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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' 2025 Earnings: A Strong Year Ahead

Mirion Technologies reported a strong financial performance for 2025, with total revenue reaching $925.4 million, up 7.5% versus 2024, and adjusted EBITDA totaling $227.9 million, up 12% compared to 2024. The company's adjusted earnings per share (EPS) came in at $0.15, slightly below estimates of $0.16. The nuclear and safety segment's Q4 revenue was $194.9 million, up 15.5%, driven by 12% nuclear power end market growth. Adjusted EBITDA margins expanded 90 basis points for the full year, reflecting procurement initiatives and operating leverage.

Publication Date: Feb -24

📋 Highlights
  • Record Orders:: Exceeded $1 billion in 2025, driven by nuclear power market strength and acquisitions of CERTREC and Paragon Energy Solutions.
  • Nuclear Power Exposure:: Revenue from nuclear power rose to 40% of total, with 80% of overall revenue from the installed base for life extension/modernization projects.
  • Large Opportunity Pipeline:: >$400 million in projects, with 50% from Paragon, supporting 2026 order dynamics and double-digit growth prospects.
  • Adjusted Free Cash Flow:: Doubled to $131 million in 2025 (57% conversion rate), achieving 2026 guidance a year early.
  • 2026 Guidance:: Revenue growth of 22-24%, adjusted EBITDA of $285–$300 million, and EBITDA margins expanding to 25–26%.

Segment Performance

The nuclear and safety segment's strong performance was a key driver of the company's overall growth, with Q4 adjusted EBITDA reaching $60 million, a 13.6% increase from last year. The medical segment's Q4 revenue declined 3.5% to $82.5 million, but full-year revenue grew 3.7% to $310.8 million, with adjusted EBITDA growing 5.1% to $34.9 million, expanding margins 350 basis points. As Thomas Logan noted, "life extensions, uprates, and modernization are critical themes for the global fleet," which is driving growth in the nuclear power end market.

Guidance and Outlook

Mirion Technologies expects to continue making progress on its key performance indicators (KPIs) in 2026, with double-digit five-year revenue and adjusted EBITDA CAGRs of 11-12%. The company guided for total revenue growth between 22-24% in 2026, with adjusted EBITDA margins between 25-26%. Analysts estimate next year's revenue growth at 7.4%, indicating a potential upside from current expectations.

Valuation Metrics

With a P/E Ratio of 173.98 and EV/EBITDA of 27.54, Mirion Technologies' valuation appears rich, suggesting that the market has already priced in significant growth expectations. However, the company's strong track record of execution and favorable industry trends may justify a premium valuation. The company's ROE (%) of 1.73 and ROIC (%) of 1.43 indicate room for improvement in capital allocation.

Growth Opportunities

3. NewsRoom

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Mirion Technologies, Inc. $MIR Shares Bought by Victory Capital Management Inc.

08:23

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CI Investments Inc. Has $2.25 Million Holdings in Mirion Technologies, Inc. $MIR

Mar -06

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Citigroup Inc. Has $11.17 Million Position in Mirion Technologies, Inc. $MIR

Mar -01

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Rhumbline Advisers Raises Position in Mirion Technologies, Inc. $MIR

Feb -19

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Mirion Technologies, Inc. (MIR) Presents at Citi's Global Industrial Tech & Mobility Conference 2026 Transcript

Feb -18

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Leon Cooperman's Strategic Moves: Mr. Cooper Group Inc. Exits with -18.82% Impact

Feb -17

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Mirion to Present at Citi's 2026 Global Industrial Tech and Mobility Conference

Feb -13

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Mirion Technologies, Inc. (MIR) Q4 2025 Earnings Call Transcript

Feb -11

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

21.61$

Current Price

21.61$

Potential

-0.00%

Expected Cash-Flows