Recent News
On March 4, 2026 Mirion named an official partner for World Engineering Day for Sustainable Development. On February 10, 2026 Mirion, Paragon and Certrec showcased unified nuclear solutions at the US NIC Advanced Reactors Summit. Between February 11–13, 2026 Mirion launched a webinar series to support advanced nuclear projects and presented at Citi’s Global Industrial Tech & Mobility Conference, highlighting nuclear market opportunities and AI initiatives.
Technical Analysis
Directional Indicators (ADX / DI+ / DI-): ADX at 40.83 signals a very strong trend environment. DI+ peaked-and-reversed at 10.82, which signals a bearish directional shift; DI- peaked-and-reversed at 29.55, which signals a bullish directional shift. Those opposing DI signals, combined with a high ADX, imply a decisive trend that lacks clear directional agreement—heightened volatility likely until one side asserts control; this complicates immediate recovery given the stated over-valued status.
MACD: MACD stands at -0.96 with a peak-and-reversal trend and the MACD line below the signal (-0.93), producing a bearish momentum profile that reinforces near-term downward bias against valuation pressure.
MRO (Momentum/Regression Oscillator): MRO at -11.76 (decreasing) indicates the market price sits below the target and carries potential to push higher; the decreasing MRO reduces that potential, suggesting any corrective lift may remain limited relative to valuation headwinds.
RSI: RSI at 41.64 and decreasing indicates waning upside momentum without an oversold reading, lowering the probability of a strong immediate rebound and aligning with the technical bearish tilt.
Price Versus Moving Averages and Bands: Last close $18.81 trades below the 12-day EMA ($19.57, decreasing), 20-day average ($19.75), 50-day average ($22.58) and 200-day average ($22.95), reinforcing near-term downside bias. Price sits near the 1x lower Bollinger band ($18.52), which could cap immediate downside but does not negate the prevailing bearish momentum.
Fundamental Analysis
Profitability: EBIT of $10,100,000 yields an EBIT margin of 4.53%. Year-over-year the EBIT margin rose by 750.94% while quarter-over-quarter the margin contracted by 48.52%. The company’s EBIT margin sits below the industry peer mean of 15.13% and below the industry peer median of 19.51%, indicating lower operating profitability relative to peers.
Revenue and Earnings: Total revenue $223,100,000. Revenue growth year-over-year registered at -162.07% and quarter-over-quarter at -99.13%, while the generic revenue growth figure shows 0.09%; the YoY and QoQ figures indicate material short-term variability in top-line trends. Reported EPS came in at $0.15 versus an estimate of $0.16, an EPS surprise of -6.25%.
Cash, Liquidity and Cash Generation: Cash and short-term investments total $939.7M with a cash ratio of 3.27x and a current ratio of 4.83x, signaling strong near-term liquidity. Operating cash flow measured $22.3M and free cash flow $13.0M, producing a free cash flow yield of 0.23% and a free cash to net income ratio of 4.48x. Cash conversion cycle stands at 134.07 days, modestly above the industry peer mean of 131.54 days but still within the industry peer range.
Capital Structure and Coverage: Total debt $1,232,800,000 yields net debt of $265,200,000. Debt-to-EBITDA reads 27.40x and interest coverage stands at 1.13x, constraining financial flexibility despite ample cash on hand. Debt-to-equity sits at 0.67x.
Valuation Metrics: Trailing P/E registers at 2,264.51 while forward P/E measures 136.44; price-to-sales equals 25.42 and price-to-book equals 3.08. Enterprise multiple reads 132.54. The current valuation as determined by WMDST: over-valued. These elevated multiples, paired with low free cash flow yield and thin interest coverage, underline valuation risk absent improved margin conversion and cash generation.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-09-30 |
| REPORT DATE: | 2026-02-10 |
| NEXT REPORT DATE: | 2026-05-12 |
| CASH FLOW | Begin Period Cash Flow | $ 263.0 M |
| Operating Cash Flow | $ 22.3 M | |
| Capital Expenditures | $ -9.30 M | |
| Change In Working Capital | $ -20.10 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 670.6 M | |
| End Period Cash Flow | $ 933.6 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 223.1 M | |
| Forward Revenue | $ 856.0 M | |
| COSTS | ||
| Cost Of Revenue | $ 118.6 M | |
| Depreciation | $ 34.9 M | |
| Depreciation and Amortization | $ 34.9 M | |
| Research and Development | $ 10.1 M | |
| Total Operating Expenses | $ 215.7 M | |
| PROFITABILITY | ||
| Gross Profit | $ 104.5 M | |
| EBITDA | $ 45.0 M | |
| EBIT | $ 10.1 M | |
| Operating Income | $ 7.4 M | |
| Interest Income | $ 2.2 M | |
| Interest Expense | $ 8.9 M | |
| Net Interest Income | $ -6.70 M | |
| Income Before Tax | $ 1.2 M | |
| Tax Provision | $ -1.90 M | |
| Tax Rate | 21.0 % | |
| Net Income | $ 2.9 M | |
| Net Income From Continuing Operations | $ 3.1 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.16 | |
| EPS Actual | $ 0.15 | |
| EPS Difference | $ -0.01 | |
| EPS Surprise | -6.25 % | |
| Forward EPS | $ 0.18 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 3.5 B | |
| Intangible Assets | $ 1.9 B | |
| Net Tangible Assets | $ -65.80 M | |
| Total Current Assets | $ 1.4 B | |
| Cash and Short-Term Investments | $ 939.7 M | |
| Cash | $ 933.2 M | |
| Net Receivables | $ 150.0 M | |
| Inventory | $ 146.0 M | |
| Long-Term Investments | $ 16.8 M | |
| LIABILITIES | ||
| Accounts Payable | $ 49.4 M | |
| Short-Term Debt | $ 1.6 M | |
| Total Current Liabilities | $ 287.0 M | |
| Net Debt | $ 265.2 M | |
| Total Debt | $ 1.2 B | |
| Total Liabilities | $ 1.6 B | |
| EQUITY | ||
| Total Equity | $ 1.8 B | |
| Retained Earnings | $ -530.00 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 7.35 | |
| Shares Outstanding | 250.750 M | |
| Revenue Per-Share | $ 0.89 | |
| VALUATION | Market Capitalization | $ 5.7 B |
| Enterprise Value | $ 6.0 B | |
| Enterprise Multiple | 132.544 | |
| Enterprise Multiple QoQ | 35.978 % | |
| Enterprise Multiple YoY | 101.738 % | |
| Enterprise Multiple IPRWA | high: 185.353 MIR: 132.544 median: 76.114 mean: 72.692 low: -109.976 |
|
| EV/R | 26.734 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.899 | |
| Asset To Liability | 2.18 | |
| Debt To Capital | 0.401 | |
| Debt To Assets | 0.353 | |
| Debt To Assets QoQ | 11.605 % | |
| Debt To Assets YoY | 153226.087 % | |
| Debt To Assets IPRWA | high: 1.311 MIR: 0.353 mean: 0.243 median: 0.153 low: 0.002 |
|
| Debt To Equity | 0.67 | |
| Debt To Equity QoQ | 13.173 % | |
| Debt To Equity YoY | 167282.5 % | |
| Debt To Equity IPRWA | high: 2.204 MIR: 0.67 mean: 0.408 median: 0.223 low: -1.277 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 3.08 | |
| Price To Book QoQ | -2.272 % | |
| Price To Book YoY | 70.318 % | |
| Price To Book IPRWA | high: 15.33 median: 4.517 mean: 3.914 MIR: 3.08 low: -8.81 |
|
| Price To Earnings (P/E) | 2264.512 | |
| Price To Earnings QoQ | 244.539 % | |
| Price To Earnings YoY | 1431.821 % | |
| Price To Earnings IPRWA | MIR: 2264.512 high: 259.394 median: 101.806 mean: 95.026 low: -207.228 |
|
| PE/G Ratio | -33.968 | |
| Price To Sales (P/S) | 25.421 | |
| Price To Sales QoQ | 22.946 % | |
| Price To Sales YoY | 91.385 % | |
| Price To Sales IPRWA | high: 176.909 MIR: 25.421 mean: 22.217 median: 20.242 low: 0.307 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 136.437 | |
| Forward PE/G | -2.047 | |
| Forward P/S | 7.479 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -540.191 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.072 | |
| Asset Turnover Ratio QoQ | -13.884 % | |
| Asset Turnover Ratio YoY | -8.606 % | |
| Asset Turnover Ratio IPRWA | high: 0.52 mean: 0.166 median: 0.135 MIR: 0.072 low: 0.0 |
|
| Receivables Turnover | 1.527 | |
| Receivables Turnover Ratio QoQ | -0.664 % | |
| Receivables Turnover Ratio YoY | 7.697 % | |
| Receivables Turnover Ratio IPRWA | high: 3.929 MIR: 1.527 mean: 1.485 median: 1.39 low: 0.148 |
|
| Inventory Turnover | 0.815 | |
| Inventory Turnover Ratio QoQ | -2.341 % | |
| Inventory Turnover Ratio YoY | 8.132 % | |
| Inventory Turnover Ratio IPRWA | high: 2.783 MIR: 0.815 mean: 0.765 median: 0.737 low: 0.001 |
|
| Days Sales Outstanding (DSO) | 59.756 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 134.067 | |
| Cash Conversion Cycle Days QoQ | -5.438 % | |
| Cash Conversion Cycle Days YoY | -8.355 % | |
| Cash Conversion Cycle Days IPRWA | high: 605.436 MIR: 134.067 mean: 131.535 median: 113.839 low: -371.003 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.203 | |
| CapEx To Revenue | -0.042 | |
| CapEx To Depreciation | -0.266 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 3.0 B | |
| Net Invested Capital | $ 3.0 B | |
| Invested Capital | $ 3.0 B | |
| Net Tangible Assets | $ -65.80 M | |
| Net Working Capital | $ 1.1 B | |
| LIQUIDITY | ||
| Cash Ratio | 3.274 | |
| Current Ratio | 4.831 | |
| Current Ratio QoQ | 89.853 % | |
| Current Ratio YoY | 123.312 % | |
| Current Ratio IPRWA | high: 13.125 MIR: 4.831 mean: 2.112 median: 1.703 low: 0.117 |
|
| Quick Ratio | 4.323 | |
| Quick Ratio QoQ | 114.832 % | |
| Quick Ratio YoY | 178.191 % | |
| Quick Ratio IPRWA | high: 7.703 MIR: 4.323 mean: 1.571 median: 1.243 low: 0.377 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 27.396 | |
| Cost Of Debt | 0.67 % | |
| Interest Coverage Ratio | 1.135 | |
| Interest Coverage Ratio QoQ | -31.679 % | |
| Interest Coverage Ratio YoY | 1354.724 % | |
| Interest Coverage Ratio IPRWA | high: 340.0 mean: 26.672 median: 19.017 MIR: 1.135 low: -401.025 |
|
| Operating Cash Flow Ratio | 0.115 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 36.0 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 27.686 % | |
| Revenue Growth | 0.09 % | |
| Revenue Growth QoQ | -99.13 % | |
| Revenue Growth YoY | -162.069 % | |
| Revenue Growth IPRWA | high: 54.24 % median: 2.034 % mean: 2.004 % MIR: 0.09 % low: -45.858 % |
|
| Earnings Growth | -66.667 % | |
| Earnings Growth QoQ | -4.761 % | |
| Earnings Growth YoY | 233.335 % | |
| Earnings Growth IPRWA | high: 180.0 % mean: 10.402 % median: 3.175 % MIR: -66.667 % low: -100.918 % |
|
| MARGINS | ||
| Gross Margin | 46.84 % | |
| Gross Margin QoQ | 1.859 % | |
| Gross Margin YoY | 4.267 % | |
| Gross Margin IPRWA | high: 94.309 % mean: 56.367 % median: 55.361 % MIR: 46.84 % low: -37.943 % |
|
| EBIT Margin | 4.527 % | |
| EBIT Margin QoQ | -48.516 % | |
| EBIT Margin YoY | 750.94 % | |
| EBIT Margin IPRWA | high: 38.373 % median: 19.512 % mean: 15.128 % MIR: 4.527 % low: -908.773 % |
|
| Return On Sales (ROS) | 3.317 % | |
| Return On Sales QoQ | -25.31 % | |
| Return On Sales YoY | 523.496 % | |
| Return On Sales IPRWA | high: 34.618 % median: 17.673 % mean: 14.189 % MIR: 3.317 % low: -971.016 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 13.0 M | |
| Free Cash Flow Yield | 0.229 % | |
| Free Cash Flow Yield QoQ | 193.59 % | |
| Free Cash Flow Yield YoY | 61.268 % | |
| Free Cash Flow Yield IPRWA | high: 9.514 % median: 0.995 % mean: 0.812 % MIR: 0.229 % low: -42.542 % |
|
| Free Cash Growth | 261.111 % | |
| Free Cash Growth QoQ | -401.111 % | |
| Free Cash Growth YoY | -5452.829 % | |
| Free Cash Growth IPRWA | MIR: 261.111 % high: 195.075 % median: 43.065 % mean: 17.324 % low: -266.667 % |
|
| Free Cash To Net Income | 4.483 | |
| Cash Flow Margin | 14.747 % | |
| Cash Flow To Earnings | 11.345 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 0.093 % | |
| Return On Assets QoQ | -70.0 % | |
| Return On Assets YoY | -118.058 % | |
| Return On Assets IPRWA | high: 8.176 % mean: 1.849 % median: 1.844 % MIR: 0.093 % low: -70.984 % |
|
| Return On Capital Employed (ROCE) | 0.315 % | |
| Return On Equity (ROE) | 0.002 | |
| Return On Equity QoQ | -72.359 % | |
| Return On Equity YoY | -117.542 % | |
| Return On Equity IPRWA | high: 0.969 median: 0.029 MIR: 0.002 mean: -0.001 low: -1.516 |
|
| DuPont ROE | 0.176 % | |
| Return On Invested Capital (ROIC) | 0.262 % | |
| Return On Invested Capital QoQ | -61.185 % | |
| Return On Invested Capital YoY | -141.786 % | |
| Return On Invested Capital IPRWA | high: 18.508 % mean: 3.204 % median: 2.609 % MIR: 0.262 % low: -26.281 % |
|