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Mirion Technologies
(NYSE:MIR)
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Rating:63Neutral
Price Target:
$18.00
▲(21.21% Upside)
Action:Reiterated
Date:09/06/26
The score is primarily supported by improving financial performance—especially strong free cash flow—and a constructive earnings outlook with strong backlog visibility. These positives are tempered by very expensive valuation (high P/E) and only mixed technicals, with the stock still below longer-term moving averages and momentum indicators running elevated.
Positive Factors
Backlog and nuclear demand
The expanding backlog and strong nuclear order growth provide meaningful forward revenue visibility across installed-base, life-extension, and SMR programs. This supports demand durability and gives Mirion a foundation for sustained growth beyond a single quarter, while reducing reliance on spot sales.
Negative Factors
Thin and volatile profitability
Although Mirion has returned to positive earnings, low current margins and a history of losses leave limited protection if demand softens, costs rise, or project execution weakens. Modest operating profitability also constrains the company’s ability to absorb volatility while funding growth initiatives.
Read all positive and negative factors
Positive Factors
Negative Factors
Backlog and nuclear demand
The expanding backlog and strong nuclear order growth provide meaningful forward revenue visibility across installed-base, life-extension, and SMR programs. This supports demand durability and gives Mirion a foundation for sustained growth beyond a single quarter, while reducing reliance on spot sales.
Read all positive factors
Mirion Technologies (MIR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$4.22B
Dividend YieldN/A
Average Volume (3M)4.11M
Price to Earnings (P/E)170.9
Beta (1Y)1.53
Revenue Growth15.68%
EPS Growth133.41%
CountryUS
Employees3,281
SectorIndustrials
Sector Strength72
IndustryIndustrial - Machinery
Share Statistics
EPS (TTM)0.10
Shares Outstanding243,278,090
10 Day Avg. Volume3,776,883
30 Day Avg. Volume4,110,506
Financial Highlights & Ratios
PEG Ratio-1.05
Price to Book (P/B)2.89
Price to Sales (P/S)5.82
P/FCF Ratio50.38
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$23.88Price Target Upside60.77% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering8
EPS Forecast (FY)0.54
Revenue Forecast (FY)$1.14B
Mirion Technologies Business Overview & Revenue Model
Company Description
Mirion Technologies, Inc., established in 2005 and formerly known as Global Monitoring Systems, Inc. until its name change in January 2006, is based in Atlanta, Georgia. The company specializes in providing a comprehensive suite of specialized sol...
How the Company Makes Money
Mirion makes money primarily by selling radiation-related products, providing recurring services, and delivering longer-duration projects tied to regulated end markets.
1) Product sales (hardware + associated software): A major revenue stream com...
Mirion Technologies Earnings Call Summary
Earnings Call Date:Jul 28, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 03, 2026
Earnings Call Sentiment Positive
The call conveyed strong operational and financial momentum driven by substantial backlog and order growth (notably in nuclear power and SMRs), expanding adjusted EBITDA margins, robust free cash flow, successful integration of Paragon, and maintained full-year guidance with good revenue coverage. Offsetting risks include weak organic revenue (medical softness and dosimetry declines), an $18M China debooking, M&A-related margin dilution, and timing/execution risk on large opportunities. On balance the positive drivers (backlog growth, margin expansion, cash generation, large wins, AI/product innovation) materially outweigh the near-term challenges, supporting constructive outlook for the remainder of 2026.Positive Updates
Backlog and Orders Expansion
Total backlog > $1.1B, nearly 40% higher vs Q2 2025; legacy backlog (ex-Paragon/Certrec) grew 17%, legacy subset up 31%, and legacy installed-base backlog up nearly 40% vs Q2 2025. Q2 orders +10% YoY; total orders including M&A grew 40% to $291M (including $62M from Paragon/Certrec).
Negative Updates
Weak Organic Revenue Growth
Organic revenue growth only +1% in Q2 (management noted ~2% in first half), with 18 of the ~19.7% consolidated growth attributed to acquisitions — indicating heavy reliance on M&A for top-line growth.
Read all updates
Q2-2026 Updates
Positive
Negative
Backlog and Orders Expansion
Total backlog > $1.1B, nearly 40% higher vs Q2 2025; legacy backlog (ex-Paragon/Certrec) grew 17%, legacy subset up 31%, and legacy installed-base backlog up nearly 40% vs Q2 2025. Q2 orders +10% YoY; total orders including M&A grew 40% to $291M (including $62M from Paragon/Certrec).
Read all positive updates
Company Guidance
Mirion reiterated its unchanged full‑year 2026 guidance, saying H1 results plus backlog conversion cover roughly 81% of expected full‑year revenue; Q2 backlog exceeded $1.1B (~+40% YoY), Q2 revenue was $266.8M (+20% YoY) with adjusted EBITDA $65.3M (+27.5%), adjusted EPS $0.12, and Q2 adjusted free cash flow $49M (H1 $60M). Management expects organic revenue to step up from 2% in H1 to 7.5%–11.2% in the second half, with Q3 consolidated organic growth in the high single‑digits (Nuclear & Safety mid‑single, Medical high‑single), second‑half adjusted EBITDA margins of roughly 27%–29% (H1 margin 22.8%, down 23 bps YoY), and second‑half adjusted free cash flow of $95M–$115M (trending to the high end). They maintained full‑year medical guidance while raising RTQA to double‑digit growth, lowering nuclear medicine to mid‑single digits and expecting dosimetry to be negative; orders in Q2 were +10% YoY (total $291M, +40% including $62M from Paragon/Certrec), SMR bookings were $49M, and Mirion repurchased ~$25M of its $100M buyback in Q2 (≈1.4M shares; ~$40M repurchased YTD, $40M remaining).Mirion Technologies Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
64
Positive
Cash Flow
73
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.02B | 925.40M | 860.80M | 800.90M | 717.80M | 668.30M |
| Gross Profit | 492.00M | 438.60M | 401.80M | 356.50M | 317.20M | 284.20M |
| EBITDA | 215.20M | 212.90M | 179.00M | 149.00M | 104.30M | 92.60M |
| Net Income | 24.50M | 28.80M | -36.10M | -96.90M | -276.90M | -222.50M |
Balance Sheet | ||||||
| Total Assets | 3.52B | 3.59B | 2.64B | 2.72B | 2.74B | 3.12B |
| Cash, Cash Equivalents and Short-Term Investments | 425.30M | 419.20M | 181.10M | 134.10M | 77.80M | 88.90M |
| Total Debt | 1.23B | 1.23B | 719.90M | 721.00M | 849.60M | 860.60M |
| Total Liabilities | 1.65B | 1.67B | 1.08B | 1.17B | 1.27B | 1.33B |
| Stockholders Equity | 1.83B | 1.87B | 1.51B | 1.48B | 1.40B | 1.69B |
Cash Flow | ||||||
| Free Cash Flow | 136.80M | 106.90M | 50.30M | 58.10M | 5.20M | -16.70M |
| Operating Cash Flow | 175.80M | 143.30M | 99.10M | 95.20M | 39.40M | 900.00K |
| Investing Cash Flow | -698.70M | -694.60M | -43.70M | -64.70M | -39.50M | -2.20B |
| Financing Cash Flow | 686.40M | 775.90M | -3.30M | 22.60M | -7.00M | 1.54B |
Mirion Technologies Technical Analysis
Neutral
14.85
Price Trends
15.97
Positive
17.21
Negative
20.02
Negative
Market Momentum
0.03
Negative
63.08
Neutral
88.10
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MIR, the sentiment is Neutral. The current price of 14.85 is below the 20-day moving average (MA) of 15.36, below the 50-day MA of 15.97, and below the 200-day MA of 20.02, indicating a neutral trend. The MACD of 0.03 indicates Negative momentum. The RSI at 63.08 is Neutral, neither overbought nor oversold. The STOCH value of 88.10 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
82 Outperform | $3.53B | 32.21 | 11.12% | 0.47% | 12.50% | 3.37% | |
79 Outperform | $3.74B | 16.62 | 21.21% | 1.18% | 5.88% | 49.15% | |
77 Outperform | $9.74B | 26.73 | 16.63% | 1.12% | -0.26% | 29.38% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
63 Neutral | $4.22B | 170.91 | 1.33% | ― | 15.68% | 133.41% | |
58 Neutral | $5.03B | 41.22 | 11.19% | 0.38% | 27.71% | -12.90% |
* Industrials Sector Average
MIR
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16.92
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302.96
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20.39%
Mirion Technologies Corporate Events
Business Operations and StrategyStock Buyback
Mirion Technologies Announces New Share Repurchase Program
Positive
Aug 31, 2026
Mirion Technologies, Inc. operates in the radiation detection and monitoring industry, providing specialized technologies and services that support safety and measurement needs across nuclear, medical, and industrial markets. The company’s C...
Business Operations and StrategyExecutive/Board Changes
Mirion Technologies Strengthens U.S. Nuclear & Safety Leadership
Positive
Jul 2, 2026
On July 2, 2026, Mirion Technologies, Inc. entered into a letter agreement and secondment addendum with Loïc Eloy, President of its Nuclear Safety Group, to support his expatriation and secondment from France to the United States. Eloy will ...
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.