Assay
Financial-condition grades for SEC filers
Company Report · as of Oct 9, 2026
|
| Mercury Systems Inc.MRCY · business equipment | |
|---|---|
| Grade |  Dfourth fifth of 497 graded peers; percentile 73.4, sampling error 2.2 points; lower is stronger |
| Rank | 365 of 497 |
| Profitability | Dpercentile 72.1 |
| Solvency | Cpercentile 44.0 |
| Growth and financing | C/Dpercentile 59.1 |
| Reliability | 0.91 AUCfailure model, filers with $591M to $2.67B assets; 95% interval 0.88 to 0.94; 160 events, 2020 to 2025 |
| Peer failure rate | 1.01% a yearItem 1.03 bankruptcies, same asset band, 2012 to 2025 |
| Size band | $591M to $2.67B assetstotal assets $2.3B[1] |
| Standard universe | insiderevenue above $1M and assets above $10M[1-2] |
| Warnings | none active |
| Inputs computable | 10 of 14 |
| Graded from | filings received through Aug 18, 202652 days before the rescan; every figure keyed to the SEC receipt date |
| Last close | $78.482026-10-08; market equity $4.7B; iex feed |
| Price used in grade | None |
| Share price, twelve months to the rescansplit-adjusted close; a lollipop at every rescan carries the letter held then; baseline ticks are SEC receipt dates of the inputs; ranges and dragging scroll the full history | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Percentile at every rescan on file, Jan 21, 2012 to Oct 9, 2026; stronger toward the top. Hover for the date. Open this report as it stood on | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Each date opens the report as it stood on that rescan. |
Business, in the company's words. Opening of Item 1 of the 10-K received Aug 18, 2026; the document on sec.gov.
Mercury Systems is a global leader in aerospace and defense electronics, providing breakthrough capabilities in signal and data processing. With a four-decade legacy of innovation that spans silicon to systems and radio frequency (“RF”) front ends to effectors, we accelerate commercial technology adoption to deliver powerful and secure mission-critical processing solutions to the edge. We are headquartered in Andover, Massachusetts, and have multiple locations worldwide. Our end-to-end processing ecosystem, the Mercury Processing Platform, is built on technologies we have developed and acquired over 40 years.
The Fourteen Inputs [top]
Lower percentile is stronger. Source numbers open the SEC filing; a range that spans filings opens the sources table.
| Input | Percentile, 0 to 100 | Value | Source | Peer median | Percentile | Peers | Period end |
|---|---|---|---|---|---|---|---|
| Profitability, sleeve percentile 72.1 | |||||||
| Gross profitability | 12.1% | [1,3] | 28.5% | 79.9 | 558 | 2026-07-03 | |
| Return on invested capital | not computable | 10.9% | |||||
| a prior annual debt, equity, and cash observation is required | |||||||
| Accruals ratio | (5.6%) | [1,4-6] | (7.4%) | 61.8 | 621 | 2026-07-03 | |
| Gross margin stability, five years | 5.5 pts | [2-3,7-14] | 2.4 pts | 74.5 | 429 | 2026-07-03 | |
| Solvency, sleeve percentile 44.0 | |||||||
| Twelve-month failure probability | 0.06% | 0.05% | 53.0 | 101 | 2026-07-03 | ||
| Altman Z double-prime | 3.94 | [1,15-20] | 2.18 | 29.4 | 566 | 2026-07-03 | |
| Net debt to EBITDA | not computable | 1.11x | |||||
| latest aligned inputs end 2016-06-30; latest annual assets end 2026-07-03 | |||||||
| Interest coverage | 0.01x | [18,21] | 3.77x | 61.8 | 90 | 2026-07-03 | |
| Current ratio | 2.96x | [15-16] | 2.02x | 31.7 | 666 | 2026-07-03 | |
| Growth and financing, sleeve percentile 59.1 | |||||||
| Revenue growth, three-year compound | 0.3% | [2,8,10,12] | 6.4% | 67.6 | 538 | 2026-07-03 | |
| Free cash flow growth, three-year compound | not computable | 17.2% | |||||
| current FCF must be positive and base FCF must exceed $100,000 | |||||||
| Reinvestment rate | not computable | 14.3% | |||||
| pretax income must exceed the validity floor and imply a 0%-100% tax rate | |||||||
| Asset growth, three years | (1.0%) | [1,6,22-23] | 5.0% | 63.9 | 563 | 2026-07-03 | |
| Net share issuance, one year | 0.4% | [24-25] | 0.5% | 45.8 | 407 | 2026-07-31 | |
Gross profitability. Revenue less cost of goods sold, over total assets.
Accruals ratio. Net income less operating cash flow, over average assets; lower is stronger.
Gross margin stability, five years. Standard deviation of gross margin; lower is stronger.
Twelve-month failure probability. CHS model; lower is stronger.
Net debt to EBITDA. Lower is stronger.
Net share issuance, one year. Split-adjusted; lower is stronger.
Sleeves are equal-weighted; within a sleeve each computable input carries equal weight. Composite 0.179; sampling error 2.2 percentile points on 497 peers.
Among 497 Peers [top]
Composite score of every graded peer, smoothed. Vertical rules are the letter band edges at the 20th, 40th, 60th and 80th percentiles. Small dots are the six largest peers by market equity.
| Rank | Company | Percentile | Letter | Warnings |
|---|---|---|---|---|
| 360 | Corsair Gaming, Inc. (CRSR) Corsair Gaming, Inc. (CRSR) Dfourth fifth; percentile 72.4 Nasdaq · Computer Peripheral Equipment, NEC market equity $1.4B; last close $13.08 No active warnings; 10 of 14 inputs | 72.4 | D | |
| 361 | PAR Technology Corp. (PAR) PAR Technology Corp. (PAR) Dfourth fifth; percentile 72.6 NYSE · Calculating & Accounting Machines (No Electronic Computers) market equity $638.2M; last close $15.43 No active warnings; 9 of 14 inputs | 72.6 | D | |
| 362 | Sensata Technologies Holding plc (ST) Sensata Technologies Holding plc (ST) Dfourth fifth; percentile 72.8 NYSE · Industrial Instruments For Measurement, Display, and Control market equity $6.1B; last close $42.20 No active warnings; 12 of 14 inputs | 72.8 | D | |
| 363 | Gen Digital Inc. (GEN) Gen Digital Inc. (GEN) Dfourth fifth; percentile 73.1 Nasdaq · Services-Prepackaged Software last close $22.75 No active warnings; 10 of 14 inputs | 73.1 | D | |
| 364 | Gen Digital Inc. (GENVR) Gen Digital Inc. (GENVR) Dfourth fifth; percentile 73.1 Nasdaq · Services-Prepackaged Software last close $1.03 No active warnings; 10 of 14 inputs | 73.1 | D | |
| 365 | Mercury Systems Inc. (MRCY) Mercury Systems Inc. (MRCY) Dfourth fifth; percentile 73.4 Nasdaq · Electronic Components & Accessories market equity $4.7B; last close $78.48 No active warnings; 10 of 14 inputs | 73.4 | D | |
| 366 | Geospace Technologies Corp. (GEOS) Geospace Technologies Corp. (GEOS) Dfourth fifth; percentile 73.6 Nasdaq · Measuring & Controlling Devices, NEC market equity $59.8M; last close $4.62 Warnings: short runway, late filer, fortress balance sheet; 9 of 14 inputs | 73.6 | D | short runway, late filer, fortress balance sheet |
| 367 | DXC Technology Co. (DXC) DXC Technology Co. (DXC) Dfourth fifth; percentile 73.8 NYSE · Services-Computer Processing & Data Preparation market equity $2.0B; last close $12.36 No active warnings; 11 of 14 inputs | 73.8 | D | |
| 368 | Phunware, Inc. (PHUN) Phunware, Inc. (PHUN) Dfourth fifth; percentile 74.0 Nasdaq · Services-Computer Processing & Data Preparation market equity $42.2M; last close $2.06 Warnings: fortress balance sheet; 8 of 14 inputs | 74.0 | D | fortress balance sheet |
| 369 | Cohu Inc. (COHU) Cohu Inc. (COHU) Dfourth fifth; percentile 74.2 Nasdaq · Instruments For Meas & Testing of Electricity & Elec Signals market equity $3.2B; last close $68.28 No active warnings; 7 of 14 inputs | 74.2 | D | |
| 370 | Bumble Inc. (BMBL) Bumble Inc. (BMBL) Dfourth fifth; percentile 74.4 Nasdaq · Services-Computer Programming, Data Processing, Etc. market equity $307.3M; last close $2.57 No active warnings; 7 of 14 inputs | 74.4 | D |
| Peer policy | Letter | Percentile | Peers |
|---|---|---|---|
| all graded filers, equal sleeves | D | 69.9 | 2204 |
| sector peers, equal sleeves (the grade) | D | 73.4 | 497 |
| same exchange, equal sleeves | D | 64.1 | 1219 |
| sector peers, equal inputs | D | 70.8 | 497 |
Each letter is one fifth of the 497 graded peers, about 99 companies. A boundary letter (A/B, B/C, C/D, D/E) marks a percentile within one sampling error of a band edge.
What the Price Implies [top]
Market measures at the 2026-10-08 close. None enters the grade. Percentile among graded peers with the same measure.
| Measure | Value | Peer median | Percentile | Reading |
|---|---|---|---|---|
| Twelve-month price change, skipping the latest month | 12.8% | 2.2% | 60 | hotter than 60 of 100 peers |
| Distance from 52-week high | (37.8%) | (30.0%) | 38 | closer to its high than 38 of 100 peers |
| EBIT to enterprise value | 0.01% | 1.5% | 35 | pricier than 65 of 100 peers |
| Free cash flow yield | 1.4% | 2.7% | 37 | pricier than 63 of 100 peers |
| Book value to price | 0.32 | 0.23 | 58 | pricier than 42 of 100 peers |
| Sales to price | 0.21 | 0.30 | 38 | pricier than 62 of 100 peers |
| Composite equity issuance, five years | 6.7% | 3.9% | 55 | more equity-funded than 55 of 100 peers |
| Relative strength against the sector, log excess return | (0.16) | (0.26) | 60 | ahead of 60 of 100 peers |
Inputs: market equity $4.7B; EBIT $280,000; free cash flow $68.1M; book equity $1.5B; sales $983.6M; debt $192.5M; cash $214.3M[24].
Diagnostics [top]
Diagnostics do not feed the grade.
| Piotroski F-score: None of 9, period end 2026-07-03 | ||
|---|---|---|
| Return on assets above zero | (1.2%) | ✗ fail[4,6] |
| Operating cash flow above zero | $102.4M | ✓ pass[5] |
| Return on assets improved | 0.4 pts | ✓ pass[4,6,22,26] |
| Operating cash flow exceeds net income | $132.1M | ✓ pass[4-5] |
| Long-term leverage fell | n/a[1,6,22] | |
| Current ratio improved | (56.0 pts) | ✗ fail[15-16,27-28] |
| No new shares issued | 0.4% | ✗ fail[24-25] |
| Gross margin improved | 0.7 pts | ✓ pass[2-3,7-8] |
| Asset turnover improved | 2.1 pts | ✓ pass[2,6,8,22] |
| Cash, filings, liquidity | |
|---|---|
| Cash and equivalents | $214.3M[29] |
| Operating cash flow, four quarters | $102.4M[5,29-32] |
| Months of runway | not finite |
| trailing operating cash flow is nonnegative, so runway is not finite | |
| Late filings, two years | 0 |
| NT 10-K or NT 10-Q | |
| Days since last periodic filing | 52 |
| 10-K received Aug 18, 2026 | |
| Median daily dollar volume | $52.8M |
| 63 sessions | |
| Days since newest grade input | 52 |
Downloads [top]
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Sources [top]
Every citation on this page. Filing opens the SEC index page for that submission; viewer opens the SEC interactive data for the same filing; series opens the SEC XBRL API record for that tag and company.
| # | Concept | XBRL tag | Value | Period end | Received | Form | Links |
|---|---|---|---|---|---|---|---|
| 1 | assets | us-gaap:Assets | $2.3B | 2026-07-03 | 2026-08-18 | 10-K | filing · viewer · series |
| 2 | revenue | us-gaap:Revenues | $983.6M | 2026-07-03 | 2026-08-18 | 10-K | filing · viewer · series |
| 3 | gross profit | us-gaap:GrossProfit | $281.2M | 2026-07-03 | 2026-08-18 | 10-K | filing · viewer · series |
| 4 | net income | us-gaap:NetIncomeLoss | -$29.7M | 2026-07-03 | 2026-08-18 | 10-K | filing · viewer · series |
| 5 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $102.4M | 2026-07-03 | 2026-08-18 | 10-K | filing · viewer · series |
| 6 | assets | us-gaap:Assets | $2.4B | 2025-06-27 | 2026-08-18 | 10-K | filing · viewer · series |
| 7 | gross profit | us-gaap:GrossProfit | $254.5M | 2025-06-27 | 2026-08-18 | 10-K | filing · viewer · series |
| 8 | revenue | us-gaap:Revenues | $912.0M | 2025-06-27 | 2026-08-18 | 10-K | filing · viewer · series |
| 9 | gross profit | us-gaap:GrossProfit | $195.9M | 2024-06-28 | 2026-08-18 | 10-K | filing · viewer · series |
| 10 | revenue | us-gaap:Revenues | $835.3M | 2024-06-28 | 2026-08-18 | 10-K | filing · viewer · series |
| 11 | gross profit | us-gaap:GrossProfit | $316.7M | 2023-06-30 | 2025-08-11 | 10-K | filing · viewer · series |
| 12 | revenue | us-gaap:Revenues | $973.9M | 2023-06-30 | 2025-08-11 | 10-K | filing · viewer · series |
| 13 | gross profit | us-gaap:GrossProfit | $395.0M | 2022-07-01 | 2024-08-13 | 10-K | filing · viewer · series |
| 14 | revenue | us-gaap:Revenues | $988.2M | 2022-07-01 | 2024-08-13 | 10-K | filing · viewer · series |
| 15 | current assets | us-gaap:AssetsCurrent | $973.4M | 2026-07-03 | 2026-08-18 | 10-K | filing · viewer · series |
| 16 | current liabilities | us-gaap:LiabilitiesCurrent | $328.5M | 2026-07-03 | 2026-08-18 | 10-K | filing · viewer · series |
| 17 | retained earnings | us-gaap:RetainedEarningsAccumulatedDeficit | $152.2M | 2026-07-03 | 2026-08-18 | 10-K | filing · viewer · series |
| 18 | operating income | us-gaap:OperatingIncomeLoss | $280,000 | 2026-07-03 | 2026-08-18 | 10-K | filing · viewer · series |
| 19 | book equity | us-gaap:StockholdersEquity | $1.5B | 2026-07-03 | 2026-08-18 | 10-K | filing · viewer · series |
| 20 | liabilities | us-gaap:Liabilities | $825.3M | 2026-07-03 | 2026-08-18 | 10-K | filing · viewer · series |
| 21 | interest expense | us-gaap:InterestExpense | $29.6M | 2026-07-03 | 2026-08-18 | 10-K | filing · viewer · series |
| 22 | assets | us-gaap:Assets | $2.4B | 2024-06-28 | 2025-08-11 | 10-K | filing · viewer · series |
| 23 | assets | us-gaap:Assets | $2.4B | 2023-06-30 | 2024-08-13 | 10-K | filing · viewer · series |
| 24 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 60,136,133 | 2026-07-31 | 2026-08-18 | 10-K | filing · viewer · series |
| 25 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 59,915,670 | 2025-07-31 | 2025-08-11 | 10-K | filing · viewer · series |
| 26 | net income | us-gaap:NetIncomeLoss | -$37.9M | 2025-06-27 | 2026-08-18 | 10-K | filing · viewer · series |
| 27 | current assets | us-gaap:AssetsCurrent | $1.1B | 2025-06-27 | 2026-08-18 | 10-K | filing · viewer · series |
| 28 | current liabilities | us-gaap:LiabilitiesCurrent | $300.4M | 2025-06-27 | 2026-08-18 | 10-K | filing · viewer · series |
| 29 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $214.3M | 2026-07-03 | 2026-08-18 | 10-K | filing · viewer · series |
| 30 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $60.2M | 2026-03-27 | 2026-05-05 | 10-Q | filing · viewer · series |
| 31 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $53.8M | 2025-12-26 | 2026-02-03 | 10-Q | filing · viewer · series |
| 32 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $2.2M | 2025-09-26 | 2025-11-04 | 10-Q | filing · viewer · series |
Limitations [top]
Grade boundary. Percentile 73.4 is 6.6 points from the nearest band edge; sampling error is 2.2 points.
Peer group. Sector assignment from four-digit SIC codes, hand-tuned and published. The grade under three alternative peer policies is tabled above.
Size. Within a sector the letter tracks size. Among graded filers in the smallest asset band, 72% grade E and 0% grade A; in the largest, 13% grade E and 21% grade A. Universe as of Oct 9, 2026.
Failure model. filings 2012-01-01 to 2019-12-31 fit, filings 2020-01-01 to 2025-12-31 test; status post hoc pending confirmation. pre-registered on 2026 filings once their 12-month outcome windows close; supported if the paired per-quintile gain over the pooled model has a lower bound above 0.05.
Input validity. Revenue or total assets at or below $100,000 sets the degenerate-inputs flag. An input whose denominator is at or below $100,000 is left not computable rather than ranked.
Returns. No input on this page has a post-2015 confidence interval on returns that excludes zero. The grade ranks reported financial condition and is not a return forecast.
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