The company maintains a moderate capital structure with a debt-to-equity ratio ranging between 0.52 and 0.71 over the last ten quarters, though $150.8 million in goodwill remains a potential impairment risk.
Medallion Financial Corp. (MFIN) balance sheet — 30-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash & Short Term Investments | 940.88M | 261.75M | 101.17M | 106.87M | 81.66M | 106.25M | 98.53M | 63.73M | 69.17M | 12.69M | 20.96M | 30.91M | 47.08M | 52.17M | 26.88M | 29.35M | 17.3M | 33.4M | 32.08M | 32.6M | 14.53M | 22.23M | 37.27M | 47.68M | 35.37M | 25.41M | 15.65M | 7.46M | 6M | 7.1M | 1.7M |
| Cash & Due from Banks | 243.06M | 201.56M | 98.24M | 52.59M | 33.17M | 61.48M | 51.74M | 14.73M | 23.84M | 12.69M | 20.96M | 30.91M | 47.08M | 52.17M | 26.88M | 29.35M | 17.3M | 33.4M | 32.08M | 32.6M | 14.53M | 22.23M | 37.27M | 47.68M | 35.37M | 25.41M | 15.65M | 7.46M | 6M | 7.1M | 1.7M |
| Short Term Investments | 63.85M | 60.18M | 2.93M | 54.28M | 48.49M | 44.77M | 46.79M | 49M | 45.32M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Investments | 2.88B | 2.59B | 2.46B | 2.2B | 1.91B | 1.49B | 1.23B | 1.17B | 1.04B | 613.28M | 298.25M | 164.36M | 141.37M | 115.13M | 103.7M | 144.67M | 160.39M | 153.22M | 570.6M | 653.05M | 592.93M | 530.22M | 643.54M | 382.77M | 360.75M | 462.25M | 516.01M | 493.92M | 389.1M | 316M | 177.4M |
| Investments Growth % | 34.53% | 5.3% | 11.85% | 14.93% | 28.04% | 21.52% | 4.68% | 13.3% | 68.93% | 105.62% | 81.46% | 16.26% | 22.79% | 11.02% | -28.32% | -9.8% | 4.68% | -73.15% | -12.63% | 10.14% | 11.83% | -17.61% | 68.13% | 6.1% | -21.96% | -10.42% | 4.47% | 26.94% | 23.13% | 78.13% | - |
| Long-Term Investments | 10.72B | 2.53B | 2.45B | 2.14B | 1.86B | 1.45B | 1.18B | 1.12B | 990.68M | 613.28M | 298.25M | 164.36M | 141.37M | 115.13M | 103.7M | 144.67M | 160.39M | 153.22M | 570.6M | 653.05M | 592.93M | 530.22M | 643.54M | 382.77M | 360.75M | 462.25M | 516.01M | 493.92M | 389.1M | 316M | 177.4M |
| Accounts Receivables | 0 | 2.46B | 15.31M | 13.54M | 12.61M | 10.62M | 10.34M | 8.66M | 7.41M | 547K | 769K | 1M | 988K | 907K | 957K | 1.12M | 1.44M | 1.66M | 2.15M | 2.45M | 2.18M | 2.38M | 3.06M | 1.73M | 2.55M | 3.99M | 8.7M | 5.27M | 3.6M | 3.2M | 1.7M |
| Goodwill & Intangibles | 167.42M | 168.5M | 169.95M | 171.39M | 172.84M | 174.28M | 201.89M | 203.34M | 204.78M | 0 | 0 | 5.1M | 5.1M | 5.07M | 5.07M | 5.07M | 5.07M | 5.07M | 5.01M | 5.01M | 2.18M | 2.38M | 5.38M | 4.39M | 5.38M | 7.57M | 15.33M | 20.71M | 15.5M | 7.8M | 1.7M |
| Goodwill | 150.8M | 150.8M | 150.8M | 150.8M | 150.8M | 150.8M | 150.8M | 150.8M | 150.8M | 0 | 0 | 5.1M | 5.1M | 5.07M | 5.07M | 5.07M | 5.07M | 5.07M | 5.01M | 5.01M | 2.18M | 2.38M | 5.38M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 16.62M | 17.7M | 19.15M | 20.59M | 22.04M | 23.48M | 51.09M | 52.54M | 53.98M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.39M | 5.38M | 7.57M | 15.33M | 20.71M | 15.5M | 7.8M | 1.7M |
| PP&E (Net) | 17.18M | 11.86M | 13.76M | 14.08M | 13.17M | 11.76M | 12.4M | 14.38M | 1.22M | 235K | 267K | 198K | 256K | 446K | 601K | 466K | 419K | 302K | 411K | 558K | 525.47K | 454.66K | 991.9K | 1.35M | 1.55M | 1.93M | 2.05M | 2.4M | 1.7M | 400K | 100K |
| Other Assets | -2.88B | -2.53B | 111.56M | 138.19M | 114.1M | 120.82M | 135.45M | 125.21M | 108.58M | 8.77M | 369.13M | 487.48M | 437.49M | 421.33M | 406.26M | 356.36M | 365.69M | 361.52M | 36.45M | 27.6M | 16.43M | 13.05M | 17.73M | 15.3M | 17.22M | 5.59M | 6.02M | 3.26M | 3.2M | 2.5M | 2.4M |
| Total Current Assets | 3.12B | 2.72B | 118.61M | 121.08M | 96.37M | 117.71M | 110.63M | 73.91M | 76.58M | 13.24M | 21.73M | 31.91M | 48.07M | 53.08M | 27.83M | 30.47M | 18.74M | 35.06M | 34.22M | 35.05M | 16.71M | 24.62M | 42.64M | 52.07M | 40.75M | 32.97M | 30.99M | 28.17M | 21.5M | 14.9M | 3.4M |
| Total Non-Current Assets | 184.6M | 180.37M | 2.75B | 2.47B | 2.16B | 1.76B | 1.53B | 1.47B | 1.31B | 622.28M | 667.65M | 657.13M | 584.22M | 541.97M | 515.63M | 506.56M | 531.57M | 520.11M | 612.46M | 686.21M | 614.89M | 548.74M | 667.27M | 404.43M | 384.53M | 474.78M | 529.73M | 505.75M | 400.7M | 325M | 186.2M |
| Total Assets | 3.36B | 2.96B | 2.87B | 2.59B | 2.26B | 1.87B | 1.64B | 1.54B | 1.38B | 635.52M | 689.38M | 689.05M | 632.29M | 595.05M | 543.47M | 537.03M | 550.31M | 555.17M | 646.68M | 721.26M | 631.6M | 573.36M | 709.91M | 456.49M | 425.29M | 507.76M | 560.72M | 533.92M | 422.2M | 339.9M | 189.6M |
| Asset Growth % | 33.39% | 3.03% | 10.85% | 14.51% | 20.65% | 14.04% | 6.53% | 11.57% | 117.43% | -7.81% | 0.05% | 8.98% | 6.26% | 9.49% | 1.2% | -2.41% | -0.88% | -14.15% | -10.34% | 14.2% | 10.16% | -19.24% | 55.51% | 7.34% | -16.24% | -9.44% | 5.02% | 26.46% | 24.21% | 79.27% | - |
| Return on Assets (ROA) | 0.87% | 1.48% | 1.32% | 2.27% | 2.12% | 3.08% | -2.18% | -0.12% | -2.48% | 0.04% | 3.41% | 4.45% | 4.68% | 4.53% | 4.54% | 3.52% | 2.04% | 0.17% | 2.23% | 2.28% | 2.18% | 1.07% | 3.86% | 0.46% | -2.7% | -0.76% | 1.38% | 4.41% | 4.36% | 3.97% | 2.06% |
| Accounts Payable | 0 | 0 | 30M | 35.13M | 25.56M | 16.91M | 17.57M | 18.55M | 22.64M | 8.2M | 8.31M | 6.42M | 8.82M | 6.6M | 4.38M | 7.75M | 1.91M | 2.21M | 2.02M | 2.09M | 1.78M | 1.76M | 1.76M | 1.2M | 5.59M | 2.14M | 3.89M | 3.98M | 2.3M | 900K | 1.1M |
| Total Debt | 376.25M | 316.28M | 288.59M | 253.06M | 229.93M | 231.23M | 254.07M | 227.66M | 213.99M | 327.62M | 316.07M | 371.54M | 315.8M | 281.96M | 289.77M | 357.78M | 380.53M | 382.52M | 462.65M | 542.55M | 455.14M | 400.91M | 525.93M | 287.45M | 250.77M | 321.85M | 396.13M | 357.2M | 260.3M | 177.6M | 125.9M |
| Net Debt | 133.19M | 114.71M | 190.35M | 200.47M | 196.76M | 169.74M | 202.33M | 212.93M | 190.15M | 314.93M | 295.11M | 340.63M | 268.71M | 229.79M | 262.89M | 328.43M | 363.23M | 349.12M | 430.57M | 509.95M | 440.6M | 378.68M | 488.67M | 239.78M | 215.4M | 296.44M | 380.47M | 349.74M | 254.3M | 170.5M | 124.2M |
| Long-Term Debt | 287.84M | 215.99M | 232.16M | 235.54M | 214.32M | 219.97M | 153.72M | 174.61M | 158.81M | 327.62M | 316.07M | 371.54M | 315.8M | 281.96M | 289.77M | 357.78M | 380.53M | 382.52M | 462.65M | 542.55M | 455.14M | 400.92M | 525.93M | 287.45M | 250.77M | 321.85M | 372.06M | 263.22M | 260.3M | 177.6M | 125.9M |
| Short-Term Debt | 77M | 95.25M | 49M | 8M | 5M | 0 | 87.33M | 38.22M | 55.18M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 24.07M | 93.98M | 0 | 0 | 0 |
| Other Liabilities | 2.42B | 2.11B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 78.9M | 33M | 33M | 33M | 33M | -6.04M | 0 | 0 | 0 | 4.2M | 5.06M | 4.33M | 11.76M | 5.73M | 7.07M | 8.75M | 12.97M | 15.43M | 11.4M | 12.7M | 6.1M |
| Total Current Liabilities | 88.41M | 100.29M | 2.17B | 1.91B | 1.64B | 1.27B | 1.17B | 1.01B | 925.86M | 8.2M | 8.31M | 6.42M | 8.82M | 6.6M | 4.38M | 13.79M | 7.01M | 9.7M | 9.09M | 2.09M | 1.78M | 1.76M | 1.76M | 1.2M | 5.59M | 2.14M | 27.95M | 97.97M | 2.3M | 900K | 1.1M |
| Total Non-Current Liabilities | 2.72B | 2.35B | 258.28M | 263.77M | 249.48M | 247.24M | 165.54M | 196.69M | 165.78M | 340.16M | 394.97M | 404.54M | 348.8M | 314.96M | 322.77M | 351.74M | 380.53M | 382.52M | 462.65M | 546.75M | 460.19M | 405.24M | 537.69M | 293.18M | 257.83M | 330.59M | 385.03M | 278.65M | 271.7M | 190.3M | 132M |
| Total Liabilities | 2.81B | 2.45B | 2.43B | 2.18B | 1.89B | 1.52B | 1.34B | 1.21B | 1.09B | 348.36M | 403.28M | 410.96M | 357.62M | 321.56M | 327.15M | 365.53M | 387.55M | 392.2M | 471.74M | 548.84M | 461.98M | 407M | 539.45M | 294.38M | 263.42M | 332.73M | 412.98M | 376.61M | 274M | 191.2M | 133.1M |
| Total Equity | 551.1M | 508.05M | 438.96M | 411.77M | 370.52M | 355.83M | 304.56M | 334.47M | 290.2M | 287.16M | 286.1M | 278.09M | 274.67M | 273.5M | 216.32M | 171.5M | 162.76M | 162.98M | 174.95M | 172.42M | 169.63M | 166.35M | 170.46M | 162.12M | 161.87M | 175.02M | 147.73M | 157.31M | 148.2M | 148.7M | 56.5M |
| Equity Growth % | 34.59% | 15.74% | 6.6% | 11.13% | 4.13% | 16.83% | -8.94% | 15.25% | 1.06% | 0.37% | 2.88% | 1.24% | 0.43% | 26.43% | 26.13% | 5.37% | -0.13% | -6.84% | 1.46% | 1.65% | 1.97% | -2.41% | 5.15% | 0.16% | -7.52% | 18.47% | -6.09% | 6.15% | -0.34% | 163.19% | - |
| Equity / Assets (Capital Ratio) | 16.4% | 17.19% | 15.3% | 15.91% | 16.4% | 19% | 18.54% | 21.7% | 21% | 45.18% | 41.5% | 40.36% | 43.44% | 45.96% | 39.8% | 31.94% | 29.58% | 29.36% | 27.05% | 23.91% | 26.86% | 29.01% | 24.01% | 35.51% | 38.06% | 34.47% | 26.35% | 29.46% | 35.1% | 43.75% | 29.8% |
| Return on Equity (ROE) | 5.21% | 9.09% | 8.43% | 14.08% | 12.07% | 16.39% | -10.89% | -0.56% | -8.68% | 0.1% | 8.34% | 10.63% | 10.47% | 10.52% | 12.64% | 11.47% | 6.93% | 0.6% | 8.78% | 9.03% | 7.8% | 4.07% | 13.54% | 1.25% | -7.49% | -2.51% | 4.94% | 13.81% | 11.18% | 10.23% | 6.9% |
| Book Value per Share | 23.31 | 20.95 | 18.60 | 17.71 | 15.49 | 14.27 | 12.46 | 13.74 | 11.98 | 11.94 | 11.84 | 11.40 | 10.95 | 12.31 | 10.72 | 9.71 | 9.23 | 9.21 | 9.87 | 9.69 | 9.55 | 9.48 | 9.25 | 8.86 | 8.87 | 10.56 | 10.14 | 10.76 | 10.16 | 14.45 | 6.85 |
| Tangible BV per Share | 16.23 | 14.00 | 11.40 | 10.34 | 8.26 | 7.28 | 4.20 | 5.39 | 3.53 | 11.94 | 11.84 | 11.19 | 10.75 | 12.08 | 10.47 | 9.42 | 8.94 | 8.93 | 9.59 | 9.41 | 9.43 | 9.34 | 8.96 | 8.62 | 8.58 | 10.10 | 9.08 | 9.34 | 9.09 | 13.69 | 6.64 |
| Common Stock | 301K | 296K | 293K | 291K | 287K | 281K | 278K | 276K | 274K | 273K | 270K | 269K | 268K | 266K | 233K | 192K | 190K | 190K | 190K | 189K | 188K | 185.27K | 183.08K | 182.52K | 182.42K | 182.42K | 145.47K | 145.22K | 100K | 0 | 0 |
| Additional Paid-in Capital | 0 | 299.46M | 293.41M | 288.05M | 283.66M | 280.04M | 277.54M | 275.51M | 274.29M | 273.72M | 272.93M | 272.35M | 270.77M | 268.52M | 217.62M | 180.98M | 179.08M | 178.84M | 178.48M | 177.82M | 176.85M | 175.26M | 174.09M | 173.83M | 173.45M | 184.49M | 146.38M | 146.64M | 141.4M | 0 | 0 |
| Retained Earnings | 167.84M | 162.37M | 130.26M | 103.88M | 66.67M | 30.61M | -23.5M | 11.28M | 13.04M | -65.59M | -33.99M | -15.62M | -19.19M | -15.6M | -13.19M | -6.74M | 10.09M | 6.62M | 10.94M | 2.74M | 5.2M | 12.18M | 5.19M | -11.39M | -11.77M | -9.65M | 1.21M | 10.53M | 6.7M | 0 | 0 |
| Accumulated OCI | -4.41M | -2.38M | -3.65M | -3.7M | -3.35M | 1.03M | 2.01M | 999K | -82K | 0 | 71.8M | 29M | 24M | 19M | 13M | 11.37M | -12.37M | -9.66M | -1.65M | 4.61M | 4K | -8.66M | 0 | -72.86K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Treasury Stock | 0 | -51.13M | -50.14M | -45.54M | -45.54M | -24.92M | -24.92M | -24.92M | -24.92M | -24.92M | -24.92M | -23.4M | -20.18M | -14.3M | -14.3M | -14.3M | -14.22M | -13.01M | -13.01M | -12.94M | -12.61M | -12.61M | -9M | -431.58K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying MFIN stock.
As of 2025, Medallion Financial Corp. (MFIN) had total assets of $2.96B including $2.72B in current assets.
Medallion Financial Corp. (MFIN) carries total debt of $316.3M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Medallion Financial Corp. (MFIN) has total shareholders' equity (book value) of $408.6M ($20.95 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Medallion Financial Corp. (MFIN) reported a current ratio of 27.10x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Credit provision volatility
Metrics are mathematically derived from official filings.
Capital Base Expansion Amidst Volatility
According to reported financial statements, MFIN has grown its equity base from $343.0 million in 2023Q4 to $408.1 million by 2026Q1, reflecting a steady accumulation of retained earnings despite the persistent volatility inherent in the company's transition toward a consumer-focused banking model.
The consistent growth in retained earnings suggests that the company is successfully internalizing profits from its core lending segments. However, investors should monitor whether this capital accumulation is sufficient to offset potential future credit losses, given the cyclical nature of the underlying recreation and home improvement loan portfolios.
Leverage Management Through Strategic Funding
Based on quarterly filings, MFIN's debt-to-equity ratio has fluctuated between 0.52 and 0.71 over the last ten quarters, indicating a management approach that utilizes moderate leverage to support the expansion of its industrial bank's loan book while maintaining a relatively stable capital structure.
The reliance on debt appears to be a strategic necessity for funding the bank's lending activities rather than a sign of financial distress. The current leverage levels suggest that the company retains some capacity for further balance sheet expansion, provided that the cost of deposits remains manageable relative to loan yields.
Cash Position Subject to Swings
As reported in recent SEC filings, MFIN's cash reserves have exhibited significant variability, ranging from a low of $58.7 million in 2024Q1 to a peak of $261.7 million in 2025Q4, highlighting the episodic nature of liquidity management within the company's specialized lending operations.
The dramatic fluctuations in cash balances suggest that liquidity is heavily influenced by the timing of loan originations and repayments. While the current cash position appears adequate, the lack of consistent liquidity trends warrants further investigation into the company's ability to maintain a buffer against unexpected credit shocks.
Goodwill Impairment Risk Remains Persistent
Based on the provided balance sheet data, MFIN carries a constant $150.8 million in goodwill, which represents a significant portion of total equity and suggests that historical acquisition premiums remain a potential source of balance sheet distortion should future earnings fail to justify these valuations.
The static nature of the goodwill balance over ten quarters may mask underlying risks if the acquired assets underperform expectations. Investors should consider the possibility that future impairment charges could negatively impact the equity base, particularly if the transition away from legacy medallion assets faces further headwinds.