Recent News
February 11, 2026 — Mirion announced three senior appointments, creating a Chief Nuclear Officer role, naming a President of Nuclear Medicine, and adding a Chief Artificial Intelligence & Digital Officer to accelerate nuclear strategy, medical-market development and enterprise AI initiatives. March 12, 2026 — Mirion confirmed selection as an official partner for World Engineering Day 2026, highlighting engineering and sustainable‑development engagement. March 24, 2026 — Mirion disclosed that its Crew Active Dosimeters will be carried by astronauts on NASA’s Artemis II mission for time‑resolved crew radiation monitoring.
Technical Analysis
ADX at 29.05 indicates a strong directional context; trend strength supports meaningful near‑term moves rather than range‑bound chop, which increases the potential impact of catalyst‑driven reactions.
DI+ shows a peak‑and‑reversal while DI+ sits at 17.85, a configuration that reads as a bearish signal because DI+ has rolled over. DI‑ sits at 27.16 and is decreasing, which reads as a bullish signal; the net directional picture therefore reflects competing forces rather than a clean trending bias.
MACD sits at -0.22 with a signal line at -0.39 and a clear cross of MACD above the signal line; the MACD increasing from negative territory signals a shift toward bullish momentum and constitutes a short‑term momentum pickup.
MRO registers 13.76 (positive and rising), indicating price currently trades above the model target and implying a higher probability of downward reversion pressure as that gap compresses.
RSI at 44.59 and rising shows recovery from lower levels but remains below neutral 50, implying bullish momentum exists but lacks conviction for a strong breakout until RSI moves above equilibrium.
Price sits below the 50‑day ($20.15) and 200‑day ($22.82) averages while trading near the 20‑day average ($19.42); the 12‑day EMA shows a peak‑and‑reversal, adding short‑term resistance to upside attempts and biasing near‑term moves toward consolidation or pullback rather than sustained rallies.
Fundamental Analysis
Earnings and cash flow: EPS came in at $0.15 versus a $0.16 estimate, an EPS surprise of -6.25%. Net income totaled $2.9M on $223.1M of revenue; operating income measured $7.4M and EBIT registered $10.1M. Free cash flow reached $13.0M, yielding a free‑cash‑flow yield of 0.23%.
Margins and growth: Gross margin sits at 46.84% while operating margin registers 3.32% and EBIT margin equals 4.53%. EBIT margin at 4.53% sits below the industry peer mean (15.13%) and industry peer median (19.51%). Reported revenue growth stands at 0.09% (minimal change). Quarter‑over‑quarter and year‑over‑year line items show divergence across categories; where available, QoQ and YoY values display notable volatility in short periods.
Liquidity and leverage: Current ratio equals 4.83x and quick ratio 4.32x, supported by cash and short‑term investments of $939.7M and a cash ratio of 3.27x, indicating substantial near‑term liquidity. Total debt equals $1,232.8M with net debt of $265.2M. Debt‑to‑EBITDA stands at roughly 27.4x, a leverage metric that materially elevates sensitivity to earnings variability and contrasts with the company’s strong cash position.
Returns and capital efficiency: Return on equity equals 0.157% and return on assets 0.093%, both very low and consistent with modest near‑term profitability scaling. Asset turnover sits at 0.0716, reflecting low revenue generated per dollar of assets. Interest coverage reads 1.13x, well below the industry peer mean (26.67x), indicating limited buffer against interest costs despite low stated cost of debt.
Valuation summary: WMDST values the stock as over‑valued. High multiples (for example, a reported PE ratio and elevated EV multiples) combined with modest earnings and pronounced leverage explain the WMDST valuation stance despite robust cash balances and high gross margin.
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: 10.397 % 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 % |
|