Meridian (MRDN)
Market Price (8/10/2026): $14.44 | Market Cap: $182.9 MilSector: Consumer Discretionary | Industry: Casinos & Gaming
Meridian (MRDN)
Market Price (8/10/2026): $14.44Market Cap: $182.9 MilSector: Consumer DiscretionaryIndustry: Casinos & Gaming
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 14% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 14%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 11% Attractive yieldFCF Yield is 11% Megatrend and thematic driversMegatrends include Fintech & Digital Payments. Themes include Digital Payments, Online Banking & Lending, and Wealth Management Technology. | Weak multi-year price returns2Y Excs Rtn is -94%, 3Y Excs Rtn is -113% | Stock price has recently run up significantly6M Rtn6 month market price return is 111% Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 93% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -49% High stock price volatilityVol 12M is 101% Key risksMRDN key risks include [1] navigating complex and evolving regulations across its diverse operational markets in Europe, Show more. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 14% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 14%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 11% |
| Attractive yieldFCF Yield is 11% |
| Megatrend and thematic driversMegatrends include Fintech & Digital Payments. Themes include Digital Payments, Online Banking & Lending, and Wealth Management Technology. |
| Weak multi-year price returns2Y Excs Rtn is -94%, 3Y Excs Rtn is -113% |
| Stock price has recently run up significantly6M Rtn6 month market price return is 111% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 93% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -49% |
| High stock price volatilityVol 12M is 101% |
| Key risksMRDN key risks include [1] navigating complex and evolving regulations across its diverse operational markets in Europe, Show more. |
Qualitative Assessment
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Meridian (MRDN) stock has gained about 45% since 4/30/2026 because of the following key factors:
1. Sustained GAAP Profitability and Strong Earnings Beats. Meridian Holdings reported its second consecutive quarter of GAAP profitability in fiscal Q2 2026 (ending June 30, 2026), with a net income of $2.2 million and diluted EPS of $0.17. This comfortably surpassed analyst estimates, which ranged from $0.07 to $0.15. This follows an impressive 1076.47% EPS beat in fiscal Q1 2026 (ending March 31, 2026), where the company reported $0.18 EPS against an estimate of $0.0153. This marked a significant turnaround from prior losses, signaling improved operational efficiency and a strong positive shift in the company's financial health.
2. Robust Revenue Growth and Customer Expansion. The company achieved significant top-line growth, with fiscal Q2 2026 revenue increasing 16% year-over-year to $50.2 million. Notably, the first half of fiscal 2026 saw revenue exceed $100 million for the first time in Meridian's history, representing a 17% year-over-year increase. This growth was primarily driven by its Meridianbet segment, which experienced a 23% year-over-year revenue increase in fiscal Q2 2026. This segment also reported strong customer acquisition metrics, including a 37% rise in new customer registrations and a 24% growth in first-time depositors and total deposit volume.
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Meridian (MRDN) stock has gained about 45% since 4/30/2026 because of the following key factors:
1. Sustained GAAP Profitability and Strong Earnings Beats. Meridian Holdings reported its second consecutive quarter of GAAP profitability in fiscal Q2 2026 (ending June 30, 2026), with a net income of $2.2 million and diluted EPS of $0.17. This comfortably surpassed analyst estimates, which ranged from $0.07 to $0.15. This follows an impressive 1076.47% EPS beat in fiscal Q1 2026 (ending March 31, 2026), where the company reported $0.18 EPS against an estimate of $0.0153. This marked a significant turnaround from prior losses, signaling improved operational efficiency and a strong positive shift in the company's financial health.
2. Robust Revenue Growth and Customer Expansion. The company achieved significant top-line growth, with fiscal Q2 2026 revenue increasing 16% year-over-year to $50.2 million. Notably, the first half of fiscal 2026 saw revenue exceed $100 million for the first time in Meridian's history, representing a 17% year-over-year increase. This growth was primarily driven by its Meridianbet segment, which experienced a 23% year-over-year revenue increase in fiscal Q2 2026. This segment also reported strong customer acquisition metrics, including a 37% rise in new customer registrations and a 24% growth in first-time depositors and total deposit volume.
3. Significant Balance Sheet Deleveraging. Meridian Holdings substantially strengthened its financial position through aggressive debt reduction. In fiscal Q2 2026, the company reduced its total debt by 45% year-over-year to $26.7 million and net debt by 65% year-over-year to $9.4 million. This sustained deleveraging effort, spanning six sequential quarters, resulted in an approximately 80% decline in interest expense, thereby enhancing the company's financial flexibility and reducing its risk profile.
4. Positive Analyst Sentiment and Upgraded Forecasts. Investment analysts responded favorably to Meridian's recent performance. Zacks Research, for instance, boosted its fiscal Q3 2026 EPS estimates to $0.14 from $0.07 and projected full-year fiscal 2026 EPS at $0.66 on July 30, 2026. Earlier in the period, Wall Street Zen upgraded the stock to a "strong-buy" rating on May 9, 2026, and Maxim Group reiterated a "Buy" rating with a $26.00 price target on April 29, 2026.
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Stock Movement Drivers
Fundamental Drivers
The 45.8% change in MRDN stock from 4/30/2026 to 8/9/2026 was primarily driven by a 40.9% change in the company's P/S Multiple.| (LTM values as of) | 4302026 | 8092026 | Change |
|---|---|---|---|
| Stock Price ($) | 9.89 | 14.42 | 45.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 190 | 197 | 3.7% |
| P/S Multiple | 0.7 | 0.9 | 40.9% |
| Shares Outstanding (Mil) | 13 | 13 | -0.2% |
| Cumulative Contribution | 45.8% |
Market Drivers
4/30/2026 to 8/9/2026| Return | Correlation | |
|---|---|---|
| MRDN | 45.8% | |
| Market (SPY) | 7.6% | 32.7% |
| Sector (XLY) | 1.3% | 28.1% |
Fundamental Drivers
The 64.9% change in MRDN stock from 1/31/2026 to 8/9/2026 was primarily driven by a 62.9% change in the company's P/S Multiple.| (LTM values as of) | 1312026 | 8092026 | Change |
|---|---|---|---|
| Stock Price ($) | 8.74 | 14.42 | 64.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 179 | 197 | 10.1% |
| P/S Multiple | 0.6 | 0.9 | 62.9% |
| Shares Outstanding (Mil) | 12 | 13 | -8.0% |
| Cumulative Contribution | 64.9% |
Market Drivers
1/31/2026 to 8/9/2026| Return | Correlation | |
|---|---|---|
| MRDN | 64.9% | |
| Market (SPY) | 12.1% | 25.0% |
| Sector (XLY) | -0.9% | 22.1% |
Fundamental Drivers
The -19.1% change in MRDN stock from 7/31/2025 to 8/9/2026 was primarily driven by a -20.0% change in the company's P/S Multiple.| (LTM values as of) | 7312025 | 8092026 | Change |
|---|---|---|---|
| Stock Price ($) | 17.82 | 14.42 | -19.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 169 | 197 | 16.7% |
| P/S Multiple | 1.2 | 0.9 | -20.0% |
| Shares Outstanding (Mil) | 11 | 13 | -13.3% |
| Cumulative Contribution | -19.1% |
Market Drivers
7/31/2025 to 8/9/2026| Return | Correlation | |
|---|---|---|
| MRDN | -19.1% | |
| Market (SPY) | 23.4% | 21.2% |
| Sector (XLY) | 8.9% | 19.3% |
Fundamental Drivers
The -41.4% change in MRDN stock from 7/31/2023 to 8/9/2026 was primarily driven by a -76.2% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 7312023 | 8092026 | Change |
|---|---|---|---|
| Stock Price ($) | 24.60 | 14.42 | -41.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 40 | 197 | 395.9% |
| P/S Multiple | 1.9 | 0.9 | -50.3% |
| Shares Outstanding (Mil) | 3 | 13 | -76.2% |
| Cumulative Contribution | -41.4% |
Market Drivers
7/31/2023 to 8/9/2026| Return | Correlation | |
|---|---|---|
| MRDN | -41.4% | |
| Market (SPY) | 74.9% | 14.4% |
| Sector (XLY) | 41.1% | 13.4% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| MRDN Return | -7% | -60% | -5% | -18% | -60% | 43% | -83% |
| Peers Return | 20% | -25% | -11% | -7% | -6% | -10% | -37% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 105% |
Monthly Win Rates [3] | |||||||
| MRDN Win Rate | 42% | 25% | 33% | 50% | 17% | 62% | |
| Peers Win Rate | 63% | 43% | 50% | 50% | 52% | 50% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| MRDN Max Drawdown | -55% | -77% | -52% | -68% | -71% | -43% | |
| Peers Max Drawdown | -24% | -37% | -34% | -27% | -37% | -41% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: BIO, QGEN, QDEL, TMO, DHR.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/7/2026 (YTD)
How Low Can It Go
| Event | MRDN | S&P 500 |
|---|---|---|
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -48.3% | -6.7% |
| % Gain to Breakeven | 93.4% | 7.1% |
| Time to Breakeven | 305 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -26.2% | -33.7% |
| % Gain to Breakeven | 35.5% | 50.9% |
| Time to Breakeven | 9 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -14.3% | -19.2% |
| % Gain to Breakeven | 16.7% | 23.8% |
| Time to Breakeven | 1 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -98.0% | -3.7% |
| % Gain to Breakeven | 4900.0% | 3.9% |
| Time to Breakeven | 1169 days | 6 days |
| 2013 Taper Tantrum | ||
| % Loss | -78.3% | -0.2% |
| % Gain to Breakeven | 360.0% | 0.2% |
| Time to Breakeven | 84 days | 1 days |
In The Past
Meridian's stock fell -8.6% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 9.4% gain to breakeven.
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Asset Allocation
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| Event | MRDN | S&P 500 |
|---|---|---|
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -48.3% | -6.7% |
| % Gain to Breakeven | 93.4% | 7.1% |
| Time to Breakeven | 305 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -26.2% | -33.7% |
| % Gain to Breakeven | 35.5% | 50.9% |
| Time to Breakeven | 9 days | 140 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -98.0% | -3.7% |
| % Gain to Breakeven | 4900.0% | 3.9% |
| Time to Breakeven | 1169 days | 6 days |
| 2013 Taper Tantrum | ||
| % Loss | -78.3% | -0.2% |
| % Gain to Breakeven | 360.0% | 0.2% |
| Time to Breakeven | 84 days | 1 days |
In The Past
Meridian's stock fell -8.6% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 9.4% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Meridian (MRDN)
AI Analysis | Feedback
- A regional bank similar to a smaller PNC or KeyBank.
- Like a local version of Wells Fargo, focused on specific communities.
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Meridian (MRDN) provides the following major services:
- Commercial Banking: Offers various lending solutions, including commercial real estate loans, commercial and industrial loans, and construction loans to businesses.
- Retail Banking: Provides a full suite of deposit products such as checking, savings, money market, and certificates of deposit, along with residential mortgages for individual customers.
- Treasury Management: Delivers specialized cash management solutions, including online banking, remote deposit capture, and wire transfer services for businesses.
- Wealth Management: Offers financial planning, investment management, and trust services to help individuals and businesses manage their assets.
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Meridian (MRDN) operated as a bank holding company for Meridian Bank prior to its acquisition. As a financial institution, it primarily served a diversified client base rather than having a few specific "major customers" in the traditional sense. Banks generate revenue from a broad range of financial products and services offered to many individuals and businesses.
Meridian Bank served the following categories of customers:
- Individuals: Providing retail banking services such as checking accounts, savings accounts, mortgages, home equity loans, and other personal banking products.
- Small to Medium-sized Businesses: Offering commercial loans, lines of credit, treasury management services, and business deposit accounts to a diverse range of local and regional companies, including professional practices.
- Commercial Real Estate Investors and Developers: Providing financing solutions for various commercial real estate projects and investments.
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Key Risks to Meridian Holdings Inc. (MRDN)
- Regulatory and Legal Risks in the Global Gaming and Betting Industry: Meridian Holdings Inc. operates a significant portion of its business through Meridianbet Group, an online sports betting and gaming operator licensed in multiple jurisdictions across Europe, Africa, and South America. The company's success is heavily reliant on navigating complex and evolving regulatory landscapes in these diverse markets. Changes in governmental regulations, stricter licensing requirements, increased taxation, or adverse legal decisions in any of its operational regions could significantly impact its ability to operate, increase compliance costs, and potentially limit its market reach or profitability. For instance, countries like Brazil are transitioning to formal regulatory frameworks, which, while potentially reducing structural uncertainty, also introduce new compliance demands.
- Intense Competition and Market Dynamics in the Online Gaming and Betting Sector: The online gaming and betting industry is characterized by intense competition. Meridian Holdings Inc. competes through its B2C online sports betting and gaming offerings and its B2B technology and content licensing. The broader gaming sector has recently experienced "valuation headwinds," indicating a challenging market environment. Failure to continually innovate its gaming platforms and content, effectively attract and retain users, or secure B2B clients amidst aggressive competition could lead to erosion of market share, reduced revenue growth, and decreased profitability.
- Dependence on Sustained Operational Execution and Financial Performance: Following its corporate rebranding and significant restructuring, including the acquisition of Meridianbet Group, Meridian Holdings Inc. faces heightened investor scrutiny on its financial performance. The company's ability to consistently deliver on key financial metrics such as revenue trajectory across regulated markets, adjusted EBITDA consistency, net income sustainability, cash flow dynamics, and balance sheet discipline is crucial. Any failure to meet operational execution goals or achieve anticipated financial results post-restructuring could negatively impact investor confidence and the company's valuation.
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Global Online Gambling and iGaming Markets:
- The global online gambling market is projected to reach USD 153.57 billion by 2030, exhibiting a Compound Annual Growth Rate (CAGR) of 11.7%.
- The broader global online gaming market (including video games) was valued at USD 225.28 billion in 2025 and is projected to grow to USD 501.91 billion by 2034, with a CAGR of 9.4%.
- The global iGaming platform market is expected to be worth approximately USD 333.5 billion by 2034, growing from USD 88.4 billion in 2024 at a CAGR of 14.2% from 2025 to 2034.
Regional Market Sizes:
- Europe (Online Sports Betting and iGaming Platforms): Europe's online gambling revenue is estimated to be around €52.3 billion (approximately USD 57 billion) in 2025, with an annual growth rate of about 11%. Europe held a dominant share of over 42.8% in the global iGaming Platform Market in 2024, representing USD 37.83 billion in revenue. The region's total online gambling value is projected to reach USD 122 billion by 2034.
- Africa (Online Sports Betting and Online Casinos): The Nigerian betting industry alone is valued at over $2 billion and is expected to reach $4.7 billion over the next decade. The Middle East & Africa online gaming market reached USD 14.04 billion in 2025 and is expected to reach USD 15.85 billion in 2026.
- South America (Online Sports Betting and Online Casinos): The online gambling market in Brazil is projected to generate around $1.97 billion in revenue in 2024, with an expected annual growth rate of 16.51% from 2024 to 2028.
- Mexico (Regulated Online Casino - Mexplay, and Online Gambling): The Mexico online gambling market generated USD 1,616.9 million in 2024 and is expected to reach USD 3,156.5 million by 2030, with a CAGR of 11.9% from 2025 to 2030. Specifically, the online casino market in Mexico is anticipated to reach US$ 943.7 million by 2030, growing at a CAGR of 13.6% from 2025 to 2030. Another estimate for the Mexico online gambling market is $830 million in 2025, with a projected CAGR of 15.36% from 2025 to 2033.
- United Kingdom (Raffle Ticker Business - RKings Competitions): The UK market for prize draws and competitions (PDCs), which includes raffles, is estimated to have an annual spend of £1.3 billion (ranging from £700 million to £2.1 billion) as of November 2023. The broader UK lottery market generated USD 17,241.8 million in 2024 and is expected to reach USD 26,312.6 million by 2030, growing at a CAGR of 7.4% from 2025 to 2030.
- Australia (Subscription-based Digital Memberships and Trade Promotion Lotteries - Classics for a Cause): The Australia online gambling market size reached USD 6130.48 million in 2025 and is projected to reach almost USD 13101.06 million by 2035, growing at a CAGR of 7.89% between 2026 and 2035. Another report indicates the Australia online gambling market size was USD 5.5 billion in 2025, estimated to reach USD 9.0 billion by 2034 with a CAGR of 5.67% from 2026-2034. The lotteries industry in Australia is estimated to grow to $13.5 billion by 2023-24.
AI Analysis | Feedback
Meridian (NASDAQ: MRDN) is expected to drive future revenue growth over the next 2-3 years through several key initiatives focused on expanding its market presence, leveraging its integrated gaming platforms, and growing its product offerings.
The following are 3-5 expected drivers of future revenue growth:
- International Expansion in Regulated Markets: Meridian is actively pursuing expansion in regulated markets, with a particular focus on regions like Brazil, which is transitioning towards a formal regulatory framework. The company has reported strong user acquisition metrics, including significant increases in registrations and deposit activity, within these expanding international markets.
- Growth in Online Casino and Raffle Operations: The company anticipates continued revenue growth from its online casino and raffle operations. This is supported by the consistent expansion of its online casino offerings, including the launch of over 2,500 new games.
- Leveraging B2B Gaming Technology and Content Licensing: Meridian's B2B division, which includes game developer Expanse Studios and the iGaming platform GMAG, is focused on developing, licensing, and distributing proprietary gaming platforms to a global client base. This segment is a key driver for revenue generation through technology and content licensing to other operators.
- Integration and Geographic Footprint Expansion from Meridianbet Group Acquisition: The acquisition of Meridianbet Group in 2024 significantly expanded Meridian's geographic footprint across various regulated jurisdictions in Europe, Africa, and South America. The ongoing integration of Meridianbet Group's operations and its broader reach are expected to contribute to increased revenue.
- Vertical Integration and In-house Game Development: Meridian's vertically integrated structure, particularly its in-house game development capabilities, is expected to enhance gross margins by reducing reliance on third-party royalty payments. This strategic advantage allows the company to offer more competitive products and potentially drive higher revenue through proprietary content.
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Share Repurchases
- Golden Matrix Group, Inc., the company now known as Meridian Holdings Inc., announced an Equity Buyback program for $3 million worth of its shares in December 2025.
Share Issuance
- Meridian Holdings Inc. completed a 1-for-12 reverse stock split effective March 3, 2026, which reduced its outstanding shares from approximately 151.7 million to 12.6 million and authorized shares from 300 million to 25 million.
- The company, under its former name Golden Matrix Group, established an at-the-market (ATM) program allowing it to sell up to US$13.0 million of common stock.
- As of a March 2026 filing, 332,166 shares, valued at US$609,376, had been issued under the ATM program, leaving US$19.39 million in total capacity, subject to a US$13.0 million immediate ceiling.
Outbound Investments
- Meridian Holdings Inc. acquired 100% of Meridianbet Group in 2024, an acquisition that significantly expanded its geographic footprint across Europe, Africa, and South America.
- The acquisition of Meridianbet Group involved both cash and stock consideration.
- The company's other subsidiaries include RKings Competitions in the UK, Mexplay in Mexico, and Classics for a Cause in Australia.
Capital Expenditures
- Meridian Holdings maintained a solid cash position of $22 million as of Q3 2025, supporting ongoing investment in platform innovation and geographic expansion.
Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 123.53 |
| Mkt Cap | 9.1 |
| Rev LTM | 2,632 |
| Op Inc LTM | 371 |
| FCF LTM | 397 |
| FCF 3Y Avg | 447 |
| CFO LTM | 574 |
| CFO 3Y Avg | 635 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 3.8% |
| Rev Chg 3Y Avg | 2.1% |
| Rev Chg Q | 4.2% |
| QoQ Delta Rev Chg LTM | 1.0% |
| Op Inc Chg LTM | 4.1% |
| Op Inc Chg 3Y Avg | 1.4% |
| Op Mgn LTM | 13.5% |
| Op Mgn 3Y Avg | 14.1% |
| QoQ Delta Op Mgn LTM | 0.2% |
| CFO/Rev LTM | 19.2% |
| CFO/Rev 3Y Avg | 19.7% |
| FCF/Rev LTM | 14.7% |
| FCF/Rev 3Y Avg | 16.3% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| MeridianBet Group | 125 | 106 | |||
| RKings & Classics for a Cause (CFAC) | 44 | 32 | |||
| GMAG | 15 | 12 | |||
| Business-to-business (B2B) Segment | 16 | 15 | |||
| Business-to-consumer (B2C) Segment | 29 | 21 | |||
| Gaming | 9 | ||||
| Total | 183 | 151 | 44 | 36 | 9 |
| $ Mil | 2025 | 2024 |
|---|---|---|
| MeridianBet Group | 18 | 20 |
| RKings & Classics for a Cause (CFAC) | 2 | 3 |
| GMAG | -0 | -1 |
| Restructuring costs | -0 | -2 |
| Stock-based compensation expenses | -4 | -5 |
| Holding company expenses | -5 | -2 |
| Depreciation expenses | -6 | -4 |
| Amortization expenses | -9 | -6 |
| Impairment loss | -92 | |
| Total | -96 | 3 |
Price Behavior
| Market Price | $14.42 | |
| Market Cap ($ Bil) | 0.2 | |
| First Trading Date | 01/25/2017 | |
| Distance from 52W High | -14.8% | |
| 50 Days | 200 Days | |
| DMA Price | $13.28 | $10.15 |
| DMA Trend | up | up |
| Distance from DMA | 8.6% | 42.1% |
| 3M | 1YR | |
| Volatility | 94.5% | 101.7% |
| Downside Capture | 291.78 | 211.53 |
| Upside Capture | 265.80 | 145.80 |
| Correlation (SPY) | 35.6% | 21.2% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 4.64 | 2.37 | 2.43 | 1.77 | 1.46 | 0.80 |
| Up Beta | -2.84 | -0.07 | 1.96 | 0.08 | 1.26 | 0.77 |
| Down Beta | 10.95 | 1.93 | 1.53 | 2.20 | 1.32 | 1.08 |
| Up Capture | 365% | 404% | 374% | 349% | 121% | 15% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 10 | 22 | 33 | 59 | 112 | 333 |
| Down Capture | 560% | 277% | 243% | 171% | 154% | 96% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 12 | 20 | 29 | 65 | 135 | 400 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MRDN | |
|---|---|---|---|---|
| MRDN | -20.0% | 101.4% | 0.24 | - |
| Sector ETF (XLY) | 7.9% | 19.4% | 0.27 | 19.7% |
| Equity (SPY) | 23.3% | 12.8% | 1.36 | 21.4% |
| Gold (GLD) | 28.5% | 28.4% | 0.87 | -1.0% |
| Commodities (DBC) | 32.9% | 19.8% | 1.32 | -10.0% |
| Real Estate (VNQ) | 14.2% | 13.8% | 0.72 | 5.6% |
| Bitcoin (BTCUSD) | -43.7% | 43.0% | -1.21 | 9.4% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MRDN | |
|---|---|---|---|---|
| MRDN | -29.7% | 87.8% | -0.02 | - |
| Sector ETF (XLY) | 6.7% | 24.0% | 0.24 | 13.1% |
| Equity (SPY) | 13.5% | 17.2% | 0.61 | 13.8% |
| Gold (GLD) | 18.6% | 18.6% | 0.81 | -1.9% |
| Commodities (DBC) | 8.2% | 19.6% | 0.31 | -0.1% |
| Real Estate (VNQ) | 2.3% | 18.9% | 0.02 | 9.9% |
| Bitcoin (BTCUSD) | 9.0% | 53.0% | 0.36 | 4.2% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MRDN | |
|---|---|---|---|---|
| MRDN | -31.3% | 221.4% | 0.74 | - |
| Sector ETF (XLY) | 12.5% | 22.2% | 0.52 | 5.6% |
| Equity (SPY) | 15.4% | 17.9% | 0.73 | 6.1% |
| Gold (GLD) | 12.1% | 16.2% | 0.61 | 1.9% |
| Commodities (DBC) | 7.4% | 18.0% | 0.33 | 2.6% |
| Real Estate (VNQ) | 4.8% | 20.7% | 0.20 | 4.7% |
| Bitcoin (BTCUSD) | 58.4% | 66.2% | 0.98 | 4.4% |
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Earnings Returns History
Updated 8/7/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/29/2026 | -21.9% | 1.7% | |
| 4/28/2026 | 3.7% | 78.0% | 45.0% |
| 10/30/2025 | 2.0% | 2.0% | -17.6% |
| 8/6/2025 | -3.2% | -10.3% | -36.7% |
| 5/8/2025 | -3.2% | -8.1% | 3.8% |
| 1/13/2025 | 11.7% | 3.6% | -8.4% |
| 11/12/2024 | -3.4% | -12.4% | -31.4% |
| 9/12/2024 | 4.7% | 11.5% | -1.3% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 15 | 14 | 7 |
| # Negative | 9 | 10 | 16 |
| Median Positive | 3.2% | 6.6% | 10.1% |
| Median Negative | -3.2% | -7.0% | -13.3% |
| Max Positive | 11.7% | 78.0% | 45.0% |
| Max Negative | -21.9% | -27.5% | -36.7% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/29/2026 | -21.9% | 1.7% | |
| 4/28/2026 | 3.7% | 78.0% | 45.0% |
| 10/30/2025 | 2.0% | 2.0% | -17.6% |
| 8/6/2025 | -3.2% | -10.3% | -36.7% |
| 5/8/2025 | -3.2% | -8.1% | 3.8% |
| 1/13/2025 | 11.7% | 3.6% | -8.4% |
| 11/12/2024 | -3.4% | -12.4% | -31.4% |
| 9/12/2024 | 4.7% | 11.5% | -1.3% |
| 7/9/2024 | -2.5% | 4.2% | -5.0% |
| 3/14/2024 | 0.7% | 3.1% | -12.6% |
| 1/17/2024 | 6.6% | 11.4% | 30.3% |
| 11/21/2023 | 3.4% | 8.2% | -2.6% |
| 9/7/2023 | 2.6% | 9.2% | 2.6% |
| 6/14/2023 | -8.1% | -0.4% | -2.7% |
| 3/16/2023 | -0.6% | -27.5% | -35.5% |
| 11/17/2022 | 3.2% | 5.1% | -13.5% |
| 9/7/2022 | 0.0% | -4.6% | -32.5% |
| 6/3/2022 | -2.7% | -13.6% | -13.1% |
| 3/8/2022 | 5.4% | 43.6% | 10.1% |
| 1/13/2022 | 2.9% | -3.5% | -4.3% |
| 9/10/2021 | 1.0% | 0.0% | 22.0% |
| 7/12/2021 | 5.0% | -5.9% | -16.2% |
| 4/30/2021 | -3.9% | -1.8% | -22.9% |
| 2/10/2021 | 0.8% | 14.2% | 5.6% |
| SUMMARY STATS | |||
| # Positive | 15 | 14 | 7 |
| # Negative | 9 | 10 | 16 |
| Median Positive | 3.2% | 6.6% | 10.1% |
| Median Negative | -3.2% | -7.0% | -13.3% |
| Max Positive | 11.7% | 78.0% | 45.0% |
| Max Negative | -21.9% | -27.5% | -36.7% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/29/2026 | 10-Q |
| 03/31/2026 | 04/28/2026 | 10-Q |
| 12/31/2025 | 03/31/2026 | 10-K |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 03/24/2025 | 10-K |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 08/13/2024 | 10-Q |
| 01/31/2024 | 03/14/2024 | 10-Q |
| 10/31/2023 | 01/17/2024 | 10-K |
| 07/31/2023 | 09/07/2023 | 10-Q |
| 04/30/2023 | 06/14/2023 | 10-Q |
| 01/31/2023 | 03/16/2023 | 10-Q |
| 10/31/2022 | 01/30/2023 | 10-K |
| 07/31/2022 | 09/07/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/29/2026 | 10-Q |
| 03/31/2026 | 04/28/2026 | 10-Q |
| 12/31/2025 | 03/31/2026 | 10-K |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 03/24/2025 | 10-K |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 08/13/2024 | 10-Q |
| 01/31/2024 | 03/14/2024 | 10-Q |
| 10/31/2023 | 01/17/2024 | 10-K |
| 07/31/2023 | 09/07/2023 | 10-Q |
| 04/30/2023 | 06/14/2023 | 10-Q |
| 01/31/2023 | 03/16/2023 | 10-Q |
| 10/31/2022 | 01/30/2023 | 10-K |
| 07/31/2022 | 09/07/2022 | 10-Q |
| 04/30/2022 | 06/03/2022 | 10-Q |
| 01/31/2022 | 03/08/2022 | 10-Q |
| 10/31/2021 | 01/13/2022 | 10-KT |
| 07/31/2021 | 09/10/2021 | 10-Q |
| 04/30/2021 | 06/09/2021 | 10-Q |
| 01/31/2021 | 04/30/2021 | 10-K |
| 10/31/2020 | 12/11/2020 | 10-Q |
| 07/31/2020 | 09/08/2020 | 10-Q |
| 04/30/2020 | 06/12/2020 | 10-Q |
| 01/31/2020 | 06/08/2020 | 10-KT |
| 10/31/2019 | 12/05/2019 | 10-Q |
| 07/31/2019 | 10/23/2019 | 10-K |
Recent Forward Guidance
Updated 7/30/2026Latest: Q2 2026 Earnings Reported 7/29/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue Growth | 8.0% | 9.0% | 10.0% | ||||
Prior: Q1 2026 Earnings Reported 4/28/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Revenue | 51.00 Mil | 52.00 Mil | 53.00 Mil | ||||
Q3 2025 Earnings Reported 10/30/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Revenue | 186.00 Mil | 186.50 Mil | 187.00 Mil | 0 | Affirmed | Guidance: 186.50 Mil for 2025 | |
| Q4 2025 Revenue | 52.70 Mil | 53.20 Mil | 53.70 Mil | ||||
Insider Activity
Updated 6/12/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Goodman, Anthony Brian | Direct | Sell | 6122026 | 12.68 | 10,000 | 126,800 | 5,749,911 | Form | |
| 2 | Goodman, Anthony Brian | Direct | Sell | 6122026 | 13.02 | 9,000 | 117,180 | 6,034,288 | Form | |
| 3 | Goodman, Anthony Brian | Direct | Sell | 6122026 | 13.04 | 7,000 | 91,280 | 6,160,918 | Form | |
| 4 | Goodman, Anthony Brian | Direct | Sell | 5282026 | 10.37 | 12,196 | 126,444 | 4,970,929 | Form | |
| 5 | McChesney, Thomas | Direct | Sell | 5182026 | 6.85 | 2,000 | 13,700 | 1,035,535 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Goodman, Anthony Brian | Direct | Sell | 6122026 | 12.68 | 10,000 | 126,800 | 5,749,911 | Form | |
| 2 | Goodman, Anthony Brian | Direct | Sell | 6122026 | 13.02 | 9,000 | 117,180 | 6,034,288 | Form | |
| 3 | Goodman, Anthony Brian | Direct | Sell | 6122026 | 13.04 | 7,000 | 91,280 | 6,160,918 | Form | |
| 4 | Goodman, Anthony Brian | Direct | Sell | 5282026 | 10.37 | 12,196 | 126,444 | 4,970,929 | Form | |
| 5 | McChesney, Thomas | Direct | Sell | 5182026 | 6.85 | 2,000 | 13,700 | 1,035,535 | Form | |
| 6 | McChesney, Thomas | Direct | Sell | 5182026 | 7.00 | 1,000 | 7,000 | 1,072,211 | Form | |
| 7 | McChesney, Thomas | Direct | Sell | 5182026 | 7.06 | 2,727 | 19,253 | 1,088,461 | Form | |
| 8 | McChesney, Thomas | Direct | Sell | 5182026 | 5.62 | 4,467 | 25,105 | 910,440 | Form | |
| 9 | McChesney, Thomas | Direct | Sell | 5182026 | 7.10 | 100 | 710 | 1,113,990 | Form | |
| 10 | McChesney, Thomas | Direct | Sell | 5182026 | 6.95 | 5,000 | 34,750 | 1,091,150 | Form | |
| 11 | McChesney, Thomas | Direct | Sell | 5182026 | 5.20 | 1,000 | 5,200 | 865,628 | Form | |
| 12 | McChesney, Thomas | Direct | Sell | 5182026 | 5.22 | 1,000 | 5,220 | 874,178 | Form | |
| 13 | McChesney, Thomas | Direct | Sell | 5182026 | 5.00 | 1,000 | 5,000 | 842,335 | Form | |
| 14 | McChesney, Thomas | Direct | Sell | 5182026 | 5.70 | 1,000 | 5,700 | 965,962 | Form | |
| 15 | McChesney, Thomas | Direct | Sell | 5182026 | 5.57 | 2,334 | 13,000 | 949,501 | Form | |
| 16 | McChesney, Thomas | Direct | Sell | 5182026 | 5.50 | 3,000 | 16,500 | 950,406 | Form | |
| 17 | Goodman, Anthony Brian | Direct | Sell | 5062026 | 12.75 | 10,000 | 127,500 | 6,268,652 | Form | |
| 18 | Goodman, Anthony Brian | Direct | Sell | 4302026 | 6.41 | 10,000 | 64,100 | 3,215,634 | Form | |
| 19 | Goodman, Anthony Brian | Direct | Sell | 4302026 | 6.34 | 10,000 | 63,400 | 3,243,918 | Form | |
| 20 | Goodman, Anthony Brian | Direct | Sell | 4302026 | 6.30 | 2,000 | 12,600 | 3,286,452 | Form | |
| 21 | Goodman, Anthony Brian | Direct | Sell | 4232026 | 6.34 | 4,603 | 29,183 | 3,319,998 | Form | |
| 22 | Goodman, Anthony Brian | Direct | Sell | 4232026 | 6.90 | 404 | 2,788 | 3,645,008 | Form | |
| 23 | Goodman, Anthony Brian | Direct | Sell | 4232026 | 6.92 | 3,876 | 26,822 | 3,658,369 | Form | |
| 24 | Goodman, Anthony Brian | Direct | Sell | 4162026 | 6.93 | 6,900 | 47,817 | 3,690,516 | Form | |
| 25 | Goodman, Anthony Brian | Direct | Sell | 4162026 | 6.90 | 100 | 690 | 3,722,150 | Form | |
| 26 | Goodman, Anthony Brian | Direct | Sell | 4162026 | 6.90 | 713 | 4,920 | 3,722,840 | Form | |
| 27 | Goodman, Anthony Brian | Direct | Sell | 4162026 | 6.99 | 903 | 6,312 | 3,776,508 | Form | |
| 28 | Goodman, Anthony Brian | Direct | Sell | 4162026 | 7.00 | 10,000 | 70,000 | 3,788,232 | Form | |
| 29 | Goodman, Anthony Brian | Direct | Sell | 4162026 | 7.03 | 20,000 | 140,560 | 3,873,665 | Form | |
| 30 | Goodman, Anthony Brian | Direct | Sell | 4082026 | 7.25 | 248 | 1,798 | 4,148,320 | Form | |
| 31 | Goodman, Anthony Brian | Direct | Sell | 4082026 | 6.90 | 1,006 | 6,941 | 3,941,114 | Form | |
| 32 | McChesney, Thomas | Direct | Sell | 4052026 | 4.74 | 3,949 | 18,718 | 832,567 | Form | |
| 33 | McChesney, Thomas | Direct | Sell | 4052026 | 4.83 | 1,600 | 7,728 | 867,449 | Form | |
| 34 | McChesney, Thomas | Direct | Sell | 4052026 | 4.82 | 1,500 | 7,230 | 873,365 | Form | |
| 35 | McChesney, Thomas | Direct | Sell | 4052026 | 5.00 | 3,500 | 17,500 | 913,480 | Form | |
| 36 | Goodman, Anthony Brian | Direct | Sell | 4012026 | 7.75 | 3,016 | 23,374 | 4,436,332 | Form | |
| 37 | Goodman, Anthony Brian | Direct | Sell | 4012026 | 7.94 | 3,421 | 27,163 | 4,569,041 | Form | |
| 38 | Goodman, Anthony Brian | Direct | Sell | 3252026 | 8.54 | 4,000 | 34,160 | 4,943,524 | Form | |
| 39 | Goodman, Anthony Brian | Direct | Sell | 3252026 | 8.86 | 10,000 | 88,600 | 5,164,202 | Form | |
| 40 | Goodman, Anthony Brian | Direct | Sell | 3252026 | 9.67 | 5,500 | 53,185 | 5,733,024 | Form | |
| 41 | Goodman, Anthony Brian | Direct | Sell | 3182026 | 9.87 | 3,596 | 35,493 | 5,905,882 | Form | |
| 42 | Goodman, Anthony Brian | Direct | Sell | 3182026 | 9.05 | 1,908 | 17,267 | 5,447,765 | Form | |
| 43 | Goodman, Anthony Brian | Direct | Sell | 3182026 | 9.28 | 1,002 | 9,299 | 5,603,923 | Form | |
| 44 | Goodman, Anthony Brian | Direct | Sell | 3182026 | 9.04 | 1,000 | 9,040 | 5,468,052 | Form | |
| 45 | Milovanovic, Aleksandar | Direct | Buy | 3122026 | 1.80 | 50,000 | 90,000 | 140,101,745 | Form | |
| 46 | Goodman, Anthony Brian | Chief Executive Officer | Direct | Sell | 1212026 | 1.75 | 50,000 | 87,500 | 15,494,638 | Form |
| 47 | Milovanovic, Aleksandar | Direct | Buy | 12102025 | 2.35 | 25,000 | 58,750 | 182,037,980 | Form | |
| 48 | Milovanovic, Aleksandar | Direct | Buy | 12102025 | 2.51 | 25,000 | 62,750 | 194,494,805 | Form |
Industry Resources
| Consumer Discretionary Resources |
| Retail Dive |
| Business of Fashion (BoF) |
| WWD (Women's Wear Daily) |
| National Retail Federation (NRF) |
| McKinsey & Company - Consumer |
| Mintel Consumer Trends |
| Casinos & Gaming Resources |
| Casino.org News |
| Global Gaming Business |
| CDC Gaming Reports |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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