Legal and regulatory exposurenegative · 4 filings
“The increase was also driven by software licensing fees and litigation and settlement expense of $3.6 million and $3.5 million, respectively.”10-K · Aug 18, 2026 ↗
Mercury Systems, Inc.
MRCY
Market read
Mercury Systems, Inc.'s move is spreading beyond its market group.
MRCY accounts for 13.2% of the group's measured movement across 6.5 effective names. raw member direction is mixed; 8 of 12 SPY-adjusted paths align to the downside. Capital-flow agreement is 8%, so confirmation is not yet clean. No verified headline preceded the measured group move.
MOVE ANATOMY
SPY-adjusted 5m pathsIs this move genuinely shared?
Role in the moveAligned contributor#4 of 12 by movement share
Group movement share13.2%Absolute path energy—not portfolio weight
Relative path-1.44%aligned
Effective breadth6.5 / 12broad
Relative alignment8/12downside path · 1 counter-moving
Capital-flow agreement8%not yet clean
SEQUENCE READ
BKSY, LUNR, AVAV moved materially before MRCY. MRCY crossed its material path threshold at 11:00 ET, 1145 minutes after the first measured mover. LMT, GD, HII followed.
EVIDENCE COVERAGE
5 of 17 members in Aerospace & Defense are active. 0 of 8 disclosed connections are confirming.
What would change this read
Watch this read- At least 12 of 17 durable members become active together.
- Capital-flow agreement rises above 55%.
- ESE remains aligned with the group in the next market snapshot.
Invalidation: The live read weakens if participation falls to 5 of 17 members or fewer.
Research brief
The story so far
MRCY accounts for 13.2% of the group's measured movement across 6.5 effective names. raw member direction is mixed; 8 of 12 SPY-adjusted paths align to the downside. Capital-flow agreement is 8%, so confirmation is not yet clean. No verified headline preceded the measured group move.
Evidence that supports
No thresholded supportive filing evidence is available yet.
Evidence that challenges
No thresholded adverse filing evidence is available yet.
What would clarify the read
- At least 12 of 17 durable members become active together.
- Capital-flow agreement rises above 55%.
- ESE remains aligned with the group in the next market snapshot.
Company research
Understand the business, not just the ticker
Business model and earnings drivers
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
Key research questions
- Which operating variable is changing?
- Is that change durable, cyclical or one-off?
- What evidence would disprove the current interpretation?
Annual periods9
Price observations339
Usable filing statements181
Verified relationships9
Evidence supporting the case
- Latest annual revenue changed +7.9% year over year.
- Operating margin changed +2.2 percentage points in the latest annual period.
- Net margin changed +1.1 percentage points in the latest annual period.
Evidence challenging the case
- Credit and interest rates has repeated adverse evidence across 3 filings.
Questions before a position
- EV/sales is 63% above the available filing-peer median; determine whether growth and quality justify the difference.
Longer-term price context
Price as of Sep 28, 2026
80.116m+12.2%12m+9.5%24m—
Annual trajectory
Reported annual revenue and per-share history. This is accounting history, not a forecast.
PeriodRevenueYoYDiluted EPSShare change
2022-07-01$988.2M+6.9%$0.20+0.8%
2023-06-30$973.9M-1.4%$-0.50+1.2%
2024-06-28$835.3M-14.2%$-2.38+2.1%
2025-06-27$912.0M+9.2%$-0.65+1.7%
2026-07-03$983.6M+7.9%$-0.50+1.2%
What management says matters
Persistent and emerging business drivers
Capital investment and capacitymixed · 3 filings
“Key assumptions of the forecast model over expected revenues, expenses, capital expenditures, and working capital, as well as discount factors and income tax rates are subject to a high degree of judgment and complexity.”10-K · Aug 18, 2026 ↗
Credit and interest ratesnegative · 3 filings
“The decrease was driven by lower interest rates during the period on our existing credit facility (the "Revolver").”10-Q · May 5, 2026 ↗
Input and raw-material costsmixed · 1 filings
“The lower gross margin was driven primarily by execution on lower margin programs, higher scrap of $3.1 million, higher inventory reserves of $2.4 million, partially offset by lower manufacturing variances of $5.3 million and net estimate at completion ("EAC"…”10-Q · Feb 3, 2026 ↗
Valuation discipline
Descriptive valuation snapshot
Price/sales 4.8× · EV/sales 4.6×. Comparisons use only industry-matched filing peers.
Scenario scaffold
Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.
Price action
How the market is pricing the story
82.60+3.1% today
Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 29 Sept, 15:55 GMT-4; this is a coverage limitation, not a flat-price conclusion.
Developments
No sourced recent-development timeline yet
Jodie has not returned a relevant primary source or news item for MRCY. This is an evidence-coverage gap, not a conclusion that nothing material happened.
Business and financial condition
Reported financial figures are not available yet
Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.
Filing analysis
No comparable filing assessment is available yet
Jodie has not yet found a suitable current-versus-prior filing comparison for MRCY. This does not mean the latest filing was neutral or immaterial.
Business ecosystem
The relationships behind MRCY
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Depends on
BAThe Boeing CompanycustomerAug 11, 2025 ▾
“Our top customers include Airbus, BAE Systems, Boeing, General Atomics, General Dynamics, L3Harris Technologies, Leonardo, Lockheed Martin Corporation, Northrop Grumman Corporation, RTX Corporation and the U.S.”
DRSLeonardo DRS, Inc.customerAug 11, 2025 ▾
“Our top customers include Airbus, BAE Systems, Boeing, General Atomics, General Dynamics, L3Harris Technologies, Leonardo, Lockheed Martin Corporation, Northrop Grumman Corporation, RTX Corporation and the U.S.”
Depended on by
FEIMFrequency Electronics, Inc.competitorJul 18, 2025 ▾
“With respect to non-space products, such as systems for precision time for terrestrial secure communication and command and control, and products for multiple applications in the EW market, the Company competes with larger domestic companies such as Microchip…”
Filing peers
Companies whose filings use similar operating language.
Open the three relationships above to see Jodie’s filing proof. Pro unlocks 5 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →
What is moving around it
Live connections
MRCY is currently a Participant in the organic co-movement group Aerospace & Defense. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 3 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.
Context history
Theme membership history
No durable theme membership has been observed for this name yet.