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Electronic components · Technology · Fiscal year ends Jun 30
Mercury Systems reported revenue of $984M in the fiscal year ended Jul 2026, up 7.9% from the year before. Operating income was $280,000, an operating margin of 0.0%, and net income was −$30M. Operating cash flow of $102M less capital expenditure of $34M left free cash flow of $68M.
Ranks among the 18 electronic components companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Jul 2022 | Jun 2023 | Jun 2024 | Jun 2025 | Jul 2026 |
|---|---|---|---|---|---|
| Revenue | 988 | 974 | 835 | 912 | 984 |
| Cost of revenue | 593 | 657 | 639 | 658 | 702 |
| Gross profit | 395 | 317 | 196 | 254 | 281 |
| Research & development | 107 | 109 | 101 | 67.6 | 59.7 |
| Selling, general & admin | 157 | 161 | 167 | 154 | 175 |
| Operating income | 31.6 | −21.7 | −148 | −19.6 | 0.3 |
| Interest expense | 5.8 | 25.2 | 35.0 | 33.4 | 29.6 |
| Pre-tax income | 18.4 | −48.5 | −189 | −50.4 | −28.9 |
| Income tax | 7.1 | −20.2 | −51.6 | −12.5 | 0.8 |
| Net income | 11.3 | −28.3 | −138 | −37.9 | −29.7 |
| Diluted EPS | 0.20 | −0.50 | −2.38 | −0.65 | −0.50 |
| Diluted shares | 55.9 | 56.6 | 57.7 | 58.7 | 59.5 |
| Fiscal year | Jul 2022 | Jun 2023 | Jun 2024 | Jun 2025 | Jul 2026 |
|---|---|---|---|---|---|
| Cash & equivalents | 65.7 | 71.6 | 181 | 309 | 214 |
| Receivables | 144 | 125 | 111 | 110 | 69.2 |
| Inventory | 270 | 337 | 335 | 333 | 367 |
| Current assets | 815 | 937 | 954 | 1,058 | 973 |
| Net PP&E | 127 | 120 | 110 | 101 | 108 |
| Goodwill | 938 | 938 | 938 | 938 | 942 |
| Total assets | 2,304 | 2,391 | 2,379 | 2,435 | 2,323 |
| Payables | 98.7 | 104 | 81.1 | 79.1 | 91.0 |
| Deferred revenue | 15.5 | 56.6 | 73.9 | 127 | 150 |
| Current liabilities | 194 | 233 | 234 | 300 | 329 |
| Total liabilities | 767 | 825 | 906 | 961 | 825 |
| Shareholders' equity | 1,537 | 1,567 | 1,473 | 1,473 | 1,497 |
| Backlog (remaining obligations) | 542 | 551 | 768 | 788 | 1.1 |
| Fiscal year | Jul 2022 | Jun 2023 | Jun 2024 | Jun 2025 | Jul 2026 |
|---|---|---|---|---|---|
| Operating cash flow | −18.9 | −21.3 | 60.4 | 139 | 102 |
| Capital expenditure | 27.7 | 38.8 | 34.3 | 19.8 | 34.3 |
| Free cash flow | −46.5 | −60.1 | 26.1 | 119 | 68.1 |
| Depreciation & amortisation | 93.4 | 97.3 | 88.0 | 82.0 | 72.7 |
| Stock-based compensation | 38.3 | 27.8 | 25.7 | 25.0 | 41.1 |
| Acquisitions | 243 | 0.0 | 0.0 | 4.5 | 1.4 |
| Share buybacks | 8.2 | 0.1 | 0.0 | 0.0 | 15.0 |
| Fiscal year | Jul 2022 | Jun 2023 | Jun 2024 | Jun 2025 | Jul 2026 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −1.4% | −14.2% | 9.2% | 7.9% |
| Operating income growth (YoY) | – | −168.6% | – | – | – |
| EPS growth (YoY) | – | −350.0% | – | – | – |
| Gross margin | 40.0% | 32.5% | 23.5% | 27.9% | 28.6% |
| Operating margin | 3.2% | −2.2% | −17.7% | −2.2% | 0.0% |
| Net margin | 1.1% | −2.9% | −16.5% | −4.2% | −3.0% |
| Return on equityBlank when equity is negative | 0.7% | −1.8% | −9.3% | −2.6% | −2.0% |
| ROCEEBIT ÷ (assets − current liabilities) | 1.5% | −1.0% | −6.9% | −0.9% | 0.0% |
| Free cash flow margin | −4.7% | −6.2% | 3.1% | 13.1% | 6.9% |
| Cash conversion (CFO ÷ net income) | −1.67x | 0.75x | −0.44x | −3.66x | −3.45x |
| Receivable days | 53 | 47 | 49 | 44 | 26 |
| Inventory days | 166 | 187 | 191 | 185 | 191 |
| Payable days | 61 | 58 | 46 | 44 | 47 |
| Interest cover | 5.44x | −0.86x | −4.22x | −0.59x | 0.01x |
| Current ratio | 4.20x | 4.02x | 4.07x | 3.52x | 2.96x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.