Mercury Systems, Inc. (MRCY) Financial Ratios
28 years of historical data (1998–2025) · Industrials · Aerospace & Defense
EV/EBITDA
↑
93.53
↑+122% vs avg
5yr avg: 42.07
30Y Low6.5·High55.7
P/FCF
↓
46.21
↑+21% vs avg
5yr avg: 38.14
30Y Low9.0·High168.0
P/B Ratio
↓
3.65
↑+97% vs avg
5yr avg: 1.86
30Y Low0.8·High7.7
ROE
↓
-2.6%
-17% vs avg
5yr avg: -2.2%
30Y Low-22%·High27%
Debt/EBITDA
↑
10.32
↑+54% vs avg
5yr avg: 6.69
30Y Low0.0·High10.3
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
MRCY Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Mercury Systems, Inc. currently has a negative P/E ratio, indicating the company is operating at a loss on a trailing-twelve-month basis. On a free-cash-flow basis, the stock trades at 46.2x P/FCF, 21% above the 5-year average of 38.1x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $5.5B | $3.1B | $1.6B | $2.0B | $3.6B | $3.7B | $4.3B | $3.4B | $1.8B | $1.8B | $873M |
| Enterprise Value | $5.8B | $3.5B | $2.0B | $2.5B | $4.1B | $3.8B | $4.2B | $3.2B | $1.9B | $1.8B | $983M |
| P/E Ratio → | -141.02 | — | — | — | — | 59.18 | 50.42 | 73.28 | 44.26 | 72.57 | 44.39 |
| P/S Ratio | 6.03 | 3.44 | 1.87 | 2.01 | 3.74 | 3.98 | 5.44 | 5.21 | 3.66 | 4.43 | 3.23 |
| P/B Ratio | 3.65 | 2.13 | 1.06 | 1.25 | 2.37 | 2.48 | 3.13 | 2.66 | 2.34 | 2.50 | 1.84 |
| P/FCF | 46.21 | 26.36 | 13.09 | 74.98 | — | — | 60.31 | 48.17 | 64.03 | 68.84 | 30.03 |
| P/OCF | 39.62 | 22.60 | 11.22 | 32.40 | — | — | 37.64 | 34.99 | 41.71 | 30.61 | 23.62 |
P/E links to full P/E history page with 30-year chart
MRCY EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Mercury Systems, Inc.'s enterprise value stands at 93.5x EBITDA, 122% above its 5-year average of 42.1x. The Industrials sector median is 13.9x, placing the stock at a 573% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.81 | 2.43 | 2.53 | 4.20 | 4.16 | 5.24 | 4.82 | 3.92 | 4.33 | 3.64 |
| EV / EBITDA | 93.53 | 55.65 | — | 32.56 | 54.12 | 25.96 | 29.74 | 25.65 | 21.68 | 25.39 | 24.75 |
| EV / EBIT | — | — | — | — | — | 39.96 | 43.98 | 39.77 | 42.60 | 45.79 | 31.90 |
| EV / FCF | — | 29.17 | 17.07 | 94.40 | — | — | 58.08 | 44.53 | 68.59 | 67.26 | 33.84 |
MRCY Profitability
Margins and return-on-capital ratios measuring operating efficiency
Mercury Systems, Inc. earns an operating margin of -2.2%, below the Industrials sector average of 4.9%. A negative ROE of -2.6% indicates the company is currently destroying shareholder equity.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 27.9% | 27.9% | 23.5% | 32.5% | 32.5% | 41.7% | 44.8% | 43.7% | 45.8% | 46.9% | 46.2% |
| Operating Margin | -2.2% | -2.2% | -17.7% | -2.2% | -2.2% | 8.8% | 11.4% | 11.7% | 9.5% | 9.2% | 8.9% |
| Net Profit Margin | -4.2% | -4.2% | -16.5% | -2.9% | -2.9% | 6.7% | 10.8% | 7.1% | 8.3% | 6.1% | 7.3% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -2.6% | -2.6% | -9.1% | -1.8% | -1.9% | 4.3% | 6.4% | 4.5% | 5.5% | 4.2% | 4.8% |
| ROA | -1.6% | -1.6% | -5.8% | -1.2% | -1.3% | 3.5% | 5.7% | 3.8% | 4.3% | 3.2% | 3.5% |
| ROIC | -0.8% | -0.8% | -5.5% | -0.8% | -0.9% | 4.2% | 6.1% | 6.0% | 4.4% | 4.4% | 4.2% |
| ROCE | -0.9% | -0.9% | -6.9% | -1.0% | -1.1% | 4.9% | 6.5% | 6.6% | 5.4% | 5.3% | 4.7% |
MRCY Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Mercury Systems, Inc. carries a Debt/EBITDA ratio of 10.3x, which is highly leveraged (226% above the sector average of 3.2x). Net debt stands at $335M ($644M total debt minus $309M cash).
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.44 | 0.44 | 0.44 | 0.37 | 0.34 | 0.19 | 0.05 | — | 0.25 | — | 0.41 |
| Debt / EBITDA | 10.32 | 10.32 | — | 7.64 | 6.89 | 1.90 | 0.48 | — | 2.18 | — | 4.84 |
| Net Debt / Equity | — | 0.23 | 0.32 | 0.32 | 0.30 | 0.11 | -0.12 | -0.20 | 0.17 | -0.06 | 0.23 |
| Net Debt / EBITDA | 5.37 | 5.37 | — | 6.70 | 6.02 | 1.13 | -1.14 | -2.10 | 1.44 | -0.60 | 2.78 |
| Debt / FCF | — | 2.82 | 3.98 | 19.42 | — | — | -2.22 | -3.64 | 4.55 | -1.58 | 3.81 |
| Interest Coverage | -0.51 | -0.51 | -4.41 | -0.93 | -0.93 | 78.72 | 94.37 | 8.71 | 15.94 | 5.11 | 26.30 |
MRCY Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
Mercury Systems, Inc.'s current ratio of 3.52x is well above the 1.0 safety threshold, indicating strong short-term liquidity with ample room to cover current liabilities. The quick ratio of 2.41x is notably lower than the current ratio, indicating a significant portion of current assets is tied up in inventory. The current ratio has declined from 4.02x to 3.52x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.52 | 3.52 | 4.07 | 4.02 | 4.20 | 4.26 | 5.04 | 5.94 | 4.63 | 3.38 | 3.63 |
| Quick Ratio | 2.41 | 2.41 | 2.64 | 2.57 | 2.81 | 2.79 | 3.63 | 4.54 | 3.11 | 2.27 | 2.77 |
| Cash Ratio | 1.03 | 1.03 | 0.77 | 0.31 | 0.34 | 0.75 | 1.80 | 2.63 | 0.93 | 0.57 | 1.21 |
| Asset Turnover | — | 0.37 | 0.35 | 0.41 | 0.42 | 0.47 | 0.49 | 0.46 | 0.46 | 0.50 | 0.37 |
| Inventory Turnover | 1.98 | 1.98 | 1.91 | 1.95 | 2.43 | 2.43 | 2.47 | 2.69 | 2.46 | 2.68 | 2.49 |
| Days Sales Outstanding | — | 155.31 | 181.55 | 190.13 | 167.85 | 115.24 | 96.55 | 98.24 | 106.44 | 101.55 | 129.56 |
MRCY Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Mercury Systems, Inc. does not currently pay a dividend and has no material buyback yield, reinvesting earnings back into the business.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | 1.7% | 2.0% | 1.4% | 2.3% | 1.4% | 2.3% |
| FCF Yield | 2.2% | 3.8% | 7.6% | 1.3% | — | — | 1.7% | 2.1% | 1.6% | 1.5% | 3.3% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.2% | 0.4% | 0.2% | 0.9% | 0.5% | 0.9% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.2% | 0.4% | 0.2% | 0.9% | 0.5% | 0.9% |
| Shares Outstanding | — | $59M | $58M | $57M | $57M | $55M | $55M | $49M | $47M | $43M | $35M |
Peer Comparison
Compare MRCY with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 MRCYYou | $6B | -141.0 | 93.5 | 46.2 | 27.9% | -2.2% | -2.6% | -0.8% | 10.3 |
 KTOS | $12B | 473.2 | 128.2 | — | 22.1% | 2.1% | 1.3% | 1.4% | 2.1 |
 CW | $27B | 57.7 | 44.4 | 49.5 | 37.2% | 18.2% | 19.4% | 14.1% | 2.1 |
 DRS | $11B | 40.6 | 24.8 | 49.0 | 23.2% | 9.5% | 10.5% | 10.5% | 1.1 |
 HAYW | $3B | 21.9 | 9.9 | 14.3 | 45.6% | 21.1% | 10.0% | 10.2% | 0.0 |
 HII | $13B | 20.8 | 16.0 | 15.8 | 12.7% | 4.9% | 12.4% | 6.2% | 3.4 |
 TDY | $30B | 34.1 | 21.6 | 27.8 | 39.2% | 18.8% | 8.9% | 7.0% | 1.8 |
 LDOS | $17B | 12.1 | 9.0 | 10.5 | 17.7% | 12.3% | 30.9% | 17.1% | 2.5 |
 SAIC | $4B | 12.3 | 6.4 | 7.4 | 12.0% | 7.1% | 23.3% | 14.2% | 0.3 |
 BAH | $13B | 10.5 | 10.6 | 14.2 | 54.8% | 11.4% | 91.2% | 24.3% | 2.7 |
 CACI | $11B | 22.4 | 14.9 | 22.9 | 8.9% | 8.9% | 13.5% | 9.2% | 3.5 |
| Industrials Median | — | 25.9 | 13.9 | 20.6 | 32.8% | 4.9% | 8.2% | 6.3% | 3.2 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 28 years · Updated daily
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Start ComparisonMRCY — Frequently Asked Questions
Quick answers to the most common questions about buying MRCY stock.
What is Mercury Systems, Inc.'s P/E ratio?
Mercury Systems, Inc.'s current P/E ratio is -141.0x. The historical average is 35.9x.
What is Mercury Systems, Inc.'s EV/EBITDA?
Mercury Systems, Inc.'s current EV/EBITDA is 93.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 22.2x.
What is Mercury Systems, Inc.'s ROE?
Mercury Systems, Inc.'s return on equity (ROE) is -2.6%. The historical average is 4.7%.
Is MRCY stock overvalued?
Based on historical data, Mercury Systems, Inc. is trading at a P/E of -141.0x. Compare with industry peers and growth rates for a complete picture.
What are Mercury Systems, Inc.'s profit margins?
Mercury Systems, Inc. has 27.9% gross margin and -2.2% operating margin.
How much debt does Mercury Systems, Inc. have?
Mercury Systems, Inc.'s Debt/EBITDA ratio is 10.3x, indicating high leverage. A ratio above 4x may signal elevated financial risk.