Mirion: Strong Profitability, Backlog Growth, and 2026 Outlook Support Buy Rating and Upside Potential

In a report released yesterday, Andrew Kaplowitz from Citi assigned a Buy rating on Mirion Technologies, with a price target of $32.00.

Andrew Kaplowitz has given his Buy rating due to a combination of factors reflecting both current execution and future growth potential. He highlights that, even though quarterly revenue growth was slightly softer than his model, Mirion delivered stronger-than-expected profitability, with adjusted EBITDA margins exceeding his estimates and demonstrating solid cost discipline and operational leverage.

In addition, he points to robust backlog expansion, including the Paragon contribution, as evidence of healthy demand and increasing visibility into future revenues, particularly in the nuclear segment. Together with management’s 2026 guidance calling for double-digit total revenue growth, mid-single-digit to high-single-digit organic growth, and significantly higher EBITDA, he views the shares as offering attractive upside relative to the current valuation.