MIRMirion Technologies, Inc.
Is the business good?
A genuinely good business: 7 of 9 health tests passed, earnings fully cash-backed (3.8×), and margins widening.
High fundamental quality. Nine pass/fail tests of year-over-year health from the filings.
Operating profit is fully backed by cash. Conversion is improving vs a year ago.
Positive operating leverage, operating profit is growing faster than sales, so margins widen as the business scales.
A balanced mix of margins, efficiency, and leverage. ROE 1% = margin × turnover × leverage.
Unless marked, from derived.
Against the whole market›
Percentile against every name Ryufin tracks. Higher is better; the tick marks the middle of the market. Context, not one of the checks above.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is MIR?
Mirion Technologies, Inc. earns 2.3% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
Return on invested capital · cost of capital 9.0% · 6.7 points below what the capital costs: growth destroys value
- Operating margin
- 5.3%
Operating margin · Specialty Industrial Machinery median 14% · 12 months to Q2 2026
- Cash conversion
- 3.76×
Cash conversion · 2.81× a year ago · operating cash flow covers the operating profit after tax
- Share count, year on year
- +13%
Share count, year on year · shareholders own a smaller slice than a year ago
| Year | Operating margin |
|---|---|
| FY2019 | 4.8% |
| FY2020 | 1.8% |
| FY2022 | −41% |
| FY2023 | −2.7% |
| FY2024 | 2.9% |
| FY2025 | 5.6% |
Details›
- Gross margin12 months to Q2 2026
- 48%
- Operating margin12 months to Q2 2026
- 5.3%
- Net margin12 months to Q2 2026
- 2.4%
- Free cash flow margin
- 13%
- R&D as % of revenue
- 3.9%
- Revenue, trailing twelve months
- $1.02B
- Free cash flow, trailing twelve months
- $134M
- Net income, trailing twelve months
- $25M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 2.3%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Specialty Industrial Machinery
Ranks #29 of 33 by RyuScore