MIR · Technology(measuring & controlling devices, nec) · 10 years of annual accounts filed with the SEC · latest fiscal year ended 2025-12-31
Signed in, this page also says what this company is inside your own portfolio: its weight, its share of your risk, and what buying or selling some of it would change. Sign in ›
Mirion Technologies, Inc. reported revenue of $925.4 million in fiscal 2025, after growing 4.7% a year over the previous 9 years. Its operating margin widened from 1.8% in 2021 to 5.6%, and it earned 2.0% on its invested capital in the latest year. Of the $430.6 million its operations generated over 10 years, 230.1% went to acquisitions and 41.7% back into the business; the share count rose 32.9%. On the accounting screens, it passes 7 of 9 Piotroski tests, its Altman Z'' of 1.86 is in the grey zone and its Beneish M-score is below the -1.78 line; 2 of the six cross-checks between its statements fire.
Revenue, fiscal 2025925.4M+4.7% a year over 9 years
Operating margin5.6%gross margin 47.4%
Return on invested capital2.0%-3.0% on average over 4 years
Free cash flow after stock pay91.7M9.9% of revenue
Net debt ÷ EBITDA0.2×net debt 32.4M
Piotroski F-score7/9tests of improvement passed
Share counts are in today's shares. The SEC's filings restate only recent years after a split, so these jumps were read as splits and the older years scaled to match — otherwise per-share figures would compare different units:
30-for-1 before fiscal 2021.
Is it growing?
Revenue and the operating income it turns into. Growth that does not reach operating income is growth bought with margin.
RevenueOperating income
-500.0M0500.0M1.0B
2021Revenue 611.6MOperating income 11.2M
2021
2021
2021
2021
2022
2022Revenue 717.8MOperating income -297.8M
2023Revenue 800.9MOperating income -21.9M
2024Revenue 860.8MOperating income 24.8M
2025Revenue 925.4MOperating income 51.5M
2021202120212021202120222022202320242025
Compound growth a year
3 yrs
5 yrs
9 yrs
Revenue
+8.8%
—
+4.7%
Operating income
—
—
+18.5%
Free cash flow per share
+142.5%
—
+11.4%
Shares
+13.0%
+6.9%
+3.2%
Falling shares are buybacks: each remaining share owns more of the company.
Does it earn more than its capital costs?
Margins say how much of each sale is kept; return on invested capital says how much the business earns on the money it needs to operate. Growth only creates value when that return is above the cost of the capital.
Return on invested capitalCost of capital today · 9.9%
-20.0%-10.0%0.0%10.0%20.0%30.0%
2021Return on invested capital 23.0%
2021
2021
2021
2021
2022
2022Return on invested capital -14.3%
2023Return on invested capital -1.1%
2024Return on invested capital 1.2%
2025Return on invested capital 2.0%
2021202120212021202120222022202320242025
Economic profit
Economic profit
-600.0M-400.0M-200.0M0200.0M
2021Economic profit 6.6M
2021
2021
2021
2021
2022
2022Economic profit -533.3M
2023Economic profit -237.6M
2024Economic profit -189.7M
2025Economic profit -181.3M
2021202120212021202120222022202320242025
(return on capital − cost of capital) × capital invested: the profit left after paying for the money used. Today's cost of capital is applied to every year, since a past one cannot be rebuilt honestly.
Return on equity
1.5%
Return on assets
0.8%
Asset turnover
0.26×
Research & development
4.2% of revenue
Overheads (SG&A)
37.6% of revenue
Is the profit cash, and where does the cash go?
Net income is an accounting opinion; free cash flow is what was left in the bank after investing. Stock-based pay does not leave the bank — shareholders pay it through dilution — so it is shown taken off as well.
Net incomeFree cash flowAfter stock-based pay
-300.0M-200.0M-100.0M0100.0M200.0M
2021Net income -158.3MFree cash flow 30.4MAfter stock-based pay 30.4M
2021
2021
2021
2021Net income -158.4M
2022
2022Net income -276.9MFree cash flow 5.2MAfter stock-based pay -26.6M
2023Net income -96.9MFree cash flow 58.1MAfter stock-based pay 36.2M
2024Net income -36.1MFree cash flow 50.3MAfter stock-based pay 34.7M
2025Net income 28.8MFree cash flow 106.9MAfter stock-based pay 91.7M
2021202120212021202120222022202320242025
Where 10 years of operating cash went, 2021–2025
430.6M generated by the business. Each band is its share of that total.
Reinvested in the business 42%179.7M
Acquisitions 230%991.0M
Dividends 0%0
Share buybacks 12%49.6M
More than it generated: funded with cash or new debt -183%-789.7M
Over the same years it paid 84.5M in stock. The share count rose 32.9%. The buybacks did not even cover what was handed out in stock.
Per share
Earnings per shareFree cash flow per shareDividend per share
$-2.00$-1.50$-1.00$-0.50$0.00$0.50
2021Earnings per share $-0.81Free cash flow per share $0.15
2021
2021
2021
2021Earnings per share $-0.84
2022
2022Earnings per share $-1.53Free cash flow per share $0.03
2023Earnings per share $-0.49Free cash flow per share $0.30
2024Earnings per share $-0.18Free cash flow per share $0.25
2025Earnings per share $0.11Free cash flow per share $0.41
2021202120212021202120222022202320242025
Shares outstanding
Diluted shares
175.0M200.0M225.0M250.0M275.0M
2021Diluted shares 196.5M
2021
2021
2021
2021Diluted shares 187.5M
2022
2022Diluted shares 181.1M
2023Diluted shares 196.4M
2024Diluted shares 205.0M
2025Diluted shares 261.2M
2021202120212021202120222022202320242025
How strong is the balance sheet?
Debt is not bad in itself; debt the business cannot service in a bad year is. Net debt is debt minus cash, and below zero the company holds more cash than it owes.
Net debt
0200.0M400.0M600.0M800.0M
2021Net debt 791.0M
2021
2021
2021
2021Net debt 726.7M
2022
2022Net debt 733.3M
2023Net debt 557.1M
2024Net debt 511.2M
2025Net debt 32.4M
2021202120212021202120222022202320242025
Net debt ÷ EBITDA
0.2×
Interest coverage
1× operating income ÷ interest
Current ratio
2.83 current assets ÷ current liabilities
Cash conversion cycle
143 days collects in 72d, stock 114d, pays in 43d
Three classic screens of the accounts
Each asks a different question of the same statements — is it improving, does it look like a company heading for distress, do the accounts resemble ones that were manipulated. None is a verdict; each shows what moves it.
Piotroski F-score
Is the business improving? Nine yes-or-no tests, this year against last.
7of 9 tests passed
✓ProfitableReturn on assets above zeropassed
✓Cash from operationsOperating cash flow above zeropassed
✓Profitability improvedReturn on assets higher than a year beforepassed
✓Profit backed by cashOperating cash flow above net income (low accruals)passed
✓Less long-term debtLong-term debt as a share of assets fellpassed
✓More liquidCurrent ratio higher than a year beforepassed
✕No new sharesShare count did not growfailed
✓Better gross marginGross margin higher than a year beforepassed
✕Sells more per assetAsset turnover higher than a year beforefailed
Where it misleads: it measures change, not level. An excellent business that stood still for a year scores low; a poor one recovering from a disaster scores high.
Altman Z''-score
Does the balance sheet look like those of companies that went bankrupt?
1.86grey zone
1.12.6
Working capital ÷ assets 0.16 × 6.56+1.06
Retained earnings ÷ assets -0.14 × 3.26-0.47
Operating income ÷ assets 0.01 × 6.72+0.10
Equity ÷ liabilities 1.12 × 1.05+1.17
Where it misleads: buybacks. A company that returns so much cash that its equity turns small or negative sinks the last two ratios without being anywhere near bankruptcy. Banks and insurers do not fit the model at all.
Beneish M-score
Do the accounts resemble those of companies that manipulated their earnings?
-2.47below the -1.78 line
-1.78
Receivables vs sales 0.95+0.87
Gross margin slipping 0.98+0.52
Soft assets 0.98+0.40
Sales growth 1.08+0.96
Slower depreciation 1.08+0.12
Overheads vs sales 0.95-0.16
Profit not in cash -0.03-0.15
Leverage rising 0.59-0.19
Where it misleads: fast growth and acquisitions. Sales growth carries a heavy weight, so a company growing 50% a year scores like a suspect without having done anything. It is a screen from a 1999 study, not an accusation.
Where the statements disagree
Cross-checks between the income statement, the balance sheet and the cash flow for the latest year, each with the benign reading and the worrying one.
Capital spending (36M) is well below depreciation (138M).
Benign
Mature assets, or a business that has become less capital-intensive.
Worrying
Under-investing: today's profit is being held up by consuming tomorrow's capacity.
The effective tax rate is 8.9%.
Benign
A favourable geographic mix, or legitimate tax credits.
Worrying
Not sustainable; projecting it forward inflates the valuation.
What is it worth, under which assumptions?
A company is worth the cash it will generate, brought back to today. This model projects revenue with growth that fades over the years, applies a free cash flow margin, and discounts the result at the cost of capital. Every assumption says where it came from, and all of them can be changed.
Value per share, with these assumptions$7.22discounted at 9.9% a year · 52% of it from after year 10
Type a share price on the left to ask the reverse questions: what growth, what margin or what discount rate that price implies.
What the value implies, in the usual multiples
At this model's value
Price ÷ earnings
65.5×
Enterprise value ÷ EBITDA
10.1×
Enterprise value ÷ revenue
2.1×
Free cash flow yield
4.9%
From cash flows to a value per share
10 years of cash flow, today915.5M
Everything after, today1.0B
The whole business1.9B
Minus net debt-32.4M
What belongs to shareholders1.9B
Divided among 261.2M shares: <strong>$7.22</strong> each.
The projection next to its history
Reported free cash flow after stock pay, then the model's. A projection that looks nothing like the past needs a reason.
ReportedProjected
-100.0M0100.0M200.0M
2021Reported 30.4M
2021
2021
2021
2021
2022
2022Reported -26.6M
2023Reported 36.2M
2024Reported 34.7M
2025Reported 91.7M
2026Projected 115.7M
2027Projected 125.3M
2028Projected 134.7M
2029Projected 143.9M
2030Projected 152.7M
2031Projected 161.0M
2032Projected 168.5M
2033Projected 175.1M
2034Projected 180.8M
2035Projected 185.3M
2021202120212022202420262028203020322034
Year by year
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
Revenue
1.0B
1.1B
1.2B
1.3B
1.3B
1.4B
1.5B
1.5B
1.6B
1.6B
Growth
9.0%
8.3%
7.6%
6.8%
6.1%
5.4%
4.7%
3.9%
3.2%
2.5%
Cash margin
11.5%
11.5%
11.5%
11.5%
11.5%
11.5%
11.5%
11.5%
11.5%
11.5%
Free cash flow
115.7M
125.3M
134.7M
143.9M
152.7M
161.0M
168.5M
175.1M
180.8M
185.3M
Worth today
105.3M
103.8M
101.6M
98.8M
95.4M
91.5M
87.1M
82.4M
77.4M
72.2M
If the least-known inputs move
Value per share as two inputs change at a time. Neighbouring cells that differ a lot are the conclusion: the value depends on numbers nobody knows to a point.
The discount rate and growth forever
discount ↓ · forever →
1.5%
2.0%
2.5%
3.0%
3.5%
8.9%
7
8
8
9
10
9.4%
7
7
8
8
9
9.9%
7
7
7
8
8
10.4%
6
6
7
7
8
10.9%
6
6
6
7
7
Year-one growth and the final margin
margin ↓ · growth →
5.0%
7.0%
9.0%
11.0%
13.0%
9.2%
5
6
6
7
7
10.3%
6
6
7
7
8
11.5%
6
7
7
8
8
12.6%
7
7
8
8
9
13.8%
7
8
8
9
10
All the inputs moving at once
5,000 valuations, each with growth, final margin, discount rate and growth forever drawn at random around the values on the left (spreads of 3.0%, 2.0%, 1.0% and 0.5%). Not a probability — the spreads are assumptions too — but an honest picture of how wide the answer is.
10th percentile$5.36
Median$7.25
90th percentile$9.92
$5.00$7.50$10.00$12.50
Half of the simulations land between <b>$6.17</b> and <b>$8.49</b>; one in ten below $5.36, one in ten above $9.92.
Does the long run make sense?
7.8×The terminal value prices the business in year 10 at 7.8 times that year's EBITDA.
Free growthIn year 10 free cash flow is at or above after-tax operating profit, yet the model grows 2.5% forever. Growth needs reinvestment; this assumes it comes for free, which flatters the terminal value.
52%of the value comes from after year 10. The more of it, the more the answer depends on the part nobody can see.
Every Form 4 filed in the last twelve months, read line by line: 6 filings by 5 people. Open-market purchases and sales are counted apart from awards, option exercises and shares withheld for taxes.
Bought on the open market$312,0001 purchase(s) by 1 insider(s)
Sold on the open market—none in the period
Under pre-arranged plans—of the sales followed a 10b5-1 plan set months earlier
A Form 4 says what happened, when, how many shares and at what price. It does not say why: a sale can be diversification, a tax bill or a plan fixed months earlier, and an award is pay, not a purchase. Nothing here is a reason to buy or sell anything.
Which large funds report holding it
From the Form 13F of the 28 institutions followed on this site, as of the end of their last reported quarter. A 13F is filed up to 45 days later and shows only long positions in US-listed shares.
Accounts from the company's own SEC filings; lines some companies do not report are shown as a dash rather than estimated. The risk-free rate is the 10-year US Treasury yield. A DCF is a way of making assumptions explicit, not a forecast: it states what the company would be worth if the assumptions held. The scores are screens that point where to look, not verdicts. Nothing here is a recommendation to buy or sell.
