Mirion Technologies
MIR
$15.41
-4.70%
Mirion Technologies, Inc. is a global provider of products, services, and software that enable customers to safely leverage ionizing radiation for applications in nuclear energy, medical diagnostics, and industrial safety. The company operates through two segments: Nuclear & Safety, which serves nuclear power and radiation measurement markets, and Medical, which focuses on cancer care and practitioner safety. As a specialized player in the radiation detection and measurement space, Mirion holds a niche but critical position, serving highly regulated end markets with high barriers to entry. The current investor narrative centers on the company's growth trajectory amid a backdrop of rising nuclear energy demand and healthcare innovation, but recent stock performance has been pressured by broader market volatility and concerns about execution and valuation. Mirion's recent quarterly results showed a 9.1% year-over-year revenue increase, yet the stock has fallen sharply over the past year, reflecting skepticism about its ability to sustain growth and improve profitability in a competitive environment.…
MIR
Mirion Technologies
$15.41
Investment Opinion: Should I buy MIR Today?
Based on the synthesis, MIR is rated a Buy. The analyst consensus is Strong Buy with an average target of $24.80, implying 65.6% upside, and the forward PE of 22.7 is below the industry average of 25x, suggesting the stock is undervalued relative to peers if growth materializes. The company's revenue growth of 9.1% YoY and improving profitability, with Q4 net income of $17.3M, support the thesis that the market is overly pessimistic.
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MIR 12-Month Price Forecast
The AI assessment is bullish with medium confidence. The valuation is attractive relative to peers, and the growth trajectory is positive, but the stock's severe underperformance and high debt levels introduce significant uncertainty. The stance would be upgraded to high confidence if the stock shows a sustained reversal above $20, or downgraded to neutral if revenue growth falls below 5% or the forward PE exceeds 30x.
Wall Street consensus
Most Wall Street analysts maintain a constructive view on Mirion Technologies's 12-month outlook, with a consensus price target around $24.80 and implied upside of +60.9% versus the current price.
Average Target
$24.80
0 analysts
Implied Upside
+60.9%
vs. current price
Analyst Count
—
covering this stock
Price Range
$22 - $28
Analyst target range
The target price range is $22.00 to $28.00, with a low target of $22.00 and a high target of $28.00. The high target implies a potential upside of 86.9% from the current price, reflecting expectations of strong growth and margin expansion, possibly driven by increased nuclear energy adoption and medical device innovation. The low target still represents a 46.9% upside, indicating that even the most bearish analyst sees significant value at current levels. The spread between the low and high targets is $6.00, which is moderate and suggests a reasonable level of uncertainty. The recent institutional ratings show a consistent pattern of positive actions, with no downgrades, which reinforces the bullish sentiment. However, the wide gap between the current price and the average target could also signal that the market is not fully convinced about the company's near-term prospects, possibly due to execution risks or macroeconomic headwinds.
Bulls vs Bears: MIR Investment Factors
The bull case rests on a strong analyst consensus, a forward PE below industry average, and improving profitability, while the bear case is driven by a steep downtrend, high leverage, and uneven execution. Currently, the bearish momentum is stronger, as the stock's 33% annual decline and negative relative strength indicate that the market is skeptical of the growth narrative. The most critical tension is whether MIR can convert its revenue growth into consistent, scalable profitability—if it does, the stock is deeply undervalued; if not, the high trailing PE and debt burden could lead to further downside. The wide gap between the current price and analyst targets suggests that either the market is overly pessimistic or analysts are overly optimistic, and the resolution of this gap will define the investment outcome.
Bullish
- Strong Buy consensus with 65.6% upside: Analysts rate MIR a Strong Buy (mean 1.4) with an average target of $24.80, implying 65.6% upside from the current $14.98. Even the low target of $22.00 offers 46.9% upside, indicating that the sell-side sees substantial value despite the recent decline.
- Revenue growth accelerating to 9.1% YoY: Q4 2025 revenue reached $277.4M, up 9.08% YoY, with sequential growth from $223.1M in Q3. The Nuclear & Safety segment benefits from rising nuclear energy investments, and the Medical segment gains from healthcare demand, supporting a durable growth narrative.
- Forward PE at discount to industry: MIR trades at a forward PE of 22.70, below the industry average of 25x. This suggests the market is not fully pricing in the expected EPS growth of $0.79 for the next fiscal year, offering a potential re-rating opportunity if estimates are met.
- Improving profitability and positive FCF: The company turned profitable in Q4 2025 with net income of $17.3M and EPS of $0.07, up from losses in prior quarters. Trailing free cash flow is $107.4M, providing financial flexibility for debt reduction or investments.
Bearish
- Stock down 33% in one year: MIR's price has fallen 32.98% over the past year, while the S&P 500 gained 18.19%. The stock is near its 52-week low of $14.11, reflecting severe underperformance and a loss of investor confidence, with no clear sign of a bottom.
- Extremely high trailing PE of 180: The trailing PE of 180.15 is distorted by low current earnings, but it signals that the market has priced in a massive earnings jump. If growth disappoints, the stock could face a sharp de-rating, as seen in the 51% max drawdown.
- Uneven revenue growth and margin volatility: Revenue growth has been lumpy, with Q3 2025 revenue of $223.1M barely above Q2's $222.9M, and operating margin swung from 11.4% in Q4 2024 to 3.3% in Q3 2025. This inconsistency raises doubts about the sustainability of the growth trajectory.
- High debt-to-equity of 0.66: With a debt-to-equity ratio of 0.66, MIR carries a significant debt load. Interest expenses of $9M in Q4 2025 consume a large portion of operating income, limiting financial flexibility and increasing vulnerability to rising rates.
MIR Technical Analysis
Mirion's stock is in a pronounced downtrend, with the price at $14.98 as of July 31, 2026, down 32.98% over the past year. The stock is trading near the bottom of its 52-week range, at approximately 5.3% above the 52-week low of $14.11 and 50.5% below the 52-week high of $30.28. This positioning near the lows suggests a market that has priced in significant negative sentiment, but it also raises the risk of a falling knife, as there is no clear sign of a bottom yet. The 1-year price change of -32.98% contrasts sharply with the S&P 500's +18.19% gain, indicating severe underperformance and a loss of investor confidence.
Beta
1.06
1.06x market volatility
Max Drawdown
-51.0%
Largest decline past year
52-Week Range
$14-$30
Price range past year
Annual Return
-28.3%
Cumulative gain past year
| Period | MIR Return | S&P 500 |
|---|---|---|
| 1m | -8.9% | +2.5% |
| 3m | -22.0% | +5.2% |
| 6m | -36.0% | +11.5% |
| 1y | -28.3% | +22.6% |
| ytd | -35.3% | +12.9% |
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MIR Fundamental Analysis
Mirion's revenue has been growing, with the most recent quarter (Q4 2025) reporting $277.4 million, a 9.08% year-over-year increase. This growth is a continuation of a positive trend, as revenue has risen from $192.6 million in Q1 2024 to $277.4 million in Q4 2025, with sequential improvements in most quarters. The growth is driven by both segments, but the Nuclear & Safety segment benefits from increased nuclear energy investments, while the Medical segment gains from healthcare demand. However, the growth rate has been uneven, with Q3 2025 revenue of $223.1 million showing a slowdown compared to Q2's $222.9 million, suggesting potential volatility in order flow. The company's ability to sustain this growth is critical, as the market is pricing in high expectations, but the recent stock decline indicates doubts about the durability of this trajectory.
Quarterly Revenue
$277400000.0B
2025-12
Revenue YoY Growth
+9.1%
YoY Comparison
Gross Margin
48.8%
Latest Quarter
Free Cash Flow
$107400000.0B
Last 12 Months
Revenue & Net Income Trends (2 Years)
Revenue Breakdown
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Valuation Analysis: Is MIR Overvalued?
Given that Mirion is profitable on a trailing basis (net income of $17.3 million in Q4 2025), the primary valuation metric is the price-to-earnings (PE) ratio. The trailing PE is extremely high at 180.15, while the forward PE is 22.70, implying that the market expects significant earnings growth in the next year. This wide gap suggests that the market is pricing in a substantial improvement in profitability, which is supported by analyst estimates of EPS of $0.79 for the next fiscal year. However, the trailing PE is distorted by low current earnings, and the forward PE is more reasonable but still above the broader market average. Compared to the industry average PE of 25x (based on sector data), Mirion's forward PE of 22.70 is actually at a slight discount, which could indicate that the stock is undervalued relative to peers if the growth materializes. Historically, Mirion's PE has been volatile, ranging from negative values in loss-making periods to over 450 in Q3 2025, so the current forward PE is within its historical range but on the lower end, suggesting that the market is not overly optimistic about future earnings.
PE
180.2x
Latest Quarter
vs. Historical
Low-End
5-Year PE Range 60x~450x
vs. Industry Avg
N/A
Industry PE ~N/A*
EV/EBITDA
29.2x
Enterprise Value Multiple
Investment Risk Disclosure
Financial risks are significant. MIR's debt-to-equity ratio of 0.66 indicates a substantial debt load, and interest expenses of $9M in Q4 2025 consumed about 35% of operating income, limiting cash flow for growth or dividends. The company's profitability is thin, with a net margin of just 3.1% in Q4, and the trailing PE of 180 implies that the market expects a massive earnings jump—any shortfall could trigger a sharp de-rating. Additionally, free cash flow of $107.4M is positive but modest relative to the $5.4B market cap, leaving little room for error. Revenue concentration in the nuclear and medical sectors, which are subject to regulatory cycles, adds further earnings volatility, as seen in the swing from a $25.8M loss in Q1 2024 to a $17.3M profit in Q4 2025.