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Merlin
(NASDAQ:MRLN)
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Rating:43Neutral
Price Target:
$3.50
▼(-6.91% Downside)
Action:N/A
Date:08/17/26
MRLN scores low primarily due to weak and unstable financial performance (revenue disruption and ongoing negative cash flow despite reported net income). Technicals reinforce the caution with a clear downtrend and negative MACD. Valuation provides limited support given the negative P/E and no dividend yield data.
Positive Factors
Deleveraged Balance Sheet
Positive equity and zero reported debt reduce leverage-related risk and provide greater financial flexibility. This is a meaningful improvement from 2024, although the sharp year-over-year change means the durability of the balance-sheet reset remains uncertain.
Negative Factors
Revenue Disruption
A zero-revenue year indicates severe operating disruption or a major business-model reset, leaving limited visibility into customer demand and commercialization. Sustained revenue recovery is necessary before the company can demonstrate a durable growth trajectory.
Read all positive and negative factors
Positive Factors
Negative Factors
Deleveraged Balance Sheet
Positive equity and zero reported debt reduce leverage-related risk and provide greater financial flexibility. This is a meaningful improvement from 2024, although the sharp year-over-year change means the durability of the balance-sheet reset remains uncertain.
Read all positive factors
Merlin (MRLN) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$362.45M
Dividend YieldN/A
Average Volume (3M)2.12M
Price to Earnings (P/E)―
Beta (1Y)0.64
Revenue GrowthN/A
EPS Growth-1499.25%
CountryUS
Employees3
SectorGeneral
Sector StrengthN/A
IndustryAerospace & Defense
Share Statistics
EPS (TTM)-2.67
Shares Outstanding101,067,790
10 Day Avg. Volume1,650,571
30 Day Avg. Volume2,118,940
Financial Highlights & Ratios
PEG Ratio-0.52
Price to Book (P/B)1.41
Price to Sales (P/S)0.00
P/FCF Ratio-266.26
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit>-0.01
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price Target
$9.25Price Target Upside146.01% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)-1.72
Revenue Forecast (FY)$17.03M
Merlin Business Overview & Revenue Model
Company Description
Merlin, Inc. is a US-based developer of cost-effective, takeoff-to-touchdown autonomy for both legacy and next-generation airborne systems. Its aircraft-agnostic, AI-powered software is purpose-built for military and civil programs and is powering...
How the Company Makes Money
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Merlin Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
62
Positive
Cash Flow
21
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2020 | Dec 2019 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.20M | 0.00 | 1.23M | 1.00M | 102.30M | 141.62M |
| Gross Profit | -534.00K | 0.00 | -7.27M | 268.00K | 102.30M | 141.62M |
| EBITDA | -123.27M | 6.01M | -50.44M | -33.66M | 20.67M | 65.95M |
| Net Income | -148.85M | 6.01M | -55.25M | -36.46M | 342.00K | 27.12M |
Balance Sheet | ||||||
| Total Assets | 206.98M | 263.15M | 49.19M | 62.41M | 1.02B | 594.76M |
| Cash, Cash Equivalents and Short-Term Investments | 183.87M | 703.60K | 37.57M | 51.03M | 141.66M | 136.02M |
| Total Debt | 2.19M | 0.00 | 37.26M | 3.81M | 39.37M | 85.82M |
| Total Liabilities | 144.41M | 12.08M | 180.72M | 140.49M | 825.63M | 992.49M |
| Stockholders Equity | 62.57M | 251.07M | -131.52M | -78.07M | 196.37M | 214.96M |
Cash Flow | ||||||
| Free Cash Flow | -54.72M | -1.33M | -47.44M | -36.54M | -328.47M | -760.07M |
| Operating Cash Flow | -50.90M | -1.33M | -45.54M | -31.70M | 59.99M | 62.42M |
| Investing Cash Flow | -3.82M | 0.00 | -1.69M | -4.87M | 117.15M | -38.04M |
| Financing Cash Flow | 181.49M | -75.00K | 33.94M | -2.51M | -166.76M | -5.55M |
Merlin Peers Comparison
UnderperformOutperform
Sector (55)
MRLN
Merlin
3.54
-6.87
-66.01%
TACH
Titan Acquisition Corp Class A
10.49
0.33
3.25%
WENN
Wen Acquisition Corp Class A
10.38
0.28
2.77%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.