Mirion Technologies, Inc. (MIR) stock analysis
Close on Nov 11, 2026Market cap $4.35BP/E 160.9Yield –
StockData Score
Prices as of Nov 11, 2026How the score works
Mixed12 of 30 checks passed
Mirion Technologies passes 12 of the 30 checks behind our score; 12 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.
- Valuation
- 2/6
- Growth
- 4/6
- Past performance
- 3/6
- Financial health
- 3/6
- Dividend
- 0/6
What stands out
Low debt
Debt is 24.9% of shareholders' equity, under the 40% we consider low.
Revenue growing 10%+ a year
Revenue grew 14.8% a year over the last three fiscal years.
Debt covered by cash flow
Operating cash flow over the last twelve months equals 47.2% of total debt.
Guidance raised
Mirion Technologies raised its 2026 Adjusted Free Cash Flow Conversion outlook on Oct 27, 2026.
What to watch
Margin of safety under 20%
The price is 55.9% above fair value, so there is no margin of safety.
Trading above fair value
The share price of $17.70 is above our fair value estimate of $11.35.
Return on capital under 10%
Return on invested capital was 3.1%, below the 10% that usually covers the cost of capital.
Bankruptcy risk in the grey zone
The Altman Z-score is 1.94; above 3 is the safe zone and below 1.8 the distress zone.
Valuation2/6
P/E against its history
Not enough price and earnings history to compare.
P/E above the industry
Mirion Technologies's P/E of 160.9 is above the Laboratory Apparatus and Analytical, Optical, Measuring, and Controlling Instruments median of 36.5.
EV/EBITDA below its 5-year median
Mirion Technologies's EV/EBITDA of 20.3 is below its 5-year median of 20.5.
P/B below the industry
Mirion Technologies's price-to-book of 2.43 is below the Laboratory Apparatus and Analytical, Optical, Measuring, and Controlling Instruments median of 3.17.
Trading above fair value
The share price of $17.70 is above our fair value estimate of $11.35.
Margin of safety under 20%
The price is 55.9% above fair value, so there is no margin of safety.
Growth4/6
Revenue growing 10%+ a year
Revenue grew 14.8% a year over the last three fiscal years.
EPS growth over 3 years
Needs positive EPS three years ago and today.
Earnings acceleration
Needs positive net income now, a year ago and five years ago.
Growing faster than the industry
Revenue grew 19.6% over the last twelve months; the Laboratory Apparatus and Analytical, Optical, Measuring, and Controlling Instruments median is 8.4%.
Guidance raised
Mirion Technologies raised its 2026 Adjusted Free Cash Flow Conversion outlook on Oct 27, 2026.
Gross margin improving
Gross margin was 48.1% over the last twelve months, against 47.1% a year earlier.
Past performance3/6
Return on equity
Needs positive equity and five years of results.
Return on capital under 10%
Return on invested capital was 3.1%, below the 10% that usually covers the cost of capital.
Return on equity above the industry
Mirion Technologies's return on equity of 1.6% is above the Laboratory Apparatus and Analytical, Optical, Measuring, and Controlling Instruments median of 1.1%.
Earnings over 5 years
Needs positive net income five years ago and in the latest year.
Net margin above its 5-year average
Net margin was 2.7% over the last twelve months, against a 5-year average of -12.8%.
Net margin above the industry
Mirion Technologies's net margin of 2.7% is above the Laboratory Apparatus and Analytical, Optical, Measuring, and Controlling Instruments median of -1.3%.
Financial health3/6
Low debt
Debt is 24.9% of shareholders' equity, under the 40% we consider low.
Debt trend
Needs a balance sheet from five years ago with positive equity.
Debt covered by cash flow
Operating cash flow over the last twelve months equals 47.2% of total debt.
Interest coverage
Interest expense is not reported separately.
Short-term assets cover short-term debts
Current assets are 3.02 times current liabilities.
Bankruptcy risk in the grey zone
The Altman Z-score is 1.94; above 3 is the safe zone and below 1.8 the distress zone.
Dividend0/6
No dividend
Mirion Technologies has not paid a dividend in the last twelve months.
Yield against Treasuries
No dividend.
Yield against the market
No dividend.
Dividend stability
No dividend.
Earnings cover
No dividend.
Cash-flow cover
No dividend.
Fair value
How we estimate itOur estimate per share
$11.35
The share price is 56% above this estimate.
| Method | Multiple used | Own 5Y median | Industry median | Value per share | Weight |
|---|---|---|---|---|---|
| P/E | 36.5× | – | 36.5× | $4.02 | 47% |
| EV/EBITDA | 22.1× | 20.5× | 23.7× | $19.47 | 41% |
| P/B | 1.7× | 0.2× | 3.2× | $12.27 | 12% |
| Earnings powerleft out, too far from the others | 12.3% cost of equity | – | – | $2.37 | – |
| Fair value | $11.35 | 100% | |||
Valuation over time
Using the earnings and balance sheet published at each date, not today's.
- P/E at month end
- Laboratory Apparatus and Analytical, Optical, Measuring, and Controlling Instruments median 36.5
An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.
Market risk
From the past year of daily prices.
Liquidity
Low risk
- Average value traded per day
- $83.83M
- Value traded per 1% price move
- $25.80M
Downside
Medium risk
- Typical loss in a bad month
- 19.2%
- Volatility (annualized)
- 54%
- Sharpe ratio, 1 year
- -0.73
- Beta to the S&P 500 (5Y)
- 1.49
Typical bad-month loss, week by week
Margins
Share of revenue, fiscal years 2018 to 2025
Gross margin
Operating margin
Net margin
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +7.5% | – | +14.1% | – | |
| Gross profit | +9.7% | – | +17.4% | – | |
| Operating income | +107.7% | – | +17.5% | – | |
| Free cash flow | +112.5% | – | +40.4% | – |
Returns and balance sheet
7 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2018 | FY2019 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | – | 1.7% | |
| Return on assets | – | – | 0.9% | |
| Current ratio | – | – | 2.83 | |
| Debt to equity | – | – | 0.24 | |
| Net debt to EBITDA | – | – | 0.17× | |
| Interest coverage | – | – | 1.2× | |
| Inventory turnover | – | – | 3.4× | |
| Capex to revenue | – | 3.7% | 3.9% | |
| Diluted shares | – | 6M | 261M |
Where the cash went
Fiscal 2020 to 2025, five years combined
Mirion Technologies generated $430.70M from operations and spent $215.00M on capital expenditure, dividends and share buybacks. 77% of that went back into the business.
DuPont analysis
Return on equity split into margin, efficiency and leverage
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 3.1% | 0.30× | 1.85× | 1.7% |
| FY2024 | -4.2% | 0.32× | 1.79× | -2.4% |
| FY2021 | -25.9% | 0.44× | -1.79× | 20.3% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
- ProfitableNet income above zero$28.80M
- Cash generatingOperating cash flow above zero$143.30M
- Return on assets improvedROA up on the prior year-1.3% → 1.1%
- Earnings backed by cashOperating cash flow above net income$143.30M vs $28.80M
- Less leverageLong-term debt to assets fell26.0% → 12.3%
- Better liquidityCurrent ratio rose2.26 → 2.83
- No dilutionShare count did not rise205M → 261M
- Gross margin improvedGross margin up on the prior year46.43% → 47.40%
- More efficientAsset turnover rose0.32 → 0.35
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