MERCURY SYSTEMS INC
MRCY · Electronic Components & Accessories · 60.0M shares · +4%/yr ↑ dilution · EDGAR filings ↗
Net buyback after stock comp: -$28M (gross $63K, SBC $28M)
Reference price $99.95 · est. market cap ~$6.0B — last insider sale, 2026-05-26 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
C54Defense-electronics maker with positive FCF but a net loss and negative interest coverage this year.
Strengths
- Positive free cash flow — $119.0M (51st)
- Strong liquidity — current ratio 3.52 (78th)
Risks
- Net loss, negative coverage — operating margin -2.2%, interest coverage -0.59
- Earnings decline — -72.5% (26th)
- Defense-program funding/termination risk per risk factors — per 10-K
Notable findings
- No interest coverageInterest coverage -0.59 (cannot cover interest)
- Net lossNet loss (net margin -4.2%)
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC, Bridgewater Associates, LP
- Strong balance sheetStrong balance sheet — $309M cash & investments
- China exposuregovernment’s interpretation of, federal export control or procurement rules and regulations, including tariffs, changes in, or in the interpretation or enforcement of, environmental rules and regulati
- Notable holderHeld by 4 notable fund(s): STATE STREET CORP, GOLDMAN SACHS GROUP INC, FMR LLC +1 more (as of 2026-03-31)
- Insider sellingInsider selling — 12 open-market sale(s) by 7 insider(s) (cluster of 7 insiders, ~$77M, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
27.9%
Operating margin
-2.2%
Net margin
-4.2%
Return on equity
-2.6%
Return on assets
-1.6%
Revenue growth (QoQ)
1.2%
Interest coverage
-0.6×
Current ratio
3.5×
Free cash flow
$119M
EBITDA
$62M
Tangible book value
$325M
Cash & investments
$309M
Stock comp / revenue
2.7%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-05-26 | LANCE HOWARD L | Sell | 1.2K | $98.50 |
| 2026-05-26 | LANCE HOWARD L | Sell | 8.0K | $99.95 |
| 2026-05-12 | Carvalho Orlando D | Sell | 7.0K | $89.36 |
| 2026-05-11 | Ratner Steven | Sell | 2.0K | $92.46 |
| 2026-04-16 | Nearhos Barry R | Grant | 245 | — |
| 2026-04-16 | Farnsworth David E. | Sell | 3.6K | $84.87 |
| 2026-03-16 | Ratner Steven | Grant | 437 | — |
| 2026-03-04 | JANA Partners Management, LP | Sell | 101K | $89.68 |
| 2026-03-03 | JANA Partners Management, LP | Sell | 169K | $90.12 |
| 2026-03-02 | JANA Partners Management, LP | Sell | 183K | $94.05 |
| 2026-02-25 | LANCE HOWARD L | Sell | 4.8K | $88.98 |
| 2026-02-17 | Munro Douglas | Sell | 582 | $83.56 |
| 2026-02-17 | KUPINSKY STUART | Sell | 2.3K | $83.56 |
| 2026-02-09 | JANA Partners Management, LP | Sell | 400K | $81.00 |
| 2026-01-15 | Nearhos Barry R | Grant | 474 | — |
| 2025-11-12 | Munro Douglas | Sell | 1.3K | $73.42 |
| 2025-11-07 | Plunkett Debora A | Sell | 1.7K | $73.99 |
| 2025-11-06 | JANA Partners Management, LP | Sell | 1.0M | $75.45 |
| 2025-10-22 | DISBROW LISA S | Grant | 2.4K | — |
| 2025-10-22 | BUA JEAN A | Grant | 2.4K | — |
| 2025-10-22 | Plunkett Debora A | Grant | 2.4K | — |
| 2025-10-22 | DEMURO GERARD J | Grant | 2.4K | — |
| 2025-10-22 | Nearhos Barry R | Grant | 2.4K | — |
| 2025-10-22 | LANCE HOWARD L | Grant | 2.4K | — |
| 2025-10-22 | Carvalho Orlando D | Grant | 2.4K | — |
| 2025-10-22 | JANA Partners Management, LP | Grant | 2.4K | — |
| 2025-10-16 | Nearhos Barry R | Grant | 487 | — |
| 2025-09-16 | Munro Douglas | Sell | 67 | $73.40 |
| 2025-08-20 | Ratner Steven | Sell | 7.0K | $63.76 |
| 2025-08-19 | Ballhaus William L | Sell | 13K | $64.46 |
| 2025-08-19 | Munro Douglas | Sell | 376 | $64.46 |
| 2025-08-19 | Ratner Steven | Sell | 1.7K | $64.46 |
| 2025-08-19 | KUPINSKY STUART | Sell | 1.2K | $64.46 |
| 2025-08-19 | Farnsworth David E. | Sell | 7.6K | $64.46 |
| 2025-08-18 | Ratner Steven | Sell | 1.7K | $66.52 |
| 2025-08-18 | KUPINSKY STUART | Sell | 1.2K | $66.52 |
| 2025-08-18 | Ballhaus William L | Sell | 10K | $66.52 |
| 2025-08-18 | Munro Douglas | Sell | 363 | $66.52 |
| 2025-08-18 | Farnsworth David E. | Sell | 7.3K | $66.52 |
| 2025-08-15 | Munro Douglas | Grant | 3.4K | — |
| 2025-08-15 | Ratner Steven | Grant | 9.0K | — |
| 2025-08-15 | KUPINSKY STUART | Grant | 9.9K | — |
| 2025-08-15 | Farnsworth David E. | Grant | 13K | — |
| 2025-08-15 | Ballhaus William L | Grant | 45K | — |
| 2025-08-13 | JANA Partners Management, LP | Sell | 797K | $65.42 |
| 2025-07-17 | Nearhos Barry R | Grant | 666 | — |
| 2025-06-16 | Ratner Steven | Sell | 1.8K | $53.48 |
| 2025-05-16 | Ratner Steven | Disposition | 19K | — |
| 2025-05-14 | Munro Douglas | Sell | 809 | $44.88 |
| 2025-05-14 | Munro Douglas | Sell | 1.6K | $45.64 |
| 2025-05-09 | JANA Partners Management, LP | Sell | 100K | $45.87 |
| 2025-05-08 | Ratner Steven | Sell | 3.9K | $47.70 |
| 2025-05-08 | Ratner Steven | Sell | 325 | $46.03 |
| 2025-05-08 | JANA Partners Management, LP | Sell | 88K | $46.27 |
| 2025-04-17 | Nearhos Barry R | Grant | 761 | — |
| 2025-04-15 | Farnsworth David E. | Grant | 22K | — |
| 2025-02-18 | KUPINSKY STUART | Sell | 2.4K | $44.12 |
| 2025-02-18 | Munro Douglas | Sell | 595 | $44.12 |
| 2025-02-18 | Wells Charles Roger IV | Sell | 2.3K | $44.12 |
| 2025-02-15 | Wells Charles Roger IV | Disposition | 15K | — |
| 2025-01-16 | Nearhos Barry R | Grant | 826 | — |
| 2025-01-15 | BUA JEAN A | Grant | 5.5K | — |
All non-derivative Form 4 activity (SEC), newest first.
Supply chain
Customers (5)
- RTX Corporation 13% of rev
- Lockheed Martin 10% of rev
- U.S. Navy 10% of rev
- L3Harris
- Northrop Grumman
Suppliers (0)
Named in the 10-K; linked when we track them.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-05-05 | ResultsExhibits | filing ↗ |
| 2026-02-03 | ResultsExhibits | filing ↗ |
| 2025-11-04 | Material agreementResultsDebt obligationOtherExhibits | filing ↗ |
| 2025-10-28 | Exec/director changeShareholder voteOther | filing ↗ |
| 2025-08-11 | Results | filing ↗ |
| 2025-05-06 | ResultsExhibits | filing ↗ |
| 2025-04-01 | ResultsExec/director change | filing ↗ |
| 2025-02-04 | Results2.05Exhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-05-05 | 2026-05-05 | 0001049521-26-000021 ↗ |
| 10-Q | 2026-05-05 | 2026-03-27 | 0001049521-26-000024 ↗ |
| 10-Q | 2026-02-03 | 2025-12-26 | 0001049521-26-000006 ↗ |
| 8-K | 2026-02-03 | 2026-02-03 | 0001049521-26-000004 ↗ |
| 10-Q | 2025-11-04 | 2025-09-26 | 0001049521-25-000062 ↗ |
| 8-K | 2025-11-04 | 2025-11-04 | 0001049521-25-000060 ↗ |
| 8-K | 2025-10-28 | 2025-10-22 | 0001049521-25-000057 ↗ |
| 8-K | 2025-08-11 | 2025-08-11 | 0001049521-25-000022 ↗ |
| 10-K | 2025-08-11 | 2025-06-27 | 0001049521-25-000024 ↗ |
| 10-Q | 2025-05-06 | 2025-03-28 | 0001049521-25-000017 ↗ |
| 8-K | 2025-05-06 | 2025-05-06 | 0001049521-25-000014 ↗ |
| 8-K | 2025-04-01 | 2025-03-28 | 0001049521-25-000011 ↗ |