Merlin, Inc. (MRLN) - Net Assets
Based on the latest financial reports, Merlin, Inc. (MRLN) has net assets worth $-139.11 Million USD as of March 2026. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets ($145.38 Million) and total liabilities ($284.49 Million). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off. For live market cap and overall valuation, see MRLN company net worth.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | $-139.11 Million |
| % of Total Assets | -95.69% |
| Annual Growth Rate | N/A |
| 5-Year Change | N/A |
| 10-Year Change | N/A |
| Growth Volatility | N/A |
Merlin, Inc. - Net Assets Trend (2023–2025)
This chart illustrates how Merlin, Inc.'s net assets have evolved over time, based on quarterly financial data.
Annual Net Assets for Merlin, Inc. (2023–2025)
The table below shows the annual net assets of Merlin, Inc. from 2023 to 2025. See MRLN net asset quality score to measure how much of total assets are equity-financed.
| Year | Net Assets | Change |
|---|---|---|
| 2025-12-31 | $251.07 Million | +290.90% |
| 2024-12-31 | $-131.52 Million | -68.46% |
| 2023-12-31 | $-78.07 Million | -- |
Equity Component Analysis
This analysis shows how different components contribute to Merlin, Inc.'s total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have grown by 6911180200.0% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (December 2025)
| Component | Amount | Percentage |
|---|---|---|
| Common Stock | $262.24 Million | 104.45% |
| Total Equity | $251.07 Million | 100.00% |
Merlin, Inc. Competitors by Market Cap
The table below lists competitors of Merlin, Inc. ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Shenke Slide Bearing Corp
SHE:002633
|
$320.47 Million |
|
Sonix Technology Co Ltd
TW:5471
|
$320.52 Million |
|
Aekyung Petrochemical Co Ltd
KO:161000
|
$320.65 Million |
|
Orascom Development Holding AG
SW:ODHN
|
$320.65 Million |
|
Cogeco Inc.
TO:CGO
|
$320.44 Million |
|
Fossil Group Inc
NASDAQ:FOSL
|
$320.33 Million |
|
John Marshall Bancorp Inc
NASDAQ:JMSB
|
$320.21 Million |
|
DI Dong Il Corp
KO:001530
|
$320.18 Million |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Merlin, Inc.'s equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from -131,522,000 to 251,069,418, a change of 382,591,418.
- Net income of 6,008,347 contributed positively to equity growth.
- Other factors increased equity by 376,583,071.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | $6.01 Million | +2.39% |
| Other Changes | $376.58 Million | +149.99% |
| Total Change | $- | % |
Book Value vs Market Value Analysis
This analysis compares Merlin, Inc.'s book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 0.45x
- The company is trading below its book value, potentially indicating the market believes the assets are overvalued on the balance sheet or anticipates future losses.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2023-12-31 | $-2.31 | $3.32 | x |
| 2024-12-31 | $-3.90 | $3.32 | x |
| 2025-12-31 | $7.44 | $3.32 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Merlin, Inc. utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 2.39%
- The company may be facing challenges in efficiently utilizing shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 0.00%
- • Asset Turnover: 0.00x
- • Equity Multiplier: 1.05x
- Recent ROE (2.39%) is above the historical average (0.80%), indicating improving capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2023 | 0.00% | -3635.39% | 0.02x | 0.00x | $-28.66 Million |
| 2024 | 0.00% | -4495.77% | 0.02x | 0.00x | $-42.10 Million |
| 2025 | 2.39% | 0.00% | 0.00x | 1.05x | $-19.10 Million |
Industry Comparison
This section compares Merlin, Inc.'s net assets metrics with peer companies in the Aerospace & Defense industry.
Industry Context
- Industry: Aerospace & Defense
- Average net assets among peers: $1,198,354,440
- Average return on equity (ROE) among peers: 3.09%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Merlin, Inc. (MRLN) | $-139.11 Million | 0.00% | N/A | $320.46 Million |
| Archer Aviation Inc (ACHR) | $752.60 Million | -71.33% | 0.33x | $4.31 Billion |
| AAR Corp (AIR) | $902.60 Million | 2.75% | 1.30x | $5.58 Billion |
| Air Industries Group (AIRI) | $6.87 Million | -4.91% | 2.62x | $14.65 Million |
| AIRO Group Holdings, Inc. Common Stock (AIRO) | $595.46 Million | -5.45% | 0.24x | $217.18 Million |
| Arxis, Inc. Class A Common Stock (ARXS) | $2.98 Billion | -1.86% | 1.12x | $3.75 Billion |
| Astronics Corporation (ATRO) | $60.11 Million | -6.32% | 1.31x | $2.42 Billion |
| AeroVironment Inc (AVAV) | $169.74 Million | 12.60% | 0.19x | $7.43 Billion |
| AEVEX Corp. (AVEX) | $164.27 Million | 47.82% | 2.39x | $1.04 Billion |
| Axon Enterprise Inc. (AXON) | $1.62 Billion | 10.88% | 1.11x | $48.44 Billion |
| The Boeing Company (BA) | $4.74 Billion | 46.74% | 9.93x | $167.19 Billion |
About Merlin, Inc.
Merlin, Inc., an aerospace and defense technology company, develops AI-powered autonomous flight software and systems for aircraft in the United States and New Zealand. The company provides an aircraft-agnostic, AI-powered software platform that enables autonomous flight for both legacy and next-generation airborne systems. Its main product, the Merlin Pilot, is an integrated hardware and softwar… Read more