Mirion Technologies MIR

NYSE · Measuring & Controlling Devices, Nec · $4.7B

$17.13−4.67%Nov 5 close · Databento

Every report since 2023 →

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MIR Wire Story Reactions & EOD Technical StudyDaily closes (Databento EOD) pinned with every AlgoThesis Wire story (dot colour = next trading day close) and SEC filing

Nov 5, 2026CLOSE $17.131D −4.67%3M +13.67%SMA20 $16.41SMA50 $15.95RSI(14) 54.3

17.13

RSI (14, Wilder EOD) · 70 Overbought / 30 OversoldRSI 54.3

Data provided by Databento (end of day). Next close = the first close after a story against the close before it; official daily closes only, not a call, not advice.

The numbers

fiscal 2025, as filed with the SEC · 66-metric EOD snapshot via Databento

Market cap$4.7B

EV / True FCF51.5x

Revenue$925.4M +7.5%

True FCF (ex-SBC)$91.7M +112.5%

Rule of 4019.1%

ROIC2.4%

True FCF Yield2.0%

EPS, diluted$0.11 +161.1%

Modern Valuation (EOD)

Market Cap$4.7B

Enterprise Value$4.7B

EV / True FCF51.50

EV / FCF44.18

EV / Gross Profit10.77

EV / EBIT91.70

EV / Sales5.10

P / E (GAAP)162.95

P / FCF43.90

P / Oper. CF32.75

P / Book2.45

Owner & Cash Yields

True FCF Yield2.0%

FCF Yield2.3%

Owner Earn. Yield2.5%

Earnings Yield0.6%

Shareholder Yield+0.7%

Buyback Yield1.1%

Dividend Yield—

Dividend / sh—

Payout Ratio—

FCF / sh—

EPS (diluted)$0.11

Compounder & Returns

Rule of 4019.1%

ROIC2.4%

Cash ROIC (CROIC)5.5%

GP / Assets12.2%

ROE1.5%

ROA0.8%

Gross Margin47.4%

Oper. Margin5.6%

Net Margin3.1%

FCF Margin11.6%

True FCF Margin9.9%

Quality & Dilution

Cash Conversion371%

Accrual Ratio−3.2%

SBC % of FCF14.2%

SBC % of Rev1.6%

Reinvest. Rate53%

Sales Growth Y/Y+7.5%

Sales 3Y CAGR+8.8%

EPS Growth Y/Y+161.1%

FCF Growth Y/Y+112.5%

FCF 3Y CAGR+173.9%

Share Change Y/Y+27.4%

Balance Sheet & Scale

Revenue (FY)$925.4M

Gross Profit (FY)$438.6M

Oper. Income (FY)$51.5M

GAAP Net Income$28.8M

True FCF (ex-SBC)$91.7M

Cash & Equiv$415.2M

Total Debt$444.7M

Net Cash (Debt)$-29.5M

Net Cash % MCap−0.6%

Debt / FCF (yrs)4.2y

Current Ratio2.83

Price & Technicals (EOD)

Perf Week−8.25%

Perf Month+4.13%

Perf Quarter+9.04%

Perf Half Y−13.27%

Perf YTD−12.47%

SMA 20 Dist+4.42%$16.41

SMA 50 Dist+7.41%$15.95

SMA 100 Dist+6.12%$16.14

Window High−15.99%$20.39

Window Low+21.32%$14.12

RSI (14) · Vol54.364%v

Income Distribution & Cash Flow ConversionHow every dollar of MIR revenue flows through cost of goods, operating expenses, taxes, GAAP net income, and dilution-adjusted free cash flow

Where Every $100 of Revenue Goes (FY2025)

Cost of Revenue (COGS)$486.8M ($52.6 / $100)

R&D Reinvestment$38.9M ($4.2 / $100)

SG&A & Other OpEx$348.2M ($37.6 / $100)

Tax & Non-Operating$22.7M ($2.5 / $100)

Net Profit Kept$28.8M ($3.1 / $100)

Earnings Quality: GAAP Profit → True Owner Cash (FY2025)

GAAP Net Income$28.8M (3.1% margin)

Operating Cash Flow (OCF)$143.3M(15.5% of rev)

Less: Capital Expenditures−$36.4M(3.9% of rev)

Standard Free Cash Flow (FCF)$106.9M(11.6% margin)

Less: Stock-Based Comp (SBC)−$15.2M(14.2% of FCF)

True FCF (Owner Cash ex-SBC)$91.7M(9.9% of rev)

Revenue by fiscal year

Operating leverage — margins

GrossOperatingNet

Line Item (USD)	FY2021	FY2022	FY2023	FY2024	FY2025	YoY Δ	4Y CAGR
Income Statement
Revenue	$611.6M	$717.8M	$800.9M	$860.8M	$925.4M	+7.5%	+10.9%
Cost of Revenue (COGS)	$359.8M	$407.7M	$444.5M	$461.1M	$486.8M	+5.6%	+7.9%
Gross Profit	$251.8M	$310.1M	$356.4M	$399.7M	$438.6M	+9.7%	+14.9%
Research & Development (R&D)	$29.4M	$30.3M	$31.7M	$35.0M	$38.9M	+11.1%	+7.3%
Selling, General & Admin (SG&A)	$211.2M	$362.3M	$340.1M	$341.1M	$348.2M	+2.1%	+13.3%
Total Operating Expenses	$240.6M	$607.9M	$378.3M	$374.9M	$387.1M	+3.3%	+12.6%
Operating Income (EBIT)	$11.2M	$-297.8M	$-21.9M	$24.8M	$51.5M	+107.7%	+46.4%
Interest Expense	—	—	$61.9M	$57.9M	$42.2M	−27.1%	−17.4%
Income Tax Expense	$-5.9M	$-18.2M	$-6.6M	$2.7M	$2.9M	+7.4%	—
GAAP Net Income	$-158.3M	$-276.9M	$-96.9M	$-36.1M	$28.8M	+179.8%	—
Diluted EPS	$-24.18	$-1.53	$-0.49	$-0.18	$0.11	+161.1%	—
Diluted Shares	6.5M	181.1M	196.4M	205.0M	261.2M	+27.4%	+151.3%
Balance Sheet
Cash & Equivalents	$102.4M	$75.0M	$130.5M	$175.6M	$415.2M	+136.4%	+41.9%
Inventory	$113.2M	$143.3M	$144.1M	$133.2M	$152.6M	+14.6%	+7.8%
Total Current Assets	$433.9M	$480.6M	$538.6M	$594.7M	$893.7M	+50.3%	+19.8%
Total Assets	$1.5B	$2.7B	$2.7B	$2.6B	$3.6B	+36.1%	+23.4%
Total Current Liabilities	$188.2M	$244.3M	$265.7M	$263.4M	$316.1M	+20.0%	+13.8%
Total Debt (Short + Long Term)	$892.1M	$812.1M	$687.1M	$687.6M	$444.7M	−35.3%	−16.0%
Total Liabilities	$2.4B	$1.3B	$1.2B	$1.1B	$1.7B	+55.2%	−8.5%
Stockholders' Equity	$-839.5M	$1.5B	$1.6B	$1.6B	$1.9B	+22.9%	—
Net Cash / (Net Debt)	$-789.7M	$-737.1M	$-556.6M	$-512.0M	$-29.5M	+94.2%	—
Invested Capital	$-49.8M	$2.2B	$2.1B	$2.1B	$1.9B	−6.0%	—
Cash Flow & Capital Allocation
Operating Cash Flow (OCF)	$53.6M	$39.4M	$95.2M	$99.1M	$143.3M	+44.6%	+27.9%
Depreciation & Amortization (D&A)	$83.6M	$174.5M	$162.8M	$150.4M	$138.1M	−8.2%	+13.4%
Stock-Based Compensation (SBC)	$0	$31.8M	$21.9M	$15.6M	$15.2M	−2.6%	—
Capital Expenditures (CapEx)	$23.2M	$34.2M	$37.1M	$48.8M	$36.4M	−25.4%	+11.9%
Free Cash Flow (FCF)	$30.4M	$5.2M	$58.1M	$50.3M	$106.9M	+112.5%	+36.9%
True FCF (ex-SBC Owner Cash)	$30.4M	$-26.6M	$36.2M	$34.7M	$91.7M	+164.3%	+31.8%
Share Repurchases (Buybacks)	$0	$0	$0	$0	$49.6M	—	—

Fundamentals, income distribution and multi-year statements from SEC EDGAR filings (public domain). Valuation multiples, performance and technicals computed from Databento 1D EOD closes. For information only, not investment advice.

On the Wire

what MIR did at the next close after each story

No Wire story has named MIR yet.

What happened · big days

20 big days in a year, and what we hold on each

A big day is a close more than 5.69% from the one before, three times MIR’s median day (1.90%). On 1 of the 20, its peer group moved the same way at least half as far. We show what we hold. We never name a cause.

every other trading daya big day, numbered in the list below±5.69%Hover a bar for its day. Click a big day to open it.

Shaded: since our stories began, Jun 10. Tap a bar for its day.

#DayMIRWhat we hold that dayGroup (median of 4) · each

1 Nov 13, 2025−12.18%
Before our storiesgroup −4.0%, did not move with it
1Nov 13, 2025−12.18%
Before our stories
−4.0% did not move with itTRMB −6.3 · ONTO −4.3 · ROK −3.8 · TMO −1.3
2 Nov 20, 2025−6.08%
Before our storiesgroup −1.1%, did not move with it
2Nov 20, 2025−6.08%
Before our stories
−1.1% did not move with itONTO −4.3 · TRMB −1.2 · ROK −1.0 · TMO −0.2
3 Dec 12, 2025−6.16%
Before our storiesgroup −2.2%, did not move with it
3Dec 12, 2025−6.16%
Before our stories
−2.2% did not move with itTRMB −3.7 · ONTO −2.5 · ROK −1.9 · TMO −1.1
4 Jan 9, 2026+7.05%
Before our storiesgroup +1.9%, did not move with it
4Jan 9, 2026+7.05%
Before our stories
+1.9% did not move with itONTO +5.1 · TMO +2.0 · ROK +1.7 · TRMB +1.4
5 Feb 11, 2026−10.20%
Resultsgroup −1.9%, did not move with it
5Feb 11, 2026−10.20%
ResultsFirst close after the Feb 10 results filing
−1.9% did not move with itTRMB −5.4 · TMO −2.3 · ROK −1.4 · ONTO +2.2
6 Mar 12, 2026−7.27%
Before our storiesgroup −4.0%, moved with MIR
6Mar 12, 2026−7.27%
Before our stories
−4.0% moved with MIRONTO −4.2 · ROK −4.0 · TMO −4.0 · TRMB −2.1
7 Mar 13, 2026−6.74%
Before our storiesgroup +0.6%, did not move with it
7Mar 13, 2026−6.74%
Before our stories
+0.6% did not move with itTMO −2.4 · TRMB +0.5 · ROK +0.8 · ONTO +2.7
8 Mar 20, 2026−6.30%
Before our storiesgroup −0.8%, did not move with it
8Mar 20, 2026−6.30%
Before our stories
−0.8% did not move with itONTO −4.4 · TRMB −1.4 · ROK −0.2 · TMO +0.9
9 Mar 31, 2026+7.33%
Before our storiesgroup +3.6%, did not move with it
9Mar 31, 2026+7.33%
Before our stories
+3.6% did not move with itONTO +8.3 · TRMB +4.3 · ROK +3.0 · TMO +2.4
10 Apr 30, 2026+5.84%
Before our storiesgroup +2.5%, did not move with it
10Apr 30, 2026+5.84%
Before our stories
+2.5% did not move with itONTO +3.8 · TMO +2.7 · ROK +2.2 · TRMB +1.6
11 May 27, 2026−5.78%
Before our storiesgroup −1.3%, did not move with it
11May 27, 2026−5.78%
Before our stories
−1.3% did not move with itONTO −2.7 · TRMB −2.6 · ROK −0.1 · TMO +1.8
12 May 29, 2026+6.90%
Before our storiesgroup +0.4%, did not move with it
12May 29, 2026+6.90%
Before our stories
+0.4% did not move with itTRMB +2.7 · TMO +1.1 · ONTO −0.2 · ROK −0.8
13 Jun 5, 2026−6.26%
Before our storiesgroup −3.0%, did not move with it
13Jun 5, 2026−6.26%
Before our stories
−3.0% did not move with itONTO −7.8 · ROK −3.4 · TRMB −2.7 · TMO −1.9
14 Jun 10, 2026−6.94%
Nothing on MIRgroup −3.4%, did not move with it
14Jun 10, 2026−6.94%
Nothing on MIRNo MIR story, brief or results filing in our record that day
−3.4% did not move with itTRMB −4.4 · ROK −4.4 · TMO −2.4 · ONTO −1.7
15 Jul 29, 2026−13.22%
Resultsgroup −1.4%, did not move with it
15Jul 29, 2026−13.22%
ResultsFirst close after the Jul 28 results filing
−1.4% did not move with itONTO −9.8 · ROK −2.5 · TRMB −0.2 · TMO +0.0
16 Sep 3, 2026+7.64%
Nothing on MIRgroup +1.2%, did not move with it
16Sep 3, 2026+7.64%
Nothing on MIRNo MIR story, brief or results filing in our record that day
+1.2% did not move with itTRMB +1.7 · TMO +1.6 · ROK +0.7 · ONTO −0.8
17 Sep 28, 2026−7.95%
Nothing on MIRgroup −0.1%, did not move with it
17Sep 28, 2026−7.95%
Nothing on MIRNo MIR story, brief or results filing in our record that day
−0.1% did not move with itROK −0.7 · TRMB −0.6 · ONTO +0.4 · TMO +0.5
18 Oct 6, 2026+9.05%
Nothing on MIRgroup −2.0%, did not move with it
18Oct 6, 2026+9.05%
Nothing on MIRNo MIR story, brief or results filing in our record that day
−2.0% did not move with itTRMB +3.6 · ROK −1.0 · TMO −3.0 · ONTO −3.6
19 Oct 28, 2026+8.70%
Resultsgroup +1.8%, did not move with it
19Oct 28, 2026+8.70%
ResultsFirst close after the Oct 27 results filing
+1.8% did not move with itONTO +4.4 · TRMB +1.9 · TMO +1.6 · ROK +1.1
20 Oct 29, 2026+11.46%
Nothing on MIRgroup +1.1%, did not move with it
20Oct 29, 2026+11.46%
Nothing on MIRNo MIR story, brief or results filing in our record that day
+1.1% did not move with itROK +1.7 · TRMB +1.5 · TMO +0.7 · ONTO −0.8

A story on the same day is not a cause, and a group move is not proof either. Group: the median of TMO, ROK, TRMB and ONTO that day, the largest companies in MIR’s SEC industry; “moved with MIR” means the same direction and at least half the size.

What’s next · results

Before the next report: what the first day after the last four did

Six trading days after each results filing (SEC 8-K, Item 2.02). MIR reports after the close, so day 1 is the next close. 3 of 4 times, day 6 ended on the same side as day 1.

Reported Feb 10, 2026

day 1−10.20%day 6−8.40%

Reported Apr 28, 2026

day 1−0.11%day 6+9.15%

Reported Jul 28, 2026

day 1−13.22%day 6−8.22%

Reported Oct 27, 2026

day 1+8.70%day 6+16.61%

Next report: expected late January to early FebruaryEstimated from the dates of its last four results filings. Not announced. Since the Oct 27 report: +16.61%. Four reports is a small sample.

Every report since 2023 →

Each line is MIR’s close against its close before the filing, on licensed end-of-day closes. What happened after each report, not a forecast; a move on the day is not a cause.

Same industry

MIR against four same-industry peers, a year at 100

MIR is down 34.5% in a year. Onto Innovation is up 32.9%, Thermo Fisher Scientific 23.4%, Rockwell Automation 18.8% and Trimble is down 31.2%. All four did more. Weekly closes, Nov 7, 2025 = 100, on a log scale, so the same percentage move is the same height on every line.

Share this chart

MIR −34.5%. Onto Innovation +32.9%, Thermo Fisher Scientific +23.4%, Rockwell Automation +18.8%, Trimble −31.2%. Weekly closes, Nov 7, 2025 = 100, log scale.

Share this chart

End-of-day closes (Databento EOD), the last close of each week. The four peers are the largest US-listed companies by market value in MIR’s SEC industry (Measuring & Controlling Devices, Nec) with a year of closes. It shows what the closes did; a move here is not a cause, a forecast or a call.

The Wire at 7 AM ET, free. Top stories with a bull and a bear case on each, every morning. No account needed.

TMO	Thermo Fisher Scientific	$261.1B	—
ROK	Rockwell Automation	$49.3B	—
TRMB	Trimble	$12.7B	—
ONTO	Onto Innovation	$9.1B	—
QSI	Quantum-Si	$255M	—
OWLT	Owlet	$132M	—
GEOS	Geospace Technologies	$51M	—
BCHT	Birchtech	$29M	—