Mirion Technologies, Inc.

What they do

Mirion provides products, services and software that let customers safely use ionizing radiation across nuclear power, medical, defense, laboratory and research applications. Its Nuclear & Safety segment supplies core detectors, measurement devices and monitoring equipment across the full nuclear plant lifecycle, plus field-ready radiation detection equipment for defense. Its Medical segment centers on radiation therapy quality assurance (RT QA), nuclear medicine products and personal dosimetry. The company is headquartered in Atlanta, Georgia, with operations in Canada, the UK, France, Germany, Finland, China, Belgium, the Netherlands, Estonia, Japan and South Korea.

Revenue drivers

• Nuclear & Safety segment — Largest segment at 66.4% of 2025 revenue ($925.4M total), rising to 69.8% of Q2 2026 revenue; sells into NPP construction, operation, decommissioning, defense and labs, with an installed base across more than 98% of nuclear power plants globally.
• Medical segment — 33.6% of 2025 revenue, including RT QA, nuclear medicine and medical dosimetry; Mirion Medical has a presence in more than 80% of cancer centers worldwide, though the segment's share of revenue declined to 30.2% in Q2 2026.
• Backlog / remaining performance obligations — Committed but undelivered contracts and purchase orders were $1,104.3M at December 31, 2025 (up from $811.9M a year earlier) and $1,138.6M at June 30, 2026, supporting future revenue visibility, including long-term new nuclear build contracts.
• Recurring installed-base revenue — Products installed at the vast majority of addressable active reactors generate replacement and service revenue over the typical 40-to-100-year operating life of a nuclear power plant.

Recent performance

Full-year 2025 revenue was $925.4 million, up from $860.8 million in 2024, and net income turned positive at $28.8 million versus a $36.1 million loss in 2024, with diluted EPS of $0.11. Operating cash flow rose to $143.3 million in 2025 from $99.1 million in 2024. In Q2 2026, revenue was $266.8 million versus $222.9 million a year earlier, with Nuclear & Safety at 69.8% of the total and Medical at 30.2%. First-half 2026 revenue was $524.4 million versus $424.9 million in the prior-year period. At June 30, 2026, total assets were $3.52 billion, cash and equivalents were $418.7 million, long-term debt was $443.7 million, and shareholder equity was $1.83 billion.

Strategy

Mirion is positioned to capitalize on growing nuclear demand, citing IAEA projections raised for a fifth consecutive year, a UN-supported declaration to triple nuclear energy capacity by 2050, and power demand from data centers, cloud computing and artificial intelligence. It points to recommissioning announcements for Palisades, Three Mile Island and Duane Arnold in 2024-2025 and to rapid development across the advanced nuclear and small modular reactor sector. In Medical, it targets RT QA growth from aging demographics, low emerging-market penetration, and adoption of advanced software and hardware. The company emphasizes long-lifecycle installed-base revenue and a growing backlog, including long-term new-build contracts. It also cites an engineering and R&D organization of 534 scientists, engineers and technicians, about 16% of the workforce as of December 31, 2025.

Risks

• Nuclear end-market policy dependence — Government decisions to build new power plants or decommission existing ones can positively or negatively affect Mirion's customer base and demand.
• Medical budget and reimbursement pressure — Potential budget constraints at hospitals and other healthcare providers and changes to healthcare reimbursement could affect Medical segment growth.
• Regulatory and qualification requirements — Many of Mirion's markets require meeting rigorous regulatory standards, design qualifications and operating requirements, and changes to global standards, including new or expanded ones, affect the business.
• Lumpiness of new-build contracts — A portion of remaining performance obligations comes from long-term new nuclear plant construction contracts, which can delay or shift revenue timing.

Outlook

Management points to a positive overall nuclear market, citing IAEA projections raised for a fifth straight year, international support for tripling nuclear capacity by 2050, and rising electricity demand from data centers and artificial intelligence. It expects full-lifecycle sales opportunities from its installed base at most active reactors and highlights a backlog of $1,138.6 million at June 30, 2026 as a pipeline indicator. In Medical, it expects growth from demographics, emerging-market RT QA penetration and healthcare safety focus, while noting reimbursement and hospital budget uncertainty.