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 |
| 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 |
| Operating Income | - | 70.48 | -6.26 | -119.87 | -10.41 |
| EBITDA | - | 117.62 | 73.95 | -66.23 | 65.03 |
| EBIT | - | 24.20 | -23.38 | -154.26 | -16.99 |
| Pretax Income | - | 18.40 | -48.54 | -189.28 | -50.42 |
| Tax Provision | - | 7.12 | -20.21 | -51.64 | -12.52 |
| Net Income | - | 11.28 | -28.34 | -137.64 | -37.90 |
| Net Income Common Stockholders | - | 11.28 | -28.34 | -137.64 | -37.90 |
| Total Expenses | - | 917.72 | 980.14 | 955.15 | 922.43 |
| Interest Expense | - | 5.81 | 25.16 | 35.02 | 33.43 |
| Interest Income | - | 0.14 | 1.05 | 1.20 | 3.61 |
| Research And Development | - | 107.17 | 108.80 | 101.33 | 67.65 |
| Selling General And Administration | - | 157.04 | 160.64 | 166.79 | 154.41 |
| Normalized EBITDA | - | 156.48 | 89.37 | -38.35 | 74.25 |
| Normalized Income | - | 35.10 | -16.15 | -117.37 | -30.98 |
| Market Cap | 4,680.54 | 4,680.54 | 4,680.54 | 4,680.54 | 4,680.54 |
Industrials sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Mercury Systems, Inc.this co. | MRCY | - | -123.48 | 3.18 | -2.6% | 77.13 |
| Pitney Bowes Inc. | PBI | $2.7B | 16.10 | -2.90 | -18.0% | 10.27 |
| DXP Enterprises, Inc. | DXPE | $2.7B | 29.67 | 5.28 | 17.8% | 14.78 |
| Hub Group, Inc. | HUBG | $2.6B | 25.22 | 1.59 | 6.3% | 8.93 |
| The GEO Group, Inc. | GEO | $2.6B | 9.82 |
| - |
| - |
| - |
| - |
| - |
| 1.66 |
| 16.9% |
| 6.62 |
| Trinity Industries, Inc. | TRN | $2.6B | 10.02 | 2.35 | 23.5% | 8.15 |
| Robert Half Inc. | RHI | $2.6B | 19.72 | 2.06 | 10.4% | 15.20 |
| ABM Industries Incorporated | ABM | $2.5B | 14.47 | 1.32 | 9.1% | 9.30 |
| Alamo Group Inc. | ALG | $2.1B | 20.15 | 1.82 | 9.0% | 9.51 |
| Peer Median | - | 17.91 | 1.74 | 9.8% | 9.40 | |