Recent News
Late September filings and press releases show Mirion launched an underwritten public offering of Class A common stock and a concurrent convertible notes offering, later pricing an upsized equity sale and $325.0 million of 0.00% convertible senior notes due 2031 to fund the planned acquisition of Paragon Energy Solutions and related capped-call costs (announcements dated Sept. 24–26, 2025). An institutional filing in November noted adjustments in major holdings and an insider sale of 300,000 shares reported Nov. 22, 2025.
Technical Analysis
Directional indicators show an emerging trend environment: ADX at 20.16 signals an emerging trend rather than a well-established directional move, which frames near-term price sensitivity to incoming news and capital activity.
DI+ of 21.11 trending downward indicates bearish directional pressure, while DI- at 26.95 with a peak-and-reversal implies DI- has turned lower and therefore contributes a bullish directional response; together these patterns produce conflicting directional signals and increase short-term volatility risk.
MACD shows a dip-and-reversal pattern, signaling a shift toward bullish momentum, but MACD remains below its signal line (MACD -0.14 vs. signal 0.19), so momentum improvement lacks a confirmatory bullish crossover and therefore limits conviction in sustained upside.
MRO at 7.12 sits positive, indicating price currently sits above the model target and therefore carries a higher probability of mean reversion; the MRO trend decreasing reduces the near-term strength of that reversion signal and ties directly to the valuation pressure noted below.
RSI at 53.65 with a dip-and-reversal shows momentum recovering from a recent pullback while remaining near neutral; the indicator supports a modest bullish tilt but not an overbought condition.
Price sits at $25.42 above the 20-day ($25.30), 50-day ($24.82) and well above the 200-day average ($19.88), and the 12-day EMA shows a dip-and-reversal—price above most moving averages supports short-term upside potential, but the lack of MACD confirmation and the MRO signal argue for guarded expectations.
Volatility and sensitivity indicators amplify event risk: 42-day beta at 2.53 and elevated short-term volatility suggest outsized reactions to earnings, funding, or acquisition updates; current volume sits below the 10-day average, limiting conviction in intraday moves. Bollinger band placement keeps price inside 1x bands ($23.45–$27.16), implying room for both a measured squeeze higher and a reversion toward the middle band.
Fundamental Analysis
Profitability metrics show mixed operational progress. EBIT of $19.6M and EBITDA of $53.4M translate to an EBIT margin of 8.79%, which increased QoQ by 35.59% and rose YoY by 379.18%; despite those gains, the EBIT margin sits below the industry peer mean of 14.42% and below the industry peer median of 20.38%, indicating margin recovery yet remaining under peer central tendencies.
Operating margin equals 4.44% and gross margin equals 45.99%; both remain below respective industry peer means (operating peer mean 12.82%, gross peer mean 57.05%), highlighting lower operational leverage relative to peers despite recent QoQ improvement in some margin lines.
Earnings per share missed the latest consensus: actual EPS $0.01 versus estimate $0.02, an EPS surprise of -50%. Forward EPS sits at $0.1225 with a forward P/E of 147.44, while the trailing P/E reads 657.26; the trailing and forward multiples sit materially above the industry peer mean (trailing peer mean ~84.92; forward peer mean ~92.75), reflecting compressed reported earnings and elevated market valuation.
Valuation ratios present divergence: price-to-book at 3.15 sits below the industry peer mean of 4.26, while price-to-sales near 20.68 aligns closely with the industry peer mean of 20.82. Enterprise multiple and EV-to-revenue metrics run high (enterprise multiple ~97.47), and WMDST values the stock as over-valued given current earnings, cash-flow conversion and capital raises.
Cash generation and leverage show modest liquidity but meaningful leverage risk. Cash and short-term investments equal $268.7M and cash ratio approximates 0.99; current ratio stands at 2.54, both above the industry peer means and supporting near-term liquidity. Total debt equals $865.1M with net debt $570.2M and debt-to-EBITDA at 16.2x, while interest coverage at 1.66 sits far below the industry peer mean of 25.60—these figures indicate leverage places pressure on free-cash conversion and interest servicing flexibility.
Free cash flow equaled $3.6M (free cash flow yield ~0.08%), below the industry peer mean of ~0.74%, and free cash flow growth shows contraction YoY; operating cash flow remains positive but modest relative to enterprise value. Revenue totaled $222.9M with YoY revenue growth of 37.43%, though sequential revenue growth shows notable QoQ variability. The combination of strong top-line expansion, weak cash conversion, and high leverage underpins the over-valued determination.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-06-30 |
| REPORT DATE: | 2025-10-28 |
| NEXT REPORT DATE: | 2026-01-27 |
| CASH FLOW | Begin Period Cash Flow | $ 186.2 M |
| Operating Cash Flow | $ 12.4 M | |
| Capital Expenditures | $ -8.80 M | |
| Change In Working Capital | $ -26.40 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 76.8 M | |
| End Period Cash Flow | $ 263.0 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 222.9 M | |
| Forward Revenue | $ 186.7 M | |
| COSTS | ||
| Cost Of Revenue | $ 120.4 M | |
| Depreciation | $ 8.6 M | |
| Depreciation and Amortization | $ 33.8 M | |
| Research and Development | $ 10.0 M | |
| Total Operating Expenses | $ 213.0 M | |
| PROFITABILITY | ||
| Gross Profit | $ 102.5 M | |
| EBITDA | $ 53.4 M | |
| EBIT | $ 19.6 M | |
| Operating Income | $ 9.9 M | |
| Interest Income | $ 2.0 M | |
| Interest Expense | $ 11.8 M | |
| Net Interest Income | $ -9.80 M | |
| Income Before Tax | $ 7.8 M | |
| Tax Provision | $ -700.00 K | |
| Tax Rate | 21.0 % | |
| Net Income | $ 8.3 M | |
| Net Income From Continuing Operations | $ 8.5 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.02 | |
| EPS Actual | $ 0.01 | |
| EPS Difference | $ -0.01 | |
| EPS Surprise | -50.0 % | |
| Forward EPS | $ 0.12 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 2.7 B | |
| Intangible Assets | $ 1.8 B | |
| Net Tangible Assets | $ -385.60 M | |
| Total Current Assets | $ 693.2 M | |
| Cash and Short-Term Investments | $ 268.7 M | |
| Cash | $ 262.6 M | |
| Net Receivables | $ 142.2 M | |
| Inventory | $ 145.1 M | |
| Long-Term Investments | $ 13.8 M | |
| LIABILITIES | ||
| Accounts Payable | $ 45.6 M | |
| Short-Term Debt | $ 400.0 K | |
| Total Current Liabilities | $ 272.4 M | |
| Net Debt | $ 570.2 M | |
| Total Debt | $ 865.1 M | |
| Total Liabilities | $ 1.2 B | |
| EQUITY | ||
| Total Equity | $ 1.5 B | |
| Retained Earnings | $ -532.90 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 6.44 | |
| Shares Outstanding | 226.978 M | |
| Revenue Per-Share | $ 0.98 | |
| VALUATION | Market Capitalization | $ 4.6 B |
| Enterprise Value | $ 5.2 B | |
| Enterprise Multiple | 97.474 | |
| Enterprise Multiple QoQ | 16.073 % | |
| Enterprise Multiple YoY | 75.262 % | |
| Enterprise Multiple IPRWA | high: 234.897 MIR: 97.474 median: 76.655 mean: 68.873 low: -228.246 |
|
| EV/R | 23.352 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.872 | |
| Asset To Liability | 2.236 | |
| Debt To Capital | 0.372 | |
| Debt To Assets | 0.316 | |
| Debt To Assets QoQ | 15.309 % | |
| Debt To Assets YoY | 15.464 % | |
| Debt To Assets IPRWA | high: 1.297 MIR: 0.316 mean: 0.241 median: 0.167 low: 0.002 |
|
| Debt To Equity | 0.592 | |
| Debt To Equity QoQ | 23.649 % | |
| Debt To Equity YoY | 24.064 % | |
| Debt To Equity IPRWA | high: 2.971 MIR: 0.592 mean: 0.4 median: 0.266 low: -1.733 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 3.152 | |
| Price To Book QoQ | 39.303 % | |
| Price To Book YoY | 92.028 % | |
| Price To Book IPRWA | high: 17.161 median: 4.499 mean: 4.26 MIR: 3.152 low: -7.981 |
|
| Price To Earnings (P/E) | 657.259 | |
| Price To Earnings QoQ | 344.345 % | |
| Price To Earnings YoY | 516.13 % | |
| Price To Earnings IPRWA | MIR: 657.259 high: 246.592 median: 104.657 mean: 84.922 low: -204.468 |
|
| PE/G Ratio | -9.389 | |
| Price To Sales (P/S) | 20.676 | |
| Price To Sales QoQ | 22.757 % | |
| Price To Sales YoY | 73.032 % | |
| Price To Sales IPRWA | high: 154.906 mean: 20.821 MIR: 20.676 median: 20.417 low: 0.297 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 147.437 | |
| Forward PE/G | -2.106 | |
| Forward P/S | 24.688 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 4.796 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.083 | |
| Asset Turnover Ratio QoQ | 8.257 % | |
| Asset Turnover Ratio YoY | 5.872 % | |
| Asset Turnover Ratio IPRWA | high: 0.482 mean: 0.16 median: 0.135 MIR: 0.083 low: 0.0 |
|
| Receivables Turnover | 1.537 | |
| Receivables Turnover Ratio QoQ | 23.854 % | |
| Receivables Turnover Ratio YoY | 7.332 % | |
| Receivables Turnover Ratio IPRWA | high: 3.864 MIR: 1.537 mean: 1.492 median: 1.457 low: 0.477 |
|
| Inventory Turnover | 0.834 | |
| Inventory Turnover Ratio QoQ | 9.004 % | |
| Inventory Turnover Ratio YoY | 12.225 % | |
| Inventory Turnover Ratio IPRWA | high: 3.161 MIR: 0.834 mean: 0.739 median: 0.714 low: 0.003 |
|
| Days Sales Outstanding (DSO) | 59.36 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 141.778 | |
| Cash Conversion Cycle Days QoQ | 7.602 % | |
| Cash Conversion Cycle Days YoY | -2.755 % | |
| Cash Conversion Cycle Days IPRWA | high: 401.407 MIR: 141.778 mean: 139.394 median: 114.45 low: -252.738 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.53 | |
| CapEx To Revenue | -0.039 | |
| CapEx To Depreciation | -1.023 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 2.3 B | |
| Net Invested Capital | $ 2.3 B | |
| Invested Capital | $ 2.3 B | |
| Net Tangible Assets | $ -385.60 M | |
| Net Working Capital | $ 420.8 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.986 | |
| Current Ratio | 2.545 | |
| Current Ratio QoQ | 14.261 % | |
| Current Ratio YoY | 16.624 % | |
| Current Ratio IPRWA | high: 14.715 MIR: 2.545 mean: 2.253 median: 1.849 low: 0.353 |
|
| Quick Ratio | 2.012 | |
| Quick Ratio QoQ | 19.366 % | |
| Quick Ratio YoY | 29.464 % | |
| Quick Ratio IPRWA | high: 10.15 MIR: 2.012 mean: 1.64 median: 1.303 low: 0.411 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 16.2 | |
| Cost Of Debt | 1.177 % | |
| Interest Coverage Ratio | 1.661 | |
| Interest Coverage Ratio QoQ | 58.494 % | |
| Interest Coverage Ratio YoY | 560.025 % | |
| Interest Coverage Ratio IPRWA | high: 274.877 mean: 25.603 median: 15.82 MIR: 1.661 low: -384.45 |
|
| Operating Cash Flow Ratio | 0.147 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 41.92 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 4.273 % | |
| Revenue Growth | 10.347 % | |
| Revenue Growth QoQ | -150.311 % | |
| Revenue Growth YoY | 37.429 % | |
| Revenue Growth IPRWA | high: 47.668 % MIR: 10.347 % median: 7.569 % mean: 7.472 % low: -33.065 % |
|
| Earnings Growth | -70.0 % | |
| Earnings Growth QoQ | 70.002 % | |
| Earnings Growth YoY | -204.999 % | |
| Earnings Growth IPRWA | high: 200.0 % median: 15.596 % mean: 15.372 % MIR: -70.0 % low: -227.273 % |
|
| MARGINS | ||
| Gross Margin | 45.985 % | |
| Gross Margin QoQ | -3.34 % | |
| Gross Margin YoY | -2.222 % | |
| Gross Margin IPRWA | high: 94.498 % mean: 57.051 % median: 56.435 % MIR: 45.985 % low: 6.0 % |
|
| EBIT Margin | 8.793 % | |
| EBIT Margin QoQ | 35.59 % | |
| EBIT Margin YoY | 379.183 % | |
| EBIT Margin IPRWA | high: 33.87 % median: 20.382 % mean: 14.423 % MIR: 8.793 % low: -1442.238 % |
|
| Return On Sales (ROS) | 4.441 % | |
| Return On Sales QoQ | -31.519 % | |
| Return On Sales YoY | 142.016 % | |
| Return On Sales IPRWA | high: 35.533 % median: 18.417 % mean: 12.824 % MIR: 4.441 % low: -1529.874 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 3.6 M | |
| Free Cash Flow Yield | 0.078 % | |
| Free Cash Flow Yield QoQ | -90.213 % | |
| Free Cash Flow Yield YoY | -53.012 % | |
| Free Cash Flow Yield IPRWA | high: 11.539 % mean: 0.741 % median: 0.679 % MIR: 0.078 % low: -40.868 % |
|
| Free Cash Growth | -86.716 % | |
| Free Cash Growth QoQ | 93.532 % | |
| Free Cash Growth YoY | -45.902 % | |
| Free Cash Growth IPRWA | high: 337.277 % mean: 9.685 % median: -1.288 % MIR: -86.716 % low: -261.538 % |
|
| Free Cash To Net Income | 0.434 | |
| Cash Flow Margin | 17.945 % | |
| Cash Flow To Earnings | 4.819 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 0.31 % | |
| Return On Assets QoQ | 2718.182 % | |
| Return On Assets YoY | -169.82 % | |
| Return On Assets IPRWA | high: 19.773 % median: 2.151 % mean: 1.821 % MIR: 0.31 % low: -72.965 % |
|
| Return On Capital Employed (ROCE) | 0.795 % | |
| Return On Equity (ROE) | 0.006 | |
| Return On Equity QoQ | 2740.0 % | |
| Return On Equity YoY | -173.196 % | |
| Return On Equity IPRWA | high: 0.769 median: 0.035 MIR: 0.006 mean: 0.002 low: -1.731 |
|
| DuPont ROE | 0.56 % | |
| Return On Invested Capital (ROIC) | 0.675 % | |
| Return On Invested Capital QoQ | 69.173 % | |
| Return On Invested Capital YoY | -128.711 % | |
| Return On Invested Capital IPRWA | high: 20.851 % mean: 2.947 % median: 2.936 % MIR: 0.675 % low: -30.099 % |
|