MRCY

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Mercury Systems Inc

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Key Metrics

Previous Close: $101.25
52-Week Range: $64.05 – $128.45
Market Cap: $5.66B
P/E (TTM): —
EPS (TTM): -0.50
Dividend Yield: —

Advanced Metrics

Price/Book: 3.79
PEG Ratio: 2.79
Return on Equity: -2.00%
Return on Assets: 0.20%
Gross Margin: 28.59%
Operating Margin: 1.23%
Profit Margin: -3.02%
Current Ratio: 2.96
Debt/Equity: 0.34
Total Debt: $502.88M
Free Cash Flow: $107.11M
Revenue Growth: 6.10%
Earnings Growth: -96.70%
Enterprise Value: $6.38B

MRCY Income statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Revenue	$988.20M	$973.88M	$835.27M	$912.02M
Cost of Revenue	$593.24M	$657.15M	$639.37M	$657.53M
Gross Profit	$394.96M	$316.73M	$195.90M	$254.49M
Research & Development	$107.17M	$108.80M	$101.33M	$67.65M
Selling, General & Admin	$157.04M	$160.64M	$166.79M	$154.41M
Operating Expenses	$324.48M	$322.99M	$315.77M	$264.91M
Operating Income	$70.48M	-$6.26M	-$119.87M	-$10.41M
EBITDA	$117.62M	$73.95M	-$66.23M	$65.03M
Pretax Income	$18.39M	-$48.54M	-$189.28M	-$50.42M
Income Tax	$7.12M	-$20.21M	-$51.63M	-$12.52M
Net Income	$11.28M	-$28.34M	-$137.64M	-$37.90M
Diluted EPS	0.20	-0.50	-2.38	-0.65
Diluted Shares	55.90M	56.55M	57.74M	58.75M

MRCY Balance Sheet statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Cash & Equivalents	$65.65M	$71.56M	$180.52M	$309.10M
Receivables	$447.85M	$507.29M	$415.47M	$388.06M
Inventory	$270.34M	$337.22M	$335.30M	$332.92M
Current Assets	$815.25M	$937.02M	$953.78M	$1.06B
Total Assets	$2.30B	$2.39B	$2.38B	$2.43B
Current Liabilities	$193.93M	$233.26M	$234.42M	$300.38M
Long-Term Debt	$451.50M	$511.50M	$591.50M	$591.50M
Total Debt	$521.39M	$578.30M	$654.08M	$644.24M
Total Liabilities	$767.23M	$824.68M	$906.13M	$961.30M
Retained Earnings	$385.77M	$357.44M	$219.80M	$181.90M
Shareholders' Equity	$1.54B	$1.57B	$1.47B	$1.47B
Working Capital	$621.33M	$703.75M	$719.37M	$757.80M
Net Debt	$385.85M	$439.94M	$410.98M	$282.40M

MRCY Cash Flow statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Operating Cash Flow	-$18.87M	-$21.25M	$60.38M	$138.85M
Capital Expenditure	-$27.66M	-$38.80M	-$34.29M	-$19.80M
Free Cash Flow	-$46.52M	-$60.05M	$26.09M	$119.05M
Depreciation & Amortisation	$93.42M	$97.33M	$88.03M	$82.03M
Stock-Based Compensation	$38.29M	$43.42M	$41.52M	$39.92M
Investing Cash Flow	-$274.32M	-$38.56M	-$34.29M	-$13.50M
Financing Cash Flow	$245.75M	$65.43M	$82.68M	$1.41M
Share Repurchases	-$8.21M	-$63.00K	-$31.00K	$0.00
Net Change in Cash	-$47.44M	$5.61M	$108.77M	$126.76M

MRCY Income statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Revenue	$211.36M	$273.11M	$225.21M	$232.87M	$235.76M
Cost of Revenue	$154.25M	$188.34M	$162.31M	$172.24M	$166.71M
Gross Profit	$57.11M	$84.77M	$62.90M	$60.63M	$69.05M
Research & Development	$15.98M	$11.91M	$13.18M	$15.38M	$15.01M
Selling, General & Admin	$43.04M	$37.71M	$45.91M	$42.14M	$39.14M
Operating Expenses	$69.21M	$59.90M	$69.35M	$67.21M	$63.71M
Operating Income	-$12.10M	$24.87M	-$6.45M	-$6.58M	$5.34M
EBITDA	$6.17M	$46.81M	$10.26M	$8.69M	$22.60M
Pretax Income	-$21.82M	$18.82M	-$16.54M	-$17.46M	-$2.69M
Income Tax	-$2.65M	$2.45M	-$4.02M	-$2.36M	$174.00K
Net Income	-$19.17M	$16.37M	-$12.52M	-$15.10M	-$2.86M
Diluted EPS	-0.33	0.27	-0.21	-0.26	-0.04
Diluted Shares	58.75M	59.54M	59.19M	59.41M	59.42M

MRCY Balance Sheet statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Cash & Equivalents	$269.82M	$309.10M	$304.72M	$334.99M	$331.80M
Receivables	$374.69M	$388.06M	$367.48M	$379.77M	$365.05M
Inventory	$352.69M	$332.92M	$340.25M	$349.64M	$361.69M
Current Assets	$1.02B	$1.06B	$1.08B	$1.13B	$1.12B
Total Assets	$2.41B	$2.43B	$2.46B	$2.50B	$2.48B
Current Liabilities	$296.56M	$300.38M	$322.18M	$383.04M	$350.50M
Long-Term Debt	$591.50M	$591.50M	$591.50M	$591.50M	$591.50M
Total Debt	$646.82M	$644.24M	$645.13M	$674.72M	$653.95M
Total Liabilities	$963.33M	$961.30M	$982.58M	$1.04B	$1.00B
Retained Earnings	$165.53M	$181.90M	$169.38M	$154.28M	$151.42M
Shareholders' Equity	$1.45B	$1.47B	$1.48B	$1.46B	$1.48B
Working Capital	$722.94M	$757.80M	$762.44M	$749.11M	$766.24M
Net Debt	$321.68M	$282.40M	$286.78M	$288.76M	$273.81M

MRCY Cash Flow statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Operating Cash Flow	$29.97M	$38.08M	$2.18M	$51.61M	$6.44M
Capital Expenditure	-$5.91M	-$4.10M	-$6.55M	-$5.90M	-$8.26M
Free Cash Flow	$24.06M	$33.98M	-$4.37M	$45.71M	-$1.82M
Depreciation & Amortisation	$19.92M	$19.97M	$18.91M	$18.30M	$17.96M
Stock-Based Compensation	$12.08M	$5.92M	$16.32M	$15.29M	$12.75M
Investing Cash Flow	-$3.21M	-$2.40M	-$6.55M	-$5.90M	-$9.68M
Financing Cash Flow	$0.00	$2.17M	$0.00	-$15.43M	$0.00
Share Repurchases	$0.00	$0.00	—	—	$0.00
Net Change in Cash	$26.76M	$37.85M	-$4.37M	$30.28M	-$3.24M

Market Snapshot

About

Designs and manufactures secure processing subsystems and mission-critical components for aerospace and defense applications. Products include trusted microelectronics, secure embedded processing modules, and radar/EW systems. Customers include major defense primes and government agencies.