Mercury Systems, Inc. (MRCY) Balance Sheet
MRCY balance sheet, FY2026
June 30, 2026 · U.S. dollars$2.32B assets = $825.3M liabilities + $1.50B equity
Both columns are drawn to the same scale: what MRCY owns equals what it owes plus shareholders’ equity. Hover a block for its value.
MRCY financial health
Current ratio2.96
Comfortable · current assets cover current liabilities 2.96×
Debt / equity0.33
Low leverage · $0.33 of debt for each $1 of equity
Equity / assets64.5%
Equity-funded · of assets funded by shareholders
Cash / debt44.0%
Low cash cover · cash & short-term investments vs total debt
Goodwill & intangibles48.1%
Acquisition-heavy · of total assets
Descriptive bands, not a rating. Fiscal FY2026.
MRCY balance sheet trends, FY2017–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $815.7MFY2017 | $2.32BFY2026 | +12.3%/yr | |
| Total liabilities | $90.3MFY2017 | $825.3MFY2026 | +27.9%/yr | |
| Shareholders’ equity | $725.4MFY2017 | $1.50BFY2026 | +8.4%/yr | |
| Cash & short-term investments | $41.6MFY2017 | $214.3MFY2026 | +20.0%/yr | |
| Total debt | $195.0MFY2018 | $487.3MFY2026 | +12.1%/yr | |
| Net cash (debt) | −$128.5MFY2018 | −$273.0MFY2026 | −$144.5M | |
| Working capital | $173.4MFY2017 | $644.9MFY2026 | +$471.6M | |
| Book value per share | $16.86FY2017 | $25.18FY2026 | +4.6%/yr | |
| Current ratio | 3.38FY2017 | 2.96FY2026 | −0.42 | |
| Debt / equity | 0.25FY2018 | 0.33FY2026 | +0.07 | |
| Shares outstanding | 43.0MFY2017 | 59.5MFY2026 | +3.7%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
MRCY assets
Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current
MRCY liabilities and equity
Current liabilitiesLong-term debtOther long-term liabilitiesEquity
MRCY debt vs cash
Total debtCash & ST investmentsNet cash (debt)
Debt includes short- and long-term borrowings and, where reported, lease obligations.
MRCY balance sheet
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $214.3M | $309.1M | $180.5M | $71.6M | $65.7M | $113.8M | $226.8M | $257.9M | $66.5M | $41.6M |
| Cash & equivalents | $214.3M | $309.1M | $180.5M | $71.6M | $65.7M | $113.8M | $226.8M | $257.9M | $66.5M | $41.6M |
| Short-term investments | — | — | — | — | — | — | $2.0M | — | $0 | $0 |
| Receivables | $355.0M | $388.1M | $415.5M | $507.3M | $447.9M | $291.7M | $210.7M | $176.2M | $143.8M | $113.7M |
| Inventory | $367.0M | $332.9M | $335.3M | $337.2M | $270.3M | $221.6M | $178.1M | $137.1M | $108.6M | $81.1M |
| Other current assets | $37.2M | $28.1M | $22.5M | $21.0M | $31.4M | $15.9M | $19.1M | $10.9M | $12.8M | $9.8M |
| Total current assets | $973.4M | $1.06B | $953.8M | $937.0M | $815.3M | $643.1M | $634.8M | $582.2M | $331.7M | $246.2M |
| Property, plant & equipment (net) | $156.1M | $153.7M | $171.2M | $182.6M | $193.6M | $194.9M | $148.3M | $60.0M | $51.0M | $51.6M |
| Goodwill & intangible assets | $1.12B | $1.15B | $1.19B | $1.24B | $1.29B | $1.11B | $822.8M | $768.3M | $675.3M | $509.9M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $75.0M | $74.2M | $65.3M | $35.6M | $6.2M | $4.7M | $4.8M | $6.5M | $6.4M | $8.0M |
| Total assets | $2.32B | $2.43B | $2.38B | $2.39B | $2.30B | $1.96B | $1.61B | $1.42B | $1.06B | $815.7M |
| Liabilities | ||||||||||
| Accounts payable | $91.0M | $79.1M | $81.1M | $104.0M | $98.7M | $48.0M | $41.9M | $39.0M | $21.3M | $27.5M |
| Short-term debt | — | — | $23.2M | $10.4M | $11.2M | $10.0M | $7.0M | — | $195.0M | — |
| Deferred revenue | $149.6M | $126.8M | $73.9M | $56.6M | $15.5M | $38.2M | $19.0M | $11.3M | $12.6M | $6.4M |
| Total current liabilities | $328.5M | $300.4M | $234.4M | $233.3M | $193.9M | $150.8M | $125.9M | $98.0M | $71.7M | $72.8M |
| Long-term debt | $441.5M | $591.5M | $591.5M | $511.5M | $451.5M | $200.0M | $0 | $0 | $195.0M | $0 |
| Lease obligations | $45.8M | $52.7M | $62.6M | $66.8M | $69.9M | $71.5M | $67.0M | — | — | — |
| Other long-term liabilities | $55.3M | $69.4M | $80.2M | $79.9M | $121.8M | $120.2M | $100.0M | $34.2M | $25.9M | $17.5M |
| Total liabilities | $825.3M | $961.3M | $906.1M | $824.7M | $767.2M | $471.0M | $225.9M | $132.2M | $292.6M | $90.3M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $596,000 | $590,000 | $581,000 | $570,000 | $557,000 | $552,000 | $547,000 | $542,000 | $469,000 | $463,000 |
| Retained earnings (deficit) | $152.2M | $181.9M | $219.8M | $357.4M | $385.8M | $374.5M | $312.5M | $226.7M | $180.0M | $139.1M |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | $11.2M | $3.5M | $10.0M | $11.8M | $5.5M | −$339,000 | −$2.9M | −$1.3M | $1.3M | $1.1M |
| Minority interest | — | — | — | — | — | — | — | — | $0 | $0 |
| Total shareholders' equity | $1.50B | $1.47B | $1.47B | $1.57B | $1.54B | $1.48B | $1.38B | $1.28B | $771.9M | $725.4M |
| Key figures | ||||||||||
| Total debt | $487.3M | $644.2M | $654.1M | $578.3M | $521.4M | $281.5M | $67.0M | — | $195.0M | — |
| Net cash (debt) | −$273.0M | −$335.1M | −$473.6M | −$506.7M | −$455.7M | −$167.7M | $159.9M | — | −$128.5M | — |
| Working capital | $644.9M | $757.8M | $719.4M | $703.8M | $621.3M | $492.3M | $508.9M | $484.1M | $260.1M | $173.4M |
| Tangible book value | $379.2M | $324.8M | $284.2M | $330.5M | $247.8M | $371.7M | $562.0M | $516.5M | $96.5M | $215.5M |
| Book value per share | $25.18 | $25.08 | $25.51 | $27.70 | $27.18 | $26.75 | $25.13 | $26.49 | $16.26 | $16.86 |
| Shares outstanding | 59.5M | 58.7M | 57.7M | 56.6M | 56.6M | 55.5M | 55.1M | 48.5M | 47.5M | 43.0M |
| Current ratio | 2.96 | 3.52 | 4.07 | 4.02 | 4.20 | 4.26 | 5.04 | 5.94 | 4.63 | 3.38 |
| Quick ratio | 1.73 | 2.32 | 2.54 | 2.48 | 2.65 | 2.69 | 3.48 | 4.43 | 2.93 | 2.13 |
| Debt / equity | 0.33 | 0.44 | 0.44 | 0.37 | 0.34 | 0.19 | 0.05 | — | 0.25 | — |
| Equity / assets | 64.5% | 60.5% | 61.9% | 65.5% | 66.7% | 75.9% | 86.0% | 90.7% | 72.5% | 88.9% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $214.3M | $331.8M | $335.0M | $304.7M | $309.1M | $269.8M | $242.6M | $158.1M | $180.5M | $142.6M | $168.6M | $89.4M |
| Cash & equivalents | $214.3M | $331.8M | $335.0M | $304.7M | $309.1M | $269.8M | $242.6M | $158.1M | $180.5M | $142.6M | $168.6M | $89.4M |
| Receivables | $355.0M | $365.0M | $379.8M | $367.5M | $388.1M | $374.7M | $383.1M | $422.8M | $415.5M | $417.2M | $433.7M | $480.0M |
| Inventory | $367.0M | $361.7M | $349.6M | $340.2M | $332.9M | $352.7M | $344.4M | $351.1M | $335.3M | $343.0M | $354.2M | $362.9M |
| Other current assets | $37.2M | $58.2M | $67.7M | $72.2M | $28.1M | $22.3M | $20.6M | $22.3M | $22.5M | $48.6M | $27.2M | $22.4M |
| Total current assets | $973.4M | $1.12B | $1.13B | $1.08B | $1.06B | $1.02B | $990.7M | $954.3M | $953.8M | $951.5M | $983.8M | $954.7M |
| Property, plant & equipment (net) | $156.1M | $152.7M | $154.0M | $156.5M | $153.7M | $162.1M | $168.0M | $163.4M | $171.2M | $177.2M | $180.0M | $178.1M |
| Goodwill & intangible assets | $1.12B | $1.13B | $1.13B | $1.14B | $1.15B | $1.15B | $1.16B | $1.18B | $1.19B | $1.20B | $1.21B | $1.22B |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $75.0M | $84.0M | $84.6M | $78.0M | $74.2M | $78.7M | $78.6M | $73.8M | $65.3M | $49.5M | $61.0M | $44.4M |
| Total assets | $2.32B | $2.48B | $2.50B | $2.46B | $2.43B | $2.41B | $2.40B | $2.37B | $2.38B | $2.38B | $2.44B | $2.40B |
| Liabilities | ||||||||||||
| Accounts payable | $91.0M | $104.1M | $106.2M | $97.8M | $79.1M | $73.6M | $64.8M | $74.7M | $81.1M | $79.9M | $88.1M | $95.8M |
| Short-term debt | $13.6M | $14.1M | $32.3M | — | $11.8M | — | — | $1.1M | $11.6M | $28.0M | $5.8M | — |
| Deferred revenue | $149.6M | $126.3M | $136.9M | $125.5M | $126.8M | $142.5M | $136.0M | $96.3M | $73.9M | $70.7M | $81.0M | $58.1M |
| Total current liabilities | $328.5M | $350.5M | $383.0M | $322.2M | $300.4M | $296.6M | $273.5M | $232.8M | $234.4M | $207.6M | $225.7M | $205.3M |
| Long-term debt | $441.5M | $591.5M | $591.5M | $591.5M | $591.5M | $591.5M | $591.5M | $591.5M | $591.5M | $616.5M | $616.5M | $576.5M |
| Lease obligations | $45.8M | $48.3M | $51.0M | $53.6M | $52.7M | $55.3M | $57.8M | $59.8M | $62.6M | $65.5M | $68.3M | $64.2M |
| Other long-term liabilities | $55.3M | $61.6M | $67.6M | $68.9M | $69.4M | $75.3M | $76.1M | $84.8M | $80.2M | $81.3M | $89.5M | $78.1M |
| Total liabilities | $825.3M | $1.00B | $1.04B | $982.6M | $961.3M | $963.3M | $941.2M | $909.1M | $906.1M | $905.4M | $931.8M | $860.0M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $596,000 | $595,000 | $594,000 | $594,000 | $590,000 | $589,000 | $587,000 | $584,000 | $581,000 | $579,000 | $576,000 | $573,000 |
| Retained earnings (deficit) | $152.2M | $151.4M | $154.3M | $169.4M | $181.9M | $165.5M | $184.7M | $202.3M | $219.8M | $230.6M | $275.1M | $320.7M |
| Accumulated other comprehensive income | $11.2M | $10.9M | $3.1M | $3.6M | $3.5M | $5.9M | $8.1M | $3.7M | $10.0M | $11.0M | $8.4M | $13.9M |
| Total shareholders' equity | $1.50B | $1.48B | $1.46B | $1.48B | $1.47B | $1.45B | $1.46B | $1.46B | $1.47B | $1.47B | $1.50B | $1.54B |
| Key figures | ||||||||||||
| Total debt | $500.9M | $654.0M | $674.7M | $645.1M | $644.2M | $646.8M | $649.3M | $651.3M | $654.1M | $682.0M | $684.8M | $640.7M |
| Net cash (debt) | −$286.6M | −$322.1M | −$339.7M | −$340.4M | −$335.1M | −$377.0M | −$406.7M | −$493.2M | −$473.6M | −$539.3M | −$516.1M | −$551.3M |
| Working capital | $644.9M | $766.2M | $749.1M | $762.4M | $757.8M | $722.9M | $717.2M | $721.5M | $719.4M | $743.9M | $758.1M | $749.4M |
| Tangible book value | $379.2M | $349.8M | $328.7M | $336.5M | $324.8M | $297.0M | $296.0M | $282.4M | $284.2M | $272.9M | $293.1M | $317.2M |
| Book value per share | $24.44 | $24.88 | $24.57 | $24.92 | $25.08 | $24.70 | $24.94 | $25.06 | $25.39 | $25.28 | $26.08 | $26.98 |
| Shares outstanding | 61.3M | 59.4M | 59.4M | 59.2M | 58.7M | 58.7M | 58.6M | 58.3M | 58.0M | 58.3M | 57.7M | 57.1M |
| Current ratio | 2.96 | 3.19 | 2.96 | 3.37 | 3.52 | 3.44 | 3.62 | 4.10 | 4.07 | 4.58 | 4.36 | 4.65 |
| Quick ratio | 1.73 | 1.99 | 1.87 | 2.09 | 2.32 | 2.17 | 2.29 | 2.50 | 2.54 | 2.70 | 2.67 | 2.77 |
| Debt / equity | 0.33 | 0.44 | 0.46 | 0.44 | 0.44 | 0.45 | 0.44 | 0.45 | 0.44 | 0.46 | 0.46 | 0.42 |
| Equity / assets | 64.5% | 59.6% | 58.4% | 60.0% | 60.5% | 60.1% | 60.8% | 61.6% | 61.9% | 61.9% | 61.8% | 64.2% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed August 18, 2026); data from EODHD.
MRCY financial position
At the end of fiscal 2026 (June 30, 2026), Mercury Systems had total assets of $2.3 billion (down 4.6% from a year earlier), total liabilities of $825.3 million and shareholders' equity of $1.5 billion. It held $214.3 million in cash and short-term investments against $487.3 million of debt, net debt of $273.0 million. Its current ratio was 2.96.
Related: MRCY income statement, MRCY cash flow statement, MRCY key metrics. See the MRCY stock overview for the latest quote and news.
MRCY balance sheet FAQ
What are Mercury Systems's total assets?
Mercury Systems reported total assets of $2.3 billion at the end of fiscal 2026 (June 30, 2026), compared with $2.4 billion a year earlier.
How much debt does Mercury Systems have?
Mercury Systems had $487.3 million of total debt at the end of fiscal 2026, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.33.
How much cash does Mercury Systems have?
Mercury Systems held $214.3 million in cash and short-term investments at the end of fiscal 2026; with $487.3 million of debt that is net debt of $273.0 million.
What is Mercury Systems's book value?
Mercury Systems's shareholders' equity (book value) was $1.5 billion at the end of fiscal 2026, or $25.18 per share.
What is Mercury Systems's current ratio?
Mercury Systems had current assets of $973.4 million and current liabilities of $328.5 million, a current ratio of 2.96 (it can cover its short-term obligations).
How much goodwill does Mercury Systems have?
Mercury Systems carried $1.1 billion of goodwill and intangible assets, 48.1% of total assets, at the end of fiscal 2026.