Added to YB: 2026-04-10
Pitch date: 2026-04-10
MRLN [bullish]
Merlin, Inc.
+27.63%
current return
Author Info
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Company Info
Merlin, Inc. develops AI-powered autonomous flight software and systems for aircraft in the United States and New Zealand.
Market Cap
$1.8B
Pitch Price
$10.64
Price Target
102.00
Dividend
N/A
EV/EBITDA
-42.00
P/E
-0.17
EV/Sales
294.23
Sector
Aerospace and Defense
Category
growth
MRLN: The Complete Thesis
MRLN: Pentagon's FY27 budget proposed $54.6B (+24,166% YoY) for Defense Autonomous Warfare Group, structurally benefiting Merlin's autonomous flight software. $105M USSOCOM C-130J IDIQ + KC-135 tanking + $151B SHIELD IDIQ + CCA CRADA position. Bear case $41/share (5.9x upside), base $213, bull $294+ at 2032 maturity. Expected value $102/share (~15x return) from $7 entry. Risks: 12% cumulative preferred ($31.3M/yr accrual), full ratchet anti-dilution, cash runway to mid-2028, DAWG budget needs Congressional approval. Near-term catalysts: analyst initiation, Q1 earnings, CDR passage.
Read full article (9 min)