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Mercury Systems (MRCY) Financials

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$88.24 -3.71 (-4.03%)
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Annual Income Statements for Mercury Systems

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 6/30/2015 6/30/2016 6/30/2017 6/30/2018 6/30/2019 7/3/2020 7/2/2021 7/1/2022 6/30/2023 6/28/2024 6/27/2025
Net Income / (Loss) Attributable to Common Shareholders		 10 20 25 41 47 86 62 11 -28 -138 -38
Consolidated Net Income / (Loss)		 10 20 25 41 47 86 62 11 -28 -138 -38
Net Income / (Loss) Continuing Operations		 14 20 25 41 47 86 62 11 -28 -138 -38
Total Pre-Tax Income 		19 25 31 43 60 94 77 18 -49 -189 -50
Total Operating Income		 18 24 37 47 77 91 81 32 -22 -148 -20
Total Gross Profit		 114 128 192 226 286 357 385 395 317 196 254
Total Revenue		 235 270 409 493 655 797 924 988 974 835 912
Operating Revenue		 235 270 409 493 655 797 924 988 974 835 912
Total Cost of Revenue		 121 143 217 267 369 440 539 593 657 639 658
Operating Cost of Revenue		 121 143 217 267 369 440 539 593 657 639 658
Total Operating Expenses		 96 104 154 179 210 266 304 363 338 344 274
Selling, General & Admin Expense		 49 53 76 88 111 132 134 157 161 167 154
Research & Development Expense		 37 36 54 59 69 98 113 107 109 101 68
Amortization Expense		 7.01 8.84 20 26 28 31 41 60 54 48 43
Restructuring Charge		 3.29 5.23 3.88 5.70 2.02 4.48 15 39 15 28 9.21
Total Other Income / (Expense), net		 0.44 1.31 -6.34 -4.41 -17 2.87 -3.83 -13 -27 -42 -31
Interest Expense		 0.03 1.17 7.57 2.85 9.11 1.01 1.22 5.81 25 35 33
Interest & Investment Income		 0.02 0.13 0.46 0.03 0.93 2.15 0.18 0.14 1.05 1.20 3.61
Other Income / (Expense), net		 0.45 2.35 0.77 -1.59 -8.88 1.73 -2.79 -7.55 -2.75 -7.71 -0.97
Income Tax Expense		 4.37 5.54 6.19 1.69 13 8.22 15 7.12 -20 -52 -13
Basic Earnings per Share		 $0.32 $0.58 $0.59 $0.88 $0.98 $1.57 $1.13 $0.20 ($0.50) ($2.38) ($0.65)
Weighted Average Basic Shares Outstanding		 32.11M 34.24M 41.99M 46.72M 47.83M 54.55M 55.07M 55.53M 56.55M 57.74M 58.75M
Diluted Earnings per Share		 $0.31 $0.56 $0.58 $0.86 $0.96 $1.56 $1.12 $0.20 ($0.50) ($2.38) ($0.65)
Weighted Average Diluted Shares Outstanding		 32.94M 35.10M 43.02M 47.47M 48.50M 55.12M 55.47M 55.90M 56.55M 57.74M 58.75M
Weighted Average Basic & Diluted Shares Outstanding		 32.40M 34M 42.20M 46.50M 55.43M 111.29M 112.47M 115.35M 116.38M 59.41M 59.92M

Quarterly Income Statements for Mercury Systems

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

Metric Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026
Period end date 9/29/2023 12/29/2023 3/29/2024 6/28/2024 9/27/2024 12/27/2024 3/28/2025 6/27/2025 9/26/2025 12/26/2025 3/27/2026
Net Income / (Loss) Attributable to Common Shareholders		 -37 -46 -45 -11 -18 -18 -19 16 -13 -15 -2.86
Consolidated Net Income / (Loss)		 -37 -46 -45 -11 -18 -18 -19 16 -13 -15 -2.86
Net Income / (Loss) Continuing Operations		 -37 -46 -45 -11 -18 -18 -19 16 -13 -15 -2.86
Total Pre-Tax Income 		-50 -64 -57 -19 -23 -24 -22 19 -17 -17 -2.69
Total Operating Income		 -40 -54 -46 -7.97 -13 -12 -17 24 -8.60 -11 5.23
Total Gross Profit		 51 32 41 73 52 61 57 85 63 61 69
Total Revenue		 181 197 208 249 204 223 211 273 225 233 236
Operating Revenue		 181 197 208 249 204 223 211 273 225 233 236
Total Cost of Revenue		 130 166 168 175 153 162 154 188 162 172 167
Operating Cost of Revenue		 130 166 168 175 153 162 154 188 162 172 167
Total Operating Expenses		 91 85 86 81 65 73 74 61 71 71 64
Selling, General & Admin Expense		 36 44 43 43 33 41 43 38 46 42 39
Research & Development Expense		 32 28 22 19 18 21 16 12 13 15 15
Amortization Expense		 13 12 12 11 11 11 10 10 10 9.69 9.56
Restructuring Charge		 11 0.23 10 7.09 2.44 0.22 5.24 1.32 2.15 4.24 0.11
Total Other Income / (Expense), net		 -9.53 -9.79 -12 -11 -9.70 -12 -4.47 -4.73 -7.94 -6.64 -7.92
Interest Expense		 7.86 8.67 9.32 9.16 8.91 8.43 8.07 8.03 7.89 7.85 7.33
Interest & Investment Income		 0.10 0.03 0.54 0.53 0.54 0.41 1.29 1.37 2.03 1.65 2.51
Other Income / (Expense), net		 -1.77 -1.15 -2.78 -2.00 -1.34 -3.87 2.30 1.93 -2.08 -0.44 -3.09
Income Tax Expense		 -13 -18 -13 -7.82 -5.59 -6.73 -2.65 2.45 -4.02 -2.36 0.17
Basic Earnings per Share		 ($0.64) ($0.79) ($0.77) ($0.18) ($0.30) ($0.30) ($0.33) $0.28 ($0.21) ($0.26) ($0.04)
Weighted Average Basic Shares Outstanding		 57.11M 57.42M 57.70M 57.74M 58.26M 58.56M 58.75M 58.75M 59.19M 59.42M 59.42M
Diluted Earnings per Share		 ($0.64) ($0.79) ($0.77) ($0.18) ($0.30) ($0.30) ($0.33) $0.28 ($0.21) ($0.26) ($0.04)
Weighted Average Diluted Shares Outstanding		 57.11M 57.42M 57.70M 57.74M 58.26M 58.56M 58.75M 58.75M 59.19M 59.42M 59.42M
Weighted Average Basic & Diluted Shares Outstanding		 59.28M 59.37M 59.35M 59.41M 59.63M 59.68M 59.75M 59.92M 60.10M 60.01M 60.04M

Annual Cash Flow Statements for Mercury Systems

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 6/30/2015 6/30/2016 6/30/2017 6/30/2018 6/30/2019 7/3/2020 7/2/2021 7/1/2022 6/30/2023 6/28/2024 6/27/2025
Net Change in Cash & Equivalents		 30 4.11 -40 25 192 -31 -113 -48 5.91 109 129
Net Cash From Operating Activities		 32 37 59 43 98 115 97 -19 -21 60 139
Net Cash From Continuing Operating Activities		 32 37 59 43 98 115 97 -19 -21 53 139
Net Income / (Loss) Continuing Operations		 10 20 25 41 47 86 62 11 -28 -138 -38
Consolidated Net Income / (Loss)		 10 20 25 41 47 86 62 11 -28 -138 -38
Depreciation Expense		 14 16 32 42 46 49 67 93 97 88 82
Non-Cash Adjustments To Reconcile Net Income		 10 9.38 17 19 29 24 32 38 49 57 37
Changes in Operating Assets and Liabilities, net		 -2.47 -7.93 -15 -59 -24 -44 -64 -161 -139 45 58
Net Cash From Investing Activities		 -5.60 -318 -111 -201 -154 -135 -417 -274 -39 -34 -14
Net Cash From Continuing Investing Activities		 -5.60 -318 -111 -201 -154 -135 -417 -274 -39 -34 -14
Purchase of Property, Plant & Equipment		 -5.98 -7.89 -33 -15 -27 -43 -46 -28 -39 -34 -20
Acquisitions		 0.00 -310 -78 -185 -127 -97 -373 -243 0.00 0.00 -4.54
Sale of Property, Plant & Equipment		 - - - - - - - - 0.00 0.00 6.25
Other Investing Activities, net		 -0.50 -0.57 -0.49 -0.38 - 0.00 1.54 -3.20 0.24 0.00 4.60
Net Cash From Financing Activities		 3.91 285 11 183 248 -11 206 246 65 83 1.41
Net Cash From Continuing Financing Activities		 3.91 285 11 183 248 -11 206 246 65 83 1.41
Repayment of Debt		 -0.64 -2.93 -201 -15 -326 -200 0.00 -2.91 -80 -27 -2.25
Repurchase of Common Equity		 -0.94 -7.96 -8.77 -16 -7.97 -16 -0.07 -8.21 -0.06 -0.03 0.00
Issuance of Debt		 - 195 0.00 210 130 200 200 252 140 105 0.00
Other Financing Activities, net		 5.49 8.10 4.97 3.45 -1.76 5.32 6.30 5.37 5.49 4.64 3.66
Effect of Exchange Rate Changes		 -0.22 0.48 0.55 - - 0.14 0.41 -0.75 0.30 0.19 1.82
Cash Interest Paid		 0.03 1.04 5.76 1.61 10 1.05 1.09 5.49 27 37 37
Cash Income Taxes Paid		 7.88 7.98 2.83 17 7.35 13 8.98 14 24 -9.32 0.37

Quarterly Cash Flow Statements for Mercury Systems

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 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026
Period end date 9/29/2023 12/29/2023 3/29/2024 6/28/2024 9/27/2024 12/27/2024 3/28/2025 6/27/2025 9/26/2025 12/26/2025 3/27/2026
Net Change in Cash & Equivalents		 18 79 -26 38 -22 84 27 39 -4.38 30 -3.19
Net Cash From Operating Activities		 -39 45 -18 72 -15 85 30 38 2.18 52 6.44
Net Cash From Continuing Operating Activities		 -39 45 -18 72 -15 85 30 38 2.18 52 6.44
Net Income / (Loss) Continuing Operations		 -37 -46 -45 -11 -18 -18 -19 16 -13 -15 -2.86
Consolidated Net Income / (Loss)		 -37 -46 -45 -11 -18 -18 -19 16 -13 -15 -2.86
Depreciation Expense		 23 22 22 21 21 21 20 20 19 18 18
Non-Cash Adjustments To Reconcile Net Income		 17 17 16 15 13 10 9.89 3.55 17 16 12
Changes in Operating Assets and Liabilities, net		 -42 52 -11 47 -32 72 19 -1.82 -21 32 -21
Net Cash From Investing Activities		 -8.02 -7.99 -7.94 -10 -6.24 -1.66 -3.21 -2.40 -6.55 -5.90 -9.68
Net Cash From Continuing Investing Activities		 -8.02 -7.99 -7.94 -10 -6.24 -1.66 -3.21 -2.40 -6.55 -5.90 -9.68
Purchase of Property, Plant & Equipment		 -8.02 -7.99 -7.94 -10 -6.24 -3.56 -5.91 -4.10 -6.55 -5.90 -8.26
Effect of Exchange Rate Changes		 -0.11 0.56 -0.26 - 0.75 -0.86 0.50 1.43 -0.02 -0.01 0.05
Cash Interest Paid		 6.42 9.70 11 11 8.90 10 8.87 8.45 8.52 8.11 7.36
Cash Income Taxes Paid		 15 0.31 -0.43 -24 -0.92 0.53 0.66 0.10 0.49 0.88 0.00

Annual Balance Sheets for Mercury Systems

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 6/30/2015 6/30/2016 6/30/2017 6/30/2018 6/30/2019 7/3/2020 7/2/2021 7/1/2022 6/30/2023 6/28/2024 6/27/2025
Total Assets		 387 736 816 1,064 1,417 1,611 1,955 2,304 2,391 2,379 2,435
Total Current Assets		 176 245 246 332 582 635 643 815 937 954 1,058
Cash & Equivalents		 78 82 42 67 258 227 114 66 72 181 309
Accounts Receivable		 54 96 114 144 119 120 129 144 125 111 110
Inventories, net		 32 58 81 109 137 178 222 270 337 335 333
Prepaid Expenses		 8.68 6.12 8.38 9.06 11 17 15 24 21 22 28
Current Deferred & Refundable Income Taxes		 3.75 3.40 1.43 3.76 0.09 2.50 0.78 7.50 - 0.00 0.46
Other Current Assets		 - - - - 57 90 163 303 383 304 278
Plant, Property, & Equipment, net		 13 28 52 51 60 88 129 127 120 110 101
Total Noncurrent Assets		 198 463 518 682 775 888 1,184 1,362 1,335 1,315 1,275
Goodwill		 168 344 381 497 562 614 805 938 938 938 938
Intangible Assets		 18 117 129 178 206 209 308 352 298 251 211
Noncurrent Deferred & Refundable Income Taxes		 11 - - - - - - 0.00 27 59 69
Other Noncurrent Operating Assets		 0.92 1.80 8.02 6.41 6.53 65 71 73 72 68 57
Total Liabilities & Shareholders' Equity		 387 736 816 1,064 1,417 1,611 1,955 2,304 2,391 2,379 2,435
Total Liabilities		 37 263 90 293 132 226 471 767 825 906 961
Total Current Liabilities		 33 68 73 72 98 126 151 194 233 234 300
Accounts Payable		 6.93 27 27 21 39 42 48 99 104 81 79
Accrued Expenses		 9.01 10 21 16 19 24 25 35 28 43 35
Current Deferred Revenue		 7.48 7.37 6.36 13 11 19 38 15 57 74 127
Current Employee Benefit Liabilities		 9.88 13 18 21 29 41 40 45 30 36 51
Other Current Liabilities		 - - - - - - - - - - 7.88
Total Noncurrent Liabilities		 3.46 196 17 221 34 100 320 573 591 672 661
Long-Term Debt		 0.00 182 0.00 195 0.00 0.00 200 452 512 592 592
Noncurrent Deferred Revenue		 1.46 0.70 0.86 1.00 1.27 4.12 7.47 9.11 5.17 7.71 4.05
Other Noncurrent Operating Liabilities		 2.00 0.99 12 11 15 82 84 80 75 73 65
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		 350 473 725 772 1,285 1,385 1,484 1,537 1,567 1,473 1,473
Total Preferred & Common Equity		 350 473 725 772 1,285 1,385 1,484 1,537 1,567 1,473 1,473
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 350 473 725 772 1,285 1,385 1,484 1,537 1,567 1,473 1,473
Common Stock		 255 358 585 591 1,059 1,075 1,110 1,146 1,197 1,243 1,288
Retained Earnings		 94 114 139 180 227 312 374 386 357 220 182
Accumulated Other Comprehensive Income / (Loss)		 0.78 0.95 1.07 1.29 -1.29 -2.89 -0.34 5.53 12 9.99 3.50

Quarterly Balance Sheets for Mercury Systems

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 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026 Q3 2026
Period end date 12/30/2022 3/31/2023 9/29/2023 12/29/2023 3/29/2024 9/27/2024 12/27/2024 3/28/2025 9/26/2025 12/26/2025 3/27/2026
Total Assets		 2,348 2,384 2,401 2,436 2,378 2,369 2,401 2,414 2,458 2,502 2,481
Total Current Assets		 897 938 955 984 952 954 991 1,020 1,085 1,132 1,117
Cash & Equivalents		 77 64 89 169 143 158 243 270 305 335 332
Accounts Receivable		 146 126 91 83 92 125 104 103 93 106 96
Inventories, net		 312 343 363 354 343 351 344 353 340 350 362
Prepaid Expenses		 29 25 22 21 21 22 21 19 71 67 57
Current Deferred & Refundable Income Taxes		 0.00 3.59 - 5.75 28 - - 2.96 1.39 1.23 1.29
Other Current Assets		 333 377 389 351 325 298 279 271 275 274 269
Plant, Property, & Equipment, net		 122 119 117 114 114 105 111 107 103 102 103
Total Noncurrent Assets		 1,329 1,327 1,329 1,338 1,313 1,310 1,299 1,287 1,270 1,268 1,262
Goodwill		 938 938 938 938 938 938 938 938 938 938 943
Intangible Assets		 323 311 286 273 262 239 226 216 200 193 185
Noncurrent Deferred & Refundable Income Taxes		 - - 40 55 44 66 72 73 73 76 76
Other Noncurrent Operating Assets		 68 78 65 71 68 66 63 61 59 60 58
Total Liabilities & Shareholders' Equity		 2,348 2,384 2,401 2,436 2,378 2,369 2,401 2,414 2,458 2,502 2,481
Total Liabilities		 804 823 860 932 905 909 941 963 983 1,042 1,004
Total Current Liabilities		 201 220 205 226 208 233 274 297 322 383 350
Accounts Payable		 87 111 96 88 80 75 65 74 98 106 104
Accrued Expenses		 30 28 34 31 40 43 40 45 75 72 69
Current Deferred Revenue		 39 55 58 81 71 96 136 142 125 137 126
Current Employee Benefit Liabilities		 30 27 18 25 17 18 32 35 24 35 37
Other Current Liabilities		 - - - - - - - - - 32 14
Total Noncurrent Liabilities		 603 603 655 706 698 676 668 667 660 659 653
Long-Term Debt		 512 512 577 617 617 592 592 592 592 592 592
Noncurrent Deferred Revenue		 6.24 4.90 5.17 5.17 5.17 7.71 7.71 7.71 4.05 4.05 4.05
Other Noncurrent Operating Liabilities		 73 80 73 84 76 77 68 68 65 64 58
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		 1,544 1,561 1,541 1,504 1,473 1,460 1,460 1,451 1,475 1,460 1,478
Total Preferred & Common Equity		 1,544 1,561 1,541 1,504 1,473 1,460 1,460 1,451 1,475 1,460 1,478
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 1,544 1,561 1,541 1,504 1,473 1,460 1,460 1,451 1,475 1,460 1,478
Common Stock		 1,174 1,188 1,206 1,221 1,231 1,254 1,268 1,280 1,302 1,303 1,315
Retained Earnings		 361 366 321 275 231 202 185 166 169 154 151
Accumulated Other Comprehensive Income / (Loss)		 9.98 7.32 14 8.42 11 3.73 8.07 5.86 3.64 3.09 11

Annual Metrics And Ratios for Mercury Systems

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

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 6/30/2015 6/30/2016 6/30/2017 6/30/2018 6/30/2019 7/3/2020 7/2/2021 7/1/2022 6/30/2023 6/28/2024 6/27/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 12.51% 15.03% 51.24% 20.70% 32.76% 21.67% 15.99% 6.95% -1.45% -14.23% 9.19%
EBITDA Growth		 235.37% 28.86% 67.45% 24.45% 30.15% 24.56% 2.24% -19.15% -37.95% -192.50% 191.10%
EBIT Growth		 420.25% 39.98% 45.00% 18.91% 49.16% 37.05% -15.70% -69.24% -201.57% -536.19% 86.75%
NOPAT Growth		 371.85% 32.83% 60.00% 50.66% 33.37% 38.08% -21.63% -70.25% -178.35% -581.37% 86.72%
Net Income Growth		 190.76% 90.39% 26.00% 64.35% 14.41% 83.24% -27.61% -81.83% -351.31% -385.76% 72.46%
EPS Growth		 183.78% 80.65% 3.57% 48.28% 11.63% 62.50% -28.21% -82.14% -350.00% -376.00% 72.69%
Operating Cash Flow Growth		 126.16% 14.70% 60.11% -26.76% 125.10% 18.12% -15.57% -119.40% -12.64% 384.10% 129.95%
Free Cash Flow Firm Growth		 921.16% -1,585.02% 75.90% -143.33% 61.36% 27.49% -622.71% 4.00% 70.37% 119.68% 487.20%
Invested Capital Growth		 -2.01% 114.25% 17.21% 31.68% 14.04% 12.77% 35.61% 22.46% 4.35% -6.12% -6.79%
Revenue Q/Q Growth		 4.65% 8.56% 7.97% 8.17% 3.82% 5.34% 3.76% 4.10% -3.61% -0.56% 2.77%
EBITDA Q/Q Growth		 30.53% 11.08% 10.24% 10.32% -3.86% 11.59% 1.39% 5.26% -31.87% -4.40% 124.14%
EBIT Q/Q Growth		 73.35% 7.01% 9.39% 13.42% -5.82% 17.12% -7.23% 15.98% -378.82% -1.13% 63.24%
NOPAT Q/Q Growth		 98.65% 3.60% 12.44% 3.30% 16.32% 8.42% -10.77% 1.13% -246.22% 0.63% 61.62%
Net Income Q/Q Growth		 433.73% 8.57% 5.58% 3.28% 6.13% 20.23% -13.03% -8.22% -789.92% -1.88% 41.73%
EPS Q/Q Growth		 381.82% 5.66% -1.69% 2.38% 4.35% 18.18% -13.18% -4.76% -900.00% -1.71% 41.44%
Operating Cash Flow Q/Q Growth		 46.20% 2.96% -6.35% 58.01% 0.34% 2.45% -1.55% -167.97% 60.12% 4,805.12% -19.52%
Free Cash Flow Firm Q/Q Growth		 -3.38% -3,062.06% 77.79% 27.23% -267.03% 46.19% -25.46% 4.50% 28.08% 145.45% -17.33%
Invested Capital Q/Q Growth		 -1.02% 105.92% 9.01% -0.68% 5.17% 1.37% 5.25% 3.37% -0.07% -3.23% -0.95%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 48.63% 47.24% 46.88% 45.80% 43.71% 44.80% 41.69% 39.97% 32.52% 23.45% 27.90%
EBITDA Margin		 13.90% 15.57% 17.24% 17.78% 17.43% 17.84% 15.73% 11.89% 7.48% -8.07% 6.74%
Operating Margin		 7.82% 8.87% 9.15% 9.53% 11.70% 11.43% 8.77% 3.20% -2.23% -17.69% -2.15%
EBIT Margin		 8.01% 9.75% 9.34% 9.20% 10.34% 11.65% 8.47% 2.43% -2.51% -18.61% -2.26%
Profit (Net Income) Margin		 4.42% 7.31% 6.09% 8.29% 7.14% 10.76% 6.71% 1.14% -2.91% -16.48% -4.16%
Tax Burden Percent		 55.17% 78.07% 80.07% 96.03% 78.58% 91.25% 80.40% 61.29% 58.37% 72.72% 75.17%
Interest Burden Percent		 99.93% 96.05% 81.39% 93.79% 87.92% 101.23% 98.67% 76.46% 198.65% 121.75% 244.76%
Effective Tax Rate		 23.23% 21.93% 19.93% 3.97% 21.42% 8.75% 19.60% 38.71% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 5.12% 4.37% 4.73% 5.70% 6.25% 7.61% 4.77% 1.11% -0.77% -5.32% -0.76%
ROIC Less NNEP Spread (ROIC-NNEP)		 10.98% 10.69% -10.04% -4.06% 26.95% 6.53% 9.15% -2.32% -3.96% -13.36% -7.73%
Return on Net Nonoperating Assets (RNNOA)		 -2.06% 0.42% -0.58% -0.24% -1.70% -1.19% -0.45% -0.36% -1.05% -3.74% -1.82%
Return on Equity (ROE)		 3.06% 4.80% 4.15% 5.46% 4.55% 6.42% 4.33% 0.75% -1.83% -9.06% -2.57%
Cash Return on Invested Capital (CROIC)		 7.16% -68.34% -11.12% -21.65% -6.88% -4.40% -25.46% -19.08% -5.03% 1.00% 6.27%
Operating Return on Assets (OROA)		 4.95% 4.69% 4.92% 4.83% 5.46% 6.13% 4.39% 1.13% -1.04% -6.52% -0.86%
Return on Assets (ROA)		 2.73% 3.51% 3.21% 4.35% 3.77% 5.66% 3.48% 0.53% -1.21% -5.77% -1.57%
Return on Common Equity (ROCE)		 3.06% 4.80% 4.15% 5.46% 4.55% 6.42% 4.33% 0.75% -1.83% -9.06% -2.57%
Return on Equity Simple (ROE_SIMPLE)		 2.96% 4.17% 3.43% 5.30% 3.64% 6.19% 4.18% 0.73% -1.81% -9.35% 0.00%
Net Operating Profit after Tax (NOPAT)		 14 19 30 45 60 83 65 19 -15 -103 -14
NOPAT Margin		 6.00% 6.93% 7.33% 9.15% 9.19% 10.43% 7.05% 1.96% -1.56% -12.38% -1.51%
Net Nonoperating Expense Percent (NNEP)		 -5.86% -6.31% 14.77% 9.76% -20.71% 1.08% -4.38% 3.43% 3.19% 8.04% 6.97%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - - - - -0.67%
Cost of Revenue to Revenue		 51.37% 52.76% 53.12% 54.20% 56.30% 55.20% 58.31% 60.03% 67.48% 76.55% 72.10%
SG&A Expenses to Revenue		 20.87% 19.60% 18.72% 17.92% 16.91% 16.60% 14.54% 15.89% 16.49% 19.97% 16.93%
R&D to Revenue		 15.56% 13.47% 13.24% 11.92% 10.53% 12.36% 12.28% 10.84% 11.17% 12.13% 7.42%
Operating Expenses to Revenue		 40.81% 38.37% 37.73% 36.27% 32.01% 33.36% 32.92% 36.77% 34.75% 41.14% 30.06%
Earnings before Interest and Taxes (EBIT)		 19 26 38 45 68 93 78 24 -24 -155 -21
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 33 42 70 88 114 142 145 117 73 -67 61
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.43 2.10 2.78 2.38 2.65 3.22 2.50 2.40 1.28 1.09 2.17
Price to Tangible Book Value (P/TBV)		 3.05 80.62 9.37 19.00 6.60 7.94 9.97 14.90 6.09 5.64 9.83
Price to Revenue (P/Rev)		 2.13 3.68 4.94 3.72 5.21 5.60 4.01 3.74 2.07 1.92 3.50
Price to Earnings (P/E)		 48.28 50.41 81.21 44.86 72.87 52.07 59.74 327.37 0.00 0.00 0.00
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		 2.07% 1.98% 1.23% 2.23% 1.37% 1.92% 1.67% 0.31% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 1.55 1.90 2.89 2.18 3.07 3.66 2.42 2.12 1.22 1.07 1.98
Enterprise Value to Revenue (EV/Rev)		 1.80 4.09 4.84 3.98 4.81 5.32 4.10 4.13 2.52 2.41 3.81
Enterprise Value to EBITDA (EV/EBITDA)		 12.96 26.28 28.08 22.39 27.61 29.81 26.10 34.70 33.65 0.00 56.55
Enterprise Value to EBIT (EV/EBIT)		 22.49 42.00 51.83 43.24 46.53 45.65 48.49 169.46 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 30.02 59.07 66.06 43.50 52.35 50.98 58.24 210.42 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 13.14 29.93 33.45 45.30 32.31 36.78 39.00 0.00 0.00 33.33 25.02
Enterprise Value to Free Cash Flow (EV/FCFF)		 21.49 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 103.53 30.43
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.00 0.41 0.00 0.25 0.00 0.00 0.13 0.29 0.33 0.40 0.40
Long-Term Debt to Equity		 0.00 0.39 0.00 0.25 0.00 0.00 0.13 0.29 0.33 0.40 0.40
Financial Leverage		 -0.19 0.04 0.06 0.06 -0.06 -0.18 -0.05 0.16 0.27 0.28 0.24
Leverage Ratio		 1.12 1.36 1.30 1.26 1.21 1.13 1.24 1.41 1.51 1.57 1.63
Compound Leverage Factor		 1.12 1.31 1.05 1.18 1.06 1.15 1.23 1.08 3.01 1.91 4.00
Debt to Total Capital		 0.00% 28.90% 0.00% 20.17% 0.00% 0.00% 11.88% 22.70% 24.61% 28.65% 28.64%
Short-Term Debt to Total Capital		 0.00% 1.50% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 0.00% 27.40% 0.00% 20.17% 0.00% 0.00% 11.88% 22.70% 24.61% 28.65% 28.64%
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		 100.00% 71.10% 100.00% 79.83% 100.00% 100.00% 88.12% 77.30% 75.39% 71.35% 71.36%
Debt to EBITDA		 0.00 4.57 0.00 2.22 0.00 0.00 1.38 3.84 7.02 -8.77 9.63
Net Debt to EBITDA		 0.00 2.63 0.00 1.47 0.00 0.00 0.59 3.28 6.04 -6.10 4.60
Long-Term Debt to EBITDA		 0.00 4.33 0.00 2.22 0.00 0.00 1.38 3.84 7.02 -8.77 9.63
Debt to NOPAT		 0.00 10.27 0.00 4.32 0.00 0.00 3.07 23.30 -33.70 -5.72 -43.05
Net Debt to NOPAT		 0.00 5.91 0.00 2.85 0.00 0.00 1.32 19.91 -28.98 -3.97 -20.55
Long-Term Debt to NOPAT		 0.00 9.74 0.00 4.32 0.00 0.00 3.07 23.30 -33.70 -5.72 -43.05
Altman Z-Score		 9.73 3.26 14.57 4.90 16.72 13.19 5.90 3.91 2.40 1.69 2.82
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		 5.28 3.63 3.38 4.63 5.94 5.04 4.26 4.20 4.02 4.07 3.52
Quick Ratio		 3.95 2.63 2.13 2.93 3.84 2.76 1.61 1.08 0.84 1.25 1.39
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 20 -292 -70 -171 -66 -48 -347 -333 -99 19 114
Operating Cash Flow to CapEx		 538.22% 468.48% 180.08% 286.78% 365.36% 266.05% 213.27% -68.23% -54.78% 176.09% 1,024.20%
Free Cash Flow to Firm to Interest Expense		 579.04 -249.45 -9.31 -60.17 -7.27 -47.76 -284.16 -57.41 -3.93 0.56 3.41
Operating Cash Flow to Interest Expense		 947.26 31.52 7.82 15.20 10.71 114.50 79.58 -3.25 -0.84 1.72 4.15
Operating Cash Flow Less CapEx to Interest Expense		 771.26 24.79 3.48 9.90 7.78 71.46 42.27 -8.01 -2.39 0.75 3.75
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.62 0.48 0.53 0.52 0.53 0.53 0.52 0.46 0.41 0.35 0.38
Accounts Receivable Turnover		 4.14 3.61 3.90 3.83 4.99 6.66 7.41 7.23 7.23 7.07 8.25
Inventory Turnover		 3.79 3.16 3.12 2.82 3.00 2.79 2.70 2.41 2.16 1.90 1.97
Fixed Asset Turnover		 17.16 13.00 10.22 9.61 11.80 10.78 8.55 7.73 7.89 7.27 8.61
Accounts Payable Turnover		 17.26 8.47 8.01 10.95 12.21 10.87 12.00 8.09 6.49 6.91 8.21
Days Sales Outstanding (DSO)		 88.16 101.11 93.61 95.28 73.21 54.82 49.23 50.47 50.45 51.60 44.23
Days Inventory Outstanding (DIO)		 96.23 115.55 117.18 129.48 121.65 130.81 135.39 151.35 168.73 191.96 185.47
Days Payable Outstanding (DPO)		 21.15 43.09 45.58 33.32 29.88 33.58 30.43 45.11 56.28 52.82 44.46
Cash Conversion Cycle (CCC)		 163.24 173.58 165.20 191.44 164.98 152.05 154.20 156.72 162.90 190.74 185.24
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 272 583 684 900 1,027 1,158 1,570 1,923 2,007 1,884 1,756
Invested Capital Turnover		 0.85 0.63 0.64 0.62 0.68 0.73 0.68 0.57 0.50 0.43 0.50
Increase / (Decrease) in Invested Capital		 -5.60 311 100 217 126 131 412 353 84 -123 -128
Enterprise Value (EV)		 423 1,106 1,978 1,963 3,150 4,236 3,793 4,077 2,453 2,013 3,474
Market Capitalization		 501 995 2,020 1,834 3,408 4,463 3,707 3,691 2,013 1,602 3,192
Book Value per Share		 $10.24 $11.82 $15.12 $16.02 $26.52 $24.91 $26.43 $26.65 $26.92 $24.82 $24.66
Tangible Book Value per Share		 $4.80 $0.31 $4.49 $2.00 $10.66 $10.11 $6.62 $4.30 $5.68 $4.79 $5.43
Total Capital		 350 665 725 967 1,285 1,385 1,684 1,989 2,078 2,064 2,065
Total Debt		 0.00 192 0.00 195 0.00 0.00 200 452 512 592 592
Total Long-Term Debt		 0.00 182 0.00 195 0.00 0.00 200 452 512 592 592
Net Debt		 -78 111 -42 128 -258 -227 86 386 440 411 282
Capital Expenditures (CapEx)		 5.98 7.89 33 15 27 43 46 28 39 34 14
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 65 106 132 194 226 282 378 556 632 539 449
Debt-free Net Working Capital (DFNWC)		 142 188 173 260 484 509 492 621 704 719 758
Net Working Capital (NWC)		 142 178 173 260 484 509 492 621 704 719 758
Net Nonoperating Expense (NNE)		 3.72 -1.03 5.07 4.24 13 -2.62 3.08 8.10 13 34 24
Net Nonoperating Obligations (NNO)		 -78 110 -42 128 -258 -227 86 386 440 411 282
Total Depreciation and Amortization (D&A)		 14 16 32 42 46 49 67 93 97 88 82
Debt-free, Cash-free Net Working Capital to Revenue		 27.63% 39.26% 32.24% 39.24% 34.55% 35.40% 40.96% 56.23% 64.91% 64.51% 49.20%
Debt-free Net Working Capital to Revenue		 60.67% 69.50% 42.43% 52.73% 73.94% 63.88% 53.28% 62.87% 72.26% 86.12% 83.09%
Net Working Capital to Revenue		 60.67% 65.80% 42.43% 52.73% 73.94% 63.88% 53.28% 62.87% 72.26% 86.12% 83.09%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.32 $0.58 $0.59 $0.88 $0.98 $1.57 $1.13 $0.20 ($0.50) ($2.38) ($0.65)
Adjusted Weighted Average Basic Shares Outstanding		 32.11M 34.24M 41.99M 46.72M 47.83M 54.55M 55.07M 55.53M 56.55M 57.74M 58.75M
Adjusted Diluted Earnings per Share		 $0.31 $0.56 $0.58 $0.86 $0.96 $1.56 $1.12 $0.20 ($0.50) ($2.38) ($0.65)
Adjusted Weighted Average Diluted Shares Outstanding		 32.94M 35.10M 43.02M 47.47M 48.50M 55.12M 55.47M 55.90M 56.55M 57.74M 58.75M
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		 34.43M 40.36M 48.11M 48.22M 55.43M 111.29M 112.47M 115.35M 116.38M 59.41M 59.92M
Normalized Net Operating Profit after Tax (NOPAT)		 17 23 33 51 62 87 77 43 -4.38 -84 -7.29
Normalized NOPAT Margin		 7.08% 8.51% 8.09% 10.26% 9.43% 10.94% 8.37% 4.37% -0.45% -10.05% -0.80%
Pre Tax Income Margin		 8.00% 9.36% 7.60% 8.63% 9.09% 11.79% 8.35% 1.86% -4.98% -22.66% -5.53%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 553.18 22.46 5.04 15.93 7.43 92.23 64.01 4.14 -0.97 -4.44 -0.62
NOPAT to Interest Expense		 414.45 15.97 3.96 15.83 6.61 82.60 53.29 3.34 -0.60 -2.95 -0.41
EBIT Less CapEx to Interest Expense		 377.18 15.74 0.70 10.63 4.50 49.20 26.69 -0.62 -2.51 -5.42 -1.02
NOPAT Less CapEx to Interest Expense		 238.45 9.24 -0.38 10.53 3.68 39.56 15.98 -1.43 -2.15 -3.93 -0.82
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		 9.10% 40.29% 35.24% 37.93% 17.03% 18.96% 0.11% 72.78% -0.22% -0.02% 0.00%

Quarterly Metrics And Ratios for Mercury Systems

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

Metric Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026
Period end date 9/29/2023 12/29/2023 3/29/2024 6/28/2024 9/27/2024 12/27/2024 3/28/2025 6/27/2025 9/26/2025 12/26/2025 3/27/2026
DEI Shares Outstanding		 - - - - - - - - - - 60,014,632.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 60,014,632.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - -0.05
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -20.47% -13.99% -20.96% -1.85% 12.95% 13.00% 1.49% 9.87% 10.16% 4.37% 11.54%
EBITDA Growth		 -249.92% -260.16% -205.75% -19.92% 133.52% 114.12% 118.27% 297.80% 27.43% 51.70% 312.08%
EBIT Growth		 -287.26% -721.92% -3,712.23% -21.00% 64.84% 70.44% 68.95% 355.60% 27.65% 30.85% 114.21%
NOPAT Growth		 -458.81% -614.58% -2,436.54% 10.45% 66.62% 76.98% 62.01% 467.32% 35.93% 12.86% 130.15%
Net Income Growth		 -156.07% -317.41% -964.51% -30.85% 52.26% 61.43% 56.99% 251.90% 28.59% 14.13% 85.08%
EPS Growth		 -146.15% -315.79% -955.56% -28.57% 53.13% 62.03% 57.14% 255.56% 30.00% 13.33% 87.88%
Operating Cash Flow Growth		 40.84% 28.54% -453.47% 469.08% 62.48% 87.85% 268.35% -46.94% 114.88% -39.61% -78.51%
Free Cash Flow Firm Growth		 86.27% 92.39% 120.06% 230.58% 317.46% 1,274.36% 451.06% 26.51% 0.06% -36.67% -75.85%
Invested Capital Growth		 1.48% -1.33% -3.05% -6.12% -6.64% -7.33% -8.93% -6.79% -6.94% -5.12% -2.00%
Revenue Q/Q Growth		 -28.53% 9.10% 5.47% 19.35% -17.75% 9.14% -5.27% 29.21% -17.54% 3.40% 1.24%
EBITDA Q/Q Growth		 -235.18% -70.53% 18.85% 142.81% -43.43% -28.18% 5.04% 832.01% -81.88% -14.50% 185.33%
EBIT Q/Q Growth		 -409.59% -31.21% 12.05% 79.42% -48.06% -10.32% 7.62% 269.39% -141.91% -5.44% 118.98%
NOPAT Q/Q Growth		 -351.80% -34.15% 15.34% 82.55% -68.40% 7.48% -39.70% 268.75% -129.37% -25.83% 148.35%
Net Income Q/Q Growth		 -345.70% -24.17% 2.21% 75.82% -62.61% -0.31% -9.05% 185.39% -176.45% -20.62% 81.05%
EPS Q/Q Growth		 -357.14% -23.44% 2.53% 76.62% -66.67% 0.00% -10.00% 184.85% -175.00% -23.81% 84.62%
Operating Cash Flow Q/Q Growth		 -409.82% 216.45% -139.14% 503.04% -120.43% 682.96% -64.93% 27.03% -94.27% 2,265.31% -87.52%
Free Cash Flow Firm Q/Q Growth		 35.83% 80.14% 356.38% 299.62% 6.86% 7.27% 20.30% -8.26% -15.48% -32.11% -54.13%
Invested Capital Q/Q Growth		 1.06% -3.73% -0.29% -3.23% 0.50% -4.44% -2.01% -0.95% 0.34% -2.57% 1.22%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 27.92% 15.96% 19.52% 29.45% 25.33% 27.26% 27.02% 31.04% 27.93% 26.04% 29.29%
EBITDA Margin		 -10.65% -16.65% -12.81% 4.60% 3.16% 2.08% 2.31% 16.64% 3.66% 3.02% 8.52%
Operating Margin		 -22.21% -27.31% -21.92% -3.21% -6.56% -5.56% -8.21% 8.62% -3.82% -4.65% 2.22%
EBIT Margin		 -23.19% -27.89% -23.26% -4.01% -7.22% -7.30% -7.12% 9.33% -4.74% -4.83% 0.91%
Profit (Net Income) Margin		 -20.28% -23.08% -21.40% -4.34% -8.57% -7.88% -9.07% 5.99% -5.56% -6.48% -1.21%
Tax Burden Percent		 73.81% 71.53% 77.90% 57.94% 75.80% 72.33% 87.86% 87.00% 75.68% 86.46% 106.48%
Interest Burden Percent		 118.49% 115.70% 118.12% 186.63% 156.66% 149.29% 145.07% 73.86% 154.88% 155.08% -125.74%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 13.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 -7.16% -8.71% -6.52% -0.96% -2.01% -1.83% -2.74% 3.76% -1.36% -1.74% 0.86%
ROIC Less NNEP Spread (ROIC-NNEP)		 -8.97% -10.48% -9.26% -2.19% -3.78% -4.06% -4.51% 2.57% -3.17% -4.22% -1.39%
Return on Net Nonoperating Assets (RNNOA)		 -2.76% -3.03% -2.81% -0.61% -1.16% -1.09% -1.23% 0.61% -0.78% -0.88% -0.28%
Return on Equity (ROE)		 -9.92% -11.74% -9.33% -1.58% -3.17% -2.92% -3.97% 4.36% -2.14% -2.61% 0.58%
Cash Return on Invested Capital (CROIC)		 -3.37% -2.26% -2.16% 1.00% 2.55% 4.65% 7.42% 6.27% 6.62% 4.73% 2.39%
Operating Return on Assets (OROA)		 -9.06% -10.44% -8.21% -1.40% -2.60% -2.67% -2.64% 3.53% -1.83% -1.86% 0.36%
Return on Assets (ROA)		 -7.92% -8.64% -7.55% -1.52% -3.09% -2.88% -3.36% 2.27% -2.15% -2.49% -0.48%
Return on Common Equity (ROCE)		 -9.92% -11.74% -9.33% -1.58% -3.17% -2.92% -3.97% 4.36% -2.14% -2.61% 0.58%
Return on Equity Simple (ROE_SIMPLE)		 -3.29% -5.67% -9.17% 0.00% -8.11% -6.19% -4.48% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -28 -38 -32 -5.58 -9.39 -8.69 -12 20 -6.02 -7.57 3.66
NOPAT Margin		 -15.55% -19.12% -15.35% -2.24% -4.59% -3.89% -5.74% 7.50% -2.67% -3.25% 1.55%
Net Nonoperating Expense Percent (NNEP)		 1.81% 1.77% 2.74% 1.22% 1.77% 2.23% 1.77% 1.19% 1.80% 2.48% 2.24%
Return On Investment Capital (ROIC_SIMPLE)		 - -1.78% - - - -0.42% -0.59% 0.99% -0.29% -0.37% 0.18%
Cost of Revenue to Revenue		 72.08% 84.04% 80.48% 70.55% 74.67% 72.74% 72.98% 68.96% 72.07% 73.96% 70.71%
SG&A Expenses to Revenue		 19.78% 22.52% 20.72% 17.45% 16.22% 18.15% 20.37% 13.81% 20.38% 18.10% 16.60%
R&D to Revenue		 17.61% 14.42% 10.35% 7.81% 8.99% 9.58% 7.56% 4.36% 5.85% 6.60% 6.37%
Operating Expenses to Revenue		 50.13% 43.27% 41.44% 32.66% 31.90% 32.83% 35.23% 22.42% 31.75% 30.68% 27.07%
Earnings before Interest and Taxes (EBIT)		 -42 -55 -48 -9.97 -15 -16 -15 25 -11 -11 2.14
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -19 -33 -27 11 6.46 4.64 4.88 45 8.24 7.04 20
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.40 1.44 1.19 1.09 1.53 1.71 1.76 2.17 3.12 3.06 2.90
Price to Tangible Book Value (P/TBV)		 6.80 7.40 6.42 5.64 7.89 8.43 8.60 9.83 13.68 13.57 12.25
Price to Revenue (P/Rev)		 2.33 2.42 2.09 1.92 2.59 2.82 2.88 3.50 4.93 4.73 4.43
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		 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% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 1.30 1.34 1.14 1.07 1.41 1.57 1.62 1.98 2.78 2.75 2.62
Enterprise Value to Revenue (EV/Rev)		 2.85 2.92 2.65 2.41 3.10 3.22 3.24 3.81 5.24 5.00 4.70
Enterprise Value to EBITDA (EV/EBITDA)		 64.92 0.00 0.00 0.00 0.00 0.00 104.99 56.55 77.37 71.91 56.24
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 800.41
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 693.27
Enterprise Value to Operating Cash Flow (EV/OCF)		 462.72 165.35 1,807.60 33.33 31.38 22.80 16.68 25.02 31.40 38.72 46.23
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 103.53 53.17 32.50 20.84 30.43 40.39 56.52 108.34
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.37 0.41 0.42 0.40 0.41 0.41 0.41 0.40 0.40 0.41 0.40
Long-Term Debt to Equity		 0.37 0.41 0.42 0.40 0.41 0.41 0.41 0.40 0.40 0.41 0.40
Financial Leverage		 0.31 0.29 0.30 0.28 0.31 0.27 0.27 0.24 0.25 0.21 0.20
Leverage Ratio		 1.54 1.57 1.57 1.57 1.59 1.63 1.64 1.63 1.64 1.68 1.67
Compound Leverage Factor		 1.83 1.82 1.85 2.93 2.49 2.44 2.38 1.21 2.55 2.60 -2.10
Debt to Total Capital		 27.23% 29.07% 29.51% 28.65% 28.83% 28.83% 28.96% 28.64% 28.62% 28.83% 28.59%
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		 27.23% 29.07% 29.51% 28.65% 28.83% 28.83% 28.96% 28.64% 28.62% 28.83% 28.59%
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		 72.77% 70.93% 70.49% 71.35% 71.17% 71.17% 71.04% 71.36% 71.38% 71.17% 71.41%
Debt to EBITDA		 14.15 -48.67 -9.55 -8.77 -14.19 -142.29 21.58 9.63 9.36 9.02 7.32
Net Debt to EBITDA		 11.95 -35.35 -7.34 -6.10 -10.40 -83.94 11.74 4.60 4.54 3.91 3.21
Long-Term Debt to EBITDA		 14.15 -48.67 -9.55 -8.77 -14.19 -142.29 21.58 9.63 9.36 9.02 7.32
Debt to NOPAT		 -15.06 -8.71 -5.92 -5.72 -6.99 -10.63 -16.52 -43.05 -57.07 -63.97 90.23
Net Debt to NOPAT		 -12.72 -6.33 -4.55 -3.97 -5.12 -6.27 -8.99 -20.55 -27.67 -27.74 39.62
Long-Term Debt to NOPAT		 -15.06 -8.71 -5.92 -5.72 -6.99 -10.63 -16.52 -43.05 -57.07 -63.97 90.23
Altman Z-Score		 2.40 2.22 1.96 1.89 2.30 2.40 2.39 2.88 3.64 3.38 3.41
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		 4.65 4.36 4.58 4.07 4.10 3.62 3.44 3.52 3.37 2.96 3.19
Quick Ratio		 0.88 1.11 1.13 1.25 1.21 1.27 1.26 1.39 1.23 1.15 1.22
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -58 -11 29 117 125 134 162 148 125 85 39
Operating Cash Flow to CapEx		 -487.44% 569.39% -224.30% 693.48% -235.09% 2,403.99% 506.83% 929.11% 33.32% 874.47% 77.96%
Free Cash Flow to Firm to Interest Expense		 -7.33 -1.32 3.15 12.81 14.07 15.95 20.05 18.49 15.90 10.85 5.33
Operating Cash Flow to Interest Expense		 -4.97 5.24 -1.91 7.84 -1.65 10.14 3.72 4.74 0.28 6.58 0.88
Operating Cash Flow Less CapEx to Interest Expense		 -5.99 4.32 -2.76 6.71 -2.35 9.72 2.98 4.23 -0.55 5.82 -0.25
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.39 0.37 0.35 0.35 0.36 0.37 0.37 0.38 0.39 0.38 0.40
Accounts Receivable Turnover		 7.25 7.83 7.73 7.07 7.95 9.45 9.09 8.25 8.59 8.96 9.72
Inventory Turnover		 1.96 1.97 1.90 1.90 1.85 1.88 1.85 1.97 1.93 1.95 1.93
Fixed Asset Turnover		 7.63 7.57 7.20 7.27 7.73 7.83 8.02 8.61 8.98 8.83 9.21
Accounts Payable Turnover		 6.30 7.48 6.80 6.91 7.76 8.61 8.40 8.21 7.73 7.92 7.76
Days Sales Outstanding (DSO)		 50.32 46.60 47.22 51.60 45.90 38.64 40.14 44.23 42.49 40.72 37.55
Days Inventory Outstanding (DIO)		 186.03 185.49 192.59 191.96 196.97 193.80 196.99 185.47 189.10 187.06 189.06
Days Payable Outstanding (DPO)		 57.90 48.80 53.68 52.82 47.05 42.40 43.45 44.46 47.20 46.08 47.01
Cash Conversion Cycle (CCC)		 178.44 183.29 186.13 190.74 195.82 190.04 193.67 185.24 184.40 181.71 179.60
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 2,028 1,952 1,947 1,884 1,893 1,809 1,773 1,756 1,762 1,716 1,737
Invested Capital Turnover		 0.46 0.46 0.42 0.43 0.44 0.47 0.48 0.50 0.51 0.53 0.55
Increase / (Decrease) in Invested Capital		 29 -26 -61 -123 -135 -143 -174 -128 -131 -93 -35
Enterprise Value (EV)		 2,645 2,616 2,225 2,013 2,661 2,845 2,877 3,474 4,890 4,717 4,545
Market Capitalization		 2,158 2,168 1,751 1,602 2,228 2,496 2,556 3,192 4,603 4,461 4,285
Book Value per Share		 $26.48 $25.38 $24.81 $24.82 $24.57 $24.49 $24.31 $24.66 $24.62 $24.29 $24.62
Tangible Book Value per Share		 $5.45 $4.94 $4.60 $4.79 $4.75 $4.96 $4.98 $5.43 $5.62 $5.47 $5.83
Total Capital		 2,117 2,121 2,089 2,064 2,051 2,052 2,043 2,065 2,067 2,051 2,069
Total Debt		 577 617 617 592 592 592 592 592 592 592 592
Total Long-Term Debt		 577 617 617 592 592 592 592 592 592 592 592
Net Debt		 487 448 474 411 433 349 322 282 287 257 260
Capital Expenditures (CapEx)		 8.02 7.99 7.94 10 6.24 3.56 5.91 4.10 6.55 5.90 8.26
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 660 589 601 539 563 475 453 449 458 414 434
Debt-free Net Working Capital (DFNWC)		 749 758 744 719 722 717 723 758 762 749 766
Net Working Capital (NWC)		 749 758 744 719 722 717 723 758 762 749 766
Net Nonoperating Expense (NNE)		 8.57 7.83 13 5.20 8.13 8.89 7.03 4.12 6.50 7.52 6.52
Net Nonoperating Obligations (NNO)		 487 448 474 411 433 349 322 282 287 257 260
Total Depreciation and Amortization (D&A)		 23 22 22 21 21 21 20 20 19 18 18
Debt-free, Cash-free Net Working Capital to Revenue		 71.18% 65.85% 71.59% 64.51% 65.61% 53.66% 51.06% 49.20% 49.07% 43.94% 44.93%
Debt-free Net Working Capital to Revenue		 80.81% 84.69% 88.57% 86.12% 84.02% 81.09% 81.46% 83.09% 81.74% 79.48% 79.24%
Net Working Capital to Revenue		 80.81% 84.69% 88.57% 86.12% 84.02% 81.09% 81.46% 83.09% 81.74% 79.48% 79.24%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.64) ($0.79) ($0.77) ($0.18) ($0.30) ($0.30) ($0.33) $0.28 ($0.21) ($0.26) ($0.04)
Adjusted Weighted Average Basic Shares Outstanding		 57.11M 57.42M 57.70M 57.74M 58.26M 58.56M 58.75M 58.75M 59.19M 59.42M 59.42M
Adjusted Diluted Earnings per Share		 ($0.64) ($0.79) ($0.77) ($0.18) ($0.30) ($0.30) ($0.33) $0.28 ($0.21) ($0.26) ($0.04)
Adjusted Weighted Average Diluted Shares Outstanding		 57.11M 57.42M 57.70M 57.74M 58.26M 58.56M 58.75M 58.75M 59.19M 59.42M 59.42M
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		 59.28M 59.37M 59.35M 59.41M 59.63M 59.68M 59.75M 59.92M 60.10M 60.01M 60.04M
Normalized Net Operating Profit after Tax (NOPAT)		 -21 -38 -25 -0.62 -7.69 -8.54 -8.47 22 -4.52 -4.61 3.74
Normalized NOPAT Margin		 -11.48% -19.04% -11.97% -0.25% -3.76% -3.83% -4.01% 7.92% -2.00% -1.98% 1.58%
Pre Tax Income Margin		 -27.48% -32.27% -27.47% -7.48% -11.31% -10.89% -10.32% 6.89% -7.34% -7.50% -1.14%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 -5.34 -6.35 -5.20 -1.09 -1.66 -1.93 -1.86 3.17 -1.35 -1.43 0.29
NOPAT to Interest Expense		 -3.58 -4.35 -3.43 -0.61 -1.05 -1.03 -1.50 2.55 -0.76 -0.96 0.50
EBIT Less CapEx to Interest Expense		 -6.36 -7.27 -6.05 -2.22 -2.36 -2.35 -2.60 2.66 -2.18 -2.19 -0.84
NOPAT Less CapEx to Interest Expense		 -4.60 -5.27 -4.28 -1.74 -1.75 -1.45 -2.24 2.04 -1.59 -1.72 -0.63
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		 0.00% -2.28% -1.44% -0.02% -1.92% -0.37% -0.51% 0.00% 6.84% -52.31% -112.81%

Financials Breakdown Chart

Key Financial Trends

Mercury Systems Inc. (MRCY) appears to be trading in a sector with solid liquidity and a developing cash-generating base, but with profitability challenging to sustain consistently across quarters. Below is a concise, data-driven snapshot of the last four years across key statements, focused on the four most recent years of quarterly results provided.

  • Strong liquidity position: Cash & equivalents of about $334.99M at Q2 2026, with total current assets ~$1.132B and total current liabilities ~$383.0M, yielding a healthy current ratio around 3x.
  • Operating cash flow has been positive in recent quarters: Net cash from continuing operating activities was approximately $51.6M in Q2 2026, with prior quarters showing even stronger cash generation (e.g., Q2 2025 ≈ $85.5M, Q4 2025 ≈ $71.8M).
  • Gross margins have been solid and relatively stable: Recent quarters show gross margins in the mid‑20s to low‑30s (example: Q2 2026 gross margin ≈ 26%; Q4 2025 ≈ 31%; Q3 2025 ≈ 27%).
  • Balanced leverage and a strong equity base: Long‑term debt ≈ $591.5M vs. total equity ≈ $1.46B (roughly 0.4x debt-to-equity range), suggesting a conservative balance sheet by historical defense/tech hardware standards.
  • Capital returns through share repurchases: The company has shown capital allocation activity via repurchases in several periods (for example, a net outflow of about $18.16M for repurchases in Q2 2026), indicating a willingness to return capital when appropriate.
  • Significant goodwill and intangible assets: Goodwill around $938.1M and intangible assets in the low‑to‑mid hundreds of millions, reflecting acquisitions and a substantial asset base that could face impairment risk if market conditions deteriorate.
  • Elevated inventories and other current assets contribute to working capital needs
  • Net income has been largely negative in most quarters: The company has posted net income (loss) figures that are negative in many periods (for example, Q2 2026 Consolidated Net Income ≈ -$15.1M; several prior quarters show sizable losses), indicating profitability challenges despite cash flow generation.
  • Operating income frequently negative: Operating income in several recent quarters is negative (e.g., Q2 2026 ≈ -$10.8M), signaling volatility in core operating profitability despite revenue stability.
  • Per‑share earnings remain negative on most reported periods: EPS (basic/diluted) was reported as negative in many quarters (e.g., Q2 2026 basic/diluted EPS ≈ -$0.26 per share), reflecting ongoing earnings headwinds even with cash flow support.
05/12/26 12:59 PM ETAI Generated. May Contain Errors.

Mercury Systems Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Mercury Systems' fiscal year ends in June. Their fiscal year 2025 ended on June 27, 2025.

Mercury Systems' net income appears to be on a downward trend, with a most recent value of -$37.90 million in 2025, falling from $10.37 million in 2015. The previous period was -$137.64 million in 2024. Check out Mercury Systems' forecast to explore projected trends and price targets.

Mercury Systems' total operating income in 2025 was -$19.63 million, based on the following breakdown:
  • Total Gross Profit: $254.49 million
  • Total Operating Expenses: $274.12 million

Over the last 10 years, Mercury Systems' total revenue changed from $234.85 million in 2015 to $912.02 million in 2025, a change of 288.3%.

Mercury Systems' total liabilities were at $961.30 million at the end of 2025, a 6.1% increase from 2024, and a 2,516.4% increase since 2015.

In the past 10 years, Mercury Systems' cash and equivalents has ranged from $41.64 million in 2017 to $309.10 million in 2025, and is currently $309.10 million as of their latest financial filing in 2025.

Over the last 10 years, Mercury Systems' book value per share changed from 10.24 in 2015 to 24.66 in 2025, a change of 140.8%.


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Financial statements for NASDAQ:MRCY last updated on 5/8/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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