Mercury Systems, Inc. (MRCY) Stock Analysis
Industrials · Aerospace & Defense · NasdaqGS
Mercury Systems, Inc. (MRCY) posted $912.02M in revenue for fiscal 2025 (up 9.2% year over year), with a net loss of $37.90M, and has compounded revenue about 2.7%/yr over five years, per its SEC filings.
Data last refreshed August 2, 2026 from SEC filings · how we compute this
The analyst's take on Mercury Systems, Inc.
Mercury Systems, Inc. has grown revenue from $270.15M to $912.02M over the last 10 fiscal years, compounding about 2.7% a year. The most recent year was up 9.2%, so growth is actually accelerating.
Net margin sits at -4.2%, up 12.3 points year over year on a 27.9% gross margin.
At today's valuation the market is pricing in roughly 21.2% annual free-cash-flow growth — versus the 10.6% it actually delivered over the last five years, so the price already assumes a step-up from the recent record. The one thing worth a second look in the filings is currently unprofitable.
Synthesised from Mercury Systems, Inc.'s SEC filings — descriptive, not advice. Ask the analyst your own question →
Mercury Systems, Inc. revenue & earnings — last 10 fiscal years
| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $270.15M | $408.59M | $493.18M | $654.74M | $796.61M | $924.00M | $988.20M | $973.88M | $835.27M | $912.02M |
| Gross profit | $127.62M | $191.54M | $225.86M | $286.16M | $356.84M | $385.19M | $394.96M | $316.73M | $195.90M | $254.49M |
| Net income | $19.74M | $24.88M | $40.88M | $46.77M | $85.71M | $62.04M | $11.28M | $-28.34M | $-137.64M | $-37.90M |
| Net margin | 7.3% | 6.1% | 8.3% | 7.1% | 10.8% | 6.7% | 1.1% | -2.9% | -16.5% | -4.2% |
Source: Mercury Systems, Inc. SEC filings (10-K). 16 years of history available in the interactive view.
Mercury Systems, Inc.: 1 potential red flag in the filings
Patterns in the filed statements worth a second look — computed and cited, not AI guesswork, and not a signal to sell. The kind of thing that hides in a 10-K.
- Currently unprofitableThe latest fiscal year was a net loss (net margin -4.2%).
What growth is priced into MRCY stock?
At today's market cap of $6.42B, Mercury Systems, Inc. is priced for free-cash-flow growth of about 21.2% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $119.05M from the FY ending 2025-06-30). For comparison, free cash flow actually grew 10.6%/yr over the last five fiscal years and revenue 2.7%/yr, computed from its SEC filings. This is a reverse DCF — a translation of the price into a growth assumption you can judge, not a fair value and not advice. Change the assumptions yourself in the interactive view →
Explore 16 years of Mercury Systems, Inc. financials — interactive
Full income statement, balance sheet and cash flow with CAGR and trend on every row, 48 quarters, valuation ratios, plain-English health checks, and Ask — our SEC-grounded research assistant.
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Mercury Systems, Inc. financial history by metric
Compare Mercury Systems, Inc. with peers
About Mercury Systems, Inc.
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.
Mercury Systems, Inc. — frequently asked questions
What is Mercury Systems, Inc.'s revenue?
Mercury Systems, Inc. (MRCY) reported revenue of $912.02M for fiscal year 2025, up 9.2% from the prior year, according to its SEC filings.
Is Mercury Systems, Inc. profitable?
No — MRCY reported a net loss of $-37.90M in fiscal 2025.
What is MRCY's P/E ratio?
Mercury Systems, Inc. trades at a price-to-earnings ratio of about 0.0 based on the latest data in our nightly-refreshed cache.
How fast is Mercury Systems, Inc. growing?
MRCY's revenue grew at roughly 2.7% per year over the last five fiscal years (compound annual growth rate), computed from SEC-filed statements.
How much debt does Mercury Systems, Inc. have?
As of fiscal year 2025, MRCY carried roughly $0 in total debt (short- plus long-term borrowings), per its filed balance sheet.
What is Mercury Systems, Inc.'s gross margin?
MRCY's gross margin was 27.9% in fiscal 2025 — gross profit of $254.49M on revenue of $912.02M.
What is Mercury Systems, Inc.'s market cap?
Mercury Systems, Inc. (MRCY) has a market capitalization of about $6.42B, based on the latest data in our nightly-refreshed cache.
When does Mercury Systems, Inc.'s fiscal year end?
MRCY's fiscal year ends in June. Its most recent annual filing covers the fiscal year ending 2025-06-30.
What growth is priced into MRCY stock?
At today's market cap of $6.42B, Mercury Systems, Inc. is priced for free-cash-flow growth of about 21.2% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $119.05M from the FY ending 2025-06-30). For comparison, free cash flow actually grew 10.6%/yr over the last five fiscal years and revenue 2.7%/yr, computed from its SEC filings.
Where does this data come from?
All figures are computed from Mercury Systems, Inc.'s official SEC filings (10-K and 10-Q), covering 16 years of history, refreshed nightly. stockportfolio.pro does not provide investment advice.