A premier provider of advanced radiation detection and measurement solutions securing critical infrastructure against nuclear threats while enabling safe industrial operations.
Investors may view Mirion as an attractive turnaround story now that it has achieved consistent profitability while maintaining strong double-digit revenue growth in a secularly expanding security market. The combination of high barriers to entry, government contract stickiness, and a robust cash position positions the company well to capitalize on increasing global threats and aging infrastructure requiring inspection services. With a manageable debt load relative to its growing equity base, Mirion is well-positioned for potential share repurchases or strategic acquisitions to further expand its market footprint.
Concerns persist regarding the concentration of revenue within the defense and nuclear sectors, which exposes the stock to policy shifts and budget cuts that could quickly reverse recent earnings gains. The substantial goodwill on the balance sheet of $1.87B represents a significant impairment risk if market conditions deteriorate or integration of acquired assets underperforms expectations. Despite recent profitability, the company still carries a retained earnings deficit of over $500M, suggesting that past losses have had a lasting impact on its financial health and capital allocation flexibility.
Mirion Technologies is a leading global supplier of radiation detection and measurement technologies serving critical markets in nuclear security, homeland defense, and industrial radiography. The company provides portable and fixed systems for detecting illicit materials, monitoring radiation exposure, and ensuring safety in high-risk environments across government, energy, and commercial sectors. Key product lines include handheld detectors, portal monitors, and sophisticated imaging solutions that address evolving global threats and regulatory compliance needs.
After years of significant losses, Mirion Technologies returned to profitability in 2025 with a net profit of $29.8M, driven by a strong revenue growth trajectory that increased from $717.8M in 2022 to $925.4M last year. Operating cash flow turned positive at $143.3M while capital expenditures remained disciplined at $36.4M, indicating efficient management of working capital and a healthy balance sheet with over $412M in cash and equivalents. The company successfully navigated a period of restructuring and investment to emerge as a sustainable cash generator following its acquisition activity totaling $661.9M.
The radiation detection and measurement industry is characterized by high regulatory barriers and specialized technology requirements that limit competition to a small group of specialized manufacturers. Demand is driven by increasing global threats involving nuclear materials, stricter environmental regulations requiring industrial monitoring, and the need for non-destructive testing in energy infrastructure maintenance. Market growth is projected to accelerate as aging pipelines require frequent radiographic inspection and geopolitical instability drives increased investment in homeland security technologies.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | $717.8M | $800.9M | $860.8M | $925.4M |
| Cost of Revenue | $407.7M | $444.5M | $461.1M | $486.8M |
| Gross Profit | $310.1M | $356.4M | $399.7M | $438.6M |
| Operating Expenses | $607.9M | $378.3M | $374.9M | $387.1M |
| Operating Income | $-297.8M | $-21.9M | $24.8M | $51.5M |
| R&D | $30.3M | $31.7M | $35.0M | $38.9M |
| G&A | $362.3M | $340.1M | $341.1M | $348.2M |
| Stock-Based Comp | $31.8M | $21.9M | $15.6M | $15.2M |
| D&A | $174.5M | $162.8M | $150.4M | $138.1M |
| Other OpEx | $215.3M | $6.5M | $-1.2M | $0 |
| Non-Operating Income | $-8.8M | $-83.4M | $-58.7M | $-18.8M |
| Interest Income | — | $4.8M | $6.6M | $12.1M |
| Pre-Tax Income | $-306.6M | $-105.3M | $-33.9M | $32.7M |
| Income Tax | $-18.2M | $-6.6M | $2.7M | $2.9M |
| Continuing Ops | $-288.4M | $-98.7M | $-36.6M | $29.8M |
| Discontinued Ops | $0 | $-6.5M | $1.2M | $0 |
| Net Income | $-288.4M | $-98.7M | $-36.6M | $29.8M |
| Minority Interest | $-11.5M | $-1.8M | $-500.0K | $1.0M |
| Net to Common | $-276.9M | $-96.9M | $-36.1M | $28.8M |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Current Assets | $480.6M | $538.6M | $594.7M | $893.7M |
| Cash & Equivalents | $73.5M | $128.8M | $175.2M | $412.3M |
| Accounts Receivable | $171.2M | $172.3M | $177.7M | $181.6M |
| Inventory | $143.3M | $144.1M | $133.2M | $152.6M |
| Prepaid Expenses | $33.6M | $44.1M | $41.3M | $53.4M |
| Other Current Assets | $59.0M | $49.3M | $67.3M | $93.8M |
| Long-Term Assets | $2.26B | $2.18B | $2.04B | $2.69B |
| PP&E (Net) | $124.3M | $134.5M | $146.3M | $154.9M |
| Intangibles | $650.4M | $538.8M | $411.6M | $606.3M |
| Goodwill | $1.42B | $1.45B | $1.43B | $1.87B |
| Operating Leases | $40.1M | $32.8M | $30.3M | $32.1M |
| Other LT Assets | $25.3M | $26.2M | $26.9M | $28.7M |
| Total Assets | $2.74B | $2.72B | $2.64B | $3.59B |
| Current Liabilities | $244.3M | $265.7M | $263.4M | $316.1M |
| Accounts Payable | $67.7M | $58.7M | $56.5M | $57.4M |
| Current Debt | $5.3M | $1.2M | $1.2M | $1.6M |
| Current Leases | $8.5M | $6.8M | $6.4M | $7.7M |
| Deferred Revenue | $83.0M | $103.4M | — | — |
| Other Current Liab | $79.8M | $95.6M | $199.3M | $249.4M |
| Long-Term Liabilities | $1.03B | $902.8M | $813.5M | $1.36B |
| Long-Term Debt | $801.5M | $684.7M | $685.2M | $443.1M |
| LT Operating Leases | $34.3M | $28.1M | $27.1M | $26.8M |
| Other LT Liab | $191.4M | $190.0M | $101.2M | $885.2M |
| Total Liabilities | $1.27B | $1.17B | $1.08B | $1.67B |
| Shareholders' Equity | $1.47B | $1.55B | $1.56B | $1.92B |
| Paid-In Capital | $1.88B | $2.06B | $2.14B | $2.49B |
| Retained Earnings | $-408.5M | $-505.4M | $-541.5M | $-512.7M |
| AOCI | $-75.7M | $-65.3M | $-93.0M | $-52.6M |
| Total L&E | $2.74B | $2.72B | $2.64B | $3.59B |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Net Income (CFO) | $-288.4M | $-98.7M | $-36.6M | $29.8M |
| Non-Cash Adjustments | $274.0M | $160.7M | $101.2M | $127.9M |
| Working Capital Changes | $53.8M | $33.2M | $34.5M | $-14.4M |
| Cash from Operations | $39.4M | $95.2M | $99.1M | $143.3M |
| Capital Expenditures | $34.2M | $37.1M | $48.8M | $36.4M |
| Cash from Investing | $-39.5M | $-64.7M | $-43.7M | $-694.6M |
| Share Buybacks | — | $1.0M | $2.0M | $49.6M |
| Cash from Financing | $-7.0M | $22.6M | $-3.3M | $775.9M |
| FX Effect | $-3.2M | $2.4M | $-7.0M | $15.0M |
| Net Change in Cash | $-10.3M | $55.5M | $45.1M | $239.6M |
| Beginning Cash | $85.3M | $75.0M | $130.5M | $175.6M |
| Ending Cash | $75.0M | $130.5M | $175.6M | $415.2M |
Revenue is primarily derived from the sale of portable radiation detection instruments for border security and airport screening, fixed portal systems for truck scanning, industrial radiography equipment for pipeline inspection, and specialized monitoring solutions for nuclear power plants and medical facilities. The company leverages its extensive global distribution network to deliver high-performance sensors and electronics to government agencies, energy producers, and industrial manufacturers worldwide.
As a significant portion of revenue comes from government contracts, changes in federal budgets or defense spending priorities could materially impact future sales volumes and pricing power. The company faces intense competition from both established legacy players and emerging technology firms, potentially eroding market share if it fails to innovate quickly enough to address new threat landscapes. Geopolitical tensions and supply chain disruptions for specialized electronic components could delay product deliveries and increase operating costs.
Mirion benefits from deep technical expertise in radiation physics and sensor manufacturing that creates a high barrier to entry against competitors who lack specialized R&D capabilities. The company's established relationships with major government defense contractors and nuclear utility providers provide recurring revenue stability and long-term contract visibility. Its portfolio of patented technologies offers superior detection sensitivity and durability, allowing it to command premium pricing in the security and industrial safety markets.
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