Medallion Financial
MFIN on Nasdaq. Finance services. Market value $271m.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
Cash flow or capital spending isn't reported, so free cash flow is unknown.
Should I look at this?
Worth a closer look
Why it could be worth it
What to watch out for
Nothing stood out in the numbers we check.
This is not advice. Check the numbers below.
Yearly profit per dollar of owners' money: 15 cents. Above 10 is good.
What you pay for each dollar of net assets: $0.67.
Profit per $100 you pay: $11.93.
Quality score: 99 of 100. Price score: 100 of 100. Our list needs 70 on quality and 60 on price.
$11.81 a share, 50% above its 1-year low
Over the past year the price has ranged from $7.85 to $12.26.
Dividend: 4.0% a year
Paid every year for 4 years
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | n/a | n/a | n/a | n/a | n/a |
| Operating margin | |||||
| Operating margin | n/a | n/a | n/a | n/a | n/a |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.02bn | 0.02bn | 0.02bn | 0.02bn | 0.02bn |
Health checks
- Free cash flow positiveDoesn't apply to banks and insurers
- Accounting checksDoesn't apply to banks and insurers
- DebtDoesn't apply to banks and insurers
- Revenue growth, five yearsUnknown
- Buying back its own sharesRoughly flat
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Profit: $7 million, down 33% on a year ago.
- About the same number of shares as a year ago.
| Quarter to | Amount |
|---|---|
| September 2024 | $9m |
| December 2024 | $10m |
| March 2025 | $12m |
| June 2025 | $11m |
| September 2025 | $8m |
| December 2025 | $12m |
| March 2026 | $5m |
| June 2026 | $7m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 10 March 2026
- Next quarterly (estimated, 10-Q)
- 4 November 2026
Who owns it
2 long-term investors we follow own it, unchanged from 2 last quarter. 99 funds in all.
- GAMCO InvestorsMario Gabelli
- Value
- $2m
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| GAMCO InvestorsMario Gabelli | $2m | <0.1% | |
| LSV Asset ManagementJosef Lakonishok | $682,000 | <0.1% | Added |
Largest holders overall
- BlackRock$12mAdded
- Tieton Capital Management$10mCut
- Vanguard Capital Management$7mCut
- Geode Capital Management$5mAdded
- Uniplan Investment Counsel$4mAdded
- SEI Investments$3mCut
- State Street$2mCut
- Goldman Sachs Group$2mAdded
- American Century Companies$2m
- Connor, Clark & Lunn Investment Management$2mCut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
5 investors own more than 5%.
- Andrew M. MursteinPassive investor11.7%+0.8 ptsSince 31 March 2026
- Alvin MursteinInsider or founder8.1%Since 13 February 2025
- Amster HowardPassive investorat least 6.1%(filed with 14 related holders)Since 10 December 2024
What they said
The Reporting Persons acquired the shares of Common Stock for investment purposes While the Reporting Persons have no present intention to dispose of all or any portion of the Common Stock beneficially owned by them, any such sales of the Common Stock may be made in the open…
Read the filing - BlackRock, Inc.Passive investor5.0%Since 31 March 2025
- KORR Value L.P.Passive investorat least 5.0%(filed with 4 related holders)Since 31 December 2024
| Holder | Stake | Since | |
|---|---|---|---|
Andrew M. Murstein Passive investor | 11.7%+0.8 pts | 31 March 2026 | |
Alvin Murstein Insider or founder | 8.1% | 13 February 2025 | |
Amster Howard Passive investor | at least 6.1% (filed with 14 related holders) | 10 December 2024 | What they saidThe Reporting Persons acquired the shares of Common Stock for investment purposes While the Reporting Persons have no present intention to dispose of all or any portion of the Common Stock beneficially owned by them, any such sales of the Common Stock may be made in the open… Read the filing |
BlackRock, Inc. Passive investor | 5.0% | 31 March 2025 | |
KORR Value L.P. Passive investor | at least 5.0% (filed with 4 related holders) | 31 December 2024 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought or sold on the open market in the last 12 months.
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 10 Mar 2026, plus the 10-Q filed 5 Aug 2026 and 12 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.