Mercury Systems Inc. (MRCY) intrinsic value & 10-year financials
Mercury Systems Inc. (MRCY) has a Graham intrinsic value of $6.46 per share. At $74.27 on Oct 17, 2026, the stock trades 1050% above that value. Over the last 10 fiscal years revenue grew 14.5% a year to $912.0M, with an average return on invested capital of 2.5%.
- Graham intrinsic value
- $6.46
- Share price (Oct 17, 2026)
- $74.27
- Price vs Graham value
- 1050% above
- Market cap
- $4.4B
- Revenue (FY2025)
- $912.0M
- Revenue growth (10-yr CAGR)
- 14.5%
- ROIC (10-yr avg)
- 2.5%
- Free cash flow (FY2025)
- $119.0M
MRCY 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $912.0M | -$37.9M | -$0.65 | $119.0M | -2.2% | -1.1% |
| FY2024 | $835.3M | -$137.6M | -$2.38 | $26.1M | -17.7% | -7.4% |
| FY2023 | $973.9M | -$28.3M | -$0.50 | -$60.0M | -2.2% | -0.8% |
| FY2022 | $988.2M | $11.3M | $0.20 | -$46.5M | 3.2% | 1.3% |
| FY2021 | $924.0M | $62.0M | $1.12 | $51.6M | 8.8% | 4.9% |
| FY2020 | $796.6M | $85.7M | $1.56 | $71.9M | 11.4% | 7.4% |
| FY2019 | $654.7M | $46.8M | $0.96 | $70.8M | 11.7% | 5.9% |
| FY2018 | $493.2M | $40.9M | $0.86 | $28.2M | 9.5% | 6.6% |
| FY2017 | $408.6M | $24.9M | $0.58 | $26.3M | 9.2% | 4.7% |
| FY2016 | $270.2M | $19.7M | $0.56 | $29.1M | 8.9% | 3.2% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
MERCURY SYSTEMS INC is a consistent compounder, expanding top-line revenue at 14.5% annually over the past decade.
MERCURY SYSTEMS INC has historically struggled to out-earn its cost of capital, averaging just 2.5% ROIC.
MERCURY SYSTEMS INC has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, MERCURY SYSTEMS INC is modeled at 14.5% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $6.46 per share.