Mercury Systems (MRCY) Financials

$49.32 -0.51 (-1.03%)

As of 12:26 PM Eastern

Annual Income Statements for Mercury Systems

This table shows Mercury Systems' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Income / (Loss) Attributable to Common Shareholders	10	20	25	41	47	86	62	11	-28	-138
Consolidated Net Income / (Loss)	10	20	25	41	47	86	62	11	-28	-138
Net Income / (Loss) Continuing Operations	14	20	25	41	47	86	62	11	-28	-138
Total Pre-Tax Income	19	25	31	43	60	94	77	18	-49	-189
Total Operating Income	18	24	37	47	77	91	81	32	-22	-148
Total Gross Profit	114	128	192	226	286	357	385	395	317	196
Total Revenue	235	270	409	493	655	797	924	988	974	835
Operating Revenue	235	270	409	493	655	797	924	988	974	835
Total Cost of Revenue	121	143	217	267	369	440	539	593	657	639
Operating Cost of Revenue	121	143	217	267	369	440	539	593	657	639
Total Operating Expenses	96	104	154	179	210	266	304	363	338	344
Selling, General & Admin Expense	49	53	76	88	111	132	134	157	161	167
Research & Development Expense	37	36	54	59	69	98	113	107	109	101
Amortization Expense	7.01	8.84	20	26	28	31	41	60	54	48
Restructuring Charge	3.29	5.23	3.88	5.70	2.02	4.48	15	39	15	28
Total Other Income / (Expense), net	0.44	1.31	-6.34	-4.41	-17	2.87	-3.83	-13	-27	-42
Interest Expense	0.03	1.17	7.57	2.85	9.11	1.01	1.22	5.81	25	35
Interest & Investment Income	0.02	0.13	0.46	0.03	0.93	2.15	0.18	0.14	1.05	1.20
Other Income / (Expense), net	0.45	2.35	0.77	-1.59	-8.88	1.73	-2.79	-7.55	-2.75	-7.71
Income Tax Expense	4.37	5.54	6.19	1.69	13	8.22	15	7.12	-20	-52
Basic Earnings per Share	$0.32	$0.58	$0.59	$0.88	$0.98	$1.57	$1.13	$0.20	($0.50)	($2.38)
Weighted Average Basic Shares Outstanding	32.11M	34.24M	41.99M	46.72M	47.83M	54.55M	55.07M	55.53M	56.55M	57.74M
Diluted Earnings per Share	$0.31	$0.56	$0.58	$0.86	$0.96	$1.56	$1.12	$0.20	($0.50)	($2.38)
Weighted Average Diluted Shares Outstanding	32.94M	35.10M	43.02M	47.47M	48.50M	55.12M	55.47M	55.90M	56.55M	57.74M
Weighted Average Basic & Diluted Shares Outstanding	32.40M	34M	42.20M	46.50M	55.43M	111.29M	112.47M	115.35M	116.38M	59.41M

This table shows Mercury Systems' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Net Income / (Loss) Attributable to Common Shareholders	17	-14	-11	5.16	-8.24	-37	-46	-45	-11	-18	-18
Consolidated Net Income / (Loss)	17	-14	-11	5.16	-8.24	-37	-46	-45	-11	-18	-18
Net Income / (Loss) Continuing Operations	17	-14	-11	5.16	-8.24	-37	-46	-45	-11	-18	-18
Total Pre-Tax Income	23	-15	-13	-5.29	-15	-50	-64	-57	-19	-23	-24
Total Operating Income	28	-7.19	-7.55	1.95	-8.90	-40	-54	-46	-7.97	-13	-12
Total Gross Profit	120	78	81	90	67	51	32	41	73	52	61
Total Revenue	290	228	230	263	253	181	197	208	249	204	223
Operating Revenue	290	228	230	263	253	181	197	208	249	204	223
Total Cost of Revenue	170	149	149	173	186	130	166	168	175	153	162
Operating Cost of Revenue	170	149	149	173	186	130	166	168	175	153	162
Total Operating Expenses	92	85	89	88	76	91	85	86	81	65	73
Selling, General & Admin Expense	44	39	45	45	32	36	44	43	43	33	41
Research & Development Expense	25	28	27	27	28	32	28	22	19	18	21
Amortization Expense	14	15	14	13	13	13	12	12	11	11	11
Restructuring Charge	8.92	4.01	3.01	4.38	4.03	11	0.23	10	7.09	2.44	0.22
Total Other Income / (Expense), net	-5.09	-8.16	-5.52	-7.24	-5.93	-9.53	-9.79	-12	-11	-9.70	-12
Interest Expense	2.45	4.55	6.59	6.71	7.31	7.86	8.67	9.32	9.16	8.91	8.43
Interest & Investment Income	0.02	0.03	0.22	0.08	0.72	0.10	0.03	0.54	0.53	0.54	0.41
Other Income / (Expense), net	-2.65	-3.65	0.85	-0.61	0.66	-1.77	-1.15	-2.78	-2.00	-1.34	-3.87
Income Tax Expense	5.61	-1.02	-2.15	-10	-6.59	-13	-18	-13	-7.82	-5.59	-6.73
Basic Earnings per Share	$0.31	($0.26)	($0.19)	$0.09	($0.14)	($0.64)	($0.79)	($0.77)	($0.18)	($0.30)	($0.30)
Weighted Average Basic Shares Outstanding	55.53M	55.93M	56.25M	56.51M	56.55M	57.11M	57.42M	57.70M	57.74M	58.26M	58.56M
Diluted Earnings per Share	$0.31	($0.26)	($0.19)	$0.09	($0.14)	($0.64)	($0.79)	($0.77)	($0.18)	($0.30)	($0.30)
Weighted Average Diluted Shares Outstanding	55.90M	55.93M	56.25M	56.90M	56.55M	57.11M	57.42M	57.70M	57.74M	58.26M	58.56M
Weighted Average Basic & Diluted Shares Outstanding	115.35M	57.98M	58.11M	58.19M	116.38M	59.28M	59.37M	59.35M	59.41M	59.63M	59.68M

This table details how cash moves in and out of Mercury Systems' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Change in Cash & Equivalents	30	4.11	-40	25	192	-31	-113	-48	-0.38	109
Net Cash From Operating Activities	32	37	59	43	98	115	97	-19	-21	60
Net Cash From Continuing Operating Activities	32	37	59	43	98	115	97	-19	-27	60
Net Income / (Loss) Continuing Operations	10	20	25	41	47	86	62	11	-28	-138
Consolidated Net Income / (Loss)	10	20	25	41	47	86	62	11	-28	-138
Depreciation Expense	14	16	32	42	46	49	67	93	97	88
Non-Cash Adjustments To Reconcile Net Income	10	9.38	17	19	29	24	32	38	43	65
Changes in Operating Assets and Liabilities, net	-2.47	-7.93	-15	-59	-24	-44	-64	-161	-139	45
Net Cash From Investing Activities	-5.60	-318	-111	-201	-154	-135	-417	-274	-39	-34
Net Cash From Continuing Investing Activities	-5.60	-318	-111	-201	-154	-135	-417	-274	-39	-34
Purchase of Property, Plant & Equipment	-5.98	-7.89	-33	-15	-27	-43	-46	-28	-39	-34
Acquisitions	0.00	-310	-78	-185	-127	-97	-373	-243	0.00	0.00
Other Investing Activities, net	-0.50	-0.57	-0.49	-0.38	-	0.00	1.54	-3.20	0.24	0.00
Net Cash From Financing Activities	3.91	285	11	183	248	-11	206	246	65	83
Net Cash From Continuing Financing Activities	3.91	285	11	183	248	-11	206	246	65	83
Repayment of Debt	-0.64	-2.93	-201	-15	-326	-200	0.00	-2.91	-80	-27
Repurchase of Common Equity	-0.94	-7.96	-8.77	-16	-7.97	-16	-0.07	-8.21	-0.06	-0.03
Issuance of Debt	-	195	0.00	210	130	200	200	252	140	105
Other Financing Activities, net	5.49	8.10	4.97	3.45	-1.76	5.32	6.30	5.37	5.49	4.64
Effect of Exchange Rate Changes	-0.22	0.48	0.55	-	-	0.14	0.41	-0.75	-	0.19
Cash Interest Paid	0.03	1.04	5.76	1.61	10	1.05	1.09	5.49	27	37
Cash Income Taxes Paid	7.88	7.98	2.83	17	7.35	13	8.98	14	24	-9.32

This table details how cash moves in and out of Mercury Systems' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Net Change in Cash & Equivalents	-26	-14	25	-13	0.83	18	79	-26	38	-22	84
Net Cash From Operating Activities	-19	-66	35	-3.22	13	-39	45	-18	72	-15	85
Net Cash From Continuing Operating Activities	-19	-66	35	-3.31	6.71	-39	45	-18	72	-15	85
Net Income / (Loss) Continuing Operations	17	-14	-11	5.16	-8.24	-37	-46	-45	-11	-18	-18
Consolidated Net Income / (Loss)	17	-14	-11	5.16	-8.24	-37	-46	-45	-11	-18	-18
Depreciation Expense	23	24	27	24	23	23	22	22	21	21	21
Non-Cash Adjustments To Reconcile Net Income	13	16	13	15	-1.11	17	17	16	15	13	10
Changes in Operating Assets and Liabilities, net	-72	-91	5.76	-47	-6.45	-42	52	-11	47	-32	72
Net Cash From Investing Activities	-8.38	-7.28	-13	-9.40	-8.76	-8.02	-7.99	-7.94	-10	-6.24	-1.66
Net Cash From Continuing Investing Activities	-8.38	-7.28	-13	-9.40	-8.76	-8.02	-7.99	-7.94	-10	-6.24	-1.66
Purchase of Property, Plant & Equipment	-8.18	-7.33	-13	-9.45	-8.85	-8.02	-7.99	-7.94	-10	-6.24	-3.56
Net Cash From Financing Activities	2.12	60	2.39	-	3.10	65	41	-	-24	-2.25	1.49
Net Cash From Continuing Financing Activities	2.12	60	2.39	-	3.10	65	41	-	-24	-2.25	1.49
Effect of Exchange Rate Changes	-0.35	-0.29	0.30	0.11	-	-0.11	0.56	-0.26	-	0.75	-0.86
Cash Interest Paid	3.07	3.71	7.48	7.56	8.54	6.42	9.70	11	11	8.90	10
Cash Income Taxes Paid	-0.90	4.13	-1.60	19	2.32	15	0.31	-0.43	-24	-0.92	0.53

This table presents Mercury Systems' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Total Assets	387	736	816	1,064	1,417	1,611	1,955	2,304	2,391	2,379
Total Current Assets	176	245	246	332	582	635	643	815	937	954
Cash & Equivalents	78	82	42	67	258	227	114	66	72	181
Accounts Receivable	54	96	114	144	119	120	129	144	125	111
Inventories, net	32	58	81	109	137	178	222	270	337	335
Prepaid Expenses	8.68	6.12	8.38	9.06	11	17	15	24	21	22
Other Current Assets	-	-	-	-	57	90	163	303	383	304
Plant, Property, & Equipment, net	13	28	52	51	60	88	129	127	120	110
Total Noncurrent Assets	198	463	518	682	775	888	1,184	1,362	1,335	1,315
Goodwill	168	344	381	497	562	614	805	938	938	938
Intangible Assets	18	117	129	178	206	209	308	352	298	251
Noncurrent Deferred & Refundable Income Taxes	11	-	-	-	-	-	-	0.00	27	59
Other Noncurrent Operating Assets	0.92	1.80	8.02	6.41	6.53	65	71	73	72	68
Total Liabilities & Shareholders' Equity	387	736	816	1,064	1,417	1,611	1,955	2,304	2,391	2,379
Total Liabilities	37	263	90	293	132	226	471	767	825	906
Total Current Liabilities	33	68	73	72	98	126	151	194	233	234
Accounts Payable	6.93	27	27	21	39	42	48	99	104	81
Accrued Expenses	9.01	10	21	16	19	24	25	35	28	43
Current Deferred Revenue	7.48	7.37	6.36	13	11	19	38	15	57	74
Current Deferred & Payable Income Tax Liabilities	-	-	-	-	-	-	-	0.00	14	0.11
Current Employee Benefit Liabilities	9.88	13	18	21	29	41	40	45	30	36
Total Noncurrent Liabilities	3.46	196	17	221	34	100	320	573	591	672
Long-Term Debt	0.00	182	0.00	195	0.00	0.00	200	452	512	592
Noncurrent Deferred Revenue	1.46	0.70	0.86	1.00	1.27	4.12	7.47	9.11	5.17	7.71
Other Noncurrent Operating Liabilities	2.00	0.99	12	11	15	82	84	80	75	73
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	350	473	725	772	1,285	1,385	1,484	1,537	1,567	1,473
Total Preferred & Common Equity	350	473	725	772	1,285	1,385	1,484	1,537	1,567	1,473
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	350	473	725	772	1,285	1,385	1,484	1,537	1,567	1,473
Common Stock	255	358	585	591	1,059	1,075	1,110	1,146	1,197	1,243
Retained Earnings	94	114	139	180	227	312	374	386	357	220
Accumulated Other Comprehensive Income / (Loss)	0.78	0.95	1.07	1.29	-1.29	-2.89	-0.34	5.53	12	9.99

This table presents Mercury Systems' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025
Total Assets	2,260	2,349	2,348	2,384	2,401	2,436	2,378	2,369	2,401
Total Current Assets	755	879	897	938	955	984	952	954	991
Cash & Equivalents	92	52	77	64	89	169	143	158	243
Accounts Receivable	125	164	146	126	91	83	92	125	104
Inventories, net	260	288	312	343	363	354	343	351	344
Prepaid Expenses	26	35	29	25	22	21	21	22	21
Other Current Assets	242	330	333	377	389	351	325	298	279
Plant, Property, & Equipment, net	126	126	122	119	117	114	114	105	111
Total Noncurrent Assets	1,379	1,344	1,329	1,327	1,329	1,338	1,313	1,310	1,299
Goodwill	938	938	938	938	938	938	938	938	938
Intangible Assets	365	337	323	311	286	273	262	239	226
Noncurrent Deferred & Refundable Income Taxes	-	-	-	-	40	55	44	66	72
Other Noncurrent Operating Assets	76	69	68	78	65	71	68	66	63
Total Liabilities & Shareholders' Equity	2,260	2,349	2,348	2,384	2,401	2,436	2,378	2,369	2,401
Total Liabilities	759	810	804	823	860	932	905	909	941
Total Current Liabilities	183	182	201	220	205	226	208	233	274
Accounts Payable	90	107	87	111	96	88	80	75	65
Accrued Expenses	35	28	30	28	34	31	40	43	40
Current Deferred Revenue	21	23	39	55	58	81	71	96	136
Current Deferred & Payable Income Tax Liabilities	-	-	13	-	0.00	0.00	0.00	1.12	0.31
Current Employee Benefit Liabilities	36	24	30	27	18	25	17	18	32
Total Noncurrent Liabilities	577	628	603	603	655	706	698	676	668
Long-Term Debt	452	512	512	512	577	617	617	592	592
Noncurrent Deferred Revenue	8.16	8.59	6.24	4.90	5.17	5.17	5.17	7.71	7.71
Other Noncurrent Operating Liabilities	87	76	73	80	73	84	76	77	68
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,500	1,539	1,544	1,561	1,541	1,504	1,473	1,460	1,460
Total Preferred & Common Equity	1,500	1,539	1,544	1,561	1,541	1,504	1,473	1,460	1,460
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	1,500	1,539	1,544	1,561	1,541	1,504	1,473	1,460	1,460
Common Stock	1,132	1,157	1,174	1,188	1,206	1,221	1,231	1,254	1,268
Retained Earnings	369	371	361	366	321	275	231	202	185
Accumulated Other Comprehensive Income / (Loss)	0.01	10	9.98	7.32	14	8.42	11	3.73	8.07

This table displays calculated financial ratios and metrics derived from Mercury Systems' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	12.51%	15.03%	51.24%	20.70%	32.76%	21.67%	15.99%	6.95%	-1.45%	-14.23%
EBITDA Growth	235.37%	28.86%	67.45%	24.45%	30.15%	24.56%	2.24%	-19.15%	-37.95%	-192.50%
EBIT Growth	420.25%	39.98%	45.00%	18.91%	49.16%	37.05%	-15.70%	-69.24%	-201.57%	-536.19%
NOPAT Growth	371.85%	32.83%	60.00%	50.66%	33.37%	38.08%	-21.63%	-70.25%	-178.35%	-581.37%
Net Income Growth	190.76%	90.39%	26.00%	64.35%	14.41%	83.24%	-27.61%	-81.83%	-351.31%	-385.76%
EPS Growth	183.78%	80.65%	3.57%	48.28%	11.63%	62.50%	-28.21%	-82.14%	-350.00%	-376.00%
Operating Cash Flow Growth	126.16%	14.70%	60.11%	-26.76%	125.10%	18.12%	-15.57%	-119.40%	-12.64%	384.10%
Free Cash Flow Firm Growth	921.16%	-1,585.02%	75.90%	-143.33%	61.36%	27.49%	-622.71%	4.00%	70.37%	119.68%
Invested Capital Growth	-2.01%	114.25%	17.21%	31.68%	14.04%	12.77%	35.61%	22.46%	4.35%	-6.12%
Revenue Q/Q Growth	4.65%	8.56%	7.97%	8.17%	3.82%	5.34%	3.76%	4.10%	-3.61%	-0.56%
EBITDA Q/Q Growth	30.53%	11.08%	10.24%	10.32%	-3.86%	11.59%	1.39%	5.26%	-31.87%	-4.40%
EBIT Q/Q Growth	73.35%	7.01%	9.39%	13.42%	-5.82%	17.12%	-7.23%	15.98%	-378.82%	-1.13%
NOPAT Q/Q Growth	98.65%	3.60%	12.44%	3.30%	16.32%	8.42%	-10.77%	1.13%	-246.22%	0.63%
Net Income Q/Q Growth	433.73%	8.57%	5.58%	3.28%	6.13%	20.23%	-13.03%	-8.22%	-789.92%	-1.88%
EPS Q/Q Growth	381.82%	5.66%	-1.69%	2.38%	4.35%	18.18%	-13.18%	-4.76%	-900.00%	-1.71%
Operating Cash Flow Q/Q Growth	46.20%	2.96%	-6.35%	58.01%	0.34%	2.45%	-1.55%	-167.97%	60.12%	4,805.12%
Free Cash Flow Firm Q/Q Growth	-3.38%	-3,062.06%	77.79%	27.23%	-267.03%	46.19%	-25.46%	4.50%	28.08%	145.45%
Invested Capital Q/Q Growth	-1.02%	105.92%	9.01%	-0.68%	5.17%	1.37%	5.25%	3.37%	-0.07%	-3.23%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	48.63%	47.24%	46.88%	45.80%	43.71%	44.80%	41.69%	39.97%	32.52%	23.45%
EBITDA Margin	13.90%	15.57%	17.24%	17.78%	17.43%	17.84%	15.73%	11.89%	7.48%	-8.07%
Operating Margin	7.82%	8.87%	9.15%	9.53%	11.70%	11.43%	8.77%	3.20%	-2.23%	-17.69%
EBIT Margin	8.01%	9.75%	9.34%	9.20%	10.34%	11.65%	8.47%	2.43%	-2.51%	-18.61%
Profit (Net Income) Margin	4.42%	7.31%	6.09%	8.29%	7.14%	10.76%	6.71%	1.14%	-2.91%	-16.48%
Tax Burden Percent	55.17%	78.07%	80.07%	96.03%	78.58%	91.25%	80.40%	61.29%	58.37%	72.72%
Interest Burden Percent	99.93%	96.05%	81.39%	93.79%	87.92%	101.23%	98.67%	76.46%	198.65%	121.75%
Effective Tax Rate	23.23%	21.93%	19.93%	3.97%	21.42%	8.75%	19.60%	38.71%	0.00%	0.00%
Return on Invested Capital (ROIC)	5.12%	4.37%	4.73%	5.70%	6.25%	7.61%	4.77%	1.11%	-0.77%	-5.32%
ROIC Less NNEP Spread (ROIC-NNEP)	10.98%	10.69%	-10.04%	-4.06%	26.95%	6.53%	9.15%	-2.32%	-3.96%	-13.36%
Return on Net Nonoperating Assets (RNNOA)	-2.06%	0.42%	-0.58%	-0.24%	-1.70%	-1.19%	-0.45%	-0.36%	-1.05%	-3.74%
Return on Equity (ROE)	3.06%	4.80%	4.15%	5.46%	4.55%	6.42%	4.33%	0.75%	-1.83%	-9.06%
Cash Return on Invested Capital (CROIC)	7.16%	-68.34%	-11.12%	-21.65%	-6.88%	-4.40%	-25.46%	-19.08%	-5.03%	1.00%
Operating Return on Assets (OROA)	4.95%	4.69%	4.92%	4.83%	5.46%	6.13%	4.39%	1.13%	-1.04%	-6.52%
Return on Assets (ROA)	2.73%	3.51%	3.21%	4.35%	3.77%	5.66%	3.48%	0.53%	-1.21%	-5.77%
Return on Common Equity (ROCE)	3.06%	4.80%	4.15%	5.46%	4.55%	6.42%	4.33%	0.75%	-1.83%	-9.06%
Return on Equity Simple (ROE_SIMPLE)	2.96%	4.17%	3.43%	5.30%	3.64%	6.19%	4.18%	0.73%	-1.81%	-9.35%
Net Operating Profit after Tax (NOPAT)	14	19	30	45	60	83	65	19	-15	-103
NOPAT Margin	6.00%	6.93%	7.33%	9.15%	9.19%	10.43%	7.05%	1.96%	-1.56%	-12.38%
Net Nonoperating Expense Percent (NNEP)	-5.86%	-6.31%	14.77%	9.76%	-20.71%	1.08%	-4.38%	3.43%	3.19%	8.04%
Cost of Revenue to Revenue	51.37%	52.76%	53.12%	54.20%	56.30%	55.20%	58.31%	60.03%	67.48%	76.55%
SG&A Expenses to Revenue	20.87%	19.60%	18.72%	17.92%	16.91%	16.60%	14.54%	15.89%	16.49%	19.97%
R&D to Revenue	15.56%	13.47%	13.24%	11.92%	10.53%	12.36%	12.28%	10.84%	11.17%	12.13%
Operating Expenses to Revenue	40.81%	38.37%	37.73%	36.27%	32.01%	33.36%	32.92%	36.77%	34.75%	41.14%
Earnings before Interest and Taxes (EBIT)	19	26	38	45	68	93	78	24	-24	-155
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	33	42	70	88	114	142	145	117	73	-67
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.43	2.10	2.78	2.38	2.65	3.22	2.50	2.40	1.28	1.09
Price to Tangible Book Value (P/TBV)	3.05	80.62	9.37	19.00	6.60	7.94	9.97	14.90	6.09	5.64
Price to Revenue (P/Rev)	2.13	3.68	4.94	3.72	5.21	5.60	4.01	3.74	2.07	1.92
Price to Earnings (P/E)	48.28	50.41	81.21	44.86	72.87	52.07	59.74	327.37	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	2.07%	1.98%	1.23%	2.23%	1.37%	1.92%	1.67%	0.31%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.55	1.90	2.89	2.18	3.07	3.66	2.42	2.12	1.22	1.07
Enterprise Value to Revenue (EV/Rev)	1.80	4.09	4.84	3.98	4.81	5.32	4.10	4.13	2.52	2.41
Enterprise Value to EBITDA (EV/EBITDA)	12.96	26.28	28.08	22.39	27.61	29.81	26.10	34.70	33.65	0.00
Enterprise Value to EBIT (EV/EBIT)	22.49	42.00	51.83	43.24	46.53	45.65	48.49	169.46	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	30.02	59.07	66.06	43.50	52.35	50.98	58.24	210.42	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	13.14	29.93	33.45	45.30	32.31	36.78	39.00	0.00	0.00	33.33
Enterprise Value to Free Cash Flow (EV/FCFF)	21.49	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	103.53
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.41	0.00	0.25	0.00	0.00	0.13	0.29	0.33	0.40
Long-Term Debt to Equity	0.00	0.39	0.00	0.25	0.00	0.00	0.13	0.29	0.33	0.40
Financial Leverage	-0.19	0.04	0.06	0.06	-0.06	-0.18	-0.05	0.16	0.27	0.28
Leverage Ratio	1.12	1.36	1.30	1.26	1.21	1.13	1.24	1.41	1.51	1.57
Compound Leverage Factor	1.12	1.31	1.05	1.18	1.06	1.15	1.23	1.08	3.01	1.91
Debt to Total Capital	0.00%	28.90%	0.00%	20.17%	0.00%	0.00%	11.88%	22.70%	24.61%	28.65%
Short-Term Debt to Total Capital	0.00%	1.50%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	27.40%	0.00%	20.17%	0.00%	0.00%	11.88%	22.70%	24.61%	28.65%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	100.00%	71.10%	100.00%	79.83%	100.00%	100.00%	88.12%	77.30%	75.39%	71.35%
Debt to EBITDA	0.00	4.57	0.00	2.22	0.00	0.00	1.38	3.84	7.02	-8.77
Net Debt to EBITDA	0.00	2.63	0.00	1.47	0.00	0.00	0.59	3.28	6.04	-6.10
Long-Term Debt to EBITDA	0.00	4.33	0.00	2.22	0.00	0.00	1.38	3.84	7.02	-8.77
Debt to NOPAT	0.00	10.27	0.00	4.32	0.00	0.00	3.07	23.30	-33.70	-5.72
Net Debt to NOPAT	0.00	5.91	0.00	2.85	0.00	0.00	1.32	19.91	-28.98	-3.97
Long-Term Debt to NOPAT	0.00	9.74	0.00	4.32	0.00	0.00	3.07	23.30	-33.70	-5.72
Altman Z-Score	9.73	3.26	14.57	4.90	16.72	13.19	5.90	3.91	2.40	1.69
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	5.28	3.63	3.38	4.63	5.94	5.04	4.26	4.20	4.02	4.07
Quick Ratio	3.95	2.63	2.13	2.93	3.84	2.76	1.61	1.08	0.84	1.25
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	20	-292	-70	-171	-66	-48	-347	-333	-99	19
Operating Cash Flow to CapEx	538.22%	468.48%	180.08%	286.78%	365.36%	266.05%	213.27%	-68.23%	-54.78%	176.09%
Free Cash Flow to Firm to Interest Expense	579.04	-249.45	-9.31	-60.17	-7.27	-47.76	-284.16	-57.41	-3.93	0.56
Operating Cash Flow to Interest Expense	947.26	31.52	7.82	15.20	10.71	114.50	79.58	-3.25	-0.84	1.72
Operating Cash Flow Less CapEx to Interest Expense	771.26	24.79	3.48	9.90	7.78	71.46	42.27	-8.01	-2.39	0.75
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.62	0.48	0.53	0.52	0.53	0.53	0.52	0.46	0.41	0.35
Accounts Receivable Turnover	4.14	3.61	3.90	3.83	4.99	6.66	7.41	7.23	7.23	7.07
Inventory Turnover	3.79	3.16	3.12	2.82	3.00	2.79	2.70	2.41	2.16	1.90
Fixed Asset Turnover	17.16	13.00	10.22	9.61	11.80	10.78	8.55	7.73	7.89	7.27
Accounts Payable Turnover	17.26	8.47	8.01	10.95	12.21	10.87	12.00	8.09	6.49	6.91
Days Sales Outstanding (DSO)	88.16	101.11	93.61	95.28	73.21	54.82	49.23	50.47	50.45	51.60
Days Inventory Outstanding (DIO)	96.23	115.55	117.18	129.48	121.65	130.81	135.39	151.35	168.73	191.96
Days Payable Outstanding (DPO)	21.15	43.09	45.58	33.32	29.88	33.58	30.43	45.11	56.28	52.82
Cash Conversion Cycle (CCC)	163.24	173.58	165.20	191.44	164.98	152.05	154.20	156.72	162.90	190.74
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	272	583	684	900	1,027	1,158	1,570	1,923	2,007	1,884
Invested Capital Turnover	0.85	0.63	0.64	0.62	0.68	0.73	0.68	0.57	0.50	0.43
Increase / (Decrease) in Invested Capital	-5.60	311	100	217	126	131	412	353	84	-123
Enterprise Value (EV)	423	1,106	1,978	1,963	3,150	4,236	3,793	4,077	2,453	2,013
Market Capitalization	501	995	2,020	1,834	3,408	4,463	3,707	3,691	2,013	1,602
Book Value per Share	$10.24	$11.82	$15.12	$16.02	$26.52	$24.91	$26.43	$26.65	$26.92	$24.82
Tangible Book Value per Share	$4.80	$0.31	$4.49	$2.00	$10.66	$10.11	$6.62	$4.30	$5.68	$4.79
Total Capital	350	665	725	967	1,285	1,385	1,684	1,989	2,078	2,064
Total Debt	0.00	192	0.00	195	0.00	0.00	200	452	512	592
Total Long-Term Debt	0.00	182	0.00	195	0.00	0.00	200	452	512	592
Net Debt	-78	111	-42	128	-258	-227	86	386	440	411
Capital Expenditures (CapEx)	5.98	7.89	33	15	27	43	46	28	39	34
Debt-free, Cash-free Net Working Capital (DFCFNWC)	65	106	132	194	226	282	378	556	632	539
Debt-free Net Working Capital (DFNWC)	142	188	173	260	484	509	492	621	704	719
Net Working Capital (NWC)	142	178	173	260	484	509	492	621	704	719
Net Nonoperating Expense (NNE)	3.72	-1.03	5.07	4.24	13	-2.62	3.08	8.10	13	34
Net Nonoperating Obligations (NNO)	-78	110	-42	128	-258	-227	86	386	440	411
Total Depreciation and Amortization (D&A)	14	16	32	42	46	49	67	93	97	88
Debt-free, Cash-free Net Working Capital to Revenue	27.63%	39.26%	32.24%	39.24%	34.55%	35.40%	40.96%	56.23%	64.91%	64.51%
Debt-free Net Working Capital to Revenue	60.67%	69.50%	42.43%	52.73%	73.94%	63.88%	53.28%	62.87%	72.26%	86.12%
Net Working Capital to Revenue	60.67%	65.80%	42.43%	52.73%	73.94%	63.88%	53.28%	62.87%	72.26%	86.12%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.32	$0.58	$0.59	$0.88	$0.98	$1.57	$1.13	$0.20	($0.50)	($2.38)
Adjusted Weighted Average Basic Shares Outstanding	32.11M	34.24M	41.99M	46.72M	47.83M	54.55M	55.07M	55.53M	56.55M	57.74M
Adjusted Diluted Earnings per Share	$0.31	$0.56	$0.58	$0.86	$0.96	$1.56	$1.12	$0.20	($0.50)	($2.38)
Adjusted Weighted Average Diluted Shares Outstanding	32.94M	35.10M	43.02M	47.47M	48.50M	55.12M	55.47M	55.90M	56.55M	57.74M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	34.43M	40.36M	48.11M	48.22M	55.43M	111.29M	112.47M	115.35M	116.38M	59.41M
Normalized Net Operating Profit after Tax (NOPAT)	17	23	33	51	62	87	77	43	-4.38	-84
Normalized NOPAT Margin	7.08%	8.51%	8.09%	10.26%	9.43%	10.94%	8.37%	4.37%	-0.45%	-10.05%
Pre Tax Income Margin	8.00%	9.36%	7.60%	8.63%	9.09%	11.79%	8.35%	1.86%	-4.98%	-22.66%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	553.18	22.46	5.04	15.93	7.43	92.23	64.01	4.14	-0.97	-4.44
NOPAT to Interest Expense	414.45	15.97	3.96	15.83	6.61	82.60	53.29	3.34	-0.60	-2.95
EBIT Less CapEx to Interest Expense	377.18	15.74	0.70	10.63	4.50	49.20	26.69	-0.62	-2.51	-5.42
NOPAT Less CapEx to Interest Expense	238.45	9.24	-0.38	10.53	3.68	39.56	15.98	-1.43	-2.15	-3.93
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	9.10%	40.29%	35.24%	37.93%	17.03%	18.96%	0.11%	72.78%	-0.22%	-0.02%

This table displays calculated financial ratios and metrics derived from Mercury Systems' official financial filings.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	15.50%	1.14%	4.18%	4.11%	-12.60%	-20.47%	-13.99%	-20.96%	-1.85%	12.95%	13.00%
EBITDA Growth	13.81%	-11.27%	-8.18%	-21.78%	-70.50%	-249.92%	-260.16%	-205.75%	-19.92%	133.52%	114.12%
EBIT Growth	15.31%	-54.95%	-293.02%	-82.80%	-133.00%	-287.26%	-721.92%	-3,712.23%	-21.00%	64.84%	70.44%
NOPAT Growth	8.73%	-29.04%	-1,850.13%	-79.28%	-130.04%	-458.81%	-614.58%	-2,436.54%	10.45%	66.62%	76.98%
Net Income Growth	-5.63%	-100.77%	-313.79%	24.57%	-148.69%	-156.07%	-317.41%	-964.51%	-30.85%	52.26%	61.43%
EPS Growth	-3.13%	-100.00%	-280.00%	28.57%	-145.16%	-146.15%	-315.79%	-955.56%	-28.57%	53.13%	62.03%
Operating Cash Flow Growth	-171.47%	-3,192.07%	418.64%	24.34%	164.88%	40.84%	28.54%	-453.47%	469.08%	62.48%	87.85%
Free Cash Flow Firm Growth	15.59%	-0.24%	57.28%	59.53%	72.95%	86.27%	92.39%	120.06%	230.58%	317.46%	1,274.36%
Invested Capital Growth	22.46%	26.19%	7.92%	7.94%	4.35%	1.48%	-1.33%	-3.05%	-6.12%	-6.64%	-7.33%
Revenue Q/Q Growth	14.48%	-21.45%	0.88%	14.76%	-3.89%	-28.53%	9.10%	5.47%	19.35%	-17.75%	9.14%
EBITDA Q/Q Growth	49.90%	-73.40%	59.63%	22.90%	-43.47%	-235.18%	-70.53%	18.85%	142.81%	-43.43%	-28.18%
EBIT Q/Q Growth	220.24%	-143.42%	38.18%	120.01%	-714.24%	-409.59%	-31.21%	12.05%	79.42%	-48.06%	-10.32%
NOPAT Q/Q Growth	214.07%	-124.29%	-4.91%	125.89%	-555.37%	-351.80%	-34.15%	15.34%	82.55%	-68.40%	7.48%
Net Income Q/Q Growth	308.67%	-184.75%	23.82%	147.22%	-259.74%	-345.70%	-24.17%	2.21%	75.82%	-62.61%	-0.31%
EPS Q/Q Growth	342.86%	-183.87%	26.92%	147.37%	-255.56%	-357.14%	-23.44%	2.53%	76.62%	-66.67%	0.00%
Operating Cash Flow Q/Q Growth	-357.08%	-239.79%	153.59%	-109.09%	491.98%	-409.82%	216.45%	-139.14%	503.04%	-120.43%	682.96%
Free Cash Flow Firm Q/Q Growth	8.19%	-26.45%	64.16%	2.75%	38.62%	35.83%	80.14%	356.38%	299.62%	6.86%	7.27%
Invested Capital Q/Q Growth	3.37%	3.92%	-0.99%	1.48%	-0.07%	1.06%	-3.73%	-0.29%	-3.23%	0.50%	-4.44%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	41.27%	34.32%	35.26%	34.27%	26.61%	27.92%	15.96%	19.52%	29.45%	25.33%	27.26%
EBITDA Margin	16.69%	5.65%	8.94%	9.58%	5.63%	-10.65%	-16.65%	-12.81%	4.60%	3.16%	2.08%
Operating Margin	9.53%	-3.16%	-3.29%	0.74%	-3.51%	-22.21%	-27.31%	-21.92%	-3.21%	-6.56%	-5.56%
EBIT Margin	8.62%	-4.76%	-2.92%	0.51%	-3.25%	-23.19%	-27.89%	-23.26%	-4.01%	-7.22%	-7.30%
Profit (Net Income) Margin	5.84%	-6.30%	-4.76%	1.96%	-3.25%	-20.28%	-23.08%	-21.40%	-4.34%	-8.57%	-7.88%
Tax Burden Percent	75.08%	93.35%	83.54%	-97.47%	55.56%	73.81%	71.53%	77.90%	57.94%	75.80%	72.33%
Interest Burden Percent	90.25%	141.68%	195.06%	-394.48%	179.97%	118.49%	115.70%	118.12%	186.63%	156.66%	149.29%
Effective Tax Rate	24.92%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	4.05%	-1.22%	-1.21%	0.27%	-1.22%	-7.16%	-8.71%	-6.52%	-0.96%	-2.01%	-1.83%
ROIC Less NNEP Spread (ROIC-NNEP)	2.43%	-4.52%	-2.65%	1.21%	-1.71%	-8.97%	-10.48%	-9.26%	-2.19%	-3.78%	-4.06%
Return on Net Nonoperating Assets (RNNOA)	0.38%	-0.84%	-0.68%	0.32%	-0.45%	-2.76%	-3.03%	-2.81%	-0.61%	-1.16%	-1.09%
Return on Equity (ROE)	4.43%	-2.07%	-1.89%	0.59%	-1.67%	-9.92%	-11.74%	-9.33%	-1.58%	-3.17%	-2.92%
Cash Return on Invested Capital (CROIC)	-19.08%	-22.51%	-22.33%	-7.10%	-5.03%	-3.37%	-2.26%	-2.16%	1.00%	2.55%	4.65%
Operating Return on Assets (OROA)	4.00%	-2.19%	-1.27%	0.22%	-1.35%	-9.06%	-10.44%	-8.21%	-1.40%	-2.60%	-2.67%
Return on Assets (ROA)	2.71%	-2.89%	-2.08%	0.85%	-1.35%	-7.92%	-8.64%	-7.55%	-1.52%	-3.09%	-2.88%
Return on Common Equity (ROCE)	4.43%	-2.07%	-1.89%	0.59%	-1.67%	-9.92%	-11.74%	-9.33%	-1.58%	-3.17%	-2.92%
Return on Equity Simple (ROE_SIMPLE)	0.00%	0.27%	-0.27%	-0.20%	0.00%	-3.29%	-5.67%	-9.17%	0.00%	-8.11%	-6.19%
Net Operating Profit after Tax (NOPAT)	21	-5.04	-5.28	1.37	-6.23	-28	-38	-32	-5.58	-9.39	-8.69
NOPAT Margin	7.16%	-2.21%	-2.30%	0.52%	-2.46%	-15.55%	-19.12%	-15.35%	-2.24%	-4.59%	-3.89%
Net Nonoperating Expense Percent (NNEP)	1.62%	3.30%	1.44%	-0.94%	0.49%	1.81%	1.77%	2.74%	1.22%	1.77%	2.23%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-1.78%	-	-	-	-0.42%
Cost of Revenue to Revenue	58.73%	65.68%	64.74%	65.73%	73.39%	72.08%	84.04%	80.48%	70.55%	74.67%	72.74%
SG&A Expenses to Revenue	15.19%	17.11%	19.63%	16.94%	12.64%	19.78%	22.52%	20.72%	17.45%	16.22%	18.15%
R&D to Revenue	8.48%	12.20%	11.72%	10.06%	10.90%	17.61%	14.42%	10.35%	7.81%	8.99%	9.58%
Operating Expenses to Revenue	31.74%	37.48%	38.55%	33.53%	30.12%	50.13%	43.27%	41.44%	32.66%	31.90%	32.83%
Earnings before Interest and Taxes (EBIT)	25	-11	-6.70	1.34	-8.24	-42	-55	-48	-9.97	-15	-16
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	48	13	21	25	14	-19	-33	-27	11	6.46	4.64
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.40	1.52	1.68	1.90	1.28	1.40	1.44	1.19	1.09	1.53	1.71
Price to Tangible Book Value (P/TBV)	14.90	8.87	9.18	9.52	6.09	6.80	7.40	6.42	5.64	7.89	8.43
Price to Revenue (P/Rev)	3.74	2.36	2.59	2.94	2.07	2.33	2.42	2.09	1.92	2.59	2.82
Price to Earnings (P/E)	327.37	573.94	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.31%	0.17%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	2.12	1.40	1.53	1.70	1.22	1.30	1.34	1.14	1.07	1.41	1.57
Enterprise Value to Revenue (EV/Rev)	4.13	2.83	3.03	3.38	2.52	2.85	2.92	2.65	2.41	3.10	3.22
Enterprise Value to EBITDA (EV/EBITDA)	34.70	24.18	26.56	31.94	33.65	64.92	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	169.46	138.58	199.02	389.95	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	210.42	243.09	0.00	329.21	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	462.72	165.35	1,807.60	33.33	31.38	22.80
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	103.53	53.17	32.50
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.29	0.33	0.33	0.33	0.33	0.37	0.41	0.42	0.40	0.41	0.41
Long-Term Debt to Equity	0.29	0.33	0.33	0.33	0.33	0.37	0.41	0.42	0.40	0.41	0.41
Financial Leverage	0.16	0.19	0.26	0.26	0.27	0.31	0.29	0.30	0.28	0.31	0.27
Leverage Ratio	1.41	1.43	1.51	1.52	1.51	1.54	1.57	1.57	1.57	1.59	1.63
Compound Leverage Factor	1.27	2.03	2.95	-5.98	2.72	1.83	1.82	1.85	2.93	2.49	2.44
Debt to Total Capital	22.70%	24.95%	24.88%	24.68%	24.61%	27.23%	29.07%	29.51%	28.65%	28.83%	28.83%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	22.70%	24.95%	24.88%	24.68%	24.61%	27.23%	29.07%	29.51%	28.65%	28.83%	28.83%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	77.30%	75.05%	75.12%	75.32%	75.39%	72.77%	70.93%	70.49%	71.35%	71.17%	71.17%
Debt to EBITDA	3.84	4.42	4.49	4.78	7.02	14.15	-48.67	-9.55	-8.77	-14.19	-142.29
Net Debt to EBITDA	3.28	3.97	3.81	4.18	6.04	11.95	-35.35	-7.34	-6.10	-10.40	-83.94
Long-Term Debt to EBITDA	3.84	4.42	4.49	4.78	7.02	14.15	-48.67	-9.55	-8.77	-14.19	-142.29
Debt to NOPAT	23.30	44.39	-1.82	49.27	-33.70	-15.06	-8.71	-5.92	-5.72	-6.99	-10.63
Net Debt to NOPAT	19.91	39.88	-1.55	43.07	-28.98	-12.72	-6.33	-4.55	-3.97	-5.12	-6.27
Long-Term Debt to NOPAT	23.30	44.39	-1.82	49.27	-33.70	-15.06	-8.71	-5.92	-5.72	-6.99	-10.63
Altman Z-Score	3.91	2.72	2.92	3.17	2.42	2.40	2.22	1.96	1.89	2.30	2.40
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	4.20	4.83	4.47	4.26	4.02	4.65	4.36	4.58	4.07	4.10	3.62
Quick Ratio	1.08	1.19	1.11	0.86	0.84	0.88	1.11	1.13	1.25	1.21	1.27
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-332	-420	-150	-146	-90	-58	-11	29	117	125	134
Operating Cash Flow to CapEx	-237.59%	-901.19%	268.61%	-34.06%	142.55%	-487.44%	569.39%	-224.30%	693.48%	-235.09%	2,403.99%
Free Cash Flow to Firm to Interest Expense	-135.34	-92.33	-22.83	-21.81	-12.29	-7.33	-1.32	3.15	12.81	14.07	15.95
Operating Cash Flow to Interest Expense	-7.92	-14.52	5.37	-0.48	1.72	-4.97	5.24	-1.91	7.84	-1.65	10.14
Operating Cash Flow Less CapEx to Interest Expense	-11.26	-16.14	3.37	-1.89	0.51	-5.99	4.32	-2.76	6.71	-2.35	9.72
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.46	0.46	0.44	0.44	0.41	0.39	0.37	0.35	0.35	0.36	0.37
Accounts Receivable Turnover	7.23	7.31	7.35	8.07	7.23	7.25	7.83	7.73	7.07	7.95	9.45
Inventory Turnover	2.41	2.32	2.21	2.13	2.16	1.96	1.97	1.90	1.90	1.85	1.88
Fixed Asset Turnover	7.73	7.78	8.02	8.24	7.89	7.63	7.57	7.20	7.27	7.73	7.83
Accounts Payable Turnover	8.09	6.73	8.48	6.36	6.49	6.30	7.48	6.80	6.91	7.76	8.61
Days Sales Outstanding (DSO)	50.47	49.93	49.67	45.22	50.45	50.32	46.60	47.22	51.60	45.90	38.64
Days Inventory Outstanding (DIO)	151.35	157.17	165.37	171.38	168.73	186.03	185.49	192.59	191.96	196.97	193.80
Days Payable Outstanding (DPO)	45.11	54.21	43.04	57.35	56.28	57.90	48.80	53.68	52.82	47.05	42.40
Cash Conversion Cycle (CCC)	156.72	152.89	172.00	159.25	162.90	178.44	183.29	186.13	190.74	195.82	190.04
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,923	1,998	1,979	2,008	2,007	2,028	1,952	1,947	1,884	1,893	1,809
Invested Capital Turnover	0.57	0.55	0.52	0.52	0.50	0.46	0.46	0.42	0.43	0.44	0.47
Increase / (Decrease) in Invested Capital	353	415	145	148	84	29	-26	-61	-123	-135	-143
Enterprise Value (EV)	4,077	2,801	3,029	3,418	2,453	2,645	2,616	2,225	2,013	2,661	2,845
Market Capitalization	3,691	2,342	2,594	2,970	2,013	2,158	2,168	1,751	1,602	2,228	2,496
Book Value per Share	$26.65	$26.68	$26.63	$26.86	$26.92	$26.48	$25.38	$24.81	$24.82	$24.57	$24.49
Tangible Book Value per Share	$4.30	$4.58	$4.87	$5.37	$5.68	$5.45	$4.94	$4.60	$4.79	$4.75	$4.96
Total Capital	1,989	2,050	2,056	2,072	2,078	2,117	2,121	2,089	2,064	2,051	2,052
Total Debt	452	512	512	512	512	577	617	617	592	592	592
Total Long-Term Debt	452	512	512	512	512	577	617	617	592	592	592
Net Debt	386	460	435	447	440	487	448	474	411	433	349
Capital Expenditures (CapEx)	8.18	7.33	13	9.45	8.85	8.02	7.99	7.94	10	6.24	3.56
Debt-free, Cash-free Net Working Capital (DFCFNWC)	556	645	619	653	632	660	589	601	539	563	475
Debt-free Net Working Capital (DFNWC)	621	697	696	718	704	749	758	744	719	722	717
Net Working Capital (NWC)	621	697	696	718	704	749	758	744	719	722	717
Net Nonoperating Expense (NNE)	3.82	9.30	5.64	-3.79	2.01	8.57	7.83	13	5.20	8.13	8.89
Net Nonoperating Obligations (NNO)	386	460	435	447	440	487	448	474	411	433	349
Total Depreciation and Amortization (D&A)	23	24	27	24	23	23	22	22	21	21	21
Debt-free, Cash-free Net Working Capital to Revenue	56.23%	65.08%	61.94%	64.66%	64.91%	71.18%	65.85%	71.59%	64.51%	65.61%	53.66%
Debt-free Net Working Capital to Revenue	62.87%	70.33%	69.63%	71.03%	72.26%	80.81%	84.69%	88.57%	86.12%	84.02%	81.09%
Net Working Capital to Revenue	62.87%	70.33%	69.63%	71.03%	72.26%	80.81%	84.69%	88.57%	86.12%	84.02%	81.09%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.31	($0.26)	($0.19)	$0.09	($0.14)	($0.64)	($0.79)	($0.77)	($0.18)	($0.30)	($0.30)
Adjusted Weighted Average Basic Shares Outstanding	55.53M	55.93M	56.25M	56.51M	56.55M	57.11M	57.42M	57.70M	57.74M	58.26M	58.56M
Adjusted Diluted Earnings per Share	$0.31	($0.26)	($0.19)	$0.09	($0.14)	($0.64)	($0.79)	($0.77)	($0.18)	($0.30)	($0.30)
Adjusted Weighted Average Diluted Shares Outstanding	55.90M	55.93M	56.25M	56.90M	56.55M	57.11M	57.42M	57.70M	57.74M	58.26M	58.56M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	115.35M	57.98M	58.11M	58.19M	116.38M	59.28M	59.37M	59.35M	59.41M	59.63M	59.68M
Normalized Net Operating Profit after Tax (NOPAT)	27	-2.23	-3.18	4.44	-3.41	-21	-38	-25	-0.62	-7.69	-8.54
Normalized NOPAT Margin	9.47%	-0.98%	-1.38%	1.68%	-1.35%	-11.48%	-19.04%	-11.97%	-0.25%	-3.76%	-3.83%
Pre Tax Income Margin	7.78%	-6.75%	-5.69%	-2.01%	-5.85%	-27.48%	-32.27%	-27.47%	-7.48%	-11.31%	-10.89%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	10.18	-2.38	-1.02	0.20	-1.13	-5.34	-6.35	-5.20	-1.09	-1.66	-1.93
NOPAT to Interest Expense	8.45	-1.11	-0.80	0.20	-0.85	-3.58	-4.35	-3.43	-0.61	-1.05	-1.03
EBIT Less CapEx to Interest Expense	6.84	-4.00	-3.02	-1.21	-2.34	-6.36	-7.27	-6.05	-2.22	-2.36	-2.35
NOPAT Less CapEx to Interest Expense	5.12	-2.72	-2.80	-1.20	-2.06	-4.60	-5.27	-4.28	-1.74	-1.75	-1.45
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	72.78%	23.36%	-18.33%	66.24%	-0.22%	0.00%	-2.28%	-1.44%	-0.02%	-1.92%	-0.37%

Frequently Asked Questions About Mercury Systems' Financials

When does Mercury Systems's fiscal year end?

According to the most recent income statement we have on file, Mercury Systems' financial year ends in June. Their financial year 2024 ended on June 28, 2024.

How has Mercury Systems' net income changed over the last 9 years?

Mercury Systems' net income appears to be on a downward trend, with a most recent value of -$137.64 million in 2024, falling from $10.37 million in 2015. The previous period was -$28.34 million in 2023.

What is Mercury Systems's operating income?

Mercury Systems's total operating income in 2024 was -$147.75 million, based on the following breakdown:

Total Gross Profit: $195.90 million
Total Operating Expenses: $343.66 million

How has Mercury Systems revenue changed over the last 9 years?

Over the last 9 years, Mercury Systems' total revenue changed from $234.85 million in 2015 to $835.28 million in 2024, a change of 255.7%.

How much debt does Mercury Systems have?

Mercury Systems' total liabilities were at $906.13 million at the end of 2024, a 9.9% increase from 2023, and a 2,366.2% increase since 2015.

How much cash does Mercury Systems have?

In the past 9 years, Mercury Systems' cash and equivalents has ranged from $41.64 million in 2017 to $257.93 million in 2019, and is currently $180.52 million as of their latest financial filing in 2024.

How has Mercury Systems' book value per share changed over the last 9 years?

Over the last 9 years, Mercury Systems' book value per share changed from 10.24 in 2015 to 24.82 in 2024, a change of 142.4%.

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This page (NASDAQ:MRCY) was last updated on 4/25/2025 by MarketBeat.com Staff

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Mercury Systems (MRCY) Financials

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Mercury Systems (MRCY) Financials

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