Meridian Holdings

MRDN

Gambling, Resorts & Casinos · Consumer Cyclical

Price

$14.14

+0.15 (+1.07%)

Market Cap

$178.7M

Exchange

NASDAQ

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Mixed

Cash Flow

Weak

Stability

Good

Valuation

Data not available

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Share count rising — dilution

+330.8% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 2.7M (2021) → 11.6M (2025)

Winston Score History

The full picture

Meridian Holdings Inc. is a small gaming and hospitality company that operates casinos, resorts, and related entertainment venues. Its core business serves everyday consumers looking for gambling, hotel stays, and leisure experiences. The company competes in the broader gambling and resorts industry, which includes both regional casinos and destination resort properties.

Meridian generates revenue primarily through casino gaming floors, hotel room bookings, food and beverage sales, and entertainment offerings. With a market cap of roughly $100 million, it is a small player in a sector dominated by much larger operators like MGM and Caesars. Its gross margin of about 56% suggests decent pricing power on its services, but a thin operating margin of just 2.2% points to high fixed costs — a common challenge for casino and resort businesses. The main risk the company faces is competition from larger, better-funded rivals and the sensitivity of consumer spending on leisure to economic downturns.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+16.1% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+154.8% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

83.1%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$21M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Meridian Holdings is a rare growth stock that's already generating positive cash flow while growing at 16%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

53.5%

Healthy — 53.5% gross margin

Profit after running costs

Operating Margin

4.9%

Thin — 4.9% operating margin

Return on the money invested

ROCE

6.6%

Weak — 6.6% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+14.1%

Fast-growing sales (+14.1% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

8.9%

Modest free cash flow (8.9%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

0.33

Conservative — low debt load (0.33)

Covers its interest

Interest Cover

2.61x

Tight — interest eats into profit (2.6x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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