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MIR, Mirion Technologies Inc.

Electronic Components & Instruments capital-intensive Distress / turnaroundCyclicalSerial acquirer

Mirion, we deliver vital protection that unlocks the transformative potential of radiation to move science, industry and medicine forward.

For more than 60 years Mirion and our predecessor companies have provided products, services, and software that allow customers to safely leverage the power of ionizing radiation for applications that benefit the health, safety, vitality, and technological progress of the human experience.

As a global leader in the field of radiation safety and innovation, we bring together unrivaled expertise with an unmatched range of reliably precise technologies.

Latest annual: FY2025 10-K

MIR · Mirion Technologies Inc.

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$925M

+7.5% YoY · 14% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $981M 5-yr avg $783M

Gross margin 47% 5-yr avg 45%

Operating margin 4.7% 5-yr avg −6.8%

ROIC 2% 5-yr avg −3%

Owner-earnings margin 9% 5-yr avg 6%

Free cash flow margin 9% 5-yr avg 6%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

What it is: Revenue is Nuclear & Safety (66%) and Medical (34%).
Situation: Distress / turnaround. Thin interest coverage, or operating cash burned against real debt, across the record. The balance sheet carries this situation; the debt schedule sets the clock. Cyclical. Margins collapse and recover repeatedly across the record; a single year, good or bad, misstates the through-cycle earning power. Serial acquirer. Goodwill and acquired intangibles are 69% of assets, with meaningful acquisition spending in 5 of the record's 7 years; much of what this business is was bought, at prices the record carries.
What moves the needle: Gross margin has run about 43% and operating margin about 2.9% through the cycle, a spread the cycle sets more than the company does. The margin is cyclical, swinging between −41% and 6.5% over the years, so the through-cycle figure carries more than any single year — and the balance sheet at the trough more than the peak. Inventory runs near 18% of sales, so how fast it turns back into cash — and the risk of writing it down when demand softens — sits alongside the margin. Read this kind of business on the installed base and the upgrade cycle. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has rarely cleared the cost of capital (median −1%, above 15% in 0 of 3 years). By owner earnings: roughly 5% of revenue reaches owners as cash, consistently. The cycle and the balance sheet decide this one; the worst year tells more than the median, and the rest is in the 10-K.

Every line is arithmetic on the company's filings, shown in full in the sections below.

Where the money comes from

read the 10-K →

Nuclear & Safety is 66% of revenue, with Medical the other meaningful segment at 34%.

Revenue by reportable segment, FY2025

Nuclear & Safety66%$615M
Medical34%$311M

From the segment footnote of the company's own 10-K. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.

The record

Ten years of arithmetic, read across the cycle.

The record, 2019–2025

realized figures from each filing · older years to the left

2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMMar 2026
								Income statement
$440M	$478M	$612M	$718M	$801M	$861M	$925M	$981M	RevenueRevenue
43%	41%	41%	43%	44%	46%	47%	47%	Gross marginGross mgn
33%	33%	35%	50%	42%	40%	38%	38%	SG&A / revenueSG&A/rev
3%	3%	5%	4%	4%	4%	4%	4%	R&D / revenueR&D/rev
$29M	$23M	$11M	($298M)	($22M)	$25M	$52M	$47M	Operating incomeOp. inc.
6.5%	4.8%	1.8%	−41.5%	−2.7%	2.9%	5.6%	4.7%	Operating marginOp. mgn
($122M)	($119M)	($158M)	($277M)	($97M)	($36M)	$29M	$25M	Net incomeNet inc.
								Cash flow & returns
$15M	$40M	$54M	$39M	$95M	$99M	$143M	$127M	Operating cash flowOp. cash
$70M	$68M	$84M	$175M	$163M	$150M	$138M	$145M	DepreciationDeprec.
$67M	$90M	$128M	$110M	$7M	($31M)	($39M)	($60M)	Working capital & otherWC & other
$17M	$20M	$23M	$34M	$37M	$49M	$36M	$37M	CapexCapex
3.7%	4.2%	3.8%	4.8%	4.6%	5.7%	3.9%	3.8%	Capex / revenueCapex/rev
($2M)	$20M	$30M	$5M	$58M	$50M	$107M	$89M	Owner earningsOwner earn.
−0.4%	4.1%	5.0%	0.7%	7.3%	5.8%	11.6%	9.1%	Owner earnings marginOE mgn
($2M)	$20M	$30M	$5M	$58M	$50M	$107M	$89M	Free cash flowFCF
−0.4%	4.1%	5.0%	0.7%	7.3%	5.8%	11.6%	9.1%	Free cash flow marginFCF mgn
$9M	$56M	$290M	$7M	$31M	$1M	$662M	$662M	AcquisitionsAcquis.
—	—	$0	$0	$0	$0	$50M	—	BuybacksBuybacks
—	—	—	-11%	-1%	—	2%	2%	ROICROIC
-2795600%	—	—	-20%	-7%	-2%	2%	1%	Return on equityROE
n/m	—	—	−20%	−7%	−2%	2%	1%	Retained to equityRetained/eq
								Balance sheet
$36M	$118M	$101M	$74M	$129M	$175M	$412M	$398M	Cash & investmentsCash+inv
—	$97M	$133M	$171M	$172M	$178M	$182M	$182M	ReceivablesReceiv.
—	$90M	$113M	$143M	$144M	$133M	$153M	$158M	InventoryInvent.
$636	$39M	$47M	$68M	$59M	$57M	$57M	$66M	Accounts payablePayables
—	$149M	$199M	$247M	$258M	$254M	$277M	$273M	Operating working capitalOper. WC
$5K	$390M	$434M	$481M	$539M	$595M	$894M	$891M	Current assetsCur. assets
$636	$184M	$188M	$244M	$266M	$263M	$316M	$279M	Current liabilitiesCur. liab.
7.9×	2.1×	2.3×	2.0×	2.0×	2.3×	2.8×	3.2×	Current ratioCurr. ratio
$512M	$523M	$1.7B	$1.4B	$1.4B	$1.4B	$1.9B	$1.9B	GoodwillGoodwill
$5K	$1.2B	$1.5B	$2.7B	$2.7B	$2.6B	$3.6B	$3.5B	Total assetsAssets
—	$711M	$892M	$807M	$686M	$686M	$755M	$756M	Total debtDebt
—	$593M	$791M	$733M	$557M	$511M	$342M	$358M	Net debt / (cash)Net debt
—	—	—	—	-0.4×	0.4×	1.2×	1.1×	Interest coverageInt. cov.
$4K	($719M)	($842M)	$1.4B	$1.5B	$1.5B	$1.9B	$1.8B	Shareholders’ equityEquity
0.0%	0.0%	0.0%	4.4%	2.7%	1.8%	1.6%	1.6%	Stock comp / revenueSBC/rev
								Per share
6.3M	6.5M	6.5M	181M	196M	205M	261M	245M	Shares out (diluted)Shares
$69.86	$74.11	$93.39	$3.96	$4.08	$4.20	$3.54	$4.01	Revenue / shareRev/sh
$-19.37	$-18.46	$-24.17	$-1.53	$-0.49	$-0.18	$0.11	$0.10	EPS (diluted)EPS
$-0.29	$3.04	$4.64	$0.03	$0.30	$0.25	$0.41	$0.36	Owner earnings / shareOE/sh
$-0.29	$3.04	$4.64	$0.03	$0.30	$0.25	$0.41	$0.36	Free cash flow / shareFCF/sh
$2.62	$3.08	$3.54	$0.19	$0.19	$0.24	$0.14	$0.15	Cap. spending / shareCapex/sh
$0.00	$-111.37	$-128.51	$7.72	$7.56	$7.34	$7.15	$7.51	Book value / shareBVPS

The diluted share count moved ×27.66 into 2022 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.

Per-share growththe realized rate an owner's share compounded

	6-yr	5-yr
Revenue / share	−39.2%/yr	−45.6%/yr
Owner earnings / share	—	−33.0%/yr
Capital spending / share	−38.7%/yr	−46.2%/yr
Book value / share	+366.6%/yr	—

The year, in the company's words

the filing →

Verbatim from the 10-K's management discussion. Each sentence is shown only because its subject, direction, and stated figures check out against the filed numbers on this page. The words are the company's; the arithmetic is the record's.

Medical+3.7%
“Medical segment revenues increased $11.1 million for the year ended December 31, 2025 compared with the year ended December 31, 2024 primarily due to price increases, recovery from operational delays in the comparable prior period, foreign exchange fluctuations, and organic volume growth.”
✓ figure matches the filed record

The record, charted

FY2019–2025

Each measure over its full record; the current point and the worst year marked.

Share count

261Mpeak FY2025

ROIC

2%low FY2022

Gross margin

47%low FY2021

Net debt ÷ owner earnings

3.2×peak FY2022

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

$107Mowner earningsvs.$29Mnet incomelow FY2019

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetainedBeyond op. cash

Each year's outlays against its operating cash: the mix, and how it drifts. The hatched cap is spending beyond that year's operating cash — financed from the balance sheet or borrowing, not operations.

FY2019FY2025

Owner-earnings bridge

FY2021–FY2025cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2025 the business turned $29M of profit into $107M of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.

Reported net income$29M

Owner earnings$107M · 12% of revenue

	FY2025	FY2024	FY2023	FY2022	FY2021
Reported net income	$29M	($36M)	($97M)	($277M)	($158M)
Depreciation & amortizationnon-cash charge added back	+$138M	+$150M	+$163M	+$175M	+$84M
Stock-based compensationreal costnon-cash, but a real cost	+$15M	+$16M	+$22M	+$32M	—
Working capital & othertiming of cash in and out, other non-cash items	−$39M	−$31M	+$7M	+$110M	+$128M
Cash from operations	$143M	$99M	$95M	$39M	$54M
Capital expenditurecash put back in to keep running and to grow	−$36M	−$49M	−$37M	−$34M	−$23M
Owner earnings	$107M	$50M	$58M	$5M	$30M
Owner-earnings marginowner earnings ÷ revenue	12%	6%	7%	1%	5%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position . The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $15M), owner earnings is nearer $92M.

Much of fiscal 2025's profit didn't arrive as operating cash; it sits in “working capital & other” above. That can be a real inventory or timing swing, or profit that doesn't run through operating cash at all: a heavy tax year, equity-method earnings, or investment income booked through investing. For a year like this, owner earnings understates the cash earned; the full cash-flow statement carries the rest.

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

Will it survive?

Can it pay its interest? 1.2×

Thin

Operating income $52M ÷ interest expense $42M

What this means
Operating profit covers interest, but with little room. A bad year, a refinancing at higher rates, or a revenue wobble closes the gap fast.
How heavy is the debt, net of cash? $342M · 6.6× operating profit

Heavy net debt

Cash $412M − debt $755M

What this means
Netting $412M of cash and short-term investments against $755M of debt leaves $342M owed, about 6.6× a year's operating profit (14.7× on the gross debt, before the cash). Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? 143d

Long (60+ days)

DSO 72 + DIO 114 − DPO 43 days

What this means
Days cash is tied up between paying suppliers and collecting from customers. Lower is better; a long cycle means growth itself eats cash.

Is it a good business?

Return on invested capital -1%

Below average through the cycle

3-yr median, range -11%–2%; 2% latest = NOPAT $47M ÷ invested capital $2.2B

Industry peers: median 6%

What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 3 years (it ran 2% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
Owner-earnings margin 12%

Solid, recently turned positive

latest $107M = operating cash $143M − maintenance capex $36M; positive each of the last 3 years, after an earlier loss stretch (7-yr median 5%)

Industry peers: median 5%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 12% of revenue this year, a 5% median across 7 years. Treating stock comp as the real expense it is (less $15M of SBC) leaves $92M.
Are earnings backed by cash? 4.98×

Cash-backed

Cash from ops $143M ÷ net income $29M

What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.

How is the cash used?

Where do the earnings go? 46%

Returns about half

Dividends + buybacks $50M ÷ Owner Earnings $107M

What this means
Of $107M Owner Earnings, $50M (46%) went back to shareholders, $0 dividends, $50M buybacks. Net of $15M stock comp, the real buyback was about $34M. Returning most of it is the mark of a mature business with little left to reinvest at a high return; reinvesting most could mean a long runway, or empire-building. The split doesn't say which; the return earned on it (see ROIC) does.
Investing or harvesting? 0.26×

Harvesting

Capex $36M ÷ depreciation $138M

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 1 of 5 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Miss

Revenue ≥ $2B · $925M

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Pass

Current ratio ≥ 2× · 2.83×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Near

Debt ≤ working capital · $755M vs $578M WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Earnings stability Miss

A profit every year (7-yr record) · 6 loss years

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Miss

Uninterrupted dividends · none paid

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth —

Earnings +33% over the record · —

What this means
Earnings were negative early in the record, a growth rate isn't meaningful.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $-0.14/share (latest year $0.12), the averaged base the calculator's gate runs on, and book value is $7.63/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2019–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 1 of 7

What this means
Lost money in 6 year(s), look at what happened there before trusting the average.
Return on capital ≥ 15% 0 of 4 yrs

What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
Operating margin 4% → 2% (3-yr avg ends)

In the filing’s words The filing claims pricing power in its strongest form — price raised, volume held — yet the margin here has not widened to match. The claim leads the record; weigh them together.

What this means
The recent-years average (2%) sits below the early years (4%), but the latest year (6%) is back near the early level: a cyclical trough dragging the window down, not a one-way slide. The through-cycle median is 3% — read it across the cycle, not on the dip.
Reinvestment, incremental ROIC returns capital

What this means
The capital base barely grew: this business returns cash through dividends and buybacks rather than reinvesting. Judge it on the cash returned, not on compounding.
Owner earnings growth +44%/yr

What this means
Owner earnings grew about 44% a year over the record.
Worst year 2022 · −41.5% op. margin

What this means
Operations went underwater in 2022, understand why before trusting the good years.

Does AI threaten the moat?

Low contestability

The moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.

In its own filing Framed as a capability

The filing positions AI as something the company uses, not something it fears.

“We are the global leader in Radiation Therapy QA hardware and have revolutionized quality management workflow with the SunCHECK(TM) Platform and continue advancements with the addition of Oncospace, providing cloud-based, AI-powered solutions for the radiation oncology community.…”

AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat, and the company is using it that way.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of the latest quarter, Mar 31, 2026

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$891M

Cash & short-term investments$398M
Receivables$182M
Inventory$158M
Other current assets$154M

Current liabilities$279M

Debt due within a year$2M
Accounts payable$66M
Other current liabilities$212M

Current ratio3.19×all current assets ÷ what's due · Graham looked for 2×

Quick ratio2.63×stricter: inventory excluded

Cash ratio1.43×strictest: cash alone against what's due

Working capital$612Mthe cushion left after near-term bills

Debt due this year vs. cash$2M due · $398M cash covered by cash on hand, no refinancing forced · both figures from the Mar 31, 2026 balance sheet

Revenue, latest quarter vs. a year ago+27.5%the freshest read on whether the business is still growing

Current ratio, recent quarters2.2× → 3.2×

Deeper floors

Tangible book value($598M)equity stripped of goodwill & intangibles

Net current asset value($757M)Graham's net-net: current assets less all liabilities

Debt incl. operating leases$478M$33M of it operating leases

Deferred revenue$110Mcustomer cash collected before delivery; operating float

From the company's latest filing.

How the cash was used, 2019–2025

Over the record, the business generated $485M of operating cash; how management split it reads as a cash builder, a large share of cash simply built up on the balance sheet.

Reinvested$216M · 45%
Buybacks$50M · 10%
Retained (debt / cash)$219M · 45%

Returned to owners$50M
18% of the owner earnings the business produced over the span, $0 as dividends and $50M as buybacks.
Source of fundingOperating cash
Operating cash covered reinvestment and returns; over the span cash and short-term investments rose $362M.
Average price paid for buybacks—
Buybacks ran $50M over the span, but the filings don't tag the share count needed to deduce the average price paid.
Net change in share count3783.5%
The diluted count rose from 6M to 245M: issuance (stock pay, deals) outran any buybacks, so owners were diluted on net.
Dividend record—
No dividend line was reported in the filing data over the span; the record here neither confirms nor rules out a payout.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Acquisitions & goodwill

from the balance sheet & the 7-year cash-flow record

Goodwill grows only when a company acquires and falls only when it concedes it overpaid. The size of that bet, the cash put into buying rather than building, and how much has already been written off.

Goodwill & intangibles$2.5B69% of all assets; the premium carried on the balance sheet for businesses acquired

Against book equityexceeds itgoodwill alone is larger than the company’s entire book equity; stripped of the acquisition premium, there is no net book worth

Cash spent acquiring$1.1Bover 7 years buying other businesses, against $216M of capital spent building

$212M written down across 1 year (2022): goodwill the company has already conceded it overpaid for, charged against earnings. That is roughly 20% of the cash it put into acquisitions over the span. A write-down costs no cash (the cash went out when the deal was signed), but it is management marking its own past judgment to market.

Goodwill, acquired intangibles and equity from the latest balance sheet; acquisition spend and write-downs summed across the 7-year record, from the company's own filings.

Management, ownership & pay

From the proxy: how much of the business the people running it own, and how they are paid.

Stock-based compensation$15M
The slice of the business handed to employees in shares this year, 2% of revenue, equal to 30% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.

Inverting the record

Invert: instead of why Mirion Technologies Inc. is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2019–2025.

1 of the 3 tests turned up something to look into; the other 2 came back clean.

Look hereDid the share count rise anyway?3783.5%
Diluted shares grew 3783.5% over 2019–2025, even as the company spent $50M on buybacks. The repurchases were outrun by issuance — to staff, in a raise, or in a deal — and the filing says which; owners' slice still shrank. Read the buyback line beside this one, not on its own.

And these came back clean

Is it less profitable than it was?
Are "one-time" charges a yearly habit?

Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.

What an owner would ask, FY2025

read the 10-K →

Which reported numbers are a judgment call?
Management names Revenue recognition, Acquisitions, Contingencies as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →

The questions the record and the charts do not answer on their own; each carries the figure and the place to look.

Peers, Electronic Components & Instruments

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
ITRIItron Inc.	$2.4B	32%	5.2%	6%	4%
KODKEastman Kodak Company Common New	$1.1B	15%	-5.6%	-2%	-6%
ONTOOnto Innovation	$1.0B	52%	14.2%	10%	19%
MIRMirion Technologies Inc.	$925M	43%	2.9%	-1%	5%
BMIBadger Meter	$917M	39%	15.4%	17%	15%
WRBYWarby Parker Inc.	$872M	57%	-10.7%	-67%	3%
ALNTAllient Inc.	$554M	30%	7.4%	8%	5%
COHUCohu Inc	$453M	39%	0.8%	1%	7%
Group median	—	39%	4.0%	4%	5%

The price

What a price has to assume.

What the price implies

reverse-DCF

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Mirion Technologies Inc. has delivered.

Mirion Technologies Inc.’s latest year runs above its own through-cycle margin — the reported figure may flatter a peak. So the tool opens on the through-cycle base, Graham’s averaging cutting both ways; clear the toggle below to read the latest year exactly as reported.

Today’s price $

Through the cycle, Mirion Technologies Inc. earns about $46M on its 5.0% median owner-earnings margin. This year’s 11.6% margin runs above that; the reported figure may flatter a peak you'd be paying on. Normalize, below, values the price on that through-cycle figure rather than the latest year. It comes pre-checked here for that reason, the same rule that already normalizes a trough; clear it to price the year as filed.

Base Normalize · through-cycle ($46M) Net of stock comp (−$16M)

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The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth · ’21→’25+45%/yr

Owner-earnings growth · ’19→’25+44%/yr

Owner-earnings yield—

P/E (3-yr earnings ’23–’25)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Owner earnings $89M on 245M shares outstanding (a weighted basic average, the only count this filer tags); net debt $358M. The base opens on the through-cycle figure (the latest year sits above the record’s own median, and Graham’s averaging cuts both ways); clear Normalize to use the year as filed. Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh MIR against another business →

The owners of MIR: the meeting and the votes →

Cite: Owner Scorecard, "Mirion Technologies Inc. (MIR), the owner's record," https://ownerscorecard.com/c/MIR, data as of 2026-07-09.

Manual order: ← MIDD its page in the Manual MIRM →

Industry order: ← MEI the Electronic Components & Instruments chapter MKSI →