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Analyses on MER (4)
- April 24, 2026
- March 23, 2026March 23, 2026
- Follow-up
Mer: Does the large global customer turn the backlog into a concentration risk
The large global customer is no longer just a revenue-concentration issue. It makes the whole global segment more sensitive because Africa carries most of the revenue and most of the backlog, while conversion to revenue and cash still depends on approvals, financing, and collect…
- Follow-up
Mer: How much of the 2025 earnings improvement really turned into cash
Mer’s 2025 earnings improvement did turn into cash, but mainly through a release in unbilled receivables rather than a full clean-up of working capital. Billed receivables and inventory both increased, so the bottleneck moved rather than disappeared.
Mer: Better margins and less debt, but the backlog is weaker than the headline
Mer enters 2026 as a more profitable and less leveraged business, but the real proof year is still ahead: Israel and military technologies now have to grow fast enough to offset a weaker global mix and a backlog that is less firm than the headline suggests.
