&E (Net) | $11M | $10M | · | · | · | |
| PP&E (Gross) | $18M | $16M | · | · | · | |
| Accum. Depreciation | $6M | $6M | · | · | · | |
| Total Assets | $207M | $145M | $261M | $259M | $257M | |
| Accounts Payable | $6M | $7M | · | · | · | |
| Accrued Liabilities | $6M | $6M | $2M | $146.3K | · | |
| Short-term Debt | $0 | · | · | · | · | |
| Current Liabilities | $13M | $15M | $3M | $1M | $1M | |
| Capital Leases | $1M | $1M | · | · | · | |
| Total Liabilities | $144M | $104M | $12M | $10M | $10M | |
| Long-term Debt | $0 | · | · | · | · | |
| Total Debt | $0 | · | · | · | · | |
| Common Stock | $10.0K | $8.0K | · | · | · | |
| Paid-in Capital | $600M | · | · | · | · | |
| Retained Earnings | $-700M | $-641M | $-11M | $-8M | $-8M | |
| Stockholders' Equity | $-100M | $-139M | $-11M | $-8M | $-8M | |
| Liabilities + Equity | $207M | $145M | $261M | $259M | $257M | |
| Shares Outstanding | 100,592,160 | 70,959,389 | · | · | · |
Cash Flow 11
| Metric | Trend | Q2 2026 | Q1 2026 | Q3 2025 | Q2 2025 | Q1 2025 |
|---|---|---|---|---|---|---|
| D&A | · | $417.0K | · | · | $381.0K | |
| Stock-based Comp | $5M | $1M | · | $433.0K | $513.0K | |
| Other Non-cash | · | $65M | · | · | · | |
| Operating Cash Flow | $-27M | $-24M | $-703.8K | $-117.3K | $-13M | |
| CapEx | $2M | $2M | · | $17.0K | $94.0K | |
| Investing Cash Flow | $-2M | $-2M | · | $-17.0K | $-79.0K | |
| Net Debt Issued | · | $-34M | · | · | · | |
| Stock Repurchased | · | $9M | · | · | · | |
| Net Stock Activity | · | $-9M | · | · | · | |
| Financing Cash Flow | $90M | $92M | · | $-4M | $-2M | |
| Free Cash Flow | · | $-26M | · | · | · |
Profitability 8
| Metric | Trend | Q2 2026 | Q1 2026 | Q3 2025 | Q2 2025 | Q1 2025 |
|---|---|---|---|---|---|---|
| Gross Margin | -5.4% | 180.9% | · | · | · | |
| Operating Margin | -1528.6% | -2695.8% | · | · | · | |
| Net Margin | -2663.0% | -9023.9% | · | · | · | |
| Pretax Margin | -2657.3% | -9019.1% | · | · | · | |
| EBITDA Margin | -1528.6% | -2654.2% | · | · | · | |
| ROA | -25.1% | -45.0% | 0.06% | 1.8% | 1.9% | |
| ROE | 108.3% | 123.3% | -1.6% | -58.2% | -63.7% | |
| ROIC | 33.6% | 19.4% | · | · | · |
Liquidity & Solvency 4
| Metric | Trend | Q2 2026 | Q1 2026 | Q3 2025 | Q2 2025 | Q1 2025 |
|---|---|---|---|---|---|---|
| Current Ratio | 14.7 | 8.7 | 0.4 | 1.6 | 2.0 | |
| Quick Ratio | 14.3 | 8.3 | 0.3 | 1.4 | · | |
| Debt / Equity | 0.0 | · | · | · | · | |
| LT Debt / Equity | 0.0 | · | · | · | · |
Efficiency 2
| Metric | Trend | Q2 2026 | Q1 2026 | Q3 2025 | Q2 2025 | Q1 2025 |
|---|---|---|---|---|---|---|
| Asset Turnover | 0.0 | 0.0 | · | · | · | |
| Receivables Turnover | 2.5 | 1.5 | · | · | · |
Valuation (TTM) 5
| Metric | Trend | Q2 2026 | Q1 2026 | Q3 2025 | Q2 2025 | Q1 2025 |
|---|---|---|---|---|---|---|
| Net Income TTM | $-165M | $-101M | $5M | · | · | |
| Market Cap | $572M | · | · | · | · | |
| Enterprise Value | $388M | · | · | · | · | |
| P/B | -5.7 | · | · | · | · | |
| EV / EBITDA | -11.6 | · | · | · | · |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-12-31 | 2024-12-31 | |
|---|---|---|
| Net Income | $6M | — |
Balance Sheet
| 2025-12-31 | 2024-12-31 | |
|---|---|---|
| Current Ratio | 0.3 | 2.1 |
| Quick Ratio | 0.2 | 2.0 |
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Company insiders 1 insider · 1 officers · 1 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Matthew George | Chief Executive Officer | March 16, 2026 A | 14,890,622 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 2 positions
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| Matthew George | March 23, 2026 | 17.70% | Initial filing | Passive investment | SEC |
| Bleichroeder Sponsor 1 LLC, Andrew Gundlach, Michel Combes | Nov. 12, 2024 | — | Initial filing | Passive investment | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
ETF ownership Held by 2 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.