MRCY · Mercury Systems Inc - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $912.02M | $835.27M | $973.88M | $988.20M | $924.00M | $796.61M |
| Cost of Revenue | $657.53M | $639.37M | $657.15M | $593.24M | $538.81M | $439.77M |
| Gross Profit | $254.49M | $195.90M | $316.73M | $394.96M | $385.19M | $356.84M |
| R&D | $67.65M | $101.33M | $108.80M | $107.17M | $113.48M | $98.48M |
| SG&A | $154.41M | $166.79M | $160.64M | $157.04M | $134.34M | $132.25M |
| Total Operating Expenses | $274.12M | $343.65M | $338.41M | $363.35M | $304.19M | $265.78M |
| D&A | $82.03M | $88.03M | $97.33M | $93.42M | $67.08M | $49.33M |
| Operating Income | ($19.63M) | ($147.75M) | ($21.68M) | $31.61M | $81.00M | $91.06M |
| Interest Expense | $33.43M | $35.02M | $25.16M | $5.81M | $1.22M | $1.01M |
| Income Tax | ($12.52M) | ($51.63M) | ($20.21M) | $7.12M | $15.13M | $8.22M |
| Net Income | ($37.90M) | ($137.64M) | ($28.34M) | $11.28M | $62.04M | $85.71M |
| EPS - Basic | ($0.65) | ($2.38) | ($0.50) | $0.20 | $1.13 | $1.57 |
| EPS - Diluted | ($0.65) | ($2.38) | ($0.50) | $0.20 | $1.12 | $1.56 |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $309.10M | $180.52M | $71.56M | $65.65M | $113.84M | $226.84M |
| Accounts Receivable | $109.59M | $111.44M | $124.73M | $144.49M | $128.81M | $120.44M |
| Inventory | $332.92M | $335.30M | $337.22M | $270.34M | $221.64M | $178.09M |
| Accounts Payable | $79.12M | $81.07M | $103.99M | $98.67M | $47.95M | $41.88M |
| Current Assets | $1.06B | $953.78M | $937.02M | $815.25M | $643.10M | $634.77M |
| Total Assets | $2.43B | $2.38B | $2.39B | $2.30B | $1.96B | $1.61B |
| Current Liabilities | $300.38M | $234.42M | $233.26M | $193.93M | $150.82M | $125.92M |
| Long-term Debt | - | - | - | - | - | - |
| Total Liabilities | $961.30M | $906.13M | $824.68M | $767.23M | $470.99M | $225.94M |
| Stockholders' Equity | $1.47B | $1.47B | $1.57B | $1.54B | $1.48B | $1.38B |
| Retained Earnings | $181.90M | $219.80M | $357.44M | $385.77M | $374.50M | $312.45M |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $138.85M | $60.38M | ($21.25M) | ($18.87M) | $97.25M | $115.18M |
| Investing Cash Flow | ($13.50M) | ($34.29M) | ($38.56M) | ($274.32M) | ($416.89M) | ($135.49M) |
| Financing Cash Flow | $1.41M | $82.68M | $65.43M | $245.75M | $206.23M | ($10.93M) |
| CapEx | $19.80M | $34.29M | $38.80M | $27.66M | $45.60M | $43.29M |
| Free Cash Flow | $119.05M | $26.09M | ($60.05M) | ($46.52M) | $51.65M | $71.89M |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 27.9% | 23.5% | 32.5% | 40.0% | 41.7% | 44.8% |
| Operating margin | -2.2% | -17.7% | -2.2% | 3.2% | 8.8% | 11.4% |
| EBITDA margin | 6.8% | -7.2% | 7.8% | 12.7% | 16.0% | 17.6% |
| Net margin | -4.2% | -16.5% | -2.9% | 1.1% | 6.7% | 10.8% |
| Free cash flow margin | 13.1% | 3.1% | -6.2% | -4.7% | 5.6% | 9.0% |
| FCF / Net income | -3.14 | -0.19 | 2.12 | -4.13 | 0.83 | 0.84 |
| R&D / Revenue | 7.4% | 12.1% | 11.2% | 10.8% | 12.3% | 12.4% |
| SG&A / Revenue | 16.9% | 20.0% | 16.5% | 15.9% | 14.5% | 16.6% |
| Effective tax rate | - | - | - | 38.7% | 19.6% | 8.8% |
| Return on assets | -1.6% | -5.8% | -1.2% | 0.5% | 3.2% | 5.3% |
| Return on equity | -2.6% | -9.3% | -1.8% | 0.7% | 4.2% | 6.2% |
| Return on invested capital | - | - | - | - | - | - |
| Liquidity | ||||||
| Current ratio | 3.52 | 4.07 | 4.02 | 4.20 | 4.26 | 5.04 |
| Quick ratio | 2.41 | 2.64 | 2.57 | 2.81 | 2.79 | 3.63 |
| Cash ratio | 1.03 | 0.77 | 0.31 | 0.34 | 0.75 | 1.80 |
| Leverage | ||||||
| Debt / Equity | - | - | - | - | - | - |
| Debt / Assets | - | - | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - |
| Interest coverage | -0.6x | -4.2x | -0.9x | 5.4x | 66.3x | 90.5x |
| Equity multiplier | 1.65 | 1.62 | 1.53 | 1.50 | 1.32 | 1.16 |
| Liabilities / Assets | 0.39 | 0.38 | 0.34 | 0.33 | 0.24 | 0.14 |
| Efficiency | ||||||
| Asset turnover | 0.37 | 0.35 | 0.41 | 0.43 | 0.47 | 0.49 |
| Inventory turnover | 1.98 | 1.91 | 1.95 | 2.19 | 2.43 | 2.47 |
| Days sales outstanding | 44d | 49d | 47d | 53d | 51d | 55d |
| Days inventory outstanding | 185d | 191d | 187d | 166d | 150d | 148d |
| Days payable outstanding | 44d | 46d | 58d | 61d | 32d | 35d |
| Cash conversion cycle | 185d | 194d | 176d | 159d | 169d | 168d |
| Valuation | ||||||
| P / E | - | - | - | 320.0x | 58.9x | 51.5x |
| P / B | 2.1x | 1.1x | 1.2x | 2.3x | 2.5x | 3.2x |
| P / S | 3.5x | 1.9x | 2.0x | 3.6x | 4.0x | 5.6x |
| EV / EBITDA | 45.8x | - | 24.9x | 28.1x | 24.0x | 29.9x |
| Growth | ||||||
| Revenue growth (YoY) | 9.2% | -14.2% | -1.4% | 6.9% | 16.0% | 21.7% |
| Revenue CAGR (3y) | -2.6% | -3.3% | 6.9% | 14.7% | 23.3% | 24.9% |
| Revenue CAGR (5y) | 2.7% | 5.0% | 14.6% | 19.3% | 27.9% | 27.7% |
| Gross profit growth (YoY) | 29.9% | -38.1% | -19.8% | 2.5% | 7.9% | 24.7% |
| Operating income growth (YoY) | 86.7% | -581.4% | - | -61.0% | -11.0% | 18.9% |
| Net income growth (YoY) | 72.5% | -385.8% | - | -81.8% | -27.6% | 83.2% |
| EPS growth (YoY) | 72.7% | -376.0% | - | -82.1% | -28.2% | 62.5% |
| EPS CAGR (3y) | - | - | - | -40.7% | 9.2% | 39.1% |
| EPS CAGR (5y) | - | - | - | -19.2% | 14.9% | 38.2% |
| FCF growth (YoY) | 356.3% | - | -29.1% | - | -28.2% | 1.5% |
| FCF CAGR (5y) | 10.6% | -18.1% | - | - | 12.2% | 22.3% |
| Book value growth (YoY) | 0.0% | -6.0% | 1.9% | 3.6% | 7.2% | 7.8% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-06-27.
Product / service
$3.10B totalIntegrated Subsystems$475.94M · 15.3%
Airborne$410.68M · 13.2%
C4 IApplications$398.16M · 12.8%
Total Sensor And Effector Applications$365.49M · 11.8%
Modulesand Subassemblies$246.10M · 7.9%
Product And Service Other$192.23M · 6.2%
Components$189.98M · 6.1%
Radar End User Applications$169.74M · 5.5%
Land$166.25M · 5.4%
Other End User Applications$148.37M · 4.8%
Other Sensor And Effector Applications$98.83M · 3.2%
Electronic Warfare End User Applications$96.92M · 3.1%
Naval$86.89M · 2.8%
Space$55.97M · 1.8%
Geographic
$1.10B totalUS$870.13M · 79.2%
Non Us$165.71M · 15.1%
Europe$62.83M · 5.7%
Stability scores
Altman Z′
FY 2025 · bankruptcy risk
1.28
Grey zone
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2025 · 9-point quality
5/9
Neutral
- ✗Net income positive
- ✓Operating cash flow positive
- ✓ROA improved YoY
- ✓Cash flow > net income
- -Long-term debt decreased
- ✗Current ratio improved
- ✗No share dilution
- ✓Gross margin improved
- ✓Asset turnover improved
Peer comparison
Same SIC group: Electronic Components & Accessories
Comparing MERCURY SYSTEMS INC against the 5 most active filers in the same SIC group.