Medallion Financial Corp
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
The core business carries itself: $315.3 million of interest income in 2025 at a net interest margin of 8.06 percent, $43.0 million of income attributable to shareholders, a dividend raised every year since 2022, a 13.8 percent equity ratio and an allowance covering nonaccrual loans at 281 percent. Loans more than 90 days past due fell to 0.8 percent. Red would require a substance finding, and there is none: no loss, no covenant breach at the bank, no going-concern doubt. Green is out of reach on too many counts. First the loss trend: the credit provision rose 138 percent in three years to $89.8 million, and income after the deduction fell from $150.3 million to $127.1 million. Second governance: an SEC case against the company and its current chief executive closed by final judgment on May 30, 2025, plus a third consecutive proxy contest with 4,596,312 votes withheld from the executive chairman. Third tradability: roughly $0.8 million of daily turnover and two analysts. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Medallion Financial is no longer the company its name claims. The taxi business accounts for less than 0.2 percent of the balance sheet and has been written down by a cumulative $171.1 million; the money today comes from motorhome, boat and home improvement loans made through its own bank, at a net interest margin of 8.06 percent and an equity ratio of 13.8 percent. The hook for this analysis does not hold, however: a market capitalization at 1.73 times operating cash flow measures, at a lender, the interest margin before the losses are paid — and the credit provision rose from $37.8 million (2023) to $89.8 million (2025), so that less is left after the deduction today than three years ago. What the market is pricing with a 43 percent discount to book value is exactly that mixture: a solid balance sheet, rising losses, a closed regulatory case against the man who is now chief executive, and a very thin market. Not investment advice.
Earning power of the core business
The interest margin is exceptional and stable: a 12.26 percent loan yield against 4.22 percent funding costs produced a net interest margin of 8.06 percent in 2025, after 8.05 percent the year before. Net interest income rose from $188.1 million (2023) through $202.5 million (2024) to $216.9 million, and gained a further 5.1 percent to $54.1 million in the first quarter of 2026.
Credit quality
The credit loss provision rose 138 percent in three years to $89.8 million — 41.4 percent of net interest income, against 20.1 percent in 2023. What remains after the deduction fell from $150.3 million to $127.1 million. Actual net charge-offs in 2025 were $72.4 million. On the other side: loans more than 90 days past due fell to 0.8 percent of the book.
Balance sheet structure
Solid for a lender: $408.1 million of shareholders' equity against $2,950.5 million of total assets (13.8 percent, or 17.2 percent including the bank subsidiary's preferred stock), an allowance equal to 4.48 percent of the loan book, 281 percent allowance coverage of nonaccrual loans, and funding drawn mainly from its own deposits ($2,128.6 million).
Governance and compliance
The SEC case against the company and its President and Chief Operating Officer ended on May 30, 2025 with a final judgment, injunctions and a $3,000,000 civil penalty — without admitting or denying the allegations. The same executive, Andrew M. Murstein, runs the company today as chief executive. At the annual meeting of June 9, 2026, the third consecutive proxy contest, 4,596,312 votes were withheld from the executive chairman.
Capital allocation and dilution
The dividend has risen every year since 2022, most recently to $10.972 million at a payout ratio of roughly a third. Against that sits a shelf registration effective July 1, 2026 for up to $100 million — 43 percent of the market capitalization, at a price equal to 57 percent of book value. In addition, the bank subsidiary's preferred stock costs 9.00 percent; the minority interest in profit rose to $8.782 million in 2025.
Tradability and data quality
Roughly $0.8 million of daily turnover and only two covering analysts make the name hard to trade. On top of that: the market capitalization in our data set rests on 23.1 million shares while the quarterly report states 23,849,967 — every valuation figure in this analysis is therefore computed by us. The Altman Z-score and the Piotroski score carry no meaning on a bank balance sheet.
Worth Noting
Medallion Financial reached our research list through our in-house stock scanner "Price to Free Cash Flow Ranking" (U.S. selection, as of July 27, 2026, 545 hits). The name appears there at a multiple of 1.73, in position 31 — only the 25 strongest names are displayed, so Medallion sits just outside the visible list. For context on the distribution: 18 names trade below a multiple of 1, another 19 between 1 and 2, 27 between 2 and 3, and 385 of the 545 hits above 5. The lists are recalculated daily. This analysis argues explicitly against its own hook: at a lender that number measures the interest margin before losses.
Metric caveat: the Altman Z-score (−0.76 in our data set) is deliberately not used here — the formula was developed for manufacturers and inevitably reads the normal structure of a bank balance sheet as distress. The meaningful figures are the equity ratio (13.8 percent), the allowance ratio (4.48 percent), loans more than 90 days past due (0.8 percent), allowance coverage (281 percent) and the net interest margin (8.06 percent). For the same reason the Piotroski score (6 of 9 in our data set) is left out. Market capitalization is computed by us: 23,849,967 shares per the cover page of the quarterly report of May 4, 2026, against 23.1 million in the data set.
Timing: the most recent periodic report is the quarterly report (10-Q) as of March 31, 2026, filed May 5, 2026. Several filings followed through July 27, 2026: the cure of an SBA event of default at the subsidiary Medallion Capital (June 3 and June 11), the annual meeting of June 9, a leadership change at Medallion Bank (June 11 and June 25) and a shelf registration for up to $100 million that became effective on July 1, 2026. Do not confuse the securities: MBNKO and MBNKP are preferred shares of the subsidiary Medallion Bank, not the company's common stock; MFIN traded under the ticker TAXI until 2016.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at MFIN since then.
Later $1 a month per stock — signing up is free, and you'll be the first to know when it launches.
Price history
Chart
Interactive price chart (TradingView).
52-week range: 8.00 $ to 12.20 $ · Last price: 11.90 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
Quality & Screener
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Credit Services
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Medallion Financial Corp MFIN | 0.3 | 8.0 | 0.0 | 74.0 | – | 21.1 | 21.2 |
| Visa Inc. Class A V | 699.4 | 33.2 | 24.3 | 97.7 | 67.4 | 11.3 | 7.7 |
| Mastercard Inc MA | 500.7 | 33.9 | 23.1 | 100.0 | 60.8 | 16.4 | -4.9 |
| American Express Company AXP | 213.1 | 19.5 | 0.0 | 62.3 | 21.3 | 8.4 | -6.4 |
| Capital One Financial Corporation COF | 124.4 | 62.2 | 0.0 | 100.0 | 28.6 | 28.4 | -9.1 |
| PayPal Holdings Inc PYPL | 45.7 | 10.1 | 6.6 | 40.5 | 17.0 | 4.3 | -20.3 |
| Synchrony Financial SYF | 25.3 | 7.7 | 0.0 | 100.0 | 48.0 | -7.9 | 2.1 |
| Affirm Holdings Inc AFRM | 23.7 | 63.7 | 25.7 | 48.9 | 8.5 | 38.8 | -22.3 |
| SoFi Technologies Inc. SOFI | 21.0 | 35.7 | 0.0 | 83.7 | 18.3 | 82.6 | -38.4 |
| Median of companies shown | 45.7 | 33.2 | 0.0 | 83.7 | 24.9 | 16.4 | -6.4 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 105 | 69 | 24 | 0.97 | 62 | 286 | 689 |
| 2017 | 19 | -8 | 0 | 0.01 | 13 | 287 | 636 |
| 2018 | 111 | -11 | -25 | -1.03 | 67 | 263 | 1,382 |
| 2019 | 141 | 2 | -2 | -0.07 | 65 | 263 | 1,542 |
| 2020 | 151 | -37 | -35 | -1.42 | 79 | 231 | 1,642 |
| 2021 | 179 | 82 | 54 | 2.17 | 79 | 287 | 1,873 |
| 2022 | 198 | 68 | 44 | 1.83 | 109 | 302 | 2,260 |
| 2023 | 255 | 86 | 55 | 2.37 | 114 | 343 | 2,588 |
| 2024 | 292 | 63 | 36 | 1.52 | 116 | 370 | 2,869 |
| 2025 | 353 | 178 | 43 | 1.78 | 126 | 409 | 2,955 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | 0.44 | -29.20 | 83 | 22.00 | 12.20 | 28 | 28 |
| 2025: Q1 | 0.52 | 19.90 | 83 | 18.10 | 14.50 | 36 | 36 |
| 2025: Q2 | 0.48 | 55.90 | 82 | 21.60 | 13.50 | -11 | -11 |
| 2025: Q3 | 0.32 | -13.50 | 79 | 9.30 | 14.20 | 67 | 67 |
| 2025: Q4 | 0.50 | 13.60 | 96 | 15.10 | 12.70 | 34 | 34 |
| 2026: Q1 | 0.21 | -58.80 | 82 | -1.40 | 6.10 | 41 | 41 |
| 2026: Q2 | 0.31 | -35.40 | – | – | – | 18 | 18 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 8 of our scanner strategies — each hit links to the scanner.
Backtested Scanners
Growth
Quality & Balance Sheet
Momentum & Trend
Research
Risk & Weakness
Value & GARP
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 1.15 | 0.99 – 1.25 | 235 | -35.6% | 3 |
| 12/31/2027 | 1.64 | 1.55 – 1.72 | 259 | 42.6% | 2 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
With these assumptions (discount rate 10.0%, terminal growth 2.5%), no growth rate between -20.0% and 60.0% per year explains today’s market value — the reverse calculation yields no meaningful figure here.
| Free cash flow (last twelve months) | $159.5M |
|---|---|
| Market cap | $271.0M |
| Free cash flow in year ten | – |
| Terminal value as a share of market value | – |
For comparison: over the past five years free cash flow grew by 9.9% per year.
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Medallion Financial nennt KI im Geschäftsbericht 2025 ausschließlich in den Risikohinweisen und stellt dort ausdrücklich fest, derzeit in keinem kritischen Geschäftsbereich KI-Werkzeuge oder -Modelle einzusetzen. Im Quartalsbericht zum 31.03.2026 kommt das Thema gar nicht vor. Kein KI-Produkt, kein KI-Umsatz, kein belegter interner Einsatz.
View the full file — quotes, sources, reviewed filings
„Although we currently do not use any AI tools or models in critical areas of our business, and are not aware of any third-parties that use AI tools or models in a manner that would materially affect our business, the rapidly expanding development and use of AI present a number of risks and challenges to our business."
Obwohl wir derzeit in kritischen Bereichen unseres Geschäfts keine KI-Werkzeuge oder -Modelle einsetzen und uns keine Dritten bekannt sind, die KI-Werkzeuge oder -Modelle in einer Weise nutzen, die unser Geschäft wesentlich beeinflussen würde, bringen die rasch zunehmende Entwicklung und Nutzung von KI eine Reihe von Risiken und Herausforderungen für unser Geschäft mit sich.
10-K · 2026-03-10 · View SEC filing
„The financial services industry is continually undergoing rapid technological change with frequent introductions of new, technology-driven products and services, including with the proliferation and increasing use of artificial intelligence, or AI."
Die Finanzdienstleistungsbranche unterliegt fortwährend raschem technologischem Wandel mit häufigen Einführungen neuer, technologiegetriebener Produkte und Dienstleistungen, einschließlich der Verbreitung und zunehmenden Nutzung künstlicher Intelligenz (KI).
10-K · 2026-03-10 · View SEC filing
Filings Reviewed: 10-Q 2026-05-05 · 10-K 2026-03-10 · 10-Q 2025-11-04 · 10-Q 2025-08-05 · 10-Q 2025-05-06 · 10-K 2025-03-13
Rated on July 27, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 21.2%
- More than 10% revenue growth is expected for the coming year 6.2%
- Share count grows by less than 3% a year 0.4%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 56.8%
- Gross margin at 40% or higher and without meaningful erosion 96.8%
- Goodwill from acquisitions does not grow faster than revenue 5.1%
- Net debt below twice EBITDA 0.3 x EBITDA
- Operating cash flow covers the profits of the last three years 222 m
- Return on capital at 15% or higher, or up versus two years ago 6.3%
- Insiders hold at least 10% or are net buyers 31.3%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
5/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 14.5%
- Exp. sales growth 3Y > 5% -14.4%
- EBIT growth 10Y > 5% 11.1%
- Exp. EBIT growth 3Y > 5% -4.0%
- Net debt < 4x EBIT 0.3x
- EBIT positive, 10Y straight 7
- Max. EBIT decline < 50% 100.0%
- Return on equity > 15% 17.9%
- ROCE > 15% 6.2%
- Expected return > 10% 40.7%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
The company
About the Company
Medallion Financial Corp. ist zusammen mit seinen Tochtergesellschaften ein Spezialfinanzierer in den USA.
- Employees
- 179
- Headquarters
- New York, NY
- Address
- 437 Madison Avenue, 10022 New York, United States
- Phone
- 212 328 2100
- Website
- medallion.com
- IPO Date
- 05/23/1996
- ISIN
- US5839281061
Management
| Name | Title | Birth Year |
|---|---|---|
| Alvin Murstein | Executive Chairman | 1935 |
| Andrew M. Murstein | CEO, President, COO & Non-Independent Director | 1964 |
| Anthony N. Cutrone | Executive VP & CFO | 1980 |
| David Justin Haley | CEO & President of Medallion Bank | 1974 |
| Marisa T. Silverman J.D. | Executive VP, General Counsel & Secretary, | 1979 |
| Samantha K. Rozovsky | Chief Compliance Officer, Associate General Counsel & Assistant Secretary | 1989 |
| Joel R. Cannon | Senior Vice President of Sales & Marketing | 1979 |
| Thomas J. Munson | Executive VP & Chief Credit Officer | 1983 |
| Steven M. Hannay | Executive VP & Chief Lending Officer of Medallion Bank. | 1967 |
| Jeffrey D. Rudnick | Executive VP & Director of Alternative Investments | 1970 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 07/29/2026 MEDALLION FINANCIAL CORP (MFIN): Results of Operations and Financial Condition; Financial Statements and Exhibits SEC ↗
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.