Mirion Technologies, Inc. (MIR) | The Buildout — AI Infrastructure
The Verdict
Mirion makes radiation detection, measurement, analysis, and monitoring products. Its equipment helps customers safely use ionizing radiation in nuclear power, medical, defense, and research settings. The AI-infrastructure link runs mostly through nuclear power: Mirion supplies radiation monitoring, instrumentation and control, reactor protection, and nuclear-qualified components into nuclear plants, SMR developers, and the DOE ecosystem that serve rising electricity demand. It also has an early direct software layer in medical with AI-enabled tools such as PlanAI, SunCHECK, and Daily QA4 Pro.
| Market Cap | — |
| Revenue (TTM) | $1.0B |
| Revenue Growth | +15.7% |
| EBITDA Margin (TTM) | 20.0% |
| Net Debt | $808M |
| Earnings Beats | 3 of 7 |
| P/E (TTM) | — |
| EV/EBITDA (TTM) | — |
What We Like
- Legacy installed-base backlog grew nearly 40% y/y in Q2 2026, ahead of 1% organic revenue.
- Q2 nuclear power orders ex-M&A grew about 50% y/y; half came from the operating fleet and half from SMRs.
- Q2 adjusted EBITDA margin expanded over 200 bps excluding M&A and a one-time tariff refund.
- Management says Mirion has content in every North American reactor and about 98% of the global operating fleet.
- H1 2026 adjusted free cash flow of $60M was the best first half since going public.
What We’re Watching
- Full-year guide requires H2 organic revenue growth of 7.5%–11.2% after roughly 2% H1 organic growth.
- Q4 Nuclear & Safety organic growth is implied in the mid-teens; management acknowledged the number is 'big'.
- Medical guidance shifted internally: nuclear medicine cut to mid-single-digit and dosimetry cut to negative organic revenue.
- A July 2026 China cancellation of a 2019-vintage new-build order remains in negotiation; management says no FY26 guide impact.
The thesis is strengthening on order and backlog evidence, but not yet confirmed by the income statement. Q2 organic revenue grew only 1% while backlog and nuclear orders expanded sharply. The key open question is whether the large-opportunity pipeline and installed-base orders convert into the steep second-half revenue ramp management has guided.
Earnings
Mirion reported Q2 2026 revenue of $266.8 million, up 20% y/y, with organic growth of 1% and gross margin of 49.9%. Adjusted EBITDA rose 27.5% y/y to $65.3 million, and margin expanded 150 basis points. Backlog crossed $1.1 billion, roughly 40% higher y/y.
| Metric | Q2 FY2026 | Q1 FY2026 | Q2 FY2025 | YoY |
|---|---|---|---|---|
| Revenue | $267M | $258M | $223M | +19.7% |
| Gross margin | 49.9% | 46.2% | 46.1% | +380bps |
| EBITDA | $57M | $44M | $44M | +29.7% |
| EPS | $0.03 | $-0.01 | $0.03 | −17.9% |
| Total orders | $291M | $288M | n/a | +40% y/y |
There is a broader belief that may be a little bit erroneous that we are fundamentally locked into the data center build out cycle… Even if the rate of data center builds slows dramatically, effectively they have made a binary decision that I want to extend the life of my asset base by another 20 years. And that is the big trigger for us.— Tom Logan, Founder, Chairman and CEO, July 29, 2026
Management tone: Management's tone became more confident across Q1 and Q2 2026 while leaving full-year guidance unchanged. Management emphasized record orders and a step-change in backlog, used structurally bullish language about installed-base waves and 100-year operating cycles, and was candid about large-order timing risk.
Management Guidance
Management maintained full-year 2026 guidance after Q2: total revenue growth of 22–24% and organic revenue growth of 5–7%. H2 organic revenue growth is guided to 7.5%–11.2% and H2 adjusted EBITDA margin to 27%–29%.
Trajectory
Reported revenue stepped up on M&A, but organic growth stayed near zero. Q2 revenue was $266.8 million, up 20% y/y and up 3.6% from Q1, with gross margin widening to 49.9% from 46.2%. Reported EBITDA margin expanded to 21.3% from 17.3% a quarter earlier on an operating-income-plus-D&A basis. The order book is running ahead of revenue: nuclear power orders ex-M&A grew about 50% in Q2 while nuclear power revenue was flat organically.
The Model
The model projects FY+1 revenue of $1,150 million and EBITDA of $271 million, a 23.6% margin, and FY+2 revenue of $1,310 million and EBITDA of $338 million, a 25.8% margin. Near-term revenue is anchored in the order and backlog build plus M&A contribution; the FY+2 step-up reflects continued installed-base and SMR conversion flowing through revenue.
| Metric | FY2025 | Next FY (E) | Following FY (E) |
|---|---|---|---|
| Revenue | $925M | $1.1B | $1.3B |
| YoY Growth | — | +24.3% | +13.9% |
| EBITDA | $190M | $271M | $338M |
| EBITDA Margin | 20.5% | 23.6% | 25.8% |
Projections are the median of 5 independent model runs. The model’s revenue sits 6.8% above analyst consensus.
Management maintained full-year 2026 guidance after Q2: total revenue growth of 22–24% and organic revenue growth of 5–7%. H2 organic revenue growth is guided to 7.5%–11.2% and H2 adjusted EBITDA margin to 27%–29%.
What Could Go Right — and Wrong
- A meaningful share of the remaining ~$280M large-opportunity pipeline trades and converts into revenue.
- SMR revenue moves above 3% of total company revenue by year-end 2026 and SMR orders continue to scale.
- Installed-base life-extension and uprate spending accelerates across Duke, NextEra, and other utility customers.
- Nuclear medicine demand recovers in H2 and RTQA double-digit growth combines with software mix to lift Medical margins.
- Paragon and Certrec cross-sell exceeds expectations; Paragon's Q2 revenue grew 15% and YTD growth reached 27%.
- The H2 ramp slips, with required 7.5%–11.2% organic growth missing and full-year guidance lowered.
- Large-opportunity wins stall and push from 2026 into 2027, and Q4 mid-teens Nuclear & Safety growth misses.
- Another cancellation or debooking follows the China order reversal, or China negotiations recover nothing.
- Nuclear medicine and dosimetry weakness deepens beyond mid-single-digit and negative organic revenue guidance.
- SMR financing or regulatory timelines move to the right, delaying conversion of the $49M Q2 SMR order run-rate.
Looking Ahead
The next twelve months are about converting the order book into revenue. Management has guided Q3 consolidated organic growth high single digits and H2 adjusted EBITDA margins of 27–29%. The large-opportunity pipeline still has roughly $280M available, with about 12 opportunities in queue, and the full-year guide implies a steep Q4 ramp.
- Q3 2026Q3 2026 results — Tests high-single-digit consolidated organic growth and large-order pipeline progress.
- Q3/Q4 2026Large-opportunity order announcements — Roughly $280M still available across ~12 opportunities; 8 are new-build.
- Q4 2026Q4 Nuclear & Safety ramp — Implied mid-teens organic growth needed for full-year segment guide.
- Year-end 2026SMR revenue above 3% — Management expects SMR revenue to exceed 3% of total company revenue.
- 2026Paragon integration and growth — Paragon Q1 revenue grew 45% and Q2 grew 15%, bringing YTD growth to 27%; margins expanded under Mirion ownership.
- H2 2026Nuclear medicine pickup — Management expects nuclear medicine hardware demand to pick up in the back half.
Financials
Annual Summary
| Metric | FY2024 | FY2025 | TTM | YoY |
|---|---|---|---|---|
| Revenue | $861M | $925M | $1.0B | +7.5% |
| Gross Margin | 46.5% | 47.3% | 48.0% | +78bps |
| EBITDA | $175M | $190M | $542M | +8.2% |
| EBITDA Margin | 20.4% | 20.5% | 20.0% | +12bps |
| Net Income | −$36M | $29M | $24M | +179.8% |
| Free Cash Flow | $50M | $107M | $294M | — |
| Net Cash | — | — | — | — |
Key Ratios (Trailing)
- P/E TTM—
- EV/EBITDA TTM—
- EV/Revenue TTM—
- Price/FCF TTM—
- Gross Margin (TTM)48.0%
- EBITDA Margin (TTM)20.0%
- Net Margin (TTM)2.4%
- ROIC1.6%
- FCF Conversion66.9%
- SBC / Revenue0.9%
The Company
Mirion delivers radiation detection, measurement, analysis, and monitoring products and services. Its equipment supports the safe use of ionizing radiation across nuclear power, medical, defense, and research markets. The company operates in two segments: Nuclear & Safety and Medical.
Production spans eight countries: the United States, Canada, France, Germany, Belgium, Estonia, Finland, and the United Kingdom. Mirion says it has content in every reactor within North America and about 98% of the global operating fleet. Recent acquisitions Paragon Energy Solutions and Certrec sit inside Nuclear & Safety, adding safety-related components, the Peaks spare-parts platform, and regulatory and workforce software.
Business Segments
Competitive Landscape
Mirion's 10-K lists competitors in both segments. In Nuclear & Safety, named competitors include Thermo Fisher Scientific, Curtiss-Wright, Ortec (Ametek), FLIR (Teledyne), and Framatome. In Medical, they include Landauer (Fortive), PTW, IBA, Standard Imaging, Comecer, and LAP. Management says Mirion has content in every North American reactor and about 98% of the global operating fleet, and that no competitor in the U.S. nuclear market has that breadth.
- Thermo Fisher ScientificListed in the 10-K as a Nuclear & Safety competitor; not otherwise discussed in the supplied material.
- Curtiss-WrightListed in the 10-K as a Nuclear & Safety competitor; not otherwise discussed in the supplied material.
- Ortec (Ametek)Listed in the 10-K as a Nuclear & Safety competitor; not otherwise discussed.
- FramatomeListed in the 10-K as a Nuclear & Safety competitor and also appears as part of the EDF/Framatome strategic alliance.
- Landauer (Fortive)Listed in the 10-K as a Medical competitor; not otherwise discussed.
Supply Chain
Mirion sits between nuclear, medical, and defense end markets and a network of third-party suppliers. The 10-K discloses reliance on sole or limited-source suppliers, though supplier names are mostly inferred rather than documented.
More on MIR: Earnings recap