MIR - Mirion Technologies, Inc.

Mirion Technologies provides radiation detection and measurement instruments, including its Biodex medical positioning systems, Canberra nuclear detection hardware, and dosimetry services used to monitor radiation exposure. Its core customers are nuclear power plants, defense agencies, medical/healthcare facilities, and research laboratories, operating primarily on a mix of equipment sales and recurring service/calibration contracts. The company generates approximately $800M in annual revenue, with significant exposure to North America and Europe, reflecting its heritage from legacy nuclear industry suppliers merged under private equity before its 2021 SPAC listing.

Past Year Trends

• Mirion booked record orders exceeding $1 billion in FY2025, with Q4 2025 adjusted orders surging 62% year-over-year including approximately $140 million in nuclear power 'large opportunity' orders, signaling strong pipeline conversion. (Bullish)
• Mirion completed the $585 million all-cash acquisition of Paragon Energy Solutions in December 2025, adding a supplier with proprietary parts present in 100% of North American nuclear reactors and digital Reactor Protection Systems qualified for SMR OEMs. (Bullish)
• Adjusted free cash flow more than doubled in FY2025 to $131 million from $65 million in FY2024, driven by working capital improvements, while Q4 2025 organic revenue growth was only 0.5%, revealing a bifurcated performance between order intake and near-term organic execution. (Neutral)

Next Year Trends

• The Paragon Energy Solutions acquisition (closed December 2025) is expected to contribute approximately 15-17 percentage points of inorganic revenue growth in FY2026, accounting for the bulk of management's 22-24% total revenue growth guidance versus only 5-7% organic growth, making integration execution the critical variable for the year. (Bullish)
• Mirion was selected to supply the Radiation Monitoring System and Nuclear Instrumentation System for TerraPower's Natrium Reactor Demonstration Project in Wyoming — the first commercial advanced nuclear plant in the U.S. — and expects SMR-related revenue to grow from approximately 2% to greater than 3% of total revenue by end of 2026. (Bullish)
• The defense end market, which contributed to order growth via higher NATO and U.S. military civil defense revenue in early 2026, is described by management as 'lumpy,' and any contraction in U.S. or European defense budgets under fiscal pressure could cause revenue and margin variability given the segment's project-based revenue recognition. (Bearish)

Red Flags

No severe red flags identified as of August 2025.