Mirion Technologies, Inc.
Mirion Technologies designs radiation detection, measurement, monitoring, and analysis products, software, and services used in nuclear, medical, defense, and scientific applications. The company helps customers safely use ionizing radiation in highly regulated environments, with a business built around technical qualification, reliability, and long-lived installed bases.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueRadiation measurement, monitoring, and safety products for nuclear power, labs, defense, and industrial users.
Radiation safety and dosimetry solutions for cancer centers, imaging facilities, and healthcare workers.
Products
Reported · share of revenue- Products74.6 %
- Services25.4 %
Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
Mirion sells to customers that operate in regulated, radiation-intensive environments where precision and compliance matter more than low cost. Its customer base includes nuclear power plants, SMR developers, government and defense agencies, laboratories, radiopharmaceutical manufacturers, hospitals, and cancer centers. Many purchases are driven by product qualification, reliability, service support, and long-term supplier relationships.
Buy plant instrumentation, monitoring, and safety systems for operating fleets, upgrades, and decommissioning.
Buy highly engineered solutions and qualification-ready products for new reactor builds.
Buy dosimetry, imaging safety, and radiation protection tools to support patient and staff safety.
Buy detection and monitoring systems for mission-critical radiation safety and security use cases.
Buy measurement, analysis, and monitoring products for scientific and industrial radiation applications.
Strategy
Mirion is expanding its installed base and product breadth through acquisitions, cross-selling, and deeper penetration of regulated end markets. The Paragon acquisition strengthens its U.S. nuclear power and SMR position, while ongoing R&D and product qualification support long-cycle customer retention and new design wins.
Adds engineered solutions for large reactors and SMRs and deepens the U.S. market position.
The company can sell more products into existing nuclear and medical customers with high qualification barriers.
Regulated customers value reliability, compliance, and validated performance over commodity pricing.
Geography
Q1/2026Mirion is headquartered in Atlanta and operates across North America, Europe, and Asia, with facilities and sales offices in multiple countries including Canada, the UK, France, Germany, Finland, China, Belgium, the Netherlands, Estonia, Japan, and South Korea. The business is globally distributed because its customers are tied to local nuclear fleets, healthcare systems, and regulated industrial markets, while sanctions, tariffs, and export controls can affect cross-border sales and project execution.
Share of the revenue the company reports by geography.
Risks
Mirion’s results depend on regulated end markets, long qualification cycles, and customer willingness to adopt specialized radiation products, which can make demand lumpy and competitive. The company also faces geopolitical and trade risks, including tariffs, export controls, sanctions, and Russia-related exposure, while acquisitions add integration and financing risk.
- Tariffs, trade barriers, and export controlsImpact: HighLikelihood: High
The company sells globally and relies on cross-border supply and customer access.
Exposure: International operations and sales
- Russia and Ukraine sanctions exposureImpact: High
The company has Russian-related projects, receivables, guarantees, and backlog exposure.
Exposure: Predominantly Nuclear & Safety
- Acquisition integration riskImpact: MediumLikelihood: Low
Expected benefits from Paragon depend on successful integration and retention of customer relationships.
Exposure: Paragon acquisition
- Regulatory and qualification riskImpact: MediumLikelihood: Low
Customers require strict product specifications and approvals, which can delay revenue conversion.
Exposure - Competitive pricing and customer concentration in regulated nichesImpact: Medium
Customers compare reliability, technical capability, and price, which can pressure margins.
Exposure: Nuclear & Safety and Medical
Accounting
Judgemental itemsAbout 49% of RPO as of Dec. 31, 2025 is expected in 2026, so timing of conversion matters.
Impact: Revenue timing and backlog visibility
The Paragon acquisition requires fair value allocation of acquired assets and liabilities.
Impact: Goodwill, intangibles, and future impairment risk
The effective tax rate is affected by U.S. permanent differences and valuation allowances.
Impact: Reported tax expense and net income
Equity awards, capped calls, and debt issuance costs can materially affect operating and financing line items.
Impact: Earnings, dilution, and cash flow presentation
Similar listed companies
Publicly listed companies with a comparable business focus.
Quarta-Rad, Inc.
QURT · Industrial Instruments For Measurement, Display, and Control
Varex Imaging Corp
VREX · Electronic Components, NEC
Varex Imaging Corp designs and manufactures X-ray imaging components and related systems used inside medical, security, and industrial inspection equipment.
MATERION Corp
MTRN · Metal Forgings & Stampings
Materion Corporation is a U.S.-based producer of high-performance advanced engineered materials used in electrical, electronic, thermal, and structural applications.
Myriad Genetics, Inc
MYGN · In Vitro & In Vivo Diagnostic Substances
Myriad Genetics develops and commercializes molecular diagnostic tests that help clinicians assess disease risk, guide treatment selection, and support earlier…
Parsons Corporation
PSN · Services-Computer Integrated Systems Design
Us Nuclear Corp.
Measuring & Controlling Devices, NEC
Last updated: 24/09/2026