Updated
The most significant concentration Mercury Systems discloses is U.S. government and foreign governments at 97%, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: Mercury Systems’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
“10-K Item 1A: 'to the U.S. government, as well as foreign governments, ... accounted for approximately 97%, 95% and 98% of our total net revenues in fiscal years 2025, 2024 and 2023, respectively.'”
“10-K Item 1A: 'Several components used in our products are currently obtained from sole-source suppliers.'”
“10-K Item 1A: 'In fiscal 2025, RTX Corporation accounted for 13% of our total net revenues'”
“10-K Item 1A: 'both Lockheed Martin and U. S. Navy accounted for 10% of our total net revenues'”
“10-K Item 1A: 'both Lockheed Martin and U. S. Navy accounted for 10% of our total net revenues'”
Mercury Systems' concentration profile is anchored in its defense end-market and layered with individual customer and supplier dependencies. Sales to the U.S. government and foreign governments accounted for approximately 97% of total net revenues in fiscal 2025, down from 98% in fiscal 2023 but up from 95% in fiscal 2024 — a high-share exposure with a mixed character, since it reflects both Mercury's core defense-market positioning and the risk of relying so heavily on government budgets and program decisions. On the supply side, several components are obtained from sole-source suppliers, a high-share dependency that could disrupt production if any one relationship broke down. Within the government customer base, three individual counterparties stand out at a low share each: RTX Corporation accounted for 13% of total net revenues in fiscal 2025, while Lockheed Martin and the U.S. Navy each accounted for 10% of total net revenues. Because the overwhelming majority of revenue already sits with government end-customers, these individual counterparty exposures are best read as sub-components of that broader dependency rather than independent risks — the government concentration is the dominant factor, with RTX, Lockheed Martin, and the Navy showing where within that base the revenue is most concentrated.
For the engine’s reasoning on MRCY’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| MRCY● | Mercury Systems Inc | 2 | 0 | 3 | 5 |
| AIR | AAR Corp. | 1 | 2 | 0 | 3 |
| AVAV | AeroVironment, Inc. | 1 | 1 | 1 | 3 |
| ACHR | Archer Aviation Inc. | 1 | 0 | 0 | 1 |
| AXON | Axon Enterprise, Inc. | 0 | 2 | 0 | 2 |
| ATRO | Astronics Corporation | 0 | 0 | 1 | 1 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.