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Side-by-side financial comparison of MERCURY SYSTEMS INC (MRCY) and Redwire Corp (RDW), based on the latest 10-Q / 10-K filings. Click either name above to swap in a different company.
MERCURY SYSTEMS INC is the larger business by last-quarter revenue ($232.9M vs $108.8M, roughly 2.1× Redwire Corp). MERCURY SYSTEMS INC runs the higher net margin — -6.5% vs -78.6%, a 72.1% gap on every dollar of revenue. On growth, Redwire Corp posted the faster year-over-year revenue change (56.4% vs 4.4%). MERCURY SYSTEMS INC produced more free cash flow last quarter ($45.7M vs $-26.5M). Over the past eight quarters, Redwire Corp's revenue compounded faster (11.3% CAGR vs 5.7%).
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.
Redwire Corporation is an American aerospace manufacturer and space infrastructure technology company headquartered in Jacksonville, Florida. The company was formed on June 1, 2020, by the private equity firm AE Industrial Partners, through the combination of its portfolio companies Adcole Space and Deep Space Systems. Redwire went public in January 2021.
MRCY vs RDW — Head-to-Head
Income Statement — Q2 2026 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $232.9M | $108.8M |
| Net Profit | $-15.1M | $-85.5M |
| Gross Margin | 26.0% | 9.6% |
| Operating Margin | -4.6% | -75.0% |
| Net Margin | -6.5% | -78.6% |
| Revenue YoY | 4.4% | 56.4% |
| Net Profit YoY | 14.1% | -27.3% |
| EPS (diluted) | $-0.26 | $-0.49 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align — see 8-quarter trend below.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history — bar widths are scaled to the larger of the two companies so you can eyeball the size gap and growth trajectory without doing math. Quarters aligned by calendar period (report date) so offset fiscal years line up.
| Q4 25 | $232.9M | $108.8M | ||
| Q3 25 | $225.2M | $103.4M | ||
| Q2 25 | $273.1M | $61.8M | ||
| Q1 25 | $211.4M | $61.4M | ||
| Q4 24 | $223.1M | $69.6M | ||
| Q3 24 | $204.4M | $68.6M | ||
| Q2 24 | $248.6M | $78.1M | ||
| Q1 24 | $208.3M | $87.8M |
| Q4 25 | $-15.1M | $-85.5M | ||
| Q3 25 | $-12.5M | $-41.2M | ||
| Q2 25 | $16.4M | $-97.0M | ||
| Q1 25 | $-19.2M | $-2.9M | ||
| Q4 24 | $-17.6M | $-67.2M | ||
| Q3 24 | $-17.5M | $-21.0M | ||
| Q2 24 | $-10.8M | $-18.1M | ||
| Q1 24 | $-44.6M | $-8.1M |
| Q4 25 | 26.0% | 9.6% | ||
| Q3 25 | 27.9% | 16.3% | ||
| Q2 25 | 31.0% | -30.9% | ||
| Q1 25 | 27.0% | 14.7% | ||
| Q4 24 | 27.3% | 6.6% | ||
| Q3 24 | 25.3% | 17.5% | ||
| Q2 24 | 29.5% | 16.6% | ||
| Q1 24 | 19.5% | 16.9% |
| Q4 25 | -4.6% | -75.0% | ||
| Q3 25 | -3.8% | -40.5% | ||
| Q2 25 | 8.6% | -148.8% | ||
| Q1 25 | -8.2% | -23.3% | ||
| Q4 24 | -5.6% | -27.3% | ||
| Q3 24 | -6.6% | -18.2% | ||
| Q2 24 | -3.2% | -9.1% | ||
| Q1 24 | -21.9% | -4.1% |
| Q4 25 | -6.5% | -78.6% | ||
| Q3 25 | -5.6% | -39.8% | ||
| Q2 25 | 6.0% | -157.0% | ||
| Q1 25 | -9.1% | -4.8% | ||
| Q4 24 | -7.9% | -96.6% | ||
| Q3 24 | -8.6% | -30.5% | ||
| Q2 24 | -4.3% | -23.2% | ||
| Q1 24 | -21.4% | -9.2% |
| Q4 25 | $-0.26 | $-0.49 | ||
| Q3 25 | $-0.21 | $-0.29 | ||
| Q2 25 | $0.28 | $-1.41 | ||
| Q1 25 | $-0.33 | $-0.09 | ||
| Q4 24 | $-0.30 | $-1.39 | ||
| Q3 24 | $-0.30 | $-0.37 | ||
| Q2 24 | $-0.18 | $-0.42 | ||
| Q1 24 | $-0.77 | $-0.17 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest filing — the kind of financial-strength check premium terminals charge for.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $335.0M | $94.5M |
| Total DebtLower is stronger | — | $85.2M |
| Stockholders' EquityBook value | $1.5B | $1.1B |
| Total Assets | $2.5B | $1.4B |
| Debt / EquityLower = less leverage | — | 0.08× |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $335.0M | $94.5M | ||
| Q3 25 | $304.7M | $52.3M | ||
| Q2 25 | $309.1M | $76.5M | ||
| Q1 25 | $269.8M | — | ||
| Q4 24 | $242.6M | $33.7M | ||
| Q3 24 | $158.1M | $27.8M | ||
| Q2 24 | $180.5M | $30.8M | ||
| Q1 24 | $142.6M | $32.6M |
| Q4 25 | — | $85.2M | ||
| Q3 25 | — | $191.0M | ||
| Q2 25 | — | $190.7M | ||
| Q1 25 | — | $105.2M | ||
| Q4 24 | — | $125.7M | ||
| Q3 24 | — | $123.3M | ||
| Q2 24 | — | $95.4M | ||
| Q1 24 | — | $90.5M |
| Q4 25 | $1.5B | $1.1B | ||
| Q3 25 | $1.5B | $928.0M | ||
| Q2 25 | $1.5B | $907.6M | ||
| Q1 25 | $1.5B | $-68.1M | ||
| Q4 24 | $1.5B | $-188.7M | ||
| Q3 24 | $1.5B | $-96.4M | ||
| Q2 24 | $1.5B | $-78.3M | ||
| Q1 24 | $1.5B | $-49.8M |
| Q4 25 | $2.5B | $1.4B | ||
| Q3 25 | $2.5B | $1.4B | ||
| Q2 25 | $2.4B | $1.5B | ||
| Q1 25 | $2.4B | $314.1M | ||
| Q4 24 | $2.4B | $292.6M | ||
| Q3 24 | $2.4B | $289.9M | ||
| Q2 24 | $2.4B | $260.3M | ||
| Q1 24 | $2.4B | $259.5M |
| Q4 25 | — | 0.08× | ||
| Q3 25 | — | 0.21× | ||
| Q2 25 | — | 0.21× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Net income can be massaged; cash flow is harder to fake.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $51.6M | $-24.3M |
| Free Cash FlowOCF − Capex | $45.7M | $-26.5M |
| FCF MarginFCF / Revenue | 19.6% | -24.3% |
| Capex IntensityCapex / Revenue; lower = less reinvestment burden | 2.5% | 2.0% |
| Cash ConversionOCF / Net Profit; >1× = earnings back up with cash | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $99.4M | $-190.8M |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $51.6M | $-24.3M | ||
| Q3 25 | $2.2M | $-20.3M | ||
| Q2 25 | $38.1M | $-87.7M | ||
| Q1 25 | $30.0M | $-45.1M | ||
| Q4 24 | $85.5M | $7.1M | ||
| Q3 24 | $-14.7M | $-17.7M | ||
| Q2 24 | $71.8M | $-9.5M | ||
| Q1 24 | $-17.8M | $2.8M |
| Q4 25 | $45.7M | $-26.5M | ||
| Q3 25 | $-4.4M | $-26.9M | ||
| Q2 25 | $34.0M | $-90.6M | ||
| Q1 25 | $24.1M | $-46.9M | ||
| Q4 24 | $81.9M | $4.7M | ||
| Q3 24 | $-20.9M | $-19.3M | ||
| Q2 24 | $61.4M | $-10.4M | ||
| Q1 24 | $-25.7M | $1.2M |
| Q4 25 | 19.6% | -24.3% | ||
| Q3 25 | -1.9% | -26.0% | ||
| Q2 25 | 12.4% | -146.7% | ||
| Q1 25 | 11.4% | -76.3% | ||
| Q4 24 | 36.7% | 6.8% | ||
| Q3 24 | -10.2% | -28.1% | ||
| Q2 24 | 24.7% | -13.3% | ||
| Q1 24 | -12.4% | 1.4% |
| Q4 25 | 2.5% | 2.0% | ||
| Q3 25 | 2.9% | 6.3% | ||
| Q2 25 | 1.5% | 4.8% | ||
| Q1 25 | 2.8% | 2.9% | ||
| Q4 24 | 1.6% | 3.4% | ||
| Q3 24 | 3.1% | 2.3% | ||
| Q2 24 | 4.2% | 1.2% | ||
| Q1 24 | 3.8% | 1.8% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 2.33× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Sankey diagram of revenue → gross profit → operating profit → net profit for each company. Charts shown full-width and stacked so both segment hierarchies are readable side-by-side on desktop and mobile.
Revenue Breakdown by Segment
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% |
RDW
Segment breakdown not available.
