Radiation safety company Mirion (NYSE:MIR) fell short of the market’s revenue expectations in Q4 CY2025, but sales rose 9.1% year on year to $277.4 million. Its non-GAAP profit of $0.15 per share was 7.8% below analysts’ consensus estimates.
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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, in line with analyst expectations
- Operating Margin: 9.2%, down from 11.5% in the same quarter last year
- Free Cash Flow Margin: 22.8%, up from 19.3% in the same quarter last year
- Market Capitalization: $5.52 billion
Company Overview
With its technology protecting workers in over 130 countries and equipment used in 80% of cancer centers worldwide, Mirion Technologies (NYSE:MIR) provides radiation detection, measurement, and monitoring solutions for medical, nuclear energy, defense, and scientific research applications.
Revenue Growth
Examining a company’s long-term performance can provide clues about its quality. Even a bad business can shine for one or two quarters, but a top-tier one grows for years.
With $925.4 million in revenue over the past 12 months, Mirion is a small player in the business services space, which sometimes brings disadvantages compared to larger competitors benefiting from economies of scale and numerous distribution channels. On the bright side, it can grow faster because it has more room to expand.
As you can see below, Mirion’s sales grew at an excellent 11.8% compounded annual growth rate over the last five years. This is an encouraging starting point for our analysis because it shows Mirion’s demand was higher than many business services companies.
We at StockStory place the most emphasis on long-term growth, but within business services, a half-decade historical view may miss recent innovations or disruptive industry trends. Mirion’s annualized revenue growth of 7.5% over the last two years is below its five-year trend, but we still think the results suggest healthy demand. 
This quarter, Mirion’s revenue grew by 9.1% year on year to $277.4 million, missing Wall Street’s estimates.
Looking ahead, sell-side analysts expect revenue to grow 22.6% over the next 12 months, an improvement versus the last two years. This projection is eye-popping and implies its newer products and services will spur better top-line performance.
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Operating Margin
Mirion was roughly breakeven when averaging the last five years of quarterly operating profits, one of the worst outcomes in the business services sector.
On the plus side, Mirion’s operating margin rose by 8.9 percentage points over the last five years, as its sales growth gave it operating leverage.
In Q4, Mirion generated an operating margin profit margin of 9.2%, down 2.3 percentage points year on year. This contraction shows it was less efficient because its expenses grew faster than its revenue.
Earnings Per Share
Revenue trends explain a company’s historical growth, but the long-term change in earnings per share (EPS) points to the profitability of that growth – for example, a company could inflate its sales through excessive spending on advertising and promotions.
Mirion’s full-year EPS dropped 9.2%, or 3% annually, over the last three years. We’ll keep a close eye on the company as diminishing earnings could imply changing secular trends and preferences.
Like with revenue, we analyze EPS over a shorter period to see if we are missing a change in the business.
For Mirion, its two-year annual EPS growth of 18.8% was higher than its three-year trend. This acceleration made it one of the faster-growing business services companies in recent history.
In Q4, Mirion reported adjusted EPS of $0.15, down from $0.17 in the same quarter last year. This print missed analysts’ estimates. Over the next 12 months, Wall Street expects Mirion’s full-year EPS of $0.48 to grow 26.4%.
Key Takeaways from Mirion’s Q4 Results
We struggled to find many positives in these results. Its full-year EPS guidance missed and its EPS fell short of Wall Street’s estimates. Overall, this was a softer quarter. The stock traded down 6.7% to $21.86 immediately after reporting.
Mirion may have had a tough quarter, but does that actually create an opportunity to invest right now? The latest quarter does matter, but not nearly as much as longer-term fundamentals and valuation, when deciding if the stock is a buy. We cover that in our actionable full research report which you can read here (it’s free).
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