MEDALLION FINANCIAL CORP MFIN
We, Medallion Financial Corp., or the Company, are a specialty finance company organized as a Delaware corporation. Our strategic focus is operating and growing our consumer finance and commercial lending businesses. Our total assets were $2.96 billion as of December 31, 2025 and $2.87 billion as of December 31, 2024.
•Medallion Bank, or the Bank, a Federal Deposit Insurance Corporation, or FDIC, insured industrial bank that originates consumer loans, raises deposits and conducts other banking activities;
•Medallion Capital, Inc., or Medallion Capital, a Small Business Investment Company, or SBIC, which operates a mezzanine financing business;
•Medallion Funding LLC, or Medallion Funding, an SBIC, historically our primary taxi medallion lending company; and
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $315.3M | $290.7M | $251.0M | $196.6M | $159.0M | $145.0M | $132.6M | $100.8M | — | — |
| Total operating expenses | — | — | — | — | — | — | — | — | $4.2M | $5.2M |
| Interest expense | $216.9M | $202.5M | $188.1M | $160.4M | $31.1M | $34.2M | $35.0M | $28.4M | — | — |
| Pre-tax income | $79.9M | $62.9M | $86.0M | $67.8M | $81.9M | -$37.0M | $2.3M | -$10.7M | — | — |
| Income tax | $24.5M | $21.0M | $24.9M | $18.0M | $24.2M | $10.1M | $341.0K | $69.0K | $36.2M | $45.9M |
| Net income | $43.0M | $35.9M | $55.1M | $43.8M | $54.1M | -$34.8M | -$1.8M | -$25.0M | — | — |
| EPS, basic | 1.89 | 1.59 | 2.45 | 1.86 | 2.20 | -1.42 | -0.07 | -1.03 | 0.01 | 0.97 |
| EPS, diluted | 1.78 | 1.52 | 2.37 | 1.83 | 2.17 | -1.42 | -0.07 | -1.03 | 0.01 | 0.97 |
| Shares, diluted (wtd. avg.) | $24.2M | $23.6M | $23.2M | $23.9M | $24.9M | $24.4M | $24.3M | $24.2M | $24.1M | $24.2M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $136.3M | $98.2M | $52.6M | $33.2M | $64.5M | $54.7M | $17.7M | $57.7M | $42.5M | — |
| Goodwill | $150.8M | $150.8M | $150.8M | $150.8M | $150.8M | $150.8M | $150.8M | $150.8M | — | — |
| Other intangibles | $17.7M | $19.1M | $20.6M | $22.0M | $23.5M | $51.1M | $52.5M | $54.0M | — | — |
| Total assets | $2.96B | $2.87B | $2.59B | $2.26B | $1.87B | $1.64B | $1.54B | $1.38B | $1.08B | — |
| Short-term debt | $95.2M | $49.0M | $8.0M | $5.0M | $0 | $87.3M | $38.2M | $55.2M | — | — |
| Long-term debt | $216.0M | $232.2M | $235.5M | $214.3M | $220.0M | $153.7M | $174.6M | $158.8M | — | — |
| Total liabilities | $2.45B | $2.43B | $2.18B | $1.89B | $1.52B | $1.34B | $1.21B | $1.09B | $913.1M | — |
| Retained earnings | $162.4M | $130.3M | $103.9M | $66.7M | $30.6M | -$23.5M | $11.3M | $13.0M | — | — |
| Total equity | $408.6M | $370.2M | $411.8M | $370.5M | $355.8M | $304.6M | $334.5M | $290.2M | $287.2M | $286.1M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $126.3M | $108.7M | $113.8M | $108.7M | $78.7M | $78.7M | $64.9M | $66.6M | — | — |
| Depreciation and amortisation | $8.3M | $6.2M | $5.2M | $5.2M | $6.5M | $7.7M | $7.5M | $5.6M | — | — |
| Stock-based compensation | $6.7M | $6.1M | $4.7M | $3.5M | $2.3M | $2.0M | $1.2M | $576.0K | — | — |
| Investing cash flow | -$124.5M | -$328.9M | -$340.7M | -$449.0M | -$238.3M | -$171.0M | -$206.5M | -$23.7M | — | — |
| Financing cash flow | $30.2M | $240.0M | $271.2M | $321.4M | $172.0M | $136.5M | $151.7M | -$27.7M | — | — |
| Dividends paid | $11.0M | $9.4M | $7.7M | $7.5M | $0 | $0 | — | $66.0K | — | — |
| Buybacks | $986.0K | $4.6M | $0 | $20.6M | $0 | $0 | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-197272.
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