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Mercury Systems vs Universal Display: MRCY and OLED compared
Mercury Systems is the larger company: $290M of revenue in its latest quarter (Q4 FY26) against $160M for Universal Display (Q3 2026). Universal Display is growing faster (+15% against +6% a year earlier). Universal Display is more profitable, with an operating margin of 33.5% against 5.0%.
Where the money goes: MRCY and OLED
Mercury Systems (MRCY) · Q4 FY26
Mercury Systems, Q4 FY26: revenue $290M (+6% year over year), operating margin 5.0%, net earnings $798K, operating cash flow $42.2M. The chart follows the revenue to costs, profit and cash.
Universal Display (OLED) · Q3 2026
Universal Display, Q3 2026: revenue $160M (+15% year over year), operating margin 33.5%, net earnings $78.9M, operating cash flow $100M. The chart follows the revenue to costs, profit and cash.
| Mercury Systems (MRCY) | Universal Display (OLED) | |
|---|---|---|
| Latest quarter | Q4 FY26 | Q3 2026 |
| Revenue | $290M | $160M |
| Revenue growth, Y/Y | +6% | +15% |
| Gross margin | 30.6% | 73.1% |
| Operating margin | 5.0% | 33.5% |
| Net earnings | $798K | $78.9M |
| Net margin | 0.3% | 49.2% |
| Operating cash flow | $42.2M | $100M |
| Free cash flow | $28.6M | $95.9M |
| Market value | $4.5B | $3.6B |
| P/E | — | 15.8× |
| Analysts’ mean target | $109.00 | $114.89 |
Where the revenue comes from
Mercury Systems
- Airborne: $110M (38%)
- Land: $65.2M (22%)
- Other: $55.3M (19%)
- Naval: $37.3M (13%)
Universal Display
- Material Sales: $79.7M (50%)
- Royalty and License Fees: $75.5M (47%)
- Contract Research Services: $5.2M (3%)
Questions
Which is bigger, Mercury Systems or Universal Display?
Mercury Systems is the larger company: $290M of revenue in its latest quarter (Q4 FY26) against $160M for Universal Display (Q3 2026).
Is Mercury Systems or Universal Display growing faster?
Universal Display is growing faster (+15% against +6% a year earlier).
Which is more profitable, Mercury Systems or Universal Display?
Universal Display is more profitable, with an operating margin of 33.5% against 5.0%.
More: Mercury Systems earnings · how Mercury Systems makes money · Universal Display earnings · how Universal Display makes money
From the companies' latest 10-Q, 10-K or earnings release (10-K filed Aug 18, 2026; 10-Q filed Oct 28, 2026). Fiscal quarters can end on different dates. Not investment advice.