Symbols / MRLN Stock $5.28 -6.22% Merlin, Inc.

Industrials • Aerospace & Defense • United States • NGM
MRLN (Stock) Chart
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Stock Fundamentals
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Index EQUITY
Sector Industrials
Industry Aerospace & Defense
CEO Mr. Matthew George
Exch · Country NGM · United States
Market Cap 509.65M
Enterprise Value 569.29M
Income -499.60M
Sales 7.68M
FCF (ttm) —
Book/sh -100.93
Cash/sh 1.27
Employees —
Insider 10d —
IPO Dec 02, 2024
Div forward ($/yr)
Div TTM ($/yr)
Dividend Yield
Ex-Div Date
5Y Avg Yield
Yield vs 5Y Avg
Payout 0.00%
P/E —
Forward P/E -7.33
PEG —
P/S 66.32
P/B -0.05
P/C —
EV/EBITDA -8.19
EV/Sales 74.08
Quick Ratio 8.35
Current Ratio 8.72
Debt/Eq 5.87
LT Debt/Eq —
EPS (ttm) -5.85
EPS next Y -0.72
EPS Growth —
Revenue Growth 15.40%
EPS Gr Q/Q —
Rev Gr Q/Q —
Earnings (next) 2026-08-13
Earnings (prior) 2026-05-15
ROA —
ROE —
ROIC —
Gross Margin 0.36%
Oper. Margin -26.96%
Profit Margin 0.00%
Shs Outstand 96.52M
Shs Float 28.64M
Insider Own 61.84%
Instit Own 32.30%
Short Float —
Short Ratio 1.44
Short Interest 3.25M
52W High 17.00
vs 52W High -68.94%
52W Low 5.28
vs 52W Low 0.00%
Beta —
Impl. Vol. 3.13%
Rel Volume 0.88
Avg Volume 2.49M
Volume 2.20M
Target (mean) $13.00
Tgt Median $13.00
Tgt Low $11.00
Tgt High $15.00
# Analysts 2
Recom Strong_buy
Prev Close $5.63
Price $5.28
Change -6.22%
About

Merlin, Inc., an aerospace and defense technology company, develops AI-powered autonomous flight software and systems for aircraft in the United States and New Zealand. The company provides an aircraft-agnostic, AI-powered software platform that enables autonomous flight for both legacy and next-generation airborne systems. Its main product, the Merlin Pilot, is an integrated hardware and software solution that manages navigation, communication with air traffic control, obstacle avoidance, and real-time decision-making using sensor technologies and natural language processing. The company supports both military and civil aviation programs, offering solutions for missions such as cargo transport and national security operations. It collaborates with partners and regulatory bodies to conduct flight trials and support the certification of autonomous flight systems. The company serves defense organizations, commercial aviation clients, government agencies, regulators, and air cargo operators. The company was founded in 2018 and is based in Boston, Massachusetts.

Valuation Models

Price estimates from analyst targets and simple models.

1. Analyst consensus
$13.00
Mean price target
2. Current target
$5.28
Latest analyst target
3. DCF / Fair value
$13.00
Proxy: analyst mean price target (no FCF/EPS data available).
Ratings
Current target
$5.28
Low
$11.00
High
$15.00
Mean
$13.00

Latest analyst rating changes

Date Action Analyst Rating Change Price Target
2026-06-03 init TD Cowen — → Buy $11
2026-04-16 main Roth Capital Buy → Buy $25
2026-04-14 init Roth Capital — → Buy $15
News
RSS: Latest MRLN news
Insider Transactions
Filed Date Insider Relationship Transaction Shares Price Value SEC
2026-05-20 MONTELONGO MICHAEL Director — 37,500 $0.00 $0
2026-05-20 BRANNON KELYN J Director — 37,500 $0.00 $0
2026-05-20 BLITZER MICHAEL Director — 37,500 $0.00 $0
2026-05-20 TRABUCO CAROLYN L. Director — 37,500 $0.00 $0
2026-05-20 SMITH ROBERT HANSON Director — 37,500 $0.00 $0
2026-05-20 GEORGE MATTHEW SPENCER Chief Executive Officer — 531,807 $0.00 $0
2026-05-20 CARRITHERS RYAN MICHAEL Chief Financial Officer — 256,416 $0.00 $0
2026-05-20 RAVESTEIN LESLIE RENEE Officer — 199,036 $0.00 $0
2026-05-20 BRAITHWAITE KENNETH Director — 37,500 $0.00 $0
2026-05-20 BRUNNER MARK RAWLINS Officer — 225,904 $0.00 $0
Financials
Statement View
Amounts in millions (2 decimals, no suffix) • EPS per share (2 decimals) • Trend = period evolution • YoY Growth = previous period %
Line Item Trend 2024-12-31 2023-12-31
Total Revenue
1.23
+22.53%
1.00
Operating Revenue
1.23
+22.53%
1.00
Cost Of Revenue
8.50
+1056.46%
0.73
Reconciled Cost Of Revenue
8.50
+1056.46%
0.73
Gross Profit
-7.27
-2813.06%
0.27
Operating Expense
46.75
+20.80%
38.70
Research And Development
27.15
+10.04%
24.67
Selling General And Administration
19.61
+39.71%
14.04
Selling And Marketing Expense
1.74
+47.80%
1.18
General And Administrative Expense
17.86
+38.97%
12.86
Other Gand A
17.86
+38.97%
12.86
Total Expenses
55.25
+40.10%
39.44
Operating Income
-54.02
-40.56%
-38.44
Total Operating Income As Reported
-54.02
-40.56%
-38.44
EBITDA
-50.44
-49.87%
-33.66
Normalized EBITDA
-50.18
-49.33%
-33.60
Reconciled Depreciation
2.04
+13.58%
1.80
EBIT
-52.48
-48.03%
-35.45
Total Unusual Items
-0.27
-381.82%
-0.06
Total Unusual Items Excluding Goodwill
-0.27
-381.82%
-0.06
Net Income
-55.25
-51.53%
-36.46
Pretax Income
-54.90
-53.54%
-35.76
Net Non Operating Interest Income Expense
-0.41
-114.08%
2.95
Interest Expense Non Operating
2.42
+696.05%
0.30
Net Interest Income
-0.41
-114.08%
2.95
Interest Expense
2.42
+696.05%
0.30
Interest Income Non Operating
2.00
-38.35%
3.25
Interest Income
2.00
-38.35%
3.25
Other Income Expense
-0.46
-71.75%
-0.27
Other Non Operating Income Expenses
-0.20
+7.94%
-0.21
Gain On Sale Of Security
-0.27
-381.82%
-0.06
Tax Provision
0.35
-50.28%
0.71
Tax Rate For Calcs
0.00
+0.00%
0.00
Tax Effect Of Unusual Items
-0.06
-381.82%
-0.01
Net Income Including Noncontrolling Interests
-55.25
-51.53%
-36.46
Net Income From Continuing Operation Net Minority Interest
-55.25
-51.53%
-36.46
Net Income From Continuing And Discontinued Operation
-55.25
-51.53%
-36.46
Net Income Continuous Operations
-55.25
-51.53%
-36.46
Normalized Income
-55.04
-51.14%
-36.42
Net Income Common Stockholders
-55.25
-51.53%
-36.46
Diluted EPS
-0.78
-51.53%
-0.51
Basic EPS
-0.78
-51.53%
-0.51
Basic Average Shares
70.95
+0.00%
70.95
Diluted Average Shares
70.95
+0.00%
70.95
Diluted NI Availto Com Stockholders
-55.25
-51.53%
-36.46
Line Item Trend 2024-12-31 2023-12-31
Total Assets
49.19
-21.18%
62.41
Current Assets
39.15
-25.65%
52.65
Cash Cash Equivalents And Short Term Investments
37.57
-26.38%
51.03
Cash And Cash Equivalents
37.20
-26.32%
50.48
Other Short Term Investments
0.38
-31.20%
0.55
Receivables
0.54
+2452.38%
0.02
Accounts Receivable
0.54
+2452.38%
0.02
Other Current Assets
1.04
-34.96%
1.60
Total Non Current Assets
10.05
+2.91%
9.76
Net PPE
9.94
+3.21%
9.63
Gross PPE
13.53
+15.25%
11.74
Accumulated Depreciation
-3.60
-70.14%
-2.11
Properties
0.00
0.00
Machinery Furniture Equipment
11.79
+18.92%
9.91
Other Properties
1.35
-7.54%
1.46
Leases
0.39
+6.78%
0.37
Non Current Prepaid Assets
0.11
-18.66%
0.13
Total Liabilities Net Minority Interest
180.72
+28.63%
140.49
Current Liabilities
24.19
+407.30%
4.77
Payables And Accrued Expenses
3.98
+22.90%
3.24
Payables
1.29
-7.31%
1.40
Accounts Payable
1.29
-7.31%
1.40
Current Accrued Expenses
2.68
+45.82%
1.84
Current Debt And Capital Lease Obligation
14.93
+874.74%
1.53
Current Debt
14.22
+1322.40%
1.00
Other Current Borrowings
14.22
+1322.40%
1.00
Current Capital Lease Obligation
0.71
+33.27%
0.53
Current Deferred Liabilities
0.11
0.00
Current Deferred Revenue
0.11
0.00
Total Non Current Liabilities Net Minority Interest
156.53
+15.33%
135.72
Long Term Debt And Capital Lease Obligation
22.33
+879.21%
2.28
Long Term Debt
21.67
+1590.56%
1.28
Long Term Capital Lease Obligation
0.65
-34.57%
1.00
Preferred Securities Outside Stock Equity
130.62
+0.00%
130.62
Stockholders Equity
-131.52
-68.46%
-78.07
Common Stock Equity
-131.52
-68.46%
-78.07
Capital Stock
0.00
+0.00%
0.00
Common Stock
0.00
+0.00%
0.00
Share Issued
82.69
+0.00%
82.69
Ordinary Shares Number
82.69
+0.00%
82.69
Additional Paid In Capital
4.01
+81.90%
2.20
Retained Earnings
-135.53
-68.83%
-80.28
Total Equity Gross Minority Interest
-131.52
-68.46%
-78.07
Total Capitalization
-109.85
-43.05%
-76.79
Working Capital
14.96
-68.76%
47.88
Invested Capital
-95.62
-26.17%
-75.79
Total Debt
37.26
+877.41%
3.81
Capital Lease Obligations
1.36
-10.98%
1.53
Net Tangible Assets
-131.52
-68.46%
-78.07
Tangible Book Value
-131.52
-68.46%
-78.07
Current Provisions
5.17
—
Derivative Product Liabilities
3.59
+26.94%
2.83
Line Item Trend 2024-12-31 2023-12-31
Operating Cash Flow
-45.54
-43.67%
-31.70
Cash Flow From Continuing Operating Activities
-45.54
-43.67%
-31.70
Net Income From Continuing Operations
-55.25
-51.53%
-36.46
Depreciation Amortization Depletion
2.04
+13.58%
1.80
Depreciation
2.04
+13.58%
1.80
Depreciation And Amortization
2.04
+13.58%
1.80
Other Non Cash Items
0.21
+67.48%
0.12
Stock Based Compensation
1.74
-3.71%
1.81
Provisionand Write Offof Assets
6.35
0.00
Operating Gains Losses
0.07
+153.13%
-0.13
Gain Loss On Investment Securities
0.27
+381.82%
0.06
Net Foreign Currency Exchange Gain Loss
-0.20
+1.01%
-0.20
Gain Loss On Sale Of PPE
0.00
-100.00%
0.02
Change In Working Capital
-0.69
-158.60%
1.17
Change In Receivables
-0.51
-2905.88%
-0.02
Changes In Account Receivables
-0.51
-2905.88%
-0.02
Change In Prepaid Assets
0.71
+362.73%
-0.27
Change In Payables And Accrued Expense
0.80
-62.62%
2.13
Change In Accrued Expense
0.89
+523.22%
-0.21
Change In Payable
-0.10
-104.19%
2.34
Change In Account Payable
-0.10
-104.19%
2.34
Change In Other Working Capital
-1.07
—
Change In Other Current Liabilities
-0.61
+8.66%
-0.67
Investing Cash Flow
-1.69
+65.22%
-4.87
Cash Flow From Continuing Investing Activities
-1.69
+65.22%
-4.87
Net PPE Purchase And Sale
-1.90
+60.61%
-4.83
Purchase Of PPE
-1.90
+60.69%
-4.84
Sale Of PPE
0.00
-100.00%
0.01
Capital Expenditure
-1.90
+60.69%
-4.84
Net Investment Purchase And Sale
0.21
+720.59%
-0.03
Financing Cash Flow
33.94
+1454.35%
-2.51
Cash Flow From Continuing Financing Activities
33.94
+1454.35%
-2.51
Net Issuance Payments Of Debt
33.38
+3382.01%
-1.02
Issuance Of Debt
34.38
0.00
Repayment Of Debt
-1.00
+1.67%
-1.02
Long Term Debt Issuance
34.38
0.00
Long Term Debt Payments
-1.00
+1.67%
-1.02
Net Long Term Debt Issuance
33.38
+3382.01%
-1.02
Repurchase Of Capital Stock
0.00
+100.00%
-1.51
Proceeds From Stock Option Exercised
0.56
+2576.19%
0.02
Changes In Cash
-13.29
+65.98%
-39.07
Beginning Cash Position
50.48
-43.63%
89.56
End Cash Position
37.20
-26.32%
50.48
Free Cash Flow
-47.44
-29.83%
-36.54
Interest Paid Supplemental Data
1.59
+572.03%
0.24
Income Tax Paid Supplemental Data
0.24
+79.55%
0.13
Net Preferred Stock Issuance
0.00
+100.00%
-1.51
Preferred Stock Payments
0.00
+100.00%
-1.51
SEC Filings

Recent 10-K, 10-Q, 8-K, and Form 4 (insider) filings.

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