MERCURY SYSTEMS INC MRCY
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.
Valuation FY2026 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | -0.50 | 0.20 | 1.13 | 1.57 | 0.98 | 0.88 | 0.59 |
| EPS, diluted | -0.50 | -0.65 | -2.38 | -0.50 | 0.20 | 1.12 | 1.56 | 0.96 | 0.86 | 0.58 |
| Shares, diluted (wtd. avg.) | $59.5M | $58.7M | $57.7M | $56.6M | $55.9M | $55.5M | $55.1M | $48.5M | $47.5M | $43.0M |
Balance sheet
| Fiscal year | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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.
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