MIR | Market Cap: $4.1B (07/13/26)
Industry:
Capital Goods Healthcare Equipment, Supplies, & Technology

DESCRIPTION

Mirion makes radiation detection, measurement, and monitoring products and services, serving customers that work with ionizing radiation across nuclear power, medical, and industrial applications. Mirion describes itself as the only pure-play provider across the full spectrum of ionizing radiation applications. The company operates two segments: Nuclear & Safety (~66% of revenue) and Medical (~34% of revenue). In nuclear power, Mirion sells radiation monitoring systems, reactor instrumentation, imaging systems, and waste management products to nuclear power plants globally, with its solutions present in more than 98% of plants worldwide. Over 80% of its nuclear power revenue comes from the operating installed base — replacement cycles, calibration, and upgrades driven by regulatory compliance requirements. In medical, Mirion sells hardware, software, and services for radiation therapy quality assurance (its SunCHECK platform is used in roughly 80% of cancer centers worldwide), nuclear medicine and radiopharmaceutical therapy, and dosimetry services, which badges over one million workers globally and provides a legally required radiation dose of record. Mirion sells directly and through distributors, with no single customer exceeding 5% of revenue. The business generates roughly 52% of revenue outside North America, with a strong European presence anchored by EDF. Mirion's business model combines recurring installed base services, growing software and SaaS platforms, and longer-cycle project revenue from new nuclear builds. Mirion's backlog stood at ~$1.1B at year-end 2025, supported by active M&A and a push toward higher-margin software and digital offerings.

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