What is Mercury Systems' operating income?

Mercury Systems' total operating income in 2026 was $280 thousand, based on the following breakdown: Total Gross Profit: $281.17 million Total Operating Expenses: $280.89 million

Mercury Systems (MRCY) Financials

$92.11 -2.12 (-2.25%)

As of 01:39 PM Eastern

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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	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026
Period end date	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	7/3/2026
Net Income / (Loss) Attributable to Common Shareholders	20	25	41	47	86	62	11	-28	-138	-38	-30
Consolidated Net Income / (Loss)	20	25	41	47	86	62	11	-28	-138	-38	-30
Net Income / (Loss) Continuing Operations	20	25	41	47	86	62	11	-28	-138	-38	-30
Total Pre-Tax Income	25	31	43	60	94	77	18	-49	-189	-50	-29
Total Operating Income	24	37	47	77	91	81	32	-22	-148	-20	0.28
Total Gross Profit	128	192	226	286	357	385	395	317	196	254	281
Total Revenue	270	409	493	655	797	924	988	974	835	912	984
Operating Revenue	270	409	493	655	797	924	988	974	835	912	984
Total Cost of Revenue	143	217	267	369	440	539	593	657	639	658	702
Operating Cost of Revenue	143	217	267	369	440	539	593	657	639	658	702
Total Operating Expenses	104	154	179	210	266	304	363	338	344	274	281
Selling, General & Admin Expense	53	76	88	111	132	134	157	161	167	154	175
Research & Development Expense	36	54	59	69	98	113	107	109	101	68	60
Amortization Expense	8.84	20	26	28	31	41	60	54	48	43	39
Restructuring Charge	5.23	3.88	5.70	2.02	4.48	15	39	15	28	9.21	7.21
Total Other Income / (Expense), net	1.31	-6.34	-4.41	-17	2.87	-3.83	-13	-27	-42	-31	-29
Interest Expense	1.17	7.57	2.85	9.11	1.01	1.22	5.81	25	35	33	30
Interest & Investment Income	0.13	0.46	0.03	0.93	2.15	0.18	0.14	1.05	1.20	3.61	7.72
Other Income / (Expense), net	2.35	0.77	-1.59	-8.88	1.73	-2.79	-7.55	-2.75	-7.71	-0.97	-7.30
Income Tax Expense	5.54	6.19	1.69	13	8.22	15	7.12	-20	-52	-13	0.78
Basic Earnings per Share	$0.58	$0.59	$0.88	$0.98	$1.57	$1.13	$0.20	($0.50)	($2.38)	($0.65)	($0.50)
Weighted Average Basic Shares Outstanding	34.24M	41.99M	46.72M	47.83M	54.55M	55.07M	55.53M	56.55M	57.74M	58.75M	59.46M
Diluted Earnings per Share	$0.56	$0.58	$0.86	$0.96	$1.56	$1.12	$0.20	($0.50)	($2.38)	($0.65)	($0.50)
Weighted Average Diluted Shares Outstanding	35.10M	43.02M	47.47M	48.50M	55.12M	55.47M	55.90M	56.55M	57.74M	58.75M	59.46M
Weighted Average Basic & Diluted Shares Outstanding	34M	42.20M	46.50M	55.43M	111.29M	112.47M	115.35M	116.38M	59.41M	59.92M	60.14M

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

Metric	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026	Q4 2026
Period end date	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	7/3/2026
Net Income / (Loss) Attributable to Common Shareholders	-46	-45	-11	-18	-18	-19	16	-13	-15	-2.86	0.80
Consolidated Net Income / (Loss)	-46	-45	-11	-18	-18	-19	16	-13	-15	-2.86	0.80
Net Income / (Loss) Continuing Operations	-46	-45	-11	-18	-18	-19	16	-13	-15	-2.86	0.80
Total Pre-Tax Income	-64	-57	-19	-23	-24	-22	19	-17	-17	-2.69	7.79
Total Operating Income	-54	-46	-7.97	-13	-12	-17	24	-8.60	-11	5.23	14
Total Gross Profit	32	41	73	52	61	57	85	63	61	69	89
Total Revenue	197	208	249	204	223	211	273	225	233	236	290
Operating Revenue	197	208	249	204	223	211	273	225	233	236	290
Total Cost of Revenue	166	168	175	153	162	154	188	162	172	167	201
Operating Cost of Revenue	166	168	175	153	162	154	188	162	172	167	201
Total Operating Expenses	85	86	81	65	73	74	61	71	71	64	74
Selling, General & Admin Expense	44	43	43	33	41	43	38	46	42	39	48
Research & Development Expense	28	22	19	18	21	16	12	13	15	15	16
Amortization Expense	12	12	11	11	11	10	10	10	9.69	9.56	9.39
Restructuring Charge	0.23	10	7.09	2.44	0.22	5.24	1.32	2.15	4.24	0.11	0.72
Total Other Income / (Expense), net	-9.79	-12	-11	-9.70	-12	-4.47	-4.73	-7.94	-6.64	-7.92	-6.67
Interest Expense	8.67	9.32	9.16	8.91	8.43	8.07	8.03	7.89	7.85	7.33	6.52
Interest & Investment Income	0.03	0.54	0.53	0.54	0.41	1.29	1.37	2.03	1.65	2.51	1.54
Other Income / (Expense), net	-1.15	-2.78	-2.00	-1.34	-3.87	2.30	1.93	-2.08	-0.44	-3.09	-1.69
Income Tax Expense	-18	-13	-7.82	-5.59	-6.73	-2.65	2.45	-4.02	-2.36	0.17	7.00
Basic Earnings per Share	($0.79)	($0.77)	($0.18)	($0.30)	($0.30)	($0.33)	$0.28	($0.21)	($0.26)	($0.04)	$0.01
Weighted Average Basic Shares Outstanding	57.42M	57.70M	57.74M	58.26M	58.56M	58.75M	58.75M	59.19M	59.42M	59.42M	59.46M
Diluted Earnings per Share	($0.79)	($0.77)	($0.18)	($0.30)	($0.30)	($0.33)	$0.28	($0.21)	($0.26)	($0.04)	$0.01
Weighted Average Diluted Shares Outstanding	57.42M	57.70M	57.74M	58.26M	58.56M	58.75M	58.75M	59.19M	59.42M	59.42M	59.46M
Weighted Average Basic & Diluted Shares Outstanding	59.37M	59.35M	59.41M	59.63M	59.68M	59.75M	59.92M	60.10M	60.01M	60.04M	60.14M

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	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026
Period end date	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	7/3/2026
Net Change in Cash & Equivalents	4.11	-40	25	192	-31	-113	-48	5.91	109	129	-95
Net Cash From Operating Activities	37	59	43	98	115	97	-19	-21	60	139	102
Net Cash From Continuing Operating Activities	37	59	43	98	115	97	-19	-21	60	139	102
Net Income / (Loss) Continuing Operations	20	25	41	47	86	62	11	-28	-138	-38	-30
Consolidated Net Income / (Loss)	20	25	41	47	86	62	11	-28	-138	-38	-30
Depreciation Expense	16	32	42	46	49	67	93	97	88	82	73
Non-Cash Adjustments To Reconcile Net Income	9.38	17	19	29	24	32	38	49	65	37	60
Changes in Operating Assets and Liabilities, net	-7.93	-15	-59	-24	-44	-64	-161	-139	45	58	-0.12
Net Cash From Investing Activities	-318	-111	-201	-154	-135	-417	-274	-39	-34	-14	-36
Net Cash From Continuing Investing Activities	-318	-111	-201	-154	-135	-417	-274	-39	-34	-14	-36
Purchase of Property, Plant & Equipment	-7.89	-33	-15	-27	-43	-46	-28	-39	-34	-20	-34
Acquisitions	-310	-78	-185	-127	-97	-373	-243	0.00	0.00	-4.54	-1.42
Sale of Property, Plant & Equipment	-	-	-	-	-	-	-	0.00	0.00	6.25	0.00
Other Investing Activities, net	-0.57	-0.49	-0.38	-	0.00	1.54	-3.20	0.24	0.00	4.60	0.00
Net Cash From Financing Activities	285	11	183	248	-11	206	246	65	83	1.41	-163
Net Cash From Continuing Financing Activities	285	11	183	248	-11	206	246	65	83	1.41	-163
Repayment of Debt	-2.93	-201	-15	-326	-200	0.00	-2.91	-80	-27	-2.25	-153
Repurchase of Common Equity	-7.96	-8.77	-16	-7.97	-16	-0.07	-8.21	-0.06	-0.03	0.00	-15
Issuance of Debt	195	0.00	210	130	200	200	252	140	105	0.00	0.00
Other Financing Activities, net	8.10	4.97	3.45	-1.76	5.32	6.30	5.37	5.49	4.64	3.66	5.42
Effect of Exchange Rate Changes	0.48	0.55	-	-	0.14	0.41	-0.75	0.30	0.19	1.82	1.27
Cash Interest Paid	1.04	5.76	1.61	10	1.05	1.09	5.49	27	37	37	32
Cash Income Taxes Paid	7.98	2.83	17	7.35	13	8.98	14	24	-9.32	0.37	1.17

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	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026	Q4 2026
Period end date	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	7/3/2026
Net Change in Cash & Equivalents	79	-26	38	-22	84	27	39	-4.38	30	-3.19	-117
Net Cash From Operating Activities	45	-18	72	-15	85	30	38	2.18	52	6.44	42
Net Cash From Continuing Operating Activities	45	-18	72	-15	85	30	38	2.18	52	6.44	42
Net Income / (Loss) Continuing Operations	-46	-45	-11	-18	-18	-19	16	-13	-15	-2.86	0.80
Consolidated Net Income / (Loss)	-46	-45	-11	-18	-18	-19	16	-13	-15	-2.86	0.80
Depreciation Expense	22	22	21	21	21	20	20	19	18	18	18
Non-Cash Adjustments To Reconcile Net Income	17	16	15	13	10	9.89	3.55	17	16	12	15
Changes in Operating Assets and Liabilities, net	52	-11	47	-32	72	19	-1.82	-21	32	-21	8.79
Net Cash From Investing Activities	-7.99	-7.94	-10	-6.24	-1.66	-3.21	-2.40	-6.55	-5.90	-9.68	-14
Net Cash From Continuing Investing Activities	-7.99	-7.94	-10	-6.24	-1.66	-3.21	-2.40	-6.55	-5.90	-9.68	-14
Purchase of Property, Plant & Equipment	-7.99	-7.94	-10	-6.24	-3.56	-5.91	-4.10	-6.55	-5.90	-8.26	-14
Net Cash From Financing Activities	41	-	-24	-2.25	1.49	-	2.17	0.00	-15	-	-147
Net Cash From Continuing Financing Activities	41	-	-24	-2.25	1.49	-	2.17	0.00	-15	-	-147
Repurchase of Common Equity	-1.95	-	1.92	-2.25	-	-	2.25	0.00	-18	-	3.16
Other Financing Activities, net	-	-	1.48	-	-	-	2.17	-	-	-	2.69
Effect of Exchange Rate Changes	0.56	-0.26	-	0.75	-0.86	0.50	1.43	-0.02	-0.01	0.05	1.25
Cash Interest Paid	9.70	11	11	8.90	10	8.87	8.45	8.52	8.11	7.36	8.41
Cash Income Taxes Paid	0.31	-0.43	-24	-0.92	0.53	0.66	0.10	0.49	0.88	0.00	-0.20

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	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026
Period end date	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	7/3/2026
Total Assets	736	816	1,064	1,417	1,611	1,955	2,304	2,391	2,379	2,435	2,323
Total Current Assets	245	246	332	582	635	643	815	937	954	1,058	973
Cash & Equivalents	82	42	67	258	227	114	66	72	181	309	214
Accounts Receivable	96	114	144	119	120	129	144	125	111	110	69
Inventories, net	58	81	109	137	178	222	270	337	335	333	367
Prepaid Expenses	6.12	8.38	9.06	11	17	15	24	21	22	28	35
Current Deferred & Refundable Income Taxes	3.40	1.43	3.76	0.09	2.50	0.78	7.50	-	0.00	0.46	2.26
Other Current Assets	-	-	-	57	90	163	303	383	304	278	286
Plant, Property, & Equipment, net	28	52	51	60	88	129	127	120	110	101	108
Total Noncurrent Assets	463	518	682	775	888	1,184	1,362	1,335	1,315	1,275	1,241
Goodwill	344	381	497	562	614	805	938	938	938	938	942
Intangible Assets	117	129	178	206	209	308	352	298	251	211	176
Noncurrent Deferred & Refundable Income Taxes	-	-	-	-	-	-	0.00	27	59	69	67
Other Noncurrent Operating Assets	1.80	8.02	6.41	6.53	65	71	73	72	68	57	55
Total Liabilities & Shareholders' Equity	736	816	1,064	1,417	1,611	1,955	2,304	2,391	2,379	2,435	2,323
Total Liabilities	263	90	293	132	226	471	767	825	906	961	825
Total Current Liabilities	68	73	72	98	126	151	194	233	234	300	329
Accounts Payable	27	27	21	39	42	48	99	104	81	79	91
Accrued Expenses	10	21	16	19	24	25	35	28	43	35	33
Current Deferred Revenue	7.37	6.36	13	11	19	38	15	57	74	127	150
Current Employee Benefit Liabilities	13	18	21	29	41	40	45	30	36	51	55
Other Current Liabilities	-	-	-	-	-	-	-	-	-	7.88	0.39
Total Noncurrent Liabilities	196	17	221	34	100	320	573	591	672	661	497
Long-Term Debt	182	0.00	195	0.00	0.00	200	452	512	592	592	442
Noncurrent Deferred Revenue	0.70	0.86	1.00	1.27	4.12	7.47	9.11	5.17	7.71	4.05	3.49
Other Noncurrent Operating Liabilities	0.99	12	11	15	82	84	80	75	73	65	52
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	473	725	772	1,285	1,385	1,484	1,537	1,567	1,473	1,473	1,497
Total Preferred & Common Equity	473	725	772	1,285	1,385	1,484	1,537	1,567	1,473	1,473	1,497
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	473	725	772	1,285	1,385	1,484	1,537	1,567	1,473	1,473	1,497
Common Stock	358	585	591	1,059	1,075	1,110	1,146	1,197	1,243	1,288	1,334
Retained Earnings	114	139	180	227	312	374	386	357	220	182	152
Accumulated Other Comprehensive Income / (Loss)	0.95	1.07	1.29	-1.29	-2.89	-0.34	5.53	12	9.99	3.50	11

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

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

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026
Period end date	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	7/3/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	60,043,283.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	60,043,283.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	-0.49
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	15.03%	51.24%	20.70%	32.76%	21.67%	15.99%	6.95%	-1.45%	-14.23%	9.19%	7.85%
EBITDA Growth	28.86%	67.45%	24.45%	30.15%	24.56%	2.24%	-19.15%	-37.95%	-192.50%	191.10%	6.89%
EBIT Growth	39.98%	45.00%	18.91%	49.16%	37.05%	-15.70%	-69.24%	-201.57%	-536.19%	86.75%	65.91%
NOPAT Growth	32.83%	60.00%	50.66%	33.37%	38.08%	-21.63%	-70.25%	-178.35%	-581.37%	86.72%	101.43%
Net Income Growth	90.39%	26.00%	64.35%	14.41%	83.24%	-27.61%	-81.83%	-351.31%	-385.76%	72.46%	21.72%
EPS Growth	80.65%	3.57%	48.28%	11.63%	62.50%	-28.21%	-82.14%	-350.00%	-376.00%	72.69%	23.08%
Operating Cash Flow Growth	14.70%	60.11%	-26.76%	125.10%	18.12%	-15.57%	-119.40%	-12.64%	384.10%	129.95%	-26.26%
Free Cash Flow Firm Growth	-1,585.02%	75.90%	-143.33%	61.36%	27.49%	-622.71%	4.00%	70.37%	119.68%	487.20%	-72.49%
Invested Capital Growth	114.25%	17.21%	31.68%	14.04%	12.77%	35.61%	22.46%	4.35%	-6.12%	-6.79%	-1.78%
Revenue Q/Q Growth	8.56%	7.97%	8.17%	3.82%	5.34%	3.76%	4.10%	-3.61%	-0.56%	2.77%	1.72%
EBITDA Q/Q Growth	11.08%	10.24%	10.32%	-3.86%	11.59%	1.39%	5.26%	-31.87%	-4.40%	124.14%	-18.75%
EBIT Q/Q Growth	7.01%	9.39%	13.42%	-5.82%	17.12%	-7.23%	15.98%	-378.82%	-1.13%	63.24%	-223.67%
NOPAT Q/Q Growth	3.60%	12.44%	3.30%	16.32%	8.42%	-10.77%	1.13%	-246.22%	0.63%	61.62%	-97.01%
Net Income Q/Q Growth	8.57%	5.58%	3.28%	6.13%	20.23%	-13.03%	-8.22%	-789.92%	-1.88%	41.73%	-110.43%
EPS Q/Q Growth	5.66%	-1.69%	2.38%	4.35%	18.18%	-13.18%	-4.76%	-900.00%	-1.71%	41.44%	-117.39%
Operating Cash Flow Q/Q Growth	2.96%	-6.35%	58.01%	0.34%	2.45%	-1.55%	-167.97%	60.12%	4,805.12%	-19.52%	4.15%
Free Cash Flow Firm Q/Q Growth	-3,062.06%	77.79%	27.23%	-267.03%	46.19%	-25.46%	4.50%	28.08%	145.45%	-17.33%	-25.14%
Invested Capital Q/Q Growth	105.92%	9.01%	-0.68%	5.17%	1.37%	5.25%	3.37%	-0.07%	-3.23%	-0.95%	-0.73%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	47.24%	46.88%	45.80%	43.71%	44.80%	41.69%	39.97%	32.52%	23.45%	27.90%	28.58%
EBITDA Margin	15.57%	17.24%	17.78%	17.43%	17.84%	15.73%	11.89%	7.48%	-8.07%	6.74%	6.68%
Operating Margin	8.87%	9.15%	9.53%	11.70%	11.43%	8.77%	3.20%	-2.23%	-17.69%	-2.15%	0.03%
EBIT Margin	9.75%	9.34%	9.20%	10.34%	11.65%	8.47%	2.43%	-2.51%	-18.61%	-2.26%	-0.71%
Profit (Net Income) Margin	7.31%	6.09%	8.29%	7.14%	10.76%	6.71%	1.14%	-2.91%	-16.48%	-4.16%	-3.02%
Tax Burden Percent	78.07%	80.07%	96.03%	78.58%	91.25%	80.40%	61.29%	58.37%	72.72%	75.17%	102.71%
Interest Burden Percent	96.05%	81.39%	93.79%	87.92%	101.23%	98.67%	76.46%	198.65%	121.75%	244.76%	411.41%
Effective Tax Rate	21.93%	19.93%	3.97%	21.42%	8.75%	19.60%	38.71%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	4.37%	4.73%	5.70%	6.25%	7.61%	4.77%	1.11%	-0.77%	-5.32%	-0.76%	0.01%
ROIC Less NNEP Spread (ROIC-NNEP)	10.69%	-10.04%	-4.06%	26.95%	6.53%	9.15%	-2.32%	-3.96%	-13.36%	-7.73%	-11.71%
Return on Net Nonoperating Assets (RNNOA)	0.42%	-0.58%	-0.24%	-1.70%	-1.19%	-0.45%	-0.36%	-1.05%	-3.74%	-1.82%	-2.01%
Return on Equity (ROE)	4.80%	4.15%	5.46%	4.55%	6.42%	4.33%	0.75%	-1.83%	-9.06%	-2.57%	-2.00%
Cash Return on Invested Capital (CROIC)	-68.34%	-11.12%	-21.65%	-6.88%	-4.40%	-25.46%	-19.08%	-5.03%	1.00%	6.27%	1.80%
Operating Return on Assets (OROA)	4.69%	4.92%	4.83%	5.46%	6.13%	4.39%	1.13%	-1.04%	-6.52%	-0.86%	-0.30%
Return on Assets (ROA)	3.51%	3.21%	4.35%	3.77%	5.66%	3.48%	0.53%	-1.21%	-5.77%	-1.57%	-1.25%
Return on Common Equity (ROCE)	4.80%	4.15%	5.46%	4.55%	6.42%	4.33%	0.75%	-1.83%	-9.06%	-2.57%	-2.00%
Return on Equity Simple (ROE_SIMPLE)	4.17%	3.43%	5.30%	3.64%	6.19%	4.18%	0.73%	-1.81%	-9.35%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	19	30	45	60	83	65	19	-15	-103	-14	0.20
NOPAT Margin	6.93%	7.33%	9.15%	9.19%	10.43%	7.05%	1.96%	-1.56%	-12.38%	-1.51%	0.02%
Net Nonoperating Expense Percent (NNEP)	-6.31%	14.77%	9.76%	-20.71%	1.08%	-4.38%	3.43%	3.19%	8.04%	6.97%	11.72%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	-	-0.67%	0.01%
Cost of Revenue to Revenue	52.76%	53.12%	54.20%	56.30%	55.20%	58.31%	60.03%	67.48%	76.55%	72.10%	71.42%
SG&A Expenses to Revenue	19.60%	18.72%	17.92%	16.91%	16.60%	14.54%	15.89%	16.49%	19.97%	16.93%	17.79%
R&D to Revenue	13.47%	13.24%	11.92%	10.53%	12.36%	12.28%	10.84%	11.17%	12.13%	7.42%	6.07%
Operating Expenses to Revenue	38.37%	37.73%	36.27%	32.01%	33.36%	32.92%	36.77%	34.75%	41.14%	30.06%	28.56%
Earnings before Interest and Taxes (EBIT)	26	38	45	68	93	78	24	-24	-155	-21	-7.02
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	42	70	88	114	142	145	117	73	-67	61	66
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.10	2.78	2.38	2.65	3.22	2.50	2.40	1.28	1.09	2.17	5.06
Price to Tangible Book Value (P/TBV)	80.62	9.37	19.00	6.60	7.94	9.97	14.90	6.09	5.64	9.83	19.98
Price to Revenue (P/Rev)	3.68	4.94	3.72	5.21	5.60	4.01	3.74	2.07	1.92	3.50	7.70
Price to Earnings (P/E)	50.41	81.21	44.86	72.87	52.07	59.74	327.37	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	1.98%	1.23%	2.23%	1.37%	1.92%	1.67%	0.31%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.90	2.89	2.18	3.07	3.66	2.42	2.12	1.22	1.07	1.98	4.53
Enterprise Value to Revenue (EV/Rev)	4.09	4.84	3.98	4.81	5.32	4.10	4.13	2.52	2.41	3.81	7.94
Enterprise Value to EBITDA (EV/EBITDA)	26.28	28.08	22.39	27.61	29.81	26.10	34.70	33.65	0.00	56.55	118.87
Enterprise Value to EBIT (EV/EBIT)	42.00	51.83	43.24	46.53	45.65	48.49	169.46	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	59.07	66.06	43.50	52.35	50.98	58.24	210.42	0.00	0.00	0.00	39,822.74
Enterprise Value to Operating Cash Flow (EV/OCF)	29.93	33.45	45.30	32.31	36.78	39.00	0.00	0.00	33.33	25.02	76.23
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	103.53	30.43	248.53
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.41	0.00	0.25	0.00	0.00	0.13	0.29	0.33	0.40	0.40	0.29
Long-Term Debt to Equity	0.39	0.00	0.25	0.00	0.00	0.13	0.29	0.33	0.40	0.40	0.29
Financial Leverage	0.04	0.06	0.06	-0.06	-0.18	-0.05	0.16	0.27	0.28	0.24	0.17
Leverage Ratio	1.36	1.30	1.26	1.21	1.13	1.24	1.41	1.51	1.57	1.63	1.60
Compound Leverage Factor	1.31	1.05	1.18	1.06	1.15	1.23	1.08	3.01	1.91	4.00	6.59
Debt to Total Capital	28.90%	0.00%	20.17%	0.00%	0.00%	11.88%	22.70%	24.61%	28.65%	28.64%	22.77%
Short-Term Debt to Total Capital	1.50%	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	27.40%	0.00%	20.17%	0.00%	0.00%	11.88%	22.70%	24.61%	28.65%	28.64%	22.77%
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	71.10%	100.00%	79.83%	100.00%	100.00%	88.12%	77.30%	75.39%	71.35%	71.36%	77.23%
Debt to EBITDA	4.57	0.00	2.22	0.00	0.00	1.38	3.84	7.02	-8.77	9.63	6.72
Net Debt to EBITDA	2.63	0.00	1.47	0.00	0.00	0.59	3.28	6.04	-6.10	4.60	3.46
Long-Term Debt to EBITDA	4.33	0.00	2.22	0.00	0.00	1.38	3.84	7.02	-8.77	9.63	6.72
Debt to NOPAT	10.27	0.00	4.32	0.00	0.00	3.07	23.30	-33.70	-5.72	-43.05	2,252.55
Net Debt to NOPAT	5.91	0.00	2.85	0.00	0.00	1.32	19.91	-28.98	-3.97	-20.55	1,159.15
Long-Term Debt to NOPAT	9.74	0.00	4.32	0.00	0.00	3.07	23.30	-33.70	-5.72	-43.05	2,252.55
Altman Z-Score	3.26	14.57	4.90	16.72	13.19	5.90	3.91	2.40	1.69	2.82	6.35
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	3.63	3.38	4.63	5.94	5.04	4.26	4.20	4.02	4.07	3.52	2.96
Quick Ratio	2.63	2.13	2.93	3.84	2.76	1.61	1.08	0.84	1.25	1.39	0.86
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-292	-70	-171	-66	-48	-347	-333	-99	19	114	31
Operating Cash Flow to CapEx	468.48%	180.08%	286.78%	365.36%	266.05%	213.27%	-68.23%	-54.78%	176.09%	1,024.20%	298.50%
Free Cash Flow to Firm to Interest Expense	-249.45	-9.31	-60.17	-7.27	-47.76	-284.16	-57.41	-3.93	0.56	3.41	1.06
Operating Cash Flow to Interest Expense	31.52	7.82	15.20	10.71	114.50	79.58	-3.25	-0.84	1.72	4.15	3.46
Operating Cash Flow Less CapEx to Interest Expense	24.79	3.48	9.90	7.78	71.46	42.27	-8.01	-2.39	0.75	3.75	2.30
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.48	0.53	0.52	0.53	0.53	0.52	0.46	0.41	0.35	0.38	0.41
Accounts Receivable Turnover	3.61	3.90	3.83	4.99	6.66	7.41	7.23	7.23	7.07	8.25	11.00
Inventory Turnover	3.16	3.12	2.82	3.00	2.79	2.70	2.41	2.16	1.90	1.97	2.01
Fixed Asset Turnover	13.00	10.22	9.61	11.80	10.78	8.55	7.73	7.89	7.27	8.61	9.37
Accounts Payable Turnover	8.47	8.01	10.95	12.21	10.87	12.00	8.09	6.49	6.91	8.21	8.26
Days Sales Outstanding (DSO)	101.11	93.61	95.28	73.21	54.82	49.23	50.47	50.45	51.60	44.23	33.18
Days Inventory Outstanding (DIO)	115.55	117.18	129.48	121.65	130.81	135.39	151.35	168.73	191.96	185.47	181.83
Days Payable Outstanding (DPO)	43.09	45.58	33.32	29.88	33.58	30.43	45.11	56.28	52.82	44.46	44.21
Cash Conversion Cycle (CCC)	173.58	165.20	191.44	164.98	152.05	154.20	156.72	162.90	190.74	185.24	170.80
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	583	684	900	1,027	1,158	1,570	1,923	2,007	1,884	1,756	1,725
Invested Capital Turnover	0.63	0.64	0.62	0.68	0.73	0.68	0.57	0.50	0.43	0.50	0.57
Increase / (Decrease) in Invested Capital	311	100	217	126	131	412	353	84	-123	-128	-31
Enterprise Value (EV)	1,106	1,978	1,963	3,150	4,236	3,793	4,077	2,453	2,013	3,474	7,805
Market Capitalization	995	2,020	1,834	3,408	4,463	3,707	3,691	2,013	1,602	3,192	7,578
Book Value per Share	$11.82	$15.12	$16.02	$26.52	$24.91	$26.43	$26.65	$26.92	$24.82	$24.66	$24.94
Tangible Book Value per Share	$0.31	$4.49	$2.00	$10.66	$10.11	$6.62	$4.30	$5.68	$4.79	$5.43	$6.32
Total Capital	665	725	967	1,285	1,385	1,684	1,989	2,078	2,064	2,065	1,939
Total Debt	192	0.00	195	0.00	0.00	200	452	512	592	592	442
Total Long-Term Debt	182	0.00	195	0.00	0.00	200	452	512	592	592	442
Net Debt	111	-42	128	-258	-227	86	386	440	411	282	227
Capital Expenditures (CapEx)	7.89	33	15	27	43	46	28	39	34	14	34
Debt-free, Cash-free Net Working Capital (DFCFNWC)	106	132	194	226	282	378	556	632	539	449	431
Debt-free Net Working Capital (DFNWC)	188	173	260	484	509	492	621	704	719	758	645
Net Working Capital (NWC)	178	173	260	484	509	492	621	704	719	758	645
Net Nonoperating Expense (NNE)	-1.03	5.07	4.24	13	-2.62	3.08	8.10	13	34	24	30
Net Nonoperating Obligations (NNO)	110	-42	128	-258	-227	86	386	440	411	282	227
Total Depreciation and Amortization (D&A)	16	32	42	46	49	67	93	97	88	82	73
Debt-free, Cash-free Net Working Capital to Revenue	39.26%	32.24%	39.24%	34.55%	35.40%	40.96%	56.23%	64.91%	64.51%	49.20%	43.78%
Debt-free Net Working Capital to Revenue	69.50%	42.43%	52.73%	73.94%	63.88%	53.28%	62.87%	72.26%	86.12%	83.09%	65.57%
Net Working Capital to Revenue	65.80%	42.43%	52.73%	73.94%	63.88%	53.28%	62.87%	72.26%	86.12%	83.09%	65.57%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.58	$0.59	$0.88	$0.98	$1.57	$1.13	$0.20	($0.50)	($2.38)	($0.65)	($0.50)
Adjusted Weighted Average Basic Shares Outstanding	34.24M	41.99M	46.72M	47.83M	54.55M	55.07M	55.53M	56.55M	57.74M	58.75M	59.46M
Adjusted Diluted Earnings per Share	$0.56	$0.58	$0.86	$0.96	$1.56	$1.12	$0.20	($0.50)	($2.38)	($0.65)	($0.50)
Adjusted Weighted Average Diluted Shares Outstanding	35.10M	43.02M	47.47M	48.50M	55.12M	55.47M	55.90M	56.55M	57.74M	58.75M	59.46M
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	40.36M	48.11M	48.22M	55.43M	111.29M	112.47M	115.35M	116.38M	59.41M	59.92M	60.14M
Normalized Net Operating Profit after Tax (NOPAT)	23	33	51	62	87	77	43	-4.38	-84	-7.29	5.25
Normalized NOPAT Margin	8.51%	8.09%	10.26%	9.43%	10.94%	8.37%	4.37%	-0.45%	-10.05%	-0.80%	0.53%
Pre Tax Income Margin	9.36%	7.60%	8.63%	9.09%	11.79%	8.35%	1.86%	-4.98%	-22.66%	-5.53%	-2.94%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	22.46	5.04	15.93	7.43	92.23	64.01	4.14	-0.97	-4.44	-0.62	-0.24
NOPAT to Interest Expense	15.97	3.96	15.83	6.61	82.60	53.29	3.34	-0.60	-2.95	-0.41	0.01
EBIT Less CapEx to Interest Expense	15.74	0.70	10.63	4.50	49.20	26.69	-0.62	-2.51	-5.42	-1.02	-1.40
NOPAT Less CapEx to Interest Expense	9.24	-0.38	10.53	3.68	39.56	15.98	-1.43	-2.15	-3.93	-0.82	-1.15
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	40.29%	35.24%	37.93%	17.03%	18.96%	0.11%	72.78%	-0.22%	-0.02%	0.00%	-50.55%

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

Metric	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026	Q4 2026
Period end date	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	7/3/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	60,014,632.00	60,043,283.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	60,014,632.00	60,043,283.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-0.05	0.01
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-13.99%	-20.96%	-1.85%	12.95%	13.00%	1.49%	9.87%	10.16%	4.37%	11.54%	6.11%
EBITDA Growth	-260.16%	-205.75%	-19.92%	133.52%	114.12%	118.27%	297.80%	27.43%	51.70%	312.08%	-33.35%
EBIT Growth	-721.92%	-3,712.23%	-21.00%	64.84%	70.44%	68.95%	355.60%	27.65%	30.85%	114.21%	-49.85%
NOPAT Growth	-614.58%	-2,436.54%	10.45%	66.62%	76.98%	62.01%	467.32%	35.93%	12.86%	130.15%	-92.77%
Net Income Growth	-317.41%	-964.51%	-30.85%	52.26%	61.43%	56.99%	251.90%	28.59%	14.13%	85.08%	-95.13%
EPS Growth	-315.79%	-955.56%	-28.57%	53.13%	62.03%	57.14%	255.56%	30.00%	13.33%	87.88%	-96.43%
Operating Cash Flow Growth	28.54%	-453.47%	469.08%	62.48%	87.85%	268.35%	-46.94%	114.88%	-39.61%	-78.51%	10.71%
Free Cash Flow Firm Growth	92.39%	120.06%	230.58%	317.46%	1,274.36%	451.06%	26.51%	0.06%	-36.67%	-75.85%	-77.97%
Invested Capital Growth	-1.33%	-3.05%	-6.12%	-6.64%	-7.33%	-8.93%	-6.79%	-6.94%	-5.12%	-2.00%	-1.78%
Revenue Q/Q Growth	9.10%	5.47%	19.35%	-17.75%	9.14%	-5.27%	29.21%	-17.54%	3.40%	1.24%	22.91%
EBITDA Q/Q Growth	-70.53%	18.85%	142.81%	-43.43%	-28.18%	5.04%	832.01%	-81.88%	-14.50%	185.33%	50.75%
EBIT Q/Q Growth	-31.21%	12.05%	79.42%	-48.06%	-10.32%	7.62%	269.39%	-141.91%	-5.44%	118.98%	497.85%
NOPAT Q/Q Growth	-34.15%	15.34%	82.55%	-68.40%	7.48%	-39.70%	268.75%	-129.37%	-25.83%	148.35%	-59.54%
Net Income Q/Q Growth	-24.17%	2.21%	75.82%	-62.61%	-0.31%	-9.05%	185.39%	-176.45%	-20.62%	81.05%	127.89%
EPS Q/Q Growth	-23.44%	2.53%	76.62%	-66.67%	0.00%	-10.00%	184.85%	-175.00%	-23.81%	84.62%	125.00%
Operating Cash Flow Q/Q Growth	216.45%	-139.14%	503.04%	-120.43%	682.96%	-64.93%	27.03%	-94.27%	2,265.31%	-87.52%	554.35%
Free Cash Flow Firm Q/Q Growth	80.14%	356.38%	299.62%	6.86%	7.27%	20.30%	-8.26%	-15.48%	-32.11%	-54.13%	-16.30%
Invested Capital Q/Q Growth	-3.73%	-0.29%	-3.23%	0.50%	-4.44%	-2.01%	-0.95%	0.34%	-2.57%	1.22%	-0.73%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	15.96%	19.52%	29.45%	25.33%	27.26%	27.02%	31.04%	27.93%	26.04%	29.29%	30.57%
EBITDA Margin	-16.65%	-12.81%	4.60%	3.16%	2.08%	2.31%	16.64%	3.66%	3.02%	8.52%	10.45%
Operating Margin	-27.31%	-21.92%	-3.21%	-6.56%	-5.56%	-8.21%	8.62%	-3.82%	-4.65%	2.22%	4.99%
EBIT Margin	-27.89%	-23.26%	-4.01%	-7.22%	-7.30%	-7.12%	9.33%	-4.74%	-4.83%	0.91%	4.41%
Profit (Net Income) Margin	-23.08%	-21.40%	-4.34%	-8.57%	-7.88%	-9.07%	5.99%	-5.56%	-6.48%	-1.21%	0.28%
Tax Burden Percent	71.53%	77.90%	57.94%	75.80%	72.33%	87.86%	87.00%	75.68%	86.46%	106.48%	10.24%
Interest Burden Percent	115.70%	118.12%	186.63%	156.66%	149.29%	145.07%	73.86%	154.88%	155.08%	-125.74%	61.00%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	13.00%	0.00%	0.00%	0.00%	89.76%
Return on Invested Capital (ROIC)	-8.71%	-6.52%	-0.96%	-2.01%	-1.83%	-2.74%	3.76%	-1.36%	-1.74%	0.86%	0.29%
ROIC Less NNEP Spread (ROIC-NNEP)	-10.48%	-9.26%	-2.19%	-3.78%	-4.06%	-4.51%	2.57%	-3.17%	-4.22%	-1.39%	0.02%
Return on Net Nonoperating Assets (RNNOA)	-3.03%	-2.81%	-0.61%	-1.16%	-1.09%	-1.23%	0.61%	-0.78%	-0.88%	-0.28%	0.00%
Return on Equity (ROE)	-11.74%	-9.33%	-1.58%	-3.17%	-2.92%	-3.97%	4.36%	-2.14%	-2.61%	0.58%	0.29%
Cash Return on Invested Capital (CROIC)	-2.26%	-2.16%	1.00%	2.55%	4.65%	7.42%	6.27%	6.62%	4.73%	2.39%	1.80%
Operating Return on Assets (OROA)	-10.44%	-8.21%	-1.40%	-2.60%	-2.67%	-2.64%	3.53%	-1.83%	-1.86%	0.36%	1.82%
Return on Assets (ROA)	-8.64%	-7.55%	-1.52%	-3.09%	-2.88%	-3.36%	2.27%	-2.15%	-2.49%	-0.48%	0.11%
Return on Common Equity (ROCE)	-11.74%	-9.33%	-1.58%	-3.17%	-2.92%	-3.97%	4.36%	-2.14%	-2.61%	0.58%	0.29%
Return on Equity Simple (ROE_SIMPLE)	-5.67%	-9.17%	0.00%	-8.11%	-6.19%	-4.48%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-38	-32	-5.58	-9.39	-8.69	-12	20	-6.02	-7.57	3.66	1.48
NOPAT Margin	-19.12%	-15.35%	-2.24%	-4.59%	-3.89%	-5.74%	7.50%	-2.67%	-3.25%	1.55%	0.51%
Net Nonoperating Expense Percent (NNEP)	1.77%	2.74%	1.22%	1.77%	2.23%	1.77%	1.19%	1.80%	2.48%	2.24%	0.27%
Return On Investment Capital (ROIC_SIMPLE)	-1.78%	-	-	-	-0.42%	-0.59%	0.99%	-0.29%	-0.37%	0.18%	0.08%
Cost of Revenue to Revenue	84.04%	80.48%	70.55%	74.67%	72.74%	72.98%	68.96%	72.07%	73.96%	70.71%	69.43%
SG&A Expenses to Revenue	22.52%	20.72%	17.45%	16.22%	18.15%	20.37%	13.81%	20.38%	18.10%	16.60%	16.51%
R&D to Revenue	14.42%	10.35%	7.81%	8.99%	9.58%	7.56%	4.36%	5.85%	6.60%	6.37%	5.58%
Operating Expenses to Revenue	43.27%	41.44%	32.66%	31.90%	32.83%	35.23%	22.42%	31.75%	30.68%	27.07%	25.58%
Earnings before Interest and Taxes (EBIT)	-55	-48	-9.97	-15	-16	-15	25	-11	-11	2.14	13
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-33	-27	11	6.46	4.64	4.88	45	8.24	7.04	20	30
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.44	1.19	1.09	1.53	1.71	1.76	2.17	3.12	3.06	2.90	5.06
Price to Tangible Book Value (P/TBV)	7.40	6.42	5.64	7.89	8.43	8.60	9.83	13.68	13.57	12.25	19.98
Price to Revenue (P/Rev)	2.42	2.09	1.92	2.59	2.82	2.88	3.50	4.93	4.73	4.43	7.70
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)	1.34	1.14	1.07	1.41	1.57	1.62	1.98	2.78	2.75	2.62	4.53
Enterprise Value to Revenue (EV/Rev)	2.92	2.65	2.41	3.10	3.22	3.24	3.81	5.24	5.00	4.70	7.94
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	104.99	56.55	77.37	71.91	56.24	118.87
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	800.41	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	693.27	39,822.74
Enterprise Value to Operating Cash Flow (EV/OCF)	165.35	1,807.60	33.33	31.38	22.80	16.68	25.02	31.40	38.72	46.23	76.23
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	103.53	53.17	32.50	20.84	30.43	40.39	56.52	108.34	248.53
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.41	0.42	0.40	0.41	0.41	0.41	0.40	0.40	0.41	0.40	0.29
Long-Term Debt to Equity	0.41	0.42	0.40	0.41	0.41	0.41	0.40	0.40	0.41	0.40	0.29
Financial Leverage	0.29	0.30	0.28	0.31	0.27	0.27	0.24	0.25	0.21	0.20	0.17
Leverage Ratio	1.57	1.57	1.57	1.59	1.63	1.64	1.63	1.64	1.68	1.67	1.60
Compound Leverage Factor	1.82	1.85	2.93	2.49	2.44	2.38	1.21	2.55	2.60	-2.10	0.98
Debt to Total Capital	29.07%	29.51%	28.65%	28.83%	28.83%	28.96%	28.64%	28.62%	28.83%	28.59%	22.77%
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	29.07%	29.51%	28.65%	28.83%	28.83%	28.96%	28.64%	28.62%	28.83%	28.59%	22.77%
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	70.93%	70.49%	71.35%	71.17%	71.17%	71.04%	71.36%	71.38%	71.17%	71.41%	77.23%
Debt to EBITDA	-48.67	-9.55	-8.77	-14.19	-142.29	21.58	9.63	9.36	9.02	7.32	6.72
Net Debt to EBITDA	-35.35	-7.34	-6.10	-10.40	-83.94	11.74	4.60	4.54	3.91	3.21	3.46
Long-Term Debt to EBITDA	-48.67	-9.55	-8.77	-14.19	-142.29	21.58	9.63	9.36	9.02	7.32	6.72
Debt to NOPAT	-8.71	-5.92	-5.72	-6.99	-10.63	-16.52	-43.05	-57.07	-63.97	90.23	2,252.55
Net Debt to NOPAT	-6.33	-4.55	-3.97	-5.12	-6.27	-8.99	-20.55	-27.67	-27.74	39.62	1,159.15
Long-Term Debt to NOPAT	-8.71	-5.92	-5.72	-6.99	-10.63	-16.52	-43.05	-57.07	-63.97	90.23	2,252.55
Altman Z-Score	2.22	1.96	1.89	2.30	2.40	2.39	2.88	3.64	3.38	3.41	6.38
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	4.36	4.58	4.07	4.10	3.62	3.44	3.52	3.37	2.96	3.19	2.96
Quick Ratio	1.11	1.13	1.25	1.21	1.27	1.26	1.39	1.23	1.15	1.22	0.86
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-11	29	117	125	134	162	148	125	85	39	33
Operating Cash Flow to CapEx	569.39%	-224.30%	693.48%	-235.09%	2,403.99%	506.83%	929.11%	33.32%	874.47%	77.96%	310.22%
Free Cash Flow to Firm to Interest Expense	-1.32	3.15	12.81	14.07	15.95	20.05	18.49	15.90	10.85	5.33	5.01
Operating Cash Flow to Interest Expense	5.24	-1.91	7.84	-1.65	10.14	3.72	4.74	0.28	6.58	0.88	6.46
Operating Cash Flow Less CapEx to Interest Expense	4.32	-2.76	6.71	-2.35	9.72	2.98	4.23	-0.55	5.82	-0.25	4.38
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.37	0.35	0.35	0.36	0.37	0.37	0.38	0.39	0.38	0.40	0.41
Accounts Receivable Turnover	7.83	7.73	7.07	7.95	9.45	9.09	8.25	8.59	8.96	9.72	11.00
Inventory Turnover	1.97	1.90	1.90	1.85	1.88	1.85	1.97	1.93	1.95	1.93	2.01
Fixed Asset Turnover	7.57	7.20	7.27	7.73	7.83	8.02	8.61	8.98	8.83	9.21	9.37
Accounts Payable Turnover	7.48	6.80	6.91	7.76	8.61	8.40	8.21	7.73	7.92	7.76	8.26
Days Sales Outstanding (DSO)	46.60	47.22	51.60	45.90	38.64	40.14	44.23	42.49	40.72	37.55	33.18
Days Inventory Outstanding (DIO)	185.49	192.59	191.96	196.97	193.80	196.99	185.47	189.10	187.06	189.06	181.83
Days Payable Outstanding (DPO)	48.80	53.68	52.82	47.05	42.40	43.45	44.46	47.20	46.08	47.01	44.21
Cash Conversion Cycle (CCC)	183.29	186.13	190.74	195.82	190.04	193.67	185.24	184.40	181.71	179.60	170.80
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,952	1,947	1,884	1,893	1,809	1,773	1,756	1,762	1,716	1,737	1,725
Invested Capital Turnover	0.46	0.42	0.43	0.44	0.47	0.48	0.50	0.51	0.53	0.55	0.57
Increase / (Decrease) in Invested Capital	-26	-61	-123	-135	-143	-174	-128	-131	-93	-35	-31
Enterprise Value (EV)	2,616	2,225	2,013	2,661	2,845	2,877	3,474	4,890	4,717	4,545	7,805
Market Capitalization	2,168	1,751	1,602	2,228	2,496	2,556	3,192	4,603	4,461	4,285	7,578
Book Value per Share	$25.38	$24.81	$24.82	$24.57	$24.49	$24.31	$24.66	$24.62	$24.29	$24.62	$24.94
Tangible Book Value per Share	$4.94	$4.60	$4.79	$4.75	$4.96	$4.98	$5.43	$5.62	$5.47	$5.83	$6.32
Total Capital	2,121	2,089	2,064	2,051	2,052	2,043	2,065	2,067	2,051	2,069	1,939
Total Debt	617	617	592	592	592	592	592	592	592	592	442
Total Long-Term Debt	617	617	592	592	592	592	592	592	592	592	442
Net Debt	448	474	411	433	349	322	282	287	257	260	227
Capital Expenditures (CapEx)	7.99	7.94	10	6.24	3.56	5.91	4.10	6.55	5.90	8.26	14
Debt-free, Cash-free Net Working Capital (DFCFNWC)	589	601	539	563	475	453	449	458	414	434	431
Debt-free Net Working Capital (DFNWC)	758	744	719	722	717	723	758	762	749	766	645
Net Working Capital (NWC)	758	744	719	722	717	723	758	762	749	766	645
Net Nonoperating Expense (NNE)	7.83	13	5.20	8.13	8.89	7.03	4.12	6.50	7.52	6.52	0.68
Net Nonoperating Obligations (NNO)	448	474	411	433	349	322	282	287	257	260	227
Total Depreciation and Amortization (D&A)	22	22	21	21	21	20	20	19	18	18	18
Debt-free, Cash-free Net Working Capital to Revenue	65.85%	71.59%	64.51%	65.61%	53.66%	51.06%	49.20%	49.07%	43.94%	44.93%	43.78%
Debt-free Net Working Capital to Revenue	84.69%	88.57%	86.12%	84.02%	81.09%	81.46%	83.09%	81.74%	79.48%	79.24%	65.57%
Net Working Capital to Revenue	84.69%	88.57%	86.12%	84.02%	81.09%	81.46%	83.09%	81.74%	79.48%	79.24%	65.57%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.79)	($0.77)	($0.18)	($0.30)	($0.30)	($0.33)	$0.28	($0.21)	($0.26)	($0.04)	$0.01
Adjusted Weighted Average Basic Shares Outstanding	57.42M	57.70M	57.74M	58.26M	58.56M	58.75M	58.75M	59.19M	59.42M	59.42M	59.46M
Adjusted Diluted Earnings per Share	($0.79)	($0.77)	($0.18)	($0.30)	($0.30)	($0.33)	$0.28	($0.21)	($0.26)	($0.04)	$0.01
Adjusted Weighted Average Diluted Shares Outstanding	57.42M	57.70M	57.74M	58.26M	58.56M	58.75M	58.75M	59.19M	59.42M	59.42M	59.46M
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	59.37M	59.35M	59.41M	59.63M	59.68M	59.75M	59.92M	60.10M	60.01M	60.04M	60.14M
Normalized Net Operating Profit after Tax (NOPAT)	-38	-25	-0.62	-7.69	-8.54	-8.47	22	-4.52	-4.61	3.74	11
Normalized NOPAT Margin	-19.04%	-11.97%	-0.25%	-3.76%	-3.83%	-4.01%	7.92%	-2.00%	-1.98%	1.58%	3.67%
Pre Tax Income Margin	-32.27%	-27.47%	-7.48%	-11.31%	-10.89%	-10.32%	6.89%	-7.34%	-7.50%	-1.14%	2.69%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-6.35	-5.20	-1.09	-1.66	-1.93	-1.86	3.17	-1.35	-1.43	0.29	1.96
NOPAT to Interest Expense	-4.35	-3.43	-0.61	-1.05	-1.03	-1.50	2.55	-0.76	-0.96	0.50	0.23
EBIT Less CapEx to Interest Expense	-7.27	-6.05	-2.22	-2.36	-2.35	-2.60	2.66	-2.18	-2.19	-0.84	-0.12
NOPAT Less CapEx to Interest Expense	-5.27	-4.28	-1.74	-1.75	-1.45	-2.24	2.04	-1.59	-1.72	-0.63	-1.86
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	-2.28%	-1.44%	-0.02%	-1.92%	-0.37%	-0.51%	0.00%	6.84%	-52.31%	-112.81%	-50.55%

Financials Breakdown Chart

Key Financial Trends

Mercury Systems’ financial results show a meaningful recovery in fiscal 2026, although profitability remains thin and leverage continues to require attention. Quarterly revenue increased from $225.2 million in Q1 2026 to $289.8 million in Q4, with Q4 revenue up approximately 6% from $273.1 million in Q4 2025. The company also returned to positive net income in Q4, reporting $798,000 compared with losses of $12.5 million, $15.1 million and $2.9 million in the first three quarters of fiscal 2026.

Operating performance improved sequentially, but Q4 margins weakened compared with the prior-year quarter. Gross profit rose to $88.6 million from $84.8 million, while gross margin declined modestly to approximately 30.6% from 31.0%. Operating income fell to $14.5 million from $23.6 million because operating expenses increased to $74.1 million. Interest expense of $6.5 million and income tax expense of $7.0 million left only a small amount of earnings available to common shareholders.

Cash generation was a major strength in the latest quarter. Operating cash flow reached $42.2 million in Q4 2026, compared with $38.1 million in Q4 2025 and just $2.2 million in Q1 2026. However, heavy financing outflows of $147.3 million caused cash and equivalents to decline by $117.5 million during Q4. Based on the Q3 balance and Q4 cash flow, cash may have ended the quarter near $214 million, although a Q4 balance sheet was not provided.

Revenue momentum improved: Quarterly revenue rose from $225.2 million in Q1 2026 to $289.8 million in Q4, the highest level in the supplied period.
Return to profitability: Mercury Systems reported positive net income of $798,000 in Q4 2026 after three consecutive quarterly losses.
Operating cash flow strengthened: Q4 operating cash flow of $42.2 million was substantially higher than the $2.2 million generated in Q1 2026.
Fiscal-year cash generation was positive: Operating cash flow totaled approximately $102.4 million across the four fiscal 2026 quarters, helping support capital investment and debt servicing.
Strong short-term liquidity: At Q3 2026, Mercury held $331.8 million of cash against $350.5 million of current liabilities, producing a current ratio of roughly 3.2 times when using total current assets.
Debt remained stable in fiscal 2026: Long-term debt was reported at $591.5 million in Q1, Q2 and Q3 2026, suggesting no additional borrowing was needed during that period.
Capital investment remains significant: Q4 capital expenditures were $13.6 million, the highest quarterly amount in fiscal 2026, which could support future growth but reduces free cash flow in the near term.
Share count has generally remained controlled: Basic weighted-average shares were 59.5 million in Q4 2026, close to the 58.7 million reported in Q4 2025, despite intermittent share repurchases.
Profitability is still fragile: Q4 net income of $798,000 represented a net margin of only about 0.3%, while operating income declined approximately 39% year over year.
Cash declined sharply in Q4: Financing outflows of $147.3 million drove a $117.5 million quarterly decline in cash, while long-term debt remained substantial at $591.5 million at the latest reported balance-sheet date.

The balance sheet also reflects a large acquisition-related asset base. Goodwill of $942.6 million and intangible assets of $185.2 million represented roughly 45% of total assets at Q3 2026, making future impairment charges a risk if business performance weakens. Inventory was also elevated at $361.7 million, more than three times accounts receivable, so investors should monitor inventory turnover and working-capital needs as revenue grows.

Overall, Mercury Systems is showing improving revenue, cash flow and sequential earnings trends, but the latest quarter does not yet demonstrate durable profitability. Investors should focus on whether operating margins recover, whether positive earnings continue without relying on non-cash adjustments, and how the company manages its debt and declining cash balance.

08/21/26 01:58 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' financial year ends in July. Their financial year 2026 ended on July 3, 2026.

Mercury Systems' net income appears to be on a downward trend, with a most recent value of -$29.67 million in 2026, falling from $19.74 million in 2016. The previous period was -$37.90 million in 2025. See Mercury Systems' forecast for analyst expectations on what's next for the company.

Mercury Systems' total operating income in 2026 was $280 thousand, based on the following breakdown:

Total Gross Profit: $281.17 million
Total Operating Expenses: $280.89 million

Over the last 10 years, Mercury Systems' total revenue changed from $270.15 million in 2016 to $983.62 million in 2026, a change of 264.1%.

Mercury Systems' total liabilities were at $825.32 million at the end of 2026, a 14.1% decrease from 2025, and a 213.3% increase since 2016.

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 $214.31 million as of their latest financial filing in 2026.

Over the last 10 years, Mercury Systems' book value per share changed from 11.82 in 2016 to 24.94 in 2026, a change of 111.0%.

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Financial statements for NASDAQ:MRCY last updated on 8/18/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Mercury Systems (MRCY) Financials

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