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ZYBERNO

Stock Report

Updated Aug 31, 2026

MEDALLION FINANCIAL CORP (MFIN)

Financial Services • NASDAQ

$11.95

Professional Investment Analysis

ZYBERNO SCORE →

Is it a great business? Is it getting better?

25.0/100

POOR BUSINESS

MEDALLION FINANCIAL CORP (MFIN) scores 25/100 — concerning metrics indicating significant structural or financial risks.

📊 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 MFIN 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?

Margin of Safety unavailable — insufficient data for the owner-earnings DCF.

BRINA GAP ↗

Is the market underestimating or overestimating what this business is capable of going forward?

-26.7%

Market Overestimates

💰 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 MFIN valuation analysis · → View full MFIN 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):POOR (6.4%)

Debt-to-Equity (Solvency Risk):CRITICAL (5.24x)

Operating Margin (Operational Efficiency):GOOD (20.3%)

Return on Capital (Capital Efficiency):CRITICAL (1.2%)

📊 Valuation Trilogy

Three interconnected metrics for complete valuation analysis

Click any metric for full methodology and detailed analysis

Zyberno's Verdict

MEDALLION FINANCIAL CORP (MFIN) stock report — Zyberno Score 25/100 (POOR BUSINESS). Full financial analysis on Zyberno.

According to Zyberno's DCF model, MEDALLION FINANCIAL CORP (MFIN) shows a Brina Gap of -26.7%, which weakens the case: based on the company's ROIC (1.2%) and reinvestment rate (-18.6%), the business can fundamentally grow at -0.2% — but the current enterprise value implies the market expects 26.5%.

DIVISION I: EXECUTIVE SUMMARY

A. Market Valuation

Market Price & Capitalization (2)

Current Price:11.95

Market Cap:$278.30M

Valuation Multiples (4)

P/E Ratio:

8.98x

📊 Click to view full MFIN P/E analysis →

P/B Ratio:0.55x

P/S Ratio:0.85x

Peg Ratio:-999.00x

Enterprise Metrics (2)

Enterprise Value:$3.63B

Ev Ebitda Ratio:49.59x

Price Action & Momentum (3)

12-1 Momentum:

+2.3% (57th pctile)

📈 Click to view full MFIN Momentum analysis →

Momentum Percentile:57 / 100

% of 52-Week High:99.0%

B. Profitability Assessment

Return Metrics (7)

ROE:

6.4%

📊 Click to view full MFIN ROE analysis →

ROA:1.1%

Roic:

1.2%

📊 Click to view full MFIN ROIC analysis →

Reinvestment Rate:-18.6%

Fundamental Growth Rate (g):-0.2%

Market-Implied Growth Rate:26.5%

Brina Gap:

-26.7%

☷ Click to view full MFIN Brina Gap analysis →

Margin Analysis (3)

Operating Margin Ttm:20.3%

Net Margin Ttm:9.9%

Ebitda Margin:22.4%

TTM Performance (2)

Operating Margin Ttm:20.3%

Net Margin Ttm:9.9%

Yield Metrics (2)

Earnings Yield:$11.61

Dividend Yield:4.2%

C. Log-Linear Regression Growth Trends

Earnings Surprise (SUE) (3)

Earnings Surprise (SUE):

-0.55

📊 Click to view full MFIN Earnings Surprise analysis →

EPS Surprise vs Expected:-25.1%

Latest Earnings Filed:2026-08-05

Revenue Growth (Linear) (1)

Revenue Growth Rate (Linear):13.1%

Earnings Growth (Linear) (1)

Net Income Growth Rate (Linear):-12.0%

Cash Flow Growth (Linear) (1)

Operating Cash Flow Growth Rate (Linear):13.4%

Operating Growth (Linear) (1)

Operating Income Growth Rate (Linear):-3.9%

D. Financial Stability

Liquidity Ratios (3)

Current Ratio:0.08x

Quick Ratio:0.08x

Cash Ratio:0.08x

Leverage Analysis (3)

Debt To Equity Ttm:5.24x

Debt-to-Equity Ratio:5.24x

Debt To Ebitda:48.14x

Coverage Ratios (2)

Interest Coverage Ratio:0.36x

Times Interest Earned:0.36

Capital Structure (4)

Working Capital:-2,121,354,000.00

Cash And Cash Equivalents:172,581,000.00

Long Term Debt:$2.65B

Net Debt:$3.35B

DIVISION II: FINANCIAL STATEMENTS ANALYSIS

A. Income Statement Analysis

Revenue Components (2)

Revenue TTM: $325.90M

Linear Growth: 13.1%

📊 Click to view full MFIN Revenue analysis & methodology →

Cost Of Revenue Ttm:$0.00

Profitability Breakdown (2)

$0.00

Operating income TTM: $66.29M

Linear Growth: -3.9%

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

Bottom Line Performance (3)

Net income TTM: $32.36M

Linear Growth: -12.0%

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

Income Before Tax:$66.29M

Ebitda Ttm:73,134,000.00

Operating Expenses (5)

Operating Expenses:90,203,000.00

R And D Expense:0.00

Sga Expense:0.00

Income Tax Expense:$21.07M

Interest Expense:223,417,000.00

Expense Ratios (3)

R And D To Revenue Percentage:0.0%

Sga To Revenue Percentage:0.0%

Ebitda Margin:22.4%

B. Balance Sheet Analysis

Asset Composition (5)

Total Assets:$3.19B

Current Assets:$172.58M

Ppe Net:0.00

Goodwill:150,803,000.00

Intangible Assets:$16.98M

Liability Structure (4)

Total Liabilities:2,688,138,000.00

Current Liabilities:2,293,935,000.00

Long Term Debt:$2.65B

Short Term Debt:$874.61M

Equity & Capital (3)

Equity:$505.45M

Retained Earnings:$168.59M

Common Stock:50,000,000.00

Working Capital Items (3)

Accounts Receivable:0.00

Inventory:0.00

Accounts Payable:22,206,000.00

Special Items (2)

Contract Liabilities:0.00

Stock Based Compensation:1,900,000.00

C. Cash Flow Analysis

Operating Activities (2)

Operating cash flow TTM: $131.34M

Linear Growth: 13.4%

$0.00

Investment Activities (1)

Investing Cash Flow:-$86.03M

Financing Activities (3)

Financing Cash Flow:-$18.21M

Dividends Paid Ttm:11,212,000.00

Stock Repurchase:0.00

Capital Transactions (3)

Common Stock Issuance:0.00

Long Term Debt Issuance:$0.00

Long Term Debt Repayments:$0.00

Non-Cash Items (1)

Depreciation Amortization Ttm:6,846,000.00

DIVISION III: OPERATIONAL METRICS

A. Per Share Analysis

Earnings Per Share (3)

EPS (Basic TTM):1.40

Eps diluted TTM: $1.33

Linear Growth: -13.4%

📊 Click to view full MFIN EPS analysis & methodology →

Earnings Per Share Ttm:$1.39

Revenue & Cash Per Share (2)

Sales Per Share Ttm:13.99

Operating Cash Flow Per Share:$5.42

Book Value & Capital (2)

Book Value Per Share:$21.70

Cash Per Share:7.41

Dividend Policy (1)

Dividend Payout Ratio:43.86x

B. Operational Efficiency

Asset Utilization (2)

Asset Turnover Ttm:0.11x

Working Capital Turnover Ttm:-999.00x

Receivables Management (2)

Receivables Turnover Ttm:-999.00x

Days Sales Outstanding Ttm:-999.00

Inventory Management (2)

Inventory Turnover Ttm:-999.00x

Days Inventory Outstanding Ttm:-999.00

Payables & Cash Cycle (2)

Days Payable Outstanding:24.87

Cash Conversion Cycle:-2,022.87

C. Quality & Risk Metrics

Financial Quality Scores (2)

Financial Strength Score:0.00

Quality Score:75.00

Market Metrics (2)

Beta:0.00x

Volatility Category:unknown

DIVISION IV: INVESTMENT ANALYSIS

A. Value Investment Framework

Damodaran Growth Analysis (4)

Reinvestment Rate:-18.6%

Fundamental Growth Rate (g):-0.2%

Market-Implied Growth Rate:26.5%

Brina Gap:

-26.7%

☷ Click to view full MFIN Brina Gap analysis →

B. Log-Linear Regression Growth Analysis

Growth Rates (Log-Linear Regression) (3)

Revenue Growth Rate (Linear):13.1%

Net Income Growth Rate (Linear):-12.0%

Operating Income Growth Rate (Linear):-3.9%

Cash Flow Growth Rates (1)

Operating Cash Flow Growth Rate (Linear):13.4%

Other Growth Rates (1)

Book Value Growth Rate (Linear):11.0%

C. Company Profile & Context

Corporate Information (6)

Symbol:MFIN

Company Name:MEDALLION FINANCIAL CORP

Sector:Financial Services

Industry:Finance Services

Exchange:NASDAQ

Country:United States

Market Classification (3)

Market Cap Category:N/A

Price Category:medium

Volume Category:N/A

Share Structure (3)

Shares Outstanding:23.29M

Shares Outstanding Basic:23.29M

Shares Outstanding Diluted:24.01M

Data Processing Info (3)

Processing Version:v3.0

Last Updated:2026-08-31 06:09:06 UTC

Data Timestamp:2026-08-18T17:11:23.024166