Pulling SEC filings + quote and writing the call…

MERCURY SYSTEMS INC
Next earnings Aug 10, 2026 (after close) · consensus $0.40 EPS, $271M rev
Last earnings +5.6% on 2026-05-05
Defense-electronics turnaround is working — margins and cash flow recovering — but still GAAP-unprofitable and richly priced at 7.5x sales.
Mercury Systems is a defense-electronics supplier (processing subsystems, sensors/effectors, C4I) in the midst of a genuine operational turnaround after a difficult stretch of program write-downs and losses. FY2025 shows the recovery taking hold: revenue grew 9.2% to $912M, gross profit jumped 29.9% to $254M as gross margin recovered to 27.9%, and the net loss narrowed sharply to -$37.9M from -$138M the prior year. Most striking is the cash conversion — operating cash flow swung to a positive $139M, up 130% — as management worked down the bloated working capital and inventory tied to troubled fixed-price programs.
Sources: SEC EDGAR (CIK 0001049521, latest 10-Q filed 2026-05-05) · analysis by claude-code · as of 6/21/2026, 8:53:03 PM.
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| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | $924M | $988M | $974M | $835M | $912M |
| Gross profit | $385M | $395M | $317M | $196M | $254M |
| Operating income | $81.0M | $31.6M | -$21.7M | -$148M | -$19.6M |
| Net income | $62.0M | $11.3M | -$28.3M | -$138M | -$37.9M |
| Diluted EPS | $1.12 | $0.20 | -$0.50 | -$2.38 | -$0.65 |
| Net margin | 6.7% | 1.1% | -2.9% | -16.5% | -4.2% |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
1046 tracked peers · median
Dates from 8-K (Item 2.02); beat/miss = reported EPS vs consensus (Finnhub, recent quarters); move = prior close → close on/after.
Last 90 days: 0 open-market buys · 5 sales
| 2026-05-26 | LANCE HOWARD L Director | Sell | 8.00K @ $99.95 | $800K |
| 2026-05-26 | LANCE HOWARD L Director | Sell | 1.25K @ $98.50 | $123K |
| 2026-05-12 | Carvalho Orlando D Director | Sell | 7.00K @ $89.36 | $626K |
| 2026-05-11 | Ratner Steven EVP, CHRO | Sell | 2.00K @ $92.46 | $185K |
| 2026-04-16 | Nearhos Barry R Director | Award | 245.00 | |
| 2026-04-16 | Farnsworth David E. EVP, CFO | Sell | 3.63K @ $84.87 | $308K |
| 2026-03-16 | Ratner Steven EVP, CHRO | Award | 437.00 | |
| 2026-03-04 | JANA Partners Management, LP Director | Sell | 101K @ $89.68 | $9.05M |
| 2026-03-03 | JANA Partners Management, LP Director | Sell | 169K @ $90.12 | $15.2M |
| 2026-03-02 | JANA Partners Management, LP Director | Sell | 183K @ $94.05 | $17.2M |
| 2026-02-25 | LANCE HOWARD L Director | Sell | 4.83K @ $88.98 | $430K |