MERCURY SYSTEMS INC MRCY

Technology SIC 3670 - Electronic Components & Accessories NAICS Manufacturing › Computer and Electronic Product Manufacturing › Semiconductor and Other Electronic Component Manufacturing derived Nasdaq

Mercury Systems is a global leader in aerospace and defense electronics, providing breakthrough capabilities in signal and data processing. With a four-decade legacy of innovation that spans silicon to systems and radio frequency ("RF") front ends to effectors, we accelerate commercial technology adoption to deliver powerful and secure mission-critical processing solutions to the edge. We are headquartered in Andover, Massachusetts, and have multiple locations worldwide. Our end-to-end processing ecosystem, the Mercury Processing Platform, is built on technologies we have developed and acquired over 40 years. Our technologies are available as standard products or custom solutions from silicon to system scale to ensure interoperability, reduced complexity, optimized performance and speed development.

Last close 74.87 2026-10-23
Market cap $4.50B 2026-07-03 share count
52-week range 65.04 - 128.45

Valuation FY2026 figures against the last close

P/S4.6x
P/E—
P/FCF66.1x
EV/EBITDA61.7x
Dividend yield—
Diluted EPS-0.50

Where the revenue comes from as reported in the latest 10-K

Revenue by geography

  • Domestic
  • International/Foreign Military Sales
Revenue by geography, 2 categories over 3 years. The same figures are in the table below. FY2026 Domestic, FY2026: 843.7M (85.8%) 86% Domestic International/Foreign Military Sales, FY2026: 140M (14.2%) 14% FY2025 Domestic, FY2025: 746.3M (81.8%) 82% International/Foreign Military Sales, FY2025: 165.7M (18.2%) 18% FY2024 Domestic, FY2024: 704.1M (84.3%) 84% International/Foreign Military Sales, FY2024: 131.2M (15.7%) 16%
Region FY2026FY2025FY2024
Domestic $843.7M $746.3M $704.1M
International/Foreign Military Sales $140.0M $165.7M $131.2M

As the company reported it, from the “Operating Segment, Geographic Information and Significant Customers - Net Revenue by End Market (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.

Annual financial statements

Income statement

Fiscal year FY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017
Revenue $983.6M$912.0M$835.3M$973.9M$988.2M$924.0M$796.6M$654.7M$493.2M$408.6M
Cost of revenue $702.5M$657.5M$639.4M$657.2M$593.2M$538.8M$439.8M$368.6M$267.3M$217.0M
Gross profit $281.2M$254.5M$195.9M$316.7M$395.0M$385.2M$356.8M$286.2M$225.9M$191.5M
R&D $59.7M$67.6M$101.3M$108.8M$107.2M$113.5M$98.5M$68.9M$58.8M$54.1M
SG&A $175.0M$154.4M$166.8M$160.6M$157.0M$134.3M$132.3M$110.7M$88.4M$76.5M
Total operating expenses $280.9M$274.1M$343.7M$338.4M$363.3M$304.2M$265.8M$209.6M$178.9M$154.1M
Operating income $280.0K-$19.6M-$147.8M-$21.7M$31.6M$81.0M$91.1M$76.6M$47.0M$37.4M
Interest expense $29.6M$33.4M$35.0M$25.2M$5.8M$1.2M$1.0M$9.1M$2.9M$7.6M
Pre-tax income -$28.9M-$50.4M-$189.3M-$48.5M$18.4M$77.2M$93.9M$59.5M$42.6M$31.1M
Income tax $784.0K$12.5M$51.6M$20.2M$7.1M$15.1M$8.2M$12.8M$1.7M$6.2M
Net income -$29.7M-$37.9M-$137.6M-$28.3M$11.3M$62.0M$85.7M$46.8M$40.9M$24.9M
EPS, basic -0.50-0.65-2.38-0.500.201.131.570.980.880.59
EPS, diluted -0.50-0.65-2.38-0.500.201.121.560.960.860.58
Shares, diluted (wtd. avg.) 59.5M58.7M57.7M56.6M55.9M55.5M55.1M48.5M47.5M43.0M

Balance sheet

Fiscal year FY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017
Cash and equivalents $214.3M$309.1M$180.5M$71.6M$65.7M$113.8M$226.8M$257.9M$66.5M$41.6M
Receivables $69.2M$109.6M$111.4M$124.7M$144.5M$128.8M$120.4M$118.8M$104.0M$76.3M
Inventory $367.0M$332.9M$335.3M$337.2M$270.3M$221.6M$178.1M$137.1M$108.6M$81.1M
Total current assets $973.4M$1.06B$953.8M$937.0M$815.3M$643.1M$634.8M$582.2M$331.7M$246.2M
Property, plant and equipment $108.4M$101.4M$110.4M$119.6M$127.2M$128.5M$87.7M$60.0M$51.0M$51.6M
Goodwill $942.4M$938.1M$938.1M$938.1M$937.9M$804.9M$614.1M$562.1M$497.4M$380.8M
Other intangibles $175.8M$210.6M$250.5M$298.1M$351.5M$307.6M$208.7M$206.1M$177.9M$129.0M
Total assets $2.32B$2.43B$2.38B$2.39B$2.30B$1.96B$1.61B$1.42B$1.06B$815.7M
Accounts payable $91.0M$79.1M$81.1M$104.0M$98.7M$48.0M$41.9M$39.0M$21.3M$27.5M
Short-term debt —————————$0
Total current liabilities $328.5M$300.4M$234.4M$233.3M$193.9M$150.8M$125.9M$98.0M$71.7M$72.8M
Total liabilities $825.3M$961.3M$906.1M$824.7M$767.2M$471.0M$225.9M$132.2M$292.6M$90.3M
Retained earnings $152.2M$181.9M$219.8M$357.4M$385.8M$374.5M$312.5M$226.7M$180.0M$139.1M
Total equity $1.50B$1.47B$1.47B$1.57B$1.54B$1.48B$1.38B$1.28B$771.9M$725.4M

Cash flow

Fiscal year FY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017
Operating cash flow $102.4M$138.9M$60.4M-$21.3M-$18.9M$97.2M$115.2M$97.5M$43.3M$59.1M
Depreciation and amortisation $72.7M$82.0M$88.0M$97.3M$93.4M$67.1M$49.3M$46.4M$42.3M$32.3M
Stock-based compensation $41.1M$25.0M$25.7M$27.8M$38.3M$28.3M$26.5M$19.4M$17.3M$15.3M
Capital expenditure $34.3M$19.8M$34.3M$38.8M$27.7M$45.6M$43.3M$26.7M$15.1M$32.8M
Investing cash flow -$35.7M-$13.5M-$34.3M-$38.6M-$274.3M-$416.9M-$135.5M-$153.8M-$200.9M-$111.1M
Financing cash flow -$162.7M$1.4M$82.7M$65.4M$245.8M$206.2M-$10.9M$247.8M$182.9M$11.3M
Buybacks $15.0M$0$31.0K$63.0K$8.2M$66.0K$16.2M$8.0M$15.5M$8.8M

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001049521-26-000045.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -500M 0 500M 1B Revenue, FY2017: 408.6M Gross profit, FY2017: 191.5M Net income, FY2017: 24.9M Revenue, FY2018: 493.2M Gross profit, FY2018: 225.9M Net income, FY2018: 40.9M Revenue, FY2019: 654.7M Gross profit, FY2019: 286.2M Net income, FY2019: 46.8M Revenue, FY2020: 796.6M Gross profit, FY2020: 356.8M Net income, FY2020: 85.7M Revenue, FY2021: 924M Gross profit, FY2021: 385.2M Net income, FY2021: 62M Revenue, FY2022: 988.2M Gross profit, FY2022: 395M Net income, FY2022: 11.3M Revenue, FY2023: 973.9M Gross profit, FY2023: 316.7M Net income, FY2023: -28.3M Revenue, FY2024: 835.3M Gross profit, FY2024: 195.9M Net income, FY2024: -137.6M Revenue, FY2025: 912M Gross profit, FY2025: 254.5M Net income, FY2025: -37.9M Revenue, FY2026: 983.6M Gross profit, FY2026: 281.2M Net income, FY2026: -29.7M FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 FY2026
Fiscal year FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025FY2026
Revenue $408.6M $493.2M $654.7M $796.6M $924.0M $988.2M $973.9M $835.3M $912.0M $983.6M
Gross profit $191.5M $225.9M $286.2M $356.8M $385.2M $395.0M $316.7M $195.9M $254.5M $281.2M
Net income $24.9M $40.9M $46.8M $85.7M $62.0M $11.3M -$28.3M -$137.6M -$37.9M -$29.7M

Recent filings and events

  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Results announced Item 2.02
  • Results announced Item 2.02
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • Results announced Item 2.02
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Other event Item 8.01
  • Annual report filed Form 10-K

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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