Revenue growth accelerated to 19.7% YoY in Q2 2026 with gross margin up to 49.9%, yet operating margin stagnated at 6.7% due to SG&A rising to 39.4% of revenue.
Mirion Technologies, Inc. (MIR) annual income statement — 8-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Jun'18 |
|---|
| Sales/Revenue | 1.02B | 925.4M | 860.8M | 800.9M | 717.8M | 668.3M | 0 | 440.1M | 444.1M |
| Revenue Growth % | 15.68% | 7.5% | 7.48% | 11.58% | 7.41% | - | -100% | -0.9% | - |
| Cost of Goods Sold | 532.9M | 486.8M | 459M | 444.4M | 400.6M | 384.1M | 0 | 251.8M | 275.7M |
| COGS % of Revenue | - | 52.6% | 53.32% | 55.49% | 55.81% | 57.47% | - | 57.21% | 62.08% |
| Gross Profit | 492M | 438.6M | 401.8M | 356.5M | 317.2M | 284.2M | 0 | 188.3M | 168.4M |
| Gross Margin % | 48% | 47.4% | 46.68% | 44.51% | 44.19% | 42.53% | - | 42.79% | 37.92% |
| Gross Profit Growth % | - | 9.16% | 12.71% | 12.39% | 11.61% | - | -100% | 11.82% | - |
| Operating Expenses | 437.7M | 387.1M | 377M | 378.4M | 615M | 352.9M | 2.45M | 159.5M | 173.1M |
| OpEx % of Revenue | - | 41.83% | 43.8% | 47.25% | 85.68% | 52.81% | - | 36.24% | 38.98% |
| Selling, General & Admin | 397.8M | 348.2M | 338.2M | 338.6M | 357.1M | 267.6M | 2.45M | 145.4M | 153.8M |
| SG&A % of Revenue | - | 37.63% | 39.29% | 42.28% | 49.75% | 40.04% | - | 33.04% | 34.63% |
| Research & Development | 39.9M | 38.9M | 35M | 31.7M | 30.3M | 36.2M | 0 | 14M | 19.3M |
| R&D % of Revenue | - | 4.2% | 4.07% | 3.96% | 4.22% | 5.42% | - | 3.18% | 4.35% |
| Other Operating Expenses | 0 | 0 | 3.8M | 8.1M | 227.6M | 49.1M | 0 | 100K | 0 |
| Operating Income | 54.5M | 51.5M | 24.8M | -21.9M | -297.8M | -68.7M | -2.45M | 28.8M | -4.7M |
| Operating Margin % | 5.32% | 5.57% | 2.88% | -2.73% | -41.49% | -10.28% | - | 6.54% | -1.06% |
| Operating Income Growth % | - | 107.66% | 213.24% | 92.65% | -333.48% | -2705.12% | -108.5% | 712.77% | - |
| EBITDA | 204.6M | 189.5M | 175.2M | 140.9M | -123.3M | 43.5M | 68.55M | 98.3M | 72.3M |
| EBITDA Margin % | 19.96% | 20.48% | 20.35% | 17.59% | -17.18% | 6.51% | - | 22.34% | 16.28% |
| EBITDA Growth % | 9.59% | 8.16% | 24.34% | 214.27% | -383.45% | -36.54% | -30.26% | 35.96% | - |
| D&A (Non-Cash Add-back) | 150.1M | 138M | 150.4M | 162.8M | 174.5M | 112.2M | 71M | 69.5M | 77M |
| EBIT | 65.1M | 74.9M | 28.6M | -13.8M | -70.2M | -19.6M | -2.45M | 28.9M | -4.7M |
| Net Interest Income | -25.7M | -30.1M | -51.3M | -57.1M | -41.9M | 86.8M | 0 | 0 | 0 |
| Interest Income | 9M | 12.1M | 6.6M | 4.8M | 600K | 145.8M | 0 | 0 | 0 |
| Interest Expense | 34.7M | 42.2M | 57.9M | 61.9M | 42.5M | 59M | 0 | 0 | 0 |
| Other Income/Expense | -24.1M | -18.8M | -58.7M | -83.4M | -8.8M | -159.8M | -43.07M | -155M | -135.8M |
| Pretax Income | 30.4M | 32.7M | -33.9M | -105.3M | -306.6M | -228.5M | -45.52M | -126.2M | -140.5M |
| Pretax Margin % | 2.97% | 3.53% | -3.94% | -13.15% | -42.71% | -34.19% | - | -28.68% | -31.64% |
| Income Tax | 4.8M | 2.9M | 2.7M | -6.6M | -18.2M | -5.1M | -265.9K | -4.2M | -36.8M |
| Effective Tax Rate % | 15.79% | 8.87% | -7.96% | 6.27% | 5.94% | 2.23% | 0.58% | 3.33% | 26.19% |
| Net Income | 24.5M | 28.8M | -36.1M | -96.9M | -276.9M | -222.5M | -45.26M | -122M | -103.7M |
| Net Margin % | 2.39% | 3.11% | -4.19% | -12.1% | -38.58% | -33.29% | - | -27.72% | -23.35% |
| Net Income Growth % | 145% | 179.78% | 62.75% | 65.01% | -24.45% | -391.65% | 62.91% | -17.65% | - |
| Net Income (Continuing) | 25.6M | 29.8M | -36.6M | -98.7M | -288.4M | -223.4M | -45.26M | -122M | -103.7M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 49.6M | 50.5M | 53.5M | 65.5M | 69M | 90.8M | 2.2M | 0 | 0 |
| EPS (Diluted) | 0.09 | 0.11 | -0.18 | -0.49 | -1.53 | -0.61 | -0.48 | 0.00 | 0.00 |
| EPS Growth % | 118.18% | 161.11% | 63.27% | 67.97% | -150.82% | -27.08% | - | - | - |
| EPS (Basic) | - | 0.13 | -0.18 | -0.49 | -1.53 | -0.61 | -0.48 | 0.00 | 0.00 |
| Diluted Shares Outstanding | 275.36M | 261.15M | 204.99M | 196.37M | 181.15M | 208.08M | 144.84M | 20.13M | 95.13M |
| Basic Shares Outstanding | 244.61M | 229.96M | 204.99M | 196.37M | 181.15M | 208.08M | 144.84M | 20.13M | 95.13M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying MIR stock.
For fiscal year 2025, Mirion Technologies, Inc. (MIR) reported total revenue of $925.4M. This represents a 108.4% increase compared to $444.1M in 2018.
Mirion Technologies, Inc. (MIR) is profitable, generating $28.8M in net income for the fiscal year ending 2025 with a net profit margin of 3.1%.
Mirion Technologies, Inc. (MIR) reported an operating income of $51.5M, resulting in an operating profit margin of 5.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Mirion Technologies, Inc. (MIR) generated $438.6M in gross profit for the year, representing a gross profit margin of 47.4%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Operating margin stagnation despite growth
Metrics are mathematically derived from official filings.
Revenue Growth Accelerates on Nuclear Demand
Mirion's revenue grew 19.7% YoY in Q2 2026 to $266.8M, accelerating from 7.6% in Q2 2025, driven by nuclear life extension and defense demand, per recent SEC filings.
The 19.7% YoY growth in Q2 2026 marks a significant acceleration from the mid-single-digit growth seen in 2024 and early 2025, suggesting a cyclical upturn in nuclear-related spending. The sequential increase from $257.6M in Q1 2026 to $266.8M in Q2 2026 indicates sustained momentum, likely supported by both Medical and Industrial segments. However, the lumpy nature of large reactor projects may cause quarterly volatility, so investors should monitor whether this acceleration is sustainable or a one-off spike.
Gross Margin Expansion Signals Pricing Power
Gross margin improved to 49.9% in Q2 2026, up from 46.1% a year earlier, reflecting a favorable mix shift toward higher-margin Medical and recurring services, as reported in financial statements.
The 380 basis point YoY improvement in gross margin to 49.9% in Q2 2026 suggests that Mirion is benefiting from a mix shift toward software-led Medical solutions and dosimetry services, which carry higher margins than hardware. This expansion indicates pricing power in its regulated niches, but the sustainability depends on continued growth in recurring revenue streams. The gap between gross and operating margins remains wide, implying that the incremental gross profit is being absorbed by SG&A and other costs, which warrants monitoring.
Operating Leverage Elusive as SG&A Drags
Despite 19.7% revenue growth, operating margin only reached 6.7% in Q2 2026, as SG&A rose to $105.1M, indicating limited operating leverage, based on reported quarterly data.
Operating income scaled to $17.9M in Q2 2026, but the operating margin of 6.7% remains thin relative to the 49.9% gross margin, suggesting that SG&A expenses are growing nearly in line with revenue. The sequential improvement from 1.4% in Q1 2026 to 6.7% in Q2 2026 is encouraging, yet the absolute level indicates that fixed overhead and acquisition-related costs are still weighing on profitability. Investors should assess whether management can achieve the promised margin expansion through cost discipline, as the latest quarter's in-line EPS does not yet confirm a structural shift.
Net Income Volatility Masks Underlying Cash Generation
Net income swung from -$3.4M in Q1 2026 to $7.7M in Q2 2026, with EPS of $0.03, reflecting non-cash charges and tax effects, as per the latest income statement.
The quarterly net income is highly volatile, with losses in 2024 and Q1 2026, but Q2 2026 returned to profitability. This volatility likely stems from acquisition-related amortization and one-time items, which suppress GAAP earnings despite a 47.4% gross margin. The reported SBC of $4.3M in Q1 2026 and $4.5M in Q3 2025 indicates that stock-based compensation is a recurring expense, but its impact on EPS is modest. The low net margin of 2.9% in Q2 2026 suggests that the company's true cash-generative potential may be obscured by non-cash charges, warranting a closer look at adjusted metrics.
SG&A Burden Limits Margin Expansion
SG&A expenses reached $105.1M in Q2 2026, representing 39.4% of revenue, up from 37.0% in Q2 2025, indicating rising overhead that offsets gross margin gains, per company filings.
The increase in SG&A as a percentage of revenue from 37.0% in Q2 2025 to 39.4% in Q2 2026 suggests that administrative and selling costs are growing faster than revenue, undermining operating leverage. This may reflect investments in sales infrastructure or integration costs from recent acquisitions, but it also indicates that the company has not yet achieved the scale benefits expected from its buy-and-build strategy. R&D spending remained stable at around $10M per quarter, suggesting a consistent investment in product development, but the SG&A line is the primary drag on profitability.
Margin Expansion Claims Lack Confirmation
Despite management's emphasis on margin expansion, GAAP operating margin stagnated at 5.6% over the last year, with Q2 2026 at 6.7%, suggesting integration costs persist, per reported data.
The gap between gross margin (47.4% average) and operating margin (5.6% average) remains wide, indicating that the benefits of acquisitions have not fully materialized in the bottom line. The CEO's commentary on margin expansion across both segments is not yet reflected in the reported figures, as the latest quarter's in-line EPS provides limited evidence of a step-change. Short-sellers might argue that the company's growth is being 'bought' through acquisitions rather than organically, and that the low ROE of 1.7% signals inefficient capital deployment. Investors should demand evidence of sustained operating margin improvement in the coming quarters before accepting the bullish narrative.