Mirion Technologies (MIR) AI Stock Analysis

• Market Cap: $5.27B
• Dividend Yield: N/A
• Average Volume (3M): 3.16M
• Price to Earnings (P/E): 196.1
• Beta (1Y): 1.53
• 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: 4,619,526
• 30 Day Avg. Volume: 3,155,399
• 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: 1.16
• Enterprise Value/Revenue: 6.60
• Enterprise Value/Gross Profit: 13.92
• Enterprise Value/Ebitda: 30.65
• 1Y Price Target: $29.57
• Price Target Upside: 37.60% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 7
• EPS Forecast (FY): 0.55
• Revenue Forecast (FY): $1.13B

• Rating: 63 Neutral
• Price Target: $26.00 ▲(20.99% 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 multi-year improvement in operating and free cash flow demonstrates durable internal funding ability. Stronger FCF provides flexibility to fund capex for AI, pay down debt, pursue M&A, and absorb working-capital swings, reducing reliance on external financing over the next several quarters.

Revenue scale and margin expansion

Consistent revenue growth and materially higher gross margins reflect improving pricing, product mix, and operational execution. The move back to net profitability indicates the business model is recovering and can sustain improved margins if organic momentum and procurement gains continue.

Record orders, backlog and strategic pipeline

A larger, higher-quality backlog and identified >$400M pipeline create durable revenue visibility and conversion optionality. Strategic acquisitions (Paragon, CertRec) and SMR wins expand addressable markets and recurring-service opportunities, supporting multi-quarter revenue and margin upside.

Negative Factors

Thin net margins and low ROE

Despite improving top-line and gross margins, net margin and ROE remain low, limiting durable profitability for shareholders. Thin bottom-line buffers increase sensitivity to cost inflation, pricing pressure, or project delays, constraining sustainable return generation over the next several quarters.

Sizable remaining debt

Absolute debt levels remain material and require ongoing cash service, which can crowd out reinvestment or reduce optionality if FCF weakens. While leverage improved, the company remains exposed to refinancing and interest-cost volatility until debt is meaningfully reduced or earnings scale further.

Project timing and end-market concentration risk

Heavy reliance on large nuclear awards and concentrated end markets (medical, RTQA) makes revenue timing uncertain. Award timing swings can materially shift near-term recognition and cash flow, and localized weakness in medical/RTQA hardware can blunt organic growth despite a healthy pipeline.

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 Technologies generates revenue through multiple streams, primarily from the sale of its radiation detection and monitoring products, which include both hardware and software solutions. Key revenue streams include the direct sale of instruments, ongoing maintenance contracts, and dosimetry services that provide customers with essential radiation monitoring and reporting. Additionally, the company earns revenue through partnerships with government agencies, healthcare institutions, and industrial clients that require specialized radiation safety solutions. Mirion's focus on innovation and compliance with regulatory standards further enhances its market position, leading to sustained demand and recurring revenue from established clients.

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: 21.49
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: 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 21.49 is below the 20-day moving average (MA) of 22.95, below the 50-day MA of 24.12, and below the 200-day MA of 22.76, indicating a bearish trend. The MACD of -1.07 indicates Positive momentum. The RSI at 39.37 is Neutral, neither overbought nor oversold. The STOCH value of 23.65 is Neutral, 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	$4.68B	23.59	21.55%	1.09%	8.75%	64.82%
FLS	73 Outperform	$11.52B	34.24	16.49%	1.17%	3.19%	69.89%
KAI	68 Neutral	$3.95B	38.81	11.32%	0.46%	-0.96%	-11.55%
CSW	66 Neutral	$5.00B	40.26	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	$5.27B	196.08	1.71%	―	7.81%	―

Mirion Technologies Corporate Events

Mirion Technologies Enters New $450M Credit Agreement

On December 8, 2025, Mirion Technologies, through its subsidiaries, entered into Amendment No. 6 to its Credit Agreement, originally dated October 20, 2021. This amendment introduces a new $450 million tranche of term loans maturing in 2032, which refinances all outstanding term loans under the previous agreement. The amendment also specifies interest rates for the new loans and includes a prepayment premium condition.

The most recent analyst rating on (MIR) stock is a Hold with a $27.00 price target. To see the full list of analyst forecasts on Mirion Technologies stock, see the MIR Stock Forecast page.

Mirion Technologies Completes Acquisition of WCI-Gigawatt

On December 1, 2025, Mirion Technologies, Inc. completed its acquisition of WCI-Gigawatt Intermediate Holdco, LLC, the indirect parent of Paragon Energy Solutions, LLC. This acquisition is expected to enhance Mirion’s capabilities and market positioning within the energy solutions sector.

The most recent analyst rating on (MIR) stock is a Buy with a $29.00 price target. To see the full list of analyst forecasts on Mirion Technologies stock, see the MIR Stock Forecast page.