Mercury Systems
Builds secure processing electronics and integrated subsystems for aerospace and defense missions.
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Profile
Sells RF, embedded computing, data-management, display, and security products from components through integrated subsystems for aerospace and defense missions. Revenue comes largely through defense prime contractors and government programs, tying results to program funding, production timing, and contract execution.
Supplies mission-critical processing hardware and integrated solutions for aerospace and defense systems. The Mercury Processing Platform spans Signal, Compute, Data Management, Display, and Secure technologies, from RF components through embedded boards, avionics computers, rugged servers, and software-enabled subsystems. Applications include radar and sensor processing, electronic warfare, weapons, mission computing, communications, and C4I.
Operates as one reportable segment, selling components, modules and subassemblies, and integrated solutions to defense primes, government customers, and commercial aerospace manufacturers. Its product and solutions models combine reusable, open-architecture building blocks with customer-specific development; domestic secure manufacturing and ruggedization address mission requirements. Most operations and revenue are U.S.-based. Nearly all sales ultimately serve government defense programs, making funding schedules, fixed-price execution, export controls, and limited-source electronic components structural dependencies.
Company facts
Categories
Key statistics
Year to date +16.4% · Average volume (30d) 722.2K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Aug 20, 2026 | Truist Financial | Target | $109 | $120 | |
| Aug 20, 2026 | Canaccord Genuity | Reiterate | Buy | $106 | $128 |
| Aug 19, 2026 | RBC Capital | Reiterate | Outperform | $105 | $120 |
| Aug 19, 2026 | Robert W. Baird | Target | $37 | $130 | |
| Aug 19, 2026 | Piper Sandler | Reiterate | Overweight | $126 | $131 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 18, 2026Q4 FY26 | $0.38 | $0.37 | −3.3% | $266.1M | $289.8M | +8.9% | −3.57% |
| May 5, 2026Q3 FY26 | $0.06 | $0.27 | +350.0% | $208.6M | $235.8M | +13.0% | +10.49% |
| Feb 3, 2026Q2 FY26 | $0.07 | $0.16 | +128.6% | $210.5M | $232.9M | +10.6% | −22.32% |
| Nov 4, 2025Q1 FY26 | $0.08 | $0.26 | +225.0% | $225.7M | $225.2M | −0.2% | +3.28% |
Financial highlights
| 12 quarters | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $211.4M | $273.1M | $225.2M | $232.9M | $235.8M | $289.8M | |
| Gross profit | $57.1M | $84.8M | $62.9M | $60.6M | $59.5M | $88.6M | |
| Operating income | −$17.3M | $23.6M | −$8.6M | −$10.8M | $7.5M | $17.0M | |
| Net income | −$19.2M | $16.4M | −$12.5M | −$15.1M | −$2.9M | $798.0K | |
| Diluted EPS | −$0.33 | $0.28 | −$0.21 | −$0.26 | −$0.05 | $0.01 | |
| Gross margin | 27.0% | 31.0% | 27.9% | 26.0% | 25.2% | 30.6% | |
| Operating margin | -8.2% | 8.6% | -3.8% | -4.6% | 3.2% | 5.9% |
Fiscal years (4-quarter sums)FY22 $988.2M · FY23 $973.9M · FY24 $882.5M · FY25 $912.0M · FY26 $983.6M
Revenue by product · Q3 FY26
Revenue by geography · Q4 FY26
Balance sheet, Jul 3, 2026Cash & short-term investments $214.3M · Total debt $487.3M · Total assets $2.32B · Shareholders' equity $1.50B
Dividends
No dividends on record.
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 60.04M · Float 55.53M · 92.5% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 9.37M | 15.61% | 13F | Aug 7, 2026 |
| Jana Partners Management, LP | 3.96M | 6.59% | 13F | Aug 14, 2026 |
| State Street Corp | 3.42M | 5.69% | 13F | Aug 7, 2026 |
| Vanguard Portfolio Management | 3.09M | 5.13% | 13G | Jul 31, 2026 |
| Invesco Ltd. | 2.67M | 4.45% | 13F | Aug 14, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 26, 2026 | William L. Ballhaus | director, officer: Chairman, President & CEO | −49,090 | $89.10 |
| Aug 25, 2026 | William L. Ballhaus | director, officer: Chairman, President & CEO | −111,076 | $87.12 |
| Aug 21, 2026 | Steven Ratner | officer: EVP, CHRO | −356 | $91.36 |
| Aug 24, 2026 | William L. Ballhaus | director, officer: Chairman, President & CEO | −108,209 | $89.50 |
| Aug 21, 2026 | William L. Ballhaus | director, officer: Chairman, President & CEO | −65,000 | $92.41 |
Peers
- Curtiss-Wright
Direct peer in OpenVPX mission computing and defense electronics
- AMETEK
Abaco brings direct COTS rugged embedded-compute overlap
- Leonardo DRS
Rugged mission-command computing and displays overlap Mercury
- L3Harris Technologies
Larger mission-systems rival in ISR, EW, avionics and sensors
- RTX
Collins and Raytheon overlap avionics, sensors and C2 systems
- Teledyne Technologies
Defense electronics and imaging overlap RF, radar and data capture
- HEICO
Niche RF, microwave and rugged embedded electronics overlap
- Crane
RF microwave, sensing and power electronics competitor
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Mercury Systems | $88.54 | +0.04% | $5.32B | — | 57.8 | 5.4 | +37.1% |
| Curtiss-Wright | $596.37 | −0.07% | $22.03B | 41.0 | 36.9 | 6.0 | +5.4% |
| AMETEK | $236.99 | +0.31% | $54.15B | 34.5 | 27.1 | 6.9 | +15.0% |
| Leonardo DRS | $38.60 | +0.08% | $10.29B | 32.1 | 29.0 | 2.7 | +10.1% |
| L3Harris Technologies | $262.82 | +0.01% | $48.94B | 26.5 | 21.3 | 2.1 | +8.4% |
| RTX | $212.00 | +0.13% | $285.33B | 37.3 | 28.8 | 3.1 | +14.5% |
| Teledyne Technologies | $621.96 | +0.02% | $28.83B | 30.0 | 24.4 | 4.5 | +9.8% |
| HEICO | $336.53 | −0.01% | $46.89B | 56.1 | 50.6 | 9.1 | +23.1% |
| Crane | $207.00 | −0.01% | $11.95B | 36.1 | 28.4 | 4.6 | +25.6% |
| Median | 35.3 | 28.6 | 4.6 | +12.3% |