TacticScaleWhat Mirion Technologies Does & How It Makes Money (MIR)
Updated October 2026 · reflects Mirion Technologies's latest reported financials
Maker of radiation detection and measurement equipment for medicine and nuclear. It sells radiation detection instruments, dosimetry and quality-assurance systems, detectors, and analysis software, and provides related services.
How Mirion Technologies makes money
It sells radiation detection instruments, dosimetry and quality-assurance systems, detectors, and analysis software, and provides related services. Customers include hospitals, clinics, radiation therapy equipment makers, nuclear power utilities, laboratories, and government and military agencies.
What Mirion Technologies does
Mirion Technologies is an Atlanta-based company, founded in 2005, that specializes in radiation detection, measurement, analysis, and monitoring. It sells in North America, Europe, and Asia Pacific through two segments. The Medical segment serves cancer care and diagnostics with radiation oncology quality assurance, dosimetry, patient safety tools for imaging and therapy centers, and nuclear medicine products such as radionuclide handling equipment and imaging furniture. The Nuclear & Safety segment supplies personal radiation detectors, reactor instrumentation and control detectors, imaging cameras, waste management systems, laboratory spectroscopy and counting systems, health physics instruments, and contamination monitors. Its customers range from hospitals, dental and veterinary offices to nuclear power plants, reactor designers, laboratories, militaries, and government agencies, so its business is tied to both healthcare and nuclear energy and safety spending.
Products & services
- Radiation oncology quality assurance and dosimetry solutions
- Personal radiation detection and identification equipment
- Reactor instrumentation and control detectors
- Gamma/alpha spectroscopy systems and spectroscopy software
- Contamination and clearance monitors
- Radionuclide therapy and nuclear medicine handling products
What is Mirion Technologies worth?
On an owner-earnings DCF, Mirion Technologies's most-likely value is about $13 versus a recent price near $17 (20% above fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~$5) with a margin of safety — so the honest verdict here is “Fairly priced — no edge.” Fair value earns its keep only at the extremes, not in the wide middle.
Price sits in the normal range — fair value isn't actionable here; it earns its keep only when price drops below the no-growth floor, or runs to roughly double the optimistic case.
⚠ High leverage — net debt is 6.0× annual cash flow. Net debt is subtracted from this fair value, but refinancing at higher rates, principal timing, and share dilution aren’t modeled — the equity can be worth far less if cash flow weakens.
Analysis, not advice. Fair value is a margin-of-safety estimate from a deterministic owner-earnings DCF, not a price target or recommendation. See the full breakdown →
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