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Nasdaq · Technology

Mercury Systems Inc. (MRCY)

As-reported financials and SEC filings for Mercury Systems Inc. The latest annual period is FY2026. The latest reported quarter is Q4 FY2026. Financial statements come straight from the company’s EDGAR filings; valuation figures such as P/E and market cap use market data.

About Mercury Systems Inc.

Mercury Systems Inc is a technology company that provides mission-critical processing solutions for aerospace and defense applications. Its products include components, modules, subsystems, and systems that handle signal processing, computing, data management, and secure communications. The company serves U.S. and European defense contractors, government agencies, and commercial aerospace original equipment manufacturers.

Snapshot

Revenue
$983.6M
Revenue growth (YoY)
7.9%
Net income
$-29.7M
Diluted EPS
$-0.50
Gross margin
28.6%
Operating margin
0.0%
Net margin
-3.0%
FCF margin
6.9%
ROE
-2.0%
net income / fiscal-year-end equity
P/E
n/m
not meaningful: a reported loss in the fiscal year or the trailing twelve months
Market cap
$4.84B
Long-term debt / equity
—
non-current term debt only

Fundamentals are from SEC filings for FY2026, the latest annual period (ended July 3, 2026). P/E and market cap are derived from stored market prices, last retrieved on a rolling basis and typically within the past week.

What changed at Mercury Systems

  • Revenue grew 7.9% to $984M in FY2026, in line with the 9.2% the year before.
  • Operating margin is 0.0% in FY2026, -3.2 pp against 3.2% in FY2022.
  • Most recent quarter Q4 FY2026: revenue $290M, up 6.1% from Q4 FY2025.
  • Free cash flow was $68M in FY2026, 6.9% of revenue.
  • Net loss narrowed to $30M in FY2026, from $38M in FY2025.

Computed from the as-reported figures in the statements below. A change we cannot state from filed figures is left out rather than estimated.

Peer comparison

Where Mercury Systems’s fundamentals sit among the 627 Technology companies. Each figure is ranked only against peers that report it, from lowest (left) to highest (right).

Gross margin28.6%
21st percentile of 512
Operating margin0.0%
42nd percentile of 564
Net margin-3.0%
36th percentile of 577
FCF margin6.9%
42nd percentile of 545
Revenue growth (YoY)+7.9%
46th percentile of 618
ROE-2.0%
39th percentile of 546
Short interest7.39d
88th percentile of 624

No reported insider purchases (code P) in the last 90 days; 31 insider sales totaling $41.9M. For context, about 15% of companies in the universe saw any reported insider purchase (code P) in the same window. Browse insider activity →

Percentiles describe where a figure sits among sector peers reporting it (100th = highest). They are position within a peer group, not a rating, and not investment advice. Short interest ranking uses days to cover from FINRA Consolidated Short Interest data; FINRA is the owner and source of that data, included at no additional charge.

Institutional ownership

Held by 3 of the superinvestors we track (plus 4 quant / multi-strat books), based on each investor’s most recent 13F; periods vary by investor (newest: Q2 2026).

Conviction investors
3
+4 quant / multi-strat
Initiated / added
3
1 new, 2 added
Reduced / exited
5
4 trimmed, 1 exited
Combined position
$508.5M
reported long value
InvestorAs ofPosition valueSharesChange
JANA PartnersQ2 2026$484.3M4.0MReduced
Two Sigma InvestmentsquantQ2 2026$8.8M71.9KReduced
D. E. ShawquantQ2 2026$7.6M61.8KAdded
AQR Capital ManagementquantQ2 2026$6.3M55.2KReduced
Gotham Asset ManagementQ2 2026$836,1266.8KAdded
Polen Capital ManagementQ2 2026$355,2462.9KNew
Millennium ManagementquantQ2 2026$354,8792.9KReduced

No longer held by: Citadel Advisors (as of Q2 2026)

From quarterly Form 13F filings, which can be up to 45 days delayed. Long US-listed positions only: excludes short positions, options, cash, bonds, and non-US holdings, so this is not a manager’s complete portfolio. Counts are of the investors we track, not all institutions. Not investment advice.

Recent insider activity

Non-derivative buys and sells (codes P/S) reported by officers, directors and 10% owners on SEC Form 4.

Buys (90d)
0
code P
Bought (90d)
—
code P value
Sells (90d)
31
$41.9M
Reported activity
Net selling
by $ value, 90d
Trade dateInsiderTypeSharesPriceValue
2026-09-21
filed 2026-09-23
Stuart KupinskyEVP, CLO & Corp SecSell1.0K$86.52$87K
2026-09-03
filed 2026-09-08
Steven RatnerEVP, CHROSell4.0K$84.51$338K
2026-08-26
filed 2026-08-27
William L. BallhausChairman, President & CEOSell38.3K$88.91$3.4M
2026-08-26
filed 2026-08-27
William L. BallhausChairman, President & CEOSell10.8K$89.74$970K
2026-08-25
filed 2026-08-27
William L. BallhausChairman, President & CEOSell107.6K$87.09$9.4M
2026-08-25
filed 2026-08-27
William L. BallhausChairman, President & CEOSell3.4K$87.99$303K
2026-08-24
filed 2026-08-25
William L. BallhausChairman, President & CEOSell105.5K$89.47$9.4M
2026-08-24
filed 2026-08-25
William L. BallhausChairman, President & CEOSell2.7K$90.60$248K
2026-08-21
filed 2026-08-25
William L. BallhausChairman, President & CEOSell64.8K$92.40$6.0M
2026-08-21
filed 2026-08-25
Stuart KupinskyEVP, CLO & Corp SecSell1.0K$95.23$95K
2026-08-21
filed 2026-08-25
Steven RatnerEVP, CHROSell356$91.36$33K
2026-08-21
filed 2026-08-25
William L. BallhausChairman, President & CEOSell204$93.51$19K

Reported non-derivative purchases and sales (codes P/S), which may be open-market or private. Excludes option exercises, grants, and shares withheld for taxes. Dates shown are the trade date; a Form 4 can be filed days to years later. A sale can be routine (e.g. a pre-set 10b5-1 plan), so read individual transactions in context. From SEC Form 4. Not investment advice.

Short interest

Total shares sold short as of each twice-monthly FINRA settlement. Rising short interest means more investors are positioned against the stock; days to cover estimates how many trading days of average volume that position represents.

Shares short
5.0M
settled 2026-09-30
Change vs prior
-0.4%
vs previous settlement
Days to cover
7.39
at avg daily volume
Avg daily volume
678.7K
FINRA reported
SettlementShares shortChangeDays to cover
2026-09-305.0M-0.4%7.39
2026-09-155.0M-3.8%7.30
2026-08-315.2M+5.1%4.89
2026-08-145.0M+0.6%10.38
2026-07-315.0M+3.0%7.92
2026-07-154.8M+3.6%8.52
2026-06-304.6M+1.5%4.73
2026-06-154.6M-3.4%6.16

Source: FINRA Consolidated Short Interest. FINRA is the owner and source of the FINRA-supplied data, which is included at no additional charge for your own personal or professional use; republishing or redistributing it is not permitted. Settlement dates are shown; FINRA publishes each settlement about nine business days later, so the latest figure can be two to four weeks old. Not presented as a percentage of float. No FINRA endorsement of this product is implied. Not investment advice.

Income statement (as reported)

 FY2026FY2025FY2024FY2023FY2022
Revenue$983.6M$912.0M$835.3M$973.9M$988.2M
Gross profit
Operating income$280,000$-19.6M$-147.8M$-21.7M$31.6M
Net income$-29.7M$-37.9M$-137.6M$-28.3M$11.3M
Diluted EPS$-0.50$-0.65$-2.38$-0.50$0.20

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Full details: where the numbers come from.

Balance sheet (as reported)

 FY2026FY2025FY2024FY2023FY2022
Cash and equivalents$214.3M$309.1M$180.5M$71.6M$65.7M
Current assets$973.4M$1.06B$953.8M$937.0M$815.3M
Total assets$2.32B$2.43B$2.38B$2.39B$2.30B
Current liabilities$328.5M$300.4M$234.4M$233.3M$193.9M
Long-term debt—————
Total liabilities$825.3M$961.3M$906.1M$824.7M$767.2M
Total equity$1.50B$1.47B$1.47B$1.57B$1.54B

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Full details: where the numbers come from.

Cash flow (as reported)

 FY2026FY2025FY2024FY2023FY2022
Operating cash flow$102.4M$138.9M$60.4M$-21.3M$-18.9M
Capital expenditure$34.3M$19.8M$34.3M$38.8M$27.7M
Free cash flow

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Full details: where the numbers come from.

Quarterly trend

QuarterRevenueRevenue YoYNet incomeDiluted EPS
Q4 FY20266.1%
Q3 FY2026$235.8M11.5%$-2.9M$-0.04
Q2 FY2026$232.9M4.4%$-15.1M$-0.26
Q1 FY2026$225.2M10.2%$-12.5M$-0.21
Q4 FY20259.9%
Q3 FY2025$211.4M1.5%$-19.2M$-0.33
Q2 FY2025$223.1M13.0%$-17.6M$-0.30
Q1 FY2025$204.4M13.0%$-17.5M$-0.30

Latest 8 quarters, from company XBRL filings on SEC EDGAR. A dotted underline marks a fourth-quarter figure we calculated from the full year and the first nine months. Revenue YoY is our calculation too: each quarter against the same quarter a year earlier.

Company facts

ExchangeNasdaq
SectorTechnology
SIC industryElectronic Components & Accessories
Latest annual periodFY2026 (ended July 3, 2026)
Latest reported quarterQ4 FY2026 (ended July 3, 2026)
Oldest indexed filing2013
SEC CIK1049521

Selected SEC filings

10-K2026-08-18
View on EDGAR →
10-Q2026-05-05
View on EDGAR →
10-Q2026-02-03
View on EDGAR →
10-Q2025-11-04
View on EDGAR →
8-K2026-09-18
View on EDGAR →
8-K2026-09-16
View on EDGAR →
8-K2026-08-18
View on EDGAR →
8-K2026-05-05
View on EDGAR →

Largest Technology peers

All Technology companies →

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Data sourced from SEC EDGAR. Figures are as-reported and may be unaudited or restated; verify against the source filing before relying on them. Informational only. Not investment advice.