Mirion Technologies (MIR) AI Stock Analysis

• Market Cap: $4.65B
• Dividend Yield: N/A
• Average Volume (3M): 3.74M
• Price to Earnings (P/E): 187.0
• Beta (1Y): 1.59
• Revenue Growth: 7.81%
• EPS Growth: N/A
• Country: US
• Employees: 2,800
• Sector: Industrials
• Sector Strength: 72
• Industry: Industrial - Machinery
• EPS (TTM): 0.15
• Shares Outstanding: 244,667,790
• 10 Day Avg. Volume: 3,433,159
• 30 Day Avg. Volume: 3,741,117
• PEG Ratio: -1.09
• Price to Book (P/B): 2.89
• Price to Sales (P/S): 5.82
• P/FCF Ratio: 50.38
• Enterprise Value/Market Cap: 1.20
• Enterprise Value/Revenue: 6.01
• Enterprise Value/Gross Profit: 12.68
• Enterprise Value/Ebitda: 27.91
• 1Y Price Target: $28.86
• Price Target Upside: 55.58% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 7
• EPS Forecast (FY): 0.55
• Revenue Forecast (FY): $1.14B

• Rating: 63 Neutral
• Price Target: $20.00 ▲(7.82% Upside)
• Action: Reiterated Date: 02/12/26
• Date: Action: Reiterated 02/12/26

The score is driven primarily by improving fundamentals and stronger cash flow alongside favorable 2026 guidance (growth, margins, and free cash flow). Offsetting these positives are a weak current technical setup and a very high P/E valuation, which increase downside sensitivity if execution or demand timing falls short.

Positive Factors

Strengthened cash generation

Mirion's operating cash flow and free cash flow improved markedly in 2025, creating durable internal funding. Stronger cash generation supports debt reduction, capex for AI and growth initiatives, M&A integration, and working-capital needs, reducing financing dependence over coming quarters.

Record orders and backlog growth

A near-$1.1B order intake and a 36% backlog increase materially improve revenue visibility. A large-opportunity pipeline (> $400M) and record orders increase the likelihood of steady revenue conversion and lessen reliance on one-off sales, strengthening medium-term demand predictability.

Margin expansion driven by procurement and operating leverage

Gross margin expansion and procurement-driven ~100bp gains show structural cost improvement. Sustained operating-leverage and procurement savings can bolster adjusted EBITDA margins, provide a cushion against integration costs, and support long-term margin sustainability even with cyclical revenue.

Negative Factors

Thin net margins and low ROE

Despite rising revenue and EBITDA, net income remains small and ROE is very low, limiting the company's ability to generate attractive shareholder returns. Low bottom-line margins reduce resilience to cost inflation or demand shocks and constrain capital allocation flexibility over the medium term.

Paragon integration and share dilution risk

The Paragon acquisition is currently margin-dilutive and expected to pressure near-term margins while synergies are realized. Combined with a roughly 50M increase in diluted shares from convertible notes and equity raises, this raises EPS dilution risk and increases execution sensitivity during integration.

Revenue timing risk and government/medical exposure

Significant reliance on large nuclear awards and government-related spending creates timing volatility; a DOE/government shutdown already drove order deferrals and labs weakness. Medical/RTQA softness further concentrates near-term top-line risk and can delay backlog conversion into revenue.

Mirion Technologies Business Overview & Revenue Model

Company Description

Mirion Technologies, Inc. provides radiation detection, measurement, analysis, and monitoring products and services in the United States, Canada, the United Kingdom, France, Germany, Finland, China, Belgium, Netherlands, Estonia, and Japan. It operates through two segments, Medical and Industrial. The medical segment offers radiation oncology quality assurance and dosimetry solutions; patient safety solutions for diagnostic imaging and radiation therapy centers; radiation therapy quality assurance solutions for calibrating and verifying imaging and treatment accuracy; and radionuclide therapy products for nuclear medicine applications, such as shielding, product handling, medical imaging furniture, and rehabilitation products. This segment supports applications in medical diagnostics, cancer treatment, practitioner safety, and rehabilitation. The Industrial segment focuses on addressing critical radiation safety, measurement, and analysis applications; and provides personal radiation detection, identification equipment, and analysis tools. The company's products and solutions also include nuclear medicines, dosimeters, contamination and clearance monitors, reactor instrumentation and control equipment and systems, medical and industrial imaging systems and related accessories, alpha spectroscopy instruments, alpha/beta counting instruments, and gamma spectroscopy detector systems; and electrical penetration, cancer diagnostics, software, and other services. It serves hospitals, clinics and urgent care facilities, dental and veterinary offices, radiation treatment facilities, OEMs for radiation therapy, laboratories, military organizations, government agencies, industrial companies, power and utility companies, reactor design firms, and NPPs. The company was formerly known as Global Monitoring Systems, Inc. and changed its name to Mirion Technologies, Inc. in January 2006. Mirion Technologies, Inc. was incorporated in 2005 and is headquartered in Atlanta, Georgia.

How the Company Makes Money

Mirion makes money primarily by selling radiation detection, measurement, and monitoring products and by providing ongoing services tied to those products. Key revenue streams generally include: (1) Product sales of hardware and integrated systems—such as installed radiation monitoring systems for nuclear facilities, portable and fixed detection instruments, and measurement equipment used in medical, industrial, laboratory, and defense settings—sold directly to end customers and through channel partners where applicable. (2) Recurring and service-related revenue—such as maintenance, calibration, repair, field service, training, and long-term service/support agreements associated with installed monitoring bases; and consumable- or program-driven offerings like dosimetry services (e.g., badge-based monitoring programs) and replacements/parts where relevant to customer programs. (3) Software and digital offerings—where Mirion provides software that supports radiation measurement, analysis, compliance, and operational workflows; revenues may come from licenses, subscriptions, and/or support depending on the product. (4) Project-based and contract revenue—particularly for large, customized deployments in nuclear and government/defense environments, where revenue is earned via equipment delivery milestones and services performed under contract. Important factors that typically contribute to earnings include long equipment lifecycles that drive aftermarket service and parts demand, regulated end markets that require continuous monitoring and compliance, and long-term customer relationships in nuclear and government settings. Specific named partnerships or customer contracts: null.

Mirion Technologies Financial Statement Overview

Summary

Multi-year recovery is evident: revenue has steadily scaled to $925.4M (2025), gross margin expanded to ~47.4%, and the company returned to positive net income in 2025. Cash generation is a key strength with 2025 operating cash flow of $143.3M and free cash flow of $106.9M, while leverage has improved (debt-to-equity ~0.42 in 2025). Main constraints are still-thin net margin (~3.1%) and low ROE (~1.5%).

Income Statement

Revenue has scaled steadily from $668.3M (2021) to $925.4M (2025), though the latest growth is modest (2.6% in 2025). Profitability has improved materially: gross margin expanded to ~47.4% (from ~42.5% in 2021) and the company returned to positive net income in 2025 ($28.8M, ~3.1% net margin) after multiple loss years (2021–2024). The key weakness is that bottom-line profitability remains relatively thin and recent growth is not yet strong enough to fully offset the historical volatility in earnings.

Balance Sheet

Leverage looks manageable and improving: debt-to-equity declined from ~0.61 (2022) to ~0.42 (2025), alongside a larger equity base ($1.87B in 2025). Total debt is still sizable at ~$790.6M, but the balance sheet appears more stable than earlier years (notably the negative equity in 2020). Returns on equity remain low (~1.5% in 2025), indicating the company is still in the early stages of translating improving operations into strong shareholder returns.

Cash Flow

Cash generation has strengthened meaningfully: operating cash flow rose from $0.9M (2021) to $143.3M (2025), and free cash flow improved from -$16.7M (2021) to $106.9M (2025), with strong growth in 2025 (+18.5%). A notable risk is that free cash flow is still not consistently high relative to net income (about 0.75x in 2025), suggesting working-capital swings and/or investment needs can influence conversion from earnings to cash.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	925.40M	860.80M	800.90M	717.80M	668.30M
Gross Profit	438.60M	401.80M	356.50M	317.20M	284.20M
EBITDA	212.90M	179.00M	149.00M	104.30M	92.60M
Net Income	28.80M	-36.10M	-96.90M	-276.90M	-222.50M
Balance Sheet
Total Assets	3.59B	2.64B	2.72B	2.74B	3.12B
Cash, Cash Equivalents and Short-Term Investments	412.30M	181.10M	134.10M	77.80M	88.90M
Total Debt	1.26B	719.90M	721.00M	849.60M	860.60M
Total Liabilities	1.67B	1.08B	1.17B	1.27B	1.33B
Stockholders Equity	1.87B	1.51B	1.48B	1.40B	1.69B
Cash Flow
Free Cash Flow	106.90M	50.30M	58.10M	5.20M	-16.70M
Operating Cash Flow	143.30M	99.10M	95.20M	39.40M	900.00K
Investing Cash Flow	-694.60M	-43.70M	-64.70M	-39.50M	-2.20B
Financing Cash Flow	775.90M	-3.30M	22.60M	-7.00M	1.54B

Mirion Technologies Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 18.55
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MIR, the sentiment is Negative. The current price of 18.55 is below the 20-day moving average (MA) of 20.97, below the 50-day MA of 23.30, and below the 200-day MA of 22.97, indicating a bearish trend. The MACD of -1.03 indicates Positive momentum. The RSI at 36.01 is Neutral, neither overbought nor oversold. The STOCH value of 9.71 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for MIR.

Mirion Technologies Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
MWA	78 Outperform	$4.33B	21.55	21.00%	1.09%	8.75%	64.82%
KAI	71 Outperform	$3.56B	33.07	11.32%	0.46%	-0.96%	-11.55%
FLS	66 Neutral	$9.37B	26.05	15.81%	1.17%	3.19%	69.89%
CSW	66 Neutral	$4.16B	118.57	12.02%	0.26%	14.87%	15.63%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
MIR	63 Neutral	$4.65B	187.00	1.73%	―	7.81%	―