Latest Ratios: P/E Ratio 132.7x · EV/EBITDA 23.2x · ROE 1.7%. (2018–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $3.6B | $6.1B | $3.6B | $2.0B | $1.2B | $2.2B | $1.6B | — | — |
| Enterprise Value | $4.4B | $6.9B | $4.1B | $2.6B | $2.0B | $3.0B | $3.2B | — | — |
| P/E Ratio → | 132.73 | 212.91 | — | — | — | — | — | — | — |
| P/S Ratio | 3.86 | 6.61 | 4.16 | 2.51 | 1.67 | 3.26 | — | — | — |
| P/B Ratio | 1.99 | 3.19 | 2.29 | 1.30 | 0.82 | 1.22 | — | — | — |
| P/FCF | 33.41 | 57.21 | 71.12 | 34.64 | 230.27 | — | 80.55 | — | — |
| P/OCF | 24.93 | 42.68 | 36.10 | 21.14 | 30.39 | 2420.71 | 39.97 | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 7.49 | 4.79 | 3.25 | 2.75 | 4.42 | — | — | — |
| EV / EBITDA | 23.17 | 36.60 | 23.53 | 18.49 | — | 67.94 | 46.07 | — | — |
| EV / EBIT | 85.25 | 92.59 | 144.12 | — | — | — | — | — | — |
| EV / FCF | — | 64.87 | 81.94 | 44.84 | 379.52 | — | 161.14 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 47.4% | 47.4% | 46.7% | 44.5% | 44.2% | 42.5% | — | 42.8% | 37.9% |
| Operating Margin | 5.6% | 5.6% | 2.9% | -2.7% | -41.5% | -10.3% | — | 6.5% | -1.1% |
| Net Profit Margin | 3.1% | 3.1% | -4.2% | -12.1% | -38.6% | -33.3% | — | -27.7% | -23.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| ROE | 1.7% | 1.7% | -2.3% | -6.4% | -17.0% | -41.7% | — | -2690484.1% | -2204038.3% |
| ROA | 0.9% | 0.9% | -1.3% | -3.6% | -9.5% | -10.2% | -7.3% | -2440000.0% | -2074000.0% |
| ROIC | 1.6% | 1.6% | 0.9% | -0.7% | -9.3% | -3.0% | -0.4% | — | — |
| ROCE | 1.8% | 1.8% | 1.0% | -0.9% | -11.0% | -3.5% | -0.5% | 635130.7% | -99893.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.64 | 0.64 | 0.46 | 0.47 | 0.58 | 0.48 | — | — | — |
| Debt / EBITDA | 6.51 | 6.51 | 4.11 | 5.12 | — | 19.78 | 24.77 | — | — |
| Net Debt / Equity | — | 0.43 | 0.35 | 0.38 | 0.53 | 0.44 | — | -1.15 | -1.06 |
| Net Debt / EBITDA | 4.32 | 4.32 | 3.11 | 4.20 | — | 17.85 | 23.04 | -0.00 | -0.00 |
| Debt / FCF | — | 7.66 | 10.83 | 10.19 | 149.25 | — | 80.59 | — | -0.00 |
| Interest Coverage | 1.77 | 1.77 | 0.49 | -0.22 | -1.65 | -0.33 | — | — | — |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.84 | 2.84 | 2.26 | 2.03 | 1.97 | 2.05 | 2.12 | 7.86 | 16.95 |
| Quick Ratio | 2.36 | 2.36 | 1.75 | 1.48 | 1.38 | 1.49 | 1.63 | 7.86 | 16.95 |
| Cash Ratio | 1.34 | 1.34 | 0.69 | 0.50 | 0.32 | 0.40 | 0.65 | 7.86 | 16.95 |
| Asset Turnover | — | 0.26 | 0.33 | 0.29 | 0.26 | 0.21 | — | 88020.00 | 88820.00 |
| Inventory Turnover | 3.20 | 3.20 | 3.45 | 3.08 | 2.80 | 3.11 | — | — | — |
| Days Sales Outstanding | — | 110.52 | 107.41 | 105.00 | 114.72 | 119.99 | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 0.8% | 0.5% | — | — | — | — | — | — | — |
| FCF Yield | 3.0% | 1.7% | 1.4% | 2.9% | 0.4% | — | 1.2% | — | — |
| Buyback Yield | 1.4% | 0.8% | 0.1% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 1.4% | 0.8% | 0.1% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $261M | $205M | $196M | $181M | $208M | $145M | $20M | $95M |
Includes 30+ ratios · 8 years · Updated daily
Live VCP patterns, Cup & Handle overlays, support/resistance, and AI trade plans.
High-probability breakout stocks crossing their pivot across 5 pattern engines.
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying MIR stock.
Mirion Technologies, Inc.'s current P/E ratio is 132.7x. This places it at the 50th percentile of its historical range.
Mirion Technologies, Inc.'s current EV/EBITDA is 23.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 38.5x.
Mirion Technologies, Inc.'s return on equity (ROE) is 1.7%. The historical average is -13.2%.
Based on historical data, Mirion Technologies, Inc. is trading at a P/E of 132.7x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Mirion Technologies, Inc. has 47.4% gross margin and 5.6% operating margin.
Mirion Technologies, Inc.'s Debt/EBITDA ratio is 6.5x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Operating margin stagnation despite growth
Metrics are mathematically derived from official filings.
Gross Margin Strength Masked by SG&A Drag
Gross margin expanded to 49.9% in Q2 2026, up from 46.1% a year earlier, yet operating margin remained at 6.7%, indicating persistent overhead costs, per recent SEC filings.
The 380 basis point gross margin improvement suggests favorable mix shift toward higher-margin Medical and recurring services, but the operating margin only improved 230 basis points year-over-year, implying that SG&A and other operating expenses absorbed most of the gross margin gains. This gap between gross and operating margins, which has persisted around 40 percentage points over the past year, suggests that the company's acquisition-related amortization and administrative overhead continue to suppress reported profitability. Investors should monitor whether management's stated margin expansion initiatives can narrow this gap, as the latest quarter's in-line EPS does not yet confirm a step-change in profitability.
Returns on Capital Remain Subdued
ROIC improved to 0.5% in Q2 2026 from 0.1% a year earlier, but remains far below cost of capital, reflecting a high asset base from acquisitions, as reported in financial statements.
Despite revenue growth of 19.7% and gross margin expansion, ROIC of 0.5% and ROE of 0.4% indicate that the company is not yet generating returns that exceed its cost of capital. The low returns appear to be driven by a large goodwill balance of $1.9B, which represents 54% of total assets, and negative retained earnings of -$508.4M, suggesting cumulative losses. While the trend is improving from negative ROIC in early 2024, the pace of improvement is slow, and the company's ability to compound returns will depend on whether operating margin expansion can translate into higher net income and more efficient use of its capital base.
Working Capital Cycle Lengthens on Receivables
Cash conversion cycle extended to 163 days in Q2 2026 from 148 days a year earlier, driven by DSO rising to 98 days, per company filings, indicating slower collections.
The cash conversion cycle has remained elevated, averaging around 170 days over the past year, with DSO consistently above 90 days and DIO above 100 days. This suggests that Mirion's project-based industrial segment and potentially complex billing arrangements tie up significant working capital. The slight improvement in DSO from 102 days in Q1 2026 to 98 days in Q2 2026 is encouraging, but the overall cycle remains long, which could pressure free cash flow if not managed. The company's ability to reduce DSO and DIO will be critical to improving cash generation, especially as it seeks to fund growth and shareholder returns.
Leverage Low but Coverage Thin
Debt-to-equity rose to 0.66 in Q2 2026 from 0.46 a year earlier, while interest coverage improved to 2.35x, per recent SEC filings, indicating manageable but not robust debt service.
The increase in leverage appears to be driven by acquisition-related debt, with total debt reaching $1.2B, but the debt-to-equity ratio remains modest compared to peers. However, interest coverage of 2.35x is thin, reflecting the low operating margin, and it was as low as 0.38x in Q1 2026, indicating that earnings can be volatile. The company's cash position of $412.3M provides a buffer, but if operating margins do not expand, the coverage ratio could remain vulnerable to interest rate increases. Investors should monitor whether the company's free cash flow generation, which improved to 18.0% of revenue in Q2 2026, is sufficient to service debt and fund future acquisitions.
Liquidity Buffer Strengthens
Current ratio improved to 3.20 in Q2 2026 from 2.26 a year earlier, with quick ratio at 2.63, per financial statements, indicating a solid liquidity position.
The current ratio has consistently remained above 2.0 over the past year, and the quick ratio of 2.63 suggests that even without inventory, the company can cover its short-term obligations. Cash has grown to $418.7M, providing a substantial buffer against operational disruptions. This liquidity strength is particularly important given the lumpy nature of the industrial segment's project-based revenue and the potential for working capital swings. The company appears well-positioned to weather short-term stress, though the low operating margin means that sustained profitability is still needed to maintain this liquidity without relying on debt.
Misapplied P/E Obscures Cash Generation
The trailing P/E of 134.7x appears extreme, but it is distorted by non-cash amortization; EV/EBITDA of 23.45x and P/FCF of 33.92x better reflect the business, per reported data.
The GAAP P/E ratio is misleading for Mirion because net income is heavily suppressed by acquisition-related amortization and other non-cash charges, as evidenced by the $320M in operating cash flow versus only $7.7M in net income over the last ten quarters. Investors should instead focus on EV/EBITDA, which at 23.45x is still premium but more comparable to peers, and P/FCF, which at 33.92x reflects the company's actual cash generation. The forward P/E of 28.20x suggests the market expects earnings to normalize, but the key is whether the company can convert its strong cash flow into sustainable net income growth. Using a P/E alone would overstate the company's expensiveness and obscure its underlying cash-generative potential.