Free cash flow remains highly inconsistent, swinging from a $8.2M inflow in 2024Q4 to a $12.3M outflow in 2025Q4, reflecting the capital-intensive nature of recent acquisitions.
Meridian Holdings Inc. (MRDN) cash flow statement — 18-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Oct'23 | Oct'22 | Dec'21 | Jan'21 | Jul'19 | Jul'18 | Jul'17 | Jul'16 | Jul'15 | Jul'14 | Jul'13 | Jul'12 | Jul'11 | Jul'10 | Jul'09 | Jul'08 |
|---|
| Cash from Operations | 28.2M | 25.36M | 23.92M | 23.69M | 2.77M | 21.16M | 1.88M | 1.45M | 302.72K | -15.13K | 1.3K | -2.01M | -612.07K | -256.81K | -224.87K | -250.39K | -421.02K | -107.09K | 0 |
| Operating CF Margin % | - | 13.87% | 15.83% | 25.47% | 7.69% | 35.05% | 35.96% | 50.38% | 33.05% | -12.61% | 6.48% | - | - | - | - | - | - | - | - |
| Operating CF Growth % | 191.73% | 6.03% | 0.96% | 754.78% | -86.9% | 1026.72% | 29.35% | 379.64% | 2100.9% | -1267.36% | - | -228.5% | -138.34% | -14.2% | 10.19% | 40.53% | -293.16% | - | - |
| Net Income | -81.66M | -91.98M | -1.41M | 13.89M | 44.03K | 12.87M | 398.08K | 1.77M | -1.32M | 1.8M | -10.01M | -2.62M | -1.38M | -471.97K | -298.29K | -6.3M | -5.47M | -102.8K | -10K |
| Depreciation & Amortization | 12.93M | 15.15M | 10.79M | 5.42M | 407.44K | 3.86M | 0 | 0 | 107.3K | 327.65K | 4.67M | 0 | 865 | 984 | 124 | 0 | 0 | 0 | 0 |
| Stock-Based Compensation | 1.79M | 4.09M | 4.71M | 0 | 2.66M | 0 | 1.63M | 206.84K | 107.3K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 93.62M | 95.31M | 3.52M | 279.01K | -104.05K | 212.5K | 337.4K | 341.75K | 1.56M | -2.47M | 258.09K | 430.18K | 800.12K | 302.77K | 68.42K | 5.99M | 4.97M | 1.84K | 0 |
| Working Capital Changes | 3.72M | 2.79M | 6.31M | 4.1M | -235.21K | 4.21M | -487.84K | -866.57K | -156.52K | 321.31K | 5.07M | 180.46K | -32.56K | -88.58K | 4.87K | 61.88K | 76.29K | -6.12K | 10K |
| Change in Receivables | -1.51M | -2.29M | -425.87K | -546.84K | -68.86K | -898.61K | -761.7K | -1.07M | -309.79K | -52.5K | 53.12K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 41.56K | -1.28M | -958.11K | -11.67K | -417.89K | -32.34K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 6.05M | 7.96M | 4.33M | 3.63M | 374.06K | 0 | 515.83K | 177.04K | 99.53K | 294.9K | 1.1M | 13.16K | -16.12K | -93.72K | 2.37K | 0 | 76.29K | -6.27K | 0 |
| Cash from Investing | -14.28M | -22M | -37.43M | -13.07M | -4.41M | -8.55M | 192 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -6.97K | 0 | -26.97K | 0 | 0 |
| Capital Expenditures | -5.81M | -6.18M | -7.16M | -5.74M | -74.42K | -7.88M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -6.97K | 0 | -26.97K | 0 | 0 |
| CapEx % of Revenue | 2.94% | 3.38% | 4.74% | 6.18% | 0.21% | 13.05% | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Acquisitions | -1.58M | -2.92M | -15.46M | 0 | -4.25M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -1.49M | -7.46M | -14.83M | -7.35M | -83.94K | -554.09K | 192 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | -13.04M | -19.4M | 27.71M | -4.15M | 32K | -13.1M | 7.97M | -167.42K | 118.7K | 38K | 1K | 2.01M | 612.69K | 241.35K | 193.43K | 250K | 492.13K | -1.2K | 110K |
| Debt Issued (Net) | -15.05M | -22.1M | 19.82M | -2.35M | - | -1.51M | -505.25K | -167.42K | -1.3K | 38K | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | 2.21M | 2.84M | -88.3K | 0 | 32K | 0 | 8.47M | - | 120K | - | 1K | - | - | - | - | - | - | - | - |
| Dividends Paid | -144.78K | -144.78K | -769.53K | -1.8M | 0 | -11.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -122.78K | -122.78K | -123.1K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 110K |
| Other Financing | -49.19K | 0 | 8.75M | 0 | 0 | 0 | 8K | 0 | 0 | 0 | 0 | 2.01M | 612.69K | 241.35K | 118.43K | -20K | -2.88K | 0 | 0 |
| Net Change in Cash | -4.82M | -12.05M | 9.72M | 7.3M | -1.85M | 9.53M | 9.85M | 1.28M | 421.41K | 22.87K | 2.3K | -636 | 622 | -15.61K | -31.49K | -5.04K | 44.13K | -108.29K | 110K |
| Free Cash Flow | 27.85M | 11.71M | 1.92M | 10.6M | 2.61M | 13.28M | 1.88M | 1.45M | 302.72K | -15.13K | 1.3K | -2.01M | -612.07K | -256.81K | -231.84K | -250.39K | -447.99K | -107.09K | 0 |
| FCF Margin % | 14.12% | 6.4% | 1.27% | 11.4% | 7.25% | 22.01% | 35.96% | 50.38% | 33.05% | -12.61% | 6.48% | - | - | - | - | - | - | - | - |
| FCF Growth % | 407.6% | 508.41% | -81.84% | 305.64% | -80.33% | 607.34% | 29.35% | 379.64% | 2100.9% | -1267.36% | - | -228.5% | -138.34% | -10.77% | 7.41% | 44.11% | -318.35% | - | - |
| FCF per Share | 2.18 | 1.01 | 0.20 | 3.59 | 1.12 | 4.94 | 0.71 | 0.63 | 0.47 | -0.02 | 10.54 | -0.00 | -0.00 | -0.00 | -0.00 | - | - | - | - |
| FCF Conversion (FCF/Net Income) | -0.34x | -0.28x | -16.16x | 1.73x | -11.08x | 1.64x | 4.72x | 0.82x | -0.23x | -0.01x | -0.00x | 0.77x | 0.44x | 0.54x | 0.75x | 0.04x | 0.08x | 1.04x | - |
| Interest Paid | 1.3M | 1.79M | 1.35M | 36.16K | - | 67.66K | 43.92K | - | 3.42K | - | - | - | - | - | - | - | - | - | - |
| Taxes Paid | 3.61M | 4.03M | 3.92M | 1.99M | 549.7K | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying MRDN stock.
Meridian Holdings Inc. (MRDN) generated $25.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Meridian Holdings Inc. (MRDN) generated $11.7M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Meridian Holdings Inc. (MRDN) spent $6.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Meridian Holdings Inc. (MRDN) returned $0.1M to shareholders via cash dividends and spent $0.1M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Integration and regulatory volatility
Metrics are mathematically derived from official filings.
Earnings Quality Masked by Accruals
As reported in financial statements, GMGI exhibits a significant divergence between net income and operating cash flow, with the 2025Q1 period showing an OCF/NI ratio of -33.42, suggesting that non-cash charges and working capital adjustments heavily influence the company's reported bottom-line profitability metrics.
The extreme volatility in the OCF/NI ratio indicates that net income is currently an unreliable proxy for the company's actual cash-generating capacity. Investors should monitor whether this gap narrows as the integration of MeridianBet matures and non-recurring acquisition-related accounting charges subside.
FCF Volatility Reflects M&A Intensity
Based on the provided cash flow data, GMGI's free cash flow trajectory remains highly inconsistent, swinging from a $8.2M inflow in 2024Q4 to a $12.3M outflow in 2025Q4, which underscores the impact of aggressive capital deployment on the company's ability to sustain positive cash generation.
The erratic FCF margins suggest that the business is currently in a capital-intensive phase where growth is prioritized over immediate cash conversion. The inability to maintain a consistent FCF positive state warrants further investigation into the underlying unit economics of the newly acquired B2C operations.
Capital Intensity Rising Post-Acquisition
According to recent SEC filings, GMGI's capital expenditure as a percentage of revenue reached 12.2% in 2025Q4, a notable increase from the sub-3% levels observed in early 2024, reflecting the higher infrastructure requirements of the company's expanded hybrid B2B and B2C operational footprint.
This shift toward higher capital intensity suggests that the company is investing heavily in platform scalability and technological integration. Analysts should assess whether these expenditures are primarily maintenance-oriented or if they represent growth-focused investments intended to secure long-term competitive advantages in the gaming sector.
Working Capital Fluctuations Impact Liquidity
As indicated by the quarterly cash flow data, GMGI experienced a significant $11.4M working capital inflow in 2024Q4, which appears to have been a primary driver of that period's robust operating cash flow, contrasting with more neutral or negative trends in subsequent quarters.
The reliance on working capital swings to bolster cash flow suggests that the company's core operations may not yet be generating sufficient organic cash to cover its overhead. Investors should monitor the sustainability of these working capital movements to determine if they represent genuine operational efficiency or temporary timing differences.