Meridian Corp financial statements

Income statement, balance sheet and cash flow statement for the last 9 fiscal years, taken from the XBRL data Meridian Corp files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue						4.73	4.93	5.74	6.32
Selling and marketing	2.25	2.36	2.48	2.85	3.71	4.34	3.73	3.29	3.88
Interest expense	6.78	11.4	16.5	13.7	8.41	18.6	67.6
Pre-tax income	5.79	10.5	13.5	34.5	46.3	27.9	17	21.8	28.4
Income tax	2.75	2.33	3.03	8.1	10.7	6.09	3.72	5.44	6.57
Net income	3.03	8.16	10.5	26.4	35.6	21.8	13.2	16.3	21.8
EPS, basic	0.25	0.64	0.82	2.16	2.96	1.85	1.19	1.47	1.93
EPS, diluted	0.25	0.64	0.82	2.14	2.87	1.79	1.16	1.45	1.89
Shares, basic (weighted)	0.01	12.8	12.8	12.2	12	11.8	11.1	11.1	11.3
Shares, diluted (weighted)	0.01	12.8	12.9	12.4	12.4	12.2	11.4	11.2	11.5
Dividend per share				0.13	0.79	0.90	0.50	0.50	0.50

Balance sheet

	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	35.5	24	39.4	36.7	23.5	38.4	56.7	27.5
Property, plant and equipment	9.74	9.64	8.64	7.78	11.8	13.3	13.6	12.2	12.4
Lease right-of-use assets						9	9.4	6.9	10.4
Goodwill		0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9
Intangible assets		4.15	3.87	3.6	3.38	3.18	2.97	2.77	2.56
Total assets	856	997	1,150	1,720	1,713	2,062	2,246	2,386	2,562
Short-term debt	99.8	114	124	107	41.3	113	141	98.6	107
Total liabilities	755	888	1,029	1,579	1,548	1,909	2,088	2,214	2,362
Total debt	8.86	6.24			0	8.94
Paid-in capital	79.5	79.9	80.2	81.2	83.7	79.1	80.3	81.5	90.4
Retained earnings	15.8	23.6	34.1	59	84.9	95.8	101	112	128
Treasury stock			-0	-5.83	-8.86	-21.8	-26.1	-26.1	-26.1
Other comprehensive income	-0.3	-0.39	-0	2.56	0.71	-11.5	-9.42	-8.14	-5.28
Shareholders' equity	101	110	121	142	165	153	158	172	200
Total equity	101	110	121	142	165	153	158	172	200
Total liabilities and equity	856	997	1,150	1,720	1,713	2,062	2,246	2,386	2,562
Shares outstanding	12.8	12.8	12.8	12.9	12.2	11.5	11.2	11.2	11.8

Cash flow statement

	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	3.03	8.16	10.5	26.4	35.6	21.8	13.2	16.3	21.8
Depreciation and amortization	0.96	1.42	1.69	1.6	1.3	1.4	1.6	2	1.4
Stock-based compensation			0.27	0.76	1.61	1.48	1.17	0.98	1.19
Deferred income tax	-0.07	-0.39	-0.5	1.25	-0.77	1.11	-0.23	-0.8	-0.37
Cash from operations	10.5	11	21.6	-158	165	84.7	18.9	9.6	24.3
Capital expenditures	-2.41	-1.64	-0.75	-0.75	-5.37	-2.91	-1.82	-0.57	-1.73
Acquisitions	-3.23
Purchases of investments	-12.6	-17.1	-44.7	-114	-74.3	-31.5	-33.2	-66.8	-49.9
Sales and maturities of investments	4.07	6.07	14	8.25	10.4	12.1	9.65	19.8	19
Cash from investing	-110	-156	-143	-371	-141	-393	-164	-165	-164
Debt issued					0	8.94
Debt repaid	-0.25	-0.83
Stock issued		0.13	0.13	0.2	1	0.71	0.28	0	7.52
Share buybacks			-0	-5.7	-3.03	-13	-4.26	0
Dividends paid				-1.53	-9.68	-10.9	-5.61	-5.6	-5.67
Cash from financing	116	133	137	527	-37.9	323	164	126	148
Net change in cash	16.6	-11.6	15.4	-2.63	-13.3	14.9	18.3	-29.2	8.32
Free cash flow	8.07	9.39	20.8	-159	160	81.8	17	9.03	22.6
Interest paid	6.76	11.3	15.7	13.6	9.53	16.2	59.7	88.5	79
Income taxes paid	2.75	2.74	2.64	5.3	14.1	5.37	3.1	3.08	11.2

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $19.27 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Pre-tax margin	417.0%	Pre-tax income / revenue.
Net margin	322.1%	Net income / revenue.
FCF margin	276.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	299.8%	Cash from operations / revenue.
Effective tax rate	22.8%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	10.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	0.8%	Net income / average total assets.
Stock-based pay / revenue	16.4%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	22.9%	Capital expenditures / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	10.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	10.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	33.6%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	0.0%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-3.8%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	30.3%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	1.8%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-2.4%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	153.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-34.0%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow growth, 1y	149.9%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-34.9%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share growth, 1y	0.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	-17.8%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	31.9%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	16.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	9.2%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	7.1%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	7.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	7.5%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	8.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	2.6%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-1.9%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-1.4%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Liabilities / assets	92.1%	Total liabilities / total assets.
Goodwill and intangibles / assets	0.1%	(Goodwill + intangible assets) / total assets.
Tangible book value	$201.5M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.00x	Revenue / average total assets.
Fixed asset turnover	0.54x	Revenue / average property, plant and equipment.
FCF conversion	86.0%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	7.6%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.78	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$0.55	Revenue / diluted weighted shares.
FCF per share	$1.53	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.66	Cash from operations / diluted weighted shares.
Book value per share	$17.18	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$16.89	Tangible book value / shares outstanding.
Payout ratio	28.5%	Dividends paid / net income, when net income is positive.
Dividends / FCF	33.2%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$229.9M	Share price x shares outstanding.
Enterprise value	$229.9M	Market cap + total debt - cash - short-term investments.
P/E	10.6x	Market cap / net income. Only when net income is positive.
P/S	34.2x	Market cap / revenue.
P/B	1.12x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.14x	Market cap / tangible book value, when positive.
P/FCF	12.3x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	11.4x	Market cap / cash from operations, when positive.
EV/Sales	34.2x	Enterprise value / revenue.
EV/FCF	12.3x	Enterprise value / free cash flow, when both are positive.
FCF yield	8.1%	Free cash flow / market cap.
Earnings yield	9.4%	Net income / market cap (the inverse of P/E).
Dividend yield	2.7%	Dividends paid over the period / market cap.
Shareholder yield	2.7%	(Dividends paid + share buybacks) / market cap.
PEG	5.80x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Meridian Corp's revenue in fiscal 2025?

Meridian Corp reported revenue of $6.3M for fiscal 2025, 10.1% higher than the year before.

Was Meridian Corp profitable in fiscal 2025?

Yes. Net income was $21.8M, a net margin of 345.7%.

How much free cash flow did Meridian Corp generate in fiscal 2025?

Cash from operations of $24.3M minus capital expenditures of $1.7M left free cash flow of $22.6M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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