Mirion Technologies, Inc.
MIRdata completeness 100%11 fiscal years on fileData notes: no data for concept 'interestExpense'
Mirion Technologies, Inc. earns about -3% on invested capital, below its ~9% cost of capital, but has diluted owners by 1293% over 5 years — no moat visible in the numbers. The estimate methods put fair value between $7.13 and $13.14 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | — | $717.8M1 | $800.9M2 | $860.8M2 | $925.4M2 |
| Net income | −$158.4M3 | −$276.9M4 | −$96.9M5 | −$36.1M5 | $28.8M5 |
| Operating cash flow | — | $39.4M6 | $95.2M7 | $99.1M7 | $143.3M7 |
| Capital expenditure | — | $34.2M8 | $37.1M9 | $48.8M9 | $36.4M9 |
| Free cash flow (derived) | — | $5.2M6 | $58.1M7 | $50.3M7 | $106.9M7 |
| Total debt | $1.62B10 | $1.61B11 | $1.37B12 | $1.37B13 | $444.7M13 |
| Cash & equivalents | $84M14 | $73.5M15 | $128.8M16 | $175.2M16 | $412.3M16 |
| Diluted shares | 18.8M | 181.1M | 196.4M | 205.0M | 261.2M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $71.47 of net worth that earned you $1.1 and generated $4.09 of cash last year, against $17.03 of debt.
It earned about -3% on invested capital against a ~9% cost of capital — below the cost of funding. The numbers show no moat.
seeing a moat in the numbers →Share count is up 1293% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 73% — deleveraging.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 2 estimate methods that apply put fair value between $7.13 and $13.14 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth20.0%
- fcfBase$58.1M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth20.0%
- fcfBase$58.1M
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $3.05 |
| Base | 20.0% | $7.13 |
| Bull | 20.0% | $7.13 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 20.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 10-K · period ending 2022-12-31 · accession 0001628280-25-008233 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2023-12-31 · accession 0001628280-26-009869 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2021-12-31 · accession 0001628280-24-007670 (ProfitLoss)
- 10-K · period ending 2022-12-31 · accession 0001628280-25-008233 (NetIncomeLoss)
- 10-K · period ending 2023-12-31 · accession 0001628280-26-009869 (NetIncomeLoss)
- 10-K · period ending 2022-12-31 · accession 0001628280-25-008233 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-12-31 · accession 0001628280-26-009869 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2022-12-31 · accession 0001628280-25-008233 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2023-12-31 · accession 0001628280-26-009869 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2021-12-31 · accession 0001628280-23-005646 (LongTermDebtNoncurrent)
- 10-K · period ending 2022-12-31 · accession 0001628280-24-007670 (LongTermDebtNoncurrent)
- 10-K · period ending 2023-12-31 · accession 0001628280-25-008233 (LongTermDebtNoncurrent)
- 10-K · period ending 2024-12-31 · accession 0001628280-26-009869 (LongTermDebtNoncurrent)
- 10-K · period ending 2021-12-31 · accession 0001628280-24-007670 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2022-12-31 · accession 0001628280-25-008233 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2023-12-31 · accession 0001628280-26-009869 (CashAndCashEquivalentsAtCarryingValue)