Merlin, Inc.
MRLNNasdaqTechnology · Services-Computer Integrated Systems Design · E9 · SEC filings ↗ · Compare ⊕
View price & chart on Yahoo Finance ↗Financials
SEC XBRL · annual| FY25 | FY24 | |
|---|---|---|
| Revenue | — | — |
| Operating income | −$3.9M | −$251,144 |
| Net income | $6.0M | $1.5M |
| Total assets | $263.1M | $254.2M |
| Total liabilities | $12.1M | $9.8M |
| Equity | −$11.2M | −$7.4M |
| EPS (diluted) | — | — |
| Shares out. | — | — |
Reported figures from the company's SEC filings (XBRL). Blank where a line item isn't cleanly tagged — never estimated.
Key ratios
from filings · FY2025- Operating margin
- —
- Net margin
- —
- Return on equity
- −53.8%
- Return on assets
- 2.3%
- Return on capital (ROCE)
- −1.5%
- Liabilities / assets
- 4.6%
- Debt / equity
- —
- Book value / share
- —
- Revenue growth (YoY)
- —
- Net income growth (YoY)
- 295.4%
Computed from the company's own SEC figures — no market price, so these are facts, not a valuation. Book value per share is reported equity ÷ shares; it is not the stock price.
Financial health
forensic scores · FY2025- Altman Z″ (distress)
- -1.27distress
- Accruals / assets
- 2.8%clean
- Piotroski F-Score
- 2/6weak
Altman Z″is a textbook bankruptcy-distress score from book values only (>2.6 safe · 1.1–2.6 grey · <1.1 distress). Accruals = (net income − operating cash flow) ÷ assets; persistently high accruals are an earnings-quality red flag. Beneish M-Scoreis an eight-ratio screen comparing this year with last (M > −1.78 = elevated manipulation-risk screen, not proof). Piotroski F-Scorecounts how many of nine fundamental-health checks pass (shown as passed / applicable; we use operating margin and total liabilities as documented proxies where the exact input isn't XBRL-tagged). Computed from SEC filings — descriptive factors, not advice or a forecast.
Quality score
EDS ScoreOur own multi-factor score from free SEC data — profitability, growth, financial strength, earnings quality, and event/ownership catalysts. No market price and no licensed model: each axis is the share of source-backed checks it passes. Descriptive factors, not advice or a forecast.
Signs
● 2 severe● 1 warning● 2 good- Negative shareholder equity
- Altman Z″ in the distress zone
- Negative operating cash flow
- Conservative leverage (liabilities < 50% of assets)
- Clean earnings (low accruals)
Derived from the company's own SEC figures (fundamentals, forensic scores, filing discipline) — descriptive factors, not advice or a forecast.
5%+ owners
SEC Schedule 13D / 13G · last 3 yrs- First Trust Capital Management L.P.Passive (13G)May 15, 2026
- Alyeska Investment Group, L.P.Passive (13G)May 15, 2026
- Merus Global Investments, LlcPassive (13G)May 15, 2026
- Highbridge Capital Management LlcPassive (13G)May 15, 2026
- Goldman Sachs Group IncPassive (13G)May 15, 2026
- Ayrton Capital LlcPassive (13G)May 11, 2026
- Quiet Capital Management, LlcPassive (13G)May 8, 2026
- Snowpoint Ventures, LpPassive (13G)Mar 24, 2026
- Bleichroeder Sponsor 1 LlcPassive (13G)Mar 24, 2026
- Fr Capital Holdings, L.P.Passive (13G)Mar 23, 2026
- George Matthew SpencerActivist (13D)Mar 23, 2026
- Aqr Capital Management LlcPassive (13G)Feb 11, 2026
Holders who disclosed a 5%+ stake. 13D signals intent to influence or control; 13G is a passive holding. Latest filing per holder — open it for the exact stake.
Insider transactions
SEC Form 4 · most recent| Insider | Date | Type | Shares | Price |
|---|---|---|---|---|
| Carrithers Ryan MichaelOfficer — CFO & Treasurer | May 20, 2026 | Grant | 256,416 | — |
| Brunner Mark RawlinsOfficer — Chief Revenue Officer | May 20, 2026 | Grant | 225,904 | — |
| Trabuco CarolynDirector | May 20, 2026 | Grant | 37,500 | — |
| Ravestein Leslie ReneeOfficer — CLO and Secretary | May 20, 2026 | Grant | 199,036 | — |
| George Matthew SpencerOfficer — Chief Executive Officer | May 20, 2026 | Grant | 531,807 | — |
| George Matthew SpencerOfficer — Chief Executive Officer | Mar 16, 2026 | Grant | 14.9M | — |
| Bleichroeder Sponsor 1 Llc10% owner | Mar 13, 2026 | Option exercise | 8.3M | — |
Headline trade per Form 4 (officers, directors, 10%+ owners). Buy/sell read from the filing's structured data — blank where a field isn't cleanly tagged.
Short interest
FINRA · bi-monthly| Settlement | Shares short | Days to cover | Δ vs prior |
|---|---|---|---|
| May 15, 2026 | 2.6M | 1.7 | +6.9% |
| Apr 30, 2026 | 2.4M | 1.8 | +11.2% |
| Apr 15, 2026 | 2.1M | 1.3 | +110.2% |
| Mar 31, 2026 | 1.0M | 1.0 | +1914.5% |
Shares sold short as reported to FINRA. Days-to-cover = short shares ÷ average daily volume — higher means more potential squeeze pressure.
Material events
SEC Form 8-K · most recent- Results of operationsMay 14, 2026
- Entered a material agreement · Unregistered equity sale · Regulation FD disclosureApr 29, 2026
- Entered a material agreement · Completed an acquisition or disposition · Unregistered equity sale · Modified shareholder rights · Changed auditor · Change in control · Director / officer change · Amended charter or bylaws · Item 5.06 · Other material eventMar 20, 2026
- Shareholder voteMar 12, 2026
- Regulation FD disclosureFeb 20, 2026
- Entered a material agreement · Unregistered equity sale · Regulation FD disclosure · Other material eventNov 17, 2025
- Amended charter or bylaws · Shareholder voteOct 21, 2025
- Regulation FD disclosure · Other material eventSep 23, 2025
Events the company reported on Form 8-K, labelled by the SEC item code it filed under — its own classification, not our interpretation.
Recent SEC filings
All filings ↗- 4FORM 4May 22, 2026
- 4FORM 4May 22, 2026
- 4FORM 4May 22, 2026
- 4FORM 4May 22, 2026
- 4FORM 4May 22, 2026
- 4FORM 4May 22, 2026
- 4FORM 4May 22, 2026
- 4FORM 4May 22, 2026
- 4FORM 4May 22, 2026
- 4FORM 4May 22, 2026
- S-8REGISTRATION STATEMENTMay 20, 2026
- SCHEDULE 13G/AMay 15, 2026
- SCHEDULE 13GMay 15, 2026
- SCHEDULE 13G/AMay 15, 2026
- SCHEDULE 13G/AMay 15, 2026
Event-driven situations (2)
Spot an error in this record? Report it. Every correction is verified against the source filing before we change anything.