← Back to Stock Screener← Stock Screener

ZYBERNO

Stock Report

Updated Jun 4, 2026

Meridian Holdings Inc./NV (GMGI)

Technology • NASDAQ

$9.58

Professional Investment Analysis

ZYBERNO SCORE →

Is it a great business? Is it getting better?

47.0/100

WEAK BUSINESS

Meridian Holdings Inc./NV (GMGI) scores 47/100 — weak fundamentals with mixed indicators requiring careful analysis before acting.

📊 How is the Zyberno Score calculated? +

The Zyberno Score answers one question: "Is this a quality business worth owning?" It's a 0-100 investment grade that evaluates business fundamentals across four critical dimensions, based on principles from Warren Buffett, Benjamin Graham, Peter Lynch, and Charlie Munger.

The 4 Core Categories (25 points each):

1. PROFITABILITY (25 pts)

Metrics: ROE, ROIC, Net Margin, Operating Margin
Thresholds: ROE >20% excellent • ROIC >20% excellent • Net Margin >20% excellent • Operating Margin >25% excellent

2. FINANCIAL STRENGTH (25 pts)

Metrics: Debt-to-Equity, Current Ratio, Interest Coverage, Altman Z-Score
Thresholds: D/E <0.3 excellent • Current Ratio >2.5 excellent • Interest Coverage >10x excellent • Altman Z >3.0 safe

3. CASH FLOW QUALITY (25 pts)

Metrics: Free Cash Flow, OCF vs Net Income, FCF Margin
Thresholds: Positive & growing FCF excellent • OCF/NI >1.2x excellent (cash earnings exceed accounting)

4. GROWTH & CONSISTENCY (25 pts)

Metrics: Revenue Growth, Net Income Growth, FCF Growth, Piotroski F-Score
Thresholds: Growth via log-linear regression • Piotroski 8-9 excellent, 6-7 good

Score Interpretation:

75-100

GREAT BUSINESS

65-74

GOOD BUSINESS

50-64

AVERAGE BUSINESS

30-49

WEAK BUSINESS

0-29

POOR BUSINESS

→ View full GMGI quality analysis & detailed breakdown

VALUATION SIGNAL

MARGIN OF SAFETY

Is this stock cheap or expensive relative to what the business has historically generated for owners?

+99.9%

Undervalued

Growth gap unavailable — insufficient data for reverse DCF calculation.

🎯 Expected Annual Return →

695.1%

5-year annualised assuming price converges to intrinsic value

💰 How is Margin of Safety calculated? +

Margin of Safety measures how much discount or premium you're paying relative to a stock's intrinsic value. It's Benjamin Graham's core principle: the larger the margin, the lower your downside risk.

Formula: (Intrinsic Value − Current Price) ÷ Intrinsic Value × 100%

How We Calculate Intrinsic Value (DCF Method):

Step 1: Calculate current Owner Earnings (OCF − Maintenance CapEx)

Step 2: Calculate company-specific growth rate using log-linear regression on 16 quarters of Owner Earnings

Step 3: Project 10 years forward using the calculated growth rate

Step 4: Discount each year's cash flow to present value using 10% discount rate

Step 5: Calculate terminal value using 3% perpetual growth rate

Step 6: Sum all discounted cash flows = Intrinsic Value

What The Percentages Mean:

+50% or more

EXCELLENT — Very undervalued

+25% to +50%

GOOD — Attractive discount

0% to +25%

FAIR — Reasonable value

0% to -25%

CAUTION — Slight premium

-25% or worse

POOR — Overvalued

"Price is what you pay, value is what you get." — Warren Buffett

→ View full GMGI valuation analysis · → View full GMGI Brina Gap analysis

📈 How is Brina Gap calculated? +

Brina Gap measures the difference between the growth a business can fundamentally sustain and the growth the market is already pricing in.

Formula: Fundamental Growth Rate − Market-Implied Growth Rate

The Two Components:

Fundamental Growth Rate = ROIC × Reinvestment Rate

What the business can sustainably grow at based on how much it reinvests and what return it earns on that capital. Grounded in historical financials.

Market-Implied Growth Rate = Reverse DCF

The growth rate the current Enterprise Value implicitly assumes. Calculated by back-solving a 10-year DCF model (10% WACC, 3% terminal growth) until the present value of projected cash flows equals EV.

What The Gap Means:

Gap > +5% Market Underestimates — potential upside

+2% to +5% Slight Underestimate

-2% to +2% Fairly Priced — market consensus matches fundamentals

-5% to -2% Slight Overestimate

Gap < -5% Market Overestimates — price embeds optimism fundamentals don't support

A positive gap (market underestimates) combined with a positive Margin of Safety is the strongest combined signal — the business is both cheap historically and forward economics are stronger than the price suggests.

Critical Financial Health Indicators

Return on Equity (Profitability):CRITICAL (-102.1%)

Debt-to-Equity (Solvency Risk):EXCELLENT (0.24x)

Operating Margin (Operational Efficiency):CRITICAL (-48.8%)

Return on Capital (Capital Efficiency):CRITICAL (-114.1%)

📊 Valuation Trilogy

Three interconnected metrics for complete valuation analysis

Click any metric for full methodology and detailed analysis

Zyberno's Verdict

Meridian Holdings Inc./NV (GMGI) stock report — Zyberno Score 47/100 (WEAK BUSINESS), Margin of Safety +99.9%, 695% expected annual return. Full financial analysis on Zyberno.

According to Zyberno's DCF model, Meridian Holdings Inc./NV (GMGI) trades at $9.58 against an estimated intrinsic value per share of $9,511.93 — a +99.9% Margin of Safety based on Owner Earnings of $19.18M TTM, projected at 100.0% growth for 10 years with a 2.5% terminal growth rate. Zyberno's model translates this into a 5-year expected return of 695.1% annually.

Over the trailing twelve months, GMGI generated $19.18M in Owner Earnings. Capital was deployed as follows: $3.00M returned via share buybacks, $6.18M invested in capital expenditures. Reinvestment rate: 4.2%. Owner Earnings have grown at 100.0% annually over the trailing five years using log-linear regression.

DIVISION I: EXECUTIVE SUMMARY

A. Market Valuation

Market Price & Capitalization (2)

Current Price:9.58

Market Cap:$121.10M

Valuation Multiples (3)

P/B Ratio:2.40x

P/S Ratio:0.64x

Peg Ratio:-999.00x

Enterprise Metrics (2)

Enterprise Value:$132.33M

Pfcf Ratio:6.32x

B. Profitability Assessment

Return Metrics (5)

ROE:

-102.1%

📊 Click to view full GMGI ROE analysis →

ROA:-55.1%

Roic:

-114.1%

📊 Click to view full GMGI ROIC analysis →

Reinvestment Rate:4.2%

Fundamental Growth Rate (g):-4.8%

Margin Analysis (3)

Operating Margin Ttm:-48.8%

Net Margin Ttm:-47.1%

Ebitda Margin:-37.7%

TTM Performance (3)

Gross Margin Ttm:56.5%

Operating Margin Ttm:-48.8%

Net Margin Ttm:-47.1%

Yield Metrics (3)

Earnings Yield:-$79.12

Owner Earnings Yield:$15.83

Dividend Yield:0.0%

C. Log-Linear Regression Growth Trends

Earnings Surprise (SUE) (3)

Earnings Surprise (SUE):

+0.39

📊 Click to view full GMGI Earnings Surprise analysis →

EPS Surprise vs Expected:127.6%

Latest Earnings Filed:2026-04-28

Revenue Growth (Linear) (1)

Revenue Growth Rate (Linear):77.1%

Earnings Growth (Linear) (1)

Net Income Growth Rate (Linear):24.9%

Cash Flow Growth (Linear) (2)

Free Cash Flow Growth Rate (Linear):100.0%

Operating Cash Flow Growth Rate (Linear):100.0%

Operating Growth (Linear) (1)

Operating Income Growth Rate (Linear):50.6%

D. Financial Stability

Liquidity Ratios (3)

Current Ratio:0.57x

Quick Ratio:0.48x

Cash Ratio:0.23x

Leverage Analysis (3)

Debt To Equity Ttm:0.24x

Debt-to-Equity Ratio:0.24x

Debt To Ebitda:-999.00x

Coverage Ratios (2)

Interest Coverage Ratio:-27.78x

Times Interest Earned:-27.78

Capital Structure (4)

Working Capital:-22,777,000.00

Cash And Cash Equivalents:12,000,000.00

Long Term Debt:$4.85M

Net Debt:$11.23M

DIVISION II: FINANCIAL STATEMENTS ANALYSIS

A. Income Statement Analysis

Revenue Components (2)

Revenue TTM: $190.24M

Linear Growth: 77.1%

📊 Click to view full GMGI Revenue analysis & methodology →

Cost Of Revenue Ttm:$82.84M

Profitability Breakdown (2)

Gross profit TTM: $107.40M

Linear Growth: 100.0%

📊 Click to view full GMGI Gross Profit analysis & methodology →

Operating income TTM: -$92.91M

Linear Growth: 50.6%

📊 Click to view full GMGI Operating Income analysis & methodology →

Bottom Line Performance (3)

Net income TTM: -$89.58M

Linear Growth: 24.9%

📊 Click to view full GMGI Net Income analysis & methodology →

Income Before Tax:-$93.73M

Ebitda Ttm:-71,689,588.00

Operating Expenses (5)

Operating Expenses:10,719,185.00

R And D Expense:231,700.00

Sga Expense:200,310,866.00

Income Tax Expense:-$4.17M

Interest Expense:3,461,210.00

Expense Ratios (3)

R And D To Revenue Percentage:0.5%

Sga To Revenue Percentage:399.8%

Ebitda Margin:-37.7%

B. Balance Sheet Analysis

Asset Composition (5)

Total Assets:$111.87M

Current Assets:$30.48M

Ppe Net:27,360,672.00

Goodwill:8,844,034.00

Intangible Assets:$26.23M

Liability Structure (4)

Total Liabilities:61,436,870.00

Current Liabilities:53,259,524.00

Long Term Debt:$4.85M

Short Term Debt:$18.37M

Equity & Capital (3)

Equity:$50.43M

Retained Earnings:-$30.80M

Common Stock:25,000,000.00

Working Capital Items (3)

Accounts Receivable:5,498,687.00

Inventory:4,863,081.00

Accounts Payable:18,374,031.00

Special Items (2)

Contract Liabilities:1,076,788.00

Stock Based Compensation:248,057.00

C. Cash Flow Analysis

Operating Activities (2)

Operating cash flow TTM: $22.77M

Linear Growth: 100.0%

Free cash flow TTM: $16.59M

Linear Growth: 100.0%

📊 Click to view full GMGI Free Cash Flow analysis & methodology →

Investment Activities (2)

Investing Cash Flow:-$2.47M

Capital Expenditures Ttm:6,184,530.00

Financing Activities (3)

Financing Cash Flow:-$4.57M

Dividends Paid Ttm:0.00

Stock Repurchase:3,000,000.00

Capital Transactions (3)

Common Stock Issuance:0.00

Long Term Debt Issuance:$2.15M

Long Term Debt Repayments:$3.79M

Non-Cash Items (1)

Depreciation Amortization Ttm:21,216,279.00

DIVISION III: OPERATIONAL METRICS

A. Per Share Analysis

Earnings Per Share (3)

EPS (Basic TTM):-7.58

Eps diluted TTM: -$7.58

Linear Growth: 56.4%

📊 Click to view full GMGI EPS analysis & methodology →

Earnings Per Share Ttm:-$7.09

Revenue & Cash Per Share (3)

Sales Per Share Ttm:15.05

Operating Cash Flow Per Share:$2.01

Fcf Per Share Ttm:1.52

Book Value & Capital (2)

Book Value Per Share:$3.99

Cash Per Share:0.95

Dividend Policy (1)

Dividend Payout Ratio:-999.00x

B. Operational Efficiency

Asset Utilization (2)

Asset Turnover Ttm:1.17x

Working Capital Turnover Ttm:-999.00x

Receivables Management (2)

Receivables Turnover Ttm:34.60x

Days Sales Outstanding Ttm:10.55

Inventory Management (2)

Inventory Turnover Ttm:17.03x

Days Inventory Outstanding Ttm:21.43

Payables & Cash Cycle (2)

Days Payable Outstanding:80.96

Cash Conversion Cycle:-48.98

C. Quality & Risk Metrics

Financial Quality Scores (2)

Financial Strength Score:60.00

Quality Score:45.00

Market Metrics (2)

Beta:0.00x

Volatility Category:unknown

DIVISION IV: INVESTMENT ANALYSIS

A. Value Investment Framework

Owner Earnings Analysis (3)

Owner earnings TTM: $19.18M

Linear Growth: 100.0%

📊 Click to view full GMGI Owner Earnings analysis & methodology →

Owner Earnings Per Share:$1.52

Owner Earnings Yield:$15.83

Growth Assessment (1)

Owner Earnings Growth Rate:$100.00

Damodaran Growth Analysis (2)

Reinvestment Rate:4.2%

Fundamental Growth Rate (g):-4.8%

Intrinsic Value Models (1)

Intrinsic Value:

$120.24B

📊 Click to view full GMGI DCF valuation →

Margin of Safety (1)

Margin Of Safety:

99.9%

📊 Click to view full GMGI valuation analysis →

Return Scenarios (1)

Theoretical 5-Year Return:

695.1%

📊 Click to view full GMGI expected return analysis →

Investment Assessment (1)

Buffett Assessment:Excellent margin of safety

B. Log-Linear Regression Growth Analysis

Growth Rates (Log-Linear Regression) (3)

Revenue Growth Rate (Linear):77.1%

Net Income Growth Rate (Linear):24.9%

Operating Income Growth Rate (Linear):50.6%

Cash Flow Growth Rates (2)

Free Cash Flow Growth Rate (Linear):100.0%

Operating Cash Flow Growth Rate (Linear):100.0%

Other Growth Rates (3)

Gross Profit Growth Rate (Linear):100.0%

Book Value Growth Rate (Linear):42.3%

Owner Earnings Growth Rate:$100.00

C. Company Profile & Context

Corporate Information (6)

Symbol:GMGI

Company Name:Meridian Holdings Inc./NV

Sector:Technology

Industry:Software

Exchange:NASDAQ

Country:United States

Market Classification (3)

Market Cap Category:N/A

Price Category:low

Volume Category:N/A

Share Structure (3)

Shares Outstanding:12.64M

Shares Outstanding Basic:12.64M

Shares Outstanding Diluted:12.79M

Data Processing Info (3)

Processing Version:v3.0

Last Updated:2026-06-04 17:15:12 UTC

Data Timestamp:2026-06-04T17:15:12.597645