Mirion Technologies (MIR)
NYSE:MIR
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Mirion Technologies
(NYSE:MIR)
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Rating:63Neutral
Price Target:
$20.50
▲(7.27% Upside)
Action:ReiteratedDate: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
Strengthening cash generation
Material multi-year improvement in operating and free cash flow gives Mirion durable financial flexibility. Strong cash conversion funds capex, debt reduction, M&A integration (Paragon/CertRec), and working-capital needs, reducing refinancing risk and supporting sustained investments in products and services.
Negative Factors
Thin net margins & low ROE
Net margins and ROE remain modest despite recovery; thin profitability provides limited buffer against demand shocks and inflationary cost pressures. Sustained shareholder returns depend on converting margin gains into higher net income and improved capital returns, which remains a medium-term challenge.
Read all positive and negative factors
Positive Factors
Negative Factors
Strengthening cash generation
Material multi-year improvement in operating and free cash flow gives Mirion durable financial flexibility. Strong cash conversion funds capex, debt reduction, M&A integration (Paragon/CertRec), and working-capital needs, reducing refinancing risk and supporting sustained investments in products and services.
Read all positive factors
Mirion Technologies (MIR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$4.79B
Dividend YieldN/A
Average Volume (3M)3.39M
Price to Earnings (P/E)187.0
Beta (1Y)1.56
Revenue Growth7.81%
EPS GrowthN/A
CountryUS
Employees2,800
SectorIndustrials
Sector Strength72
IndustryIndustrial - Machinery
Share Statistics
EPS (TTM)0.15
Shares Outstanding244,667,790
10 Day Avg. Volume2,877,124
30 Day Avg. Volume3,394,386
Financial Highlights & Ratios
PEG Ratio-1.09
Price to Book (P/B)2.89
Price to Sales (P/S)5.82
P/FCF Ratio50.38
Enterprise Value/Market Cap1.15
Enterprise Value/Revenue5.97
Enterprise Value/Gross Profit12.59
Enterprise Value/Ebitda27.73
Forecast
1Y Price Target
$27.86Price Target Upside45.79% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering7
EPS Forecast (FY)0.55
Revenue Forecast (FY)$1.14B
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 ope...
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...
Mirion Technologies Earnings Call Summary
Earnings Call Date:Feb 10, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 06, 2026
Earnings Call Sentiment Positive
The call portrays a predominantly positive outlook: the company achieved record orders (nearly $1.1B, +26%), a 36% backlog increase, healthy margin expansion, and a significant free cash flow improvement (2025 FCF ~$131M, ~2x 2024). Management provided ambitious 2026 guidance (22–24% total revenue growth; adjusted EBITDA $285–300M) and highlighted a >$400M large opportunity pipeline and strategic acquisitions (Paragon, CertRec) that expand addressable markets, SMR participation, and AI/data opportunities. Headwinds remain: top-line softness versus guidance driven by RTQA and labs & research (DOE/government shutdown impacts), medical revenue/order pressure, near-term margin dilution from Paragon, EPS dilution from share issuance, and timing risk on large project awards. Overall, positive operational and financial momentum appears to outweigh near-term, largely identifiable headwinds.Positive Updates
Record Order Intake and Backlog Growth
Booked nearly $1.1 billion of orders in 2025, a 26% increase versus 2024, and drove a 36% increase in backlog year-over-year (boosted by 2025 order growth plus Paragon backlog). Q4 orders rose 62%, including ~$140 million of large opportunity awards.
Negative Updates
Top-Line Softer Than Guidance; Organic Headwinds
Total 2025 revenue of $925.4 million was up 7.5% YoY but softer than initial guidance; overall Q4 enterprise organic growth was only 0.5%. Management cited ~250 basis points of organic headwinds versus guidance driven by government shutdown (DOE/DOGE) impacts and RTQA/labs weakness.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Order Intake and Backlog Growth
Booked nearly $1.1 billion of orders in 2025, a 26% increase versus 2024, and drove a 36% increase in backlog year-over-year (boosted by 2025 order growth plus Paragon backlog). Q4 orders rose 62%, including ~$140 million of large opportunity awards.
Read all positive updates
Company Guidance
Mirion guided 2026 to strong financial progress: total revenue growth of 22–24% (about 5–7% organic excluding FX and the CertRec/Paragon acquisitions), adjusted EBITDA of $285–$300 million (25–26% margins, ~90 bps of margin expansion year‑over‑year despite Paragon dilution), adjusted free cash flow of $155–$175 million, and adjusted EPS of $0.50–$0.57 on roughly 275 million fully diluted shares (adjusted EPS now includes stock‑based comp; excluding it would lift the midpoint to $0.61, +$0.07). Management expects Q1 to be the lightest quarter with total organic revenue in low single digits (medical mid‑single digits, nuclear & safety roughly flat), some Q1 margin contraction from Paragon inclusion with margin expansion returning in H2, a modest increase in CapEx to fund AI, and continued synergy/procurement gains aimed at making Paragon margin‑accretive within the planning horizon; note 2025 adjusted FCF was $131M (57% conversion), and 2026 FCF is expected to increase while maintaining similar conversion.Mirion Technologies Financial Statement Overview
Summary
Income Statement
68
Positive
Balance Sheet
64
Positive
Cash Flow
74
Positive
| 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
Negative
19.11
Price Trends
21.06
Negative
22.97
Negative
22.88
Negative
Market Momentum
-0.55
Negative
46.14
Neutral
71.37
Neutral
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 19.11 is above the 20-day moving average (MA) of 18.92, below the 50-day MA of 21.06, and below the 200-day MA of 22.88, indicating a neutral trend. The MACD of -0.55 indicates Negative momentum. The RSI at 46.14 is Neutral, neither overbought nor oversold. The STOCH value of 71.37 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for MIR.
Mirion Technologies Risk Analysis
Mirion Technologies disclosed 47 risk factors in its most recent earnings report. Mirion Technologies reported the most risks in the "Legal & Regulatory" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Mirion Technologies Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | $4.71B | 21.55 | 21.00% | 1.09% | 8.75% | 64.82% | |
69 Neutral | $3.82B | 33.07 | 11.32% | 0.46% | -0.96% | -11.55% | |
66 Neutral | $10.75B | 26.05 | 15.81% | 1.17% | 3.19% | 69.89% | |
66 Neutral | $4.73B | 118.57 | 11.59% | 0.26% | 14.87% | 15.63% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
63 Neutral | $4.79B | 187.00 | 1.73% | ― | 7.81% | ― |
* Industrials Sector Average
MIR
Mirion Technologies
19.11
5.40
39.39%
FLS
Flowserve
84.45
42.76
102.55%
KAI
Kadant
323.73
7.11
2.25%
MWA
Mueller Water Products
30.13
5.86
24.15%
CSW
CSW Industrials
287.25
-12.19
-4.07%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.