Mirion (MIR)
Mirion is a sound business. Although it has been unprofitable, its growth shows it’s deploying the Amazon reinvestment strategy.― StockStory Analyst Team
1. News
2. Summary
Why Mirion Is Interesting
With its technology protecting workers in over 130 countries and equipment used in 80% of cancer centers worldwide, Mirion Technologies (NYSE:MIR) provides radiation detection, measurement, and monitoring solutions for medical, nuclear energy, defense, and scientific research applications.
- Projected revenue growth of 18.9% for the next 12 months is above its two-year trend, pointing to accelerating demand
- Market share has increased this cycle as its 11.8% annual revenue growth over the last five years was exceptional
- One risk is its historical operating margin losses point to an inefficient cost structure
Mirion shows some signs of a high-quality business. The stock is up 48.3% since the start of the year.
Why Should You Watch Mirion
Mirion’s stock price of $25.10 implies a valuation ratio of 44.5x forward P/E. The market certainly has elevated expectations given its relatively high multiple, which could cause short-term volatility if there is a hiccup in company performance or even that of its peers.
If Mirion strings together a few solid quarters and proves it can be a high-quality company, we’d be more open to investing.
3. Mirion (MIR) Research Report: Q3 CY2025 Update
Radiation safety company Mirion (NYSE:MIR) met Wall Street’s revenue expectations in Q3 CY2025, with sales up 7.9% year on year to $223.1 million. Its non-GAAP profit of $0.12 per share was 17.1% above analysts’ consensus estimates.
Mirion (MIR) Q3 CY2025 Highlights:
- Revenue: $223.1 million vs analyst estimates of $222.2 million (7.9% year-on-year growth, in line)
- Adjusted EPS: $0.12 vs analyst estimates of $0.10 (17.1% beat)
- Adjusted EBITDA: $52.4 million vs analyst estimates of $51.47 million (23.5% margin, 1.8% beat)
- Management reiterated its full-year Adjusted EPS guidance of $0.50 at the midpoint
- EBITDA guidance for the full year is $228 million at the midpoint, above analyst estimates of $223.4 million
- Operating Margin: 3.3%, up from 0.1% in the same quarter last year
- Free Cash Flow Margin: 5.8%, up from 1.9% in the same quarter last year
- Market Capitalization: $5.62 billion
Company Overview
With its technology protecting workers in over 130 countries and equipment used in 80% of cancer centers worldwide, Mirion Technologies (NYSE:MIR) provides radiation detection, measurement, and monitoring solutions for medical, nuclear energy, defense, and scientific research applications.
Mirion's business is divided into two main segments: Medical and Technologies. The Medical segment focuses on cancer diagnostics and treatment, providing quality assurance tools that ensure radiation therapy is delivered accurately and safely to patients. These include phantoms (devices that simulate human tissue), alignment lasers, and software platforms for data analytics. The segment also offers nuclear medicine equipment and radiation monitoring services for healthcare workers.
The Technologies segment serves nuclear power plants, defense organizations, and research laboratories with specialized radiation detection and measurement systems. Products range from reactor safety controls and radiation monitoring systems to portable detection devices and contamination monitors. These tools help customers maintain safety standards, comply with regulations, and protect personnel working with radioactive materials.
For example, a nuclear power plant might use Mirion's radiation monitoring systems to continuously track radiation levels throughout the facility, ensuring worker safety and preventing environmental releases. Similarly, a hospital radiation oncology department might use Mirion's quality assurance tools to verify that radiation therapy equipment delivers precisely the prescribed dose to cancer patients.
Mirion generates revenue through direct sales and distribution partners, with customers including hospitals, government agencies, military organizations, nuclear facilities, and research laboratories. The company maintains operations across 12 countries, with a significant research and development team comprising over 400 scientists and engineers who continually advance its radiation safety technologies.
The company's products address critical safety needs in highly regulated industries where precision and reliability are essential, as radiation can be both beneficial (in medical treatments) and potentially harmful if not properly controlled.
4. Specialized Technology
Companies in this sector, especially if they invest wisely, could see demand tailwinds as the world moves towards more IoT (Internet of Things), automation, and analytics. Enterprises across most industries will balk at taking these journeys solo and will enlist companies with expertise and scale in these areas. However, headwinds could include rising competition from larger technology firms, as digitization lowers barriers to entry in the space. Additionally, companies in the space will likely face evolving regulatory scrutiny over data privacy, particularly for surveillance and security technologies. This could make companies have to continually pivot and invest.
Mirion Technologies competes with companies like Thermo Fisher Scientific (NYSE: TMO), Fortive Corporation's Fluke Health Solutions (NYSE: FTV), and IBA Group in the radiation measurement and medical segments. In the nuclear safety and monitoring space, competitors include Framatome (owned by EDF), Westinghouse Electric Company, and Lockheed Martin (NYSE: LMT).
5. Revenue Growth
A company’s long-term sales performance can indicate its overall quality. Any business can put up a good quarter or two, but the best consistently grow over the long haul.
With $902.3 million in revenue over the past 12 months, Mirion is a small player in the business services space, which sometimes brings disadvantages compared to larger competitors benefiting from economies of scale and numerous distribution channels. On the bright side, it can grow faster because it has more room to expand.
As you can see below, Mirion grew its sales at an excellent 11.8% compounded annual growth rate over the last five years. This is an encouraging starting point for our analysis because it shows Mirion’s demand was higher than many business services companies.
Long-term growth is the most important, but within business services, a half-decade historical view may miss new innovations or demand cycles. Mirion’s annualized revenue growth of 7% over the last two years is below its five-year trend, but we still think the results were respectable. 
This quarter, Mirion grew its revenue by 7.9% year on year, and its $223.1 million of revenue was in line with Wall Street’s estimates.
Looking ahead, sell-side analysts expect revenue to grow 19.7% over the next 12 months, an improvement versus the last two years. This projection is eye-popping and indicates its newer products and services will catalyze better top-line performance.
6. Operating Margin
Operating margin is one of the best measures of profitability because it tells us how much money a company takes home after subtracting all core expenses, like marketing and R&D.
Although Mirion was profitable this quarter from an operational perspective, it’s generally struggled over a longer time period. Its expensive cost structure has contributed to an average operating margin of negative 1.3% over the last five years. Unprofitable business services companies require extra attention because they could get caught swimming naked when the tide goes out.
On the plus side, Mirion’s operating margin rose by 6 percentage points over the last five years, as its sales growth gave it operating leverage. Still, it will take much more for the company to show consistent profitability.
In Q3, Mirion generated an operating margin profit margin of 3.3%, up 3.2 percentage points year on year. This increase was a welcome development and shows it was more efficient.
7. Cash Is King
Although earnings are undoubtedly valuable for assessing company performance, we believe cash is king because you can’t use accounting profits to pay the bills.
Mirion has shown mediocre cash profitability over the last five years, giving the company limited opportunities to return capital to shareholders. Its free cash flow margin averaged 4.3%, subpar for a business services business.
Taking a step back, an encouraging sign is that Mirion’s margin expanded by 2.2 percentage points during that time. We have no doubt shareholders would like to continue seeing its cash conversion rise as it gives the company more optionality.
Mirion’s free cash flow clocked in at $13 million in Q3, equivalent to a 5.8% margin. This result was good as its margin was 3.9 percentage points higher than in the same quarter last year, building on its favorable historical trend.
8. Balance Sheet Assessment
Mirion reported $933.2 million of cash and $1.23 billion of debt on its balance sheet in the most recent quarter. As investors in high-quality companies, we primarily focus on two things: 1) that a company’s debt level isn’t too high and 2) that its interest payments are not excessively burdening the business.
With $219.9 million of EBITDA over the last 12 months, we view Mirion’s 1.4× net-debt-to-EBITDA ratio as safe. We also see its $25.4 million of annual interest expenses as appropriate. The company’s profits give it plenty of breathing room, allowing it to continue investing in growth initiatives.
9. Key Takeaways from Mirion’s Q3 Results
It was good to see Mirion beat analysts’ EPS expectations this quarter. We were also glad its full-year EPS guidance outperformed Wall Street’s estimates. Zooming out, we think this was a good print with some key areas of upside. The stock traded up 3.2% to $26 immediately following the results.
10. Is Now The Time To Buy Mirion?
Updated: December 3, 2025 at 10:33 PM EST
Before making an investment decision, investors should account for Mirion’s business fundamentals and valuation in addition to what happened in the latest quarter.
Mirion is a fine business. First off, its revenue growth was impressive over the last five years and is expected to accelerate over the next 12 months. And while its relatively low ROIC suggests management has struggled to find compelling investment opportunities, its expanding operating margin shows the business has become more efficient. On top of that, its astounding EPS growth over the last two years shows its profits are trickling down to shareholders.
Mirion’s P/E ratio based on the next 12 months is 44.5x. At this valuation, there’s a lot of good news priced in. Add this one to your watchlist and come back to it later.
Wall Street analysts have a consensus one-year price target of $31 on the company (compared to the current share price of $25.10).