At a glance
Mirion Technologies Inc is worth $4.11B, about 152 times its fiscal 2025 earnings. Revenue grew 7.5% to $925.4M in fiscal 2025, with 3.1% kept as profit; over 5 years it has grown 14.1% a year. It pays no dividend; it spent $49.6M buying back its shares over FY2021–FY2025. The stock returned −33.5% over the past year with dividends reinvested and +9.3% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 47.1% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 21 months after the low.
The business in plain English
Mirion Technologies, based in Atlanta, Georgia, sells equipment, software and services that detect and measure ionizing radiation. That is the high-energy kind given off by nuclear reactors, radioactive materials and cancer treatment machines. Its customers include nuclear power plants, developers of small modular reactors (smaller, newer reactor designs), national labs, universities, hospitals, cancer centers, makers of radioactive drugs and 23 of the 32 NATO militaries. The company says its nuclear products are in more than 98% of the world's nuclear power plants. It also says its medical business has a presence in more than 80% of cancer centers worldwide.
Nuclear & Safety is the larger of its two segments. It brought in $614.6 million, or 66.4%, of the $925.4 million in revenue for the year ended December 31, 2025. It sells radiation monitors and reactor detectors that are installed when a plant is built and replaced or upgraded over the plant's life. It also sells lab instruments and detection gear for military and civil defense teams. Medical brought in $310.8 million, or 33.6%. It sells quality-check tools for radiation therapy machines and equipment for handling radioactive drugs. It also runs dosimetry services, which track how much radiation more than one million badge-wearing workers absorb.
Products made up 74.6% of revenue and services 25.4%. By region, North America supplied 62.9% of sales, Europe 35.4% and Asia Pacific 1.7%.
Price history
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MIR -33.5% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Product | $690.6M | 74.6% |
| Service | $234.8M | 25.4% |
By business segment
| Nuclear & Safety | $614.6M | 66.4% |
| Medical | $310.8M | 33.6% |
By geography
| North America | $582.2M | 62.9% |
| Europe | $327.6M | 35.4% |
| Asia Pacific | $15.6M | 1.7% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $277.8M, up 24.5% from a year earlier, and net income was $7.4M (+155.2%).
- For fiscal 2025, revenue was $925.4M (+7.5% year over year; +14.1% a year from FY2020 to FY2025) with a 3.1% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +14.1% good |
|---|---|
| Operating margin | 5.6% watch |
| Free cash flow margin | 11.6% good |
| Return on equity (FY2025) | 1.5% weak |
| Return on assets (FY2025) | 0.8% weak |
| Net cash (cash minus debt) | $-35.3M watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $478.2M | $-119.1M | $19.6M |
| FY2021 | $611.6M | $-158.3M | $30.4M |
| FY2022 | $717.8M | $-276.9M | $5.2M |
| FY2023 | $800.9M | $-96.9M | $58.1M |
| FY2024 | $860.8M | $-36.1M | $50.3M |
| FY2025 | $925.4M | $28.8M | $106.9M |
Valuation snapshot
| Market value | $4.11B |
|---|---|
| P/E ratio | 152.3 |
| Dividend yield | None |
Rank among 1514 US companies
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| MIR price data to Oct 28, 2026 | -28.5% | -33.5% | +35.1% | +9.3% | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -28.5% |
| 2025 | +34.2% |
| 2024 | +70.2% |
| 2023 | +55.1% |
| 2022 | -36.9% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 30.2% over that stretch · deepest drop along the way 47.1%, back to its old high 20.6 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 1 open-market purchases ($312K) and 1 sales ($165K).
| Date | Insider | Type | Value |
|---|---|---|---|
| Sep 2, 2026 | Brian Schopfer Chief Financial Officer | buy | $312K |
| May 7, 2026 | Christopher A. Moore Chief Accounting Officer (PAO) | sell | $165K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 14.8% | Sep 30, 2025 |
| Vanguard Portfolio Management | 7.4% | Mar 31, 2026 |
| T. Rowe Price Investment Management, Inc. | 6.1% | Dec 31, 2025 |
| Vanguard Capital Management | 5.03% | Mar 31, 2026 |
| Kuwait Investment Authority, acting for and on behalf of the Government of the State of Kuwait (KIA) | 4.1% | Jul 29, 2022 |
ETFs with the most weight in MIR
| LOPP Gabelli Love Our Planet & People ETF | 4.93% |
| URAN Themes Uranium & Nuclear ETF | 2.25% |
| NUKZ Range Nuclear Renaissance Index ETF | 1.02% |
| FYC First Trust Small Cap Growth AlphaDEX Fund | 0.39% |
| KOMP SPDR S&P Kensho New Economies Composite ETF | 0.39% |
| NUSC Nuveen ESG Small-Cap ETF | 0.33% |
| NATO Themes Transatlantic Defense ETF | 0.28% |
| BBSC JPMorgan BetaBuilders U.S. Small Cap Equity Fund | 0.23% |
What could go wrong
- Most sales tied to nuclear power. Nuclear & Safety supplied 66.4% of revenue in fiscal 2025, and nuclear power plants make up most of its nuclear sales. Fewer upgrades, restarts or new builds would hurt its largest business.
- Strict rules and product qualifications. Many of Mirion's markets demand rigorous regulatory standards and design qualifications. These support its market position, but rule changes, lost certifications or slow approvals could delay orders and raise costs.
- Acquisitions could disappoint. Mirion has added businesses such as Certrec and Oncospace and bought state-owned dosimetry services in the Netherlands and Germany. Overpaying, or struggling to combine these businesses, could hurt profits.
- Profits are new and thin. Mirion posted net losses every year from 2020 through 2024. It earned $28.8 million in fiscal 2025, a net margin of just 3.1%, so a modest setback could tip it back into a loss.
- Valuation assumes strong growth. As of October 28, 2026, the shares traded at 152.3 times fiscal 2025 earnings per share. A price that high leaves little room for disappointment if growth slows.
- Shares swing far more than the market. The stock's one-year beta was 2.02 as of October 28, 2026, meaning it tended to move about twice as much as the market. It fell 52.5% from peak to trough within that year.
Recent events
- Quarterly results released
- Other company announcement
- Quarterly results released
- Executive or board change
- Shareholder vote results
- Quarterly results released
- Executive or board change
- Quarterly results released
- Major agreement signed; New debt or financial obligation
- Other company announcement
For income and retirement investors
Mirion does not pay a dividend and paid none from fiscal 2021 through fiscal 2025. An income investor would get no regular cash from the shares and would have to sell stock to raise money. The company did buy back $49.6 million of stock in fiscal 2025, after none from 2021 through 2024. Free cash flow, the cash left after running the business and investing in equipment, was $106.9 million that year.
The share price history does not reach back to the 2008 financial crisis or the 2020 COVID crash. In the 2022 bear market, the shares lost 30.2% while the broad market fell from January 3 to October 12, 2022. At their July 1, 2022 low, they were 47.1% below their January peak. They took about 20.6 months to recover and regained that peak on March 19, 2024. As a single stock, Mirion carries more risk than a diversified fund spread across many companies.
Questions investors ask
How does Mirion Technologies make money?
Mirion makes money by selling radiation detection and measurement equipment, software and services. Its Nuclear & Safety segment serves nuclear power plants, labs and defense customers. It brought in $614.6 million, or 66.4% of the $925.4 million in revenue for the year ended December 31, 2025. The Medical segment sells quality-check tools for radiation therapy, nuclear medicine equipment and radiation-badge dosimetry services. It brought in $310.8 million, or 33.6%. Products made up 74.6% of revenue and services 25.4%.
Does Mirion Technologies pay a dividend?
No. Mirion paid no dividends from fiscal 2021 through fiscal 2025, so the stock provides no regular income. It returned some cash through buybacks instead, buying back $49.6 million of stock in fiscal 2025 after none in the previous four years. Buybacks shrink the number of shares, which raises each remaining share's claim on future profits. But they do not pay cash to shareholders who keep their shares.
Is Mirion Technologies profitable?
Yes, though its profits are thin. After net losses every year from 2020 through 2024, Mirion earned $28.8 million in fiscal 2025 on $925.4 million of revenue. That is a 3.1% net margin, or $0.11 per diluted share. Free cash flow was stronger at $106.9 million. In the quarter ended September 30, 2026, revenue rose 24.5% from a year earlier to $277.8 million, and net income was $7.4 million.
Is Mirion Technologies a nuclear energy stock?
Partly. Nuclear & Safety, which includes sales to nuclear power plants, supplied 66.4% of revenue in fiscal 2025. The company says its products are in more than 98% of the world's nuclear power plants. But that segment also serves labs, industrial sites and defense customers. The Medical segment, about a third of revenue, focuses on cancer care and worker radiation monitoring. Nuclear-themed funds such as the Themes Uranium & Nuclear ETF (URAN) and the Range Nuclear Renaissance Index ETF (NUKZ) have held the stock.
How volatile is Mirion stock?
Highly volatile. As of October 28, 2026, its one-year volatility, a measure of how widely the price swings, was 53.4%. Its beta was 2.02, meaning it tended to move about twice as much as the market. The shares rose 55.1% in 2023, 70.2% in 2024 and 34.2% in 2025. They fell 36.9% in 2022 and were down 28.5% for 2026 through October 28. Within the year to that date, they dropped 52.5% from peak to trough.