Revenue growth accelerated to 27.5% in 2026Q1, yet operating margins remained thin at 1.4%, suggesting that scaling efforts have not yet effectively absorbed overhead costs.
| Sales/Revenue | 981M | 925.4M | 860.8M | 800.9M | 717.8M | 668.3M | 0 | 440.1M | 444.1M |
| Revenue Growth % | 12.73% | 7.5% | 7.48% | 11.58% | 7.41% | - | -100% | -0.9% | - |
| Cost of Goods Sold | 519.4M | 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 | 461.6M | 438.6M | 401.8M | 356.5M | 317.2M | 284.2M | 0 | 188.3M | 168.4M |
| Gross Margin % | 47.05% | 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 | 415.1M | 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 | 275.2M | 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 | 29.7M | 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 | 1.4M | 0 | 3.8M | 8.1M | 227.6M | 49.1M | 0 | 100K | 0 |
| Operating Income | 46.5M | 51.5M | 24.8M | -21.9M | -297.8M | -68.7M | -2.45M | 28.8M | -4.7M |
| Operating Margin % | 4.74% | 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 | 191.6M | 189.5M | 175.2M | 140.9M | -123.3M | 43.5M | -2.45M | 98.3M | 72.3M |
| EBITDA Margin % | 19.53% | 20.48% | 20.35% | 17.59% | -17.18% | 6.51% | - | 22.34% | 16.28% |
| EBITDA Growth % | 4.3% | 8.16% | 24.34% | 214.27% | -383.45% | 1876.17% | -102.49% | 35.96% | - |
| D&A (Non-Cash Add-back) | 145.1M | 138M | 150.4M | 162.8M | 174.5M | 112.2M | 0 | 69.5M | 77M |
| EBIT | 56.2M | 74.9M | 28.6M | -13.8M | -70.2M | -19.6M | -2.45M | 28.9M | -4.7M |
| Net Interest Income | -24.5M | -30.1M | -51.3M | -57.1M | -41.9M | 86.8M | 0 | 0 | 0 |
| Interest Income | 13.6M | 12.1M | 6.6M | 4.8M | 600K | 145.8M | 0 | 0 | 0 |
| Interest Expense | 38.1M | 42.2M | 57.9M | 61.9M | 42.5M | 59M | 0 | 0 | 0 |
| Other Income/Expense | -19.6M | -18.8M | -58.7M | -83.4M | -8.8M | -159.8M | -43.07M | -155M | -135.8M |
| Pretax Income | 26.9M | 32.7M | -33.9M | -105.3M | -306.6M | -228.5M | -45.52M | -126.2M | -140.5M |
| Pretax Margin % | 2.74% | 3.53% | -3.94% | -13.15% | -42.71% | -34.19% | - | -28.68% | -31.64% |
| Income Tax | 900K | 2.9M | 2.7M | -6.6M | -18.2M | -5.1M | -265.9K | -4.2M | -36.8M |
| Effective Tax Rate % | 3.35% | 8.87% | -7.96% | 6.27% | 5.94% | 2.23% | 0.58% | 3.33% | 26.19% |
| Net Income | 25.1M | 28.8M | -36.1M | -96.9M | -276.9M | -222.5M | -45.26M | -122M | -103.7M |
| Net Margin % | 2.56% | 3.11% | -4.19% | -12.1% | -38.58% | -33.29% | - | -27.72% | -23.35% |
| Net Income Growth % | 351% | 179.78% | 62.75% | 65.01% | -24.45% | -391.65% | 62.91% | -17.65% | - |
| Net Income (Continuing) | 26M | 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 | 50.2M | 50.5M | 53.5M | 65.5M | 69M | 90.8M | 2.2M | 0 | 0 |
| EPS (Diluted) | 0.10 | 0.11 | -0.18 | -0.49 | -1.53 | -0.61 | -0.48 | 0.00 | 0.00 |
| EPS Growth % | 298.78% | 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 | 244.66M | 261.15M | 204.99M | 196.37M | 181.15M | 208.08M | 144.84M | 20.13M | 95.13M |
| Basic Shares Outstanding | 244.66M | 229.96M | 204.99M | 196.37M | 181.15M | 208.08M | 144.84M | 20.13M | 95.13M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Operating margin volatility
According to recent quarterly filings, Mirion Technologies achieved a notable 27.5% year-over-year revenue growth in 2026Q1, signaling a potential acceleration in demand for its radiation safety solutions that significantly outpaces the more modest single-digit growth rates observed throughout the majority of the 2024 and 2025 fiscal periods.
The recent surge in top-line performance suggests that the company may be successfully capturing increased spending within the nuclear life extension and medical oncology sectors. Investors should monitor whether this growth trajectory is sustainable or if it reflects a temporary concentration of project-based revenue that could normalize in subsequent quarters.
Based on reported financial statements, Mirion has maintained a consistent gross margin profile, averaging approximately 47% over the last ten quarters, which underscores the company's ability to preserve pricing power despite the inherent complexities of its specialized industrial and medical radiation safety hardware and service offerings.
This stability indicates that the firm's moat, built upon regulatory certifications and high switching costs, remains intact against competitive pressures. However, the lack of significant gross margin expansion suggests that input costs for specialized materials remain a persistent headwind that prevents the company from fully leveraging its intellectual property value.
As evidenced by the income statement data, Mirion's operating margins remain thin and volatile, frequently dipping into low single digits or negative territory, which implies that the company has yet to achieve the necessary scale to effectively absorb its substantial SG&A and research-related overhead costs.
The persistent gap between gross profit and operating income suggests that the firm's cost structure is heavily burdened by administrative or integration-related expenses. Investors should investigate whether these costs are temporary artifacts of acquisition activity or if they represent a structural inefficiency that will continue to suppress bottom-line profitability.
Based on the provided figures, Mirion's net income frequently fluctuates between losses and marginal gains, with 2026Q1 showing a net loss of $3.4M despite strong revenue growth, a trend that warrants further investigation into the impact of non-operating items and stock-based compensation on reported earnings.
The discrepancy between robust gross profit and inconsistent net income suggests that significant non-cash charges, likely related to the amortization of intangibles from past acquisitions, are masking the underlying cash-generative potential of the business. Analysts should focus on adjusted metrics to determine if the core operations are truly profitable or if the company is perpetually reliant on accounting adjustments to manage its bottom line.
A critical analysis of the income statement reveals that despite a 27.5% revenue increase in 2026Q1, the operating margin compressed to a mere 1.4%, suggesting that the company's growth may be coming at the expense of profitability, a trend that short-sellers would likely highlight as a major red flag.
This divergence between top-line expansion and bottom-line contraction may indicate that the company is forced to spend aggressively on SG&A to secure new contracts, potentially signaling a lack of true operating leverage. Investors should be wary that if this trend continues, the company may struggle to generate meaningful free cash flow regardless of its revenue growth success.
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.