Mirion Technologies Inc
NYSE:MIR
Mirion Technologies Inc
Mirion Technologies Inc., a relatively unheralded but vital player in the world of radiation measurement and detection, provides critical solutions across a variety of sectors, from medical imaging to safety and environmental monitoring. The company operates predominantly in two key segments: Medical and Industrial. In the medical realm, Mirion offers radiation therapy quality assurance products and software that are essential for ensuring the efficacy and safety of radiation used in cancer treatments. By integrating advanced software with precision hardware, it plays a pivotal role in the oncology landscape, ensuring that hospitals and clinics can deliver safe and effective radiation therapy. This focus on precision and safety in healthcare drives significant revenues as healthcare providers rely on these technologies to keep patient outcomes at the forefront.
Beyond healthcare, Mirion extends its expertise into the industrial sector, providing technology for nuclear power facilities, military applications, and laboratories. Their sophisticated detection devices are employed not just for energy generation but also for ensuring compliance with safety standards and regulations across diverse industries. Alongside, Mirion’s environmental solutions help in monitoring and managing radiation levels in various settings, supporting governmental and industrial efforts to safeguard people and the environment. By continuously innovating and developing tailor-made solutions that cater to the stringent requirements of radiation measurement and detection, Mirion secures its position as a key supplier in industries where precision and reliability are non-negotiable, thus underpinning its revenue streams and business model.
Mirion Technologies Inc., a relatively unheralded but vital player in the world of radiation measurement and detection, provides critical solutions across a variety of sectors, from medical imaging to safety and environmental monitoring. The company operates predominantly in two key segments: Medical and Industrial. In the medical realm, Mirion offers radiation therapy quality assurance products and software that are essential for ensuring the efficacy and safety of radiation used in cancer treatments. By integrating advanced software with precision hardware, it plays a pivotal role in the oncology landscape, ensuring that hospitals and clinics can deliver safe and effective radiation therapy. This focus on precision and safety in healthcare drives significant revenues as healthcare providers rely on these technologies to keep patient outcomes at the forefront.
Beyond healthcare, Mirion extends its expertise into the industrial sector, providing technology for nuclear power facilities, military applications, and laboratories. Their sophisticated detection devices are employed not just for energy generation but also for ensuring compliance with safety standards and regulations across diverse industries. Alongside, Mirion’s environmental solutions help in monitoring and managing radiation levels in various settings, supporting governmental and industrial efforts to safeguard people and the environment. By continuously innovating and developing tailor-made solutions that cater to the stringent requirements of radiation measurement and detection, Mirion secures its position as a key supplier in industries where precision and reliability are non-negotiable, thus underpinning its revenue streams and business model.
Record Orders: Mirion booked record orders of nearly $1.1 billion in 2025, up 26% year-over-year, with significant strength from the nuclear power market.
Revenue Miss: The company missed its 2025 revenue guidance due to softness in RTQA and Labs and Research, but adjusted EBITDA was on target and free cash flow beat expectations.
Margin Expansion: Adjusted EBITDA margins expanded by 90 basis points for the year, aided by procurement initiatives and operating leverage.
Strong Free Cash Flow: Adjusted free cash flow doubled to $131 million in 2025, significantly outperforming guidance.
Strategic Acquisitions: The acquisitions of Certrec and Paragon broadened Mirion’s nuclear power exposure, bringing nuclear power revenue to about 40% of the total.
2026 Guidance: For 2026, management expects total revenue growth of 22–24%, organic growth of 5–7%, EBITDA of $285–300 million, margins of 25–26%, and adjusted EPS of $0.50–$0.57.
AI & Synergies: Management highlighted ongoing AI initiatives and expects meaningful synergy capture from recent acquisitions, including Paragon.
SMR Momentum: Orders and engagement in the small modular reactor (SMR) space are growing, though revenue contribution is still modest.
