Mirion Technologies (MIR)
Market Price (4/15/2026): $19.76 | Market Cap: $7.3 BilSector: Information Technology | Industry: Electronic Equipment & Instruments
Mirion Technologies (MIR)
Market Price (4/15/2026): $19.76Market Cap: $7.3 BilSector: Information TechnologyIndustry: Electronic Equipment & Instruments
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 15%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 12% Megatrend and thematic driversMegatrends include Energy Transition & Decarbonization, Aging Population & Chronic Disease, and Sustainable Infrastructure. Themes include Nuclear Power Generation & Safety, Show more. | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 97x, P/EPrice/Earnings or Price/(Net Income) is 253x Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.5% Key risksMIR key risks include [1] the unpredictable timing of government orders impacting its financial outlook and [2] challenges in successfully integrating its aggressive acquisitions. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 15%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 12% |
| Megatrend and thematic driversMegatrends include Energy Transition & Decarbonization, Aging Population & Chronic Disease, and Sustainable Infrastructure. Themes include Nuclear Power Generation & Safety, Show more. |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 97x, P/EPrice/Earnings or Price/(Net Income) is 253x |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.5% |
| Key risksMIR key risks include [1] the unpredictable timing of government orders impacting its financial outlook and [2] challenges in successfully integrating its aggressive acquisitions. |
Qualitative Assessment
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Mirion Technologies (MIR) stock has lost about 15% since 12/31/2025 because of the following key factors:
1. Mirion Technologies reported a Q4 2025 earnings and revenue miss, alongside lowered 2026 adjusted EPS guidance. The company announced Q4 2025 earnings on February 10, 2026, with an Earnings Per Share (EPS) of $0.15, which missed the consensus estimate of $0.16 by $0.01, representing a 6.25% negative surprise. Quarterly revenue of $277.40 million also fell below analyst estimates of $281.17 million. Furthermore, Mirion provided adjusted earnings guidance for 2026 in the range of $0.50–$0.57 per share, which, while higher than $0.46 per share in 2025, included a seven cents per share impact from stock-based compensation expenses. This miss on current results and the nuance in forward guidance likely contributed to negative investor sentiment.
2. Analysts significantly lowered price targets for Mirion Technologies (MIR) in Q1 2026. Several prominent firms downgraded their price targets for Mirion's stock during the period. Goldman Sachs reduced its price target to $28 from $29 on April 8, 2026. Baird lowered its price target from $29 to $26 on March 30, 2026. JP Morgan also decreased its target from $30 to $27 on March 26, 2026, after an earlier reduction from $33 to $30 on March 9, 2026. Morgan Stanley similarly adjusted its price target from $29 to $27 on March 11, 2026. These collective downgrades by analysts indicate a reassessment of the company's future value, impacting investor confidence.
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1. Mirion Technologies reported a Q4 2025 earnings and revenue miss, alongside lowered 2026 adjusted EPS guidance. The company announced Q4 2025 earnings on February 10, 2026, with an Earnings Per Share (EPS) of $0.15, which missed the consensus estimate of $0.16 by $0.01, representing a 6.25% negative surprise. Quarterly revenue of $277.40 million also fell below analyst estimates of $281.17 million. Furthermore, Mirion provided adjusted earnings guidance for 2026 in the range of $0.50–$0.57 per share, which, while higher than $0.46 per share in 2025, included a seven cents per share impact from stock-based compensation expenses. This miss on current results and the nuance in forward guidance likely contributed to negative investor sentiment.
2. Analysts significantly lowered price targets for Mirion Technologies (MIR) in Q1 2026. Several prominent firms downgraded their price targets for Mirion's stock during the period. Goldman Sachs reduced its price target to $28 from $29 on April 8, 2026. Baird lowered its price target from $29 to $26 on March 30, 2026. JP Morgan also decreased its target from $30 to $27 on March 26, 2026, after an earlier reduction from $33 to $30 on March 9, 2026. Morgan Stanley similarly adjusted its price target from $29 to $27 on March 11, 2026. These collective downgrades by analysts indicate a reassessment of the company's future value, impacting investor confidence.
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Stock Movement Drivers
Fundamental Drivers
The -15.6% change in MIR stock from 12/31/2025 to 4/14/2026 was primarily driven by a -39.2% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 12312025 | 4142026 | Change |
|---|---|---|---|
| Stock Price ($) | 23.42 | 19.76 | -15.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 902 | 925 | 2.6% |
| Net Income Margin (%) | 2.9% | 3.1% | 6.0% |
| P/E Multiple | 198.5 | 253.4 | 27.7% |
| Shares Outstanding (Mil) | 225 | 369 | -39.2% |
| Cumulative Contribution | -15.6% |
Market Drivers
12/31/2025 to 4/14/2026| Return | Correlation | |
|---|---|---|
| MIR | -15.6% | |
| Market (SPY) | -5.4% | 50.0% |
| Sector (XLK) | 2.8% | 55.8% |
Fundamental Drivers
The -15.0% change in MIR stock from 9/30/2025 to 4/14/2026 was primarily driven by a -51.6% change in the company's P/E Multiple.| (LTM values as of) | 9302025 | 4142026 | Change |
|---|---|---|---|
| Stock Price ($) | 23.26 | 19.76 | -15.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 886 | 925 | 4.4% |
| Net Income Margin (%) | 1.1% | 3.1% | 175.7% |
| P/E Multiple | 523.4 | 253.4 | -51.6% |
| Shares Outstanding (Mil) | 225 | 369 | -39.1% |
| Cumulative Contribution | -15.0% |
Market Drivers
9/30/2025 to 4/14/2026| Return | Correlation | |
|---|---|---|
| MIR | -15.0% | |
| Market (SPY) | -2.9% | 53.2% |
| Sector (XLK) | 5.1% | 55.7% |
Fundamental Drivers
The 36.3% change in MIR stock from 3/31/2025 to 4/14/2026 was primarily driven by a 121.6% change in the company's P/S Multiple.| (LTM values as of) | 3312025 | 4142026 | Change |
|---|---|---|---|
| Stock Price ($) | 14.50 | 19.76 | 36.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 861 | 925 | 7.5% |
| P/S Multiple | 3.6 | 7.9 | 121.6% |
| Shares Outstanding (Mil) | 211 | 369 | -42.8% |
| Cumulative Contribution | 36.3% |
Market Drivers
3/31/2025 to 4/14/2026| Return | Correlation | |
|---|---|---|
| MIR | 36.3% | |
| Market (SPY) | 16.3% | 49.9% |
| Sector (XLK) | 43.9% | 54.2% |
Fundamental Drivers
The 131.4% change in MIR stock from 3/31/2023 to 4/14/2026 was primarily driven by a 265.4% change in the company's P/S Multiple.| (LTM values as of) | 3312023 | 4142026 | Change |
|---|---|---|---|
| Stock Price ($) | 8.54 | 19.76 | 131.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 718 | 925 | 28.9% |
| P/S Multiple | 2.2 | 7.9 | 265.4% |
| Shares Outstanding (Mil) | 181 | 369 | -50.9% |
| Cumulative Contribution | 131.4% |
Market Drivers
3/31/2023 to 4/14/2026| Return | Correlation | |
|---|---|---|
| MIR | 131.4% | |
| Market (SPY) | 63.3% | 48.7% |
| Sector (XLK) | 99.8% | 47.1% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| MIR Return | -4% | -37% | 55% | 70% | 34% | -18% | 77% |
| Peers Return | 23% | -16% | 14% | 9% | 12% | 3% | 47% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -0% | 81% |
Monthly Win Rates [3] | |||||||
| MIR Win Rate | 50% | 50% | 50% | 58% | 50% | 50% | |
| Peers Win Rate | 65% | 42% | 58% | 48% | 55% | 50% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| MIR Max Drawdown | -10% | -46% | 0% | -9% | -27% | -26% | |
| Peers Max Drawdown | -8% | -30% | -14% | -7% | -19% | -8% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: TMO, FTV, AME, OSIS, RVTY.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 4/14/2026 (YTD)
How Low Can It Go
| Event | MIR | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -62.2% | -25.4% |
| % Gain to Breakeven | 164.6% | 34.1% |
| Time to Breakeven | 858 days | 464 days |
Compare to TMO, FTV, AME, OSIS, RVTY
In The Past
Mirion Technologies's stock fell -62.2% during the 2022 Inflation Shock from a high on 2/19/2021. A -62.2% loss requires a 164.6% gain to breakeven.
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About Mirion Technologies (MIR)
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.
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Here are a few analogies to describe Mirion Technologies (MIR):
Mirion Technologies is like the Ecolab for radiation safety, providing the essential, often unseen, products and services that ensure safety and accurate measurement in medical, nuclear, and industrial environments.
Imagine a highly specialized Thermo Fisher Scientific, but focused exclusively on instruments and services for detecting, measuring, and managing radiation across various critical industries.
They are the Honeywell of radiation monitoring and protection, providing critical equipment and systems for everything from cancer treatment centers to nuclear power plants.
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- Radiation Oncology Quality Assurance Solutions: Solutions for calibrating and verifying imaging and treatment accuracy in radiation oncology.
- Patient Safety Solutions: Products and services designed to enhance patient safety in diagnostic imaging and radiation therapy centers.
- Radionuclide Therapy Products: Specialized products for nuclear medicine applications, including shielding, product handling, and medical imaging furniture.
- Personal Radiation Detection & Identification Equipment: Devices and tools for detecting and identifying personal radiation exposure.
- Radiation Measurement & Analysis Tools: Equipment and software used for critical radiation safety, measurement, and analysis.
- Dosimeters: Instruments that measure an individual's absorbed dose of ionizing radiation.
- Contamination & Clearance Monitors: Systems designed for monitoring and ensuring clearance from radioactive contamination.
- Reactor Instrumentation & Control Systems: Provides equipment and systems for the instrumentation and control of nuclear reactors.
- Medical & Industrial Imaging Systems: Supplies imaging systems and related accessories for both medical and industrial applications.
- Spectroscopy & Counting Instruments: Advanced instruments for alpha, alpha/beta, and gamma spectroscopy and counting.
- Software: Various software solutions supporting their radiation detection and measurement products.
- Technical & Support Services: Offers services such as electrical penetration, cancer diagnostics support, and other related technical support.
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Mirion Technologies (MIR) sells primarily to other organizations and companies, rather than individuals. Based on the provided background information, the company serves a diverse range of customers across several sectors. While the description does not name specific customer companies, it identifies major categories of organizations that utilize Mirion's products and services. These major customer categories include:
- Healthcare and Medical Facilities: This category includes hospitals, clinics and urgent care facilities, dental and veterinary offices, and radiation treatment facilities. It also encompasses OEMs (Original Equipment Manufacturers) for radiation therapy, which integrate Mirion's solutions into their own products for the medical market.
- Industrial and Nuclear Sector: This segment serves industrial companies, power and utility companies, reactor design firms, and Nuclear Power Plants (NPPs). Customers in this category rely on Mirion for critical radiation safety, measurement, and analysis applications, as well as reactor instrumentation and control.
- Government and Defense Agencies: Mirion provides its products and solutions to military organizations and various government agencies, addressing their needs for personal radiation detection, identification equipment, and analysis tools.
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Thomas D. Logan, Chairman of the Board, Chief Executive Officer and Founder
Thomas D. Logan is the Founder of Mirion and has served as its Chief Executive Officer since 2005. He became Chairman of the Board in February 2025. Prior to founding Mirion, Mr. Logan was the Chief Executive Officer for Global Dosimetry Solutions from 2004 to 2005. Before 2004, he held roles such as President of BAF Energy and Chief Financial Officer of E-M Solutions and BVP, Inc., in addition to various finance leadership positions at Chevron. Mirion's ownership structure has involved private equity, with Charterhouse Capital Partners initiating ownership in 1999 and making significant investments in 2015, indicating his experience leading a company through periods of private equity backing.
Brian Schopfer, Chief Financial Officer & Medical Group President
Brian Schopfer has served as Mirion's Chief Financial Officer since 2020 and assumed the additional role of Medical Group President in 2025. He initially joined Mirion in 2015, serving as Executive and Senior Vice President of Business Transformation. Mr. Schopfer briefly left Mirion in February 2018 to serve as Chief Financial Officer of North America for Omnimax International, a building products company, before rejoining Mirion in March 2019. His prior experience includes serving as Chief Financial Officer for Hillphoenix (part of the Dover Corporation) from 2014 to 2015, and Director of Financial Planning and Analysis for the Dover Corporation from 2013 to 2014.
Loic Eloy, Technologies Group President
Loic Eloy has been the Technologies Group President at Mirion since 2022. He joined the company in 2015, previously holding positions as Vice President of Mirion's Detection and Measurement (Health Physics) Division from 2015 to 2019 and President of Mirion's Radiation Monitoring Systems Division from 2019 to 2022. Before joining Mirion, Mr. Eloy served as Director of Finance and Accounting at Areva from 2008 to 2012, and then as Commercial Director until 2015. Prior to 2008, he held various finance and commercial roles at Siemens.
Emmanuelle Lee, Chief Legal Officer & Chief Compliance Officer
Emmanuelle Lee has served as Mirion Technologies' Chief Legal Officer and Chief Compliance Officer since 2018, having been Deputy General Counsel since 2011. Her previous roles include corporate counsel positions with FrontRange Solutions and PeopleSoft, and she practiced as an attorney at the law firm of Ropers Majeski, Kohn & Bentley. Ms. Lee began her career as a parliamentary aide to a French Senator.
James Cocks, Chief Technology Officer
James Cocks was appointed Chief Technology Officer in October 2023, and before that, he served as Chief Product Officer since July 2022. His prior roles at Mirion include President of the North America Detection & Measurement Division and President of the Characterization Division. Mr. Cocks also served as Chief Technology Officer for Canberra Industries before its acquisition by Mirion in 2016, where he spent 18 years in various management positions across Product Management, Engineering, and Business Development.
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The key risks to Mirion Technologies (MIR) include the following:- Reliance on Highly Regulated Nuclear and Medical Sectors, Public Perception, and Slower-Than-Expected SMR Market Growth: Mirion Technologies' business is heavily dependent on the nuclear and medical sectors, which are highly regulated and sensitive to public perception. Negative public sentiment regarding nuclear energy or changes in healthcare regulations could materially and adversely affect the company's markets. Furthermore, growth in emerging areas like Small Modular Reactors (SMRs) may be slower than anticipated due to obstacles such as regulatory licensing and securing investments, impacting potential revenue streams.
- Geopolitical Tensions, International Trade Risks, and Foreign Currency Fluctuations: Operating globally, Mirion Technologies is exposed to geopolitical tensions, such as ongoing conflicts and trade disputes, which can disrupt global economic conditions, lead to fluctuating demand, and cause supply chain disruptions. The company also faces risks related to tariffs, export controls, and foreign currency exchange rate fluctuations, which can increase costs and negatively affect profitability.
- Execution Risks from Acquisitions and Digital Offerings, and Supply Chain Disruptions: Mirion Technologies is actively pursuing strategic acquisitions to enhance its market presence and product offerings. There are inherent risks associated with integrating these acquired businesses effectively and scaling new digital solutions. Additionally, the company faces operational challenges from potential supply chain disruptions, which could result in increased costs and delays in production and delivery.
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Mirion Technologies, Inc. (symbol: MIR) operates within several addressable markets related to radiation detection, measurement, analysis, and monitoring. Here are the estimated market sizes for their main products and services:- Radiation Detection and Monitoring Market: The global radiation detection and monitoring market was valued at approximately USD 2.93 billion in 2025 and is projected to reach USD 4.81 billion by 2031, growing at a CAGR of 8.6% from 2026 to 2031. Another report indicates a global market size of USD 3.19 billion in 2026, reaching USD 4.81 billion by 2031 at an 8.6% CAGR. North America held the largest share of 56.0% of this market in 2025. The broader "Radiation Detection, Monitoring and Safety" market was valued at USD 1.8 billion in 2025 and is predicted to grow to approximately USD 3.44 billion by 2034, expanding at a CAGR of 7.44%.
- Medical Radiation Detection, Monitoring, and Safety Market: This global market was valued at USD 2.00 billion in 2024 and is expected to reach USD 3.37 billion by 2032, with a CAGR of 6.70%. North America holds the largest share, estimated at 35.5%, with the U.S. alone accounting for 60.5% of that share.
- Dosimetry Market: The global dosimetry market size was approximately USD 3.39 billion in 2025, growing to USD 3.64 billion in 2026, and is projected to reach around USD 7.01 billion by 2035, exhibiting a CAGR of 7.55% between 2026 and 2035. North America captured approximately 39% of the revenue in 2024. Another source estimates the global dosimeter market at USD 3.40 billion in 2024, projected to reach USD 6.81 billion by 2033 with an 8% CAGR from 2025 to 2033.
- Medical Dosimetry Equipment Market: The global medical dosimetry equipment market size was estimated at USD 1.5 billion in 2023 and is projected to reach USD 2.8 billion by 2032, with a CAGR of 7.2%. North America holds a dominant position in this market.
- Nuclear Medicine Market: The global nuclear medicine market was valued at USD 11.77 billion in 2025 and is projected to grow to USD 66.11 billion by 2034, with a CAGR of 19.90% from 2026 to 2034. North America dominated the nuclear medicine market with a market share of 52.70% in 2025. The U.S. nuclear medicine market is projected to reach an estimated value of USD 21.85 billion by 2032. Other estimates for the global nuclear medicine market include USD 16.4 billion in 2024, expected to reach USD 69.5 billion in 2034 at a CAGR of 15.2% from 2025–2034.
- Radiation Oncology Market: The global radiation oncology market size was estimated at USD 10.56 billion in 2024 and is projected to reach USD 21.19 billion by 2030, growing at a CAGR of 11.2% from 2025 to 2030. North America was the largest revenue-generating market in 2024.
- Radiation Therapy QA Systems Market: The global market size for Radiation Therapy QA Systems was valued at approximately USD 1.2 billion in 2023 and is projected to reach USD 2.3 billion by 2032, growing at a CAGR of 7.2%. North America holds a substantial share of this market.
- Radiation Therapy Quality Assurance Phantoms Market: The global market was valued at USD 100.24 million in 2024 and is expected to reach USD 147.12 million by 2030 with a CAGR of 6.60%.
- Nuclear Power Plant Control System Market: The global nuclear power plant control system market size was valued at around USD 675.45 million in 2024 and is predicted to grow to approximately USD 1,164.75 million by 2034, with a CAGR of roughly 5.60% between 2025 and 2034. North America is expected to lead this market. Another source states the global market size at USD 1.25 billion in 2025, with a projected CAGR of 5.6% through 2033.
- Radiation Therapy Software Market: The global radiation therapy software market is projected to grow at a CAGR of 9.1% from 2024 to 2033, reaching a valuation of USD 1,390.7 million by 2033 from USD 635.1 million in 2024. North America Radiation Therapy Software Market will reach USD 0.91 billion by 2030.
- Radiology Report Quality Assurance Services Market: The global radiology report quality assurance services market size was valued at USD 63.4 million in 2024 and is expected to reach USD 113.5 million in 2034, growing at a CAGR of 6.1% from 2025 to 2034.
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Mirion Technologies (MIR) is poised for future revenue growth over the next two to three years, driven by several strategic factors and favorable market conditions. The company anticipates a total revenue growth between 22% and 24% for 2026, with an organic revenue growth forecast of 5% to 7%.
Key drivers of this expected growth include:
- Robust Demand in the Nuclear Power Market: Mirion expects continued strength and double-digit organic growth in the nuclear power market. This growth is fueled by incentives for the installed base to extend, operate, and modernize existing reactors, as well as new build opportunities, including Small Modular Reactors (SMRs). Mirion's portfolio covers the "cradle-to-grave lifespan of a modern large-scale reactor," with approximately 80% of its revenue originating from the installed base. The company has a significant pipeline of over $400 million in large opportunities for 2026, including several new build projects.
- Strategic Acquisitions: The recent acquisitions of Certrec and Paragon Energy Solutions are expected to be significant contributors to revenue growth. These acquisitions are broadening Mirion's exposure to the North American nuclear power market and are projected to increase nuclear power-based revenue to approximately 40-47% of total revenue.
- Growth in the Nuclear Medicine Segment: The nuclear medicine end market demonstrated strong double-digit organic revenue growth in 2025, and this momentum is anticipated to continue into 2026. This segment benefits from demographics, increased cancer incidence, and higher penetration of radiation therapy and diagnostics.
- Rebound in Radiation Therapy Quality Assurance (RTQA): After experiencing some headwinds in 2025, the RTQA market is expected to rebound to mid-single-digit plus organic revenue growth. Underlying growth drivers for RTQA include an aging population in developed economies and an increasing focus on higher standards of care in developing economies.
- Expansion of AI and Digital Initiatives: Mirion highlights AI and digital initiatives as future enablers for growth. These advancements are expected to enhance product offerings and maintain a competitive edge.
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Capital Allocation Decisions for Mirion Technologies (MIR)
Share Repurchases
- Mirion Technologies announced a share repurchase program for up to $100 million of its Class A common stock in December 2024.
- By the end of 2025, the company had repurchased 1.2 million shares for $18.6 million as part of this program.
- The share repurchase program is intended to mitigate the dilutive impact of shares issued under the company's 2021 Omnibus Incentive Plan and to provide capital structure flexibility.
Share Issuance
- In 2025, Mirion issued $425.0 million of common stock. This included a public offering in September 2025 of 17,309,846 shares of Class A common stock at $21.35 per share, with estimated net proceeds of approximately $356.2 million.
- In 2025, the company issued $755.0 million of convertible senior notes. This included the pricing of $325.0 million aggregate principal amount of 0.00% Convertible Senior Notes due 2031 in September 2025, which had estimated net proceeds of approximately $316.4 million.
- In September 2025, Mirion announced the pricing of $325.0 million aggregate principal amount of 0.00% Convertible Senior Notes due 2031, with an option for initial purchasers to acquire up to an additional $50.0 million aggregate principal amount of notes.
Outbound Investments
- In 2025, Mirion completed the acquisition of Certrec for $82.9 million and Paragon Energy Solutions for $588.4 million.
- These acquisitions were undertaken to enhance Mirion's capabilities in the Nuclear & Safety segment and expand its product offerings.
Capital Expenditures
- Mirion expects an 18% reduction in capital expenditures for the full year 2025 compared to 2024.
- In the fourth quarter of 2025, capital expenditures were approximately $9.8 million.
- The company's focus on sustainable growth includes exploring further investments in digital products and services.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 163.94 |
| Mkt Cap | 14.7 |
| Rev LTM | 3,999 |
| Op Inc LTM | 598 |
| FCF LTM | 759 |
| FCF 3Y Avg | 790 |
| CFO LTM | 833 |
| CFO 3Y Avg | 878 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 5.3% |
| Rev Chg 3Y Avg | 3.1% |
| Rev Chg Q | 8.1% |
| QoQ Delta Rev Chg LTM | 2.2% |
| Op Mgn LTM | 14.6% |
| Op Mgn 3Y Avg | 14.5% |
| QoQ Delta Op Mgn LTM | -0.3% |
| CFO/Rev LTM | 19.0% |
| CFO/Rev 3Y Avg | 17.3% |
| FCF/Rev LTM | 16.0% |
| FCF/Rev 3Y Avg | 14.2% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 14.7 |
| P/S | 4.1 |
| P/EBIT | 25.6 |
| P/E | 34.5 |
| P/CFO | 27.5 |
| Total Yield | 3.2% |
| Dividend Yield | 0.1% |
| FCF Yield 3Y Avg | 3.1% |
| D/E | 0.2 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 9.5% |
| 3M Rtn | -2.5% |
| 6M Rtn | 10.7% |
| 12M Rtn | 31.4% |
| 3Y Rtn | 45.1% |
| 1M Excs Rtn | 4.5% |
| 3M Excs Rtn | -1.0% |
| 6M Excs Rtn | 8.2% |
| 12M Excs Rtn | 2.3% |
| 3Y Excs Rtn | -20.0% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2020 |
|---|---|---|---|---|---|
| Nuclear & Safety | 561 | 516 | 446 | ||
| Medical | 300 | 284 | 272 | ||
| Total | 861 | 801 | 718 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2020 |
|---|---|---|---|---|---|
| Nuclear & Safety | 79 | 46 | -103 | ||
| Medical | 22 | 13 | -99 | ||
| Other loss | -76 | -81 | |||
| Corporate and other | -96 | ||||
| Total | 25 | -22 | -298 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2020 |
|---|---|---|---|---|---|
| Single Segment | 751 | 0 | |||
| Total | 751 | 0 |
Price Behavior
Price Behavior
| Market Price | $19.76 | |
| Market Cap ($ Bil) | 7.3 | |
| First Trading Date | 08/20/2020 | |
| Distance from 52W High | -33.6% | |
| 50 Days | 200 Days | |
| DMA Price | $20.72 | $22.86 |
| DMA Trend | indeterminate | down |
| Distance from DMA | -4.6% | -13.6% |
| 3M | 1YR | |
| Volatility | 51.8% | 53.0% |
| Downside Capture | 1.20 | 1.11 |
| Upside Capture | 137.97 | 207.86 |
| Correlation (SPY) | 42.6% | 43.9% |
MIR Betas & Captures as of 3/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.50 | 1.87 | 2.00 | 2.34 | 1.44 | 1.44 |
| Up Beta | -0.66 | 1.02 | 1.55 | 0.82 | 1.00 | 1.17 |
| Down Beta | 2.84 | 0.75 | 1.08 | 1.86 | 1.46 | 1.55 |
| Up Capture | 256% | 190% | 246% | 386% | 308% | 474% |
| Bmk +ve Days | 7 | 16 | 27 | 65 | 139 | 424 |
| Stock +ve Days | 8 | 18 | 27 | 60 | 131 | 393 |
| Down Capture | 242% | 248% | 232% | 217% | 144% | 109% |
| Bmk -ve Days | 12 | 23 | 33 | 58 | 110 | 323 |
| Stock -ve Days | 14 | 24 | 36 | 66 | 118 | 344 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MIR | |
|---|---|---|---|---|
| MIR | 43.5% | 52.8% | 0.87 | - |
| Sector ETF (XLK) | 53.2% | 21.1% | 1.92 | 49.3% |
| Equity (SPY) | 24.2% | 12.9% | 1.49 | 45.1% |
| Gold (GLD) | 53.4% | 27.6% | 1.55 | 9.7% |
| Commodities (DBC) | 26.8% | 16.2% | 1.47 | 4.5% |
| Real Estate (VNQ) | 18.7% | 13.8% | 1.00 | 15.9% |
| Bitcoin (BTCUSD) | -6.8% | 42.9% | -0.05 | 24.1% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MIR | |
|---|---|---|---|---|
| MIR | 11.4% | 45.4% | 0.39 | - |
| Sector ETF (XLK) | 17.3% | 24.7% | 0.63 | 50.6% |
| Equity (SPY) | 11.1% | 17.0% | 0.50 | 51.5% |
| Gold (GLD) | 22.5% | 17.8% | 1.03 | 10.5% |
| Commodities (DBC) | 11.7% | 18.8% | 0.51 | 11.5% |
| Real Estate (VNQ) | 3.9% | 18.8% | 0.11 | 36.4% |
| Bitcoin (BTCUSD) | 5.8% | 56.5% | 0.32 | 22.8% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MIR | |
|---|---|---|---|---|
| MIR | 6.3% | 45.0% | 0.40 | - |
| Sector ETF (XLK) | 22.3% | 24.3% | 0.84 | 47.1% |
| Equity (SPY) | 14.0% | 17.9% | 0.67 | 48.3% |
| Gold (GLD) | 14.3% | 15.9% | 0.75 | 10.5% |
| Commodities (DBC) | 8.8% | 17.6% | 0.42 | 11.2% |
| Real Estate (VNQ) | 5.4% | 20.7% | 0.23 | 33.4% |
| Bitcoin (BTCUSD) | 67.7% | 66.9% | 1.07 | 22.6% |
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Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 2/10/2026 | -10.2% | -8.5% | -14.5% |
| 10/28/2025 | 18.1% | 10.4% | 2.6% |
| 7/31/2025 | -11.1% | -3.9% | -8.3% |
| 4/29/2025 | 1.0% | 3.4% | 23.2% |
| 2/11/2025 | 1.2% | 4.7% | -12.8% |
| 10/29/2024 | 4.8% | 6.6% | 15.7% |
| 8/1/2024 | -2.0% | -1.8% | 5.2% |
| 4/30/2024 | -6.2% | -7.0% | 0.1% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 10 | 11 | 10 |
| # Negative | 8 | 7 | 8 |
| Median Positive | 5.5% | 5.6% | 9.7% |
| Median Negative | -8.2% | -7.0% | -6.7% |
| Max Positive | 18.1% | 27.0% | 31.5% |
| Max Negative | -15.9% | -18.5% | -16.8% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 02/19/2026 | 10-K |
| 09/30/2025 | 10/29/2025 | 10-Q |
| 06/30/2025 | 08/01/2025 | 10-Q |
| 03/31/2025 | 04/30/2025 | 10-Q |
| 12/31/2024 | 02/26/2025 | 10-K |
| 09/30/2024 | 10/30/2024 | 10-Q |
| 06/30/2024 | 08/02/2024 | 10-Q |
| 03/31/2024 | 05/01/2024 | 10-Q |
| 12/31/2023 | 02/28/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/03/2023 | 10-Q |
| 12/31/2022 | 02/28/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| 06/30/2022 | 07/29/2022 | 10-Q |
| 03/31/2022 | 05/05/2022 | 10-Q |
Recent Forward Guidance [BETA]
Latest: Q4 2025 Earnings Reported 2/10/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue Growth | 22.0% | 23.0% | 24.0% | 187.5% | 15.0% | Raised | Guidance: 8.0% for 2025 |
| 2026 Organic Revenue growth | 5.0% | 6.0% | 7.0% | 14.3% | 0.8% | Raised | Guidance: 5.25% for 2025 |
| 2026 Adjusted EBITDA | 285.00 Mil | 292.50 Mil | 300.00 Mil | 28.3% | Raised | Guidance: 228.00 Mil for 2025 | |
| 2026 Adjusted EBITDA margin | 25.0% | 25.5% | 26.0% | 4.1% | 1.0% | Raised | Guidance: 24.5% for 2025 |
| 2026 Adjusted Free Cash Flow | 155.00 Mil | 165.00 Mil | 175.00 Mil | 53.5% | Raised | Guidance: 107.50 Mil for 2025 | |
| 2026 Adjusted Free Cash Flow Conversion | 0.54 | 0.56 | 0.58 | 19.1% | 9.0% | Raised | Guidance: 0.47 for 2025 |
| 2026 Adjusted EPS | 0.5 | 0.54 | 0.57 | 7.0% | Raised | Guidance: 0.5 for 2025 | |
Prior: Q3 2025 Earnings Reported 10/28/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Revenue Growth | 7.0% | 8.0% | 9.0% | 0 | 0 | Affirmed | Guidance: 8.0% for 2025 |
| 2025 Organic Revenue growth | 4.5% | 5.25% | 6.0% | -12.5% | -0.8% | Lowered | Guidance: 6.0% for 2025 |
| 2025 Adjusted EBITDA | 223.00 Mil | 228.00 Mil | 233.00 Mil | 0 | Affirmed | Guidance: 228.00 Mil for 2025 | |
| 2025 Adjusted EBITDA margin | 24.0% | 24.5% | 25.0% | 0 | 0 | Affirmed | Guidance: 24.5% for 2025 |
| 2025 Adjusted Free Cash Flow | 100.00 Mil | 107.50 Mil | 115.00 Mil | 2.4% | Raised | Guidance: 105.00 Mil for 2025 | |
| 2025 Adjusted Free Cash Flow Conversion | 0.45 | 0.47 | 0.49 | 2.2% | 1.0% | Raised | Guidance: 0.46 for 2025 |
| 2025 Adjusted EPS | 0.48 | 0.5 | 0.52 | 0 | Affirmed | Guidance: 0.5 for 2025 | |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Kingsley, Lawrence D | Lawrence D. Kingsley Revocable Trust | Sell | 12122025 | 24.73 | 350,000 | 8,654,800 | 86,772,407 | Form | |
| 2 | Kingsley, Lawrence D | Lawrence D. Kingsley Revocable Trust | Sell | 11212025 | 23.83 | 300,000 | 7,148,400 | 92,929,200 | Form | |
| 3 | Eloy, Loic | Nuclear & Safety President | Direct | Sell | 11122025 | 27.24 | 45,000 | 1,225,683 | 2,663,001 | Form |
| 4 | Lee, Emmanuelle | Chief Legal Officer | Direct | Sell | 11122025 | 27.41 | 12,500 | 342,642 | 2,320,101 | Form |
| 5 | Schopfer, Brian | Chief Financial Officer | Direct | Sell | 11102025 | 27.65 | 100,000 | 2,765,420 | 25,011,343 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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