Cash conversion remains inconsistent, as evidenced by a $27.2M working capital outflow in 2026Q1 that significantly diverged from the $18.9M in operating cash flow.
| Cash from Operations | 127.1M | 143.3M | 99.1M | 95.2M | 39.4M | 900K | 39.5M | 14.7M | 15.6M |
| Operating CF Margin % | - | 15.49% | 11.51% | 11.89% | 5.49% | 0.13% | - | 3.34% | 3.51% |
| Operating CF Growth % | -26.86% | 44.6% | 4.1% | 141.62% | 4277.78% | -97.72% | 168.71% | -5.77% | - |
| Net Income | 25.1M | 28.8M | -36.6M | -96.9M | -288.4M | -127.9M | -119.1M | -341 | -103.7M |
| Depreciation & Amortization | 109.5M | 138M | 150.4M | 162.5M | 174.5M | 62.9M | 71M | 69.5M | 77M |
| Stock-Based Compensation | 8.8M | 15.2M | 15.6M | 21.9M | 31.8M | 0 | 200K | 100K | 200K |
| Deferred Taxes | -19.9M | -22.3M | -23.8M | -30.9M | -37.2M | -19.6M | 0 | -122.1M | 0 |
| Other Non-Cash Items | 50.7M | -700K | 20.3M | 39.3M | 197.1M | 96.5M | 89.9M | 67.2M | 58.7M |
| Working Capital Changes | -47.3M | -15.7M | -26.8M | -700K | -38.4M | -11M | -2.5M | 341 | -16.6M |
| Change in Receivables | -45.6M | 6.2M | -12M | -5M | -19.3M | -24.3M | 900K | 2.5M | -11.3M |
| Change in Inventory | 5.8M | 4M | 1.3M | -500K | -34.8M | -5.1M | 2.7M | -7.9M | -6M |
| Change in Payables | 1.4M | -10.8M | -1.5M | -9.9M | 4.5M | 10.3M | 0 | 341 | 0 |
| Cash from Investing | -696.2M | -694.6M | -43.7M | -64.7M | -39.5M | -2.2B | -75.6M | -25.6M | -12.6M |
| Capital Expenditures | -37.4M | -36.4M | -48.8M | -37.1M | -34.2M | -17.6M | -19.9M | -16.5M | -12.6M |
| CapEx % of Revenue | 3.81% | 3.93% | 5.67% | 4.63% | 4.76% | 2.63% | - | 3.75% | 2.84% |
| Acquisitions | -661.2M | -661.9M | -1M | -30.4M | -6.6M | -2.18B | -55.7M | -9.1M | 0 |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | 2.4M | 3.7M | 2.5M | 2.8M | 800K | 0 | 0 | 0 | 0 |
| Cash from Financing | 776.7M | 775.9M | -3.3M | 22.6M | -7M | 1.54B | 118.9M | 15M | -5.5M |
| Debt Issued (Net) | 422.6M | 422.6M | 0 | -127.3M | -6.6M | 804.2M | 120.4M | 23.6M | -4.9M |
| Equity Issued (Net) | 370.7M | 360.1M | -2M | 149M | 0 | 860.4M | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -39.9M | -49.6M | -2M | -1M | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -16.6M | -6.8M | -1.3M | 900K | -400K | -125.9M | -1.5M | -8.6M | -600K |
| Net Change in Cash | 211.8M | 239.6M | 45.1M | 55.5M | -10.3M | 84.22M | 82.4M | 0 | -2.1M |
| Free Cash Flow | 89.7M | 106.9M | 50.3M | 58.1M | 5.2M | -16.7M | 19.6M | -1.8M | 3M |
| FCF Margin % | 9.14% | 11.55% | 5.84% | 7.25% | 0.72% | -2.5% | - | -0.41% | 0.68% |
| FCF Growth % | 6.53% | 112.52% | -13.43% | 1017.31% | 131.14% | -185.2% | 1188.89% | -160% | - |
| FCF per Share | 0.37 | 0.41 | 0.25 | 0.30 | 0.03 | -0.08 | 0.14 | -0.09 | 0.03 |
| FCF Conversion (FCF/Net Income) | 3.57x | 4.98x | -2.75x | -0.98x | -0.14x | -0.00x | -0.87x | -0.12x | -0.15x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 39.2M | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Operating margin volatility
As reported in financial statements, the persistent divergence between net income and operating cash flow, highlighted by the 2026Q1 net loss of $3.4M against $18.9M in operating cash, suggests that non-cash charges and working capital fluctuations are significantly obscuring the underlying cash-generative capacity of the business.
The consistent gap between GAAP net income and operating cash flow indicates that Mirion's reported earnings are heavily influenced by non-cash items, likely amortization from past acquisitions. Investors should monitor whether this cash conversion quality improves as the company integrates its recent portfolio additions or if it remains permanently tethered to high non-cash overhead.
Based on the provided cash flow data, free cash flow trajectory remains highly inconsistent, swinging from a $66.3M peak in 2025Q4 to a $6.8M deficit in 2024Q1, which suggests that the company's cash generation is susceptible to significant quarterly timing differences in project-based revenue recognition.
The erratic nature of FCF margins, which fluctuated between -3.5% and 23.9% over the last ten quarters, implies that Mirion has yet to establish a predictable cash flow baseline. This volatility warrants further investigation into whether the business model is truly recurring or if it remains overly dependent on the lumpy delivery of large-scale industrial contracts.
According to recent SEC filings, the company experienced a $27.2M cash outflow from working capital in 2026Q1, indicating that the timing of collections and inventory management is currently acting as a meaningful drag on the firm's ability to convert operational activity into immediate liquid cash reserves.
The frequent negative working capital changes suggest that Mirion may be struggling to optimize its cash conversion cycle, potentially due to the extended payment terms common in large nuclear infrastructure projects. This trend warrants close scrutiny to determine if these outflows are temporary timing issues or structural inefficiencies inherent in the company's current project-based billing practices.
Based on reported figures, Mirion has prioritized significant capital deployment toward acquisitions, such as the $581.3M outlay in 2025Q4, while simultaneously managing share repurchases, which suggests a management focus on inorganic growth that may be temporarily suppressing the company's net cash position and overall financial flexibility.
The heavy reliance on acquisitions to drive growth, coupled with ongoing share repurchases, indicates a capital allocation strategy that prioritizes scale over immediate balance sheet deleveraging. Investors should monitor whether these investments yield the expected synergies, as the current strategy appears to be consuming a substantial portion of the cash generated from operations.
Quick answers to the most common questions about buying MIR stock.
Mirion Technologies, Inc. (MIR) generated $143.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Mirion Technologies, Inc. (MIR) generated $106.9M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Mirion Technologies, Inc. (MIR) spent $36.4M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Mirion Technologies, Inc. (MIR) spent $49.6M on share repurchases. This shows the company's commitment to returning capital to its equity investors.