Mercury Systems Inc
77.44-0.16 (-0.21%)
Oct 29, 4:00:02 PM EDT · NasdaqGS · MRCY · USD
Key Stats
Market Cap
4.65BP/E (TTM)
-Basic EPS (TTM)
-0.65Dividend Yield
0%Recent Filings
8-K
Board elections and leadership shifts
Mercury Systems refreshed its board at the October 22, 2025 annual meeting, electing William L. Ballhaus, Lisa S. Disbrow, and Howard L. Lance as Class I directors for three-year terms through 2028, while confirming Jean Bua as Class II director for one year. Shareholders approved executive compensation advisory, the 2025 Long Term Incentive Plan, and KPMG's audit ratification with strong majorities. Post-meeting, Ballhaus became Chairman, Barry R. Nearhos Lead Independent Director, signaling steady governance continuity. Committees realigned for audit, compensation, and M&A focus.
10-K
FY2025 results
Mercury Systems posted FY2025 revenues of $912.0 million, up 9.2% y/y, with Q4 accelerating growth amid a pivot to production programs like LTAMDS and KC-46, though radar and C4I drove the annual lift while electronic warfare dipped. Gross margins expanded to 27.9%, a 440 bps y/y gain, fueled by $21.1 million net favorable EAC adjustments (derived) and lower manufacturing costs, yet net loss narrowed to $(37.9) million from $(137.6) million as SG&A and R&D fell 7.4% and 33.3% on headcount cuts. Q4 momentum shone in sequential margin gains and backlog hitting $1.4 billion, up from $1.3 billion. Liquidity strengthened with $309.1 million cash and $308.5 million Revolver availability, no buybacks or dividends, but capex eased to $19.8 million. No FY2026 guidance disclosed. Yet, heavy reliance on partially funded defense programs risks quarterly delays from budget gridlock.
8-K
Record bookings boost backlog
Mercury Systems posted record Q4 bookings of $341.5 million and a 1.25 book-to-bill, swelling backlog to $1.40 billion—up 6% year-over-year. Revenue climbed 9.9% to $273.1 million, with adjusted EBITDA surging 64% to $51.3 million at 18.8% margin, while full-year free cash flow hit a record $119.0 million. Backlog burns down lower margins, yet new wins align with mid-20% targets. Risks lurk in supply chain snags and defense funding delays.
10-Q
Q3 FY2025 results
Mercury Systems posted Q3 FY2025 revenues of $211.4M, up 1.5% y/y from $208.3M, with gross margin expanding to 27.0% from 19.5% thanks to favorable estimate changes netting $3.7M (derived) and lower inventory reserves. Operating loss narrowed to $17.3M from $45.7M, while net loss improved to $19.2M or $(0.33) per diluted share on 58.7M shares, versus $44.6M or $(0.77) last year; the gap between operating and net loss stems mainly from interest expense. Cash swelled to $269.8M, bolstered by $100.8M operating cash flow for nine months ended March 28, 2025, yielding $85.1M free cash flow (derived) after $15.7M capex, against $591.5M debt on a $900M revolver with $308.5M availability. No M&A closed this quarter. Tariffs on imported components threaten gross margins.
8-K
Q3 revenue up, EBITDA soars
Mercury Systems reported Q3 fiscal 2025 revenue of $211.4 million, up 1% year-over-year, with bookings at $200.4 million and backlog climbing 4% to $1.34 billion. Adjusted EBITDA surged to $24.7 million at 11.7% margin, while free cash flow hit $24.1 million—up $49.8 million from last year—thanks to tighter working capital. Backlog grows steadily. Yet supply chain risks linger.
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