MERCURY SYSTEMS INC — Form 8-K
Filed August 18, 2026 · analyzed by the 8-K Agent
8-K
▲ Likely positive
significance 72/100
What the filing says
Mercury Systems (MRCY, ~$2.5B market cap) reported Q4 FY26 (ended July 3, 2026) record bookings of $660M (+93.1% YoY), record backlog of $1.9B (+38.4% YoY), and record revenue of $290M (+6.1% YoY). Full-year FY26 revenue was $984M (+7.9% YoY) with adjusted EBITDA of $150M (+25.7% YoY). For FY27, the company increased guidance to expect low-double-digit organic revenue growth approaching $1.1B, with adjusted EBITDA margin in the high-teens (~$200M, +30% YoY growth), though free cash flow conversion expected to be ~35% vs. 50% target due to planned inventory and automation investments.
Why this rating
Record bookings, backlog growth, and margin expansion signal strong demand and execution. FY27 guidance raise to low-double-digits growth and ~$200M EBITDA (+30% YoY) represents 8% revenue growth relative to $2.5B market cap and material operational improvement. Offset by FCF conversion below target reflects tactical investments. Significant but not transformational.
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