Meridian Holdings
MRDN on Nasdaq. Prepackaged software. Market value $146m.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Good business, but not cheap right now
Why it could be worth it
What to watch out for
See cheaper Technology stocks on the list
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $16.79 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: 70 of 100. Price score: 33 of 100. Our list needs 70 on quality and 60 on price.
$11.55 a share, 99% above its 1-year low
Over the past year the price has ranged from $5.80 to $16.09.
Dividend: 0.1% a year
Paid every year for 2 years
Price from Monday’s close (5 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $5m | $36m | $44m | $151m | $183m |
| Operating margin | |||||
| Operating margin | 7.6% | 0.5% | -1.2% | 1.8% | -52.6% |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | 0.30 | 0.37 |
| Shares outstanding | |||||
| Shares outstanding | 0.03bn | 0.04bn | 0.13bn | 0.14bn | 0.01bn |
Health checks
- Free cash flow positive4 of 4 years
- Accounting looks honest (Beneish)Nothing unusual
- Financial strength (Piotroski)4 of 9
- Profit backed by cash (accruals)No
- Debt0.37× equity
- Revenue growth, five yearsStrong, 154.6% a year
- Buying back its own sharesYes, 55% fewer since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $50 million last quarter, up 16% on a year ago.
- Profit: $2 million, after a loss of $4 million a year ago.
- It loses 45 cents on each $1 of sales, compared with 2 cents a year earlier.
- Spare cash over the past 12 months: $25 million, up from $22 million.
- 11% more shares than a year ago. Each share owns a bit less of the company.
- It has $7 million more cash than debt. A year ago debt was $369,936 more than cash.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $41m |
| December 2024 | $46m |
| March 2025 | $43m |
| June 2025 | $43m |
| September 2025 | $47m |
| December 2025 | $50m |
| March 2026 | $50m |
| June 2026 | $50m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$3m |
| December 2024 | -$2m |
| March 2025 | -$258,217 |
| June 2025 | -$4m |
| September 2025 | $566,014 |
| December 2025 | -$87m |
| March 2026 | $2m |
| June 2026 | $2m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 31 March 2026
- Next quarterly (estimated, 10-Q)
- 28 October 2026
Who owns it
None of the long-term investors we follow own it. 39 funds in all.
Largest holders overall
- Topline Capital Management$3mAdded
- Diametric Capital, LP$2mNew
- AQR Capital Management$667,131New
- Vanguard Capital Management$609,070Added
- Geode Capital Management$585,805Cut
- Great Lakes Advisors$432,703New
- Goldman Sachs Group$408,357New
- BlackRock$378,207Cut
- Morgan Stanley$312,921Added
- Vanguard Fiduciary Trust$241,749Added
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
2 investors own more than 5%.
- Aleksandar MilovanovicInsider or founderat least 61.1%(filed with 2 related holders)Since 29 January 2025
What they said
Item 4 of the Schedule 13D is amended and restated to read in its entirety as follows: The information set forth in Item 3, including, but not limited to information regarding the A&R Voting Agreement, is hereby incorporated by reference into this Item 4. The Reporting Persons…
Read the filing - Anthony Brian GoodmanInsider or founderat least 5.5%−1.9 pts(filed with 1 related holder)Since 28 August 2026
What they said
Item 4 is supplemented by incorporating the information in Item 3 of this Amendment. Except for the dispositions reported herein, Item 4 remains unchanged.
Read the filing
| Holder | Stake | Since | |
|---|---|---|---|
Aleksandar Milovanovic Insider or founder | at least 61.1% (filed with 2 related holders) | 29 January 2025 | What they saidItem 4 of the Schedule 13D is amended and restated to read in its entirety as follows: The information set forth in Item 3, including, but not limited to information regarding the A&R Voting Agreement, is hereby incorporated by reference into this Item 4. The Reporting Persons… Read the filing |
Anthony Brian Goodman Insider or founder | at least 5.5%−1.9 pts (filed with 1 related holder) | 28 August 2026 | What they saidItem 4 is supplemented by incorporating the information in Item 3 of this Amendment. Except for the dispositions reported herein, Item 4 remains unchanged. Read the filing |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 1 insider bought $53,100 of shares on the open market. 1 sold $81,000, $81,000 of it under preset trading plans.
- Goodman Anthony BrianChief Executive Officer, DirectorSoldunder a preset trading plan
- Date
- 1 December 2025
- Shares
- 50,000
- Price
- $0.82
- Value
- $41,000
- Goodman Anthony BrianChief Executive Officer, DirectorSoldunder a preset trading plan
- Date
- 24 November 2025
- Shares
- 50,000
- Price
- $0.80
- Value
- $40,000
- Christensen RichardCFOBought
- Date
- 7 November 2025
- Shares
- 20,000
- Price
- $0.90
- Value
- $18,000
- Christensen RichardCFOBought
- Date
- 6 November 2025
- Shares
- 10,000
- Price
- $0.99
- Value
- $9,900
- Christensen RichardCFOBought
- Date
- 4 November 2025
- Shares
- 10,000
- Price
- $0.99
- Value
- $9,900
- Christensen RichardCFOBought
- Date
- 3 November 2025
- Shares
- 15,000
- Price
- $1.02
- Value
- $15,300
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 1 December 2025 | Goodman Anthony Brian Chief Executive Officer, Director | Sold under a preset trading plan | 50,000 | $0.82 | $41,000 |
| 24 November 2025 | Goodman Anthony Brian Chief Executive Officer, Director | Sold under a preset trading plan | 50,000 | $0.80 | $40,000 |
| 7 November 2025 | Christensen Richard CFO | Bought | 20,000 | $0.90 | $18,000 |
| 6 November 2025 | Christensen Richard CFO | Bought | 10,000 | $0.99 | $9,900 |
| 4 November 2025 | Christensen Richard CFO | Bought | 10,000 | $0.99 | $9,900 |
| 3 November 2025 | Christensen Richard CFO | Bought | 15,000 | $1.02 | $15,300 |
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 31 Mar 2026, plus the 10-Q filed 29 Jul 2026 and 5 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.