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what it is
Mirion sells radiation detection gear and cancer-treatment measurement tools to nuclear operators, labs, and hospitals.
how it gets paid
Last year Mirion Tech made $925M in revenue. Radiation monitoring systems was the main engine at $314.5M, or 34% of sales.
why it's growing
Revenue grew 7.5% last year. Management has carried over approximately $110 million in large-scale orders from 2025’s pipeline due to timing shifts.
what just happened
Mirion reported EPS of $0.15 versus a $0.11 estimate, a 36.36% beat.
At a glance
B+ balance sheet — decent shape, but not bulletproof
169.9x trailing p/e — you're paying up for this one
4.0% return on capital — nothing to write home about
xvary composite: 44/100 — below average
$0.75 fy2027 eps est
What they do
Mirion sells radiation detection gear and cancer-treatment measurement tools to nuclear operators, labs, and hospitals.
This is a picks-and-shovels business for radiation-heavy industries where failure is not a rounding error. Mirion serves nuclear operators, labs, and hospitals across North America, Europe, and Asia, and 2,850 employees support that installed base. If your equipment helps monitor radiation and verify cancer-treatment doses, replacing it is slow, regulated, and painful.
How they make money
$925M
annual revenue · their business grew +7.5% last year
Radiation monitoring systems
$314.5M
+7.5%
Nuclear measurement and analysis
$259.0M
+7.5%
Radiation oncology QA
$203.5M
+7.5%
Dosimetry solutions and services
$148.0M
0.0%
The products that matter
detects and monitors radiation
Radiation Detection Systems
65% of revenue exposure
this is the center of the story. It represents 65% of company sales inside a $925M revenue base. If this line stays healthy, MIR looks focused. If it slows, MIR looks concentrated.
core engine
centralized safety software
Vital Digital Platform
launched july 2025
the software angle gives management a cleaner growth story. The missing piece is revenue proof. You know Vital launched in july 2025. You do not yet have a number showing it changes the income statement.
early proof
Key numbers
169.9x
trailing p/e
P/E ratio → how many years of current earnings you are paying for → you are paying a huge price for a company that earned $0.04 a share.
$925M
annual revenue
Revenue → total sales → the business has real scale, but that scale still only converts into a 5.3% net profit margin.
5.6%
operating margin
Operating margin → profit after running the business → Mirion keeps just $5.60 for every $100 of sales before interest and taxes.
4.0%
return on capital
Return on capital → profit earned on money invested in the business → 4.0% is low for a stock priced like a premium grower.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 3 — safer than 50% of stocks
- price stability 25 / 100
- long-term debt $443M (6% of capital)
- net profit margin 5.3% — keeps 5 cents of every dollar in revenue
- return on equity 4% — $0.04 profit for every $1 investors have put in
B+ — functional but not a standout on the balance sheet.
Total return vs. market
You invested $10,000 in MIR 3 years ago → it's now worth $32,350.
The index would have given you $14,770.
source: institutional data · total return
What just happened
beat estimates
Mirion reported EPS of $0.15 versus a $0.11 estimate, a 36.36% beat.
Latest quarterly revenue was $648M, up 190% vs. prior year, and gross margin came in at 46.8%. The quiet part out loud: revenue scale is improving faster than earnings quality.
$648M
revenue
$0.15
eps
46.8%
gross margin
the number that mattered
The 36.36% EPS beat matters because Mirion only has $0.04 of trailing EPS, so every profitable quarter carries extra weight.
-
mirion technologies should post top- and bottom-line growth in 2025.the leading provider of radiation measurement and monitoring systems continues to strengthen its position in the commercial nuclear, defense, and advanced-reactor markets, allowing it to capitalize on an integrated suite of safety, instrumentation, and monitoring solutions.
-
overall, we think mirion should deliver earnings of roughly $0.15 per share, up substantially from the net loss of $0.18 per share in 2024, with sales increasing around 8% from a year ago, to $930 million.
-
in 2026, the company is focused on converting its substantial backlog into realized revenue.management has carried over approximately $110 million in large-scale orders from 2025’s pipeline due to timing shifts, setting a high floor for organic growth in the first half of 2026. we also expect the non-recurring production costs and supply chain frictions that hampered 2025 to begin to fade, allowing for meaningful margin expansion.
-
meanwhile, mirion’s vital digital platform has been gaining traction.as a reminder, the vital digital platform, launched in july 2025, is a centralized software ecosystem designed to unify radiation safety operations across nuclear and industrial sites. historically, nuclear facilities have relied on fragmented, site-specific tools to monitor different types of equipment. the vital platform replaces these silos with a single, supervisory layer that can monitor thousands of instruments in real time. the platform is a cornerstone of mirion’s long-term strategy to move from a hardware-only vendor to a software-as-a-service (SaaS) provider. by creating a digital foundation that can absorb new devices over time, the company aims to drive higher-margin recurring revenue and position itself as a first-mover in the digital software architecture of advanced small modular reactor (smr) ecosystems.
-
most investors should pass on these untimely shares.
source: company earnings report, 2026
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What could go wrong
Mirion's risk is not abstract. It sits right on the page: a stock at 169.9x trailing earnings, a $110M carried order book that needs to convert, and a business where 65% of revenue comes from one product line.
med
backlog conversion stalls
management carried roughly $110M of large-scale orders into 2026. That backlog is supposed to support the next leg of revenue growth.
If those orders slip again, the earnings bridge weakens fast. A stock on 169.9x trailing earnings does not need a collapse to get hit. It just needs a delay.
med
budget timing in nuclear and defense
Mirion sells into nuclear, defense, and other regulated safety markets. Those end markets can be sticky, but project timing and procurement cycles still matter.
Delayed spending does not always destroy demand. It does push revenue out, and timing slippage matters when investors are paying up for near-term earnings progress.
med
too much depends on one product line
65% of revenue comes from a single product line. That focus helps when demand is healthy and hurts when it is not.
If the core radiation-detection line slows, this is not a side issue. It hits the center of the company and makes the rest of the story harder to tell.
med
valuation cools before earnings arrive
Mirion posted 42.8% revenue growth, a 16.0% net margin, and a 21.5% operating margin. Those are good business numbers. The stock still trades at 169.9x trailing earnings.
You do not need bad operating results to lose money here. You need good results that arrive slower than the multiple expects. Welcome to premium-multiple investing.
The setup comes down to one question: does Mirion turn backlog and concentration into durable earnings fast enough to justify a valuation that already expects cleaner numbers ahead.
source: institutional data · regulatory filings · risk analysis
Pay attention to
earnings
next report in february
that is the next clean check on backlog conversion, margin quality, and whether the one-cent quarter was a placeholder or a warning.
metric
the $110M carried order book
orders are nice. Revenue is nicer. You want to see that backlog show up in reported sales, not stay parked in management commentary.
risk
65% revenue concentration
one product line carries most of the business. That makes strength powerful and any slowdown impossible to hide.
trend
margin hold versus multiple hold
21.5% operating margin is good. The bigger question is whether earnings growth catches up before investors decide 169.9x trailing p/e was too generous.
Analyst rankings
short-term outlook
below average
momentum score 4 — in human-speak, analysts do not see a strong near-term edge from here.
risk profile
average
stability score 3 — you are not in bunker-stock territory, but this is not chaos either.
chart momentum
average
technical score 3 — the tape is not giving you a dramatic signal. The fundamentals have to do the talking.
source: institutional data
Institutional activity
institutions have been net buying for 3 consecutive quarters — 211 buyers vs. 138 sellers in 3q2025. total institutional holdings: 0.3B shares. net buying for 3 quarters.
source: institutional data
Price targets
3-5 year target range
$11
$34
$25
current price
$23
target midpoint · 10% from current · 3-5yr high: $50 (+95% · 19% ann'l return)
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