Merlin, Inc.
Merlin, Inc. is an aerospace and defense technology company focused on autonomous flight software and systems for aircraft. Its flagship Merlin Pilot platform combines hardware and AI-powered software to support takeoff-to-touchdown flight operations, including navigation, trajectory adjustments, air traffic control communication, obstacle avoidance, and real-time decision-making. The company’s aircraft-agnostic approach is designed for both legacy and next-generation airborne systems, serving military and civil aviation programs. Merlin’s products are used across a range of mission profiles and aircraft types, with an emphasis on reducing crew requirements and enabling unmanned operations. Headquartered in Boston, Massachusetts, Merlin, Inc. operates in a specialized segment of the aviation market where autonomy, sensor integration, and mission-ready software are increasingly important for defense and commercial applications.
$1.10
-$0.03 (-2.23%)
EOD Oct 16, 2026
The business is unprofitable at the operating level (-4395.85% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue grew 22.5%, still solid. Margins contracted 563.7pp, which offsets some of the top-line progress.
ROIC dropped from -37.21% to -207.83%, capital efficiency is deteriorating. Negative free cash flow of -$47M. The business is consuming cash, not generating it.
Price History
Valuation & Multiples
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
$8M
▲ +22.5% YoY
Net Income (TTM)
-$192M
▼ -51.5% YoY
Op. Margin
-1071.65%
▼ -563.7pp YoY
ROIC
-207.83%
▼ -170.6pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$85M
▼ -29.8% YoY
Op. Cash Flow (TTM)
-$81M
▼ -46.5% YoY
Net Debt
-$313K
Net Cash Position
Cash & Equiv.
$38M
3Y CAGR: -79.1%
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Is Merlin (MRLN) overvalued?
Merlin (MRLN)'s valuation is best read against its own history, its peers, and the growth its price implies. A high multiple is not the same as overvalued: fast-growing, high-quality businesses can deserve a premium. See the general approach in how to tell if a stock is overvalued.
On quality, Merlin scores 10/100 on Intrinsiqq's quality scorecard (a lower-quality business on these measures), weighing growth, margins, returns on capital, share count, and balance-sheet strength. All figures are computed from company filings; read the full methodology, or see how the market compares in our US profitability statistics. This is analysis, not investment advice.
Frequently asked
Is Merlin a high-quality business?+
Merlin scores 10 out of 100 on Intrinsiqq's quality score, a weighted blend of 5 metrics each scored 0 to 100, which makes it a lower-quality business on these measures. Recent fundamentals include a -1,071.7% operating margin and a -207.8% return on invested capital. The score weighs revenue and free-cash-flow growth, operating margins, return on invested capital, share-count change, and balance-sheet strength, all computed from company filings, not opinion. Because valuation only means something relative to quality, the full metric-by-metric breakdown is on the quality scorecard.
Is Merlin a good stock to buy right now?+
That depends on valuation and quality together, not either alone. you should weigh MRLN's valuation and scores 10/100 on quality (lower-quality). A cheap price is only a bargain if the business is durable, and a premium can be justified by genuine quality, so the two questions, "is it cheap?" and "is it good?", only make sense side by side. Read the valuation against the quality scorecard, run the DCF on your own assumptions, and decide for yourself. This is analysis from company filings, not investment advice.
Related stocks: Aerospace & Defense
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Data sourced from company filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.