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1. Company Snapshot

1.a. 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.

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1.b. Last Insights on MIR

The recent 3-month performance of Mirion Technologies, Inc. was negatively impacted by the Q4 2024 earnings call, where the company's revenue growth was slower than expected, and the gross margin declined. Additionally, the company's guidance for Q1 2025 was below analyst estimates, further exacerbating concerns. However, the company has made significant strides in recent weeks, including the upgrade to a Zacks Rank #2 (Buy) and the announcement of the Apex-Guard software release, which enhances the company's solutions suite within the radiopharmaceutical supply chain. Furthermore, Mirion was awarded contracts for the TerraPower Natrium Reactor Demonstration Project, a significant public-private partnership between TerraPower and the U.S. Department of Energy.

1.c. Company Highlights

2. Mirion Technologies Q1 2026: Strong Order Surge & M&A Momentum

Mirion Technologies delivered first‑quarter revenue of $258 million, a 28% jump year‑over‑year, driven largely by a 19% rise in core orders and a 42% lift when M&A contributions are included. Adjusted EBITDA climbed to $54 million, up 16% YoY, and the company posted an adjusted free cash flow of $11 million. EPS came in at $0.10, matching consensus expectations of $0.10. The firm’s share repurchase program saw $16 million spent to buy back roughly 700,000 shares, reinforcing shareholder value. Tom Logan highlighted the “accelerated nuclear build‑out” as a key driver, underscoring the company’s strategic positioning in the growing SMR market.

Publication Date: Apr -30

📋 Highlights
  • Strong Order Growth:: Q1 orders surged 19% to $241M (excluding M&A) and 42% to $288M (including M&A), driven by $50M in large orders and $35M in SMR-related wins.
  • Revenue & EBITDA Performance:: Total revenue hit $258M (28% YoY), with adjusted EBITDA at $54M (16% higher YoY), while Nuclear and Safety segment EBITDA grew $8M (19% increase).
  • Backlog Expansion:: Backlog reached $1.1B, up 19% (excluding M&A) and 38% (including M&A), fueled by $47M from Paragon/CertRec acquisitions and SMR demand.
  • SMR Momentum:: SMR-related revenue accounted for 2% of total revenue in Q1, with expectations to exceed 3% by year-end, supported by $35M in April orders.
  • Paragon Synergies:: Paragon’s Q1 revenue grew 45%, showcasing integration success, with 30%+ adjusted EBITDA margin target intact by 2028 and 25–26% guidance for 2026.

Order Pipeline

Orders surged to $241 million excluding Paragon and CertRec, and to $288 million including them, marking a 19% and 42% YoY increase respectively. Backlog now stands at $1.1 billion, up 19% without M&A and 38% with M&A, reflecting robust demand across nuclear power, labs, and defense markets.

Segment Performance

The Nuclear & Safety segment generated $186 million in revenue, up 39%, with nuclear power orders rising 4% YoY and SMR revenue accelerating to 2% of total sales. Adjusted EBITDA for the segment contracted modestly due to M&A integration costs, but organic growth of 2.6% exceeded expectations. The Medical segment posted $25 million in adjusted EBITDA, a 6% YoY gain, driven by pricing tailwinds and operating leverage.

M&A Integration

Paragon and CertRec acquisitions are delivering early synergies, with Paragon’s revenue up 45% in Q1 and the combined offering enabling cross‑sell opportunities across laboratory instruments, safety systems, and regulatory software. Tom Logan noted that cultural alignment has been smooth, and the 30%+ adjusted EBITDA margin target for 2028 remains intact.

Future Outlook

Second‑quarter guidance projects 15–20% sequential order growth, with low‑single‑digit organic revenue expansion across all segments. Adjusted EBITDA margins are expected to hold steady, with the medical segment margin expanding slightly. The company remains confident in its 2026 free‑cash‑flow guidance and anticipates a continued backlog build, positioning it well for back‑end‑loaded growth.

Valuation

Mirion trades at a P/E of 181.89 and an EV/EBITDA of 26.81, reflecting premium expectations tied to its nuclear power strategy and recent M&A activity. The company’s high valuation multiples are justified by its projected 7.4% revenue growth next year and the strategic advantage conferred by its integrated portfolio.

3. NewsRoom

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Mirion vs. BWX Technologies: Which Nuclear Energy Stock Stands Out?

Apr -30

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Mirion Technologies, Inc. (MIR) Q1 2026 Earnings Call Transcript

Apr -29

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Mirion Technologies (MIR) Q1 Earnings: Taking a Look at Key Metrics Versus Estimates

Apr -29

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Mirion Technologies, Inc. (MIR) Q1 Earnings Meet Estimates

Apr -29

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Mirion Technologies (MIR) to Release Quarterly Earnings on Tuesday

Apr -26

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Mirion Announces Earnings Release and Conference Call Date for First Quarter 2026

Apr -16

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Mirion Technologies (NYSE:MIR) versus Nextech3D.AI (OTCMKTS:NEXCF) Head-To-Head Analysis

Mar -25

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Bamco Inc. NY Makes New Investment in Mirion Technologies, Inc. $MIR

Mar -16

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.68%)

6. Segments

Industrial

Expected Growth: 4.5%

Mirion Technologies' Industrial segment growth of 4.5% is driven by increasing demand for radiation detection and monitoring solutions in nuclear power plants, medical research, and industrial process control. Additionally, growing adoption of nuclear energy and rising safety concerns in industrial settings contribute to the segment's growth.

Medical

Expected Growth: 5.0%

Mirion Technologies' Medical segment growth is driven by increasing demand for radiation detection and monitoring solutions, expansion in emerging markets, and strategic acquisitions. Additionally, growing concerns about nuclear safety and security, as well as advancements in medical imaging and radiation therapy, contribute to the 5.0% growth rate.

7. Detailed Products

Radiation Detection and Measurement

Mirion Technologies offers a range of radiation detection and measurement products, including handheld radiation detectors, spectroscopic instruments, and radiation monitoring systems.

Dose Measurement and Dosimetry

Mirion Technologies provides dose measurement and dosimetry products, including personal dosimeters, area monitors, and dosimetry software.

Nuclear Instrumentation and Electronics

Mirion Technologies designs and manufactures nuclear instrumentation and electronics, including nuclear detectors, amplifiers, and data acquisition systems.

Radiation Protection and Safety

Mirion Technologies offers radiation protection and safety products, including personal protective equipment, shielding, and decontamination solutions.

Nuclear Simulation and Training

Mirion Technologies provides nuclear simulation and training products, including simulation software, training systems, and virtual reality solutions.

Environmental Monitoring and Remediation

Mirion Technologies offers environmental monitoring and remediation products, including radiation monitoring systems, sampling equipment, and remediation solutions.

8. Mirion Technologies, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Mirion Technologies, Inc. operates in a niche market with limited substitutes, reducing the threat of substitutes.

Bargaining Power Of Customers

Mirion Technologies, Inc. has a diverse customer base, reducing the bargaining power of individual customers.

Bargaining Power Of Suppliers

Mirion Technologies, Inc. relies on a few key suppliers, giving them some bargaining power, but the company's size and diversification mitigate this threat.

Threat Of New Entrants

The high barriers to entry in the nuclear detection and measurement industry, including regulatory hurdles and capital requirements, reduce the threat of new entrants.

Intensity Of Rivalry

The nuclear detection and measurement industry is highly competitive, with several established players, leading to a high intensity of rivalry.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 31.82%
Debt Cost 7.99%
Equity Weight 68.18%
Equity Cost 7.99%
WACC 7.99%
Leverage 46.67%

11. Quality Control: Mirion Technologies, Inc. passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
SPX Technologies

A-Score: 4.8/10

Value: 1.7

Growth: 6.0

Quality: 7.0

Yield: 0.0

Momentum: 8.0

Volatility: 6.0

1-Year Total Return ->

Stock-Card
EnPro

A-Score: 4.7/10

Value: 2.6

Growth: 4.6

Quality: 6.1

Yield: 2.0

Momentum: 7.0

Volatility: 6.0

1-Year Total Return ->

Stock-Card
John Bean Technologies

A-Score: 4.2/10

Value: 4.2

Growth: 5.0

Quality: 3.5

Yield: 0.0

Momentum: 6.5

Volatility: 6.0

1-Year Total Return ->

Stock-Card
Mirion Technologies

A-Score: 4.1/10

Value: 1.6

Growth: 5.4

Quality: 5.1

Yield: 0.0

Momentum: 9.0

Volatility: 3.3

1-Year Total Return ->

Stock-Card
Generac

A-Score: 4.0/10

Value: 3.8

Growth: 6.7

Quality: 6.0

Yield: 0.0

Momentum: 3.5

Volatility: 4.0

1-Year Total Return ->

Stock-Card
Regal Rexnord

A-Score: 4.0/10

Value: 5.2

Growth: 4.0

Quality: 5.0

Yield: 2.0

Momentum: 3.0

Volatility: 4.7

1-Year Total Return ->

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

19.63$

Current Price

19.63$

Potential

-0.00%

Expected Cash-Flows