What is Mercer International's operating income?

Mercer International's total operating income in 2025 was -$397.75 million, based on the following breakdown: Total Gross Profit: $92.13 million Total Operating Expenses: $489.88 million

Mercer International (MERC) Financials

$0.67 -0.02 (-3.29%)

Closing price 07/24/2026 04:00 PM Eastern

Extended Trading

$0.69 +0.02 (+3.43%)

As of 07/24/2026 04:30 PM Eastern

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Annual Income Statements for Mercer International

This table shows Mercer International's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	76	35	70	129	-9.64	-17	171	247	-242	-85	-498
Consolidated Net Income / (Loss)	76	35	70	129	-9.64	-17	171	247	-242	-85	-498
Net Income / (Loss) Continuing Operations	76	35	70	129	-9.64	-17	171	247	-242	-85	-498
Total Pre-Tax Income	105	59	104	177	9.59	-11	261	345	-270	-87	-511
Total Operating Income	166	115	169	268	84	64	347	392	-189	15	-398
Total Gross Profit	280	231	303	426	284	259	558	642	140	360	92
Total Revenue	1,033	932	1,169	1,458	1,624	1,423	1,803	2,281	1,994	2,043	1,868
Operating Revenue	1,033	932	1,169	1,458	1,624	1,423	1,803	2,281	1,994	2,043	1,868
Total Cost of Revenue	754	700	866	1,032	1,340	1,164	1,246	1,639	1,853	1,683	1,776
Operating Cost of Revenue	754	700	866	1,032	1,340	1,164	1,246	1,639	1,853	1,683	1,776
Total Operating Expenses	114	116	135	158	200	196	211	250	329	345	490
Selling, General & Admin Expense	46	45	50	61	74	67	79	106	123	116	114
Depreciation Expense	68	71	85	96	126	129	132	144	172	171	160
Impairment Charge	-	-	-	-	-	-	-	0.00	0.00	58	216
Other Special Charges / (Income)	-	-	-	-	-	-	0.00	0.00	34	0.00	0.00
Total Other Income / (Expense), net	-61	-56	-65	-91	-74	-75	-86	-47	-81	-102	-113
Interest Expense	54	52	65	73	81	81	100	71	88	109	115
Other Income / (Expense), net	-6.84	-3.63	0.87	-18	6.08	5.88	14	24	7.20	7.23	1.37
Income Tax Expense	29	25	33	49	19	6.10	90	98	-28	-1.77	-13
Basic Earnings per Share	$1.17	$0.54	$1.09	$1.97	($0.15)	($0.26)	$2.59	$3.74	($3.65)	($1.27)	($7.44)
Weighted Average Basic Shares Outstanding	64.38M	64.63M	64.92M	65.13M	65.63M	65.87M	66.04M	66.17M	66.52M	66.87M	66.98M
Diluted Earnings per Share	$1.17	$0.54	$1.08	$1.96	($0.15)	($0.26)	$2.58	$3.71	($3.65)	($1.27)	($7.44)
Weighted Average Diluted Shares Outstanding	64.38M	64.63M	64.92M	65.13M	65.63M	65.87M	66.04M	66.17M	66.52M	66.87M	66.98M
Weighted Average Basic & Diluted Shares Outstanding	64.38M	64.63M	64.92M	65.13M	65.63M	65.87M	66.04M	66.17M	66.52M	66.87M	66.98M
Cash Dividends to Common per Share	$0.23	$0.46	$0.47	$0.50	$0.54	$0.33	$0.26	$0.30	$0.30	$0.30	$0.15

This table shows Mercer International's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	-26	-87	-17	-68	-18	17	-22	-86	-81	-309	-52
Consolidated Net Income / (Loss)	-26	-87	-17	-68	-18	17	-22	-86	-81	-309	-52
Net Income / (Loss) Continuing Operations	-26	-87	-17	-68	-18	17	-22	-86	-81	-309	-52
Total Pre-Tax Income	-22	-86	-23	-66	-18	20	-22	-88	-96	-306	-60
Total Operating Income	-3.43	-56	-0.45	-44	8.84	50	6.73	-58	-68	-278	-33
Total Gross Profit	68	48	95	60	80	125	77	9.48	0.67	5.25	36
Total Revenue	471	470	553	499	502	488	507	454	458	450	489
Operating Revenue	471	470	553	499	502	488	507	454	458	450	489
Total Cost of Revenue	403	423	458	439	423	363	430	444	457	444	453
Operating Cost of Revenue	403	423	458	439	423	363	430	444	457	444	453
Total Operating Expenses	71	104	96	104	71	75	70	68	68	284	69
Selling, General & Admin Expense	30	27	32	30	29	26	30	30	29	25	29
Depreciation Expense	41	44	40	40	42	49	40	37	39	43	41
Impairment Charge	0.00	-	24	34	0.00	-	0.00	0.00	0.00	216	0.00
Total Other Income / (Expense), net	-19	-30	-23	-23	-27	-30	-28	-30	-28	-28	-27
Interest Expense	22	27	28	27	26	28	28	28	29	30	29
Other Income / (Expense), net	3.32	-2.49	4.94	4.30	-0.09	-1.92	-0.19	-1.12	0.54	2.14	1.82
Income Tax Expense	3.98	1.08	-6.37	1.26	-0.12	3.45	0.73	-1.86	-15	2.59	-8.18
Basic Earnings per Share	($0.39)	($1.32)	($0.25)	($1.01)	($0.26)	$0.25	($0.33)	($1.29)	($1.21)	($4.61)	($0.78)
Weighted Average Basic Shares Outstanding	66.52M	66.52M	66.85M	66.87M	66.87M	66.87M	66.87M	66.98M	66.98M	66.98M	66.98M
Diluted Earnings per Share	($0.39)	($1.32)	($0.25)	($1.01)	($0.26)	$0.25	($0.33)	($1.29)	($1.21)	($4.61)	($0.78)
Weighted Average Diluted Shares Outstanding	66.52M	66.52M	66.85M	66.87M	66.87M	66.87M	66.87M	66.98M	66.98M	66.98M	66.98M
Weighted Average Basic & Diluted Shares Outstanding	66.52M	66.52M	66.85M	66.87M	66.87M	66.87M	66.87M	66.98M	66.98M	66.98M	66.98M
Cash Dividends to Common per Share	$0.08	$0.07	$0.08	$0.08	$0.08	$0.07	$0.08	$0.08	$0.00	-	$0.00

This table details how cash moves in and out of Mercer International's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	53	34	309	-216	111	10	-15	8.42	-40	-129	1.88
Net Cash From Operating Activities	159	141	142	237	244	42	182	361	-69	90	8.59
Net Cash From Continuing Operating Activities	159	141	142	237	244	42	182	361	-69	90	8.59
Net Income / (Loss) Continuing Operations	76	35	70	129	-9.64	-17	171	247	-242	-85	-498
Consolidated Net Income / (Loss)	76	35	70	129	-9.64	-17	171	247	-242	-85	-498
Depreciation Expense	68	72	85	97	126	129	132	144	173	171	160
Non-Cash Adjustments To Reconcile Net Income	11	9.33	16	29	29	22	15	-13	101	65	300
Changes in Operating Assets and Liabilities, net	4.53	25	-30	-18	99	-92	-136	-18	-101	-61	47
Net Cash From Investing Activities	-50	-44	-122	-467	-139	-60	-178	-425	-200	-67	-81
Net Cash From Continuing Investing Activities	-50	-44	-122	-467	-139	-60	-178	-425	-200	-67	-81
Purchase of Property, Plant & Equipment	-47	-43	-58	-87	-132	-79	-211	-179	-218	-84	-89
Acquisitions	-3.81	-1.84	-63	-381	-7.00	-0.65	0.00	-257	0.00	0.00	0.00
Purchase of Investments	-	-	-	0.00	0.00	-9.37	0.00	-75	0.00	0.00	0.00
Sale of Property, Plant & Equipment	-	-	-	-	-	-	-	1.69	3.41	20	6.38
Sale and/or Maturity of Investments	-	-	-	0.00	0.00	27	0.00	76	0.00	0.00	0.00
Other Investing Activities, net	0.53	0.07	-0.23	0.45	-0.32	1.80	33	8.53	15	-2.55	0.87
Net Cash From Financing Activities	-57	-62	289	15	6.10	26	-19	81	229	-153	80
Net Cash From Continuing Financing Activities	-57	-62	289	15	6.10	26	-19	81	229	-153	80
Repayment of Debt	-36	-23	-247	-331	-170	52	-869	111	56	-330	103
Payment of Dividends	-7.42	-30	-30	-41	-35	-22	-17	-20	-20	-20	-10
Issuance of Debt	0.00	1.32	572	387	206	0.00	875	0.00	200	206	0.00
Other Financing Activities, net	-14	-11	-6.29	0.00	6.47	-4.27	-7.85	-10	-7.79	-8.92	-13
Effect of Exchange Rate Changes	-	-	-	-	-0.43	1.96	-1.07	-8.53	0.21	0.50	-5.19
Cash Interest Paid	52	50	46	40	60	78	73	67	80	105	108
Cash Income Taxes Paid	8.78	13	11	16	53	19	23	86	64	22	26

This table details how cash moves in and out of Mercer International's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	130	-30	-40	-11	-24	-54	-3.45	-35	-48	89	-97
Net Cash From Operating Activities	-25	-8.72	-29	62	-14	71	-2.99	-4.53	-30	46	-86
Net Cash From Continuing Operating Activities	-25	-8.72	-29	62	-14	71	-2.99	-4.53	-30	46	-86
Net Income / (Loss) Continuing Operations	-26	-87	-17	-68	-18	17	-22	-86	-81	-309	-52
Consolidated Net Income / (Loss)	-26	-87	-17	-68	-18	17	-22	-86	-81	-309	-52
Depreciation Expense	41	44	40	40	42	49	40	38	40	43	41
Non-Cash Adjustments To Reconcile Net Income	-12	51	23	34	12	-3.87	11	34	20	243	18
Changes in Operating Assets and Liabilities, net	-28	-16	-76	56	-50	9.49	-32	9.93	-9.21	69	-92
Net Cash From Investing Activities	-29	-20	-17	-20	-23	-6.45	-20	-23	-28	-11	-13
Net Cash From Continuing Investing Activities	-29	-20	-17	-20	-23	-6.45	-20	-23	-28	-11	-13
Purchase of Property, Plant & Equipment	-37	-26	-18	-18	-27	-21	-20	-24	-30	-14	-13
Purchase of Investments	-	-	0.00	-	-	-	0.00	-	-	-	0.00
Other Investing Activities, net	4.91	5.60	0.98	-2.27	-0.85	-0.41	0.22	1.56	0.92	-1.83	0.34
Net Cash From Financing Activities	185	-1.94	6.82	-53	13	-119	19	-3.27	11	53	1.76
Net Cash From Continuing Financing Activities	185	-1.94	6.82	-53	13	-119	19	-3.27	11	53	1.76
Repayment of Debt	-7.80	9.98	9.01	-46	20	-314	0.00	26	21	56	-0.53
Payment of Dividends	-4.99	-9.98	0.00	-5.01	-5.02	-10	0.00	-5.02	-5.02	-	0.00
Issuance of Debt	200	-	0.00	-	-	206	22	-22	-	-	5.85
Other Financing Activities, net	-2.06	-1.94	-2.19	-2.69	-2.56	-1.48	-2.51	-2.41	-4.87	-3.40	-3.56
Effect of Exchange Rate Changes	-0.13	1.11	0.14	0.15	-0.06	0.28	0.15	-4.41	-1.68	0.75	-0.53
Cash Interest Paid	40	2.71	35	17	33	21	25	28	26	29	25
Cash Income Taxes Paid	45	15	8.17	4.52	4.51	5.29	17	13	8.29	-12	0.00

This table presents Mercer International's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	1,183	1,159	1,725	1,976	2,066	2,129	2,351	2,725	2,663	2,263	2,041
Total Current Assets	389	402	852	811	845	875	1,064	1,178	1,093	910	866
Cash & Equivalents	100	137	143	240	351	361	346	354	314	185	187
Restricted Cash	9.23	4.33	317	-	-	-	-	-	-	-	0.00
Accounts Receivable	134	124	206	253	209	227	345	352	306	327	299
Inventories, net	141	133	177	304	273	272	357	450	414	362	359
Prepaid Expenses	4.70	3.61	8.97	14	12	15	17	22	23	18	21
Other Current Assets	-	-	-	-	-	-	-	-	-	-	0.00
Other Current Nonoperating Assets	-	-	-	-	-	-	-	0.00	35	18	0.00
Plant, Property, & Equipment, net	762	738	845	1,029	1,074	1,110	1,136	1,341	1,410	1,255	1,115
Total Noncurrent Assets	32	19	28	136	147	145	151	206	160	98	60
Long-Term Investments	-	-	0.00	63	53	46	50	46	42	0.00	0.00
Goodwill	-	-	-	-	-	-	0.00	31	35	0.00	0.00
Intangible Assets	-	-	26	54	53	52	48	61	53	50	26
Noncurrent Deferred & Refundable Income Taxes	23	11	1.38	1.37	1.25	1.36	1.18	-	0.66	18	7.84
Employee Benefit Assets	-	-	-	-	-	-	4.14	4.40	5.59	9.38	13
Other Noncurrent Operating Assets	8.46	7.59	-	18	39	45	48	63	24	21	13
Total Liabilities & Shareholders' Equity	1,183	1,159	1,725	1,976	2,066	2,129	2,351	2,725	2,663	2,263	2,041
Total Liabilities	800	780	1,174	1,394	1,515	1,528	1,657	1,886	2,027	1,833	1,973
Total Current Liabilities	104	93	430	195	256	212	283	378	286	257	284
Short-Term Debt	-	0.00	296	-	-	-	-	-	-	-	14
Accounts Payable	103	92	134	194	256	211	282	377	279	249	269
Current Employee Benefit Liabilities	0.97	1.04	0.99	0.90	0.77	0.80	0.82	0.76	0.83	0.73	0.75
Other Current Nonoperating Liabilities	-	-	-	-	-	-	-	0.00	6.63	7.15	0.00
Total Noncurrent Liabilities	695	686	744	1,199	1,259	1,316	1,374	1,508	1,741	1,577	1,690
Long-Term Debt	638	618	663	1,041	1,088	1,187	1,238	1,347	1,609	1,474	1,605
Noncurrent Deferred & Payable Income Tax Liabilities	13	17	32	93	90	77	95	126	97	75	58
Noncurrent Employee Benefit Liabilities	25	25	21	26	25	32	21	12	12	11	10
Other Noncurrent Operating Liabilities	19	26	27	39	56	21	20	24	21	17	16
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	383	379	551	581	550	601	694	839	635	430	68
Total Preferred & Common Equity	383	379	551	581	550	601	694	839	635	430	68
Total Common Equity	383	379	551	581	550	601	694	839	635	430	68
Common Stock	394	398	404	408	411	411	414	421	426	430	432
Retained Earnings	161	166	206	302	256	217	371	598	336	231	-277
Accumulated Other Comprehensive Income / (Loss)	-172	-185	-59	-128	-117	-28	-91	-180	-127	-231	-87

This table presents Mercer International's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	2,544	2,740	2,633	2,655	2,605	2,484	2,503	2,336	2,378	2,291	1,964
Total Current Assets	1,097	1,196	999	1,065	1,127	1,069	1,059	970	938	868	835
Cash & Equivalents	287	301	213	344	274	263	239	181	146	98	85
Restricted Cash	-	-	-	-	-	-	-	-	-	-	5.00
Accounts Receivable	324	345	335	267	368	345	353	346	335	328	329
Inventories, net	386	531	430	422	408	400	392	380	415	385	366
Prepaid Expenses	24	19	21	32	42	26	41	43	21	53	50
Other Current Assets	75	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Other Current Nonoperating Assets	-	-	-	-	34	35	34	20	19	3.45	0.00
Plant, Property, & Equipment, net	1,249	1,349	1,431	1,397	1,362	1,332	1,360	1,268	1,338	1,323	1,069
Total Noncurrent Assets	198	196	203	194	116	83	83	99	102	100	60
Long-Term Investments	45	45	49	44	4.46	3.98	3.60	0.00	0.00	0.00	0.00
Goodwill	33	35	35	34	35	0.00	0.00	0.00	0.00	0.00	0.00
Intangible Assets	57	52	52	50	51	55	55	50	52	53	26
Noncurrent Deferred & Refundable Income Taxes	0.00	0.00	0.00	0.00	0.00	0.00	0.00	20	21	21	7.59
Employee Benefit Assets	3.54	3.78	3.83	3.51	5.51	5.46	5.53	8.26	8.71	7.64	13
Other Noncurrent Operating Assets	59	60	63	62	21	19	19	21	20	17	14
Total Liabilities & Shareholders' Equity	2,544	2,740	2,633	2,655	2,605	2,484	2,503	2,336	2,378	2,291	1,964
Total Liabilities	1,824	1,918	1,900	1,990	2,032	1,997	1,986	1,899	1,932	1,931	1,969
Total Current Liabilities	323	383	370	268	302	309	279	298	302	288	385
Short-Term Debt	-	-	-	-	-	-	-	-	-	-	108
Accounts Payable	322	382	370	267	294	301	272	291	294	287	276
Current Employee Benefit Liabilities	0.73	0.76	0.61	0.52	0.81	0.80	0.81	0.73	0.77	0.76	0.73
Other Current Nonoperating Liabilities	-	-	-	-	6.44	7.26	6.97	7.09	7.40	0.00	0.00
Total Noncurrent Liabilities	1,501	1,535	1,529	1,722	1,730	1,688	1,706	1,600	1,630	1,643	1,585
Long-Term Debt	1,339	1,379	1,404	1,590	1,615	1,569	1,598	1,503	1,527	1,547	1,510
Noncurrent Deferred & Payable Income Tax Liabilities	123	121	88	95	82	87	77	69	74	63	49
Noncurrent Employee Benefit Liabilities	18	11	11	11	12	12	13	12	13	13	11
Other Noncurrent Operating Liabilities	12	24	26	26	20	19	19	16	16	20	15
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	720	823	733	665	574	488	517	437	446	360	-5.54
Total Preferred & Common Equity	720	823	733	665	574	488	517	437	446	360	-5.54
Total Common Equity	720	823	733	665	574	488	517	437	446	360	-5.54
Common Stock	418	422	423	425	428	429	431	430	432	433	433
Retained Earnings	583	563	459	428	314	242	219	204	112	32	-329
Accumulated Other Comprehensive Income / (Loss)	-280	-162	-149	-187	-168	-183	-133	-197	-98	-105	-110

This table displays calculated financial ratios and metrics derived from Mercer International's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-12.08%	-9.83%	25.50%	24.68%	11.44%	-12.39%	26.71%	26.49%	-12.59%	2.48%	-8.58%
EBITDA Growth	-9.03%	-19.24%	38.83%	36.22%	-37.61%	-8.29%	148.42%	13.74%	-101.62%	2,227.03%	-222.43%
EBIT Growth	-7.49%	-29.81%	51.96%	47.70%	-64.00%	-22.73%	418.60%	15.46%	-143.56%	112.25%	-1,882.67%
NOPAT Growth	-36.55%	-43.24%	68.96%	69.99%	-143.47%	152.82%	409.82%	23.43%	-147.07%	107.95%	-2,750.42%
Net Income Growth	-37.58%	-53.72%	101.71%	82.44%	-107.50%	-78.80%	1,092.10%	44.48%	-197.98%	64.83%	-484.78%
EPS Growth	-35.36%	-53.85%	100.00%	81.48%	-107.65%	-73.33%	1,092.31%	43.80%	-198.38%	65.21%	-485.83%
Operating Cash Flow Growth	10.12%	-11.58%	0.81%	66.75%	3.22%	-82.98%	338.38%	97.93%	-119.13%	230.72%	-90.48%
Free Cash Flow Firm Growth	-24.22%	-51.57%	-163.51%	2.76%	101.52%	-8,792.35%	170.27%	-55.94%	-759.99%	180.60%	-135.01%
Invested Capital Growth	-13.05%	-6.18%	22.56%	25.83%	-6.49%	11.83%	11.32%	16.23%	4.20%	-8.41%	-12.95%
Revenue Q/Q Growth	-4.16%	-1.70%	11.01%	5.39%	-4.75%	4.94%	7.18%	2.89%	-5.34%	0.88%	-2.04%
EBITDA Q/Q Growth	-6.38%	-2.42%	15.76%	5.44%	-39.15%	60.07%	34.67%	-11.65%	-108.87%	139.37%	-349.63%
EBIT Q/Q Growth	-8.04%	-5.06%	22.10%	5.75%	-61.54%	2,459.56%	53.55%	-17.41%	-141.17%	126.12%	-453.97%
NOPAT Q/Q Growth	1.97%	-3.02%	26.63%	5.11%	-153.03%	454.19%	53.67%	-14.78%	-121.78%	116.35%	-477.56%
Net Income Q/Q Growth	32.43%	-8.41%	49.16%	2.63%	-108.92%	77.61%	104.80%	-18.07%	-79.55%	54.97%	-188.66%
EPS Q/Q Growth	31.46%	-8.47%	47.95%	2.08%	-109.15%	77.97%	104.76%	-18.28%	-79.80%	55.28%	-188.37%
Operating Cash Flow Q/Q Growth	-5.64%	9.62%	6.82%	11.87%	-2.89%	-47.56%	6.93%	5.88%	-616.04%	773.48%	-74.44%
Free Cash Flow Firm Q/Q Growth	-13.76%	25.45%	-245.11%	-145.52%	101.63%	-160.86%	234.14%	1,261.88%	-7.96%	501.63%	-592.37%
Invested Capital Q/Q Growth	-1.25%	-4.34%	4.09%	28.85%	-1.68%	7.70%	9.10%	2.90%	-0.37%	-7.63%	-17.65%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	27.07%	24.81%	25.93%	29.20%	17.49%	18.23%	30.92%	28.16%	7.04%	17.61%	4.93%
EBITDA Margin	21.99%	19.69%	21.79%	23.80%	13.33%	13.95%	27.35%	24.59%	-0.46%	9.45%	-12.65%
Operating Margin	16.04%	12.36%	14.42%	18.38%	5.17%	4.48%	19.22%	17.20%	-9.47%	0.73%	-21.29%
EBIT Margin	15.37%	11.97%	14.49%	17.17%	5.55%	4.89%	20.02%	18.27%	-9.11%	1.09%	-21.22%
Profit (Net Income) Margin	7.31%	3.75%	6.03%	8.82%	-0.59%	-1.21%	9.48%	10.83%	-12.14%	-4.17%	-26.65%
Tax Burden Percent	71.94%	58.76%	67.81%	72.54%	-100.54%	154.73%	65.62%	71.54%	89.71%	97.96%	97.39%
Interest Burden Percent	66.07%	53.33%	61.35%	70.84%	10.64%	-16.00%	72.18%	82.85%	148.60%	-390.89%	128.97%
Effective Tax Rate	28.06%	41.24%	32.19%	27.46%	200.54%	0.00%	34.38%	28.46%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	12.15%	7.65%	12.00%	16.41%	-6.61%	3.41%	15.60%	16.90%	-7.25%	0.59%	-17.43%
ROIC Less NNEP Spread (ROIC-NNEP)	4.49%	1.15%	3.01%	5.78%	3.91%	-5.04%	8.63%	13.14%	-17.37%	-7.06%	-33.71%
Return on Net Nonoperating Assets (RNNOA)	6.22%	1.52%	3.16%	6.31%	4.91%	-6.41%	10.81%	15.33%	-25.59%	-16.58%	-182.59%
Return on Equity (ROE)	18.37%	9.17%	15.16%	22.72%	-1.70%	-2.99%	26.41%	32.23%	-32.84%	-15.99%	-200.02%
Cash Return on Invested Capital (CROIC)	26.12%	14.03%	-8.27%	-6.47%	0.09%	-7.76%	4.89%	1.89%	-11.36%	9.37%	-3.59%
Operating Return on Assets (OROA)	12.76%	9.52%	11.75%	13.53%	4.46%	3.32%	16.11%	16.42%	-6.74%	0.90%	-18.42%
Return on Assets (ROA)	6.07%	2.98%	4.89%	6.95%	-0.48%	-0.82%	7.63%	9.73%	-8.99%	-3.46%	-23.13%
Return on Common Equity (ROCE)	18.37%	9.17%	15.16%	22.72%	-1.70%	-2.99%	26.41%	32.23%	-32.84%	-15.99%	-200.02%
Return on Equity Simple (ROE_SIMPLE)	19.71%	9.22%	12.80%	22.12%	-1.75%	-2.87%	24.64%	29.45%	-38.09%	-19.81%	0.00%
Net Operating Profit after Tax (NOPAT)	119	68	114	194	-84	45	227	281	-132	11	-278
NOPAT Margin	11.54%	7.26%	9.78%	13.33%	-5.20%	3.13%	12.61%	12.31%	-6.63%	0.51%	-14.90%
Net Nonoperating Expense Percent (NNEP)	7.67%	6.50%	8.99%	10.63%	-10.52%	8.46%	6.96%	3.76%	10.12%	7.65%	16.28%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	12.85%	-5.89%	0.55%	-16.64%
Cost of Revenue to Revenue	72.93%	75.19%	74.07%	70.80%	82.51%	81.77%	69.08%	71.84%	92.96%	82.39%	95.07%
SG&A Expenses to Revenue	4.48%	4.78%	4.25%	4.22%	4.57%	4.70%	4.38%	4.64%	6.18%	5.70%	6.13%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	11.03%	12.45%	11.51%	10.82%	12.31%	13.75%	11.70%	10.96%	16.51%	16.88%	26.22%
Earnings before Interest and Taxes (EBIT)	159	111	169	250	90	70	361	417	-182	22	-396
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	227	183	255	347	216	199	493	561	-9.08	193	-236
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.12	1.41	1.36	0.98	1.27	1.02	1.06	0.85	0.95	1.01	1.95
Price to Tangible Book Value (P/TBV)	1.12	1.41	1.43	1.08	1.41	1.12	1.14	0.96	1.11	1.14	3.16
Price to Revenue (P/Rev)	0.42	0.57	0.64	0.39	0.43	0.43	0.41	0.31	0.30	0.21	0.07
Price to Earnings (P/E)	5.68	15.26	10.62	4.42	0.00	0.00	4.30	2.89	0.00	0.00	0.00
Dividend Yield	3.46%	5.58%	4.08%	7.17%	5.03%	3.57%	2.34%	2.78%	3.29%	4.62%	15.15%
Earnings Yield	17.60%	6.55%	9.42%	22.63%	0.00%	0.00%	23.27%	34.54%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.05	1.18	1.19	0.99	1.12	1.01	1.03	0.93	1.00	1.01	1.04
Enterprise Value to Revenue (EV/Rev)	0.93	1.08	1.07	0.90	0.85	0.98	0.87	0.73	0.93	0.84	0.83
Enterprise Value to EBITDA (EV/EBITDA)	4.22	5.50	4.89	3.77	6.40	7.02	3.20	2.96	0.00	8.91	0.00
Enterprise Value to EBIT (EV/EBIT)	6.03	9.06	7.36	5.22	15.37	20.01	4.37	3.99	0.00	77.37	0.00
Enterprise Value to NOPAT (EV/NOPAT)	8.04	14.93	10.91	6.72	0.00	31.22	6.93	5.92	0.00	163.77	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	6.02	7.17	8.78	5.52	5.67	33.51	8.66	4.61	0.00	19.07	180.62
Enterprise Value to Free Cash Flow (EV/FCFF)	3.74	8.14	0.00	0.00	1,187.41	0.00	22.14	52.94	0.00	10.30	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.67	1.63	1.74	1.79	1.98	1.97	1.78	1.61	2.53	3.43	23.58
Long-Term Debt to Equity	1.67	1.63	1.20	1.79	1.98	1.97	1.78	1.61	2.53	3.43	23.58
Financial Leverage	1.39	1.32	1.05	1.09	1.26	1.27	1.25	1.17	1.47	2.35	5.42
Leverage Ratio	3.03	3.07	3.10	3.27	3.57	3.64	3.46	3.31	3.65	4.62	8.65
Compound Leverage Factor	2.00	1.64	1.90	2.32	0.38	-0.58	2.50	2.74	5.43	-18.08	11.15
Debt to Total Capital	62.49%	61.96%	63.52%	64.17%	66.40%	66.38%	64.07%	61.62%	71.69%	77.42%	95.93%
Short-Term Debt to Total Capital	0.00%	0.00%	19.60%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	62.49%	61.96%	43.92%	64.17%	66.40%	66.38%	64.07%	61.62%	71.69%	77.42%	95.93%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	37.51%	38.04%	36.48%	35.83%	33.60%	33.62%	35.93%	38.38%	28.31%	22.58%	4.07%
Debt to EBITDA	2.81	3.37	3.76	3.00	5.03	5.98	2.51	2.40	-177.35	7.64	-6.79
Net Debt to EBITDA	2.33	2.60	1.96	2.13	3.16	3.92	1.71	1.69	-138.16	6.66	-6.00
Long-Term Debt to EBITDA	2.81	3.37	2.60	3.00	5.03	5.98	2.51	2.40	-177.35	7.64	-6.79
Debt to NOPAT	5.35	9.13	8.39	5.36	-12.88	26.60	5.44	4.80	-12.18	140.31	-5.77
Net Debt to NOPAT	4.44	7.05	4.36	3.80	-8.10	17.46	3.70	3.37	-9.49	122.39	-5.09
Long-Term Debt to NOPAT	5.35	9.13	5.80	5.36	-12.88	26.60	5.44	4.80	-12.18	140.31	-5.77
Altman Z-Score	2.12	2.05	1.85	1.99	1.72	1.53	2.16	2.23	1.24	1.57	0.47
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	3.72	4.31	1.98	4.15	3.30	4.13	3.76	3.12	3.82	3.55	3.05
Quick Ratio	2.24	2.80	0.81	2.52	2.18	2.78	2.44	1.87	2.17	2.00	1.71
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	256	124	-79	-77	1.17	-101	71	31	-207	167	-57
Operating Cash Flow to CapEx	342.14%	331.05%	245.06%	271.99%	185.02%	52.94%	86.48%	203.70%	-32.09%	139.97%	10.45%
Free Cash Flow to Firm to Interest Expense	4.75	2.38	-1.20	-1.05	0.01	-1.26	0.71	0.44	-2.35	1.53	-0.50
Operating Cash Flow to Interest Expense	2.95	2.71	2.17	3.24	3.03	0.51	1.81	5.04	-0.78	0.83	0.07
Operating Cash Flow Less CapEx to Interest Expense	2.09	1.89	1.28	2.05	1.39	-0.46	-0.28	2.57	-3.22	0.24	-0.64
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.83	0.80	0.81	0.79	0.80	0.68	0.81	0.90	0.74	0.83	0.87
Accounts Receivable Turnover	7.50	7.22	7.09	6.36	7.04	6.53	6.30	6.54	6.06	6.45	5.97
Inventory Turnover	5.24	5.10	5.59	4.30	4.65	4.28	3.96	4.06	4.29	4.34	4.93
Fixed Asset Turnover	1.26	1.24	1.48	1.56	1.54	1.30	1.61	1.84	1.45	1.53	1.58
Accounts Payable Turnover	7.33	7.16	7.67	6.29	5.96	4.99	5.05	4.97	5.65	6.38	6.68
Days Sales Outstanding (DSO)	48.64	50.57	51.50	57.43	51.84	55.89	57.93	55.79	60.24	56.58	61.18
Days Inventory Outstanding (DIO)	69.65	71.50	65.34	84.95	78.48	85.36	92.07	89.90	85.13	84.11	74.10
Days Payable Outstanding (DPO)	49.81	50.96	47.56	58.01	61.27	73.16	72.28	73.46	64.62	57.20	54.62
Cash Conversion Cycle (CCC)	68.47	71.12	69.28	84.37	69.05	68.08	77.73	72.23	80.76	83.49	80.66
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	912	856	1,049	1,320	1,234	1,380	1,536	1,786	1,861	1,704	1,486
Invested Capital Turnover	1.05	1.05	1.23	1.23	1.27	1.09	1.24	1.37	1.09	1.15	1.17
Increase / (Decrease) in Invested Capital	-137	-56	193	271	-86	146	156	249	75	-156	-221
Enterprise Value (EV)	958	1,010	1,247	1,306	1,385	1,393	1,577	1,662	1,860	1,720	1,551
Market Capitalization	429	533	749	568	701	614	735	715	606	435	133
Book Value per Share	$5.94	$5.86	$8.47	$8.92	$8.39	$9.12	$10.51	$12.68	$9.55	$6.43	$1.02
Tangible Book Value per Share	$5.94	$5.86	$8.07	$8.09	$7.57	$8.34	$9.78	$11.28	$8.23	$5.68	$0.63
Total Capital	1,021	997	1,510	1,623	1,638	1,788	1,932	2,185	2,245	1,904	1,673
Total Debt	638	618	959	1,041	1,088	1,187	1,238	1,347	1,609	1,474	1,605
Total Long-Term Debt	638	618	663	1,041	1,088	1,187	1,238	1,347	1,609	1,474	1,605
Net Debt	529	477	498	738	684	779	842	947	1,254	1,286	1,418
Capital Expenditures (CapEx)	47	43	58	87	132	79	211	177	215	64	82
Debt-free, Cash-free Net Working Capital (DFCFNWC)	176	168	257	375	237	302	436	446	492	469	395
Debt-free Net Working Capital (DFNWC)	284	309	718	615	588	663	781	800	806	653	582
Net Working Capital (NWC)	284	309	422	615	588	663	781	800	806	653	582
Net Nonoperating Expense (NNE)	44	33	44	66	-75	62	56	34	110	96	219
Net Nonoperating Obligations (NNO)	529	477	498	738	684	779	842	947	1,225	1,274	1,418
Total Depreciation and Amortization (D&A)	68	72	85	97	126	129	132	144	173	171	160
Debt-free, Cash-free Net Working Capital to Revenue	16.99%	18.01%	21.99%	25.71%	14.61%	21.22%	24.15%	19.56%	24.70%	22.93%	21.16%
Debt-free Net Working Capital to Revenue	27.53%	33.13%	61.40%	42.21%	36.22%	46.59%	43.32%	35.08%	40.45%	31.98%	31.16%
Net Working Capital to Revenue	27.53%	33.13%	36.08%	42.21%	36.22%	46.59%	43.32%	35.08%	40.45%	31.98%	31.16%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.17	$0.54	$1.09	$1.97	($0.15)	($0.26)	$2.59	$3.74	($3.65)	($1.27)	($7.44)
Adjusted Weighted Average Basic Shares Outstanding	64.66M	64.69M	65.02M	65.20M	65.63M	65.87M	66.04M	66.17M	66.52M	66.87M	66.98M
Adjusted Diluted Earnings per Share	$1.17	$0.54	$1.08	$1.96	($0.15)	($0.26)	$2.58	$3.71	($3.65)	($1.27)	($7.44)
Adjusted Weighted Average Diluted Shares Outstanding	64.66M	64.69M	65.02M	65.20M	65.63M	65.87M	66.04M	66.17M	66.52M	66.87M	66.98M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	64.66M	64.69M	65.02M	65.20M	65.63M	65.87M	66.04M	66.17M	66.52M	66.87M	66.98M
Normalized Net Operating Profit after Tax (NOPAT)	119	68	114	194	59	45	227	281	-109	51	-127
Normalized NOPAT Margin	11.54%	7.26%	9.78%	13.33%	3.62%	3.13%	12.61%	12.31%	-5.44%	2.50%	-6.82%
Pre Tax Income Margin	10.16%	6.38%	8.89%	12.16%	0.59%	-0.78%	14.45%	15.14%	-13.53%	-4.25%	-27.37%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	2.95	2.14	2.59	3.43	1.12	0.86	3.59	5.83	-2.06	0.20	-3.45
NOPAT to Interest Expense	2.21	1.30	1.75	2.66	-1.05	0.55	2.26	3.93	-1.50	0.10	-2.42
EBIT Less CapEx to Interest Expense	2.08	1.33	1.70	2.24	-0.52	-0.11	1.50	3.35	-4.49	-0.39	-4.17
NOPAT Less CapEx to Interest Expense	1.35	0.48	0.86	1.47	-2.69	-0.42	0.17	1.45	-3.93	-0.49	-3.14
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	9.82%	85.09%	42.37%	31.67%	-366.00%	-127.02%	10.04%	8.03%	-8.24%	-23.56%	-2.02%
Augmented Payout Ratio	9.82%	85.09%	42.37%	31.67%	-373.83%	-127.02%	10.04%	8.03%	-8.24%	-23.56%	-2.02%

This table displays calculated financial ratios and metrics derived from Mercer International's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	66,870,774.00	66,870,774.00	66,982,506.00	-	66,982,506.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	66,870,774.00	66,870,774.00	66,982,506.00	-	66,982,506.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-0.33	-1.29	-1.21	-	-0.78
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-11.64%	-19.31%	5.89%	-5.75%	6.65%	3.81%	-8.39%	-9.18%	-8.78%	-7.96%	-3.49%
EBITDA Growth	-72.42%	-115.67%	46.22%	100.70%	23.31%	745.24%	4.47%	-4,872.45%	-154.68%	-340.16%	-79.39%
EBIT Growth	-100.09%	-224.23%	126.59%	62.65%	8,127.52%	182.32%	45.80%	-50.77%	-866.29%	-670.10%	-574.53%
NOPAT Growth	-103.24%	-219.43%	97.77%	59.77%	358.06%	205.82%	1,602.90%	-33.41%	-864.50%	-566.68%	-588.52%
Net Income Growth	-138.89%	-535.56%	45.38%	31.25%	32.35%	119.16%	-33.74%	-27.35%	-360.04%	-1,947.73%	-132.76%
EPS Growth	-139.00%	-540.00%	45.65%	31.76%	33.33%	118.94%	-32.00%	-27.72%	-365.38%	-1,944.00%	-136.36%
Operating Cash Flow Growth	-129.23%	-117.21%	41.20%	323.08%	44.96%	916.13%	89.76%	-107.28%	-115.52%	-35.14%	-2,766.04%
Free Cash Flow Firm Growth	46.76%	47.04%	90.61%	119.97%	121.41%	273.12%	606.55%	-214.69%	-125.58%	-86.56%	42.12%
Invested Capital Growth	7.63%	4.20%	1.49%	-6.03%	-1.21%	-8.41%	-7.25%	3.04%	-2.16%	-12.95%	-12.81%
Revenue Q/Q Growth	-11.14%	-0.07%	17.63%	-9.77%	0.55%	-2.74%	3.80%	-10.54%	1.00%	-1.87%	8.85%
EBITDA Q/Q Growth	162.32%	-136.92%	397.69%	-98.97%	10,824.95%	93.21%	-51.80%	-146.91%	-25.17%	-748.62%	104.14%
EBIT Q/Q Growth	99.90%	-53,924.77%	107.63%	-979.09%	122.16%	453.99%	-86.49%	-1,009.04%	-12.64%	-312.16%	88.76%
NOPAT Q/Q Growth	96.85%	-1,546.09%	99.21%	-9,672.10%	120.19%	574.97%	-88.72%	-967.43%	-15.73%	-312.03%	88.19%
Net Income Q/Q Growth	73.60%	-236.01%	80.85%	-304.63%	74.02%	195.15%	-233.71%	-285.29%	6.15%	-282.15%	83.16%
EPS Q/Q Growth	73.65%	-238.46%	81.06%	-304.00%	74.26%	196.15%	-232.00%	-290.91%	6.20%	-280.99%	83.08%
Operating Cash Flow Q/Q Growth	-272.36%	65.58%	-234.83%	313.01%	-122.43%	610.28%	-104.20%	-51.42%	-564.03%	253.58%	-285.60%
Free Cash Flow Firm Q/Q Growth	67.31%	15.00%	75.67%	395.44%	-64.95%	587.13%	-27.58%	-166.89%	92.18%	454.85%	666.03%
Invested Capital Q/Q Growth	-0.38%	-0.37%	1.20%	-6.43%	4.72%	-7.63%	2.28%	3.94%	-0.57%	-17.65%	2.45%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	14.35%	10.16%	17.21%	12.05%	15.84%	25.58%	15.13%	2.09%	0.15%	1.17%	7.42%
EBITDA Margin	8.68%	-3.21%	8.11%	0.09%	10.03%	19.92%	9.25%	-4.85%	-6.01%	-51.99%	1.98%
Operating Margin	-0.73%	-11.99%	-0.08%	-8.77%	1.76%	10.32%	1.33%	-12.88%	-14.76%	-61.95%	-6.72%
EBIT Margin	-0.02%	-12.52%	0.81%	-7.91%	1.74%	9.93%	1.29%	-13.12%	-14.64%	-61.48%	-6.35%
Profit (Net Income) Margin	-5.51%	-18.54%	-3.02%	-13.53%	-3.50%	3.42%	-4.41%	-18.98%	-17.63%	-68.68%	-10.63%
Tax Burden Percent	118.13%	101.26%	72.41%	101.90%	99.32%	82.89%	103.39%	97.88%	84.54%	100.85%	86.41%
Interest Burden Percent	20,157.80%	146.27%	-513.65%	167.99%	-202.05%	41.58%	-329.98%	147.73%	142.51%	110.77%	193.66%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	17.11%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-0.60%	-9.18%	-0.06%	-6.73%	1.34%	9.80%	1.02%	-9.83%	-10.79%	-50.73%	-5.33%
ROIC Less NNEP Spread (ROIC-NNEP)	-2.72%	-13.57%	-1.46%	-9.79%	-0.53%	7.80%	-1.04%	-13.25%	-13.21%	-59.17%	-7.37%
Return on Net Nonoperating Assets (RNNOA)	-4.35%	-20.00%	-2.45%	-19.36%	-1.14%	18.30%	-2.70%	-37.50%	-41.80%	-320.44%	-48.42%
Return on Equity (ROE)	-4.95%	-29.17%	-2.51%	-26.09%	0.21%	28.11%	-1.68%	-47.33%	-52.59%	-371.17%	-53.75%
Cash Return on Invested Capital (CROIC)	-10.65%	-11.36%	-7.81%	2.21%	-2.24%	9.37%	8.37%	-2.70%	-0.45%	-3.59%	-5.05%
Operating Return on Assets (OROA)	-0.02%	-9.26%	0.61%	-6.16%	1.37%	8.23%	1.04%	-10.53%	-11.65%	-53.36%	-5.47%
Return on Assets (ROA)	-4.47%	-13.72%	-2.29%	-10.55%	-2.75%	2.84%	-3.56%	-15.23%	-14.03%	-59.61%	-9.15%
Return on Common Equity (ROCE)	-4.95%	-29.17%	-2.51%	-26.09%	0.21%	28.11%	-1.68%	-47.33%	-52.59%	-371.17%	-53.75%
Return on Equity Simple (ROE_SIMPLE)	-20.26%	0.00%	-39.78%	-40.49%	-36.59%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-2.40	-39	-0.31	-31	6.19	42	4.71	-41	-47	-195	-23
NOPAT Margin	-0.51%	-8.39%	-0.06%	-6.14%	1.23%	8.55%	0.93%	-9.01%	-10.33%	-43.37%	-4.71%
Net Nonoperating Expense Percent (NNEP)	2.13%	4.40%	1.40%	3.06%	1.88%	2.01%	2.07%	3.42%	2.41%	8.44%	2.04%
Return On Investment Capital (ROIC_SIMPLE)	-	-1.76%	-	-	-	2.19%	0.24%	-2.07%	-2.48%	-11.65%	-1.43%
Cost of Revenue to Revenue	85.65%	89.84%	82.79%	87.95%	84.16%	74.42%	84.87%	97.91%	99.85%	98.83%	92.58%
SG&A Expenses to Revenue	6.39%	5.68%	5.73%	5.97%	5.81%	5.28%	5.86%	6.71%	6.29%	5.67%	5.83%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	15.08%	22.15%	17.29%	20.81%	14.08%	15.27%	13.81%	14.97%	14.90%	63.12%	14.14%
Earnings before Interest and Taxes (EBIT)	-0.11	-59	4.49	-39	8.75	48	6.55	-60	-67	-276	-31
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	41	-15	45	0.46	50	97	47	-22	-28	-234	9.67
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.83	0.95	1.14	1.17	0.88	1.01	0.92	0.52	0.54	1.95	0.00
Price to Tangible Book Value (P/TBV)	0.95	1.11	1.34	1.32	0.98	1.14	1.04	0.59	0.63	3.16	0.00
Price to Revenue (P/Rev)	0.26	0.30	0.32	0.29	0.22	0.21	0.20	0.12	0.10	0.07	0.05
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	3.63%	3.29%	3.04%	3.51%	4.43%	4.62%	4.99%	8.57%	10.42%	15.15%	21.13%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.94	1.00	1.06	1.06	0.98	1.01	0.99	0.89	0.91	1.04	1.07
Enterprise Value to Revenue (EV/Rev)	0.83	0.93	0.98	0.94	0.89	0.84	0.86	0.83	0.86	0.83	0.88
Enterprise Value to EBITDA (EV/EBITDA)	17.14	0.00	389.48	26.33	22.42	8.91	8.84	9.35	17.34	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	77.37	70.98	380.01	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	163.77	111.01	304.92	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	175.08	19.07	14.81	32.48	48.88	180.62	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	46.66	0.00	10.30	11.34	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.39	2.53	2.82	3.22	3.09	3.43	3.44	3.42	4.30	23.58	-292.15
Long-Term Debt to Equity	2.39	2.53	2.82	3.22	3.09	3.43	3.44	3.42	4.30	23.58	-272.59
Financial Leverage	1.60	1.47	1.68	1.98	2.14	2.35	2.59	2.83	3.17	5.42	6.57
Leverage Ratio	3.75	3.65	3.83	4.19	4.36	4.62	4.89	5.21	5.47	8.65	9.96
Compound Leverage Factor	756.24	5.35	-19.66	7.04	-8.81	1.92	-16.13	7.69	7.80	9.58	19.28
Debt to Total Capital	70.49%	71.69%	73.79%	76.29%	75.56%	77.42%	77.46%	77.37%	81.14%	95.93%	100.34%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	6.72%
Long-Term Debt to Total Capital	70.49%	71.69%	73.79%	76.29%	75.56%	77.42%	77.46%	77.37%	81.14%	95.93%	93.62%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	29.51%	28.31%	26.21%	23.71%	24.44%	22.58%	22.54%	22.63%	18.86%	4.07%	-0.34%
Debt to EBITDA	15.54	-177.35	315.71	22.06	19.82	7.64	7.71	8.85	16.34	-6.79	-5.91
Net Debt to EBITDA	11.75	-138.16	261.23	18.31	16.81	6.66	6.78	8.00	15.30	-6.00	-5.59
Long-Term Debt to EBITDA	15.54	-177.35	315.71	22.06	19.82	7.64	7.71	8.85	16.34	-6.79	-5.52
Debt to NOPAT	-26.68	-12.18	-13.65	-21.54	-24.87	140.31	96.78	288.39	-32.09	-5.77	-5.28
Net Debt to NOPAT	-20.18	-9.49	-11.29	-17.88	-21.10	122.39	85.10	260.71	-30.06	-5.09	-4.99
Long-Term Debt to NOPAT	-26.68	-12.18	-13.65	-21.54	-24.87	140.31	96.78	288.39	-32.09	-5.77	-4.93
Altman Z-Score	1.55	1.40	1.53	1.43	1.45	1.61	1.46	1.20	1.12	0.66	0.96
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	3.97	3.82	3.74	3.46	3.79	3.55	3.25	3.10	3.01	3.05	2.17
Quick Ratio	2.28	2.17	2.13	1.97	2.12	2.00	1.77	1.60	1.48	1.71	1.07
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-135	-115	-28	82	29	198	141	-94	-7.38	26	201
Operating Cash Flow to CapEx	-67.75%	-33.81%	-158.14%	347.73%	-51.15%	1,176.94%	-14.88%	-18.60%	-105.33%	498.77%	-650.66%
Free Cash Flow to Firm to Interest Expense	-6.16	-4.20	-1.01	3.07	1.09	7.00	5.01	-3.32	-0.26	0.88	6.89
Operating Cash Flow to Interest Expense	-1.16	-0.32	-1.06	2.32	-0.53	2.51	-0.11	-0.16	-1.05	1.55	-2.94
Operating Cash Flow Less CapEx to Interest Expense	-2.87	-1.27	-1.73	1.65	-1.56	2.30	-0.82	-1.02	-2.06	1.24	-3.40
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.81	0.74	0.76	0.78	0.79	0.83	0.81	0.80	0.80	0.87	0.86
Accounts Receivable Turnover	7.13	6.06	5.67	5.86	6.54	6.45	5.59	5.74	5.60	5.97	5.48
Inventory Turnover	4.66	4.29	3.94	4.16	4.28	4.34	4.20	4.07	4.36	4.93	4.82
Fixed Asset Turnover	1.59	1.45	1.49	1.44	1.47	1.53	1.52	1.46	1.42	1.58	1.58
Accounts Payable Turnover	6.38	5.65	5.47	5.14	6.47	6.38	5.66	5.59	6.06	6.68	6.35
Days Sales Outstanding (DSO)	51.23	60.24	64.33	62.25	55.82	56.58	65.28	63.63	65.17	61.18	66.56
Days Inventory Outstanding (DIO)	78.36	85.13	92.69	87.83	85.28	84.11	86.86	89.58	83.63	74.10	75.66
Days Payable Outstanding (DPO)	57.19	64.62	66.70	70.99	56.45	57.20	64.47	65.35	60.19	54.62	57.46
Cash Conversion Cycle (CCC)	72.41	80.76	90.32	79.09	84.65	83.49	87.67	87.86	88.61	80.66	84.77
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,868	1,861	1,883	1,762	1,845	1,704	1,746	1,815	1,805	1,486	1,523
Invested Capital Turnover	1.17	1.09	1.08	1.10	1.09	1.15	1.10	1.09	1.05	1.17	1.13
Increase / (Decrease) in Invested Capital	132	75	28	-113	-23	-156	-136	54	-40	-221	-224
Enterprise Value (EV)	1,753	1,860	1,993	1,873	1,808	1,720	1,724	1,614	1,642	1,551	1,624
Market Capitalization	550	606	656	571	453	435	402	234	193	133	95
Book Value per Share	$10.00	$9.55	$8.58	$7.30	$7.73	$6.43	$6.54	$6.68	$5.37	$1.02	($0.08)
Tangible Book Value per Share	$8.74	$8.23	$7.30	$6.48	$6.91	$5.68	$5.79	$5.90	$4.57	$0.63	($0.47)
Total Capital	2,255	2,245	2,189	2,057	2,115	1,904	1,941	1,973	1,907	1,673	1,612
Total Debt	1,590	1,609	1,615	1,569	1,598	1,474	1,503	1,527	1,547	1,605	1,618
Total Long-Term Debt	1,590	1,609	1,615	1,569	1,598	1,474	1,503	1,527	1,547	1,605	1,510
Net Debt	1,202	1,254	1,336	1,302	1,355	1,286	1,322	1,380	1,449	1,418	1,528
Capital Expenditures (CapEx)	37	26	18	18	27	6.05	20	24	29	9.25	13
Debt-free, Cash-free Net Working Capital (DFCFNWC)	453	492	551	497	541	469	490	489	482	395	469
Debt-free Net Working Capital (DFNWC)	797	806	825	760	780	653	671	635	580	582	558
Net Working Capital (NWC)	797	806	825	760	780	653	671	635	580	582	450
Net Nonoperating Expense (NNE)	24	48	16	37	24	25	27	45	33	114	29
Net Nonoperating Obligations (NNO)	1,202	1,225	1,309	1,274	1,328	1,274	1,309	1,369	1,445	1,418	1,528
Total Depreciation and Amortization (D&A)	41	44	40	40	42	49	40	38	40	43	41
Debt-free, Cash-free Net Working Capital to Revenue	21.50%	24.70%	27.22%	24.92%	26.70%	22.93%	24.53%	25.06%	25.25%	21.16%	25.33%
Debt-free Net Working Capital to Revenue	37.82%	40.45%	40.77%	38.12%	38.50%	31.98%	33.62%	32.57%	30.40%	31.16%	30.17%
Net Working Capital to Revenue	37.82%	40.45%	40.77%	38.12%	38.50%	31.98%	33.62%	32.57%	30.40%	31.16%	24.32%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.39)	($1.32)	($0.25)	($1.01)	($0.26)	$0.25	($0.33)	($1.29)	($1.21)	($4.61)	($0.78)
Adjusted Weighted Average Basic Shares Outstanding	66.52M	66.52M	66.85M	66.87M	66.87M	66.87M	66.87M	66.98M	66.98M	66.98M	66.98M
Adjusted Diluted Earnings per Share	($0.39)	($1.32)	($0.25)	($1.01)	($0.26)	$0.25	($0.33)	($1.29)	($1.21)	($4.61)	($0.78)
Adjusted Weighted Average Diluted Shares Outstanding	66.52M	66.52M	66.85M	66.87M	66.87M	66.87M	66.87M	66.98M	66.98M	66.98M	66.98M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	66.52M	66.52M	66.85M	66.87M	66.87M	66.87M	66.87M	66.98M	66.98M	66.98M	66.98M
Normalized Net Operating Profit after Tax (NOPAT)	-2.40	-39	16	-6.65	6.19	42	4.71	-41	-47	-44	-23
Normalized NOPAT Margin	-0.51%	-8.39%	2.93%	-1.33%	1.23%	8.55%	0.93%	-9.01%	-10.33%	-9.78%	-4.71%
Pre Tax Income Margin	-4.67%	-18.31%	-4.17%	-13.28%	-3.52%	4.13%	-4.26%	-19.39%	-20.86%	-68.10%	-12.30%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-0.01	-2.16	0.16	-1.47	0.33	1.71	0.23	-2.10	-2.35	-9.29	-1.07
NOPAT to Interest Expense	-0.11	-1.45	-0.01	-1.14	0.23	1.48	0.17	-1.44	-1.66	-6.55	-0.79
EBIT Less CapEx to Interest Expense	-1.72	-3.11	-0.51	-2.14	-0.70	1.50	-0.48	-2.95	-3.35	-9.60	-1.52
NOPAT Less CapEx to Interest Expense	-1.82	-2.40	-0.68	-1.81	-0.80	1.26	-0.55	-2.30	-2.66	-6.86	-1.24
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-14.76%	-8.24%	-8.74%	-10.12%	-10.58%	-23.56%	-22.10%	-18.36%	-11.64%	-2.02%	-1.90%
Augmented Payout Ratio	-14.76%	-8.24%	-8.74%	-10.12%	-10.58%	-23.56%	-22.10%	-18.36%	-11.64%	-2.02%	-1.90%

Financials Breakdown Chart

Key Financial Trends

Mercer International’s latest quarter shows a business under significant pressure. In Q1 2026, the company posted a net loss of $52.0 million, or $0.78 per share, compared with a net loss of $308.7 million in Q4 2025. While the latest quarter was better than the prior period, Mercer still remained unprofitable, and operating income was negative. Over the longer lookback, the trend is mixed: Mercer had a profitable stretch in parts of 2024, but 2025 turned sharply weaker, and the most recent quarter has not yet returned the company to consistent earnings power.

Revenue improved sequentially in Q1 2026, but margins remained thin. Revenue rose to $489.3 million from $449.5 million in Q4 2025, while gross profit improved to $36.3 million from $5.3 million. Even so, operating expenses, including $40.7 million of depreciation, pushed Mercer to a $32.9 million operating loss. That tells investors the company is still struggling to turn sales into durable operating profit.

Debt remains one of the biggest storylines. Mercer ended Q1 2026 with $1.61 billion of long-term debt against only $84.5 million in cash and equivalents. Total liabilities were $2.00 billion, while total equity was still slightly negative at about $5.5 million. That capital structure leaves the company highly levered and sensitive to changes in margins, interest costs, and cash flow.

Cash flow was weak in Q1 2026. Mercer used $85.7 million in operating cash flow and ended the quarter with a $97.3 million decline in cash. Capital spending was modest at $13.2 million, but the company still burned cash overall. Interest expense remained heavy as well, with $25.0 million of cash interest paid in the quarter.

Compared with 2024, the business has clearly deteriorated. In 2024, Mercer had quarters with positive operating income and, in Q4 2024, generated $16.7 million of net income. But through 2025, performance weakened sharply, including a large impairment charge in Q4 2025 of $215.7 million that drove a deep quarterly loss. The latest quarter improved from that low point, but the company has not recovered to the stronger profitability seen at times in 2024.

Q1 2026 revenue increased to $489.3 million from $449.5 million in Q4 2025.
Gross profit rebounded to $36.3 million from $5.3 million sequentially.
No impairment charge was recorded in Q1 2026, unlike the large charge in Q4 2025.
Depreciation was roughly stable versus recent quarters, suggesting the latest loss was driven more by operating weakness than an unusual noncash item.
Shares outstanding were flat at 66.98 million, so dilution was not a major issue in the latest quarter.
The company still has substantial current assets of $834.8 million, including inventories and receivables, but liquidity quality depends on working capital conversion.
Q1 2026 was better than Q4 2025, but still far from a return to consistent profitability.
Mercer posted an operating loss of $32.9 million in Q1 2026.
Net loss remained significant at $52.0 million, or $0.78 per share.
Leverage is very high with $1.61 billion of long-term debt versus only $84.5 million in cash.

Bottom line: Mercer International’s latest quarter shows some stabilization after a very weak end to 2025, but the company is still not generating consistent operating profit or positive operating cash flow. For retail investors, the main risks remain leverage, weak margins, and exposure to commodity-driven pricing cycles. A sustained recovery will likely require better pricing, stronger operating efficiency, and improved cash generation.

07/25/26 01:48 AM ETAI Generated. May Contain Errors.

Mercer International Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Mercer International's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Mercer International's net income appears to be on an upward trend, with a most recent value of -$497.89 million in 2025, falling from $75.50 million in 2015. The previous period was -$85.14 million in 2024. See where experts think Mercer International is headed by visiting Mercer International's forecast page.

Mercer International's total operating income in 2025 was -$397.75 million, based on the following breakdown:

Total Gross Profit: $92.13 million
Total Operating Expenses: $489.88 million

Over the last 10 years, Mercer International's total revenue changed from $1.03 billion in 2015 to $1.87 billion in 2025, a change of 80.8%.

Mercer International's total liabilities were at $1.97 billion at the end of 2025, a 7.6% increase from 2024, and a 146.7% increase since 2015.

In the past 10 years, Mercer International's cash and equivalents has ranged from $99.63 million in 2015 to $361.10 million in 2020, and is currently $186.81 million as of their latest financial filing in 2025.

Over the last 10 years, Mercer International's book value per share changed from 5.94 in 2015 to 1.02 in 2025, a change of -82.9%.

Related Companies

Financial statements for NASDAQ:MERC last updated on 7/16/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Mercer International (MERC) Financials

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Mercer International (MERC) Financials

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