Meridian Holdings

MRDN

Electronic Gaming & Multimedia · Technology

Price

$13.52

-0.40 (-2.87%)

Market Cap

$170.9M

Exchange

NASDAQ

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

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)

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

Winston Score History

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

+17.3% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+953.1% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (15%)

Research and development spending

Insider Activity

83.1%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$22M 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 17%. 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

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Quality

Gross Margin

56.2%

Premium pricing power — 56.2% gross margin

Operating Margin

6.3%

Modest — 6.3% operating margin

ROCE

5.1%

Weak — 5.1% 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 YoY

+12.6%

Fast-growing sales (12.6% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

N/A

Data not available

FCF Margin

5.9%

Thin free cash flow (5.9%)

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

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Stability

Debt / Equity

0.26

Conservative — low debt load (0.26)

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

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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