MIR

Mirion Technologies

$16.96

-5.78%
May 27, 2026
Bobby Quantitative Model
Mirion Technologies, Inc. is a specialized industrial company that provides products, services, and software for the safe and effective use of ionizing radiation across critical applications. It operates through two primary segments: Nuclear & Safety, which serves the nuclear energy, defense, and laboratory markets, and Medical, which focuses on improving cancer care delivery and diagnostic safety. The company is positioned as a critical enabler in niche, high-barrier-to-entry markets where safety and precision are paramount. The current investor narrative centers on its transition to consistent profitability and cash flow generation, as evidenced by recent quarterly results, against a backdrop of renewed interest in nuclear energy and advanced medical technologies.

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MIR 12-Month Price Forecast

Historical Price
Current Price $16.96
Average Target $16.96
High Target $19.503999999999998
Low Target $14.416

Wall Street consensus

Most Wall Street analysts maintain a constructive view on Mirion Technologies's 12-month outlook, with a consensus price target around $22.05 and implied upside of +30.0% versus the current price.

Average Target

$22.05

3 analysts

Implied Upside

+30.0%

vs. current price

Analyst Count

3

covering this stock

Price Range

$14 - $22

Analyst target range

Buy
0 (0%)
Hold
1 (33%)
Sell
2 (67%)

Analyst coverage for Mirion is limited, with only 4 analysts providing estimates, which is typical for a mid-cap company in a specialized industrial niche and can lead to higher volatility and less efficient price discovery. The available data shows consensus estimates for EPS and revenue but does not provide a consensus price target, Buy/Hold/Sell distribution, or a target price range, making a quantitative assessment of analyst sentiment impossible. The lack of explicit price targets suggests that while analysts are modeling the business, there is likely high uncertainty or divergence in views on the appropriate valuation, which is consistent with the stock's wide historical trading range and recent significant price decline. Recent institutional ratings from firms like Baird ('Outperform'), JP Morgan ('Overweight'), and Citigroup ('Buy') indicate a generally bullish bias among those who do cover the stock, with no downgrades visible in the recent data, implying professional analysts see fundamental stability or improvement despite the severe technical price action.

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Bulls vs Bears: MIR Investment Factors

The investment case for MIR is a classic battle between improving fundamentals and punishing technicals/valuation. The bull side has stronger evidence in the company's operational execution, demonstrated by its shift to profitability, robust cash flow, and solid balance sheet. The bear side is dominated by a severe and persistent price decline, high short interest, and demanding valuation multiples that leave no room for disappointment. The single most important tension is whether the market will begin to reward the clear fundamental turnaround (strong FCF, margin expansion) or if the stock's technical breakdown and high valuation will continue to overshadow operational progress, leading to further multiple compression.

Bullish

  • Strong Profitability Turnaround: The company has demonstrated a decisive shift to profitability, with Q4 2025 net income of $17.3 million, a significant improvement from a net loss of -$13.6 million in Q3 2024. This is supported by expanding operating margins, which reached 9.2% in Q4 2025, indicating effective cost management and operational leverage.
  • Robust Free Cash Flow Generation: Mirion generated $107.4 million in trailing twelve-month free cash flow and $66.3 million in Q4 2025 alone. This strong cash generation provides significant financial flexibility to fund growth, reduce debt, or return capital to shareholders without relying on external financing.
  • Solid Balance Sheet & Liquidity: The company maintains a healthy current ratio of 2.84 and a manageable debt-to-equity ratio of 0.68. This conservative capital structure and strong liquidity position provide a buffer against market volatility and support ongoing operations and investments.
  • Positive Revenue Growth Trajectory: Q4 2025 revenue of $277.4 million grew 9.1% year-over-year. Furthermore, sequential quarterly revenue increased from $202.0M in Q1 2025 to $277.4M in Q4 2025, demonstrating consistent top-line progression and demand in its niche markets.

Bearish

  • Severe Technical Downtrend & High Short Interest: The stock is down 26.0% over six months and 17.2% over three months, severely underperforming the market with a -24.98 relative strength score. It trades just 4.6% above its 52-week low, and a short interest ratio of 7.14 reflects intense bearish sentiment and persistent selling pressure.
  • Extremely High Trailing Valuation Multiples: With a trailing PE of 187.0x, the stock is priced for near-perfect execution of its turnaround. Even the forward PE of 26.9x, while more reasonable, is elevated for an industrial machinery company and leaves little margin for error against earnings estimates.
  • Elevated Valuation on Sales & EBITDA: Mirion trades at a Price-to-Sales ratio of 5.82 and an EV/EBITDA of 29.3. These multiples are rich for its industrial sector and suggest the market is assigning a significant premium for its niche exposure, which may compress if growth decelerates or profitability falters.
  • Low Return on Equity & Asset Efficiency: The company's ROE of 1.54% and ROA of 1.25% are very low, indicating that despite recent profitability, it is not yet generating efficient returns on shareholder capital. This inefficiency could limit multiple expansion and investor interest.

MIR Technical Analysis

The stock is in a pronounced downtrend, having declined 26.0% over the past six months and 17.2% over the last three months, significantly underperforming the broader market as indicated by a -24.98 relative strength score over three months. Currently trading at $17.61, the price sits just 4.6% above its 52-week low of $16.84, positioning it in the extreme lower end of its annual range, which suggests the stock is deeply oversold and may represent a value opportunity, though it also risks being a 'falling knife' if the fundamental outlook deteriorates further. Recent short-term momentum shows continued weakness, with the stock down 10.4% over the past month, which accelerates the longer-term downtrend and signals persistent selling pressure; this is corroborated by a high short interest ratio of 7.14, indicating significant bearish sentiment. The stock's beta of 1.074 suggests it is only slightly more volatile than the market, but its severe underperformance is driven by company-specific factors rather than systemic risk. Key technical levels are clearly defined, with immediate support at the 52-week low of $16.84 and major resistance far above at the 52-week high of $30.28; a decisive break below support could trigger another leg down, while a recovery above the $20 level would be the first sign of stabilization. The stock has experienced a maximum drawdown of -41.8% over the observed period, highlighting the substantial risk and volatility inherent in its current price action.

Beta

1.07

1.07x market volatility

Max Drawdown

-43.0%

Largest decline past year

52-Week Range

$17-$30

Price range past year

Annual Return

-12.8%

Cumulative gain past year

PeriodMIR ReturnS&P 500
1m-11.9%+4.9%
3m-22.6%+8.9%
6m-34.8%+9.8%
1y-12.8%+26.9%
ytd-28.8%+10.1%

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MIR Fundamental Analysis

Revenue growth has been positive but modest, with Q4 2025 revenue of $277.4 million representing a 9.1% year-over-year increase; however, examining the sequential quarterly trend from Q1 2025 ($202.0M) to Q4 2025 shows revenue progression, indicating a steady, if not explosive, growth trajectory. The company's Medical and Nuclear & Safety segments both contribute, with product sales of $166.1 million and service revenue of $57.0 million in the latest period, though specific segment growth rates are not available. Profitability has shown a marked improvement, with the company reporting net income of $17.3 million in Q4 2025, compared to a net loss of -$13.6 million in Q3 2024, signaling a successful turnaround toward consistent earnings. Gross margin was healthy at 48.8% in Q4 2025, and the operating margin expanded to 9.2%, demonstrating improved operational efficiency and cost control as the company scales. The balance sheet and cash flow position appear solid, with a strong current ratio of 2.84 and a manageable debt-to-equity ratio of 0.68, indicating good liquidity and a conservative capital structure. The company generated robust free cash flow of $107.4 million on a trailing twelve-month basis and $66.3 million in Q4 2025 alone, providing ample internal funding for growth; return on equity (ROE) of 1.54% remains low but is positive, reflecting the early stages of its profitability journey.

Quarterly Revenue

$277400000.0B

2025-12

Revenue YoY Growth

+0.09%

YoY Comparison

Gross Margin

+0.48%

Latest Quarter

Free Cash Flow

$107400000.0B

Last 12 Months

Revenue & Net Income Trends (2 Years)

Revenue Breakdown

Product
Service

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Valuation Analysis: Is MIR Overvalued?

Given the company's positive net income, the primary valuation metric selected is the Price-to-Earnings (PE) ratio. The trailing PE is extremely elevated at 187.0x, which reflects the market pricing the stock based on very recent, nascent profitability, while the forward PE is a more reasonable 26.9x, indicating the market expects significant earnings growth in the coming year. Compared to its own historical range, the current trailing PE of 187.0x is near the top of its multi-year band, which has seen ratios swing from negative values during loss-making periods to over 450x in recent quarters; this high multiple suggests the market is pricing in a strong recovery and future growth, leaving little room for error. A peer comparison is challenging as specific industry average multiples are not provided in the data, but the stock's Price-to-Sales (PS) ratio of 5.82 and EV/EBITDA of 29.3 appear rich for an industrial machinery company, likely commanding a premium due to its niche, mission-critical exposure in nuclear and medical sectors.

PE

187.0x

Latest Quarter

vs. Historical

Low-End

5-Year PE Range -46x~2727x

vs. Industry Avg

N/A

Industry PE ~N/A*

EV/EBITDA

29.3x

Enterprise Value Multiple

Investment Risk Disclosure

Financial & Operational Risks: Mirion's primary financial risk is its elevated valuation, not its balance sheet. The trailing PE of 187.0x and EV/EBITDA of 29.3 are exceptionally high and hinge on the company's ability to meet or exceed forward earnings estimates of $0.80. A miss could trigger a sharp de-rating. While revenue growth is positive at 9.1% YoY, it is modest, and the company's low ROE of 1.54% indicates it is still in the early stages of translating top-line growth into efficient shareholder returns. The strong free cash flow ($107.4M TTM) mitigates liquidity risk but does not eliminate valuation risk.

Market & Competitive Risks: The stock faces significant market-related risks from its premium valuation. Trading at a PS of 5.82, it is priced well above typical industrial machinery peers, making it vulnerable to sector rotation out of growth/niche stories and into value. Its beta of 1.074 suggests it is slightly more volatile than the market, but its -24.98 relative strength score over three months shows it is being punished by company-specific concerns. The high short interest of 7.14 indicates a crowded bearish bet, which can lead to violent short squeezes on good news but also exacerbate declines on any negative catalyst.

Worst-Case Scenario: The worst-case scenario involves a failure to meet forward earnings expectations, combined with a broader market sell-off in high-multiple stocks. This could lead to a simultaneous compression of the forward PE multiple and a downgrade of growth prospects. A realistic downside target is a retest and break below the 52-week low of $16.84. From the current price of $17.61, this implies a potential loss of approximately -4.4%. However, given the stock's history of a -41.8% maximum drawdown, a more severe de-rating towards a PE in the mid-teens could see the stock fall 25-30% from current levels if the turnaround narrative fully unravels.