MERCURY SYSTEMS INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data MERCURY SYSTEMS INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Revenue	409	493	655	797	924	988	974	835	912	984
Cost of revenue	217	267	369	440	539	593	657	639	658	702
Gross profit	192	226	286	357	385	395	317	196	254	281
Research and development	54.1	58.8	68.9	98.5	113	107	109	101	67.6	59.7
Selling, general and administrative	76.5	88.4	111	132	134	157	161	167	154	175
Operating expenses	154	179	210	266	304	363	338	344	274	281
Operating income	37.4	47	76.6	91.1	81	31.6	-21.7	-148	-19.6	0.28
Interest expense	7.57	2.85	9.11	1.01	1.22	5.81	25.2	35	33.4	29.6
Interest income	0.46	0.03	0.93	2.15	0.18	0.14	1.05	1.2	3.61	7.72
Other non-operating income	0.77	-1.59	-8.88	1.73	-2.79	-7.55	-2.75	-7.71	-0.97	-7.3
Pre-tax income	31.1	42.6	59.5	93.9	77.2	18.4	-48.5	-189	-50.4	-28.9
Income tax	6.19	1.69	12.8	8.22	15.1	7.12	-20.2	-51.6	-12.5	0.78
Income from continuing operations	24.9
Net income	24.9	40.9	46.8	85.7	62	11.3	-28.3	-138	-37.9	-29.7
EBITDA	69.7	89.3	123	140	148	125	75.6	-59.7	62.4	73
EPS, basic	0.59	0.88	0.98	1.57	1.13	0.20	-0.50	-2.38	-0.65	-0.50
EPS, diluted	0.58	0.86	0.96	1.56	1.12	0.20	-0.50	-2.38	-0.65	-0.50
Shares, basic (weighted)	42	46.7	47.8	54.5	55.1	55.5	56.6	57.7	58.7	59.5
Shares, diluted (weighted)	43	47.5	48.5	55.1	55.5	55.9	56.6	57.7	58.7	59.5

Balance sheet

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Cash and equivalents	41.6	66.5	258	227	114	65.7	71.6	181	309	214
Receivables	76.3	104	119	120	129	144	125	111	110	69.2
Inventory	81.1	109	137	178	222	270	337	335	333	367
Other current assets	8.38	9.06	10.8	16.6	15.1	23.9	21	22.5	27.6	34.9
Total current assets	246	332	582	635	643	815	937	954	1,058	973
Property, plant and equipment	51.6	51	60	87.7	129	127	120	110	101	108
Lease right-of-use assets			0	60.6	66.4	66.4	63	60.9	52.3	47.7
Goodwill	381	497	562	614	805	938	938	938	938	942
Intangible assets	129	178	206	209	308	352	298	251	211	176
Other non-current assets	8.02	6.41	6.53	4.78	4.68	6.19	8.54	6.69	5.16	7.78
Total assets	816	1,064	1,417	1,611	1,955	2,304	2,391	2,379	2,435	2,323
Accounts payable	27.5	21.3	39	41.9	48	98.7	104	81.1	79.1	91
Accrued liabilities	20.6	16.4	18.9	23.8	24.7	35	28.4	42.9	35.3	33
Deferred revenue	6.36	12.6	11.3	19	38.2	15.5	56.6	73.9	127	150
Short-term debt	0
Total current liabilities	72.8	71.7	98	126	151	194	233	234	300	329
Lease liabilities			0	67	71.5	69.9	66.8	62.6	52.7	45.8
Other non-current liabilities	11.8	11.3	15.1	15	12.4	10.4	7.96	9.92	12.6	5.98
Total liabilities	90.3	293	132	226	471	767	825	906	961	825
Total debt	0
Paid-in capital	585	590	1,059	1,075	1,109	1,145	1,197	1,242	1,287	1,333
Retained earnings	139	180	227	312	374	386	357	220	182	152
Other comprehensive income	1.07	1.29	-1.29	-2.89	-0.34	5.53	11.8	9.99	3.5	11.2
Shareholders' equity	725	772	1,285	1,385	1,484	1,537	1,567	1,473	1,473	1,497
Total equity	725	772	1,285	1,385	1,484	1,537	1,567	1,473	1,473	1,497
Total liabilities and equity	816	1,064	1,417	1,611	1,955	2,304	2,391	2,379	2,435	2,323
Shares outstanding	46.3	46.9	54.2	54.2	55.2	55.7	57	58.1	59	59.6

Cash flow statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Net income	24.9	40.9	46.8	85.7	62	11.3	-28.3	-138	-37.9	-29.7
Depreciation and amortization	32.3	42.3	46.4	49.3	67.1	93.4	97.3	88	82	72.7
Stock-based compensation	15.3	17.3	19.4	26.5	28.3	38.3	27.8	25.7	25	41.1
Deferred income tax	-7.84	-5.46	-1.56	-3.02	-1.13	-2.42	-59.6	-31.5	-10.6	1.83
Change in receivables	-14.1	-22.8	-28.1	-31.1	-52	-146	-58.7	76.5	30	32.7
Change in inventory	-9.32	-16.2	-17.1	-31.6	-27.4	-40.9	-64.1	0.13	-17.1	-44.5
Change in payables	3.52	-5.27	17.9	13.6	-6.32	58.4	-16.7	0.74	8.1	3.77
Cash from operations	59.1	43.3	97.5	115	97.2	-18.9	-21.3	60.4	139	102
Capital expenditures	-32.8	-15.1	-26.7	-43.3	-45.6	-27.7	-38.8	-34.3	-19.8	-34.3
Acquisitions	-77.8	-185	-127	-96.5	-373	-243	0	0	-4.54	-1.42
Cash from investing	-111	-201	-154	-135	-417	-274	-38.6	-34.3	-13.5	-35.7
Debt issued	0	210	130	200	200	252	140	105	0	0
Debt repaid	-200	-15	-325	-200	0	0	-80	-25	0	-150
Stock issued	216	0	454	0	0	5.37	5.49	4.64	3.66	5.42
Share buybacks	-8.77	-15.5	-7.97	-16.2	-0.07	-8.21	-0.06	-0.03	0	-15
Cash from financing	11.3	183	248	-10.9	206	246	65.4	82.7	1.41	-163
Exchange rate effect	0.55	-0.5	-0.1	0.14	0.41	-0.75	0.3	0.19	1.82	1.27
Net change in cash	-40.1	24.9	191	-31.1	-113	-48.2	5.91	109	129	-94.8
Free cash flow	26.3	28.2	70.8	71.9	51.6	-46.5	-60.1	26.1	119	68.1
Interest paid	5.76	1.61	10.4	1.05	1.09	5.49	27.3	37.4	36.6	32.4
Income taxes paid	2.83	17	7.35	12.9	8.98	14.1	24.2	-9.32	0.37	1.17

Key metrics

Worked out from the statements above. Latest values use fiscal 2026. Valuation uses the share price of $82.18 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	28.6%	Gross profit / revenue.
Operating margin	0.0%	Operating income / revenue.
EBITDA margin	7.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-2.9%	Pre-tax income / revenue.
Net margin	-3.0%	Net income / revenue.
FCF margin	6.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	10.4%	Cash from operations / revenue.
Return on equity (ROE)	-2.0%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-1.2%	Net income / average total assets.
Return on invested capital (ROIC)	0.0%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	6.1%	Research and development expense / revenue.
SG&A / revenue	17.8%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	4.2%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	3.5%	Capital expenditures / revenue.
D&A / revenue	7.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	7.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	0.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	1.3%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	10.5%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-3.9%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	-6.1%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income CAGR, 5y	-67.8%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	16.9%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-1.2%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-13.2%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-26.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 5y	1.0%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-42.8%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 5y	5.7%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	1.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-1.5%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	0.2%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-4.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-1.0%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	3.5%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	1.2%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	1.7%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	1.4%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.96x	Current assets / current liabilities.
Quick ratio	0.86x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.65x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	35.5%	Total liabilities / total assets.
Interest coverage	0.01x	Operating income / interest expense.
Working capital	$644.9M	Current assets - current liabilities.
Goodwill and intangibles / assets	48.1%	(Goodwill + intangible assets) / total assets.
Tangible book value	$379.2M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.41x	Revenue / average total assets.
Fixed asset turnover	9.37x	Revenue / average property, plant and equipment.
Inventory turnover	2.01x	Cost of revenue / average inventory.
Days inventory	182 days	365 x average inventory / cost of revenue.
Receivables turnover	11.0x	Revenue / average receivables.
Days sales outstanding	33 days	365 x average receivables / revenue.
Days payables	44 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	171 days	Days inventory + days sales outstanding - days payables.
Capex / operating cash flow	33.5%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.50	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	-$0.50	Net income per basic share, as reported (split-adjusted).
Revenue per share	$16.54	Revenue / diluted weighted shares.
FCF per share	$1.15	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.72	Cash from operations / diluted weighted shares.
Book value per share	$25.12	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$6.36	Tangible book value / shares outstanding.
Cash per share	$3.60	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	22.0%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$4.93B	Share price x shares outstanding.
Enterprise value	$4.72B	Market cap + total debt - cash - short-term investments.
P/S	5.02x	Market cap / revenue.
P/B	3.30x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	13.0x	Market cap / tangible book value, when positive.
P/FCF	72.5x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	48.2x	Market cap / cash from operations, when positive.
EV/Sales	4.80x	Enterprise value / revenue.
EV/EBIT	16,857x	Enterprise value / operating income, when both are positive.
EV/EBITDA	64.7x	Enterprise value / EBITDA, when both are positive.
EV/FCF	69.3x	Enterprise value / free cash flow, when both are positive.
FCF yield	1.4%	Free cash flow / market cap.
Earnings yield	-0.6%	Net income / market cap (the inverse of P/E).
Shareholder yield	0.3%	(Dividends paid + share buybacks) / market cap.

What was MERCURY SYSTEMS INC's revenue in fiscal 2026?

MERCURY SYSTEMS INC reported revenue of $983.6M for fiscal 2026, 7.9% higher than the year before.

Was MERCURY SYSTEMS INC profitable in fiscal 2026?

No. It reported a net loss of $29.7M.

How much free cash flow did MERCURY SYSTEMS INC generate in fiscal 2026?

Cash from operations of $102.4M minus capital expenditures of $34.3M left free cash flow of $68.1M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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