Mirion’s fourth-quarter results were met with a negative market reaction, reflecting missed revenue and non-GAAP EPS expectations. Management attributed the softer top-line to challenging comparisons in its labs and research and RTQA (Radiation Therapy Quality Assurance) segments, as well as delays in government-related orders due to a prolonged shutdown. CEO Thomas Logan explained that strong order growth in nuclear power and nuclear medicine helped offset these headwinds, with Logan noting, “We booked record orders in 2025 totaling more than $1 billion, largely driven by the nuclear power market.”
Is now the time to buy MIR? Find out in our full research report (it’s free for active Edge members).
Mirion (MIR) Q4 CY2025 Highlights:
- Revenue: $277.4 million vs analyst estimates of $281.2 million (9.1% year-on-year growth, 1.3% miss)
- Adjusted EPS: $0.15 vs analyst expectations of $0.16 (7.8% miss)
- Adjusted EBITDA: $77.6 million vs analyst estimates of $76.15 million (28% margin, 1.9% beat)
- Adjusted EPS guidance for the upcoming financial year 2026 is $0.53 at the midpoint, missing analyst estimates by 12.3%
- EBITDA guidance for the upcoming financial year 2026 is $292.5 million at the midpoint, above analyst estimates of $284.7 million
- Operating Margin: 8.7%, down from 11.5% in the same quarter last year
- Market Capitalization: $5.51 billion
While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.
Our Top 5 Analyst Questions From Mirion’s Q4 Earnings Call
- Andrew Kaplowitz (Citigroup) asked about the link between the large opportunity pipeline and expected backlog growth. CEO Thomas Logan cautioned that large project timing is dynamic and difficult to correlate precisely with backlog increases, but expressed confidence in the sector’s growth trajectory.
- Joseph Ritchie (Goldman Sachs) questioned the seasonality and margin impact from the Paragon acquisition in the first quarter. CFO Brian Schopfer explained that both Mirion and Paragon face lighter volumes in Q1, which will compress margins before recovering later in the year.
- Tomohiko Sano (JPMorgan) inquired about the path to reaching 30% EBITDA margins by 2028. Logan cited operating leverage, procurement savings, and AI-driven productivity as critical, but acknowledged the goal is ambitious and will require sustained effort.
- Robert Mason (Baird) asked about the acceleration in Paragon’s growth and its strategic implications. Schopfer pointed to new market expansion and robust order growth, while Logan highlighted increased customer intimacy and SMR opportunities as long-term benefits.
- Yuan Zhi (B. Riley Securities) sought details on Mirion’s plans in nuclear medicine and the economic impact of large-scale pharmaceutical sites. Logan described new leadership and integration efforts, with Schopfer emphasizing the importance of “pull-through” between Mirion’s safety and medical product lines.
Catalysts in Upcoming Quarters
Looking ahead, the StockStory team will be watching (1) whether Mirion can sustain strong order growth and convert its large nuclear power project pipeline into revenue, (2) the pace of integration and synergy realization from CertRec and Paragon, and (3) signs of margin recovery as procurement and AI initiatives scale. Progress in the medical segment’s rebound and the uptake of new AI-driven products will also be important indicators.
Mirion currently trades at $22.51, down from $23.44 just before the earnings. At this price, is it a buy or sell? See for yourself in our full research report (it’s free).
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