Mercury Systems, Inc., a technology company, manufactures and sells components, products, modules, and subsystems for defense prime contractors, original equipment manufacturers, government, and commercial aerospace companies. The company offers components, including power amplifiers and limiters, switches, oscillators, filters, equalizers, digital and analog converters, chips, monolithic microwave integrated circuits, and memory and storage devices; modules and sub-assemblies, such as embedded processing boards, switched fabrics and boards, digital receivers, multi-chip modules, integrated radio frequency and microwave multi-function assemblies, tuners, and transceivers, as well as graphics and video; and integrated subsystems. It also designs, develops, and manufactures digital radio frequency memory units for various modern electronic warfare applications; radar environment simulation and test systems for defense and intelligence applications; and signals intelligence payloads and EO/IR technologies for small UAV platforms, as well as onboard UAV processor systems for real-time wide area motion imagery. It operates in the United States, Europe, and the Asia Pacific. The company was formerly known as Mercury Computer Systems, Inc. and changed its name to Mercury Systems, Inc. in November 2012. Mercury Systems, Inc. was incorporated in 1981 and is headquartered in Andover, Massachusetts.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $912M | $65M | $-38M | $119M | -2.6% | 9.2% | -72.5% |
| 2024 | $835M | $-66M | $-138M | $26M | -9.3% | -14.2% | 385.8% |
| 2023 | $974M | $74M | $-28M | $-60M | -1.8% | -1.4% | -351.3% |
| 2022 | $988M | $118M | $11M | $-47M | 0.7% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 988.20 | 973.88 | 835.28 | 912.02 |
| Operating Revenue | - | 988.20 | 973.88 | 835.28 | 912.02 |
| Cost Of Revenue | - | 593.24 | 657.15 | 639.37 | 657.53 |
| Gross Profit | - | 394.96 | 316.73 | 195.90 | 254.49 |
| Operating Expense | - | 324.48 | 322.99 | 315.77 | 264.91 |
| Research And Development | - | 107.17 | 108.80 | 101.33 | 67.65 |
| Selling General And Administration | - | 157.04 | 160.64 | 166.79 | 154.41 |
| Total Expenses | - | 917.72 | 980.14 | 955.15 | 922.43 |
| Operating Income | - | 70.48 | -6.26 | -119.87 | -10.41 |
| Total Operating Income As Reported | - | 31.61 | -21.68 | -147.75 | -19.63 |
| EBITDA | - | 117.62 | 73.95 | -66.23 | 65.03 |
| Normalized EBITDA | - | 156.48 | 89.37 | -38.35 | 74.25 |
| EBIT | - | 24.20 | -23.38 | -154.26 | -16.99 |
| Interest Income | - | 0.14 | 1.05 | 1.20 | 3.61 |
| Interest Expense | - | 5.81 | 25.16 | 35.02 | 33.43 |
| Net Interest Income | - | -5.66 | -24.11 | -33.82 | -29.82 |
| Other Non Operating Income Expenses | - | -7.55 | -2.75 | -7.70 | -0.97 |
| Other Income Expense | - | -46.42 | -18.18 | -35.58 | -10.19 |
| Interest Income Non Operating | - | 0.14 | 1.05 | 1.20 | 3.61 |
| Interest Expense Non Operating | - | 5.81 | 25.16 | 35.02 | 33.43 |
| Net Non Operating Interest Income Expense | - | -5.66 | -24.11 | -33.82 | -29.82 |
| Pretax Income | - | 18.40 | -48.54 | -189.28 | -50.42 |
| Tax Provision | - | 7.12 | -20.21 | -51.64 | -12.52 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -15.04 | -3.24 | -7.61 | -2.28 |
| Net Income Continuous Operations | - | 11.28 | -28.34 | -137.64 | -37.90 |
| Net Income From Continuing And Discontinued Operation | - | 11.28 | -28.34 | -137.64 | -37.90 |
| Net Income From Continuing Operation Net Minority Interest | - | 11.28 | -28.34 | -137.64 | -37.90 |
| Net Income | - | 11.28 | -28.34 | -137.64 | -37.90 |
| Net Income Common Stockholders | - | 11.28 | -28.34 | -137.64 | -37.90 |
| Net Income Including Noncontrolling Interests | - | 11.28 | -28.34 | -137.64 | -37.90 |
| Normalized Income | - | 35.10 | -16.15 | -117.37 | -30.98 |
| Diluted NI Availto Com Stockholders | - | 11.28 | -28.34 | -137.64 | -37.90 |
| Basic Average Shares | - | 55.53 | 56.55 | 57.74 | 58.75 |
| Diluted Average Shares | - | 55.90 | 56.55 | 57.74 | 58.75 |
| Reconciled Depreciation | - | 93.42 | 97.33 | 88.03 | 82.03 |
| Reconciled Cost Of Revenue | - | 560.09 | 613.38 | 599 | 618.35 |
| Total Unusual Items | - | -38.87 | -15.42 | -27.88 | -9.21 |
| Total Unusual Items Excluding Goodwill | - | -38.87 | -15.42 | -27.88 | -9.21 |
| Special Income Charges | - | -38.87 | -15.42 | -27.88 | -9.21 |
| Restructuring And Mergern Acquisition | - | 38.87 | 15.42 | 27.88 | 9.21 |
| Depreciation Amortization Depletion Income Statement | - | 60.27 | 53.55 | 47.66 | 42.85 |
| Depreciation And Amortization In Income Statement | - | 60.27 | 53.55 | 47.66 | 42.85 |
| General And Administrative Expense | 134.34 | 157.04 | 160.64 | - | - |
| Other Gand A | 112.47 | 126.93 | 142.30 | - | - |
| Salaries And Wages | 21.87 | 30.12 | 18.34 | - | - |
| Amortization | - | 60.27 | 53.55 | 47.66 | 42.85 |
| Amortization Of Intangibles Income Statement | - | 60.27 | 53.55 | 47.66 | 42.85 |
Industrials sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Mercury Systems, Inc.this co. | MRCY | $7.1B | -186.64 | 4.80 | -2.6% | 113.93 |
| MYR Group Inc. | MYRG | $7.0B | 59.36 | 10.64 | 17.9% | 29.91 |
| Primoris Services Corporation | PRIM | $6.9B | 25.19 | 4.12 | 16.4% | 14.55 |
| Enpro Inc. | NPO | $6.7B | 165.58 | 4.34 | 2.6% | 37.34 |
| Pool Corporation | POOL | $6.7B | 16.43 |
| - |
| - |
| - |
| - |
| - |
| 5.63 |
| 34.3% |
| 12.83 |
| Gates Industrial Corporation plc | GTES | $6.6B | 26.38 | 1.99 | 7.5% | 12.16 |
| Federal Signal Corporation | FSS | $6.6B | 26.69 | 4.76 | 17.8% | 16.97 |
| JBT Marel Corporation | JBTM | $6.5B | -129.10 | 1.46 | -1.1% | 25.87 |
| Armstrong World Industries, Inc. | AWI | $6.5B | 21.12 | 7.24 | 34.3% | 12.46 |
| Peer Median | - | 25.78 | 4.55 | 17.1% | 15.76 | |