{ "ok": true, "cik": "1437925", "ticker": "MRDN", "name": "Meridian Holdings Inc./NV", "filings": [ { "form": "DEF 14A", "filed": "2026-10-02", "items": [], "url": "https://www.sec.gov/Archives/edgar/data/1437925/000147793226006023/0001477932-26-006023-index.htm" }, { "form": "8-K", "filed": "2026-10-02", "items": [ "1.01 Entry into a Material Definitive Agreement", "5.02 Departure or Election of Directors; Appointment of Officers", "9.01 Financial Statements and Exhibits" ], "url": "https://www.sec.gov/Archives/edgar/data/1437925/000147793226006020/0001477932-26-006020-index.htm" }, { "form": "8-K", "filed": "2026-09-29", "items": [ "8.01 Other Events", "9.01 Financial Statements and Exhibits" ], "url": "https://www.sec.gov/Archives/edgar/data/1437925/000147793226005898/0001477932-26-005898-index.htm" }, { "form": "8-K", "filed": "2026-07-29", "items": [ "1.02 Termination of a Material Definitive Agreement", "5.02 Departure or Election of Directors; Appointment of Officers", "7.01 Regulation FD Disclosure", "9.01 Financial Statements and Exhibits" ], "url": "https://www.sec.gov/Archives/edgar/data/1437925/000147793226004595/0001477932-26-004595-index.htm" }, { "form": "8-K", "filed": "2026-07-29", "items": [ "2.02 Results of Operations and Financial Condition", "9.01 Financial Statements and Exhibits" ], "url": "https://www.sec.gov/Archives/edgar/data/1437925/000147793226004578/0001477932-26-004578-index.htm" }, { "form": "10-Q", "filed": "2026-07-29", "items": [], "url": "https://www.sec.gov/Archives/edgar/data/1437925/000147793226004577/0001477932-26-004577-index.htm" } ], "events12m": 20, "healthWatch": { "window": "last 12 months", "since": "2025-10-05", "signals": [ { "code": "3.01", "label": "Exchange listing notice or transfer", "count": 1, "latest": { "filed": "2026-01-02", "url": "https://www.sec.gov/Archives/edgar/data/1437925/000147793226000008/0001477932-26-000008-index.htm" } }, { "code": "5.02", "label": "Director or officer change", "count": 7, "latest": { "filed": "2026-10-02", "url": "https://www.sec.gov/Archives/edgar/data/1437925/000147793226006020/0001477932-26-006020-index.htm" } } ], "note": "Events the company itself filed with the SEC, most serious first. Shown beside the figures; they do not change the range or its receipt." }, "sources": { "facts": "https://data.sec.gov/api/xbrl/companyfacts/CIK0001437925.json", "filings": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1437925" }, "license": "Figures as filed with the SEC. Card text CC BY 4.0, POPS4.", "notAdvice": "Reporting, not investment advice. No price targets and no trading recommendations.", "edgar": "🫧 Edgar looked up Meridian Holdings Inc./NV ($MRDN). Last filing: DEF 14A, 2026-10-02. 20 event filings (8-K) in the past twelve months.", "auditor": { "changes": [], "nonReliance": [], "restatedSince": null }, "metrics": { "fiscalYearEnd": "2025-12-31", "revenue": 182863373, "revenueGrowth1y": 0.21008986025341203, "revenueGrowthPerYear": 0.6698864399665154, "yearsOfData": 5, "operatingMargin": -0.5259063442956398, "operatingMarginPrior": 0.018156333526324744, "netMargin": -0.5030101681434039, "operatingCashFlow": 25358108, "capitalSpending": 6184530, "freeCashFlow": 19173578, "researchAndDevelopment": 7097435, "researchShareOfRevenue": 0.03881277526254533, "cash": 18078300, "longTermDebt": 17171942, "longTermDebtChange": -0.4488027436440052, "revenueHistory": [ { "fiscalYearEnd": "2022-10-31", "revenue": 36034856 }, { "fiscalYearEnd": "2023-10-31", "revenue": 44174052 }, { "fiscalYearEnd": "2023-12-31", "revenue": 92993521 }, { "fiscalYearEnd": "2024-12-31", "revenue": 151115532 }, { "fiscalYearEnd": "2025-12-31", "revenue": 182863373 } ], "totalEquity": 46545326, "totalAssets": 118078800, "equityRatio": 0.39418867739170793, "returnOnEquity": -1.9761841607898503, "dividendsPaid": 144782, "payoutRatio": null, "dividendPerShare": null, "dividendYearsRising": null, "dividendCut": null, "priceBased": "Dividend yield, price/earnings and price/book need a share price. The boards carry filings only, so they are not shown.", "earningsPerShare": -7.76, "sharesOutstanding": 11589076, "bookValuePerShare": 4.016310359859578, "revenuePerShare": 15.7789432910786, "range80": { "low": 201968587.87678653, "high": 316192821.1494357, "baseline": 257448614.58717677, "n": 4309, "band": "b01", "bandLabel": "$100M–1B", "method": "v4.1", "credibility": 0.25, "growthYears": 2, "ownVolatility": 0.20846937061642054, "classVolatility": 0.1022985825903761, "volatility": 0.1367977325152052 }, "ifPaceHeld": { "low": 201968587.87678653, "high": 316192821.1494357 } }, "edgarette": "🔖 Exposure: revenue $182.9M (FY2025), total debt $17.2M. Experience: revenue up 21.0% on the year, up 67.0% a year over 3 years; operating margin -52.6%, down from 1.8%. Soundness: equity 39.4% of assets, return on equity -197.6%. Credibility: four or more audited years, reasonable weight. Range: 80% of past cases like this landed between $202.0M and $316.2M next year (method v4.1: its own 2-year record of growth weighed at 25% against $100M–1B filers; across 2019–2025, 69.0% landed inside, 83.4% on the one year the method never saw). In a shock year the stress range is $180.3M to $355.8M. A statistical range, not company guidance. Against peers (140 filers, $50M+ revenue, services-prepackaged software): operating margin -52.6% against a 0.9% median; growth 21.0% against 13.0%.", "peers": { "sic": 7372, "sicDescription": "Services-Prepackaged Software", "calendarYear": 2025, "minRevenue": 50000000, "depth": 4, "group": "7372", "growth": [ 0.1304, 140 ], "opMargin": [ 0.0091, 140 ], "equityRatio": [ 0.4999, 136 ], "returnOnEquity": [ 0.0234, 120 ], "payoutRatio": [ 0.3057, 11 ] }, "summary": "Meridian Holdings (MRDN) grew revenue 21.0% in FY2025 to $183 million, operating margin -52.6% against a 0.9% median for services-prepackaged software, equity 39.4% of assets. Every figure is from the company’s own annual report filed with the SEC.", "chart": "
Meridian Holdings Inc./NV against its own record and its peers
Operating marginPeer median 0.9%-52.6%Revenue, on the yearPeer median 13.0%21.0%Equity of assetsPeer median 50.0%39.4%Return on equityPeer median 2.3%-197.6%Gold tick: the median of 120–136 peers with $50M+ revenue in services-prepackaged software
", "chartHorizon": null, "backtest": { "tests": 2, "hits": 0, "rate": 0, "method": "v4", "byYear": { "2023": [ 0, 1 ], "2025": [ 0, 1 ] }, "note": "hindsight: the same credibility-weighted range on the company's own past years. Years 2018-2023 were used to fit or tune the method, so only 2025 outcomes are fully out of sample." }, "registry": { "logged": "2026-10-05T13:31:23.866Z", "hash": "aebfefe943553942", "status": "open" }, "caution": "Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price.", "schema": "pops4.edgarette.card/1", "card": { "summary": "Meridian Holdings (MRDN) grew revenue 21.0% in FY2025 to $183 million, operating margin -52.6% against a 0.9% median for services-prepackaged software, equity 39.4% of assets. Every figure is from the company’s own annual report filed with the SEC.", "exposure": { "fiscalYearEnd": "2025-12-31", "revenue": 182863373, "totalDebt": 17171942, "cash": 18078300 }, "experience": { "revenueGrowth1y": 0.21008986025341203, "revenueGrowthPerYear": 0.6698864399665154, "operatingMargin": -0.5259063442956398, "operatingMarginPrior": 0.018156333526324744, "netMargin": -0.5030101681434039, "freeCashFlow": 19173578 }, "soundness": { "equityRatio": 0.39418867739170793, "returnOnEquity": -1.9761841607898503, "payoutRatio": null, "dividendPerShare": null, "dividendYearsRising": null, "dividendCut": null, "note": "Dividend yield, price/earnings and price/book need a share price. The boards carry filings only, so they are not shown." }, "peers": { "sic": 7372, "sicDescription": "Services-Prepackaged Software", "calendarYear": 2025, "minRevenue": 50000000, "depth": 4, "group": "7372", "growth": [ 0.1304, 140 ], "opMargin": [ 0.0091, 140 ], "equityRatio": [ 0.4999, 136 ], "returnOnEquity": [ 0.0234, 120 ], "payoutRatio": [ 0.3057, 11 ] }, "credibility": { "auditedYears": 5, "weight": "reasonable", "standard": "ASOP No. 25", "nonReliance": null, "auditorChange": null }, "healthWatch": { "window": "last 12 months", "since": "2025-10-05", "signals": [ { "code": "3.01", "label": "Exchange listing notice or transfer", "count": 1, "latest": { "filed": "2026-01-02", "url": "https://www.sec.gov/Archives/edgar/data/1437925/000147793226000008/0001477932-26-000008-index.htm" } }, { "code": "5.02", "label": "Director or officer change", "count": 7, "latest": { "filed": "2026-10-02", "url": "https://www.sec.gov/Archives/edgar/data/1437925/000147793226006020/0001477932-26-006020-index.htm" } } ], "note": "Events the company itself filed with the SEC, most serious first. Shown beside the figures; they do not change the range or its receipt." }, "range": { "low": 201968587.87678653, "high": 316192821.1494357, "baseline": 257448614.58717677, "coverage": 0.8, "method": "v4.1", "basis": "next fiscal year revenue: baseline = revenue x (1 + mean of one-year and three-year pace); width = the company's own volatility of yearly growth, credibility-weighted against its size class (Buhlmann), scaled to the 80% target on 2023 and tested on 2024", "calibratedOn": { "companyYears": 4309, "sizeBand": "$100M–1B", "fitYears": [ 2018, 2022 ], "tuneYear": 2023, "testYear": 2024, "coverageOnTestYear": 0.8341, "coverageAllYears": 0.6904374799277399, "stressCoverageAllYears": 0.819004992974709, "outcomeYears": [ 2019, 2025 ] }, "credibility": { "weightOnOwnRecord": 0.25, "growthYears": 2, "ownVolatility": 0.20846937061642054, "classVolatility": 0.1022985825903761, "pricedVolatility": 0.1367977325152052, "k": 3 }, "stress": { "low": 180316658.67880833, "high": 355777046.26958597, "basis": "the same range with widths set to hold 80% across 2018-2023, pandemic years included" }, "kind": "a statistical range, not company guidance; no view on the share price", "track": { "backtest": { "tests": 2, "hits": 0, "rate": 0, "method": "v4", "byYear": { "2023": [ 0, 1 ], "2025": [ 0, 1 ] }, "note": "hindsight: the same credibility-weighted range on the company's own past years. Years 2018-2023 were used to fit or tune the method, so only 2025 outcomes are fully out of sample." }, "registry": { "logged": "2026-10-05T13:31:23.866Z", "hash": "aebfefe943553942", "status": "open" }, "scorecard": "https://www.pops4.com/boards/scorecard" } }, "caution": "Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price.", "sources": { "facts": "https://data.sec.gov/api/xbrl/companyfacts/CIK0001437925.json", "filings": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1437925" }, "speedCash": { "fiscalYear": 2025, "cashConversion": 0.1387, "growth3y": 0.7184, "volatility": 0.4394, "paysDividend": true, "raisedDividend": false, "equityRatio": 0.3942, "quadrant": { "code": "fj", "label": "Fast and jumpy", "plain": "growing faster than its size class, with revenue that swings more" }, "compass": { "code": "later", "inside": "Turns 13.9% of revenue into operating cash; revenue growing 71.8% a year over three years; pays a dividend.", "outside": "Among $100M-1B companies: 61st percentile for cash, 95th for growth.", "emoji": "🌱", "label": "Cash cow later", "plain": "growing fast, and already turning revenue into cash" }, "band": "$100M-1B", "cashPctInClass": 61, "growthPctInClass": 95, "source": "SEC XBRL frames, the company’s own audited figures; quadrant split at the median of its size class" }, "harbor": { "signs": [], "rule": "Boat condition = number of warning signs: a serious warning filing in 12 months; liabilities over assets; slow and jumpy; negative operating cash; an 80% revenue range of ±25% or wider.", "level": 0, "name": "New ship", "plain": "no warning signs" }, "cashFlow": { "fiscalYearEnd": "2025-12-31", "operating": 25358108, "investing": -22003252, "financing": -19404503, "capitalSpending": 6184530, "free": 19173578, "trend": [ { "fiscalYearEnd": "2022-10-31", "operating": 2771418, "free": 2734663 }, { "fiscalYearEnd": "2023-10-31", "operating": 2206367, "free": 2193902 }, { "fiscalYearEnd": "2023-12-31", "operating": 23689511, "free": 17945309 }, { "fiscalYearEnd": "2024-12-31", "operating": 23916426, "free": 16751693 }, { "fiscalYearEnd": "2025-12-31", "operating": 25358108, "free": 19173578 } ], "note": "Annual, as filed in 10-K cash flow statements; negative investing/financing = cash going out (capital spending, buybacks, dividends, debt repaid)." }, "investments": { "fiscalYearEnd": "2025-12-31", "cash": 18078300, "shortTerm": null, "longTerm": 1999128, "equityHoldings": null, "totalAssets": 118078800, "ladder": null, "currentRatio": 0.59, "unrealizedGain": null, "unrealizedLoss": null, "note": "Balance-sheet cash and investment securities at fiscal year end, as filed; short-term = due or saleable within a year. Insurers and banks hold most of their book here." } }, "definitions": { "operatingMargin": "Operating income divided by revenue.", "netMargin": "Net income divided by revenue.", "freeCashFlow": "Cash from operations minus spending on property and equipment.", "researchShareOfRevenue": "Research and development expense for the year as a share of revenue, both as filed.", "equityRatio": "Shareholders equity as a share of total assets, both as filed. Higher means less of the company is owed to someone else.", "returnOnEquity": "Net income for the year against shareholders equity at year end.", "payoutRatio": "Dividends paid as a share of net income, in the year the cash went out.", "dividendYearsRising": "Consecutive years, counted back from the last on record, in which dividend per share rose. A fall ends the run and is reported as dividendCut.", "revenueGrowthPerYear": "Compound annual growth between the first and latest fiscal years shown.", "credibility": "How much weight a record deserves, in the actuarial sense (ASOP No. 25): more audited years, more weight.", "peers": "Medians of SEC filers with $50M+ revenue in the same industry code (SIC), narrowest group with at least 8 filers, calendar-year figures from SEC XBRL frames.", "backtest": "The same range method applied to the company's own past years, scored against what it actually reported next. Hindsight, and labelled so.", "healthWatch": "Distress-type events the company filed in the last 12 months (late-filing notices; 8-K items 1.03, 3.01, 2.04, 4.02, 4.01, 2.05, 2.06, 1.05, 5.02), each with its count and newest filing. Display only: they do not change the range or its receipt." }, "speedCash": { "fiscalYear": 2025, "cashConversion": 0.1387, "growth3y": 0.7184, "volatility": 0.4394, "paysDividend": true, "raisedDividend": false, "equityRatio": 0.3942, "quadrant": { "code": "fj", "label": "Fast and jumpy", "plain": "growing faster than its size class, with revenue that swings more" }, "compass": { "code": "later", "inside": "Turns 13.9% of revenue into operating cash; revenue growing 71.8% a year over three years; pays a dividend.", "outside": "Among $100M-1B companies: 61st percentile for cash, 95th for growth.", "emoji": "🌱", "label": "Cash cow later", "plain": "growing fast, and already turning revenue into cash" }, "band": "$100M-1B", "cashPctInClass": 61, "growthPctInClass": 95, "source": "SEC XBRL frames, the company’s own audited figures; quadrant split at the median of its size class" }, "harbor": { "signs": [], "rule": "Boat condition = number of warning signs: a serious warning filing in 12 months; liabilities over assets; slow and jumpy; negative operating cash; an 80% revenue range of ±25% or wider.", "level": 0, "name": "New ship", "plain": "no warning signs" }, "cashFlow": { "fiscalYearEnd": "2025-12-31", "operating": 25358108, "investing": -22003252, "financing": -19404503, "capitalSpending": 6184530, "free": 19173578, "trend": [ { "fiscalYearEnd": "2022-10-31", "operating": 2771418, "free": 2734663 }, { "fiscalYearEnd": "2023-10-31", "operating": 2206367, "free": 2193902 }, { "fiscalYearEnd": "2023-12-31", "operating": 23689511, "free": 17945309 }, { "fiscalYearEnd": "2024-12-31", "operating": 23916426, "free": 16751693 }, { "fiscalYearEnd": "2025-12-31", "operating": 25358108, "free": 19173578 } ], "note": "Annual, as filed in 10-K cash flow statements; negative investing/financing = cash going out (capital spending, buybacks, dividends, debt repaid)." }, "investments": { "fiscalYearEnd": "2025-12-31", "cash": 18078300, "shortTerm": null, "longTerm": 1999128, "equityHoldings": null, "totalAssets": 118078800, "ladder": null, "currentRatio": 0.59, "unrealizedGain": null, "unrealizedLoss": null, "note": "Balance-sheet cash and investment securities at fiscal year end, as filed; short-term = due or saleable within a year. Insurers and banks hold most of their book here." } }