NASDAQ : MRCY
Mercury Systems, Inc. — Financial statements
Industrials · Aerospace & Defense · United States
Last price 77.54 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 4.66B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Mercury Systems, Inc. (MRCY) reported revenue of 983.62M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year August - July; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Revenue | 983.62M | 983.62M | 912.02M | 835.27M | 973.88M | 988.20M |
| Cost of Revenue | 702.46M | 702.46M | 657.53M | 639.37M | 657.15M | 593.24M |
| Gross Profit | 281.17M | 281.17M | 254.49M | 195.90M | 316.73M | 394.96M |
| Selling, General & Admin | 175.03M | 175.03M | 154.41M | 166.79M | 160.64M | 157.04M |
| Research & Development | 59.74M | 59.74M | 67.65M | 101.33M | 108.80M | 107.17M |
| Amortization of Goodwill & Intangibles | 38.90M | 38.90M | 42.85M | 47.66M | 53.55M | 60.27M |
| Operating Expenses | 273.67M | 273.67M | 264.91M | 315.77M | 322.99M | 324.48M |
| Operating Income | 7.49M | 7.49M | -10.41M | -119.87M | -6.26M | 70.48M |
| Interest Expense | -29.59M | -29.59M | -33.43M | -35.02M | -25.16M | -5.81M |
| Interest & Investment Income | 7.72M | 7.72M | 3.61M | 1.20M | 1.05M | 143.00K |
| Currency Exchange Gain (Loss) | -1.10M | -1.10M | 1.70M | |||
| Other Non Operating Income (Expenses) | -6.20M | -6.20M | -8.67M | -7.71M | -2.26M | -5.64M |
| EBT Excluding Unusual Items | -21.68M | -21.68M | -47.21M | -161.40M | -32.62M | 59.17M |
| Merger & Restructuring Charges | -7.21M | -7.21M | -9.21M | -27.88M | -15.43M | -38.87M |
| Gain (Loss) on Sale of Assets | 6.00M | |||||
| Legal Settlements | -495.00K | -1.91M | ||||
| Pretax Income | -28.89M | -28.89M | -50.42M | -189.28M | -48.54M | 18.39M |
| Income Tax Expense | 784.00K | 784.00K | -12.52M | -51.63M | -20.21M | 7.12M |
| Net Income | -29.67M | -29.67M | -37.90M | -137.64M | -28.34M | 11.28M |
| Net Income to Common | -29.67M | -29.67M | -37.90M | -137.64M | -28.34M | 11.28M |
| Shares Outstanding (Basic) | 59.46M | 59.46M | 58.75M | 57.74M | 56.55M | 55.53M |
| Shares Outstanding (Diluted) | 59.46M | 59.46M | 58.75M | 57.74M | 56.55M | 55.90M |
| EPS (Basic) | -0.50 | -0.50 | -0.65 | -2.38 | -0.50 | 0.20 |
| EPS (Diluted) | -0.50 | -0.50 | -0.65 | -2.38 | -0.50 | 0.20 |
| Free Cash Flow | 68.09M | 68.09M | 119.05M | 26.09M | -60.05M | -46.52M |
| Free Cash Flow Per Share | 1.15 | 1.15 | 2.03 | 0.45 | -1.06 | -0.83 |
| Gross Margin | 28.59% | 28.59% | 27.90% | 23.45% | 32.52% | 39.97% |
| Operating Margin | 0.76% | 0.76% | -1.14% | -14.35% | -0.64% | 7.13% |
| Profit Margin | -3.02% | -3.02% | -4.16% | -16.48% | -2.91% | 1.14% |
| Free Cash Flow Margin | 6.92% | 6.92% | 13.05% | 3.12% | -6.17% | -4.71% |
| EBITDA | 80.18M | 80.18M | 71.61M | -31.84M | 91.07M | 163.89M |
| EBITDA Margin | 8.15% | 8.15% | 7.85% | -3.81% | 9.35% | 16.59% |
| D&A For EBITDA | 72.68M | 72.68M | 82.03M | 88.03M | 97.33M | 93.42M |
| EBIT | 7.49M | 7.49M | -10.41M | -119.87M | -6.26M | 70.48M |
| EBIT Margin | 0.76% | 0.76% | -1.14% | -14.35% | -0.64% | 7.13% |
| Effective Tax Rate | 38.71% |
Balance sheet
Fiscal year August - July; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 214.31M | 214.31M | 309.10M | 180.52M | 71.56M | 65.65M |
| Cash & Short-Term Investments | 214.31M | 214.31M | 309.10M | 180.52M | 71.56M | 65.65M |
| Receivables | 354.98M | 354.98M | 388.06M | 415.47M | 507.29M | 447.85M |
| Inventory | 366.97M | 366.97M | 332.92M | 335.30M | 337.22M | 270.34M |
| Prepaid Expenses | 34.92M | 34.92M | 27.64M | 22.49M | 20.95M | 23.91M |
| Other Current Assets | 2.26M | 2.26M | 457.00K | 7.50M | ||
| Total Current Assets | 973.44M | 973.44M | 1.06B | 953.78M | 937.02M | 815.25M |
| Property, Plant & Equipment | 156.13M | 156.13M | 153.70M | 171.21M | 182.57M | 193.56M |
| Long-Term Investments | 3.52M | |||||
| Goodwill | 942.42M | 942.42M | 938.09M | 938.09M | 938.09M | 937.88M |
| Other Intangible Assets | 175.82M | 175.82M | 210.61M | 250.51M | 298.05M | 351.54M |
| Long-Term Deferred Tax Assets | 67.19M | 67.19M | 69.02M | 58.61M | 27.10M | |
| Other Long-Term Assets | 7.78M | 7.78M | 5.16M | 6.69M | 5.01M | 6.19M |
| Total Assets | 2.32B | 2.32B | 2.43B | 2.38B | 2.39B | 2.30B |
| Accounts Payable | 91.04M | 91.04M | 79.12M | 81.07M | 103.99M | 98.67M |
| Accrued Expenses | 63.82M | 63.82M | 70.62M | 53.23M | 45.60M | 61.94M |
| Short-Term Debt | 1.97M | 1.97M | 7.88M | |||
| Current Portion of Leases | 13.59M | 13.59M | 11.81M | 11.61M | 10.43M | 11.25M |
| Current Income Taxes Payable | 109.00K | 13.87M | ||||
| Current Unearned Revenue | 149.56M | 149.56M | 126.80M | 73.92M | 56.56M | 15.49M |
| Other Current Liabilities | 8.54M | 8.54M | 4.15M | 14.48M | 2.81M | 6.58M |
| Total Current Liabilities | 328.52M | 328.52M | 300.38M | 234.42M | 233.26M | 193.93M |
| Long-Term Debt | 441.50M | 441.50M | 596.89M | 593.94M | 511.50M | 451.50M |
| Long-Term Leases | 45.83M | 45.83M | 52.74M | 62.58M | 66.80M | 69.89M |
| Long-Term Unearned Revenue | 1.49M | 1.49M | 808.00K | 452.00K | 580.00K | |
| Pension & Post-Retirement Benefits | 3.05M | 3.05M | 5.28M | 5.00M | 4.15M | 4.66M |
| Long-Term Deferred Tax Liabilities | 32.40M | |||||
| Other Long-Term Liabilities | 4.92M | 4.92M | 5.21M | 9.74M | 8.39M | 14.86M |
| Total Liabilities | 825.32M | 825.32M | 961.30M | 906.13M | 824.68M | 767.23M |
| Common Stock | 596.00K | 596.00K | 590.00K | 581.00K | 570.00K | 557.00K |
| Additional Paid-In Capital | 1.33B | 1.33B | 1.29B | 1.24B | 1.20B | 1.15B |
| Retained Earnings | 152.22M | 152.22M | 181.90M | 219.80M | 357.44M | 385.77M |
| Comprehensive Income & Other | 11.23M | 11.23M | 3.50M | 9.99M | 11.83M | 5.53M |
| Shareholders' Equity | 1.50B | 1.50B | 1.47B | 1.47B | 1.57B | 1.54B |
| Total Liabilities & Equity | 2.32B | 2.32B | 2.43B | 2.38B | 2.39B | 2.30B |
| Total Debt | 502.88M | 502.88M | 669.32M | 668.13M | 588.73M | 532.63M |
| Net Cash (Debt) | -288.58M | -288.58M | -360.22M | -487.61M | -517.17M | -466.98M |
| Net Cash Per Share | -4.85 | -4.85 | -6.13 | -8.45 | -9.14 | -8.35 |
| Filing Date Shares Outstanding | 60.14M | 60.14M | 59.92M | 59.41M | 58.19M | 57.68M |
| Total Common Shares Outstanding | 59.60M | 59.60M | 59.00M | 58.09M | 56.96M | 55.68M |
| Working Capital | 644.91M | 644.91M | 757.80M | 719.37M | 703.75M | 621.33M |
| Book Value Per Share | 25.12 | 25.12 | 24.97 | 25.35 | 27.50 | 27.61 |
| Tangible Book Value | 379.22M | 379.22M | 324.76M | 284.17M | 330.54M | 247.77M |
| Tangible Book Value Per Share | 6.36 | 6.36 | 5.50 | 4.89 | 5.80 | 4.45 |
| Machinery | 379.83M | 379.83M | 340.93M | 311.05M | 282.53M | 250.96M |
| Leasehold Improvements | 73.78M | 73.78M | 74.28M | 72.42M | 70.31M | 66.12M |
| Order Backlog | 1.90B | 1.90B | 1.40B |
Cash flow statement
Fiscal year August - July; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Net Income | -29.67M | -29.67M | -37.90M | -137.64M | -28.34M | 11.28M |
| Depreciation & Amortization | 72.68M | 72.68M | 82.03M | 88.03M | 97.33M | 93.42M |
| Stock-Based Compensation | 60.31M | 60.31M | 39.92M | 41.52M | 43.42M | 38.29M |
| Provision & Write-off of Bad Debts | 20.00K | 20.00K | 876.00K | 15.30M | 400.00K | 106.00K |
| Other Operating Activities | 1.00M | 1.00M | -14.17M | -23.66M | -54.80M | -3.02M |
| Change in Accounts Receivable | 32.72M | 32.72M | 29.95M | 76.46M | -58.72M | -146.48M |
| Change in Inventory | -44.46M | -44.46M | -17.09M | 130.00K | -64.06M | -40.90M |
| Change in Accounts Payable | 3.77M | 3.77M | 8.10M | 741.00K | -16.73M | 58.40M |
| Change in Unearned Revenue | 23.85M | 23.85M | 49.89M | 17.31M | 40.70M | -19.00M |
| Change in Income Taxes | -2.35M | -2.35M | -4.39M | -11.22M | 17.34M | -3.97M |
| Change in Other Net Operating Assets | -15.49M | -15.49M | 1.63M | -6.59M | 2.20M | -6.99M |
| Operating Cash Flow | 102.39M | 102.39M | 138.85M | 60.38M | -21.25M | -18.87M |
| Capital Expenditures | -34.30M | -34.30M | -19.80M | -34.29M | -38.80M | -27.66M |
| Cash Acquisitions | -1.42M | -1.42M | -4.54M | -243.46M | ||
| Divestitures | 6.25M | |||||
| Other Investing Activities | 4.60M | 235.00K | -3.20M | |||
| Investing Cash Flow | -35.72M | -35.72M | -13.50M | -34.29M | -38.56M | -274.32M |
| Long-Term Debt Issued | 105.00M | 140.00M | 251.50M | |||
| Long-Term Debt Repaid | -150.00M | -150.00M | -25.00M | -80.00M | ||
| Net Debt Issued (Repaid) | -150.00M | -150.00M | 80.00M | 60.00M | 251.50M | |
| Issuance of Common Stock | 5.42M | 5.42M | 3.66M | 4.64M | 5.49M | 5.37M |
| Repurchase of Common Stock | -15.00M | -15.00M | -31.00K | -63.00K | -8.21M | |
| Other Financing Activities | -3.16M | -3.16M | -2.25M | -1.93M | -2.91M | |
| Financing Cash Flow | -162.74M | -162.74M | 1.41M | 82.68M | 65.43M | 245.75M |
| Foreign Exchange Rate Adjustments | 1.27M | 1.27M | 1.81M | 187.00K | 295.00K | -750.00K |
| Net Cash Flow | -94.79M | -94.79M | 128.58M | 108.96M | 5.91M | -48.19M |
| Free Cash Flow | 68.09M | 68.09M | 119.05M | 26.09M | -60.05M | -46.52M |
| Free Cash Flow Margin | 6.92% | 6.92% | 13.05% | 3.12% | -6.17% | -4.71% |
| Free Cash Flow Per Share | 1.15 | 1.15 | 2.03 | 0.45 | -1.06 | -0.83 |
| Levered Free Cash Flow | 107.11M | 107.11M | 156.81M | 90.62M | 6.61M | -33.99M |
| Unlevered Free Cash Flow | 125.61M | 125.61M | 177.70M | 112.50M | 22.33M | -30.36M |
| Cash Interest Paid | 32.40M | 32.40M | 36.56M | 37.42M | 27.29M | 5.49M |
| Cash Income Tax Paid | 1.17M | 1.17M | 365.00K | -9.31M | 24.24M | 14.12M |
| Change in Working Capital | -1.96M | -1.96M | 68.10M | 76.83M | -79.27M | -158.94M |
Ratios
Fiscal year August - July; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 4.66B | 7.58B | 3.19B | 1.60B | 2.01B | 3.69B |
| Enterprise Value | 4.95B | 7.90B | 3.57B | 2.16B | 2.53B | 4.12B |
| Last Close Price | 77.54 | 126.21 | 53.41 | 26.99 | 34.59 | 64.00 |
| PE Ratio | 327.37 | |||||
| Forward PE | 46.42 | 91.03 | 69.87 | 214.55 | 19.33 | 22.92 |
| PS Ratio | 4.74 | 7.70 | 3.50 | 1.92 | 2.07 | 3.73 |
| PB Ratio | 3.09 | 5.06 | 2.17 | 1.09 | 1.28 | 2.40 |
| P/TBV Ratio | 12.30 | 19.98 | 9.83 | 5.64 | 6.09 | 14.90 |
| P/FCF Ratio | 68.49 | 111.30 | 26.81 | 61.39 | ||
| P/OCF Ratio | 45.54 | 74.01 | 22.98 | 26.53 | ||
| PEG Ratio | 1.03 | 4.97 | 5.30 | 16.27 | 11.29 | 8.04 |
| EV/Sales Ratio | 5.03 | 8.03 | 3.92 | 2.59 | 2.60 | 4.17 |
| EV/EBITDA Ratio | 61.76 | 98.57 | 49.91 | 27.79 | 25.16 | |
| EV/EBIT Ratio | 660.73 | 1,054.54 | 58.51 | |||
| EV/FCF Ratio | 72.72 | 116.07 | 30.02 | 82.77 | ||
| Debt / Equity Ratio | 0.34 | 0.34 | 0.45 | 0.45 | 0.38 | 0.35 |
| Debt / EBITDA Ratio | 5.27 | 5.27 | 7.76 | 5.62 | 2.99 | |
| Debt / FCF Ratio | 7.39 | 7.39 | 5.62 | 25.61 | ||
| Net Debt / Equity Ratio | 0.19 | 0.19 | 0.24 | 0.33 | 0.33 | 0.30 |
| Net Debt / EBITDA Ratio | 3.60 | 3.60 | 5.03 | -15.31 | 5.68 | 2.85 |
| Net Debt / FCF Ratio | 4.24 | 4.24 | 3.03 | 18.69 | -8.61 | -10.04 |
| Asset Turnover | 0.41 | 0.41 | 0.38 | 0.35 | 0.41 | 0.46 |
| Inventory Turnover | 2.01 | 2.01 | 1.97 | 1.90 | 2.16 | 2.41 |
| Quick Ratio | 1.73 | 1.73 | 2.32 | 2.54 | 2.48 | 2.65 |
| Current Ratio | 2.96 | 2.96 | 3.52 | 4.07 | 4.02 | 4.20 |
| Return on Equity (ROE) | -2.00% | -2.00% | -2.57% | -9.06% | -1.83% | 0.75% |
| Return on Assets (ROA) | 0.20% | 0.20% | -0.27% | -3.14% | -0.17% | 2.07% |
| Return on Invested Capital (ROIC) | 0.42% | 0.41% | -0.55% | -5.93% | -0.31% | 2.36% |
| Return on Capital Employed (ROCE) | 0.40% | 0.40% | -0.50% | -5.60% | -0.30% | 3.30% |
| Earnings Yield | -0.64% | -0.39% | -1.19% | -8.59% | -1.41% | 0.30% |
| FCF Yield | 1.46% | 0.90% | 3.73% | 1.63% | -2.98% | -1.26% |
| Buyback Yield / Dilution | -1.21% | -1.21% | -1.75% | -2.09% | -1.17% | -0.77% |