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Side-by-side financial comparison of HEXCEL CORP (HXL) and MERCURY SYSTEMS INC (MRCY). Click either name above to swap in a different company.
HEXCEL CORP is the larger business by last-quarter revenue ($501.5M vs $232.9M, roughly 2.2× MERCURY SYSTEMS INC). HEXCEL CORP runs the higher net margin — 7.4% vs -6.5%, a 13.9% gap on every dollar of revenue. On growth, HEXCEL CORP posted the faster year-over-year revenue change (9.9% vs 4.4%). Over the past eight quarters, MERCURY SYSTEMS INC's revenue compounded faster (5.7% CAGR vs 0.1%).
Hexcel Corporation is an American public industrial materials company, based in Stamford, Connecticut. The company develops and manufactures structural materials. Hexcel was formed from the combination of California Reinforced Plastics, Ciba Composites and Hercules Composites Products Division. The company sells its products in commercial, military and recreational markets for use in commercial and military aircraft, space launch vehicles and satellites, wind turbine blades, sports equipment ...
Mercury Systems, Inc. is a technology company serving the aerospace and defense industry. It designs, develops and manufactures open architecture computer hardware and software products, including secure embedded processing modules and subsystems, avionics mission computers and displays, rugged secure computer servers, and trusted microelectronics components, modules and subsystems.
HXL vs MRCY — Head-to-Head
Income Statement — Q1 FY2026 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $501.5M | $232.9M |
| Net Profit | $37.2M | $-15.1M |
| Gross Margin | 26.9% | 26.0% |
| Operating Margin | 11.5% | -4.6% |
| Net Margin | 7.4% | -6.5% |
| Revenue YoY | 9.9% | 4.4% |
| Net Profit YoY | 29.6% | 14.1% |
| EPS (diluted) | $0.49 | $-0.26 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $501.5M | — | ||
| Q4 25 | $491.3M | $232.9M | ||
| Q3 25 | $456.2M | $225.2M | ||
| Q2 25 | $489.9M | $273.1M | ||
| Q1 25 | $456.5M | $211.4M | ||
| Q4 24 | $473.8M | $223.1M | ||
| Q3 24 | $456.5M | $204.4M | ||
| Q2 24 | $500.4M | $248.6M |
| Q1 26 | $37.2M | — | ||
| Q4 25 | $46.4M | $-15.1M | ||
| Q3 25 | $20.6M | $-12.5M | ||
| Q2 25 | $13.5M | $16.4M | ||
| Q1 25 | $28.9M | $-19.2M | ||
| Q4 24 | $5.8M | $-17.6M | ||
| Q3 24 | $39.8M | $-17.5M | ||
| Q2 24 | $50.0M | $-10.8M |
| Q1 26 | 26.9% | — | ||
| Q4 25 | 24.6% | 26.0% | ||
| Q3 25 | 21.9% | 27.9% | ||
| Q2 25 | 22.8% | 31.0% | ||
| Q1 25 | 22.4% | 27.0% | ||
| Q4 24 | 25.0% | 27.3% | ||
| Q3 24 | 23.3% | 25.3% | ||
| Q2 24 | 25.3% | 29.5% |
| Q1 26 | 11.5% | — | ||
| Q4 25 | 12.5% | -4.6% | ||
| Q3 25 | 7.9% | -3.8% | ||
| Q2 25 | 6.1% | 8.6% | ||
| Q1 25 | 9.7% | -8.2% | ||
| Q4 24 | 1.9% | -5.6% | ||
| Q3 24 | 11.5% | -6.6% | ||
| Q2 24 | 14.3% | -3.2% |
| Q1 26 | 7.4% | — | ||
| Q4 25 | 9.4% | -6.5% | ||
| Q3 25 | 4.5% | -5.6% | ||
| Q2 25 | 2.8% | 6.0% | ||
| Q1 25 | 6.3% | -9.1% | ||
| Q4 24 | 1.2% | -7.9% | ||
| Q3 24 | 8.7% | -8.6% | ||
| Q2 24 | 10.0% | -4.3% |
| Q1 26 | $0.49 | — | ||
| Q4 25 | — | $-0.26 | ||
| Q3 25 | — | $-0.21 | ||
| Q2 25 | — | $0.28 | ||
| Q1 25 | — | $-0.33 | ||
| Q4 24 | — | $-0.30 | ||
| Q3 24 | — | $-0.30 | ||
| Q2 24 | — | $-0.18 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $54.1M | $335.0M |
| Total DebtLower is stronger | $998.1M | — |
| Stockholders' EquityBook value | $1.3B | $1.5B |
| Total Assets | $2.7B | $2.5B |
| Debt / EquityLower = less leverage | 0.79× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $54.1M | — | ||
| Q4 25 | $71.0M | $335.0M | ||
| Q3 25 | $90.5M | $304.7M | ||
| Q2 25 | $77.2M | $309.1M | ||
| Q1 25 | $89.2M | $269.8M | ||
| Q4 24 | $125.4M | $242.6M | ||
| Q3 24 | $98.2M | $158.1M | ||
| Q2 24 | $75.4M | $180.5M |
| Q1 26 | $998.1M | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | $1.3B | — | ||
| Q4 25 | $1.3B | $1.5B | ||
| Q3 25 | $1.6B | $1.5B | ||
| Q2 25 | $1.6B | $1.5B | ||
| Q1 25 | $1.5B | $1.5B | ||
| Q4 24 | $1.5B | $1.5B | ||
| Q3 24 | $1.6B | $1.5B | ||
| Q2 24 | $1.6B | $1.5B |
| Q1 26 | $2.7B | — | ||
| Q4 25 | $2.7B | $2.5B | ||
| Q3 25 | $2.8B | $2.5B | ||
| Q2 25 | $2.8B | $2.4B | ||
| Q1 25 | $2.8B | $2.4B | ||
| Q4 24 | $2.7B | $2.4B | ||
| Q3 24 | $2.9B | $2.4B | ||
| Q2 24 | $2.8B | $2.4B |
| Q1 26 | 0.79× | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | — | $51.6M |
| Free Cash FlowOCF − Capex | — | $45.7M |
| FCF MarginFCF / Revenue | — | 19.6% |
| Capex IntensityCapex / Revenue | 3.2% | 2.5% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $99.4M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $125.5M | $51.6M | ||
| Q3 25 | $110.2M | $2.2M | ||
| Q2 25 | $23.3M | $38.1M | ||
| Q1 25 | $-28.5M | $30.0M | ||
| Q4 24 | $162.6M | $85.5M | ||
| Q3 24 | $90.1M | $-14.7M | ||
| Q2 24 | $44.2M | $71.8M |
| Q1 26 | — | — | ||
| Q4 25 | $107.3M | $45.7M | ||
| Q3 25 | $96.5M | $-4.4M | ||
| Q2 25 | $8.0M | $34.0M | ||
| Q1 25 | $-54.6M | $24.1M | ||
| Q4 24 | $144.0M | $81.9M | ||
| Q3 24 | $73.3M | $-20.9M | ||
| Q2 24 | $21.3M | $61.4M |
| Q1 26 | — | — | ||
| Q4 25 | 21.8% | 19.6% | ||
| Q3 25 | 21.2% | -1.9% | ||
| Q2 25 | 1.6% | 12.4% | ||
| Q1 25 | -12.0% | 11.4% | ||
| Q4 24 | 30.4% | 36.7% | ||
| Q3 24 | 16.1% | -10.2% | ||
| Q2 24 | 4.3% | 24.7% |
| Q1 26 | 3.2% | — | ||
| Q4 25 | 3.7% | 2.5% | ||
| Q3 25 | 3.0% | 2.9% | ||
| Q2 25 | 3.1% | 1.5% | ||
| Q1 25 | 5.7% | 2.8% | ||
| Q4 24 | 3.9% | 1.6% | ||
| Q3 24 | 3.7% | 3.1% | ||
| Q2 24 | 4.6% | 4.2% |
| Q1 26 | — | — | ||
| Q4 25 | 2.70× | — | ||
| Q3 25 | 5.35× | — | ||
| Q2 25 | 1.73× | 2.33× | ||
| Q1 25 | -0.99× | — | ||
| Q4 24 | 28.03× | — | ||
| Q3 24 | 2.26× | — | ||
| Q2 24 | 0.88× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
HXL
Segment breakdown not available.
MRCY
| Airborne | $84.2M | 36% |
| Components | $48.7M | 21% |
| Other End Applications | $36.8M | 16% |
| Electronic Warfare | $27.5M | 12% |
| Other Sensor And Effector Applications | $23.9M | 10% |
| Space | $11.9M | 5% |
