15 years of revenue, profit, cash flow and balance-sheet history through FY2025,
from SEC filings — with a computed, factual read of the trend.
Updated Overview →
Growth & profitability
Revenue has grown 5.6% per year over the past 5 years.
Operating margin has contracted, at -21.3% in the latest year.
Financial health
Total debt ($1.6B) exceeds cash ($187M); net debt is $1.4B.
Total debt has grown in line with revenue (6.2% vs 5.6% per year).
The company is unprofitable; at its current free-cash-flow burn it has roughly 2.3 years of cash runway.
Shareholder returns
Dividends have been paid for 11 consecutive years.
The dividend has declined 14.4% per year over the past 5 years.
Revenue & net income
RevenueNet income
Margins (gross / operating / net)
GrossOperatingNet
Free cash flow (CFO − capex)
Free cash flow
Cash vs total debt
CashTotal debt
Cash flow: operating / investing / financing
OperatingInvestingFinancing
Key annual figures
FY
Revenue
Net income
Gross M
Op M
FCF
Total debt
Cash
2025
$1.9B
-$497889
0.0%
-21.3%
-$80M
$1.6B
$187M
2024
$2.0B
-$85141
0.0%
0.7%
$6M
$1.5B
$185M
2023
$2.0B
-$242056
0.0%
-9.5%
-$205M
$1.6B
$314M
2022
$2.3B
$247039
0.0%
17.2%
$182M
$1.3B
$354M
2021
$1.8B
$170988
0.0%
19.2%
$23M
$1.2B
$346M
2020
$1.4B
-$17M
0.0%
4.5%
-$37M
$1.2B
$361M
2019
$1.6B
-$10M
0.0%
5.2%
$112M
$1.1B
$351M
2018
$1.5B
$129M
0.0%
18.4%
$150M
$1.0B
$240M
2017
$1.2B
$70M
0.0%
14.4%
$84M
$959M
$143M
2016
$932M
$35M
0.0%
12.4%
$98M
$618M
$137M
2015
—
$76M
—
—
$113M
$638M
$100M
2014
—
$113M
—
—
$110M
$674M
$53M
2013
—
-$26M
—
—
-$9M
$979M
$148M
2012
—
-$16M
—
—
$12M
$938M
$137M
2011
—
$70M
—
—
$102M
—
$136M
Revenue & net income
RevenueNet income
Margins (gross / operating / net)
GrossOperatingNet
Free cash flow (CFO − capex, quarterly)
Free cash flow
Cash vs total debt
CashTotal debt
Cash flow: operating / investing / financing
OperatingInvestingFinancing
Key quarterly figures
Quarter
Revenue
Net income
Gross M
Op M
FCF
Total debt
Cash
Mar '26
$489M
-$52M
0.0%
-6.7%
-$99M
$1.6B
$85M
Dec '25
$450M
-$309M
0.0%
-62.0%
$32M
$1.6B
$187M
Sep '25
$458M
-$81M
0.0%
-14.8%
-$60M
$1.5B
$98M
Jun '25
$454M
-$86M
0.0%
-12.9%
-$29M
$1.5B
$146M
Mar '25
$507M
-$22M
0.0%
1.3%
-$23M
$1.5B
$181M
Dec '24
$488M
$17M
0.0%
10.3%
$50M
$1.5B
$185M
Sep '24
$502M
-$18M
0.0%
1.8%
-$41M
$1.6B
$239M
Jun '24
$499M
-$68M
0.0%
-8.8%
$44M
$1.6B
$263M
Mar '24
$553M
-$17M
0.0%
-0.1%
-$48M
$1.6B
$274M
Dec '23
$470M
-$87M
0.0%
-12.0%
-$35M
$1.6B
$314M
Sep '23
$471M
-$26M
0.0%
-0.7%
-$63M
$1.6B
$344M
Jun '23
$530M
-$98M
0.0%
-20.5%
-$25M
$1.4B
$213M
Mar '23
$523M
-$31M
0.0%
-3.8%
-$83M
$1.4B
$301M
Dec '22
$583M
$20M
0.0%
8.1%
$782000
$1.3B
$354M
Sep '22
$533M
$67M
0.0%
20.4%
$38M
$1.3B
$287M
Jun '22
$572M
$71M
0.0%
19.9%
$108M
$1.2B
$420M
Mar '22
$593M
$89M
0.0%
20.6%
$36M
$1.3B
$411M
Dec '21
$519M
$75M
0.0%
25.0%
-$3M
$1.2B
$346M
Sep '21
$470M
$69M
0.0%
24.2%
$2M
$1.2B
$339M
Jun '21
$402M
$21M
0.0%
12.9%
$19M
$1.2B
$385M
Valuation over time
How the market has priced MERC against its own fundamentals since 2023-03 —
each month-end's share price set against the most recent annual filing, so the multiple moves
as price runs ahead of (or behind) earnings. Split-adjusted.
The price-to-earnings ratio has fallen from 2651.8× (Mar '23) to 2570.4× (Dec '23).
The price-to-sales ratio has fallen from 0.3× (Mar '23) to 0.0× (Jun '26).
The dividend yield has risen from 3.0% (Mar '23) to 21.3% (Jun '26).
Price / earnings (P/E)
P/E
Price / sales (P/S)
P/S
Dividend yield (%)
Dividend yield %
Frequently asked questions
Is MERC growing its revenue and profit?
Over the past 5 years, MERCER INTERNATIONAL INC.'s revenue has grown 5.6% per year. These are computed facts, not advice.
How much debt does MERC have?
As of FY2025, MERCER INTERNATIONAL INC. reported $1.6B of total debt against $187M of cash.
What is MERC's profit margin?
In FY2025, gross margin was —, operating margin -21.3%, and net margin -0.0%.
What is MERC's P/E ratio?
As of Jun '26, MERCER INTERNATIONAL INC. traded at a price-to-earnings ratio of about 2570.4× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S and dividend yield have moved with the share price. These are computed facts, not advice.
Where does this data come from?
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted ·
growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price
against the latest annual filing. Informational only — not investment advice.