The raised FY27 outlook and record backlog suggest sustained demand in defense electronics. Monitor next quarter's cash flow conversion and margin trajectory to confirm the operating leverage story.
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Executive Summary
Mercury Systems reported Q1 FY27 revenue of $253M (up 12.4% YoY) and adjusted EPS of $0.52, beating consensus estimates of $0.30 and $245M. Record bookings of $370M (up 48% YoY) and backlog approaching $2.1B drove a raised FY27 outlook.
Key Financial Metrics
Key Facts
- Q1 FY27 revenue $253M vs consensus $245M, up 12.4% YoY
- Adjusted EPS $0.52 vs consensus $0.30, up 100% YoY
- Record bookings $370M, up 48% YoY; book-to-bill 1.46
- Backlog approaching $2.1B, up 44.7% YoY
- Adjusted EBITDA $56M, up 58.6% YoY; margin 22.3%
- GAAP net income $13M vs net loss of $13M in prior year
- Free cash outflow $24M vs $4M outflow in prior year
- Company raised FY27 outlook
Financial Impact
Revenue beat consensus by $8M (3.3%); adjusted EPS beat by $0.22 (73.3%); bookings up 48% YoY to $370M
Risk Factors
- Free cash flow remained negative at -$24M, worsening from -$4M a year ago
- Cash and cash equivalents dropped from $214M to $110M sequentially
- Defense spending dependent on federal budget and geopolitical factors
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3400183 |
Track record
20 reports on MRCY
5 of 7 bullish or bearish reports moved the stock their way by T+20. Best: +64.82% at T+60 after the Apr 2, 2026 report. 5 of 7 went positive at some point.
Filters
- Nov 10, 2026today SC 13D/A Neutral 4/10 Entry $80.33 Now $88.33 +9.96% settles Dec 10
- Nov 10, 20261d ago 8-K Bullish 6/10 Entry price pending
- Nov 10, 20261d ago Press Release Bullish 6/10 Viewing Entry $86.00 Now $88.33 +2.71% settles Dec 10
- Nov 3, 20268d ago 8-K Neutral 2/10 Entry $71.76 Now $88.33 +23.09% settles Dec 3
- Oct 30, 202612d ago SC 13G/A Neutral 2/10 Entry $77.54 Now $88.33 +13.92% settles Nov 30
- Oct 13, 202629d ago Press Release Neutral 1/10 Entry $75.69 Now $88.33 +16.70% due Nov 11
- Sep 16, 20268w ago 8-K Neutral 3/10 Entry $87.25 to $76.71 Now $88.33 +1.24% ▼ −12.08% −15.26% vs SPY
- Aug 27, 202610w ago Insider Cluster Neutral 4/10 Entry $88.54 to $80.12 Now $88.33 −0.24% ▼ −9.51% −9.02% vs SPY
- Aug 25, 202611w ago Insider Cluster Bearish 5/10 Entry $89.76 to $83.18 Now $88.33 +1.59% ▲ +7.34% +7.56% vs SPY
- Aug 21, 202611w ago Insider Cluster Neutral 3/10 Entry $89.59 to $83.88 Now $88.33 −1.41% ▼ −6.37% −7.67% vs SPY
US Market Status
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