MIR

Mirion Technologies supplies radiation detection, measurement and monitoring systems across nuclear power, medical and defense markets — positioning it squarely in the slipstream of the global nuclear-energy revival. FY2025 was a milestone: the company turned its first GAAP profit ($28.8M) after years of losses (-$158M in FY2021, -$277M in FY2022), as revenue grew 7.5% to $925M and operating income more than doubled (+107.7%) to $51.5M. The gross margin is excellent at 47.4%, reflecting differentiated, mission-critical instrumentation, and the business is now generating real cash — operating cash flow rose 44.6% to $143M against modest $36.4M capex.

The balance sheet improved meaningfully: long-term debt fell 35.3% to $443M, cash more than doubled to $412M, equity grew 24.0% to $1.87B, and liabilities/equity is a comfortable 0.90x. Management even repurchased $49.6M of stock. The asset growth (+36.1%) and rising liabilities reflect acquisition activity, and heavy amortization ($138M D&A) continues to depress GAAP earnings well below cash earnings — a key reason net margin (3.1%) and ROE (1.5%) look weak despite the strong gross margin and cash flow.