Mercury Systems Inc. (MRCY) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 27	$0.38	$0.37	-2.6%	—	—	—
Q4 26	$0.07	$0.27	+285.7%	—	—	—
Q3 26	$0.06	$0.16	+166.7%	—	—	—
Q2 26	$0.09	$0.26	+188.9%	—	—	—
Q1 26	$0.22	$0.47	+113.6%	—	—	—
Q4 25	$0.07	$0.06	-14.3%	—	—	—
Q3 25	-$0.04	$0.07	+275.0%	—	—	—
Q2 25	-$0.08	$0.04	+150.0%	—	—	—
Q1 25	-$0.04	$0.23	+675.0%	—	—	—
Q4 24	-$0.06	-$0.26	-333.3%	—	—	—
Q3 24	$0.08	-$0.42	-625.0%	—	—	—
Q2 24	$0.18	-$0.24	-233.3%	—	—	—
Q1 24	$0.59	$0.11	-81.4%	—	—	—
Q4 23	$0.37	$0.4	+8.1%	—	—	—
Q3 23	$0.33	$0.26	-21.2%	—	—	—
Q2 23	$0.21	$0.24	+14.3%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY26	—	-$0.5	—	—	$983.6M	—
FY25	—	-$0.65	—	—	$912M	—
FY24	—	-$2.38	—	—	$835.3M	—
FY23	—	-$0.5	—	—	$973.9M

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Revenue	$408.6M	$493.2M	$654.7M	$796.6M	$924M	$988.2M	$973.9M	$835.3M	$912M	$983.6M
YoY change	+51.2%	+20.7%	+32.8%	+21.7%	+16%	+6.95%	-1.45%	-14.2%	+9.19%	+7.85%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Revenue	408.6M	493.2M	654.7M	796.6M	924M	988.2M	973.9M	835.3M	912M	983.6M
Cost of revenue	217M	267.3M	368.6M	439.8M	538.8M	593.2M	657.2M	639.4M	657.5M	702.5M
Gross profit	191.5M	225.9M	286.2M	356.8M	385.2M	395M	316.7M	195.9M	254.5M	281.2M
Gross margin	46.9%	45.8%	43.7%	44.8%	41.7%	40%	32.5%	23.5%	27.9%	28.6%
Research & development	54.1M	58.8M	68.9M	98.5M	113.5M	107.2M	108.8M	101.3M	67.6M	59.7M
Selling, general & administrative	76.5M	88.4M	110.7M	132.3M	134.3M	157M	160.6M	166.8M	154.4M	175M
Operating expenses	130.6M	147.2M	179.6M	230.7M	247.8M	264.2M	269.4M	268.1M	222.1M	234.8M
Operating income	41.3M	52.7M	78.6M	95.5M	96.2M	70.5M	-6.3M	-119.9M	-10.4M	7.5M
Operating margin	10.1%	10.7%	12%	12%	10.4%	7.13%	-0.64%	-14.4%	-1.14%	0.76%
Non-operating income, net	-3.1M	-7.3M	-10.9M	-2.8M	-18M	-46.4M	-18.2M	-35.6M	-10.2M	-14.5M
Pretax income	31.1M	42.6M	59.5M	93.9M	77.2M	18.4M	-48.5M	-189.3M	-50.4M	-28.9M
Income tax	6.2M	1.7M	12.8M	8.2M	15.1M	7.1M	-20.2M	-51.6M	-12.5M	784K
Net income	24.9M	40.9M	46.8M	85.7M	62M	11.3M	-28.3M	-137.6M	-37.9M	-29.7M
Net margin	6.09%	8.29%	7.14%	10.8%	6.71%	1.14%	-2.91%	-16.5%	-4.16%	-3.02%
EBITDA	74.8M	93.4M	117M	148.8M	160.7M	156.5M	89.4M	-38.4M	74.2M	80.6M
EPS	0.59	0.88	0.98	1.57	1.13	0.2	-0.5	-2.38	-0.65	-0.5
Diluted EPS	0.58	0.86	0.96	1.56	1.12	0.2	-0.5	-2.38	-0.65	-0.5

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26
Revenue	181M	197.5M	208.3M	248.6M	204.4M	223.1M	211.4M	273.1M	225.2M	232.9M	235.8M	289.8M
Cost of revenue	130.5M	165.9M	167.6M	175.4M	152.6M	162.3M	154.2M	188.3M	162.3M	172.2M	166.7M	201.2M
Gross profit	50.5M	31.5M	40.6M	73.2M	51.8M	60.8M	57.1M	84.8M	62.9M	60.6M	69M	88.6M
Gross margin	27.9%	16%	19.5%	29.5%	25.3%	27.3%	27%	31%	27.9%	26%	29.3%	30.6%
Research & development	31.9M	28.5M	21.6M	19.4M	18.4M	21.4M	16M	11.9M	13.2M	15.4M	15M	16.2M
Selling, general & administrative	35.8M	44.5M	43.2M	43.4M	33.2M	40.5M	43M	37.7M	45.9M	42.1M	39.1M	47.8M
Operating expenses	67.7M	72.9M	64.7M	62.8M	51.5M	61.9M	59M	49.6M	59.1M	57.5M	54.2M	64M
Operating income	-29.7M	-53.7M	-35.6M	-881K	-11M	-12.2M	-12.1M	24.9M	-6.5M	-6.6M	5.3M	15.2M
Operating margin	-16.4%	-27.2%	-17.1%	-0.35%	-5.37%	-5.47%	-5.73%	9.1%	-2.86%	-2.83%	2.26%	5.24%
Non-operating income, net	-12.3M	-1.4M	-12.8M	-9.1M	-3.8M	-4.1M	-2.9M	610K	-4.2M	-4.7M	-3.2M	-2.4M
Pretax income	-49.7M	-63.7M	-57.2M	-18.6M	-23.1M	-24.3M	-21.8M	18.8M	-16.5M	-17.5M	-2.7M	7.8M
Income tax	-13M	-18.1M	-12.6M	-7.8M	-5.6M	-6.7M	-2.6M	2.4M	-4M	-2.4M	174K	7M
Net income	-36.7M	-45.6M	-44.6M	-10.8M	-17.5M	-17.6M	-19.2M	16.4M	-12.5M	-15.1M	-2.9M	798K
Net margin	-20.3%	-23.1%	-21.4%	-4.34%	-8.57%	-7.88%	-9.07%	5.99%	-5.56%	-6.48%	-1.21%	0.28%
EBITDA	-8.7M	-32.6M	-16.1M	19M	9.4M	5.3M	11.4M	48.1M	12.4M	12.9M	22.7M	32.6M
EPS	-0.64	-0.79	-0.77	—	-0.3	-0.3	-0.33	0.28	-0.21	-0.26	-0.04	0.01
Diluted EPS	-0.64	-0.79	-0.77	—	-0.3	-0.3	-0.33	0.27	-0.21	-0.26	-0.04	0.01

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Market cap	—	—	3.4B	—	3.7B	3.6B	2B	1.6B	3.2B	7.3B	4.9B
Enterprise value	—	—	3.1B	—	3.8B	4B	2.5B	2B	3.5B	7.5B	5.2B
Shares outstanding	42M	46.7M	47.8M	54.5M	55.1M	55.5M	56.6M	57.7M	58.7M	59.5M	59.5M

Valuation

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
P/E	—	—	71.9	—	58.8	316.8	—	—	—	—	-160.2
P/S	—	—	5.14	—	3.95	3.61	2.01	1.87	3.47	7.39	5.09
P/B	—	—	2.62	—	2.46	2.32	1.25	1.06	2.15	4.86	3.27
EV/EBITDA	—	—	26.5	—	23.7	25.7	27.6	-53	47.1	93.6	65.2
EV/Sales	—	—	4.75	—	4.12	4.08	2.53	2.43	3.84	7.67	5.32
Earnings yield	—	—	1.39%	—	1.7%	0.32%	—	—	—	—	-0.62%
FCF yield	—	—	2.1%	—	1.41%	-1.3%	-3.07%	1.67%	3.76%	0.94%	2.2%
PEG	—	—	—	—	—	—	—	—	—	—	1.66

Profitability

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Gross margin	46.9%	45.8%	43.7%	44.8%	41.7%	40%	32.5%	23.5%	27.9%	28.6%	30.6%
Operating margin	10.1%	10.7%	12%	12%	10.4%	7.13%	-0.64%	-14.4%	-1.14%	0.76%	1.23%
Net margin	6.09%	8.29%	7.14%	10.8%	6.71%	1.14%	-2.91%	-16.5%	-4.16%	-3.02%	-3.02%
ROE	3.43%	5.3%	3.64%	6.19%	4.18%	0.73%	-1.81%	-9.35%	-2.57%	-1.98%	-2%
ROA	3.05%	3.84%	3.3%	5.32%	3.17%	0.49%	-1.18%	-5.79%	-1.56%	-1.28%	0.2%
ROIC	4.83%	5.62%	6.01%	7.12%	4.71%	2.17%	-0.3%	-6.16%	-0.58%	0.42%	0.42%
Return on tangible assets	-12.2%	-14.3%	-39.1%	-245.4%	-23%	-4.11%	35%	-8.1K%	-27.6%	-34.4%	-34.4%

Financial health

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Current ratio	3.38	4.63	5.94	5.04	4.26	4.2	4.02	4.07	3.52	2.96	2.96
Quick ratio	2.27	3.11	4.54	3.63	2.79	2.81	2.57	2.64	2.41	1.85	1.85
Debt / equity	—	0.25	0	0.05	0.18	0.34	0.37	0.44	0.44	0.33	0.34
Debt / assets	—	0.18	0	0.04	0.14	0.23	0.24	0.27	0.26	0.21	0.21
Net debt / EBITDA	—	1.38	-2.2	-1.07	0.98	2.91	5.67	-12.3	4.51	3.39	3.39
Interest coverage	5.11	15.9	7.53	94.4	64.2	4.17	-0.93	-4.41	-0.51	0.02	0.02
Effective tax rate	19.9%	3.97%	21.4%	8.75%	19.6%	38.7%	0%	0%	0%	0%	0%

Per share

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Revenue per share	9.73	10.6	13.7	14.6	16.8	17.8	17.2	14.5	15.5	16.5	16.5
EPS (basic)	0.59	0.88	0.98	1.57	1.13	0.2	-0.5	-2.38	-0.65	-0.5	-0.5
EPS (diluted)	0.58	0.86	0.96	1.56	1.12	0.2	-0.5	-2.38	-0.65	-0.5	-0.5
Book value per share	17.3	16.5	26.9	25.4	27	27.7	27.7	25.5	25.1	25.2	25.1
FCF per share	0.63	0.6	1.48	1.32	0.94	-0.84	-1.06	0.45	2.03	1.15	1.11
Cash per share	0.99	1.42	5.39	4.16	2.07	1.18	1.27	3.13	5.26	3.6	3.56
Capex per share	0.78	0.32	0.56	0.79	0.83	0.5	0.69	0.59	—	—	—

Capital allocation

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Capex / revenue	8.04%	3.06%	4.08%	5.43%	4.93%	2.8%	3.98%	4.11%	—	—	—
Capex / operating cash flow	67.3%	26.4%	31%	34.3%	50.8%	-260.6%	-92.5%	67.8%	—	—	—
Payout ratio	—	—	—	—	—	—	—	—	—	—	0%

Yield

—

trailing twelve months

Frequency

—

Last dividend

$0.6175

ex-dividend Mar 13, 2015

Payout ratio

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Mar 13, 2015	$0.6175

Split history

Date	Ratio
Dec 21, 1999	2:1

Period	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26
Revenue	$181M	$197.5M	$208.3M	$248.6M	$204.4M	$223.1M	$211.4M	$273.1M	$225.2M	$232.9M	$235.8M	$289.8M
YoY change	-20.5%	-14%	-21%	-1.85%	+13%	+13%	+1.49%	+9.87%	+10.2%	+4.37%	+11.5%	+6.11%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Cash & short-term investments	41.6M	66.5M	257.9M	226.8M	113.8M	65.7M	71.6M	180.5M	309.1M	214.3M
Receivables	76.3M	104M	118.8M	120.4M	128.8M	144.5M	124.7M	111.4M	109.6M	69.2M
Inventory	81.1M	108.6M	137.1M	178.1M	221.6M	270.3M	337.2M	335.3M	332.9M	367M
Total current assets	246.2M	331.7M	582.2M	634.8M	643.1M	815.3M	937M	953.8M	1.1B	973.4M
Property, plant & equipment	51.6M	51M	60M	148.3M	194.9M	193.6M	182.6M	171.2M	153.7M	156.1M
Goodwill & intangibles	1B	1.4B	1.5B	1.6B	2.2B	2.6B	2.5B	2.4B	2.3B	2.2B
Total assets	815.7M	1.1B	1.4B	1.6B	2B	2.3B	2.4B	2.4B	2.4B	2.3B
Accounts payable	27.5M	21.3M	39M	41.9M	48M	98.7M	104M	81.1M	79.1M	91M
Short-term debt	—	—	—	—	—	—	—	—	—	391K
Total current liabilities	72.8M	71.7M	98M	125.9M	150.8M	193.9M	233.3M	234.4M	300.4M	328.5M
Long-term debt	—	195M	0	67M	271.5M	521.4M	578.3M	654.1M	644.2M	487.3M
Total liabilities	90.3M	292.6M	132.2M	225.9M	471M	767.2M	824.7M	906.1M	961.3M	825.3M
Shareholders' equity	725.4M	771.9M	1.3B	1.4B	1.5B	1.5B	1.6B	1.5B	1.5B	1.5B
Total debt	—	195M	0	67M	271.5M	521.4M	578.3M	654.1M	644.2M	487.7M
Net debt	—	128.5M	-257.9M	-159.9M	157.7M	455.7M	506.7M	473.6M	335.1M	273.4M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26
Cash & short-term investments	89.4M	168.6M	142.6M	180.5M	158.1M	242.6M	269.8M	309.1M	304.7M	335M	331.8M	214.3M
Receivables	91.4M	82.7M	91.8M	111.4M	124.5M	104.5M	103.4M	109.6M	92.6M	105.8M	95.5M	69.2M
Inventory	362.9M	354.2M	343M	335.3M	351.1M	344.4M	352.7M	332.9M	340.2M	349.6M	361.7M	367M
Total current assets	954.7M	983.8M	951.5M	953.8M	954.3M	990.7M	1B	1.1B	1.1B	1.1B	1.1B	973.4M
Property, plant & equipment	178.1M	180M	177.2M	171.2M	163.4M	168M	162.1M	153.7M	156.5M	154M	152.7M	156.1M
Goodwill & intangibles	2.4B	2.4B	2.4B	2.4B	2.4B	2.3B	2.3B	2.3B	2.3B	2.3B	2.3B	2.2B
Total assets	2.4B	2.4B	2.4B	2.4B	2.4B	2.4B	2.4B	2.4B	2.5B	2.5B	2.5B	2.3B
Accounts payable	95.8M	88.1M	79.9M	81.1M	74.7M	64.8M	73.6M	79.1M	97.8M	106.2M	104.1M	91M
Short-term debt	—	—	—	—	—	—	—	—	—	32.3M	14.1M	391K
Total current liabilities	205.3M	225.7M	207.6M	234.4M	232.8M	273.5M	296.6M	300.4M	322.2M	383M	350.5M	328.5M
Long-term debt	640.7M	684.8M	682M	654.1M	651.3M	649.3M	646.8M	644.2M	645.1M	642.5M	639.8M	487.3M
Total liabilities	860M	931.8M	905.4M	906.1M	909.1M	941.2M	963.3M	961.3M	982.6M	1B	1B	825.3M
Shareholders' equity	1.5B	1.5B	1.5B	1.5B	1.5B	1.5B	1.5B	1.5B	1.5B	1.5B	1.5B	1.5B
Total debt	640.7M	684.8M	682M	654.1M	651.3M	649.3M	646.8M	644.2M	645.1M	674.7M	654M	487.7M
Net debt	551.3M	516.1M	539.3M	473.6M	493.2M	406.7M	377M	335.1M	340.4M	339.7M	322.1M	273.4M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Net income	24.9M	40.9M	46.8M	85.7M	62M	11.3M	-28.3M	-137.6M	-37.9M	-29.7M
Depreciation & amortization	32.3M	42.3M	46.4M	49.3M	67.1M	93.4M	97.3M	88M	82M	72.7M
Stock-based compensation	15.3M	17.3M	19.4M	26.5M	28.3M	38.3M	43.4M	41.5M	39.9M	60.3M
Change in working capital	-17M	-39.9M	-28.6M	-36M	-70.3M	-150.6M	-99.5M	89.7M	67M	7.1M
Operating cash flow	48.8M	57.2M	86.2M	126M	89.7M	-10.6M	-41.9M	50.6M	138.9M	102.4M
Capital expenditure	-32.8M	-15.1M	-26.7M	-43.3M	-45.6M	-27.7M	-38.8M	-34.3M	—	—
Investing cash flow	-111.1M	-200.9M	-153.8M	-135.5M	-415.3M	-274.3M	-38.6M	-34.3M	57K	-1.4M
Dividends paid	—	—	—	—	—	—	—	—	—	—
Share repurchases	-8.8M	-15.5M	-8M	-16.2M	-66K	-8.2M	-63K	-31K	0	-15M
Financing cash flow	-193.6M	374.5M	49.1M	-16.2M	199.9M	240.4M	-20.1M	53M	-2.2M	-318.2M
Net change in cash	-255.9M	230.8M	-18.5M	-25.7M	-125.7M	-44.5M	-100.6M	69.3M	136.7M	-217.2M
Free cash flow	26.3M	28.2M	70.8M	71.9M	51.6M	-46.5M	-60M	26.1M	119M	68.1M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26
Net income	-36.7M	-45.6M	-44.6M	-10.8M	-17.5M	-17.6M	-19.2M	16.4M	-12.5M	-15.1M	-2.9M	798K
Depreciation & amortization	22.7M	22.2M	21.8M	21.4M	21.2M	20.9M	19.9M	20M	18.9M	18.3M	18M	17.5M
Stock-based compensation	9M	10.2M	11.4M	10.9M	10.5M	11.4M	12.1M	5.9M	16.3M	15.3M	12.8M	16M
Change in working capital	-12.4M	70.9M	-892K	32.1M	-26.9M	77.5M	21.7M	-5.4M	19.3M	30.3M	-30.2M	-12.3M
Operating cash flow	-22.6M	49.1M	-2.8M	39.4M	-17.8M	85.8M	31.3M	38.1M	2.2M	51.6M	6.4M	42.2M
Capital expenditure	-8M	-8M	-7.9M	-10.3M	-6.2M	-3.6M	-5.9M	—	—	—	—	—
Investing cash flow	-8M	-8M	-7.9M	-10.3M	-6.2M	-3.6M	-3.2M	0	—	—	—	0
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	0	-15K	0	-16K	—	—	0	0	—	—	0	0
Financing cash flow	65M	40M	0	-25M	-2.2M	0	0	0	—	—	0	0
Net change in cash	34.4M	81.1M	-10.7M	4M	-26.3M	82.3M	28.1M	38.1M	2.2M	51.6M	6.4M	42.2M
Free cash flow	-47.1M	37.5M	-25.7M	61.4M	-20.9M	81.9M	24.1M	34M	-4.4M	45.7M	-1.8M	28.6M

Mercury Systems Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Split history

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement