Leverage increased with debt-to-equity at 0.66 and total debt of $1.2B, while goodwill of $1.9B represents 54% of total assets, posing impairment risk.
Mirion Technologies, Inc. (MIR) balance sheet — 8-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Jun'18 |
|---|
| Total Current Assets | 900.5M | 897.8M | 594.7M | 538.6M | 480.6M | 453.4M | 389.7M | 5K | 5K |
| Cash & Short-Term Investments | 425.3M | 422M | 181.1M | 134.1M | 77.8M | 88.9M | 118.4M | 5K | 5K |
| Cash Only | 418.7M | 415.1M | 175.2M | 128.8M | 73.5M | 84M | 118.4M | 5K | 5K |
| Short-Term Investments | 6.6M | 6.9M | 5.9M | 5.3M | 4.3M | 4.9M | 0 | 0 | 0 |
| Accounts Receivable | 281.8M | 280.2M | 253.3M | 230.4M | 225.6M | 219.7M | 156.8M | 0 | 0 |
| Days Sales Outstanding | 101.12 | 110.52 | 107.41 | 105 | 114.72 | 119.99 | - | - | - |
| Inventory | 159.4M | 151.9M | 133.2M | 144.1M | 143.3M | 123.6M | 90.2M | 0 | 0 |
| Days Inventory Outstanding | 105.46 | 113.89 | 105.92 | 118.35 | 130.57 | 117.45 | - | - | - |
| Other Current Assets | 19M | 31.1M | 13.9M | 17.9M | 30.7M | 15.9M | 7.6M | 0 | 0 |
| Total Non-Current Assets | 2.62B | 2.69B | 2.04B | 2.18B | 2.23B | 2.66B | 854.1M | 0 | 0 |
| Property, Plant & Equipment | 183.8M | 187M | 176.6M | 167.4M | 164.9M | 169.7M | 75.2M | 0 | 0 |
| Fixed Asset Turnover | 5.54x | 4.95x | 4.87x | 4.78x | 4.35x | 3.94x | - | - | - |
| Goodwill | 1.86B | 1.87B | 1.43B | 1.45B | 1.42B | 1.66B | 522.6M | 0 | 0 |
| Intangible Assets | 545.5M | 606.3M | 411.6M | 538.8M | 650.4M | 806.9M | 248.3M | 0 | 0 |
| Long-Term Investments | 300K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 29.5M | 24.6M | 26.9M | 26.1M | -116.3M | 25.4M | 8M | 0 | 0 |
| Total Assets | 3.52B | 3.59B | 2.64B | 2.72B | 2.74B | 3.12B | 1.24B | 5K | 5K |
| Asset Turnover | 0.29x | 0.26x | 0.33x | 0.29x | 0.26x | 0.21x | - | 88020.00x | 88820.00x |
| Asset Growth % | 131.12% | 36.12% | -3.03% | -0.74% | -12.16% | 150.68% | 24875900% | 0% | - |
| Total Current Liabilities | 281.6M | 316.1M | 263.5M | 265.7M | 244.3M | 221M | 183.5M | 636 | 295 |
| Accounts Payable | 60.2M | 57.4M | 56.5M | 58.7M | 67.7M | 59.4M | 38.7M | 636 | 295 |
| Days Payables Outstanding | 39.91 | 43.04 | 44.93 | 48.21 | 61.68 | 56.45 | - | 0 | 0 |
| Short-Term Debt | 1.6M | 9.3M | 1.2M | 1.2M | 5.3M | 3.9M | 41.1M | 0 | 0 |
| Deferred Revenue (Current) | 496.8M | 112.3M | 110.9M | 103.4M | 83M | 81.8M | 0 | 0 | 0 |
| Other Current Liabilities | 40.4M | 78.4M | 48.8M | 49.2M | 36.4M | 36.3M | 57.4M | 0 | 0 |
| Current Ratio | 3.20x | 2.84x | 2.26x | 2.03x | 1.97x | 2.05x | 2.12x | 7.86x | 16.95x |
| Quick Ratio | 2.63x | 2.36x | 1.75x | 1.48x | 1.38x | 1.49x | 1.63x | 7.86x | 16.95x |
| Cash Conversion Cycle | 166.67 | 181.37 | 168.4 | 175.14 | 183.6 | 181 | - | - | - |
| Total Non-Current Liabilities | 1.36B | 1.36B | 813.5M | 902.8M | 1.03B | 1.11B | 1.78B | 636 | 295 |
| Long-Term Debt | 1.2B | 1.2B | 685.2M | 684.7M | 801.5M | 806.8M | 1.66B | 0 | 0 |
| Capital Lease Obligations | 103.2M | 26.8M | 27.1M | 28.2M | 34.4M | 40.6M | 0 | 0 | 0 |
| Deferred Tax Liabilities | 256.1M | 70M | 61.1M | 84M | 116.3M | 161M | 0 | 0 | 0 |
| Other Non-Current Liabilities | 73.8M | 56M | 37.1M | 106M | 75M | 104.6M | 119.9M | 0 | 0 |
| Total Liabilities | 1.65B | 1.67B | 1.08B | 1.17B | 1.27B | 1.33B | 1.96B | 636 | 295 |
| Total Debt | 1.23B | 1.23B | 719.9M | 721M | 849.6M | 860.6M | 1.7B | 0 | 0 |
| Net Debt | 814.5M | 818.6M | 544.7M | 592.2M | 776.1M | 776.6M | 1.58B | -5K | -5K |
| Debt / Equity | 0.66x | 0.64x | 0.46x | 0.47x | 0.58x | 0.48x | - | - | - |
| Debt / EBITDA | 6.03x | 6.51x | 4.11x | 5.12x | - | 19.78x | 24.77x | - | - |
| Net Debt / EBITDA | 3.98x | 4.32x | 3.11x | 4.20x | - | 17.85x | 23.04x | -0.00x | -0.00x |
| Interest Coverage | 1.88x | 1.77x | 0.49x | -0.22x | -1.65x | -0.33x | - | - | - |
| Total Equity | 1.88B | 1.92B | 1.56B | 1.55B | 1.47B | 1.78B | -716.5M | 4.36K | 4.71K |
| Equity Growth % | 88.3% | 22.95% | 0.59% | 5.64% | -17.76% | 348.99% | -16418523.46% | -7.25% | - |
| Book Value per Share | 6.81 | 7.34 | 7.61 | 7.89 | 8.10 | 8.57 | -4.95 | 0.00 | 0.00 |
| Total Shareholders' Equity | 1.83B | 1.87B | 1.51B | 1.48B | 1.4B | 1.69B | -718.7M | 4.36K | 4.71K |
| Common Stock | 0 | 0 | 0 | 0 | 0 | 0 | 100K | 2.01K | 2.01K |
| Retained Earnings | -508.4M | -512.7M | -541.5M | -505.4M | -408.5M | -131.6M | -729.7M | -636 | -295 |
| Treasury Stock | -103.7M | -58.4M | -3.2M | -1.3M | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -65.7M | -52.6M | -93M | -65.3M | -75.7M | -20.7M | 1.4M | 0 | 0 |
| Minority Interest | 49.6M | 50.5M | 53.5M | 65.5M | 69M | 90.8M | 2.2M | 0 | 0 |
Quick answers to the most common questions about buying MIR stock.
As of 2025, Mirion Technologies, Inc. (MIR) had total assets of $3.59B including $897.8M in current assets.
Mirion Technologies, Inc. (MIR) carries total debt of $1.23B, offset by $422.0M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Mirion Technologies, Inc. (MIR) has total shareholders' equity (book value) of $1.87B ($7.34 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Mirion Technologies, Inc. (MIR) reported a current ratio of 2.84x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Goodwill impairment risk from acquisitions
Metrics are mathematically derived from official filings.
Balance Sheet Expands on Acquisition
Total assets grew from $2.6B to $3.5B over the past year, driven by a $1.9B goodwill balance, while equity rose to $1.8B, per recent SEC filings.
The balance sheet expansion is primarily acquisition-driven, with goodwill jumping from $1.4B to $1.9B in Q3 2025, indicating a significant deal. This suggests a strategy of buying growth rather than organic expansion, which may pressure future returns if integration fails. The increase in assets and equity appears to be a result of the acquisition, not operational performance, as retained earnings remain deeply negative.
Leverage Rises with Acquisition
Debt-to-equity climbed from 0.46 to 0.66 as total debt reached $1.2B, while cash increased to $418.7M, based on reported balance sheet data.
The acquisition in Q3 2025 was partly debt-financed, lifting total debt from $719M to $1.2B, a 67% increase. Despite the higher leverage, the D/E ratio remains moderate at 0.66, and the current ratio of 3.20 indicates ample liquidity. However, the increased debt load may signal a shift toward more aggressive capital structure, and investors should monitor whether the acquired assets generate sufficient cash flow to service this debt.
Asset Mix Dominated by Goodwill
Goodwill of $1.9B represents 54% of total assets, while PPE is only $183.8M, indicating an asset-light model with significant acquisition-related intangibles, per financial statements.
The balance sheet is heavily weighted toward goodwill and intangibles, reflecting a serial acquirer strategy. This concentration poses impairment risk if acquired businesses underperform, as seen in the stagnant operating margins. The low PPE relative to assets suggests a service-oriented model with limited capital intensity, which aligns with the improving cash flow conversion noted in the cash flow analysis.
Equity Quality Masked by Negative Retained Earnings
Equity stands at $1.8B, but retained earnings are -$508.4M, indicating cumulative losses, while share repurchases resumed in Q2 2026, per reported data.
The negative retained earnings highlight that Mirion has not yet generated cumulative profits, relying on equity raises and acquisitions to build its balance sheet. The recent buyback of $20.9M in Q2 2026 suggests management confidence, but it may be premature given the weak ROE of 1.7%. Investors should assess whether the acquisition-driven equity base can eventually translate into positive retained earnings.
Liquidity Buffer Strengthens
Cash rose to $418.7M in Q2 2026 from $120.2M in Q1 2024, and the current ratio improved to 3.20, per company filings, providing a solid buffer.
The liquidity position has strengthened significantly, with cash more than tripling over the period, partly due to the acquisition and improved cash flow. The current ratio of 3.20 is well above the peer average, indicating strong short-term solvency. This cash cushion supports ongoing operations and potential debt repayment, but the high cash balance may also suggest under-leveraged capital that could be deployed more efficiently.
Goodwill Impairment Risk Looms
Goodwill of $1.9B, over half of total assets, poses a significant impairment risk if acquisition synergies fail to materialize, as suggested by stagnant operating margins.
The large goodwill balance from the Q3 2025 acquisition is a key risk. If the acquired business does not achieve the projected cash flows, an impairment charge could wipe out a substantial portion of equity, which is already thin relative to assets. The gap between gross margin (47.4%) and operating margin (5.6%) indicates integration challenges, and investors should monitor for any signs of goodwill impairment in future filings.