Merlin, Inc. (MRLN) Stock Score, Valuation & Financial Research

Merlin, Inc. is in the Industrials sector and Aerospace & Defense industry. It is reviewed using Wall Street Score's company-strength, valuation, growth and financial-health framework. A complete Wall Street Score is not currently available.

Quick answer for MRLN

Merlin, Inc. does not currently have a complete Wall Street Score. The stored market price is USD 1.56. These figures are a research snapshot, not a buy or sell recommendation.

What Merlin, Inc. does

Merlin, Inc. is a US-based developer of cost-effective, takeoff-to-touchdown autonomy for both legacy and next-generation airborne systems. Its aircraft-agnostic, AI-powered software is purpose-built for military and civil programs and is powering an expanding range of missions and aircraft, proven through numerous autonomous flights from test facilities worldwide. The company works with military customers to address national security challenges through safe and reliable autonomy.

Company business and revenue

Research reporting period: 2025-12-31. A research update is not a new financial filing.

How the company makes money

Merlin, Inc. is an autonomous flight software company that develops technology to fulfill the functions of a human pilot in self-flying aircraft. The company aims to enable reduced crew and unmanned flight operations through its proprietary software platform.

Products and services

  • Autonomous flight software designed to enable reduced crew and unmanned flight operations for aircraft.

Business risks and research considerations

  • The company is in the early stages of development and has a limited operating history, which makes it difficult to evaluate its business and prospects. Source
  • The company has incurred significant losses since inception and expects to continue to incur losses for the foreseeable future. Source

Sources: Company research source

Company research refreshed 2026-10-12. This is saved research, not a live check of company relationships. Check the reporting period and source disclosures. Financial figures and scores follow their separate update schedules.

MRLN financial snapshot

Statement amounts: USD. Quote amounts: USD. No exchange-rate conversion is performed in this snapshot. Market-capitalization currency is not supplied by this projection.

Wall Street Score:
Not currently available
Stored price:
USD 1.56
Market capitalization:
150.58M (currency not supplied)
Revenue:
USD 3.2M
Net income:
USD -147.56M
Free cash flow:
USD -1.33M
Cash:
USD 183.55M
Total debt:
USD 2.19M
EPS:
USD -2.63

What stands out

  • Free cash flow is USD -1.33M, negative for the stored period.
  • The balance sheet shows USD 183.55M of cash versus USD 2.19M of total debt, an excess of cash over debt on these two reported measures.
  • The current research record carries a fundamental change risk warning, which should be reviewed alongside the score.

Company-specific financial comparisons

The following are calculated from saved company data, not forecasts or statements about future performance. Differences in reporting dates or units can make a ratio misleading; verify the original filings.

  • Free cash flow is -41.6% of stored revenue. This is a simple cross-field ratio, not a verified same-period cash conversion margin; confirm reporting periods before comparison.
  • Net income equals -4617.1% of stored revenue. This is an indicative ratio only; accounting periods and units should be verified in filings.
  • Cash exceeds debt by USD 181.36M using the stored balance-sheet values. This does not include other obligations or restricted cash.

Questions worth answering for MRLN

Use these questions to check the stored figures against the latest company filings. They identify issues to investigate; they are not findings about management's plans or future results.

  • How long can MRLN fund negative free cash flow using its current cash position before it may need more debt or new shares?
  • How is MRLN likely to use its cash advantage: reinvestment, acquisitions, debt reduction, dividends or buybacks?
  • What specifically needs to improve for MRLN to reach sustainable profitability?
  • What does the current fundamental change risk warning mean for the reliability or interpretation of MRLN's score?

What the numbers mean

A complete valuation score is not currently available, so valuation should be checked using the available earnings, cash-flow and price data.

A complete financial score is not currently available, so investors should review cash, debt, earnings and cash flow directly.

A strong company and an attractive stock price are not always the same thing. Revenue, earnings, free cash flow, debt, management quality, competitive advantage and valuation should be considered together. Wall Street Score organizes these inputs into a consistent research framework so investors can identify what deserves deeper review.

Data freshness: Financial data last refreshed 2026-10-05.

Research-input completeness: 64% of the scoring inputs required for this public page are currently available.

How to research MRLN

Start by understanding how the company makes money. Then compare revenue and earnings trends, cash generation, debt, liquidity and valuation. Review the company's latest filings and earnings reports before acting on any score or model estimate.

Learn how to analyze a stock · Read the Wall Street Score methodology · Browse other stocks

Data may change as company filings and market prices update. Educational research only; not a buy or sell recommendation.