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MIR

Mirion Technologies, Inc.

MIR

Mirion Technologies, Inc. • NYSE
$26.02 ▲ 0.66% (+0.17)
Market Cap $5.77 B
52w High $30.28
52w Low $12.00
Dividend Yield 0%
P/E 236.55
Volume 942.13K
Outstanding Shares 221.64M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $223.1M ▲ $97.1M ▲ $2.9M ▼ 1.3% ▼ $0.013 ▼ $44.9M ▲
Q2-2025 $222.9M ▲ $92.8M ▲ $8.3M ▲ 3.724% ▲ $0.037 ▲ $44.1M ▲
Q1-2025 $202M ▼ $87.4M ▼ $300K ▼ 0.149% ▼ $0.001 ▼ $42.4M ▼
Q4-2024 $254.3M ▲ $93.4M ▼ $15M ▲ 5.899% ▲ $0.25 ▲ $63.9M ▲
Q3-2024 $206.8M $96M $-13.6M -6.576% $-0.066 $38.8M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $939.7M ▲ $3.496B ▲ $1.604B ▲ $1.841B ▲
Q2-2025 $268.7M ▲ $2.738B ▲ $1.224B ▲ $1.462B ▼
Q1-2025 $191.7M ▲ $2.626B ▼ $1.069B ▼ $1.504B ▼
Q4-2024 $181.1M ▲ $2.636B ▼ $1.077B ▼ $1.506B ▼
Q3-2024 $139.1M $2.654B $1.079B $1.519B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $3.1M ▼ $22.3M ▲ $-88.1M ▼ $737.5M ▲ $670.6M ▲ $13M ▲
Q2-2025 $8.3M ▲ $9.8M ▼ $-8.1M ▼ $65M ▲ $76.8M ▲ $1M ▼
Q1-2025 $300K ▼ $35.6M ▼ $-7.6M ▲ $-21.2M ▼ $10.6M ▼ $27.1M ▼
Q4-2024 $15.9M ▲ $60.8M ▲ $-9.6M ▲ $-1.3M ▼ $41.9M ▲ $49.1M ▲
Q3-2024 $-14M $17.1M $-12.3M $800K $9.9M $3.9M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Product
Product
 $200.00M ▲$150.00M ▼$160.00M ▲$170.00M ▲
Service
Service
 $60.00M ▲$50.00M ▼$60.00M ▲$60.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Mirion’s revenue has been climbing steadily each year, and gross profits have grown alongside it, showing that the core business is scaling reasonably well. Operating results have moved from meaningful losses toward a small operating profit, helped by better cost control and integration of acquisitions. However, after interest, taxes, and other non‑operating items, the company still reports net losses and negative earnings per share, though these losses are shrinking over time. In simple terms, the business is moving in the right direction operationally, but has not yet reached consistent bottom‑line profitability.

Balance Sheet

Balance Sheet The balance sheet shows a sizeable asset base and a solid level of shareholder equity, with both staying relatively stable over the past few years. Debt remains significant, reflecting Mirion’s acquisition‑driven growth and SPAC history, but total borrowings have trended slightly down from earlier levels. Cash on hand is modest but higher than a few years ago, which improves flexibility but does not leave huge room for error. Overall, the company appears reasonably well capitalized but still carries a noticeable debt load that needs ongoing attention as it works toward full profitability.

Cash Flow

Cash Flow Cash generation has improved meaningfully. Operating cash flow has been consistently positive in recent years and is growing, suggesting the business is converting more of its activity into actual cash. After funding its relatively moderate capital spending needs, Mirion has been able to produce positive free cash flow, a sharp improvement from the early post‑SPAC period when free cash flow was negative. This pattern indicates a business that is becoming more self‑funding, even though accounting profits are not yet positive.

Competitive Edge

Competitive Edge Mirion operates in specialized, highly regulated niches—radiation safety, nuclear energy, and advanced medical imaging and therapy—where expertise, certifications, and long qualification cycles create high barriers to entry. It benefits from long‑standing relationships with nuclear operators, defense customers, and cancer centers, plus a large installed base that drives recurring service and replacement revenue. Its portfolio spans hardware, software, and services, allowing it to offer end‑to‑end solutions rather than one‑off products. The flip side is exposure to government budgets, utility spending, and regulatory cycles, which can be slow and project‑driven. Still, the combination of technical depth, trusted brands, and integration across nuclear and medical markets provides a meaningful competitive moat.

Innovation and R&D

Innovation and R&D Innovation is a central part of Mirion’s strategy. The company is pushing digital and software platforms like Vital and SunCHECK, expanding wireless and real‑time monitoring, and embedding artificial intelligence into treatment planning through tools like Plan AI. It has strong detector technology with applications ranging from nuclear plants to space missions, and it is building out specialized software such as Apex‑Guard for radiopharmaceutical quality control. Many of these capabilities have been strengthened through targeted acquisitions in oncology quality assurance, nuclear aftermarket parts, and compliance software. The key opportunity lies in riding long‑term trends such as the revival of nuclear power, growth of small modular reactors, and rapid expansion of radiopharmaceuticals and precision cancer therapy. The main risks are execution—integrating acquisitions, keeping technology ahead of peers, and turning innovation into durable, profitable growth.

Summary

Mirion is transitioning from a period of heavy investment and acquisition‑driven expansion toward a more mature phase focused on efficiency, integration, and cash generation. Revenue and operating performance are improving, and cash flows now look healthier, but the company remains loss‑making at the net income level and carries meaningful debt. Strategically, it holds a strong position in niche but growing markets tied to nuclear energy and advanced medical treatment, supported by high regulatory barriers, long customer relationships, and a broad, technology‑rich product set. Future results will likely hinge on how well Mirion can leverage its digital and AI offerings, capitalize on nuclear and medical growth tailwinds, and continue to strengthen its balance sheet while converting its innovation pipeline into durable, profitable scale.

NEWS

October 28, 2025 · 4:17 PM UTC

Mirion Announces Third Quarter 2025 Financial Results and Updates Full Year Guidance

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October 15, 2025 · 4:17 PM UTC

Mirion Announces Earnings Release and Conference Call Date for Third Quarter 2025

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September 26, 2025 · 12:01 AM UTC

Mirion Technologies Announces Pricing of Upsized Public Offering of Class A Common Stock

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September 26, 2025 · 12:00 AM UTC

Mirion Technologies Announces Pricing of Upsized $325.0 Million Offering of 0.00% Convertible Senior Notes Due 2031

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September 24, 2025 · 4:35 PM UTC

Mirion Technologies Announces Proposed Public Offering of Class A Common Stock

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