Mercury Systems, Inc.
Rank #429StartupMRCY · Nasdaq · Industrials
Mercury Systems, Inc. (MRCY) — Rank #429 by gross profitability (GP/assets 0.12) · ROE -2.0% · Piotroski F-Score N/A.
As-of 2026-09-15 · CIK 0001049521 · all metrics point-in-time as of the filing date.
About
Mercury Systems, Inc., engages in the aerospace and defense electronics industry.
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The company manufactures and sells components, products, modules, and subsystems for defense prime contractors, original equipment manufacturers, government, and commercial aerospace companies. It 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. The company 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.
- Industry
- Aerospace & Defense
- Sector
- Industrials
- State
- MA
- Filer Category
- Large accelerated filer
- Fiscal Year End
- June 30
- Website
- mrcy.com
Price History
Company Snapshot
P/S is the primary valuation lens for pre-profit companies.
Market Cap
$5.02B
P/E (annual)
—
P/S (annual)
5.1
P/B
3.4
P/OCF (annual)
49.0
Shareholder Yield
-1.2%
Employees
2,102
Industry
Aerospace & Defense
Exchange
Nasdaq
Signal Flags
Quality Profile
Profitability
1/1 passSafety
1/1 passCash Flow
3/3 passGrowth
2/2 passTerry Smith quality gate
Passes 0/5 Terry Smith thresholds1 of 5 threshold not computable from filed data.
What Growth Is Priced In
Implied revenue growth (10Y)
25.4%
The annual FCF growth rate today's price requires over a 10-year horizon (discount rate 10%, terminal growth 2.5%).
Dilution drag: 1.2% — per-share value needs a total required return of 26.6% once share-count change is priced in.
vs. own 6-year median revenue growth: 7.4%
priced above its own historyCost-of-equity sensitivity (implied growth at different discount rates)
r = 8%
20.1%
r = 10% (base)
25.4%
r = 12%
30.0%
Net debt / market cap: -4.3%
Valuation History
Current multiple vs historical range at each filing date. Band spans 25th-75th percentile.
P / E
Price / diluted EPS
P / S
Price / revenue per share
P / B
Price / book value per share
P / GP
Price / gross profit per share
P / FCF
Price / free cash flow per share
Burn rate (cash flow) is the primary read at this stage — TAM and product-market fit aren't metrics this dashboard tracks.
Profitability
Gross profitability (GP / assets)
0.12
Primary signal (Novy-Marx).
7th pctl of 43 SIC 36 peers
Return on equity
-2.0%
Gross margin
28.6%
7th pctl of 43 SIC 36 peers
Revenue growth (YoY)
7.9%
RPO growth (YoY)
-99.9%
Remaining performance obligations growth — RPO > revenue = forward demand building.
Gross margin improving
Margin trend vs prior year.
Operating Leverage
| 2023 | 2024 | 2025 | 2026 | |
|---|---|---|---|---|
| Revenue vs COGS | ||||
| Revenue vs OpEx | ||||
| Op. Income vs Revenue |
Growth
Revenue CAGR (3Y)
0.3%
Revenue CAGR (5Y)
1.3%
Earnings CAGR (3Y)
—
FCF CAGR (3Y)
—
Anti-fragile safety
Balance-sheet safety
Composite anti-fragile check.
Debt / equity
0.55
55th pctl of 41 SIC 36 peers (best = lowest)
Current ratio
2.96×
52nd pctl of 43 SIC 36 peers
Quick ratio
0.86×
Net cash
$214.31M
Cash & equivalents minus total debt.
Recession resistance
Revenue through recessions
Worst single-year YoY revenue decline, 17 years of history
Cash-flow health
Free cash flow
$68.09M
Operating cash flow minus capex.
Positive free cash flow
FCF / net income
3.29
Cash-backing of earnings.
FCF/NI divergence
Unfavorable divergence (yellow flag).
Accruals healthy
Cash-backed earnings.
SBC / revenue
4.2%
Stock-based comp intensity.
Piotroski F-Score
F-Score
N/A
Only 8/9 components determinable.
Lifecycle Phase History
Lynch sell alert: Turnaround stalled
Classified startup for 2 consecutive fiscal years (2025-06-27, 2026-07-03) with no recovery to a healthier phase -- Lynch's turnaround rule: if it hasn't turned around by now, assume it isn't going to.