Mercury Systems Inc (MRCY)
Receivables turnover
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (ttm) | US$ in thousands | 912,020 | 887,477 | 884,377 | 858,715 | 835,275 | 839,948 | 895,169 | 927,294 | 973,882 | 1,010,375 | 999,971 | 990,763 | 988,197 | 949,310 | 953,092 | 943,388 | 923,996 | 890,531 | 841,690 | 824,927 |
| Receivables | US$ in thousands | 388,063 | 374,694 | 383,148 | 422,816 | 415,470 | 417,226 | 433,740 | 480,003 | 507,287 | 502,284 | 479,346 | 494,705 | 447,850 | 367,075 | 320,128 | 301,198 | 291,728 | 263,981 | 240,198 | 207,823 |
| Receivables turnover | 2.35 | 2.37 | 2.31 | 2.03 | 2.01 | 2.01 | 2.06 | 1.93 | 1.92 | 2.01 | 2.09 | 2.00 | 2.21 | 2.59 | 2.98 | 3.13 | 3.17 | 3.37 | 3.50 | 3.97 |
June 30, 2025 calculation
Receivables turnover = Revenue (ttm) ÷ Receivables
= $912,020K ÷ $388,063K
= 2.35
The receivables turnover ratio for Mercury Systems Inc. demonstrates a declining trend over the period from September 2020 to mid-2023, followed by a recent stabilization and slight upward movement through the end of 2025. Specifically, the ratio decreased from 3.97 times as of September 30, 2020, to a low of approximately 1.92 times by June 30, 2023, indicating a lengthening in the average collection period or a deterioration in the company's ability to collect receivables efficiently.
This decline suggests that the company has been taking increasingly longer to convert receivables into cash, which could be attributed to changes in credit policy, collection efforts, customer mix, or broader market conditions. The ratio stabilized around 1.92 to 2.03 times from mid-2023 onward, with subsequent slight increases to approximately 2.31 times as of December 2024, and further around 2.35 to 2.37 times in mid-2025, indicating a potential improvement in receivables collection efficiency or adjustments in credit terms.
Overall, the initial downward trend signals a period of elongating receivable days, but the recent stabilization and modest recovery denote a possible easing of collection dynamics or strategic adjustments by the company. This pattern warrants monitoring for continued improvements or further deterioration, as the receivables turnover ratio directly impacts cash flow and liquidity management.
Peer comparison
Jun 30, 2025