MERC

MKT CAP:$76M

Mercer International Inc.

Market Cap

$76M

Basic Materials·Paper, Lumber & Forest Products·🇨🇦 Canada·NASDAQ

Materials·Paper,·🇨🇦·NASDAQ

Stock Price

$1.12-$0.84 (-42.86%)

Apr 24, 2026

Company Details

Mercer International Inc., together with its subsidiaries, manufactures and sells northern bleached softwood kraft (NBSK) pulp in Europe, the United States, Asia, and internationally. The company operates through two segments, Pulp and Wood...

CEO

Juan Carlos Bueno

IPO Date

Jul 20, 1988

Website

www.mercerint.com

Key Metrics TTM

Revenue

$1.9B

-8.6% YoY

Net Income

-$498M

EPS (Diluted)

-$7.44

Free Cash Flow

-$80M

Revenue / Share

$27.90

Gross Margin

-1.5%

Operating Margin

-9.7%

Net Margin

-26.7%

FCF Margin

-4.3%

P/S

0.0x

P/E

—

Earnings Reports

Q1 2026

Apr 30, 2026

PENDING

Q4 2025

Feb 12, 2026

$450M-8.0%EPS -$4.61

Q3 2025

Nov 6, 2025

$458M-8.8%EPS -$1.21

Q2 2025

Jul 31, 2025

$454M-9.2%EPS -$1.29

Q1 2025

May 1, 2025

$507M-8.4%EPS -$0.33

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$593M	$145M	$122M
Q2 22	$572M	$138M	$114M
Q3 22	$533M	$133M	$109M
Q4 22	$583M	$83M	$47M
Q1 23	$523M	$14M	-$20M
Q2 23	$530M	-$76M	-$109M
Q3 23	$471M	$27M	-$3M
Q4 23	$470M	$4M	-$56M
Q1 24	$553M	$55M	-$448.0K
Q2 24	$499M	$20M	-$44M
Q3 24	$502M	$38M	$9M
Q4 24	$488M	$76M	$50M
Q1 25	$507M	$36M	$7M
Q2 25	$454M	-$28M	-$58M
Q3 25	$458M	$671.0K	-$68M
Q4 25	$450M	-$37M	-$63M

Valuation

Quarter	P/S	P/E
Q1 22	0.0x	0.3x
Q2 22	0.0x	0.3x
Q3 22	0.0x	0.3x
Q4 22	0.0x	0.3x
Q1 23	0.0x	0.6x
Q2 23	0.0x	—
Q3 23	0.0x	—
Q4 23	0.0x	—
Q1 24	0.0x	—
Q2 24	0.0x	—
Q3 24	0.0x	—
Q4 24	0.0x	—
Q1 25	0.0x	—
Q2 25	0.0x	—
Q3 25	0.0x	—
Q4 25	0.0x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$69M	$35M
Q2 22	$155M	$108M
Q3 22	$87M	$38M
Q4 22	$51M	$782.0K
Q1 23	-$50M	-$83M
Q2 23	$15M	-$25M
Q3 23	-$25M	-$63M
Q4 23	-$9M	-$35M
Q1 24	-$29M	-$48M
Q2 24	$62M	$44M
Q3 24	-$14M	-$41M
Q4 24	$71M	$50M
Q1 25	-$3M	-$23M
Q2 25	-$5M	-$29M
Q3 25	-$30M	-$60M
Q4 25	$46M	$32M

Capital Expenditures

Quarter	CapEx
Q1 22	$33M
Q2 22	$47M
Q3 22	$49M
Q4 22	$50M
Q1 23	$33M
Q2 23	$39M
Q3 23	$37M
Q4 23	$26M
Q1 24	$18M
Q2 24	$18M
Q3 24	$27M
Q4 24	$21M
Q1 25	$20M
Q2 25	$24M
Q3 25	$30M
Q4 25	$14M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+43.6%	+30.1%
Q2 22	+42.4%	+30.9%
Q3 22	+13.4%	+19.1%
Q4 22	+12.4%	+37.7%
Q1 23	-11.8%	+15.4%
Q2 23	-7.4%	+39.4%
Q3 23	-11.6%	+11.8%
Q4 23	-19.3%	-1.7%
Q1 24	+5.9%	+2.0%
Q2 24	-5.8%	-15.0%
Q3 24	+6.7%	+4.0%
Q4 24	+3.8%	-16.9%
Q1 25	-8.4%	-9.7%
Q2 25	-9.2%	-5.8%
Q3 25	-8.8%	+6.6%
Q4 25	-8.0%	+17.0%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$949.0K	0.2%
Q2 22	$2M	0.3%
Q3 22	$1M	0.2%
Q4 22	$3M	0.5%
Q1 23	$1M	0.2%
Q2 23	$1M	0.3%
Q3 23	$2M	0.4%
Q4 23	$2M	0.3%
Q1 24	$2M	0.4%
Q2 24	$1M	0.3%
Q3 24	$1M	0.3%
Q4 24	-$993.0K	-0.2%
Q1 25	$1M	0.2%
Q2 25	$1M	0.2%
Q3 25	$1M	0.3%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	SG&A
Q1 22	$22M
Q2 22	$24M
Q3 22	$24M
Q4 22	$36M
Q1 23	$34M
Q2 23	$32M
Q3 23	$30M
Q4 23	$27M
Q1 24	$32M
Q2 24	$30M
Q3 24	$29M
Q4 24	$26M
Q1 25	$30M
Q2 25	$30M
Q3 25	$28M
Q4 25	$25M

Revenue Segments

Quarter	Energyandchemicals	Lumber	Pulp	Wood Residuals	Biofuels	Manufactured Products	Pallets
Q1 22	$46M	$96M	$447M	$3M	—	—	—
Q2 22	$48M	$103M	$419M	$3M	—	—	—
Q3 22	$71M	$61M	$395M	$5M	—	—	—
Q1 23	$38M	$60M	$370M	$5M	$8M	$6M	$36M
Q2 23	$35M	$59M	$374M	$3M	$10M	$16M	$33M
Q3 23	$39M	$51M	$318M	$2M	$11M	$21M	$29M
Q4 23	$29M	$48M	$341M	$2M	$11M	$16M	$24M
Q1 24	$31M	$56M	$408M	$2M	$11M	$17M	$28M
Q2 24	$27M	$54M	$347M	$2M	$8M	$35M	$27M
Q3 24	$25M	$49M	$354M	$2M	$9M	$36M	$27M
Q1 25	$32M	$65M	$357M	$1M	$9M	$19M	$23M
Q2 25	$25M	$66M	$314M	$5M	$5M	$12M	$27M
Q3 25	$26M	$61M	$319M	$3M	$10M	$12M	$27M
Q4 25	$26M	$55M	$316M	$6M	$10M	$14M	$24M

Revenue by Geography

Quarter	China	Foreign Countries	Germany	Other Countries	United States
Q1 25	$138M	$3M	$124M	$158M	$87M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$411M	$0	$411M
Q2 22	$420M	$75M	$495M
Q3 22	$287M	$75M	$362M
Q4 22	$354M	$0	$354M
Q1 23	$301M	$0	$301M
Q2 23	$213M	$0	$213M
Q3 23	$344M	$0	$344M
Q4 23	$314M	$0	$314M
Q1 24	$274M	$0	$274M
Q2 24	$263M	$0	$263M
Q3 24	$239M	$0	$239M
Q4 24	$185M	$0	$185M
Q1 25	$181M	$0	$181M
Q2 25	$146M	$0	$146M
Q3 25	$98M	$0	$98M
Q4 25	$187M	$0	$187M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	66M	+0.6%	+0.3%
Q2 22	67M	+0.2%	+0.4%
Q3 22	67M	+0.0%	+0.4%
Q4 22	66M	-0.6%	+0.2%
Q1 23	66M	+0.1%	-0.2%
Q2 23	66M	+0.3%	-0.2%
Q3 23	66M	+0.1%	-0.2%
Q4 23	67M	+0.1%	+0.5%
Q1 24	67M	+0.2%	+0.6%
Q2 24	67M	+0.3%	+0.6%
Q3 24	67M	0.0%	+0.5%
Q4 24	67M	+0.1%	+0.5%
Q1 25	67M	-0.1%	+0.3%
Q2 25	67M	+0.1%	+0.1%
Q3 25	67M	0.0%	+0.1%
Q4 25	67M	+0.1%	+0.1%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$245.4K	2K
Q2 22	$237.0K	2K
Q3 22	$220.6K	2K
Q4 22	$175.6K	3K
Q1 23	$157.4K	3K
Q2 23	$159.6K	3K
Q3 23	$141.8K	3K
Q4 23	$235.2K	2K
Q1 24	$276.7K	2K
Q2 24	$249.7K	2K
Q3 24	$251.1K	2K
Q4 24	$136.4K	4K
Q1 25	$141.6K	4K
Q2 25	$126.7K	4K
Q3 25	$128.0K	4K
Q4 25	$126.8K	4K

Revenue / Employee