MERCURY SYSTEMS, INC.
In the published model solve dated 2026-Q2, anchored at $90.98, MERCURY SYSTEMS, INC. (MRCY) is priced for today's economics sustained for ~12.4 years. boothcheck publishes no house fair value, target price, or buy/sell rating; individual model outputs and user-controlled scenarios are analytical inputs, not Boothcheck targets. The narrative was composed June 27, 2026 from SEC EDGAR filings.
The single decisive number is the backlog. Mercury reported record bookings and backlog in Q3 fiscal 2026, the clearest sign the defense-electronics turnaround is converting demand into committed revenue rather than just hope. The margin recovery is following. Q3 adjusted EBITDA rose 46% to $36.1 million at a 15.3% margin, up 360 basis points, on revenue of $235.8 million and 11.5% organic growth. Trailing operating income is still depressed, so the price runs on normalized, not current, earnin
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342 institutional managers reported holding MRCY in 13F filings for the quarter ended 2026-03-31. 49 opened new positions that quarter. Held by BlackRock, Vanguard Group, JANA Partners, among others. On the short side, 4.6M shares were sold short as of the 2026-06-15 count, about 8% of shares outstanding (6.2 days of typical volume to cover).
Quarterly 13F filings arrive up to 45 days after quarter end, so the picture is never current (filed through 2026-05-29). Nothing here is investment advice.
MRCY's share count grew 7.3% over the past five years even with $23.30M spent on repurchases. It pays no dividend. Cash returned over the past three years: $15.03M in repurchases.
Share counts are split-adjusted; repurchase totals are gross of share issuance. Nothing here is investment advice.
Open-market insider buys at MRCY over the trailing three years: 2023: 12 buys totaling $22.43M; 2024: 10 buys totaling $49.43M. 16 officers and directors are on file.
Code P open-market purchases from SEC Form 4 filings, non-derivative, excluding scheduled 10b5-1 plans. Nothing here is investment advice.
MRCY's recent reports: the day-one move, then what the following quarter actually did.
| report | day one | next quarter |
|---|---|---|
| 2023-08-16 | +3.2% | +5.6% |
| 2023-11-08 | -13.5% | +1.0% |
| 2024-02-07 | -11.5% | +6.8% |
| 2024-05-08 | -1.4% | +3.8% |
Day-one is the close-to-close move around the filing. Nothing here is investment advice.
MRCY's latest 8-K filings: 2026-05-05 (items 2.02, 9.01); 2026-02-03 (items 2.02, 9.01); 2025-11-04 (items 1.01, 2.02, 2.03, 8.01, 9.01); 2025-10-28 (items 5.02, 5.07, 8.01); 2025-08-11 (items 2.02).
Item codes are the SEC's own classification of what each report discloses. Dates link to the filing on EDGAR. Nothing here is investment advice.
Model solve date: 2026-Q2
Narrative composed: June 27, 2026
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For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.