What is Mercury Systems Inc.'s earnings per share (EPS)?

Mercury Systems Inc. (MRCY) reported diluted earnings per share of -$0.50 for fiscal year 2026. This represents a 23.1% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Mercury Systems Inc. (MRCY) Financials

MRCY

FY2026 annual

Revenue $983.6M +7.9% YoY

Net Income -$29.7M +21.6% YoY

EPS (Diluted) -$0.50 +23.1% YoY

Free Cash Flow $68.1M -42.8% YoY

Market Cap $4.7B as of Oct 13, 2026

Price / Sales 4.7x on $983.6M revenue, FY2026

Price / Earnings n/m net loss, so no earnings multiple, FY2026

Price / Book 3.1x on $1.5B equity, Q4 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 13, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period FY2026, ended Jul 3, 2026 Reported Aug 18, 2026 Currency USD FYE July

Newest figures come from the 10-K for FY2026, filed Aug 18, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the MRCY SEC filings page.

Mercury Systems Inc. (MRCY) reported $983.6M in revenue for fiscal year 2026, up 7.9% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI MRCY FY2026 2026-10-04

Revenue has recovered, but margin repair remains incomplete: cash generation is positive while interest and operating costs keep reported earnings negative.

Gross margin rose from 23.5% to 28.6% between FY2024 and FY2026. Yet operating margin was only 0.0% in FY2026, leaving interest expense and other costs to keep net income negative; the recovery is stopping before the bottom line.

FY2026 paired a net loss of $29.7M with operating cash flow of $102.4M, indicating that non-cash charges and working-capital movements are doing much of the earnings-to-cash work. After capital spending, free cash flow remained $68.1M, so reported loss does not describe the period's cash generation.

Balance-sheet leverage eased as total liabilities fell from $961.3M to $825.3M between FY2025 and FY2026 against broadly stable equity. Debt-to-equity declined from 0.7x to 0.6x, but the current ratio fell from 3.5x to 3.0x, showing improved long-term leverage alongside narrower short-term flexibility.

Financial Health Signals

Financial Health Score 51/100

Scored against operating companies for FY2026. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Mercury Systems Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

Mercury Systems Inc. has an operating margin of 0.0%, meaning the company retains less than $1 of operating profit per $100 of revenue. This below-average margin results in a low score of 23/100, suggesting thin profitability after operating expenses. This is up from -2.1% the prior year.

Growth

Mercury Systems Inc.'s revenue grew 7.9% year-over-year to $983.6M, a solid pace of expansion. This earns a growth score of 61/100.

Leverage

Mercury Systems Inc. has a moderate D/E ratio of 0.55. This balance of debt and equity financing earns a leverage score of 59/100.

Liquidity

With a current ratio of 2.96, Mercury Systems Inc. holds $2.96 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 78/100.

Cash Flow

Mercury Systems Inc. has a free cash flow margin of 6.9%, earning a moderate score of 59/100. The company generates positive cash flow after capital investments, but with room for improvement.

Returns

Mercury Systems Inc. posts a -2.0% return on equity (ROE), meaning it loses $2 for every $100 of shareholders' equity. This results in a returns score of 26/100. This is up from -2.6% the prior year.

Altman Z-Score Safe

4.24

Mercury Systems Inc. scores 4.24, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($4.7B) relative to total liabilities ($825.3M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Partial

5/8

Mercury Systems Inc. passes 5 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.

Earnings Quality Mixed

N/A

Mercury Systems Inc. reported a net loss of $29.7M while generating $102.4M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.

Interest Coverage At Risk

0.01x

Mercury Systems Inc. earns $0.01 in operating income for every $1 of interest expense ($280K vs $29.6M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue

$289.8M

YoY+6.1%

QoQ+22.9%

Mercury Systems Inc. generated $289.8M in revenue in Q4 2026. This represents an increase of 6.1% from the same quarter a year earlier. Against the prior quarter it is up 22.9%.

EBITDA

$32.0M

YoY-26.5%

QoQ+37.9%

Mercury Systems Inc.'s EBITDA was $32.0M in Q4 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 26.5% from the same quarter a year earlier. Against the prior quarter it is up 37.9%.

Net Income

$771K

YoY-95.3%

QoQ+126.9%

Mercury Systems Inc. reported $771K in net income in Q4 2026. This represents a decrease of 95.3% from the same quarter a year earlier. Against the prior quarter it is up 126.9%.

EPS (Diluted)

$0.01

YoY-96.4%

QoQ+125.0%

5Y CAGR-50.0%

10Y CAGR-25.5%

Mercury Systems Inc. earned $0.01 per diluted share (EPS) in Q4 2026. This represents a decrease of 96.4% from the same quarter a year earlier. Against the prior quarter it is up 125.0%.

Cash & Balance Sheet

Free Cash Flow

$28.6M

YoY-15.9%

QoQ+1668.6%

Mercury Systems Inc. generated $28.6M in free cash flow in Q4 2026, representing cash available after capex. This represents a decrease of 15.9% from the same quarter a year earlier. Against the prior quarter it is up 1668.6%.

Cash & Debt

$214.3M

YoY-30.7%

QoQ-35.4%

5Y CAGR+13.5%

10Y CAGR+10.1%

Mercury Systems Inc. held $214.3M in cash as of Q4 2026; long-term debt is not reported for that period.

Shares Outstanding

60M

YoY+0.4%

QoQ+0.2%

5Y CAGR+1.4%

10Y CAGR+4.1%

Mercury Systems Inc. had 60M shares outstanding in Q4 2026. This represents an increase of 0.4% from the same quarter a year earlier. Against the prior quarter it is up 0.2%.

Dividends Per Share

Not reported for Q4 2026.

Margins & Returns

Gross Margin

30.6%

YoY-0.5pp

QoQ+1.3pp

Mercury Systems Inc.'s gross margin was 30.6% in Q4 2026, indicating the percentage of revenue retained after direct costs. This is down 0.5 percentage points from the same quarter a year earlier. Against the prior quarter it is up 1.3 percentage points.

Operating Margin

5.0%

YoY-3.6pp

QoQ+2.8pp

Mercury Systems Inc.'s operating margin was 5.0% in Q4 2026, reflecting core business profitability. This is down 3.6 percentage points from the same quarter a year earlier. Against the prior quarter it is up 2.8 percentage points.

Net Margin

0.3%

YoY-5.7pp

QoQ+1.5pp

Mercury Systems Inc.'s net profit margin was 0.3% in Q4 2026, showing the share of revenue converted to profit. This is down 5.7 percentage points from the same quarter a year earlier. Against the prior quarter it is up 1.5 percentage points.

Return on Equity

0.1%

YoY-1.1pp

QoQ+0.2pp

Mercury Systems Inc.'s ROE was 0.1% in Q4 2026, measuring profit generated per dollar of shareholder equity. This is down 1.1 percentage points from the same quarter a year earlier. Against the prior quarter it is up 0.2 percentage points.

Capital Allocation

R&D Spending

$16.2M

YoY+35.6%

QoQ+7.6%

Mercury Systems Inc. invested $16.2M in research and development in Q4 2026. This represents an increase of 35.6% from the same quarter a year earlier. Against the prior quarter it is up 7.6%.

Share Buybacks

Mercury Systems Inc. repurchased no shares in Q4 2026.

Capital Expenditures

$13.6M

YoY+231.6%

QoQ+64.4%

Mercury Systems Inc. invested $13.6M in capex in Q4 2026, funding long-term assets and infrastructure. This represents an increase of 231.6% from the same quarter a year earlier. Against the prior quarter it is up 64.4%.

MRCY Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

MRCY quarterly income statement

Metric	FY2610-K	FY2510-K	FY2410-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Revenue	$983.6M+7.9%	$912.0M+9.2%	$835.3M	$988.2M+6.9%	$924.0M+16.0%	$796.6M+21.7%	$654.7M+32.8%	$493.2M+20.7%	$408.6M+51.2%	$270.2M+15.0%	$234.8M+12.5%	$208.7M+7.5%	$194.2M-18.1%	$237.1M+3.7%	$228.7M
Cost of Revenue	$702.5M+6.8%	$657.5M+2.8%	$639.4M	$593.2M+10.1%	$538.8M+22.5%	$439.8M+19.3%	$368.6M+37.9%	$267.3M+23.2%	$217.0M+52.3%	$142.5M+18.1%	$120.6M+5.8%	$114.0M-1.8%	$116.1M+12.4%	$103.3M+4.5%	$98.8M
Gross Profit	$281.2M+10.5%	$254.5M+29.9%	$195.9M	$395.0M+2.5%	$385.2M+7.9%	$356.8M+24.7%	$286.2M+26.7%	$225.9M+17.9%	$191.5M+50.1%	$127.6M+11.8%	$114.2M+20.5%	$94.7M+21.2%	$78.2M-41.6%	$133.8M+3.0%	$129.9M
R&D Expenses	$59.7M-11.7%	$67.6M-33.2%	$101.3M	$107.2M-5.6%	$113.5M+15.2%	$98.5M+42.9%	$68.9M+17.2%	$58.8M+8.7%	$54.1M+48.6%	$36.4M-0.4%	$36.5M+2.4%	$35.7M+9.5%	$32.6M-29.1%	$46.0M+3.3%	$44.5M
SG&A Expenses	$175.0M+13.4%	$154.4M-7.4%	$166.8M	$157.0M+16.9%	$134.3M+1.6%	$132.3M+19.5%	$110.7M+25.3%	$88.4M+15.5%	$76.5M+44.5%	$53.0M+8.0%	$49.0M-8.7%	$53.7M-2.0%	$54.8M-1.5%	$55.6M-3.9%	$57.9M
Operating Income	$280K+101.4%	-$19.6M+86.7%	-$147.8M	$31.6M-61.0%	$81.0M-11.0%	$91.1M+18.9%	$76.6M+63.0%	$47.0M+25.6%	$37.4M+56.0%	$24.0M+30.6%	$18.4M+347.9%	-$7.4M+70.2%	-$24.8M-183.7%	$29.7M+18.7%	$25.0M
EBITDA	$73.0M+16.9%	$62.4M+204.5%	-$59.7M	$125.0M-15.6%	$148.1M+5.5%	$140.4M+14.2%	$123.0M+37.8%	$89.3M+28.1%	$69.7M+75.4%	$39.7M+23.4%	$32.2M+292.5%	$8.2M+207.9%	-$7.6M-118.4%	$41.3M+23.9%	$33.3M
Interest Expense	$29.6M-11.5%	$33.4M-4.5%	$35.0M	$5.8M+375.1%	$1.2M+21.5%	$1.0M-89.0%	$9.1M+219.6%	$2.9M-62.3%	$7.6M+545.7%	$1.2M+3347.1%	$34K-30.6%	$49K+28.9%	$38K-5.0%	$40K-49.4%	$79K
Income Tax	$784K+106.3%	-$12.5M+75.8%	-$51.6M	$7.1M-52.9%	$15.1M+84.0%	$8.2M-35.5%	$12.8M+654.6%	$1.7M-72.7%	$6.2M+11.7%	$5.5M+27.0%	$4.4M+337.2%	-$1.8M+82.5%	-$10.5M-216.8%	$9.0M+11.6%	$8.1M
Net Income	-$29.7M+21.6%	-$37.9M+72.5%	-$137.6M	$11.3M-81.8%	$62.0M-27.6%	$85.7M+83.2%	$46.8M+14.4%	$40.9M+64.4%	$24.9M+26.0%	$19.7M+90.4%	$10.4M+190.8%	-$11.4M+13.5%	-$13.2M-158.4%	$22.6M+22.6%	$18.4M
EPS (Basic)	-$0.50+23.1%	-$0.65+72.7%	-$2.38	$0.20-82.3%	$1.13-28.0%	$1.57+60.2%	$0.98+11.4%	$0.88+49.2%	$0.59+1.7%	$0.58+81.2%	$0.32+186.5%	-$0.37+15.9%	-$0.44-157.1%	$0.77+5.5%	$0.73
EPS (Diluted)	-$0.50+23.1%	-$0.65+72.7%	-$2.38	$0.20-82.1%	$1.12-28.2%	$1.56+62.5%	$0.96+11.6%	$0.86+48.3%	$0.58+3.6%	$0.56+80.6%	$0.31+183.8%	-$0.37+15.9%	-$0.44-158.7%	$0.75+7.1%	$0.70
Diluted Shares (Avg)	59M+1.2%	59M+1.7%	58M	56M+0.8%	55M+0.7%	55M+13.6%	49M+2.2%	47M+10.4%	43M+22.6%	35M+6.6%	33M+6.3%	31M+2.9%	30M+0.1%	30M+14.8%	26M

Metric	Q4'2610-K	Q3'2610-Q	Q2'2610-Q	Q1'2610-Q	Q4'2510-K	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q
Revenue	$289.8M+6.1%	$235.8M+11.5%	$232.9M+4.4%	$225.2M+10.2%	$273.1M+9.9%	$211.4M+1.5%	$223.1M+13.0%	$204.4M+13.0%
Cost of Revenue	$201.2M+6.8%	$166.7M+8.1%	$172.2M+6.1%	$162.3M+6.3%	$188.3M+7.4%	$154.2M-8.0%	$162.3M-2.2%	$152.6M+17.0%
Gross Profit	$88.6M+4.5%	$69.0M+20.9%	$60.6M-0.3%	$62.9M+21.5%	$84.8M+15.8%	$57.1M+40.5%	$60.8M+93.0%	$51.8M+2.5%
R&D Expenses	$16.2M+35.6%	$15.0M-6.1%	$15.4M-28.0%	$13.2M-28.3%	$11.9M-38.6%	$16.0M-25.9%	$21.4M-25.0%	$18.4M-42.3%
SG&A Expenses	$47.8M+26.9%	$39.1M-9.1%	$42.1M+4.0%	$45.9M+38.5%	$37.7M-13.0%	$43.0M-0.3%	$40.5M-8.9%	$33.2M-7.4%
Operating Income	$14.5M-38.6%	$5.2M+130.2%	-$10.8M+12.9%	-$8.6M+35.9%	$23.6M+395.6%	-$17.3M+62.0%	-$12.4M+77.0%	-$13.4M+66.6%
EBITDA	$32.0M-26.5%	$23.2M+801.5%	$7.5M-12.0%	$10.3M+32.2%	$43.5M+224.2%	$2.6M+110.8%	$8.5M+126.8%	$7.8M+144.6%
Interest Expense	$6.5M-18.7%	$7.3M-9.1%	$7.8M-6.9%	$7.9M-11.5%	$8.0M-12.4%	$8.1M-13.4%	$8.4M-2.8%	$8.9M+13.3%
Income Tax	$7.0M+185.9%	$174K+106.6%	-$2.4M+64.8%	-$4.0M+28.1%	$2.4M+131.3%	-$2.6M+79.1%	-$6.7M+62.9%	-$5.6M+57.1%
Net Income	$771K-95.3%	-$2.9M+85.1%	-$15.1M+14.1%	-$12.5M+28.6%	$16.4M+252.5%	-$19.2M+57.0%	-$17.6M+61.4%	-$17.5M+52.3%
EPS (Basic)	$0.01-96.4%	-$0.04+87.9%	-$0.26+13.3%	-$0.21+30.0%	$0.28+255.6%	-$0.33+57.1%	-$0.30+62.0%	-$0.30+53.1%
EPS (Diluted)	$0.01-96.4%	-$0.04+87.9%	-$0.26+13.3%	-$0.21+30.0%	$0.28+255.6%	-$0.33+57.1%	-$0.30+62.0%	-$0.30+53.1%
Diluted Shares (Avg)	N/A	59M+1.1%	59M+1.5%	59M+1.6%	N/A	59M+1.8%	59M+2.0%	58M+2.0%

MRCY Balance Sheet

MRCY quarterly balance sheet

Metric	FY2610-K	FY2510-K	FY2410-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Total Assets	$2.3B-4.6%	$2.4B+2.3%	$2.4B	$2.3B+17.9%	$2.0B+21.4%	$1.6B+13.7%	$1.4B+33.1%	$1.1B+30.5%	$815.7M+10.8%	$736.5M+90.4%	$386.9M+3.5%	$373.7M-0.2%	$374.4M-2.9%	$385.6M+8.4%	$355.6M
Current Assets	$973.4M-8.0%	$1.1B+10.9%	$953.8M	$815.3M+26.8%	$643.1M+1.3%	$634.8M+9.0%	$582.2M+75.5%	$331.7M+34.7%	$246.2M+0.3%	$245.4M+39.6%	$175.8M+9.6%	$160.3M+9.6%	$146.3M-29.6%	$207.7M-13.5%	$240.2M
Cash & Equivalents	$214.3M-30.7%	$309.1M+71.2%	$180.5M	$65.7M-42.3%	$113.8M-49.8%	$226.8M-12.1%	$257.9M+287.7%	$66.5M+59.8%	$41.6M-49.0%	$81.7M+5.3%	$77.6M+64.1%	$47.3M+20.9%	$39.1M-66.3%	$116.0M-28.8%	$162.9M
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Inventory	$367.0M+10.2%	$332.9M-0.7%	$335.3M	$270.3M+22.0%	$221.6M+24.5%	$178.1M+29.9%	$137.1M+26.3%	$108.6M+33.9%	$81.1M+39.1%	$58.3M+82.4%	$32.0M+1.0%	$31.7M-15.4%	$37.4M+44.8%	$25.8M+39.4%	$18.5M
Accounts Receivable	$69.2M-36.8%	$109.6M-1.7%	$111.4M	$144.5M+12.2%	$128.8M+6.9%	$120.4M+1.4%	$118.8M+14.2%	$104.0M+36.3%	$76.3M+4.0%	$73.4M+131.2%	$31.8M-15.6%	$37.6M+28.7%	$29.2M-24.1%	$38.5M-14.0%	$44.8M
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill	$942.4M+0.5%	$938.1M0.0%	$938.1M	$937.9M+16.5%	$804.9M+31.1%	$614.1M+9.2%	$562.1M+13.0%	$497.4M+30.6%	$380.8M+10.7%	$344.0M+104.6%	$168.1M0.0%	$168.1M+0.4%	$167.6M+35.5%	$123.7M+55.4%	$79.6M
Total Liabilities	$825.3M-14.1%	$961.3M+6.1%	$906.1M	$767.2M+62.9%	$471.0M+108.5%	$225.9M+70.9%	$132.2M-54.8%	$292.6M+223.9%	$90.3M-65.7%	$263.5M+617.0%	$36.7M-21.1%	$46.6M+1.4%	$45.9M-12.5%	$52.5M-3.0%	$54.1M
Current Liabilities	$328.5M+9.4%	$300.4M+28.1%	$234.4M	$193.9M+28.6%	$150.8M+19.8%	$125.9M+28.4%	$98.0M+36.8%	$71.7M-1.6%	$72.8M+7.7%	$67.6M+103.2%	$33.3M+1.1%	$32.9M+6.9%	$30.8M-16.6%	$36.9M+2.0%	$36.2M
Non-Current Liabilities	$496.8M-24.8%	$660.9M-1.6%	$671.7M	$573.3M+79.1%	$320.2M+220.1%	$100.0M+192.4%	$34.2M-84.5%	$220.9M+1163.6%	$17.5M-91.1%	$195.8M+5564.1%	$3.5M-74.6%	$13.6M-9.8%	$15.1M-2.9%	$15.6M-13.2%	$17.9M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$192.3M	N/A	N/A	N/A	N/A	N/A
Total Equity	$1.5B+1.6%	$1.5B0.0%	$1.5B	$1.5B+3.6%	$1.5B+7.2%	$1.4B+7.8%	$1.3B+66.4%	$771.9M+6.4%	$725.4M+53.4%	$473.0M+35.1%	$350.1M+7.0%	$327.1M-0.4%	$328.5M-1.4%	$333.1M+10.5%	$301.4M
Retained Earnings	$152.2M-16.3%	$181.9M-17.2%	$219.8M	$385.8M+3.0%	$374.5M+19.9%	$312.5M+37.8%	$226.7M+26.0%	$180.0M+29.4%	$139.1M+21.8%	$114.2M+20.9%	$94.5M+12.3%	$84.1M-12.0%	$95.5M-12.1%	$108.7M+26.3%	$86.1M

Metric	Q4'2610-K	Q3'2610-Q	Q2'2610-Q	Q1'2610-Q	Q4'2510-K	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q
Total Assets	$2.3B-4.6%	$2.5B+2.8%	$2.5B+4.2%	$2.5B+3.7%	$2.4B+2.3%	$2.4B+1.5%	$2.4B-1.4%	$2.4B-1.3%
Current Assets	$973.4M-8.0%	$1.1B+9.5%	$1.1B+14.3%	$1.1B+13.7%	$1.1B+10.9%	$1.0B+7.1%	$990.7M+0.7%	$954.3M0.0%
Cash & Equivalents	$214.3M-30.7%	$331.8M+23.0%	$335.0M+38.1%	$304.7M+92.7%	$309.1M+71.2%	$269.8M+89.2%	$242.6M+43.8%	$158.1M+76.9%
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Inventory	$367.0M+10.2%	$361.7M+2.6%	$349.6M+1.5%	$340.2M-3.1%	$332.9M-0.7%	$352.7M+2.8%	$344.4M-2.8%	$351.1M-3.3%
Accounts Receivable	$69.2M-36.8%	$95.5M-7.6%	$105.8M+1.3%	$92.6M-25.6%	$109.6M-1.7%	$103.4M+12.7%	$104.5M+26.3%	$124.5M+36.2%
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill	$942.4M+0.5%	$942.6M+0.5%	$938.1M0.0%	$938.1M0.0%	$938.1M0.0%	$938.1M0.0%	$938.1M0.0%	$938.1M0.0%
Total Liabilities	$825.3M-14.1%	$1.0B+4.2%	$1.0B+10.7%	$982.6M+8.1%	$961.3M+6.1%	$963.3M+6.4%	$941.2M+1.0%	$909.1M+5.7%
Current Liabilities	$328.5M+9.4%	$350.5M+18.2%	$383.0M+40.0%	$322.2M+38.4%	$300.4M+28.1%	$296.6M+42.9%	$273.5M+21.2%	$232.8M+13.4%
Non-Current Liabilities	$496.8M-24.8%	$653.1M-2.0%	$659.1M-1.3%	$660.4M-2.4%	$660.9M-1.6%	$666.8M-4.4%	$667.6M-5.4%	$676.3M+3.3%
Total Equity	$1.5B+1.6%	$1.5B+1.8%	$1.5B0.0%	$1.5B+1.0%	$1.5B0.0%	$1.5B-1.5%	$1.5B-2.9%	$1.5B-5.3%
Retained Earnings	$152.2M-16.3%	$151.4M-8.5%	$154.3M-16.5%	$169.4M-16.3%	$181.9M-17.2%	$165.5M-28.2%	$184.7M-32.9%	$202.3M-36.9%

Not reported in any period shown, so not listed: Long-Term Debt.

MRCY Cash Flow Statement

MRCY quarterly cash flow statement

Metric	FY2610-K	FY2510-K	FY2410-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Operating Cash Flow	$102.4M-26.3%	$138.9M+130.0%	$60.4M	-$18.9M-119.4%	$97.2M-15.6%	$115.2M+18.1%	$97.5M+125.1%	$43.3M-26.8%	$59.1M+60.1%	$36.9M+14.7%	$32.2M+126.2%	$14.2M+861.1%	-$1.9M-105.9%	$31.9M+1.3%	$31.5M
Depreciation & Amortization	$72.7M-11.4%	$82.0M-6.8%	$88.0M	$93.4M+39.3%	$67.1M+36.0%	$49.3M+6.3%	$46.4M+9.7%	$42.3M+31.0%	$32.3M+105.0%	$15.7M+13.7%	$13.8M-11.3%	$15.6M-9.3%	$17.2M+47.6%	$11.7M+39.7%	$8.3M
Stock-Based Compensation	$41.1M+64.4%	$25.0M-2.5%	$25.7M	$38.3M+35.4%	$28.3M+6.6%	$26.5M+36.6%	$19.4M+12.2%	$17.3M+12.9%	$15.3M+60.2%	$9.6M+9.7%	$8.7M-5.6%	$9.2M+16.4%	$7.9M+20.0%	$6.6M+18.6%	$5.6M
Capital Expenditures	$34.3M+73.2%	$19.8M-42.3%	$34.3M	$27.7M-39.3%	$45.6M+5.3%	$43.3M+62.2%	$26.7M+76.7%	$15.1M-54.0%	$32.8M+316.5%	$7.9M+31.8%	$6.0M-10.7%	$6.7M+72.7%	$3.9M-58.8%	$9.4M+6.8%	$8.8M
Free Cash Flow	$68.1M-42.8%	$119.0M+356.3%	$26.1M	-$46.5M-190.1%	$51.6M-28.2%	$71.9M+1.5%	$70.8M+151.0%	$28.2M+7.3%	$26.3M-9.5%	$29.1M+10.8%	$26.2M+247.8%	$7.5M+231.1%	-$5.8M-125.6%	$22.4M-0.9%	$22.6M
Investing Cash Flow	-$35.7M-164.6%	-$13.5M+60.6%	-$34.3M	-$274.3M+34.2%	-$416.9M-207.7%	-$135.5M+11.9%	-$153.8M+23.4%	-$200.9M-80.8%	-$111.1M+65.1%	-$318.2M-5584.3%	-$5.6M+16.7%	-$6.7M+90.5%	-$71.1M+12.0%	-$80.8M-256.2%	-$22.7M
Financing Cash Flow	-$162.7M-11625.4%	$1.4M-98.3%	$82.7M	$245.8M+19.2%	$206.2M+1986.5%	-$10.9M-104.4%	$247.8M+35.4%	$182.9M+1513.5%	$11.3M-96.0%	$284.9M+7195.6%	$3.9M+426.3%	$742K+120.2%	-$3.7M-285.8%	$2.0M-98.0%	$97.8M
Share Buybacks	$15.0M	$0-100.0%	$31K	$8.2M+12333.3%	$66K-99.6%	$16.2M+103.9%	$8.0M-48.6%	$15.5M+76.9%	$8.8M+10.2%	$8.0M+742.7%	$944K	$0	N/A	N/A	N/A

Metric	Q4'2610-K	Q3'2610-Q	Q2'2610-Q	Q1'2610-Q	Q4'2510-K	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q
Operating Cash Flow	$42.2M+10.7%	$6.4M-78.5%	$51.6M-39.6%	$2.2M+114.9%	$38.1M-46.9%	$30.0M+268.3%	$85.5M+87.9%	-$14.7M+62.5%
Depreciation & Amortization	$17.5M-12.3%	$18.0M-9.8%	$18.3M-12.5%	$18.9M-10.9%	$20.0M-6.6%	$19.9M-8.4%	$20.9M-5.7%	$21.2M-6.5%
Stock-Based Compensation	N/A	$9.0M+5.9%	$10.6M+33.1%	$9.6M+57.1%	N/A	$8.5M+23.5%	$8.0M+7.8%	$6.1M+48.0%
Capital Expenditures	$13.6M+231.6%	$8.3M+39.7%	$5.9M+66.0%	$6.5M+5.0%	$4.1M-60.4%	$5.9M-25.5%	$3.6M-55.5%	$6.2M-22.2%
Free Cash Flow	$28.6M-15.9%	-$1.8M-107.6%	$45.7M-44.2%	-$4.4M+79.1%	$34.0M-44.7%	$24.1M+193.5%	$81.9M+118.4%	-$20.9M+55.6%
Investing Cash Flow	-$13.6M-467.3%	-$9.7M-201.1%	-$5.9M-256.6%	-$6.5M-5.0%	-$2.4M+76.9%	-$3.2M+59.5%	-$1.7M+79.3%	-$6.2M+22.2%
Financing Cash Flow	-$147.3M-6891.6%	$0	-$15.4M-1134.1%	$0+100.0%	$2.2M+109.2%	$0	$1.5M-96.4%	-$2.2M-103.5%
Share Buybacks	$0	$0	N/A	N/A	$0-100.0%	$0	N/A	N/A

Not reported in any period shown, so not listed: Dividends Paid.

MRCY Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

MRCY quarterly financial ratios

Metric	FY2610-K	FY2510-K	FY2410-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Gross Margin	28.6%+0.7pp	27.9%+4.5pp	23.4%	40.0%-1.7pp	41.7%-3.1pp	44.8%+1.1pp	43.7%-2.1pp	45.8%-1.1pp	46.9%-0.4pp	47.2%-1.4pp	48.6%+3.2pp	45.4%+5.2pp	40.2%-16.2pp	56.4%-0.4pp	56.8%
Operating Margin	0.0%+2.2pp	-2.1%+15.5pp	-17.7%	3.2%-5.6pp	8.8%-2.7pp	11.4%-0.3pp	11.7%+2.2pp	9.5%+0.4pp	9.2%+0.3pp	8.9%+1.0pp	7.8%+11.4pp	-3.5%+9.2pp	-12.8%-25.3pp	12.5%+1.6pp	10.9%
Net Margin	-3.0%+1.1pp	-4.2%+12.3pp	-16.5%	1.1%-5.6pp	6.7%-4.0pp	10.8%+3.6pp	7.1%-1.1pp	8.3%+2.2pp	6.1%-1.2pp	7.3%+2.9pp	4.4%+9.9pp	-5.5%+1.3pp	-6.8%-16.3pp	9.5%+1.5pp	8.1%
Return on Equity	-2.0%+0.6pp	-2.6%+6.8pp	-9.3%	0.7%-3.4pp	4.2%-2.0pp	6.2%+2.5pp	3.6%-1.7pp	5.3%+1.9pp	3.4%-0.7pp	4.2%+1.2pp	3.0%+6.5pp	-3.5%+0.5pp	-4.0%-10.8pp	6.8%+0.7pp	6.1%
Return on Assets	-1.3%+0.3pp	-1.6%+4.2pp	-5.8%	0.5%-2.7pp	3.2%-2.1pp	5.3%+2.0pp	3.3%-0.5pp	3.8%+0.8pp	3.0%+0.4pp	2.7%0.0pp	2.7%+5.7pp	-3.1%+0.5pp	-3.5%-9.4pp	5.9%+0.7pp	5.2%
Current Ratio	2.96-0.6x	3.52-0.5x	4.07	4.20-0.1x	4.26-0.8x	5.04-0.9x	5.94+1.3x	4.63+1.2x	3.38-0.2x	3.63-1.7x	5.28+0.4x	4.87+0.1x	4.75-0.9x	5.62-1.0x	6.63
Debt-to-Equity	0.55-0.1x	0.650.0x	0.62	0.50+0.2x	0.32+0.2x	0.16+0.1x	0.10-0.3x	0.38+0.3x	0.12-0.3x	0.41+0.3x	0.100.0x	0.140.0x	0.140.0x	0.160.0x	0.18
Asset Turnover	0.420.0x	0.370.0x	0.35	0.430.0x	0.470.0x	0.490.0x	0.460.0x	0.460.0x	0.50+0.1x	0.37-0.2x	0.610.0x	0.560.0x	0.52-0.1x	0.610.0x	0.64
FCF Margin	6.9%-6.1pp	13.1%+9.9pp	3.1%	-4.7%-10.3pp	5.6%-3.4pp	9.0%-1.8pp	10.8%+5.1pp	5.7%-0.7pp	6.4%-4.3pp	10.8%-0.4pp	11.2%+7.6pp	3.6%+6.6pp	-3.0%-12.4pp	9.5%-0.4pp	9.9%

Metric	Q4'2610-K	Q3'2610-Q	Q2'2610-Q	Q1'2610-Q	Q4'2510-K	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q
Gross Margin	30.6%-0.5pp	29.3%+2.3pp	26.0%-1.2pp	27.9%+2.6pp	31.0%+1.6pp	27.0%+7.5pp	27.3%+11.3pp	25.3%-2.6pp
Operating Margin	5.0%-3.6pp	2.2%+10.4pp	-4.7%+0.9pp	-3.8%+2.7pp	8.6%+11.8pp	-8.2%+13.7pp	-5.6%+21.8pp	-6.6%+15.6pp
Net Margin	0.3%-5.7pp	-1.2%+7.9pp	-6.5%+1.4pp	-5.6%+3.0pp	6.0%+10.3pp	-9.1%+12.3pp	-7.9%+15.2pp	-8.6%+11.7pp
Return on Equity	0.1%-1.1pp	-0.2%+1.1pp	-1.0%+0.2pp	-0.9%+0.3pp	1.1%+1.8pp	-1.3%+1.7pp	-1.2%+1.8pp	-1.2%+1.2pp
Return on Assets	0.0%-0.6pp	-0.1%+0.7pp	-0.6%+0.1pp	-0.5%+0.2pp	0.7%+1.1pp	-0.8%+1.1pp	-0.7%+1.1pp	-0.7%+0.8pp
Current Ratio	2.96-0.6x	3.19-0.3x	2.96-0.7x	3.37-0.7x	3.52-0.5x	3.44-1.1x	3.62-0.7x	4.10-0.6x
Debt-to-Equity	0.55-0.1x	0.680.0x	0.71+0.1x	0.670.0x	0.650.0x	0.660.0x	0.640.0x	0.62+0.1x
Asset Turnover	0.120.0x	0.100.0x	0.090.0x	0.090.0x	0.110.0x	0.090.0x	0.090.0x	0.090.0x
FCF Margin	9.9%-2.6pp	-0.8%-12.2pp	19.6%-17.1pp	-1.9%+8.3pp	12.4%-12.3pp	11.4%+23.7pp	36.7%+17.7pp	-10.2%+15.8pp

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
Mercury Systems Inc. MRCY	FY2026	$983.6M	-$29.7M	-3.0%	$4.7B	51/100
Spirit Aerosystems Holdings, Inc. SPR	FY2024	$6.3B	$2.1B	33.9%	$4.6B	33/100
Hexcel Corporation HXL	FY2025	$1.9B	$109.4M	5.8%	$6.4B	53/100
Archer Aviation Inc. ACHR	FY2025	$300K	-$618.2M	N/A	$3.6B	—
VSE Corp VSEC	FY2025	$1.1B	$11.7M	1.1%	$4.7B	57/100
AAR Corp. AIR	FY2026	$3.3B	$187.7M	5.7%	$4.0B	41/100

Where Mercury Systems Inc. Ranks

Frequently Asked Questions

What is Mercury Systems Inc.'s annual revenue?

Mercury Systems Inc. (MRCY) reported $983.6M in total revenue for fiscal year 2026. This represents a 7.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Mercury Systems Inc.'s revenue growing?

Mercury Systems Inc. (MRCY) revenue grew by 7.9% year-over-year, from $912.0M to $983.6M in fiscal year 2026.

Is Mercury Systems Inc. profitable?

No, Mercury Systems Inc. (MRCY) reported a net income of -$29.7M in fiscal year 2026, with a net profit margin of -3.0%.

What is Mercury Systems Inc.'s EBITDA?

Mercury Systems Inc. (MRCY) had EBITDA of $73.0M in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization.

What is Mercury Systems Inc.'s gross margin?

Mercury Systems Inc. (MRCY) had a gross margin of 28.6% in fiscal year 2026, indicating the percentage of revenue retained after direct costs of goods sold.

What is Mercury Systems Inc.'s operating margin?

Mercury Systems Inc. (MRCY) had an operating margin of 0.0% in fiscal year 2026, reflecting the profitability of core business operations before interest and taxes.

What is Mercury Systems Inc.'s net profit margin?

Mercury Systems Inc. (MRCY) had a net profit margin of -3.0% in fiscal year 2026, representing the share of revenue converted into profit after all expenses.

What is Mercury Systems Inc.'s return on equity (ROE)?

Mercury Systems Inc. (MRCY) has a return on equity of -2.0% for fiscal year 2026, measuring how efficiently the company generates profit from shareholder equity.

What is Mercury Systems Inc.'s free cash flow?

Mercury Systems Inc. (MRCY) generated $68.1M in free cash flow during fiscal year 2026. This represents a -42.8% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Mercury Systems Inc.'s operating cash flow?

Mercury Systems Inc. (MRCY) generated $102.4M in operating cash flow during fiscal year 2026, representing cash generated from core business activities.

What are Mercury Systems Inc.'s total assets?

Mercury Systems Inc. (MRCY) had $2.3B in total assets as of fiscal year 2026, including both current and long-term assets.

What are Mercury Systems Inc.'s capital expenditures?

Mercury Systems Inc. (MRCY) invested $34.3M in capital expenditures during fiscal year 2026, funding long-term assets and infrastructure.

How much does Mercury Systems Inc. spend on research and development?

Mercury Systems Inc. (MRCY) invested $59.7M in research and development during fiscal year 2026.

Does Mercury Systems Inc. buy back shares?

Yes, Mercury Systems Inc. (MRCY) spent $15.0M on share buybacks during fiscal year 2026, returning capital to shareholders by reducing shares outstanding.

How many shares does Mercury Systems Inc. have outstanding?

Mercury Systems Inc. (MRCY) had 60M shares outstanding as of fiscal year 2026.

What is Mercury Systems Inc.'s current ratio?

Mercury Systems Inc. (MRCY) had a current ratio of 2.96 as of fiscal year 2026, which is generally considered healthy.

What is Mercury Systems Inc.'s debt-to-equity ratio?

Mercury Systems Inc. (MRCY) had a debt-to-equity ratio of 0.55 as of fiscal year 2026, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Mercury Systems Inc.'s return on assets (ROA)?

Mercury Systems Inc. (MRCY) had a return on assets of -1.3% for fiscal year 2026, measuring how efficiently the company uses its assets to generate profit.

What is Mercury Systems Inc.'s P/E ratio?

Mercury Systems Inc. (MRCY) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (FY2026). The market capitalization is $4.7B as of Oct 13, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Mercury Systems Inc.'s price-to-sales ratio?

Mercury Systems Inc. (MRCY) trades at 4.7x sales, its market capitalization divided by revenue of $983.6M revenue, FY2026. The market capitalization is $4.7B as of Oct 13, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Mercury Systems Inc.'s Altman Z-Score?

Mercury Systems Inc. (MRCY) has an Altman Z-Score of 4.24, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Mercury Systems Inc.'s Piotroski F-Score?

Mercury Systems Inc. (MRCY) has a Piotroski F-Score of 5 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Mercury Systems Inc.'s earnings high quality?

Mercury Systems Inc. (MRCY) reported a net loss of $29.7M while generating $102.4M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Mercury Systems Inc. cover its interest payments?

Mercury Systems Inc. (MRCY) has an interest coverage ratio of 0.01x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Mercury Systems Inc.?

Mercury Systems Inc. (MRCY) scores 51 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.