Mercury Systems (MRCY)
Market Price (9/26/2026): $82.69 | Market Cap: $4.9 BilSector: Industrials | Industry: Electrical Components & Equipment
Mercury Systems (MRCY)
Market Price (9/26/2026): $82.69Market Cap: $4.9 BilSector: IndustrialsIndustry: Electrical Components & Equipment
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 10% Megatrend and thematic driversMegatrends include Cybersecurity, Artificial Intelligence, and Advanced Aviation & Space. Themes include Software Security, Show more. | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 6,997x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 48x Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is 0.9% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -4.7% Key risksMRCY key risks include [1] an inability to achieve sustained profitability, Show more. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 10% |
| Megatrend and thematic driversMegatrends include Cybersecurity, Artificial Intelligence, and Advanced Aviation & Space. Themes include Software Security, Show more. |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 6,997x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 48x |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is 0.9% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -4.7% |
| Key risksMRCY key risks include [1] an inability to achieve sustained profitability, Show more. |
Qualitative Assessment
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Mercury Systems (MRCY) stock has lost about 25% since 5/31/2026 because of the following key factors:
1. Mercury Systems (MRCY) reported a miss on adjusted earnings per share (EPS) and declining profitability metrics for its fiscal Q4 2026, which ended July 3, 2026.
Despite achieving record revenue of $290 million and record bookings of $660 million (up 6.1% and 93.1% year-over-year, respectively), the company's adjusted EPS of $0.37 missed analysts' consensus estimates of $0.38 by $0.01. This also represented a decline from $0.47 in the prior year's comparable quarter. Additionally, the adjusted EBITDA margin contracted to 16.7% from 18.8% in fiscal Q4 2025, and free cash flow decreased from $34 million to $29 million. The full fiscal year 2026 concluded with a GAAP net loss of $29.7 million. These profitability and cash flow concerns likely overshadowed the strong top-line performance and record backlog, negatively impacting investor sentiment.
2. Significant insider selling activity by the CEO raised concerns among investors.
Mercury Systems' Chairman, President & CEO, William L. Ballhaus, conducted multiple substantial stock sales during August 2026. Notably, on August 21 and 24, 2026, he sold 173,209 shares of common stock, with gross proceeds estimated at approximately $15.69 million. While these sales were indicated as being primarily to cover the exercise price of stock options, applicable withholding taxes, and related transaction costs, such a large volume of insider selling can be perceived negatively by the market and contribute to a decline in investor confidence.
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Mercury Systems (MRCY) stock has lost about 25% since 5/31/2026 because of the following key factors:
1. Mercury Systems (MRCY) reported a miss on adjusted earnings per share (EPS) and declining profitability metrics for its fiscal Q4 2026, which ended July 3, 2026.
Despite achieving record revenue of $290 million and record bookings of $660 million (up 6.1% and 93.1% year-over-year, respectively), the company's adjusted EPS of $0.37 missed analysts' consensus estimates of $0.38 by $0.01. This also represented a decline from $0.47 in the prior year's comparable quarter. Additionally, the adjusted EBITDA margin contracted to 16.7% from 18.8% in fiscal Q4 2025, and free cash flow decreased from $34 million to $29 million. The full fiscal year 2026 concluded with a GAAP net loss of $29.7 million. These profitability and cash flow concerns likely overshadowed the strong top-line performance and record backlog, negatively impacting investor sentiment.
2. Significant insider selling activity by the CEO raised concerns among investors.
Mercury Systems' Chairman, President & CEO, William L. Ballhaus, conducted multiple substantial stock sales during August 2026. Notably, on August 21 and 24, 2026, he sold 173,209 shares of common stock, with gross proceeds estimated at approximately $15.69 million. While these sales were indicated as being primarily to cover the exercise price of stock options, applicable withholding taxes, and related transaction costs, such a large volume of insider selling can be perceived negatively by the market and contribute to a decline in investor confidence.
3. Analyst downgrades and mixed valuation signals created investor uncertainty.
In the period following the fiscal Q4 2026 earnings report, several analysts adjusted their ratings and price targets for Mercury Systems. For instance, Zacks Research downgraded the stock from a "strong-buy" to a "hold" rating on August 4, 2026, and Deutsche Bank Aktiengesellschaft also lowered its rating to "hold" on August 12, 2026. While some analysts did raise their price targets (e.g., Robert W. Baird to $130, Piper Sandler to $131), other analyses suggested the stock was potentially overvalued, with one model estimating a fair value of around $45.58 against a closing price of $87.74. This combination of downgrades and conflicting valuation assessments contributed to a cautious outlook and likely weighed on the stock price.
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Stock Movement Drivers
Fundamental Drivers
The -26.4% change in MRCY stock from 5/31/2026 to 9/25/2026 was primarily driven by a -27.4% change in the company's P/S Multiple.| (LTM values as of) | 5312026 | 9252026 | Change |
|---|---|---|---|
| Stock Price ($) | 111.70 | 82.18 | -26.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 967 | 984 | 1.7% |
| P/S Multiple | 6.9 | 5.0 | -27.4% |
| Shares Outstanding (Mil) | 59 | 60 | -0.4% |
| Cumulative Contribution | -26.4% |
Market Drivers
5/31/2026 to 9/25/2026| Return | Correlation | |
|---|---|---|
| MRCY | -26.4% | |
| Market (SPY) | 2.2% | 41.8% |
| Sector (XLI) | -1.3% | 52.2% |
Fundamental Drivers
The -7.7% change in MRCY stock from 2/28/2026 to 9/25/2026 was primarily driven by a -11.2% change in the company's P/S Multiple.| (LTM values as of) | 2282026 | 9252026 | Change |
|---|---|---|---|
| Stock Price ($) | 89.03 | 82.18 | -7.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 943 | 984 | 4.4% |
| P/S Multiple | 5.6 | 5.0 | -11.2% |
| Shares Outstanding (Mil) | 59 | 60 | -0.4% |
| Cumulative Contribution | -7.7% |
Market Drivers
2/28/2026 to 9/25/2026| Return | Correlation | |
|---|---|---|
| MRCY | -7.7% | |
| Market (SPY) | 13.0% | 50.9% |
| Sector (XLI) | -3.3% | 52.4% |
Fundamental Drivers
The 21.7% change in MRCY stock from 8/31/2025 to 9/25/2026 was primarily driven by a 13.8% change in the company's P/S Multiple.| (LTM values as of) | 8312025 | 9252026 | Change |
|---|---|---|---|
| Stock Price ($) | 67.55 | 82.18 | 21.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 912 | 984 | 7.9% |
| P/S Multiple | 4.4 | 5.0 | 13.8% |
| Shares Outstanding (Mil) | 59 | 60 | -0.9% |
| Cumulative Contribution | 21.7% |
Market Drivers
8/31/2025 to 9/25/2026| Return | Correlation | |
|---|---|---|
| MRCY | 21.7% | |
| Market (SPY) | 20.9% | 49.1% |
| Sector (XLI) | 13.6% | 52.6% |
Fundamental Drivers
The 109.4% change in MRCY stock from 8/31/2023 to 9/25/2026 was primarily driven by a 116.0% change in the company's P/S Multiple.| (LTM values as of) | 8312023 | 9252026 | Change |
|---|---|---|---|
| Stock Price ($) | 39.25 | 82.18 | 109.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 974 | 984 | 1.0% |
| P/S Multiple | 2.3 | 5.0 | 116.0% |
| Shares Outstanding (Mil) | 57 | 60 | -4.0% |
| Cumulative Contribution | 109.4% |
Market Drivers
8/31/2023 to 9/25/2026| Return | Correlation | |
|---|---|---|
| MRCY | 109.4% | |
| Market (SPY) | 77.8% | 33.4% |
| Sector (XLI) | 64.4% | 41.2% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| MRCY Return | -37% | -19% | -18% | 15% | 74% | 14% | -6% |
| Peers Return | 5% | -6% | 32% | 26% | 66% | -9% | 152% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 105% |
Monthly Win Rates [3] | |||||||
| MRCY Win Rate | 42% | 58% | 42% | 50% | 58% | 44% | |
| Peers Win Rate | 50% | 40% | 58% | 68% | 62% | 40% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 56% | |
Max Drawdowns [4] | |||||||
| MRCY Max Drawdown | -49% | -42% | -44% | -28% | -21% | -36% | |
| Peers Max Drawdown | -21% | -31% | -17% | -17% | -21% | -35% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: CW, HEI, KTOS, TDY, LHX. See MRCY Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/25/2026 (YTD)
How Low Can It Go
| Event | MRCY | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -13.4% | -9.5% |
| % Gain to Breakeven | 15.5% | 10.5% |
| Time to Breakeven | 32 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -42.5% | -6.7% |
| % Gain to Breakeven | 73.8% | 7.1% |
| Time to Breakeven | 778 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -28.5% | -24.5% |
| % Gain to Breakeven | 39.9% | 32.4% |
| Time to Breakeven | 1047 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -34.0% | -33.7% |
| % Gain to Breakeven | 51.4% | 50.9% |
| Time to Breakeven | 37 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -23.6% | -19.2% |
| % Gain to Breakeven | 31.0% | 23.8% |
| Time to Breakeven | 37 days | 105 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -36.3% | -17.9% |
| % Gain to Breakeven | 56.9% | 21.8% |
| Time to Breakeven | 1486 days | 123 days |
In The Past
Mercury Systems's stock fell -5.6% during the 2025 US Tariff Shock. Such a loss loss requires a 6.0% gain to breakeven.
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| Event | MRCY | S&P 500 |
|---|---|---|
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -42.5% | -6.7% |
| % Gain to Breakeven | 73.8% | 7.1% |
| Time to Breakeven | 778 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -28.5% | -24.5% |
| % Gain to Breakeven | 39.9% | 32.4% |
| Time to Breakeven | 1047 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -34.0% | -33.7% |
| % Gain to Breakeven | 51.4% | 50.9% |
| Time to Breakeven | 37 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -23.6% | -19.2% |
| % Gain to Breakeven | 31.0% | 23.8% |
| Time to Breakeven | 37 days | 105 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -36.3% | -17.9% |
| % Gain to Breakeven | 56.9% | 21.8% |
| Time to Breakeven | 1486 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -25.4% | -15.4% |
| % Gain to Breakeven | 34.1% | 18.2% |
| Time to Breakeven | 135 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -84.2% | -53.4% |
| % Gain to Breakeven | 532.9% | 114.4% |
| Time to Breakeven | 709 days | 1085 days |
In The Past
Mercury Systems's stock fell -5.6% during the 2025 US Tariff Shock. Such a loss loss requires a 6.0% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Mercury Systems (MRCY)
Mercury Systems (MRCY) is a technology company specializing in the design and manufacture of advanced electronic components, modules, and integrated subsystems primarily for the aerospace and defense industries. Operating globally across the United States, Europe, and Asia Pacific, the company provides critical technology solutions deployed in a wide array of defense programs and commercial aviation applications.
Its extensive product portfolio ranges from foundational electronic components like power amplifiers, switches, and memory devices, to more complex embedded processing modules, digital receiver boards, and integrated radio frequency (RF) and microwave assemblies. Beyond these building blocks, Mercury Systems also develops sophisticated integrated subsystems and specialized solutions.
These advanced offerings include Digital Radio Frequency Memory (DRFM) units for electronic warfare, radar environment simulation and test systems, and signals intelligence payloads for unmanned aerial vehicles (UAVs). By supplying these essential technologies, Mercury Systems serves as a key partner to defense contractors and commercial aviation customers, contributing significantly to national security and the technological capabilities of modern aerospace and defense systems.
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Here are 1-2 brief analogies to describe Mercury Systems (MRCY):
A specialized Intel or Nvidia for the aerospace and defense industry.
The 'brains' and 'nervous system' supplier for critical defense systems, much like how Qualcomm provides essential chips and technology for almost every smartphone.
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- Electronic Components: Fundamental electronic building blocks such as power amplifiers, switches, oscillators, filters, converters, chips, and memory devices.
- Advanced Electronic Modules & Sub-assemblies: Specialized boards and multi-chip modules for embedded processing, digital receivers, RF/microwave functions, and input/output.
- Integrated Subsystems: Complete, integrated systems combining various components and modules for specific aerospace and defense applications.
- Digital Radio Frequency Memory (DRFM) Units: Advanced electronic systems designed for various modern electronic warfare applications.
- Radar Environment Simulation & Test Systems: Specialized systems for simulating radar environments and testing defense and intelligence applications.
- UAV Payloads & Processor Systems: Technologies for small unmanned aerial vehicles, including signals intelligence, EO/IR capabilities, and onboard real-time processing systems.
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Mercury Systems (MRCY) sells primarily to other companies.
Based on the provided company description, Mercury Systems' major customers are other companies in the aerospace and defense industries. The company's products and solutions are deployed in approximately 300 programs with 25 defense contractors and commercial aviation customers.
The provided background description does not list the specific names of these customer companies.
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- Intel Corporation (INTC)
- NVIDIA Corporation (NVDA)
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William L. Ballhaus President and Chief Executive Officer
William L. Ballhaus was appointed President and Chief Executive Officer of Mercury Systems in August 2023, having served as interim President and CEO since June 2023. He also assumed the role of Chairman of the Board. Ballhaus has extensive experience in the aerospace, defense, and technology industries, including multiple CEO roles. He previously served as Chairman and CEO of Blackboard, Inc., an EdTech company, from 2016 until its merger with Anthology in 2021. Prior to that, he was CEO and President of SRA International, Inc., an IT services provider, from 2011 until the creation of CSRA Inc. in 2015 from the combination of SRA and CSC's U.S. public sector business. From 2008 to 2010, he served as CEO and President of government contractor DynCorp International. Ballhaus also held senior leadership positions at BAE Systems, Boeing, and Hughes, where he led global government and commercial technology businesses. He is the founder of MilestoneRoad Partners LLC, established in 2021. He currently serves on several private company boards, including as Executive Chairman at Catalis and on the Board of Directors of Everfox. He holds a Bachelor's degree in Mechanical Engineering, Master's and Doctorate degrees in Aeronautics and Astronautics, and a Master's degree in Business Administration.
David Farnsworth Executive Vice President & Chief Financial Officer
David Farnsworth was appointed Chief Financial Officer of Mercury Systems, effective July 2023. In this role, he is responsible for the company's financial reporting, accounting, and tax operations. Before joining Mercury Systems, Farnsworth served as Chief Financial Officer of HawkEye 360, a radio frequency data analytics company operating a commercial satellite constellation. Prior to HawkEye 360, he held several leadership positions at Raytheon, including Vice President and CFO of its Integrated Defense Systems business, CFO of its Intelligence, Information and Services segment, and CFO of its Technical Services business. He also worked at Raytheon Corporate headquarters, where he collaborated with the CEO and COO on strategic initiatives. Farnsworth currently serves on the Boards of Directors of Merrimack Valley Credit Union and USA Diving. He holds a bachelor's degree from the Wharton School at the University of Pennsylvania and a master's degree in business administration from Boston University.
Stuart Kupinsky Executive Vice President & Chief Legal Officer
Stuart Kupinsky is Mercury's Executive Vice President and Chief Legal Officer, overseeing the company's legal strategy, including mergers and acquisitions, intellectual property, and enterprise contracts. He has previously served as Chief Legal Officer and General Counsel for five public and private technology companies, including Blackboard Inc. (through its sale to Anthology Inc.) and Tekelec, Inc. (until its sale to Oracle). Kupinsky also served as Chief Counsel for FirstNet, an independent government agency.
Steve Ratner Executive Vice President & Chief Human Resources Officer
Ghassan Alaka Chief Information Officer
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Key Risks to Mercury Systems (MRCY)
The key risks to Mercury Systems' business operations include persistent operational losses and challenges in profitability, risks associated with contract execution and program delays, and intense competition within the defense industry necessitating continuous, substantial investment in research and development.
The most significant risk stems from Mercury Systems' ongoing operational losses and struggles with profitability. Recent financial reports indicate that "challenged programs" have adversely impacted earnings, with the company recording negative sales and net income in the second quarter of FY2024. The company has faced operational losses, with an $8.6 million loss from operations reported in a 10-Q filing, indicating difficulties in converting revenue growth into bottom-line profitability. Over the last five years, Mercury Systems has experienced a 7.6 percentage point decrease in its operating margin and an 18.3% annual decline in earnings per share, despite revenue growth, suggesting rising costs that it has been unable to pass on to customers. There is also a risk that legacy low-margin contracts could undermine future earnings.
Secondly, Mercury Systems faces significant risks related to contract execution and potential program delays. As a crucial supplier to major defense programs, the company's performance is highly exposed to the complexities, budget constraints, political decisions, and technological hurdles inherent in these initiatives. Any substantial delays or issues in key programs, such as the LTAMDS radar or the potential Golden Dome initiative, could directly impact the company's revenue and profitability. The company's sales growth has also been affected by supply chain issues and program delays, particularly in the wake of the pandemic.
Finally, the highly competitive landscape of the defense industry and the imperative for continuous investment in research and development (R&D) pose a substantial risk. Mercury Systems operates in a market characterized by numerous competitors vying for contracts and market share, including both established defense contractors and new entrants with innovative technologies. To maintain its competitive edge and meet evolving customer demands, the company must continually invest in R&D to develop new capabilities and differentiate its offerings. These R&D expenses represent a significant cost, and the company must ensure these investments translate into commercially viable products and solutions to drive future revenue and profitability.
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Mercury Systems (MRCY) operates in several addressable markets within the aerospace and defense industries, including digital radio frequency memory (DRFM), signals intelligence (SIGINT), radar environment simulation and test systems, electro-optical/infrared (EO/IR) technologies, and onboard processor systems for unmanned aerial vehicles (UAVs).
- Digital Radio Frequency Memory (DRFM): The global digital radio frequency memory (DRFM) market was estimated at USD 1.16 billion in 2024 and is projected to reach USD 2.68 billion by 2031, growing at a Compound Annual Growth Rate (CAGR) of 11.07% from 2024 to 2031. North America held the largest share of this market. Another estimate values the global DRFM market at USD 1.3 billion in 2025, expected to grow to USD 3.9 billion by 2035 at an 11.1% CAGR. The North America DRFM market was valued at USD 0.91 billion in 2024 and is expected to reach USD 1.56 billion by 2030, with a CAGR of 9.41%.
- Signals Intelligence (SIGINT): The global signals intelligence (SIGINT) market was estimated at USD 30.4 billion in 2025 and is projected to reach USD 60.9 billion by 2035, exhibiting a CAGR of 7.6%. North America is the largest market for SIGINT, with the U.S. alone accounting for approximately 93% share and generating USD 16.4 billion in revenue in 2025.
- Radar Environment Simulation and Test Systems: The global radar simulator market size was estimated at USD 3.13 billion in 2024 and is projected to reach USD 4.28 billion by 2030, with a CAGR of 5.6%. North America accounted for the largest share, over 31% in 2024. Another report projects the global radar simulator market to reach USD 3.48 billion by 2031 from USD 1.91 billion in 2023, with a CAGR of 7.8%. North America dominated this market in 2023.
- EO/IR Technologies for Small UAV Platforms (Military Electro-Optics & Infrared Systems and EO/IR Gimbals): The global military electro-optics & infrared systems market size was approximately USD 10.7 billion in 2024, with projections to grow to USD 14.4 billion by 2033. The North America military EO/IR systems market is expected to exceed USD 4.1 billion by 2034. For EO/IR gimbals, the global market size was valued at USD 1.02 billion in 2024 and is estimated to grow to USD 3.36 billion by 2033, at a CAGR of 14.13%. North America is predicted to have the most significant market share for EO/IR gimbals.
- Onboard UAV Processor Systems (UAV Chips and Drone Onboard Computers, as part of the broader Military Embedded Systems and Embedded Processor markets):
- UAV Chips: The global UAV Chips market was valued at USD 1,379.73 million in 2024 and is anticipated to reach USD 3,514.69 million by 2032, with a CAGR of 12.46%. North America leads this market with a 36% share. Another projection for the global UAV Chips market is from US$ 3,360 million in 2025 to US$ 6,091 million by 2032.
- Drone Onboard Computers: The drone onboard computer market was valued at USD 381.29 million in 2025 and is expected to increase to USD 897.03 million by 2032, growing at a CAGR of 13.0%. Another estimate projects this market to expand from USD 490.5 million in 2024 to USD 1802.3 million by 2034.
- Military Embedded Systems / Embedded Processors for Aerospace & Defense: The global embedded processor market size was valued at USD 21.15 billion in 2024 and is estimated to reach USD 36.63 billion by 2033. North America dominates the embedded processor market, holding over 35.6% share in 2024. The U.S. military embedded systems market alone was valued at USD 769.5 million in 2025, and North America held a 42.6% share of the global military embedded systems market in the same year.
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Mercury Systems (MRCY) anticipates several key drivers for its revenue growth over the next two to three years:
- Conversion of Record Backlog and Higher-Margin Bookings: The company has achieved a record backlog approaching $1.5 billion, with a book-to-bill ratio of 1.23 in the second quarter of fiscal year 2026. This substantial backlog indicates a strong pipeline of future revenue. Management also expects new, higher-margin bookings to gradually replace legacy lower-margin programs, improving both revenue quality and growth.
- Expansion of Production Capacity and Operational Efficiency: Strategic investments in automated factory capacity, including an additional 50,000 square feet in Phoenix, Arizona, are expected to support the ramp-up of common processing architecture production. These efficiency initiatives and increased capacity enable the company to accelerate customer deliveries and pull forward revenue.
- Growth in Critical Technology Segments and Strategic Acquisitions: Continued success and follow-on awards in the common processing architecture segment are expected to drive revenue. Furthermore, the strategic value derived from acquisitions, such as StarLab's cyber capabilities, strengthens Mercury Systems' offerings and contributes to growth in key technology areas.
- Increased Global Defense Budgets and International Sales: While management maintains a conservative outlook, the potential for increased U.S. and international defense budgets presents an upside for Mercury Systems. Foreign Military Sales and other international revenues accounted for approximately 15% of total revenue in a recent quarter, highlighting the opportunity for growth in global defense spending.
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Share Repurchases
- On November 3, 2025, Mercury Systems' Board of Directors authorized a new share repurchase program for the purchase of up to $200.0 million of the company's outstanding common stock, with no expiration date.
- During the second quarter of fiscal year 2026 (ended around December 2025), the company spent $15 million on share repurchases.
Share Issuance
- There were no significant public offerings by Mercury Systems for share issuance reported within the last 3-5 years.
- The company's institutional ownership remained largely unchanged at 114.12% in February 2026, indicating trading of existing shares rather than new company-initiated issuances.
- Some shares were issued in February 2026 through restricted stock vesting as compensation, though a total dollar amount for the period was not specified.
Inbound Investments
- No large, strategic inbound investments made in Mercury Systems by third-parties like private equity firms or strategic partners were reported within the last 3-5 years.
- A strategic review in 2023 explored a potential company sale following activist investor pressure, but no acquisition or major inbound investment was announced as completed.
Outbound Investments
- In March 2026, Mercury Systems acquired SolderMask, Inc., a specialized manufacturing processes provider, to enhance production capabilities and support higher-rate production.
- In May 2025, the company acquired Star Lab, which focuses on security for OS and embedded systems.
- In 2021, Mercury Systems made two notable acquisitions: Atlanta Micro for $90 million in November and Pentek for $65 million in May.
Capital Expenditures
- For the second quarter of fiscal year 2026, capital expenditures were reported as $6 million.
- Mercury Systems plans to bring over 50,000 square feet of factory space online in Q3 of fiscal year 2026 to support ramped production for its Common Processing Architecture programs.
- As part of the SolderMask acquisition in March 2026, Mercury intends to establish a parallel manufacturing process line at its Phoenix facility to boost production capacity and efficiency.
Peer Outperformance in Electrical Components & Equipment
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| MRCY | Mercury Systems | 0.9% | -165.3x | 12.4% | 128.3% | 75.3% | — |
| PLPC | Preformed Line Products | 2.9% | 46.9x | 113.9% | 165.5% | 543.4% | +468pp |
| ENS | EnerSys | 0.8% | 18.5x | 63.8% | 95.9% | 147.4% | +72pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Construction & Engineering | 31 | 5.3% | 114.4% | 187.9% | FIX 2246% · STRL 2244% · CDNL 2055% |
| Marine Transportation | 9 | 71.9% | 99.5% | 155.8% | HOS 43005% · ASC 510% · MATX 195% |
| Construction Machinery & Heavy Transportation Equipment | 13 | 6.9% | 48.2% | 127.1% | CAT 355% · ALSN 248% · WAB 232% |
| Aerospace & Defense | 55 | -7.1% | 70.7% | 80.5% | ATI 1004% · FTAI 866% · HWM 648% |
| Trading Companies & Distributors | 19 | 6.2% | 40.1% | 50.9% | DXPE 561% · AIT 293% · WCC 223% |
| Rail Transportation | 7 | 20.5% | 59.3% | 50.4% | FSTR 146% · CSX 65% · RAIL 64% |
| Industrial Machinery & Supplies & Components | 72 | 12.5% | 54.9% | 45.2% | CRS 1186% · PSIX 1112% · EROC 624% |
| Diversified Support Services | 33 | 16.3% | 35.4% | 35.1% | LIME 3297% · TH 424% · WLFC 353% |
| Electrical Components & Equipment ← | 41 | 4.2% | 59.4% | 26.5% | POWL 2358% · BE 1418% · VRT 968% |
| Cargo Ground Transportation | 16 | 33.9% | 0.1% | 25.6% | XPO 233% · R 223% · CVLG 140% |
| Building Products | 34 | -11.3% | 4.9% | 18.6% | LMB 628% · GFF 404% · PPIH 307% |
| Passenger Ground Transportation | 3 | -31.1% | 49.8% | 2.1% | UBER 49% · CAR 2% · LYFT -73% |
| Agricultural & Farm Machinery | 17 | 5.2% | 2.8% | -4.5% | BLBD 187% · DE 111% · GENC 57% |
| Industrial Conglomerates | 17 | 9.6% | 5.8% | -5.2% | RCMT 426% · CSW 142% · DD 77% |
| Environmental & Facilities Services | 30 | -12.2% | 27.2% | -10.3% | CECO 958% · ADUR 427% · GEO 342% |
| Research & Consulting Services | 13 | -16.4% | -26.1% | -15.7% | HURN 206% · CRAI 78% · GRNQ 76% |
| Data Processing & Outsourced Services | 6 | -33.8% | -15.5% | -29.7% | EXLS 40% · BR 6% · G -27% |
| Passenger Airlines | 11 | 18.4% | 21.7% | -32.7% | LTM 2685% · UAL 134% · SKYW 104% |
| Office Services & Supplies | 9 | 17.1% | 18.9% | -33.6% | PBI 169% · TILE 146% · HNI 51% |
| Human Resource & Employment Services | 21 | 3.6% | -19.2% | -38.2% | BBSI 68% · ADP 46% · HQI 8% |
| Air Freight & Logistics | 12 | -18.8% | -21.4% | -39.9% | CHRW 87% · FDX 74% · EXPD 59% |
| Security & Alarm Services | 10 | -23.4% | 22.5% | -43.6% | CIX 155% · MG 120% · BCO 75% |
| Airport Services | 3 | -74.5% | -77.7% | -63.3% | JOBY -39% · ASLE -63% · UP -100% |
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Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 273.11 |
| Mkt Cap | 24.2 |
| Rev LTM | 4,415 |
| Op Inc LTM | 965 |
| FCF LTM | 828 |
| FCF 3Y Avg | 658 |
| CFO LTM | 916 |
| CFO 3Y Avg | 727 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 9.2% |
| Rev Chg 3Y Avg | 9.4% |
| Rev Chg Q | 9.1% |
| QoQ Delta Rev Chg LTM | 2.2% |
| Op Inc Chg LTM | 14.2% |
| Op Inc Chg 3Y Avg | 12.3% |
| Op Mgn LTM | 14.5% |
| Op Mgn 3Y Avg | 14.0% |
| QoQ Delta Op Mgn LTM | 0.3% |
| CFO/Rev LTM | 17.0% |
| CFO/Rev 3Y Avg | 14.9% |
| FCF/Rev LTM | 14.7% |
| FCF/Rev 3Y Avg | 12.8% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 24.2 |
| P/S | 5.2 |
| P/Op Inc | 31.8 |
| P/EBIT | 30.9 |
| P/E | 33.0 |
| P/CFO | 25.0 |
| Total Yield | 2.4% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 2.6% |
| D/E | 0.1 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -10.0% |
| 3M Rtn | -14.3% |
| 6M Rtn | -7.5% |
| 12M Rtn | 0.9% |
| 3Y Rtn | 112.4% |
| 1M Excs Rtn | -10.9% |
| 3M Excs Rtn | -19.6% |
| 6M Excs Rtn | -28.7% |
| 12M Excs Rtn | -15.0% |
| 3Y Excs Rtn | 24.4% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Integrated Solutions | 476 | 457 | 576 | 654 | 591 |
| Modules and Sub-assemblies | 246 | 186 | 200 | 167 | 157 |
| Components | 190 | 192 | 197 | 167 | 176 |
| Total | 912 | 835 | 974 | 988 | 924 |
| $ Mil | 2011 | 2010 | 2009 | 2007 | 2006 |
|---|---|---|---|---|---|
| Advanced Computer Systems (ACS) | 32 | 22 | 13 | ||
| Elimination | -1 | 0 | -0 | ||
| Mercury Federal Systems | -1 | -1 | |||
| Stock Compensation Expense | -6 | -4 | -5 | ||
| EBU | -1 | ||||
| Advanced Solutions | -7 | 0 | |||
| Defense Electronics | -10 | -3 | |||
| Imaging and Visualization Solutions Group | -8 | -5 | |||
| Modular Products and Services | 0 | -2 | |||
| Total | 25 | 17 | 8 | -24 | -9 |
Price Behavior
| Market Price | $82.18 | |
| Market Cap ($ Bil) | 4.9 | |
| First Trading Date | 01/30/1998 | |
| Distance from 52W High | -34.9% | |
| 50 Days | 200 Days | |
| DMA Price | $94.38 | $91.49 |
| DMA Trend | up | down |
| Distance from DMA | -12.9% | -10.2% |
| 3M | 1YR | |
| Volatility | 63.6% | 58.0% |
| Downside Capture | 346.57 | 282.15 |
| Upside Capture | 116.29 | 243.62 |
| Correlation (SPY) | 42.8% | 49.5% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 4.13 | 3.24 | 2.33 | 2.37 | 2.28 | 1.14 |
| Up Beta | 5.35 | 5.09 | 3.47 | 2.36 | 1.87 | 0.98 |
| Down Beta | 8.98 | 3.00 | 1.06 | 1.13 | 1.59 | 0.63 |
| Up Capture | 154% | 97% | 191% | 353% | 593% | 405% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 9 | 20 | 30 | 62 | 129 | 381 |
| Down Capture | 501% | 392% | 257% | 225% | 174% | 109% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 11 | 21 | 33 | 64 | 120 | 365 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MRCY | |
|---|---|---|---|---|
| MRCY | 10.7% | 57.9% | 0.39 | - |
| Sector ETF (XLI) | 13.0% | 17.2% | 0.54 | 52.5% |
| Equity (SPY) | 17.7% | 13.0% | 0.98 | 49.4% |
| Gold (GLD) | 14.7% | 29.3% | 0.46 | 26.0% |
| Commodities (DBC) | 46.8% | 20.7% | 1.75 | -8.7% |
| Real Estate (VNQ) | 4.5% | 13.6% | 0.07 | 8.6% |
| Bitcoin (BTCUSD) | -25.5% | 44.8% | -0.53 | 22.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MRCY | |
|---|---|---|---|---|
| MRCY | 12.0% | 47.8% | 0.39 | - |
| Sector ETF (XLI) | 12.9% | 17.6% | 0.56 | 40.2% |
| Equity (SPY) | 13.3% | 17.2% | 0.59 | 34.6% |
| Gold (GLD) | 19.2% | 18.8% | 0.83 | 14.5% |
| Commodities (DBC) | 11.2% | 19.5% | 0.45 | 5.4% |
| Real Estate (VNQ) | 0.9% | 18.9% | -0.06 | 23.4% |
| Bitcoin (BTCUSD) | 12.3% | 52.6% | 0.41 | 18.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MRCY | |
|---|---|---|---|---|
| MRCY | 13.6% | 45.1% | 0.44 | - |
| Sector ETF (XLI) | 13.4% | 20.0% | 0.59 | 46.7% |
| Equity (SPY) | 15.5% | 17.9% | 0.73 | 44.0% |
| Gold (GLD) | 12.1% | 16.4% | 0.61 | 9.4% |
| Commodities (DBC) | 8.7% | 18.1% | 0.39 | 10.6% |
| Real Estate (VNQ) | 4.8% | 20.7% | 0.19 | 33.5% |
| Bitcoin (BTCUSD) | 63.9% | 66.2% | 1.04 | 12.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 9/21/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/18/2026 | -3.6% | -16.4% | -17.9% |
| 5/5/2026 | 10.5% | 11.3% | 42.0% |
| 2/3/2026 | -22.3% | -15.0% | -14.4% |
| 11/4/2025 | 3.3% | -3.9% | -6.8% |
| 5/6/2025 | -4.9% | -7.3% | 3.2% |
| 2/4/2025 | 18.5% | 11.1% | 4.1% |
| 11/5/2024 | 23.5% | 27.6% | 12.2% |
| 8/13/2024 | 17.6% | 13.9% | 8.3% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 10 | 8 | 12 |
| # Negative | 13 | 15 | 11 |
| Median Positive | 8.8% | 11.2% | 7.6% |
| Median Negative | -11.4% | -7.3% | -11.3% |
| Max Positive | 23.5% | 27.6% | 42.0% |
| Max Negative | -22.3% | -16.4% | -21.5% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/18/2026 | -3.6% | -16.4% | -17.9% |
| 5/5/2026 | 10.5% | 11.3% | 42.0% |
| 2/3/2026 | -22.3% | -15.0% | -14.4% |
| 11/4/2025 | 3.3% | -3.9% | -6.8% |
| 5/6/2025 | -4.9% | -7.3% | 3.2% |
| 2/4/2025 | 18.5% | 11.1% | 4.1% |
| 11/5/2024 | 23.5% | 27.6% | 12.2% |
| 8/13/2024 | 17.6% | 13.9% | 8.3% |
| 5/7/2024 | -1.2% | -0.6% | 3.6% |
| 2/6/2024 | -11.4% | -0.7% | 1.6% |
| 11/7/2023 | -12.6% | -5.7% | -1.8% |
| 8/15/2023 | 6.9% | 12.2% | 12.3% |
| 5/2/2023 | -17.3% | -11.4% | -11.3% |
| 1/31/2023 | 12.4% | 9.2% | 6.9% |
| 11/1/2022 | 2.9% | 4.0% | 5.9% |
| 8/2/2022 | -13.3% | -12.6% | -16.3% |
| 5/3/2022 | 7.0% | -1.6% | 13.7% |
| 2/1/2022 | -7.4% | -7.9% | 22.4% |
| 11/2/2021 | 2.4% | 0.1% | -6.7% |
| 8/3/2021 | -12.0% | -13.4% | -21.5% |
| 5/4/2021 | -17.8% | -10.1% | -6.7% |
| 2/2/2021 | -5.6% | -0.1% | -15.3% |
| 11/3/2020 | -4.4% | -5.8% | -3.0% |
| SUMMARY STATS | |||
| # Positive | 10 | 8 | 12 |
| # Negative | 13 | 15 | 11 |
| Median Positive | 8.8% | 11.2% | 7.6% |
| Median Negative | -11.4% | -7.3% | -11.3% |
| Max Positive | 23.5% | 27.6% | 42.0% |
| Max Negative | -22.3% | -16.4% | -21.5% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/18/2026 | 10-K |
| 03/31/2026 | 05/05/2026 | 10-Q |
| 12/31/2025 | 02/03/2026 | 10-Q |
| 09/30/2025 | 11/04/2025 | 10-Q |
| 06/30/2025 | 08/11/2025 | 10-K |
| 03/31/2025 | 05/06/2025 | 10-Q |
| 12/31/2024 | 02/04/2025 | 10-Q |
| 09/30/2024 | 11/05/2024 | 10-Q |
| 06/30/2024 | 08/13/2024 | 10-K |
| 03/31/2024 | 05/07/2024 | 10-Q |
| 12/31/2023 | 02/06/2024 | 10-Q |
| 09/30/2023 | 11/07/2023 | 10-Q |
| 06/30/2023 | 08/15/2023 | 10-K |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 02/07/2023 | 10-Q |
| 09/30/2022 | 11/08/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/18/2026 | 10-K |
| 03/31/2026 | 05/05/2026 | 10-Q |
| 12/31/2025 | 02/03/2026 | 10-Q |
| 09/30/2025 | 11/04/2025 | 10-Q |
| 06/30/2025 | 08/11/2025 | 10-K |
| 03/31/2025 | 05/06/2025 | 10-Q |
| 12/31/2024 | 02/04/2025 | 10-Q |
| 09/30/2024 | 11/05/2024 | 10-Q |
| 06/30/2024 | 08/13/2024 | 10-K |
| 03/31/2024 | 05/07/2024 | 10-Q |
| 12/31/2023 | 02/06/2024 | 10-Q |
| 09/30/2023 | 11/07/2023 | 10-Q |
| 06/30/2023 | 08/15/2023 | 10-K |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 02/07/2023 | 10-Q |
| 09/30/2022 | 11/08/2022 | 10-Q |
| 06/30/2022 | 08/16/2022 | 10-K |
| 03/31/2022 | 05/10/2022 | 10-Q |
| 12/31/2021 | 02/08/2022 | 10-Q |
| 09/30/2021 | 11/09/2021 | 10-Q |
| 06/30/2021 | 08/17/2021 | 10-K |
| 03/31/2021 | 05/11/2021 | 10-Q |
| 12/31/2020 | 02/09/2021 | 10-Q |
| 09/30/2020 | 11/10/2020 | 10-Q |
| 06/30/2020 | 08/18/2020 | 10-K |
| 03/31/2020 | 05/05/2020 | 10-Q |
| 12/31/2019 | 02/04/2020 | 10-Q |
| 09/30/2019 | 11/05/2019 | 10-Q |
Insider Activity
Updated 9/23/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Kupinsky, Stuart | EVP, CLO & Corp Sec | Direct | Sell | 9232026 | 86.52 | 1,000 | 86,520 | 5,275,211 | Form |
| 2 | Ratner, Steven | EVP, CHRO | Direct | Sell | 9082026 | 84.51 | 4,000 | 338,030 | 1,628,884 | Form |
| 3 | Ballhaus, William L | Chairman, President & CEO | Direct | Sell | 8272026 | 89.10 | 49,090 | 4,373,726 | 32,236,944 | Form |
| 4 | Ballhaus, William L | Chairman, President & CEO | Direct | Sell | 8272026 | 87.12 | 111,076 | 9,676,615 | 29,832,046 | Form |
| 5 | Ballhaus, William L | Chairman, President & CEO | Direct | Sell | 8252026 | 89.50 | 108,209 | 9,684,870 | 26,835,806 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Kupinsky, Stuart | EVP, CLO & Corp Sec | Direct | Sell | 9232026 | 86.52 | 1,000 | 86,520 | 5,275,211 | Form |
| 2 | Ratner, Steven | EVP, CHRO | Direct | Sell | 9082026 | 84.51 | 4,000 | 338,030 | 1,628,884 | Form |
| 3 | Ballhaus, William L | Chairman, President & CEO | Direct | Sell | 8272026 | 89.10 | 49,090 | 4,373,726 | 32,236,944 | Form |
| 4 | Ballhaus, William L | Chairman, President & CEO | Direct | Sell | 8272026 | 87.12 | 111,076 | 9,676,615 | 29,832,046 | Form |
| 5 | Ballhaus, William L | Chairman, President & CEO | Direct | Sell | 8252026 | 89.50 | 108,209 | 9,684,870 | 26,835,806 | Form |
| 6 | Ratner, Steven | EVP, CHRO | 401K Plan | Sell | 8252026 | 91.36 | 356 | Form | ||
| 7 | Kupinsky, Stuart | EVP, CLO & Corp Sec | Direct | Sell | 8252026 | 95.23 | 1,000 | 95,230 | 5,366,401 | Form |
| 8 | Ballhaus, William L | Chairman, President & CEO | Direct | Sell | 8252026 | 92.41 | 65,000 | 6,006,485 | 23,660,684 | Form |
| 9 | Munro, Douglas | SVP, CAO | Direct | Sell | 8212026 | 97.67 | 109 | 10,646 | 1,267,996 | Form |
| 10 | Ratner, Steven | EVP, CHRO | Direct | Sell | 8212026 | 97.67 | 1,026 | 100,213 | 2,273,348 | Form |
| 11 | Farnsworth, David E | EVP, CFO | Direct | Sell | 8212026 | 97.67 | 6,612 | 645,817 | 11,522,238 | Form |
| 12 | Ballhaus, William L | Chairman, President & CEO | Direct | Sell | 8212026 | 97.67 | 22,010 | 2,149,792 | 22,288,809 | Form |
| 13 | Munro, Douglas | SVP, CAO | Direct | Sell | 8212026 | 100.31 | 548 | 54,968 | 1,313,106 | Form |
| 14 | Ratner, Steven | EVP, CHRO | Direct | Sell | 8212026 | 100.31 | 2,187 | 219,369 | 2,437,536 | Form |
| 15 | Kupinsky, Stuart | EVP, CLO & Corp Sec | Direct | Sell | 8212026 | 100.31 | 1,308 | 131,200 | 5,752,750 | Form |
| 16 | Farnsworth, David E | EVP, CFO | Direct | Sell | 8212026 | 100.31 | 8,155 | 817,995 | 12,496,021 | Form |
| 17 | Ballhaus, William L | Chairman, President & CEO | Direct | Sell | 8212026 | 100.31 | 26,802 | 2,688,401 | 25,097,296 | Form |
| 18 | Munro, Douglas | SVP, CAO | Direct | Sell | 8192026 | 111.36 | 494 | 55,011 | 1,518,808 | Form |
| 19 | Ratner, Steven | EVP, CHRO | Direct | Sell | 8192026 | 111.36 | 1,971 | 219,486 | 2,949,643 | Form |
| 20 | Kupinsky, Stuart | EVP, CLO & Corp Sec | Direct | Sell | 8192026 | 111.36 | 1,178 | 131,179 | 6,532,243 | Form |
| 21 | Farnsworth, David E | EVP, CFO | Direct | Sell | 8192026 | 111.36 | 7,347 | 818,145 | 14,780,953 | Form |
| 22 | Ballhaus, William L | Chairman, President & CEO | Direct | Sell | 8192026 | 111.36 | 24,144 | 2,688,620 | 30,847,121 | Form |
| 23 | Munro, Douglas | SVP, CAO | Direct | Sell | 8192026 | 109.95 | 404 | 44,420 | 1,553,936 | Form |
| 24 | Ratner, Steven | EVP, CHRO | Direct | Sell | 8192026 | 109.95 | 1,084 | 119,187 | 3,129,093 | Form |
| 25 | Kupinsky, Stuart | EVP, CLO & Corp Sec | Direct | Sell | 8192026 | 109.95 | 1,195 | 131,391 | 6,579,242 | Form |
| 26 | Farnsworth, David E | EVP, CFO | Direct | Sell | 8192026 | 109.95 | 1,345 | 147,884 | 15,402,032 | Form |
| 27 | Ballhaus, William L | Chairman, President & CEO | Direct | Sell | 8192026 | 109.95 | 3,536 | 388,786 | 33,112,079 | Form |
| 28 | Lance, Howard L | The Howard L. Lance Revocable Living Trust Dated 9/1/2006 | Sell | 5272026 | 99.76 | 9,250 | Form | |||
| 29 | Ratner, Steven | EVP, CHRO | Direct | Sell | 5122026 | 92.46 | 2,000 | 184,920 | 2,980,725 | Form |
| 30 | Farnsworth, David E | EVP, CFO | Direct | Sell | 4172026 | 84.87 | 3,625 | 307,661 | 13,384,384 | Form |
| 31 | Jana, Partners Management, LP | See footnote | Sell | 3042026 | 89.68 | 100,899 | 9,048,622 | 368,998,942 | Form | |
| 32 | Jana, Partners Management, LP | See footnote | Sell | 3042026 | 90.12 | 168,648 | 15,198,558 | 379,902,392 | Form | |
| 33 | Jana, Partners Management, LP | See footnote | Sell | 3042026 | 94.05 | 182,510 | 17,165,066 | 412,330,718 | Form | |
| 34 | Lance, Howard L | Direct | Sell | 2272026 | 88.98 | 4,832 | 429,960 | 2,426,709 | Form | |
| 35 | Kupinsky, Stuart | EVP, CLO & Corp Sec | Direct | Sell | 2192026 | 83.56 | 2,287 | 191,091 | 5,682,603 | Form |
| 36 | Munro, Douglas | SVP, CAO | Direct | Sell | 2192026 | 83.56 | 582 | 48,629 | 1,197,182 | Form |
| 37 | Jana, Partners Management, LP | See footnote | Sell | 2112026 | 81.00 | 400,000 | 32,400,000 | 369,900,675 | Form | |
| 38 | Munro, Douglas | SVP, CAO | Direct | Sell | 11132025 | 73.42 | 1,329 | 97,570 | 1,077,599 | Form |
| 39 | Plunkett, Debora A | Direct | Sell | 11102025 | 73.99 | 1,700 | 125,784 | 1,245,484 | Form | |
| 40 | Jana, Partners Management, LP | See footnote | Sell | 11102025 | 75.45 | 1,000,000 | 75,450,000 | 374,735,629 | Form | |
| 41 | Munro, Douglas | VP, CAO | Direct | Sell | 9172025 | 73.40 | 67 | 4,918 | 1,174,981 | Form |
Investor Activity (13F)
Updated Sep 26, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
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