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MerlinMRLN -1.76%8 EV-to-FCF is -4.39 as of Aug. 25, 2026. GuruFocus rates MRLN with a GF Score™ of 8/100. The stock has 2 warning signs investors should review. Among 182 Aerospace & Defense companies, Merlin ranks worse than 549450% on this metric.
EV-to-FCF is calculated as enterprise value divided by its free cash flow. As of today, Merlin's Enterprise Value is $319.39 Mil.
Merlin's Free Cash Flow for the trailing twelve months (TTM) ended in Jun. 2026 was $-72.68 Mil. Therefore, Merlin's EV-to-FCF for today is -4.39.
The historical rank and industry rank for Merlin's EV-to-FCF or its related term are showing as below:
MRLN'
s EV-to-FCF Range Over the Past 10 Years
Min: -12.49 Med: -5.43 Max: -3.3
Current: -4.39
During the past 2 years, the highest EV-to-FCF of Merlin was -3.30. The lowest was -12.49. And the median was -5.43.
MRLN's EV-to-FCF is ranked worse than 100% of 182
companies
in the Aerospace & Defense industry
Industry Median: 31.345
vs MRLN: -4.39
EV-to-FCF is a valuation multiple that allows analysts and investors to compare stocks, preferably in the same sector or industry. This important multiple is often used in conjunction with, or as an alternative to, the PE Ratio (TTM) to determine the fair market value of a company.
As of today (2026-08-25), Merlin's stock price is $3.35.
Merlin's Earnings per Share (Diluted) for the trailing twelve months (TTM) ended in Jun. 2026 was $-7.919. Therefore, Merlin's PE Ratio (TTM) for today is At Loss.
EV-to-FCF is a valuation multiple that allows analysts and investors to compare stocks, preferably in the same sector or industry. This important multiple is often used in conjunction with, or as an alternative to, the PE Ratio (TTM) to determine the fair market value of a company.
Merlin's share price for today is $3.35.
Merlin's Earnings per Share (Diluted) for the trailing twelve months (TTM) ended in Jun. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was $-7.919.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Enterprise Value is used because it is a more complete measure in reflecting how much an investor pays when buying a company. Free Cash Flow is an important financial metric because it represents the actual amount of cash at a company's disposal. Companies with a low EV-to-FCF ratio, combined with a strong balance sheet are generally considered as undervalued.
Merlin EV-to-FCF Related Terms
Merlin EV-to-FCF Historical Data
* Premium members only.
The historical data trend for Merlin's EV-to-FCF can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
For the Aerospace & Defense subindustry, Merlin's EV-to-FCF, along with its competitors' market caps and EV-to-FCF data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Merlin EV-to-FCF vs Aerospace & Defense Industry
For the Aerospace & Defense industry and Industrials sector, Merlin's EV-to-FCF distribution charts can be found below:
* The bar in red indicates where Merlin's EV-to-FCF falls into.
Merlin's current Enterprise Value is $319.39 Mil.
Merlin's Free Cash Flow for the trailing twelve months (TTM) ended in Jun. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was $-72.68 Mil.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Merlin (MRLN) has a EV-to-FCF of -4.39 as of Aug. 25, 2026. EV to FCF ratio is the company's enterprise value divided by free cash flow. View historical data on Merlin and its competitors. According to the industry distribution chart, Merlin ranks #999999 out of 182 companies in the Aerospace & Defense industry.
Is Merlin's EV-to-FCF too high?
Merlin's current EV-to-FCF is -4.39. Based on the distribution chart, Merlin ranks #999999 out of 182 companies in the Aerospace & Defense industry, which is in the bottom quartile relative to peers. Overall, Merlin has a GF Score™ of 8/100, reflecting its overall financial health beyond just this single metric.
How does Merlin's EV-to-FCF compare to ISSC and SPCE?
According to the Aerospace & Defense industry distribution chart, Merlin ranks #999999 out of 182 companies for EV-to-FCF. This places Merlin in the lower half of its industry. The industry median EV-to-FCF is 31.35. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good EV-to-FCF for an Aerospace & Defense company?
The median EV-to-FCF among Aerospace & Defense companies is 31.35, based on 182 companies in the industry. Companies in the top quartile (top 25%) have a EV-to-FCF significantly above this median, while those in the bottom quartile fall well below. However, EV-to-FCF should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high EV-to-FCF mean?
A high EV-to-FCF can signal that a stock is expensive relative to its fundamentals. EV to FCF ratio is the company's enterprise value divided by free cash flow. View historical data on Merlin and its competitors. For the Aerospace & Defense industry, the median EV-to-FCF is 31.35 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Merlin's current EV-to-FCF is -4.39. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Merlin stock overvalued right now?
Merlin (MRLN) has a current EV-to-FCF of -4.39. The current EV-to-FCF is -4.39. Merlin's overall GF Score™ is 8/100 with 2 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is EV-to-FCF calculated?
EV-to-FCF is calculated from a company's financial statements. For Merlin (MRLN), the current EV-to-FCF is -4.39 as of Aug. 25, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Merlin Inc is focused on developing autonomous flight software for legacy and next-generation airborne systems. Its aircraft-agnostic, AI-based software supports takeoff-to-landing autonomous operations for military and civil aviation programs. The company aims to build an AI-based operating software platform intended to support autonomous flight operations across a range of aircraft types.
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