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Merlin

MRLN on Nasdaq. Computer integrated systems design. Market value $159m.

Watch this stockFree. We tell you when something changes.

Figures from the annual report for the year ended 31 December 2025.

We can't read total debt from the filing, so debt is left out.

Its cash exceeds its market value plus debt, so price to profit isn't meaningful.

Cash flow or capital spending isn't reported, so free cash flow is unknown.

Should I look at this?

Look carefully before going further

Why it could be worth it

What to watch out for

Read the warning sign in its own filings

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
annual report to December 2025
n/a

We could not compute this from the filings.

Price to profit
annual report to December 2025
n/a

The filings do not give us enough to work this out.

Return on capital
five annual reports to December 2025
n/a

The filings do not give us enough to work this out.

Quality score: not known. Price score: 37 of 100. Our list needs 70 on quality and 60 on price.

$1.56 a share, at its 1-year low

Over the past year the price has ranged from $1.53 to $17.00.

Pays no dividend

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

n/a
2025
Revenue
n/a
Operating margin
n/a
Debt to equity
n/a
Shares outstanding
0.10bn

Health checks

  • Free cash flow positiveNot enough data
  • Accounting looks honest (Beneish)Not enough data
  • Financial strength (Piotroski)Not enough data
  • Profit backed by cash (accruals)Not enough data
  • DebtUnknown
  • 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.

  • Sales: $2 million last quarter, down 29% on a year ago.
  • A loss of $58 million, compared with a loss of $16 million a year ago.
  • 29% more shares than a year ago. Each share owns a bit less of the company.
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024-$77,427
March 2025-$13m
June 2025-$16m
September 2025$83,694
December 2025$1m
March 2026-$90m
June 2026-$58m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
12 March 2026
Next quarterly (estimated, 10-Q)
13 November 2026

Who owns it

None of the long-term investors we follow own it. 62 funds in all.

Jun '25
Dec '25
Jun '26

Sold out this quarter

Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

11 investors own more than 5%.

  • Matthew George
    Insider or founder
    17.7%
    Since 16 March 2026
    What they said

    Business Combination On March 16, 2026 (the "Closing Date"), pursuant to a business combination agreement, dated as of August 13, 2025 (the "Business Combination Agreement"), by and among the Issuer (formerly known as Inflection Point Acquisition Corp. IV), IPDX Merger Sub,…

    Read the filing
  • Quiet Capital Management, LLC
    Passive investor
    16.2%
    Since 16 March 2026
  • at least 9.9%
    (filed with 2 related holders)
    Since 31 March 2026
  • SnowPoint Ventures GP, LLC
    Passive investor
    at least 9.6%0.0 pts
    (filed with 4 related holders)
    Since 30 June 2026
  • Bleichroeder Sponsor 1 LLC
    Passive investor
    at least 8.2%−2.2 pts
    (filed with 2 related holders)
    Since 30 June 2026
  • Barclays PLC
    Passive investor
    6.9%+1.9 pts
    Since 31 December 2025
  • at least 5.0%−1.0 pts
    (filed with 2 related holders)
    Since 30 September 2025
  • at least 4.9%−1.0 pts
    (filed with 1 related holder)
    Since 30 September 2025
  • at least 3.6%−3.9 pts
    (filed with 2 related holders)
    Since 31 December 2025
  • at least 2.4%−6.2 pts
    (filed with 3 related holders)
    Since 30 June 2025
  • Ayrton Capital LLC
    Passive investor
    at least 2.1%−5.3 pts
    (filed with 2 related holders)
    Since 30 June 2026
  • Meteora Capital, LLC
    Passive investor
    Sold down below 5%
    Since 30 November 2025
  • FR Capital Holdings, L.P.
    Passive investor
    Sold down below 5%
    Since 16 September 2026
  • Sold down below 5%
    Since 31 March 2026
  • Sold down below 5%
    Since 31 March 2026
  • Sold down below 5%
    Since 31 March 2026
  • Merus Global Investments, LLC
    Passive investor
    Sold down below 5%
    Since 31 March 2026
  • Sold down below 5%
    Since 30 June 2025
  • Sold down below 5%
    Since 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.

1 serious warning sign in Merlin’s filings.

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 12 Mar 2026, plus the 10-Q filed 14 Aug 2026 and 4 later 8-Ks.

  • Weak checks on its own accounts

    Serious

    The company said its checks on its own accounts did not work at the end of its latest quarter. Mistakes could slip into the numbers.

    “Based on that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were not effective at the reasonable assurance level as of June 30, 2026 due to the material weaknesses in our internal control over financial reporting described below.”

    From the 10-Q filed 14 August 2026, Part I, Item 4. Controls and Procedures. Read it in the filing

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

  • It owes more than it owns on paper (negative equity). Often that's from borrowing to buy back shares.

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
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What a finished deep dive looks like

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.