Latest Ratios: P/E Ratio -151.8x · EV/EBITDA 60.3x · ROE -2.0%. (1998–2026 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $4.4B | $7.5B | $3.1B | $1.6B | $2.0B | $3.6B | $3.7B | $4.3B | $3.4B | $1.8B | $1.8B |
| Enterprise Value | $4.7B | $7.8B | $3.5B | $2.0B | $2.5B | $4.1B | $3.8B | $4.2B | $3.2B | $1.9B | $1.8B |
| P/E Ratio → | -151.84 | — | — | — | — | — | 59.18 | 50.42 | 73.28 | 44.26 | 72.57 |
| P/S Ratio | 4.49 | 7.63 | 3.44 | 1.87 | 2.01 | 3.74 | 3.98 | 5.44 | 5.21 | 3.66 | 4.43 |
| P/B Ratio | 2.92 | 5.01 | 2.13 | 1.06 | 1.25 | 2.37 | 2.48 | 3.13 | 2.66 | 2.34 | 2.50 |
| P/FCF | 68.01 | 110.22 | 26.36 | 13.09 | 74.98 | — | — | 60.31 | 48.17 | 64.03 | 68.84 |
| P/OCF | 43.13 | 73.29 | 22.60 | 11.22 | 32.40 | — | — | 37.64 | 34.99 | 41.71 | 30.61 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 7.91 | 3.81 | 2.43 | 2.53 | 4.20 | 4.16 | 5.24 | 4.82 | 3.92 | 4.33 |
| EV / EBITDA | 60.32 | 83.07 | 55.65 | — | 32.56 | 54.12 | 25.96 | 29.74 | 25.65 | 21.68 | 25.39 |
| EV / EBIT | 223.88 | 371.33 | — | — | — | — | 39.96 | 43.98 | 39.77 | 42.60 | 45.79 |
| EV / FCF | — | 114.23 | 29.17 | 17.07 | 94.40 | — | — | 58.08 | 44.53 | 68.59 | 67.26 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 24.6% | 24.6% | 27.9% | 23.5% | 32.5% | 32.5% | 41.7% | 44.8% | 43.7% | 45.8% | 46.9% |
| Operating Margin | 2.1% | 2.1% | -2.2% | -17.7% | -2.2% | -2.2% | 8.8% | 11.4% | 11.7% | 9.5% | 9.2% |
| Net Profit Margin | -3.0% | -3.0% | -4.2% | -16.5% | -2.9% | -2.9% | 6.7% | 10.8% | 7.1% | 8.3% | 6.1% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -2.0% | -2.0% | -2.6% | -9.1% | -1.8% | -1.9% | 4.3% | 6.4% | 4.5% | 5.5% | 4.2% |
| ROA | -1.2% | -1.2% | -1.6% | -5.8% | -1.2% | -1.3% | 3.5% | 5.7% | 3.8% | 4.3% | 3.2% |
| ROIC | 0.9% | 0.9% | -0.8% | -5.5% | -0.8% | -0.9% | 4.2% | 6.1% | 6.0% | 4.4% | 4.4% |
| ROCE | 1.0% | 1.0% | -0.9% | -6.9% | -1.0% | -1.1% | 4.9% | 6.5% | 6.6% | 5.4% | 5.3% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.33 | 0.33 | 0.44 | 0.44 | 0.37 | 0.34 | 0.19 | 0.05 | — | 0.25 | — |
| Debt / EBITDA | 5.20 | 5.20 | 10.32 | — | 7.64 | 6.89 | 1.90 | 0.48 | — | 2.18 | — |
| Net Debt / Equity | — | 0.18 | 0.23 | 0.32 | 0.32 | 0.30 | 0.11 | -0.12 | -0.20 | 0.17 | -0.06 |
| Net Debt / EBITDA | 2.92 | 2.92 | 5.37 | — | 6.70 | 6.02 | 1.13 | -1.14 | -2.10 | 1.44 | -0.60 |
| Debt / FCF | — | 4.01 | 2.82 | 3.98 | 19.42 | — | — | -2.22 | -3.64 | 4.55 | -1.58 |
| Interest Coverage | 0.71 | 0.71 | -0.51 | -4.41 | -0.93 | -0.93 | 78.72 | 94.37 | 8.71 | 15.94 | 5.11 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.96 | 2.96 | 3.52 | 4.07 | 4.02 | 4.20 | 4.26 | 5.04 | 5.94 | 4.63 | 3.38 |
| Quick Ratio | 1.85 | 1.85 | 2.41 | 2.64 | 2.57 | 2.81 | 2.79 | 3.63 | 4.54 | 3.11 | 2.27 |
| Cash Ratio | 0.65 | 0.65 | 1.03 | 0.77 | 0.31 | 0.34 | 0.75 | 1.80 | 2.63 | 0.93 | 0.57 |
| Asset Turnover | — | 0.42 | 0.37 | 0.35 | 0.41 | 0.42 | 0.47 | 0.49 | 0.46 | 0.46 | 0.50 |
| Inventory Turnover | 2.02 | 2.02 | 1.98 | 1.91 | 1.95 | 2.43 | 2.43 | 2.47 | 2.69 | 2.46 | 2.68 |
| Days Sales Outstanding | — | 131.73 | 155.31 | 181.55 | 190.13 | 167.85 | 115.24 | 96.55 | 98.24 | 106.44 | 101.55 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | 1.7% | 2.0% | 1.4% | 2.3% | 1.4% |
| FCF Yield | 1.5% | 0.9% | 3.8% | 7.6% | 1.3% | — | — | 1.7% | 2.1% | 1.6% | 1.5% |
| Buyback Yield | 0.3% | 0.2% | 0.0% | 0.0% | 0.0% | 0.0% | 0.2% | 0.4% | 0.2% | 0.9% | 0.5% |
| Total Shareholder Yield | 0.3% | 0.2% | 0.0% | 0.0% | 0.0% | 0.0% | 0.2% | 0.4% | 0.2% | 0.9% | 0.5% |
| Shares Outstanding | — | $59M | $59M | $58M | $57M | $57M | $55M | $55M | $49M | $47M | $43M |
Includes 30+ ratios · 29 years · Updated daily
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Quick answers to the most common questions about buying MRCY stock.
Mercury Systems, Inc.'s current P/E ratio is -151.8x. The historical average is 35.9x.
Mercury Systems, Inc.'s current EV/EBITDA is 60.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 24.7x.
Mercury Systems, Inc.'s return on equity (ROE) is -2.0%. The historical average is 4.4%.
Based on historical data, Mercury Systems, Inc. is trading at a P/E of -151.8x. Compare with industry peers and growth rates for a complete picture.
Mercury Systems, Inc. has 24.6% gross margin and 2.1% operating margin.
Mercury Systems, Inc.'s Debt/EBITDA ratio is 5.2x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Margin recovery sustainability uncertain
Metrics are mathematically derived from official filings.
Margin Recovery Remains Fragile
TTM gross margin of 27.9% and operating margin near zero, per reported financials, indicate limited pricing power despite a 30.6% gross margin in 2026Q4.
The 2026Q4 gross margin improvement to 30.6% from 25.2% in 2026Q3 suggests early operational pivot success, but the TTM gross margin of 27.9% remains well below peers like Curtiss-Wright at 37.2%. Operating margin swung to positive 4.2% in 2026Q4, yet the TTM figure is 0.0%, implying that overhead costs still consume most incremental revenue. This fragility suggests that margin expansion is episodic rather than structural, and investors should monitor whether the latest quarter's strength persists.
Capital Returns Still Subdued
ROIC improved to 0.5% in 2026Q4 from negative levels, but TTM ROIC remains near zero, per financial statements, indicating capital is not yet generating meaningful returns.
ROIC has hovered between -0.7% and 1.0% over the past ten quarters, with 2026Q4 at 0.5%, reflecting a business that is barely covering its cost of capital. The improvement from -0.4% in 2026Q2 suggests early stabilization, but the absolute level remains far below the 14.1% ROIC of Curtiss-Wright. This implies that the company's asset base, heavily weighted by goodwill from acquisitions, is not yet producing adequate returns, and the operational pivot has not translated into capital efficiency.
Working Capital Cycle Remains Extended
Cash conversion cycle improved to 252 days in 2026Q4 from 347 days in 2024Q3, per reported data, but remains elevated due to high DSO and DIO.
The CCC reduction of nearly 100 days over two years is a positive sign, driven by lower DSO (122 days in 2026Q4 vs. 189 days in 2024Q3) and DIO (177 vs. 208 days). However, a 252-day cycle still indicates significant capital tied up in receivables and inventory, which may reflect program complexity and customer payment terms. This extended cycle suggests that cash conversion remains a drag on liquidity, and further improvements in collections and inventory management could unlock additional cash.
Deleveraging Eases Refinancing Risk
Debt-to-equity fell to 0.33 in 2026Q4 from 0.46 in 2024Q3, per SEC filings, while interest coverage improved to 1.88, indicating more comfortable debt service.
Total debt declined from $682.0M to $487.3M over the period, and the D/E ratio now sits at 0.33, below the peer average of 0.44. Interest coverage of 1.88 in 2026Q4, up from negative levels in prior quarters, suggests that operating income is now sufficient to cover interest expenses, though the margin of safety remains thin. This deleveraging trajectory reduces refinancing pressure, but the still-low coverage implies limited capacity for additional debt-funded growth.
Liquidity Buffer Remains Adequate
Current ratio of 2.96 and quick ratio of 1.85 in 2026Q4, per financial statements, provide a solid cushion, though cash declined from $331.8M to $214.3M.
The current ratio has remained above 2.9 for the past year, indicating that current assets comfortably cover short-term obligations. However, the quick ratio of 1.85 suggests that inventory still represents a meaningful portion of current assets, which could be a risk if demand softens. The decline in cash from the prior quarter may reflect working capital needs, but the overall liquidity position appears sufficient to weather operational shocks without immediate distress.
Misapplied EV/EBITDA Distorts Value
EV/EBITDA is reported at 9999.00 due to near-zero EBITDA, per financial data, making the metric meaningless and obscuring the company's actual valuation.
The most commonly misapplied ratio for Mercury is EV/EBITDA, as the denominator is effectively zero or negative, rendering the multiple infinite and uninformative. Investors should instead focus on EV/Sales (6.18x) or P/FCF (89.29x) to gauge valuation, as these metrics capture the company's revenue scale and cash generation despite earnings volatility. The negative P/E of -202.50 further underscores that earnings-based multiples are not meaningful at this stage, and a sum-of-the-parts or turnaround-based approach may be more appropriate.