Mercury Systems (MRCY) Financials

$48.05 +1.41 (+3.02%)

Closing price 05/20/2025 04:00 PM Eastern

Extended Trading

$49.04 +0.98 (+2.05%)

As of 08:00 AM Eastern

Annual Income Statements for Mercury Systems

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

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	6/28/2024	6/30/2023	7/1/2022	7/2/2021	7/3/2020	6/30/2019	6/30/2018	6/30/2017	6/30/2016	6/30/2015
Net Income / (Loss) Attributable to Common Shareholders	-138	-28	11	62	86	47	41	25	20	10
Consolidated Net Income / (Loss)	-138	-28	11	62	86	47	41	25	20	10
Net Income / (Loss) Continuing Operations	-138	-28	11	62	86	47	41	25	20	14
Total Pre-Tax Income	-189	-49	18	77	94	60	43	31	25	19
Total Operating Income	-148	-22	32	81	91	77	47	37	24	18
Total Gross Profit	196	317	395	385	357	286	226	192	128	114
Total Revenue	835	974	988	924	797	655	493	409	270	235
Operating Revenue	835	974	988	924	797	655	493	409	270	235
Total Cost of Revenue	639	657	593	539	440	369	267	217	143	121
Operating Cost of Revenue	639	657	593	539	440	369	267	217	143	121
Total Operating Expenses	344	338	363	304	266	210	179	154	104	96
Selling, General & Admin Expense	167	161	157	134	132	111	88	76	53	49
Research & Development Expense	101	109	107	113	98	69	59	54	36	37
Amortization Expense	48	54	60	41	31	28	26	20	8.84	7.01
Restructuring Charge	28	15	39	15	4.48	2.02	5.70	3.88	5.23	3.29
Total Other Income / (Expense), net	-42	-27	-13	-3.83	2.87	-17	-4.41	-6.34	1.31	0.44
Interest Expense	35	25	5.81	1.22	1.01	9.11	2.85	7.57	1.17	0.03
Interest & Investment Income	1.20	1.05	0.14	0.18	2.15	0.93	0.03	0.46	0.13	0.02
Other Income / (Expense), net	-7.71	-2.75	-7.55	-2.79	1.73	-8.88	-1.59	0.77	2.35	0.45
Income Tax Expense	-52	-20	7.12	15	8.22	13	1.69	6.19	5.54	4.37
Basic Earnings per Share	($2.38)	($0.50)	$0.20	$1.13	$1.57	$0.98	$0.88	$0.59	$0.58	$0.32
Weighted Average Basic Shares Outstanding	57.74M	56.55M	55.53M	55.07M	54.55M	47.83M	46.72M	41.99M	34.24M	32.11M
Diluted Earnings per Share	($2.38)	($0.50)	$0.20	$1.12	$1.56	$0.96	$0.86	$0.58	$0.56	$0.31
Weighted Average Diluted Shares Outstanding	57.74M	56.55M	55.90M	55.47M	55.12M	48.50M	47.47M	43.02M	35.10M	32.94M
Weighted Average Basic & Diluted Shares Outstanding	59.41M	116.38M	115.35M	112.47M	111.29M	55.43M	46.50M	42.20M	34M	32.40M

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

Metric	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023
Period end date	3/28/2025	12/27/2024	9/27/2024	6/28/2024	3/29/2024	12/29/2023	9/29/2023	6/30/2023	3/31/2023	12/30/2022	9/30/2022
Net Income / (Loss) Attributable to Common Shareholders	-19	-18	-18	-11	-45	-46	-37	-8.24	5.16	-11	-14
Consolidated Net Income / (Loss)	-19	-18	-18	-11	-45	-46	-37	-8.24	5.16	-11	-14
Net Income / (Loss) Continuing Operations	-19	-18	-18	-11	-45	-46	-37	-8.24	5.16	-11	-14
Total Pre-Tax Income	-22	-24	-23	-19	-57	-64	-50	-15	-5.29	-13	-15
Total Operating Income	-17	-12	-13	-7.97	-46	-54	-40	-8.90	1.95	-7.55	-7.19
Total Gross Profit	57	61	52	73	41	32	51	67	90	81	78
Total Revenue	211	223	204	249	208	197	181	253	263	230	228
Operating Revenue	211	223	204	249	208	197	181	253	263	230	228
Total Cost of Revenue	154	162	153	175	168	166	130	186	173	149	149
Operating Cost of Revenue	154	162	153	175	168	166	130	186	173	149	149
Total Operating Expenses	74	73	65	81	86	85	91	76	88	89	85
Selling, General & Admin Expense	43	41	33	43	43	44	36	32	45	45	39
Research & Development Expense	16	21	18	19	22	28	32	28	27	27	28
Amortization Expense	10	11	11	11	12	12	13	13	13	14	15
Restructuring Charge	5.24	0.22	2.44	7.09	10	0.23	11	4.03	4.38	3.01	4.01
Total Other Income / (Expense), net	-4.47	-12	-9.70	-11	-12	-9.79	-9.53	-5.93	-7.24	-5.52	-8.16
Interest Expense	8.07	8.43	8.91	9.16	9.32	8.67	7.86	7.31	6.71	6.59	4.55
Interest & Investment Income	1.29	0.41	0.54	0.53	0.54	0.03	0.10	0.72	0.08	0.22	0.03
Other Income / (Expense), net	2.30	-3.87	-1.34	-2.00	-2.78	-1.15	-1.77	0.66	-0.61	0.85	-3.65
Income Tax Expense	-2.65	-6.73	-5.59	-7.82	-13	-18	-13	-6.59	-10	-2.15	-1.02
Basic Earnings per Share	($0.33)	($0.30)	($0.30)	($0.18)	($0.77)	($0.79)	($0.64)	($0.14)	$0.09	($0.19)	($0.26)
Weighted Average Basic Shares Outstanding	58.75M	58.56M	58.26M	57.74M	57.70M	57.42M	57.11M	56.55M	56.51M	56.25M	55.93M
Diluted Earnings per Share	($0.33)	($0.30)	($0.30)	($0.18)	($0.77)	($0.79)	($0.64)	($0.14)	$0.09	($0.19)	($0.26)
Weighted Average Diluted Shares Outstanding	58.75M	58.56M	58.26M	57.74M	57.70M	57.42M	57.11M	56.55M	56.90M	56.25M	55.93M
Weighted Average Basic & Diluted Shares Outstanding	59.75M	59.68M	59.63M	59.41M	59.35M	59.37M	59.28M	116.38M	58.19M	58.11M	57.98M

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

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	6/28/2024	6/30/2023	7/1/2022	7/2/2021	7/3/2020	6/30/2019	6/30/2018	6/30/2017	6/30/2016	6/30/2015
Net Change in Cash & Equivalents	109	-0.38	-48	-113	-31	192	25	-40	4.11	30
Net Cash From Operating Activities	60	-21	-19	97	115	98	43	59	37	32
Net Cash From Continuing Operating Activities	60	-27	-19	97	115	98	43	59	37	32
Net Income / (Loss) Continuing Operations	-138	-28	11	62	86	47	41	25	20	10
Consolidated Net Income / (Loss)	-138	-28	11	62	86	47	41	25	20	10
Depreciation Expense	88	97	93	67	49	46	42	32	16	14
Non-Cash Adjustments To Reconcile Net Income	65	43	38	32	24	29	19	17	9.38	10
Changes in Operating Assets and Liabilities, net	45	-139	-161	-64	-44	-24	-59	-15	-7.93	-2.47
Net Cash From Investing Activities	-34	-39	-274	-417	-135	-154	-201	-111	-318	-5.60
Net Cash From Continuing Investing Activities	-34	-39	-274	-417	-135	-154	-201	-111	-318	-5.60
Purchase of Property, Plant & Equipment	-34	-39	-28	-46	-43	-27	-15	-33	-7.89	-5.98
Acquisitions	0.00	0.00	-243	-373	-97	-127	-185	-78	-310	0.00
Other Investing Activities, net	0.00	0.24	-3.20	1.54	0.00	-	-0.38	-0.49	-0.57	-0.50
Net Cash From Financing Activities	83	65	246	206	-11	248	183	11	285	3.91
Net Cash From Continuing Financing Activities	83	65	246	206	-11	248	183	11	285	3.91
Repayment of Debt	-27	-80	-2.91	0.00	-200	-326	-15	-201	-2.93	-0.64
Repurchase of Common Equity	-0.03	-0.06	-8.21	-0.07	-16	-7.97	-16	-8.77	-7.96	-0.94
Issuance of Debt	105	140	252	200	200	130	210	0.00	195	-
Other Financing Activities, net	4.64	5.49	5.37	6.30	5.32	-1.76	3.45	4.97	8.10	5.49
Effect of Exchange Rate Changes	0.19	-	-0.75	0.41	0.14	-	-	0.55	0.48	-0.22
Cash Interest Paid	37	27	5.49	1.09	1.05	10	1.61	5.76	1.04	0.03
Cash Income Taxes Paid	-9.32	24	14	8.98	13	7.35	17	2.83	7.98	7.88

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

Metric	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023
Period end date	3/28/2025	12/27/2024	9/27/2024	6/28/2024	3/29/2024	12/29/2023	9/29/2023	6/30/2023	3/31/2023	12/30/2022	9/30/2022
Net Change in Cash & Equivalents	27	84	-22	38	-26	79	18	0.83	-13	25	-14
Net Cash From Operating Activities	30	85	-15	72	-18	45	-39	13	-3.22	35	-66
Net Cash From Continuing Operating Activities	30	85	-15	72	-18	45	-39	6.71	-3.31	35	-66
Net Income / (Loss) Continuing Operations	-19	-18	-18	-11	-45	-46	-37	-8.24	5.16	-11	-14
Consolidated Net Income / (Loss)	-19	-18	-18	-11	-45	-46	-37	-8.24	5.16	-11	-14
Depreciation Expense	20	21	21	21	22	22	23	23	24	27	24
Non-Cash Adjustments To Reconcile Net Income	9.89	10	13	15	16	17	17	-1.11	15	13	16
Changes in Operating Assets and Liabilities, net	19	72	-32	47	-11	52	-42	-6.45	-47	5.76	-91
Net Cash From Investing Activities	-3.21	-1.66	-6.24	-10	-7.94	-7.99	-8.02	-8.76	-9.40	-13	-7.28
Net Cash From Continuing Investing Activities	-3.21	-1.66	-6.24	-10	-7.94	-7.99	-8.02	-8.76	-9.40	-13	-7.28
Purchase of Property, Plant & Equipment	-5.91	-3.56	-6.24	-10	-7.94	-7.99	-8.02	-8.85	-9.45	-13	-7.33
Other Investing Activities, net	2.70	-	-	-	-	-	-	0.09	0.05	0.05	0.05
Effect of Exchange Rate Changes	0.50	-0.86	0.75	-	-0.26	0.56	-0.11	-	0.11	0.30	-0.29
Cash Interest Paid	8.87	10	8.90	11	11	9.70	6.42	8.54	7.56	7.48	3.71
Cash Income Taxes Paid	0.66	0.53	-0.92	-24	-0.43	0.31	15	2.32	19	-1.60	4.13

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

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	6/28/2024	6/30/2023	7/1/2022	7/2/2021	7/3/2020	6/30/2019	6/30/2018	6/30/2017	6/30/2016	6/30/2015
Total Assets	2,379	2,391	2,304	1,955	1,611	1,417	1,064	816	736	387
Total Current Assets	954	937	815	643	635	582	332	246	245	176
Cash & Equivalents	181	72	66	114	227	258	67	42	82	78
Accounts Receivable	111	125	144	129	120	119	144	114	96	54
Inventories, net	335	337	270	222	178	137	109	81	58	32
Prepaid Expenses	22	21	24	15	17	11	9.06	8.38	6.12	8.68
Other Current Assets	304	383	303	163	90	57	-	-	-	-
Plant, Property, & Equipment, net	110	120	127	129	88	60	51	52	28	13
Total Noncurrent Assets	1,315	1,335	1,362	1,184	888	775	682	518	463	198
Goodwill	938	938	938	805	614	562	497	381	344	168
Intangible Assets	251	298	352	308	209	206	178	129	117	18
Noncurrent Deferred & Refundable Income Taxes	59	27	0.00	-	-	-	-	-	-	11
Other Noncurrent Operating Assets	68	72	73	71	65	6.53	6.41	8.02	1.80	0.92
Total Liabilities & Shareholders' Equity	2,379	2,391	2,304	1,955	1,611	1,417	1,064	816	736	387
Total Liabilities	906	825	767	471	226	132	293	90	263	37
Total Current Liabilities	234	233	194	151	126	98	72	73	68	33
Accounts Payable	81	104	99	48	42	39	21	27	27	6.93
Accrued Expenses	43	28	35	25	24	19	16	21	10	9.01
Current Deferred Revenue	74	57	15	38	19	11	13	6.36	7.37	7.48
Current Deferred & Payable Income Tax Liabilities	0.11	14	0.00	-	-	-	-	-	-	-
Current Employee Benefit Liabilities	36	30	45	40	41	29	21	18	13	9.88
Total Noncurrent Liabilities	672	591	573	320	100	34	221	17	196	3.46
Long-Term Debt	592	512	452	200	0.00	0.00	195	0.00	182	0.00
Noncurrent Deferred Revenue	7.71	5.17	9.11	7.47	4.12	1.27	1.00	0.86	0.70	1.46
Other Noncurrent Operating Liabilities	73	75	80	84	82	15	11	12	0.99	2.00
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,473	1,567	1,537	1,484	1,385	1,285	772	725	473	350
Total Preferred & Common Equity	1,473	1,567	1,537	1,484	1,385	1,285	772	725	473	350
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	1,473	1,567	1,537	1,484	1,385	1,285	772	725	473	350
Common Stock	1,243	1,197	1,146	1,110	1,075	1,059	591	585	358	255
Retained Earnings	220	357	386	374	312	227	180	139	114	94
Accumulated Other Comprehensive Income / (Loss)	9.99	12	5.53	-0.34	-2.89	-1.29	1.29	1.07	0.95	0.78

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

Metric	Q3 2025	Q2 2025	Q1 2025	Q3 2024	Q2 2024	Q1 2024	Q3 2023	Q2 2023	Q1 2023	Q3 2022
Period end date	3/28/2025	12/27/2024	9/27/2024	3/29/2024	12/29/2023	9/29/2023	3/31/2023	12/30/2022	9/30/2022	4/1/2022
Total Assets	2,414	2,401	2,369	2,378	2,436	2,401	2,384	2,348	2,349	2,260
Total Current Assets	1,020	991	954	952	984	955	938	897	879	755
Cash & Equivalents	270	243	158	143	169	89	64	77	52	92
Accounts Receivable	103	104	125	92	83	91	126	146	164	125
Inventories, net	353	344	351	343	354	363	343	312	288	260
Prepaid Expenses	19	21	22	21	21	22	25	29	35	26
Current Deferred & Refundable Income Taxes	2.96	-	-	28	5.75	-	3.59	0.00	9.74	10
Other Current Assets	271	279	298	325	351	389	377	333	330	242
Plant, Property, & Equipment, net	107	111	105	114	114	117	119	122	126	126
Total Noncurrent Assets	1,287	1,299	1,310	1,313	1,338	1,329	1,327	1,329	1,344	1,379
Goodwill	938	938	938	938	938	938	938	938	938	938
Intangible Assets	216	226	239	262	273	286	311	323	337	365
Noncurrent Deferred & Refundable Income Taxes	73	72	66	44	55	40	-	-	-	-
Other Noncurrent Operating Assets	61	63	66	68	71	65	78	68	69	76
Total Liabilities & Shareholders' Equity	2,414	2,401	2,369	2,378	2,436	2,401	2,384	2,348	2,349	2,260
Total Liabilities	963	941	909	905	932	860	823	804	810	759
Total Current Liabilities	297	274	233	208	226	205	220	201	182	183
Accounts Payable	74	65	75	80	88	96	111	87	107	90
Accrued Expenses	45	40	43	40	31	34	28	30	28	35
Current Deferred Revenue	142	136	96	71	81	58	55	39	23	21
Current Deferred & Payable Income Tax Liabilities	0.00	0.31	1.12	0.00	0.00	0.00	-	13	-	-
Current Employee Benefit Liabilities	35	32	18	17	25	18	27	30	24	36
Total Noncurrent Liabilities	667	668	676	698	706	655	603	603	628	577
Long-Term Debt	592	592	592	617	617	577	512	512	512	452
Noncurrent Deferred Revenue	7.71	7.71	7.71	5.17	5.17	5.17	4.90	6.24	8.59	8.16
Other Noncurrent Operating Liabilities	68	68	77	76	84	73	80	73	76	87
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,451	1,460	1,460	1,473	1,504	1,541	1,561	1,544	1,539	1,500
Total Preferred & Common Equity	1,451	1,460	1,460	1,473	1,504	1,541	1,561	1,544	1,539	1,500
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	1,451	1,460	1,460	1,473	1,504	1,541	1,561	1,544	1,539	1,500
Common Stock	1,280	1,268	1,254	1,231	1,221	1,206	1,188	1,174	1,157	1,132
Retained Earnings	166	185	202	231	275	321	366	361	371	369
Accumulated Other Comprehensive Income / (Loss)	5.86	8.07	3.73	11	8.42	14	7.32	9.98	10	0.01

This table displays calculated financial ratios and metrics derived from Mercury Systems' official financial filings.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	6/28/2024	6/30/2023	7/1/2022	7/2/2021	7/3/2020	6/30/2019	6/30/2018	6/30/2017	6/30/2016	6/30/2015
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-14.23%	-1.45%	6.95%	15.99%	21.67%	32.76%	20.70%	51.24%	15.03%	12.51%
EBITDA Growth	-192.50%	-37.95%	-19.15%	2.24%	24.56%	30.15%	24.45%	67.45%	28.86%	235.37%
EBIT Growth	-536.19%	-201.57%	-69.24%	-15.70%	37.05%	49.16%	18.91%	45.00%	39.98%	420.25%
NOPAT Growth	-581.37%	-178.35%	-70.25%	-21.63%	38.08%	33.37%	50.66%	60.00%	32.83%	371.85%
Net Income Growth	-385.76%	-351.31%	-81.83%	-27.61%	83.24%	14.41%	64.35%	26.00%	90.39%	190.76%
EPS Growth	-376.00%	-350.00%	-82.14%	-28.21%	62.50%	11.63%	48.28%	3.57%	80.65%	183.78%
Operating Cash Flow Growth	384.10%	-12.64%	-119.40%	-15.57%	18.12%	125.10%	-26.76%	60.11%	14.70%	126.16%
Free Cash Flow Firm Growth	119.68%	70.37%	4.00%	-622.71%	27.49%	61.36%	-143.33%	75.90%	-1,585.02%	921.16%
Invested Capital Growth	-6.12%	4.35%	22.46%	35.61%	12.77%	14.04%	31.68%	17.21%	114.25%	-2.01%
Revenue Q/Q Growth	-0.56%	-3.61%	4.10%	3.76%	5.34%	3.82%	8.17%	7.97%	8.56%	4.65%
EBITDA Q/Q Growth	-4.40%	-31.87%	5.26%	1.39%	11.59%	-3.86%	10.32%	10.24%	11.08%	30.53%
EBIT Q/Q Growth	-1.13%	-378.82%	15.98%	-7.23%	17.12%	-5.82%	13.42%	9.39%	7.01%	73.35%
NOPAT Q/Q Growth	0.63%	-246.22%	1.13%	-10.77%	8.42%	16.32%	3.30%	12.44%	3.60%	98.65%
Net Income Q/Q Growth	-1.88%	-789.92%	-8.22%	-13.03%	20.23%	6.13%	3.28%	5.58%	8.57%	433.73%
EPS Q/Q Growth	-1.71%	-900.00%	-4.76%	-13.18%	18.18%	4.35%	2.38%	-1.69%	5.66%	381.82%
Operating Cash Flow Q/Q Growth	4,805.12%	60.12%	-167.97%	-1.55%	2.45%	0.34%	58.01%	-6.35%	2.96%	46.20%
Free Cash Flow Firm Q/Q Growth	145.45%	28.08%	4.50%	-25.46%	46.19%	-267.03%	27.23%	77.79%	-3,062.06%	-3.38%
Invested Capital Q/Q Growth	-3.23%	-0.07%	3.37%	5.25%	1.37%	5.17%	-0.68%	9.01%	105.92%	-1.02%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	23.45%	32.52%	39.97%	41.69%	44.80%	43.71%	45.80%	46.88%	47.24%	48.63%
EBITDA Margin	-8.07%	7.48%	11.89%	15.73%	17.84%	17.43%	17.78%	17.24%	15.57%	13.90%
Operating Margin	-17.69%	-2.23%	3.20%	8.77%	11.43%	11.70%	9.53%	9.15%	8.87%	7.82%
EBIT Margin	-18.61%	-2.51%	2.43%	8.47%	11.65%	10.34%	9.20%	9.34%	9.75%	8.01%
Profit (Net Income) Margin	-16.48%	-2.91%	1.14%	6.71%	10.76%	7.14%	8.29%	6.09%	7.31%	4.42%
Tax Burden Percent	72.72%	58.37%	61.29%	80.40%	91.25%	78.58%	96.03%	80.07%	78.07%	55.17%
Interest Burden Percent	121.75%	198.65%	76.46%	98.67%	101.23%	87.92%	93.79%	81.39%	96.05%	99.93%
Effective Tax Rate	0.00%	0.00%	38.71%	19.60%	8.75%	21.42%	3.97%	19.93%	21.93%	23.23%
Return on Invested Capital (ROIC)	-5.32%	-0.77%	1.11%	4.77%	7.61%	6.25%	5.70%	4.73%	4.37%	5.12%
ROIC Less NNEP Spread (ROIC-NNEP)	-13.36%	-3.96%	-2.32%	9.15%	6.53%	26.95%	-4.06%	-10.04%	10.69%	10.98%
Return on Net Nonoperating Assets (RNNOA)	-3.74%	-1.05%	-0.36%	-0.45%	-1.19%	-1.70%	-0.24%	-0.58%	0.42%	-2.06%
Return on Equity (ROE)	-9.06%	-1.83%	0.75%	4.33%	6.42%	4.55%	5.46%	4.15%	4.80%	3.06%
Cash Return on Invested Capital (CROIC)	1.00%	-5.03%	-19.08%	-25.46%	-4.40%	-6.88%	-21.65%	-11.12%	-68.34%	7.16%
Operating Return on Assets (OROA)	-6.52%	-1.04%	1.13%	4.39%	6.13%	5.46%	4.83%	4.92%	4.69%	4.95%
Return on Assets (ROA)	-5.77%	-1.21%	0.53%	3.48%	5.66%	3.77%	4.35%	3.21%	3.51%	2.73%
Return on Common Equity (ROCE)	-9.06%	-1.83%	0.75%	4.33%	6.42%	4.55%	5.46%	4.15%	4.80%	3.06%
Return on Equity Simple (ROE_SIMPLE)	-9.35%	-1.81%	0.73%	4.18%	6.19%	3.64%	5.30%	3.43%	4.17%	2.96%
Net Operating Profit after Tax (NOPAT)	-103	-15	19	65	83	60	45	30	19	14
NOPAT Margin	-12.38%	-1.56%	1.96%	7.05%	10.43%	9.19%	9.15%	7.33%	6.93%	6.00%
Net Nonoperating Expense Percent (NNEP)	8.04%	3.19%	3.43%	-4.38%	1.08%	-20.71%	9.76%	14.77%	-6.31%	-5.86%
Cost of Revenue to Revenue	76.55%	67.48%	60.03%	58.31%	55.20%	56.30%	54.20%	53.12%	52.76%	51.37%
SG&A Expenses to Revenue	19.97%	16.49%	15.89%	14.54%	16.60%	16.91%	17.92%	18.72%	19.60%	20.87%
R&D to Revenue	12.13%	11.17%	10.84%	12.28%	12.36%	10.53%	11.92%	13.24%	13.47%	15.56%
Operating Expenses to Revenue	41.14%	34.75%	36.77%	32.92%	33.36%	32.01%	36.27%	37.73%	38.37%	40.81%
Earnings before Interest and Taxes (EBIT)	-155	-24	24	78	93	68	45	38	26	19
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-67	73	117	145	142	114	88	70	42	33
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.09	1.28	2.40	2.50	3.22	2.65	2.38	2.78	2.10	1.43
Price to Tangible Book Value (P/TBV)	5.64	6.09	14.90	9.97	7.94	6.60	19.00	9.37	80.62	3.05
Price to Revenue (P/Rev)	1.92	2.07	3.74	4.01	5.60	5.21	3.72	4.94	3.68	2.13
Price to Earnings (P/E)	0.00	0.00	327.37	59.74	52.07	72.87	44.86	81.21	50.41	48.28
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.31%	1.67%	1.92%	1.37%	2.23%	1.23%	1.98%	2.07%
Enterprise Value to Invested Capital (EV/IC)	1.07	1.22	2.12	2.42	3.66	3.07	2.18	2.89	1.90	1.55
Enterprise Value to Revenue (EV/Rev)	2.41	2.52	4.13	4.10	5.32	4.81	3.98	4.84	4.09	1.80
Enterprise Value to EBITDA (EV/EBITDA)	0.00	33.65	34.70	26.10	29.81	27.61	22.39	28.08	26.28	12.96
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	169.46	48.49	45.65	46.53	43.24	51.83	42.00	22.49
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	210.42	58.24	50.98	52.35	43.50	66.06	59.07	30.02
Enterprise Value to Operating Cash Flow (EV/OCF)	33.33	0.00	0.00	39.00	36.78	32.31	45.30	33.45	29.93	13.14
Enterprise Value to Free Cash Flow (EV/FCFF)	103.53	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	21.49
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.40	0.33	0.29	0.13	0.00	0.00	0.25	0.00	0.41	0.00
Long-Term Debt to Equity	0.40	0.33	0.29	0.13	0.00	0.00	0.25	0.00	0.39	0.00
Financial Leverage	0.28	0.27	0.16	-0.05	-0.18	-0.06	0.06	0.06	0.04	-0.19
Leverage Ratio	1.57	1.51	1.41	1.24	1.13	1.21	1.26	1.30	1.36	1.12
Compound Leverage Factor	1.91	3.01	1.08	1.23	1.15	1.06	1.18	1.05	1.31	1.12
Debt to Total Capital	28.65%	24.61%	22.70%	11.88%	0.00%	0.00%	20.17%	0.00%	28.90%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.50%	0.00%
Long-Term Debt to Total Capital	28.65%	24.61%	22.70%	11.88%	0.00%	0.00%	20.17%	0.00%	27.40%	0.00%
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%
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%
Common Equity to Total Capital	71.35%	75.39%	77.30%	88.12%	100.00%	100.00%	79.83%	100.00%	71.10%	100.00%
Debt to EBITDA	-8.77	7.02	3.84	1.38	0.00	0.00	2.22	0.00	4.57	0.00
Net Debt to EBITDA	-6.10	6.04	3.28	0.59	0.00	0.00	1.47	0.00	2.63	0.00
Long-Term Debt to EBITDA	-8.77	7.02	3.84	1.38	0.00	0.00	2.22	0.00	4.33	0.00
Debt to NOPAT	-5.72	-33.70	23.30	3.07	0.00	0.00	4.32	0.00	10.27	0.00
Net Debt to NOPAT	-3.97	-28.98	19.91	1.32	0.00	0.00	2.85	0.00	5.91	0.00
Long-Term Debt to NOPAT	-5.72	-33.70	23.30	3.07	0.00	0.00	4.32	0.00	9.74	0.00
Altman Z-Score	1.69	2.40	3.91	5.90	13.19	16.72	4.90	14.57	3.26	9.73
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	4.07	4.02	4.20	4.26	5.04	5.94	4.63	3.38	3.63	5.28
Quick Ratio	1.25	0.84	1.08	1.61	2.76	3.84	2.93	2.13	2.63	3.95
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	19	-99	-333	-347	-48	-66	-171	-70	-292	20
Operating Cash Flow to CapEx	176.09%	-54.78%	-68.23%	213.27%	266.05%	365.36%	286.78%	180.08%	468.48%	538.22%
Free Cash Flow to Firm to Interest Expense	0.56	-3.93	-57.41	-284.16	-47.76	-7.27	-60.17	-9.31	-249.45	579.04
Operating Cash Flow to Interest Expense	1.72	-0.84	-3.25	79.58	114.50	10.71	15.20	7.82	31.52	947.26
Operating Cash Flow Less CapEx to Interest Expense	0.75	-2.39	-8.01	42.27	71.46	7.78	9.90	3.48	24.79	771.26
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.35	0.41	0.46	0.52	0.53	0.53	0.52	0.53	0.48	0.62
Accounts Receivable Turnover	7.07	7.23	7.23	7.41	6.66	4.99	3.83	3.90	3.61	4.14
Inventory Turnover	1.90	2.16	2.41	2.70	2.79	3.00	2.82	3.12	3.16	3.79
Fixed Asset Turnover	7.27	7.89	7.73	8.55	10.78	11.80	9.61	10.22	13.00	17.16
Accounts Payable Turnover	6.91	6.49	8.09	12.00	10.87	12.21	10.95	8.01	8.47	17.26
Days Sales Outstanding (DSO)	51.60	50.45	50.47	49.23	54.82	73.21	95.28	93.61	101.11	88.16
Days Inventory Outstanding (DIO)	191.96	168.73	151.35	135.39	130.81	121.65	129.48	117.18	115.55	96.23
Days Payable Outstanding (DPO)	52.82	56.28	45.11	30.43	33.58	29.88	33.32	45.58	43.09	21.15
Cash Conversion Cycle (CCC)	190.74	162.90	156.72	154.20	152.05	164.98	191.44	165.20	173.58	163.24
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,884	2,007	1,923	1,570	1,158	1,027	900	684	583	272
Invested Capital Turnover	0.43	0.50	0.57	0.68	0.73	0.68	0.62	0.64	0.63	0.85
Increase / (Decrease) in Invested Capital	-123	84	353	412	131	126	217	100	311	-5.60
Enterprise Value (EV)	2,013	2,453	4,077	3,793	4,236	3,150	1,963	1,978	1,106	423
Market Capitalization	1,602	2,013	3,691	3,707	4,463	3,408	1,834	2,020	995	501
Book Value per Share	$24.82	$26.92	$26.65	$26.43	$24.91	$26.52	$16.02	$15.12	$11.82	$10.24
Tangible Book Value per Share	$4.79	$5.68	$4.30	$6.62	$10.11	$10.66	$2.00	$4.49	$0.31	$4.80
Total Capital	2,064	2,078	1,989	1,684	1,385	1,285	967	725	665	350
Total Debt	592	512	452	200	0.00	0.00	195	0.00	192	0.00
Total Long-Term Debt	592	512	452	200	0.00	0.00	195	0.00	182	0.00
Net Debt	411	440	386	86	-227	-258	128	-42	111	-78
Capital Expenditures (CapEx)	34	39	28	46	43	27	15	33	7.89	5.98
Debt-free, Cash-free Net Working Capital (DFCFNWC)	539	632	556	378	282	226	194	132	106	65
Debt-free Net Working Capital (DFNWC)	719	704	621	492	509	484	260	173	188	142
Net Working Capital (NWC)	719	704	621	492	509	484	260	173	178	142
Net Nonoperating Expense (NNE)	34	13	8.10	3.08	-2.62	13	4.24	5.07	-1.03	3.72
Net Nonoperating Obligations (NNO)	411	440	386	86	-227	-258	128	-42	110	-78
Total Depreciation and Amortization (D&A)	88	97	93	67	49	46	42	32	16	14
Debt-free, Cash-free Net Working Capital to Revenue	64.51%	64.91%	56.23%	40.96%	35.40%	34.55%	39.24%	32.24%	39.26%	27.63%
Debt-free Net Working Capital to Revenue	86.12%	72.26%	62.87%	53.28%	63.88%	73.94%	52.73%	42.43%	69.50%	60.67%
Net Working Capital to Revenue	86.12%	72.26%	62.87%	53.28%	63.88%	73.94%	52.73%	42.43%	65.80%	60.67%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($2.38)	($0.50)	$0.20	$1.13	$1.57	$0.98	$0.88	$0.59	$0.58	$0.32
Adjusted Weighted Average Basic Shares Outstanding	57.74M	56.55M	55.53M	55.07M	54.55M	47.83M	46.72M	41.99M	34.24M	32.11M
Adjusted Diluted Earnings per Share	($2.38)	($0.50)	$0.20	$1.12	$1.56	$0.96	$0.86	$0.58	$0.56	$0.31
Adjusted Weighted Average Diluted Shares Outstanding	57.74M	56.55M	55.90M	55.47M	55.12M	48.50M	47.47M	43.02M	35.10M	32.94M
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
Adjusted Weighted Average Basic & Diluted Shares Outstanding	59.41M	116.38M	115.35M	112.47M	111.29M	55.43M	48.22M	48.11M	40.36M	34.43M
Normalized Net Operating Profit after Tax (NOPAT)	-84	-4.38	43	77	87	62	51	33	23	17
Normalized NOPAT Margin	-10.05%	-0.45%	4.37%	8.37%	10.94%	9.43%	10.26%	8.09%	8.51%	7.08%
Pre Tax Income Margin	-22.66%	-4.98%	1.86%	8.35%	11.79%	9.09%	8.63%	7.60%	9.36%	8.00%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-4.44	-0.97	4.14	64.01	92.23	7.43	15.93	5.04	22.46	553.18
NOPAT to Interest Expense	-2.95	-0.60	3.34	53.29	82.60	6.61	15.83	3.96	15.97	414.45
EBIT Less CapEx to Interest Expense	-5.42	-2.51	-0.62	26.69	49.20	4.50	10.63	0.70	15.74	377.18
NOPAT Less CapEx to Interest Expense	-3.93	-2.15	-1.43	15.98	39.56	3.68	10.53	-0.38	9.24	238.45
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	-0.02%	-0.22%	72.78%	0.11%	18.96%	17.03%	37.93%	35.24%	40.29%	9.10%

This table displays calculated financial ratios and metrics derived from Mercury Systems' official financial filings.

Metric	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023
Period end date	3/28/2025	12/27/2024	9/27/2024	6/28/2024	3/29/2024	12/29/2023	9/29/2023	6/30/2023	3/31/2023	12/30/2022	9/30/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	1.49%	13.00%	12.95%	-1.85%	-20.96%	-13.99%	-20.47%	-12.60%	4.11%	4.18%	1.14%
EBITDA Growth	118.27%	114.12%	133.52%	-19.92%	-205.75%	-260.16%	-249.92%	-70.50%	-21.78%	-8.18%	-11.27%
EBIT Growth	68.95%	70.44%	64.84%	-21.00%	-3,712.23%	-721.92%	-287.26%	-133.00%	-82.80%	-293.02%	-54.95%
NOPAT Growth	62.01%	76.98%	66.62%	10.45%	-2,436.54%	-614.58%	-458.81%	-130.04%	-79.28%	-1,850.13%	-29.04%
Net Income Growth	56.99%	61.43%	52.26%	-30.85%	-964.51%	-317.41%	-156.07%	-148.69%	24.57%	-313.79%	-100.77%
EPS Growth	57.14%	62.03%	53.13%	-28.57%	-955.56%	-315.79%	-146.15%	-145.16%	28.57%	-280.00%	-100.00%
Operating Cash Flow Growth	268.35%	87.85%	62.48%	469.08%	-453.47%	28.54%	40.84%	164.88%	24.34%	418.64%	-3,192.07%
Free Cash Flow Firm Growth	451.06%	1,274.36%	317.46%	230.58%	120.06%	92.39%	86.27%	72.95%	59.53%	57.28%	-0.24%
Invested Capital Growth	-8.93%	-7.33%	-6.64%	-6.12%	-3.05%	-1.33%	1.48%	4.35%	7.94%	7.92%	26.19%
Revenue Q/Q Growth	-5.27%	9.14%	-17.75%	19.35%	5.47%	9.10%	-28.53%	-3.89%	14.76%	0.88%	-21.45%
EBITDA Q/Q Growth	5.04%	-28.18%	-43.43%	142.81%	18.85%	-70.53%	-235.18%	-43.47%	22.90%	59.63%	-73.40%
EBIT Q/Q Growth	7.62%	-10.32%	-48.06%	79.42%	12.05%	-31.21%	-409.59%	-714.24%	120.01%	38.18%	-143.42%
NOPAT Q/Q Growth	-39.70%	7.48%	-68.40%	82.55%	15.34%	-34.15%	-351.80%	-555.37%	125.89%	-4.91%	-124.29%
Net Income Q/Q Growth	-9.05%	-0.31%	-62.61%	75.82%	2.21%	-24.17%	-345.70%	-259.74%	147.22%	23.82%	-184.75%
EPS Q/Q Growth	-10.00%	0.00%	-66.67%	76.62%	2.53%	-23.44%	-357.14%	-255.56%	147.37%	26.92%	-183.87%
Operating Cash Flow Q/Q Growth	-64.93%	682.96%	-120.43%	503.04%	-139.14%	216.45%	-409.82%	491.98%	-109.09%	153.59%	-239.79%
Free Cash Flow Firm Q/Q Growth	20.30%	7.27%	6.86%	299.62%	356.38%	80.14%	35.83%	38.62%	2.75%	64.16%	-26.45%
Invested Capital Q/Q Growth	-2.01%	-4.44%	0.50%	-3.23%	-0.29%	-3.73%	1.06%	-0.07%	1.48%	-0.99%	3.92%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	27.02%	27.26%	25.33%	29.45%	19.52%	15.96%	27.92%	26.61%	34.27%	35.26%	34.32%
EBITDA Margin	2.31%	2.08%	3.16%	4.60%	-12.81%	-16.65%	-10.65%	5.63%	9.58%	8.94%	5.65%
Operating Margin	-8.21%	-5.56%	-6.56%	-3.21%	-21.92%	-27.31%	-22.21%	-3.51%	0.74%	-3.29%	-3.16%
EBIT Margin	-7.12%	-7.30%	-7.22%	-4.01%	-23.26%	-27.89%	-23.19%	-3.25%	0.51%	-2.92%	-4.76%
Profit (Net Income) Margin	-9.07%	-7.88%	-8.57%	-4.34%	-21.40%	-23.08%	-20.28%	-3.25%	1.96%	-4.76%	-6.30%
Tax Burden Percent	87.86%	72.33%	75.80%	57.94%	77.90%	71.53%	73.81%	55.56%	-97.47%	83.54%	93.35%
Interest Burden Percent	145.07%	149.29%	156.66%	186.63%	118.12%	115.70%	118.49%	179.97%	-394.48%	195.06%	141.68%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-2.74%	-1.83%	-2.01%	-0.96%	-6.52%	-8.71%	-7.16%	-1.22%	0.27%	-1.21%	-1.22%
ROIC Less NNEP Spread (ROIC-NNEP)	-4.51%	-4.06%	-3.78%	-2.19%	-9.26%	-10.48%	-8.97%	-1.71%	1.21%	-2.65%	-4.52%
Return on Net Nonoperating Assets (RNNOA)	-1.23%	-1.09%	-1.16%	-0.61%	-2.81%	-3.03%	-2.76%	-0.45%	0.32%	-0.68%	-0.84%
Return on Equity (ROE)	-3.97%	-2.92%	-3.17%	-1.58%	-9.33%	-11.74%	-9.92%	-1.67%	0.59%	-1.89%	-2.07%
Cash Return on Invested Capital (CROIC)	7.42%	4.65%	2.55%	1.00%	-2.16%	-2.26%	-3.37%	-5.03%	-7.10%	-22.33%	-22.51%
Operating Return on Assets (OROA)	-2.64%	-2.67%	-2.60%	-1.40%	-8.21%	-10.44%	-9.06%	-1.35%	0.22%	-1.27%	-2.19%
Return on Assets (ROA)	-3.36%	-2.88%	-3.09%	-1.52%	-7.55%	-8.64%	-7.92%	-1.35%	0.85%	-2.08%	-2.89%
Return on Common Equity (ROCE)	-3.97%	-2.92%	-3.17%	-1.58%	-9.33%	-11.74%	-9.92%	-1.67%	0.59%	-1.89%	-2.07%
Return on Equity Simple (ROE_SIMPLE)	-4.48%	-6.19%	-8.11%	0.00%	-9.17%	-5.67%	-3.29%	0.00%	-0.20%	-0.27%	0.27%
Net Operating Profit after Tax (NOPAT)	-12	-8.69	-9.39	-5.58	-32	-38	-28	-6.23	1.37	-5.28	-5.04
NOPAT Margin	-5.74%	-3.89%	-4.59%	-2.24%	-15.35%	-19.12%	-15.55%	-2.46%	0.52%	-2.30%	-2.21%
Net Nonoperating Expense Percent (NNEP)	1.77%	2.23%	1.77%	1.22%	2.74%	1.77%	1.81%	0.49%	-0.94%	1.44%	3.30%
Return On Investment Capital (ROIC_SIMPLE)	-0.59%	-0.42%	-	-	-	-1.78%	-	-	-	-	-
Cost of Revenue to Revenue	72.98%	72.74%	74.67%	70.55%	80.48%	84.04%	72.08%	73.39%	65.73%	64.74%	65.68%
SG&A Expenses to Revenue	20.37%	18.15%	16.22%	17.45%	20.72%	22.52%	19.78%	12.64%	16.94%	19.63%	17.11%
R&D to Revenue	7.56%	9.58%	8.99%	7.81%	10.35%	14.42%	17.61%	10.90%	10.06%	11.72%	12.20%
Operating Expenses to Revenue	35.23%	32.83%	31.90%	32.66%	41.44%	43.27%	50.13%	30.12%	33.53%	38.55%	37.48%
Earnings before Interest and Taxes (EBIT)	-15	-16	-15	-9.97	-48	-55	-42	-8.24	1.34	-6.70	-11
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	4.88	4.64	6.46	11	-27	-33	-19	14	25	21	13
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.76	1.71	1.53	1.09	1.19	1.44	1.40	1.28	1.90	1.68	1.52
Price to Tangible Book Value (P/TBV)	8.60	8.43	7.89	5.64	6.42	7.40	6.80	6.09	9.52	9.18	8.87
Price to Revenue (P/Rev)	2.88	2.82	2.59	1.92	2.09	2.42	2.33	2.07	2.94	2.59	2.36
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	573.94
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.17%
Enterprise Value to Invested Capital (EV/IC)	1.62	1.57	1.41	1.07	1.14	1.34	1.30	1.22	1.70	1.53	1.40
Enterprise Value to Revenue (EV/Rev)	3.24	3.22	3.10	2.41	2.65	2.92	2.85	2.52	3.38	3.03	2.83
Enterprise Value to EBITDA (EV/EBITDA)	104.99	0.00	0.00	0.00	0.00	0.00	64.92	33.65	31.94	26.56	24.18
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	389.95	199.02	138.58
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	329.21	0.00	243.09
Enterprise Value to Operating Cash Flow (EV/OCF)	16.68	22.80	31.38	33.33	1,807.60	165.35	462.72	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	20.84	32.50	53.17	103.53	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.41	0.41	0.41	0.40	0.42	0.41	0.37	0.33	0.33	0.33	0.33
Long-Term Debt to Equity	0.41	0.41	0.41	0.40	0.42	0.41	0.37	0.33	0.33	0.33	0.33
Financial Leverage	0.27	0.27	0.31	0.28	0.30	0.29	0.31	0.27	0.26	0.26	0.19
Leverage Ratio	1.64	1.63	1.59	1.57	1.57	1.57	1.54	1.51	1.52	1.51	1.43
Compound Leverage Factor	2.38	2.44	2.49	2.93	1.85	1.82	1.83	2.72	-5.98	2.95	2.03
Debt to Total Capital	28.96%	28.83%	28.83%	28.65%	29.51%	29.07%	27.23%	24.61%	24.68%	24.88%	24.95%
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%	0.00%
Long-Term Debt to Total Capital	28.96%	28.83%	28.83%	28.65%	29.51%	29.07%	27.23%	24.61%	24.68%	24.88%	24.95%
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	71.04%	71.17%	71.17%	71.35%	70.49%	70.93%	72.77%	75.39%	75.32%	75.12%	75.05%
Debt to EBITDA	21.58	-142.29	-14.19	-8.77	-9.55	-48.67	14.15	7.02	4.78	4.49	4.42
Net Debt to EBITDA	11.74	-83.94	-10.40	-6.10	-7.34	-35.35	11.95	6.04	4.18	3.81	3.97
Long-Term Debt to EBITDA	21.58	-142.29	-14.19	-8.77	-9.55	-48.67	14.15	7.02	4.78	4.49	4.42
Debt to NOPAT	-16.52	-10.63	-6.99	-5.72	-5.92	-8.71	-15.06	-33.70	49.27	-1.82	44.39
Net Debt to NOPAT	-8.99	-6.27	-5.12	-3.97	-4.55	-6.33	-12.72	-28.98	43.07	-1.55	39.88
Long-Term Debt to NOPAT	-16.52	-10.63	-6.99	-5.72	-5.92	-8.71	-15.06	-33.70	49.27	-1.82	44.39
Altman Z-Score	2.39	2.40	2.30	1.89	1.96	2.22	2.40	2.42	3.17	2.92	2.72
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	3.44	3.62	4.10	4.07	4.58	4.36	4.65	4.02	4.26	4.47	4.83
Quick Ratio	1.26	1.27	1.21	1.25	1.13	1.11	0.88	0.84	0.86	1.11	1.19
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	162	134	125	117	29	-11	-58	-90	-146	-150	-420
Operating Cash Flow to CapEx	506.83%	2,403.99%	-235.09%	693.48%	-224.30%	569.39%	-487.44%	142.55%	-34.06%	268.61%	-901.19%
Free Cash Flow to Firm to Interest Expense	20.05	15.95	14.07	12.81	3.15	-1.32	-7.33	-12.29	-21.81	-22.83	-92.33
Operating Cash Flow to Interest Expense	3.72	10.14	-1.65	7.84	-1.91	5.24	-4.97	1.72	-0.48	5.37	-14.52
Operating Cash Flow Less CapEx to Interest Expense	2.98	9.72	-2.35	6.71	-2.76	4.32	-5.99	0.51	-1.89	3.37	-16.14
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.37	0.37	0.36	0.35	0.35	0.37	0.39	0.41	0.44	0.44	0.46
Accounts Receivable Turnover	9.09	9.45	7.95	7.07	7.73	7.83	7.25	7.23	8.07	7.35	7.31
Inventory Turnover	1.85	1.88	1.85	1.90	1.90	1.97	1.96	2.16	2.13	2.21	2.32
Fixed Asset Turnover	8.02	7.83	7.73	7.27	7.20	7.57	7.63	7.89	8.24	8.02	7.78
Accounts Payable Turnover	8.40	8.61	7.76	6.91	6.80	7.48	6.30	6.49	6.36	8.48	6.73
Days Sales Outstanding (DSO)	40.14	38.64	45.90	51.60	47.22	46.60	50.32	50.45	45.22	49.67	49.93
Days Inventory Outstanding (DIO)	196.99	193.80	196.97	191.96	192.59	185.49	186.03	168.73	171.38	165.37	157.17
Days Payable Outstanding (DPO)	43.45	42.40	47.05	52.82	53.68	48.80	57.90	56.28	57.35	43.04	54.21
Cash Conversion Cycle (CCC)	193.67	190.04	195.82	190.74	186.13	183.29	178.44	162.90	159.25	172.00	152.89
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,773	1,809	1,893	1,884	1,947	1,952	2,028	2,007	2,008	1,979	1,998
Invested Capital Turnover	0.48	0.47	0.44	0.43	0.42	0.46	0.46	0.50	0.52	0.52	0.55
Increase / (Decrease) in Invested Capital	-174	-143	-135	-123	-61	-26	29	84	148	145	415
Enterprise Value (EV)	2,877	2,845	2,661	2,013	2,225	2,616	2,645	2,453	3,418	3,029	2,801
Market Capitalization	2,556	2,496	2,228	1,602	1,751	2,168	2,158	2,013	2,970	2,594	2,342
Book Value per Share	$24.31	$24.49	$24.57	$24.82	$24.81	$25.38	$26.48	$26.92	$26.86	$26.63	$26.68
Tangible Book Value per Share	$4.98	$4.96	$4.75	$4.79	$4.60	$4.94	$5.45	$5.68	$5.37	$4.87	$4.58
Total Capital	2,043	2,052	2,051	2,064	2,089	2,121	2,117	2,078	2,072	2,056	2,050
Total Debt	592	592	592	592	617	617	577	512	512	512	512
Total Long-Term Debt	592	592	592	592	617	617	577	512	512	512	512
Net Debt	322	349	433	411	474	448	487	440	447	435	460
Capital Expenditures (CapEx)	5.91	3.56	6.24	10	7.94	7.99	8.02	8.85	9.45	13	7.33
Debt-free, Cash-free Net Working Capital (DFCFNWC)	453	475	563	539	601	589	660	632	653	619	645
Debt-free Net Working Capital (DFNWC)	723	717	722	719	744	758	749	704	718	696	697
Net Working Capital (NWC)	723	717	722	719	744	758	749	704	718	696	697
Net Nonoperating Expense (NNE)	7.03	8.89	8.13	5.20	13	7.83	8.57	2.01	-3.79	5.64	9.30
Net Nonoperating Obligations (NNO)	322	349	433	411	474	448	487	440	447	435	460
Total Depreciation and Amortization (D&A)	20	21	21	21	22	22	23	23	24	27	24
Debt-free, Cash-free Net Working Capital to Revenue	51.06%	53.66%	65.61%	64.51%	71.59%	65.85%	71.18%	64.91%	64.66%	61.94%	65.08%
Debt-free Net Working Capital to Revenue	81.46%	81.09%	84.02%	86.12%	88.57%	84.69%	80.81%	72.26%	71.03%	69.63%	70.33%
Net Working Capital to Revenue	81.46%	81.09%	84.02%	86.12%	88.57%	84.69%	80.81%	72.26%	71.03%	69.63%	70.33%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.33)	($0.30)	($0.30)	($0.18)	($0.77)	($0.79)	($0.64)	($0.14)	$0.09	($0.19)	($0.26)
Adjusted Weighted Average Basic Shares Outstanding	58.75M	58.56M	58.26M	57.74M	57.70M	57.42M	57.11M	56.55M	56.51M	56.25M	55.93M
Adjusted Diluted Earnings per Share	($0.33)	($0.30)	($0.30)	($0.18)	($0.77)	($0.79)	($0.64)	($0.14)	$0.09	($0.19)	($0.26)
Adjusted Weighted Average Diluted Shares Outstanding	58.75M	58.56M	58.26M	57.74M	57.70M	57.42M	57.11M	56.55M	56.90M	56.25M	55.93M
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	59.75M	59.68M	59.63M	59.41M	59.35M	59.37M	59.28M	116.38M	58.19M	58.11M	57.98M
Normalized Net Operating Profit after Tax (NOPAT)	-8.47	-8.54	-7.69	-0.62	-25	-38	-21	-3.41	4.44	-3.18	-2.23
Normalized NOPAT Margin	-4.01%	-3.83%	-3.76%	-0.25%	-11.97%	-19.04%	-11.48%	-1.35%	1.68%	-1.38%	-0.98%
Pre Tax Income Margin	-10.32%	-10.89%	-11.31%	-7.48%	-27.47%	-32.27%	-27.48%	-5.85%	-2.01%	-5.69%	-6.75%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-1.86	-1.93	-1.66	-1.09	-5.20	-6.35	-5.34	-1.13	0.20	-1.02	-2.38
NOPAT to Interest Expense	-1.50	-1.03	-1.05	-0.61	-3.43	-4.35	-3.58	-0.85	0.20	-0.80	-1.11
EBIT Less CapEx to Interest Expense	-2.60	-2.35	-2.36	-2.22	-6.05	-7.27	-6.36	-2.34	-1.21	-3.02	-4.00
NOPAT Less CapEx to Interest Expense	-2.24	-1.45	-1.75	-1.74	-4.28	-5.27	-4.60	-2.06	-1.20	-2.80	-2.72
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	-0.51%	-0.37%	-1.92%	-0.02%	-1.44%	-2.28%	0.00%	-0.22%	66.24%	-18.33%	23.36%

Frequently Asked Questions About Mercury Systems' Financials

When does Mercury Systems's fiscal year end?

According to the most recent income statement we have on file, Mercury Systems' financial year ends in June. Their financial year 2024 ended on June 28, 2024.

How has Mercury Systems' net income changed over the last 9 years?

Mercury Systems' net income appears to be on a downward trend, with a most recent value of -$137.64 million in 2024, falling from $10.37 million in 2015. The previous period was -$28.34 million in 2023. See Mercury Systems' forecast for analyst expectations on what’s next for the company.

What is Mercury Systems's operating income?

Mercury Systems's total operating income in 2024 was -$147.75 million, based on the following breakdown:

Total Gross Profit: $195.90 million
Total Operating Expenses: $343.66 million

How has Mercury Systems revenue changed over the last 9 years?

Over the last 9 years, Mercury Systems' total revenue changed from $234.85 million in 2015 to $835.28 million in 2024, a change of 255.7%.

How much debt does Mercury Systems have?

Mercury Systems' total liabilities were at $906.13 million at the end of 2024, a 9.9% increase from 2023, and a 2,366.2% increase since 2015.

How much cash does Mercury Systems have?

In the past 9 years, Mercury Systems' cash and equivalents has ranged from $41.64 million in 2017 to $257.93 million in 2019, and is currently $180.52 million as of their latest financial filing in 2024.

How has Mercury Systems' book value per share changed over the last 9 years?

Over the last 9 years, Mercury Systems' book value per share changed from 10.24 in 2015 to 24.82 in 2024, a change of 142.4%.

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This page (NASDAQ:MRCY) was last updated on 5/21/2025 by MarketBeat.com Staff

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Mercury Systems (MRCY) Financials

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Mercury Systems (MRCY) Financials

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