Mirion Technologies, Inc. (MIR): History, Ownership, Mission, How It Works & Makes Money

Mirion Technologies, Inc. (MIR) is a global leader in radiation detection and monitoring, but do you really know how a company guiding itself to an Adjusted EBITDA of between $223 million and $233 million for the 2025 fiscal year navigates the complex nuclear, medical, and defense markets?

This isn't just about selling equipment; it's a specialized, high-stakes business that reported $902.30 million in trailing twelve-month revenue through Q3 2025, with recent achievements including a $55 million order for the Asia installed base secured in October.

Given that institutional investors hold over 56% of its shares, understanding Mirion Technologies' history, mission to enhance safety, and unique money-making model is defintely essential for any serious investor or strategist looking at the critical infrastructure sector.

Mirion Technologies, Inc. (MIR) History

You're looking for the foundational story of Mirion Technologies, Inc., and honestly, it's less about a garage startup and more about a strategic consolidation of critical, decades-old expertise. The direct takeaway is that Mirion was purpose-built in 2006 by bringing together specialized radiation detection companies, and its major transformation happened in 2021 when it went public via a SPAC merger at a $2.6 billion enterprise value.

Given Company's Founding Timeline

Year established

Officially established in 2006. Its technical roots, however, go back to the early 1960s with the Health Physics Division of Nuclear Research Corporation.

Original location

The company is headquartered in Atlanta, Georgia, USA, though its initial formation involved consolidating businesses across multiple global locations.

Founding team members

The company wasn't started by a small group of individual founders in the traditional sense. It was a strategic platform formed by merging several radiation measurement and detection companies. The key, continuous leader is Thomas Logan, who has served as CEO since 2005 and is credited as a founder in the modern structure.

Initial capital/funding

The initial capital for the platform's creation in 2006 isn't a single, clean number. The financial foundation was laid with the acquisition of the Health Physics Division of Canberra Industries in 1999. A major capital event occurred in 2015 when Charterhouse Capital Partners acquired the company for $750 million, providing the capital for its subsequent expansion strategy.

Given Company's Evolution Milestones

Given Company's Transformative Moments

The company's trajectory was shaped by two defintely transformative decisions: the aggressive platform-building through acquisitions and the pivot to public markets.

The first major shift was Charterhouse Capital Partners' strategy after their 2015 acquisition. They used that $750 million investment to fuel a rapid expansion, notably acquiring Canberra in 2016 to dominate the nuclear measurement space and then executing six strategic medical acquisitions, including Sun Nuclear in 2020.

This diversification proved crucial, setting the stage for the second transformation: the October 2021 SPAC merger with GS Acquisition Holdings Corp II. This move valued the company at roughly $2.6 billion and injected significant capital, allowing for a broader focus on high-growth areas like medical and labs.

More recently, the company is showing strong momentum in its core markets, especially nuclear power. This is reflected in the full-year 2025 guidance, which projects Adjusted EBITDA to be between $223 million and $233 million. That's a clear signal that the strategic focus on the nuclear installed base and medical markets is paying off. The backlog stood at a robust $819 million at the end of Q2 2025, giving great revenue visibility.

• Diversified revenue: Medical and Labs were projected to account for approximately 44% of revenue in fiscal year 2021, a huge shift from the nuclear-heavy past.
• Digital push: The 2025 acquisitions of Certrec and Oncospace, plus the Paragon deal, show a clear strategy to integrate digital compliance and data analytics into the core radiation safety offerings.
• Strong Q3 2025: Revenue for Q3 2025 was $223.1 million, an increase of 7.9% year-over-year, showing organic growth is kicking in.

To understand the current strategic focus driving these numbers, you should review the company's core principles: Mission Statement, Vision, & Core Values of Mirion Technologies, Inc. (MIR).

Mirion Technologies, Inc. (MIR) Ownership Structure

Mirion Technologies, Inc. (MIR) is heavily controlled by institutional money, with major investment firms holding the vast majority of its common stock as of late 2025, which means day-to-day share price movement is often driven by large fund flows and quarterly reporting. This high level of institutional ownership, common in the industrial technology space, provides a degree of stability but also means management is defintely accountable to a few major stakeholders like BlackRock, Inc. and Vanguard Group Inc.

Given Company's Current Status

Mirion Technologies is a publicly traded company, listed on the New York Stock Exchange (NYSE) under the ticker symbol MIR. The company went public via a merger with a special purpose acquisition company (SPAC) in 2021. As of November 2025, the company's market capitalization stands at approximately $5.87 billion, reflecting its position as a key global provider of radiation detection, measurement, and monitoring solutions.

The company maintains a dual-segment focus: Medical and Technologies, serving critical end markets like nuclear energy, defense, and healthcare. You can read more about their strategic direction here: Mission Statement, Vision, & Core Values of Mirion Technologies, Inc. (MIR).

Given Company's Ownership Breakdown

The ownership structure is dominated by institutional investors, which is a critical factor in understanding the company's governance and long-term strategy. Institutions-like mutual funds, pension funds, and hedge funds-hold the controlling stake, making them the primary force in shareholder voting and corporate oversight.

Here's the quick math: With institutions owning over 93% of the stock, their collective decisions on capital allocation and board composition hold significant sway.

Given Company's Leadership

The company is steered by a seasoned management team, led by its founder, ensuring continuity and deep industry knowledge at the helm. This stability is a key asset in a highly specialized sector like radiation technology.

• Thomas D. Logan: Founder, Chief Executive Officer (CEO), and Chairman of the Board. He has been the CEO since 2005 and assumed the Chairman role in February 2025, consolidating leadership.
• Brian Schopfer: Chief Financial Officer (CFO). He has held the CFO position since 2020, overseeing the company's financial strategy and reporting.
• Alison Ulrich: Chief Human Resources Officer (CHRO). She was appointed in April 2022, focusing on talent and organizational development.
• Emmanuelle Lee: Chief Legal Officer & Chief Compliance Officer. She has served as General Counsel since 2018, managing the complex regulatory landscape of the nuclear and medical industries.
• Loic Eloy: Technologies Group President. He leads the core Technologies segment, which includes nuclear energy and defense solutions.

Mirion Technologies, Inc. (MIR) Mission and Values

Mirion Technologies, Inc. stands for more than just profit; its core purpose is to apply its deep expertise in radiation to safeguard humanity and the environment, a mission that drives its impressive financial results. This focus on protection and global leadership is defintely reflected in the company's 2025 financial outlook, which projects Adjusted EBITDA of approximately $223 million - $233 million for the fiscal year.

Mirion Technologies' Core Purpose

You're looking at a company whose business is literally about making the invisible danger of ionizing radiation manageable, so their mission and values are not abstract-they are life-and-death critical. This foundational purpose is what allows the company to project strong organic revenue growth of approximately 4.5% - 6.0% for the 2025 fiscal year, even with global headwinds.

Official mission statement

The mission statement for Mirion Technologies is a clear, powerful declaration of intent. It directly links their specialized knowledge to a broad, humanitarian goal, showing a commitment to societal benefit over just commercial gain. This is a business built on trust, and that starts with a clear mandate.

• Harness our unrivaled knowledge of ionizing radiation for the greater good of humanity.

Vision statement

While a single, concise vision statement isn't always formally published, Mirion's actions and strategic direction point to a clear aspiration: global dominance in radiation safety. This vision directly supports their two main segments-Mirion Technologies (nuclear, defense, research) and Mirion Medical (cancer care)-which together are expected to deliver total revenue growth of approximately 7.0% - 9.0% in 2025.

• Be the global leader in providing innovative radiation detection and measurement solutions.
• Protect people, the environment, and infrastructure worldwide.
• Enhance the safety, reliability, and efficiency of nuclear facilities and medical institutions.

This is a big-picture goal that maps to their projected Adjusted EPS of approximately $0.48 - $0.52 per share for 2025. You can see the link between their protective vision and their financial performance. For a deeper dive into the capital behind this vision, consider Exploring Mirion Technologies, Inc. (MIR) Investor Profile: Who's Buying and Why?

Mirion Technologies slogan/tagline

A good tagline captures the essence of the mission in a few words, and Mirion's does exactly that. It speaks to both the present need for protection and the future-focused nature of their technology, especially in high-growth areas like Small Modular Reactors (SMRs) and advanced cancer care.

• Protect What's Next™

This short phrase is a powerful reminder that their technology is enabling the next generation of nuclear power and medical innovation. It's simple, but it drives a complex, global business that is also focused on generating Adjusted Free Cash Flow of approximately $100 million - $115 million for the 2025 fiscal year. That's a solid cash position to protect future growth.

Mirion Technologies, Inc. (MIR) How It Works

Mirion Technologies, Inc. operates as a critical infrastructure partner, providing the essential, highly-regulated technology to detect, measure, and monitor ionizing radiation across the nuclear and medical sectors. The company creates value by delivering mandatory safety and quality assurance solutions that ensure the safe operation of nuclear power plants and the precise delivery of medical treatments, making it defintely indispensable to its customers' core operations.

Mirion Technologies, Inc.'s Product/Service Portfolio

Mirion's offerings are split into two core segments: Nuclear & Safety and Medical. The Nuclear & Safety group focuses on protecting people and the environment, while the Medical group ensures the accuracy and safety of radiation-based healthcare.

Mirion Technologies, Inc.'s Operational Framework

The company's operational model is built on high-mix, low-volume manufacturing of specialized hardware, coupled with a growing, high-margin software and services layer. This structure generates a significant amount of recurring revenue, which is great for stability.

• Value Creation via Regulation: Mirion's solutions are often mandated by regulatory bodies like the Nuclear Regulatory Commission (NRC) or international standards, creating non-discretionary, recurring demand for replacements and services.
• Digital Integration: They are actively integrating digital solutions-like the Certrec acquisition in 2025-to enhance their core nuclear offerings, moving from pure hardware sales to subscription-based compliance and operational software.
• Strategic M&A Focus: Acquisitions, such as Paragon Energy Solutions in 2025, are designed to deepen market penetration in high-growth areas like Small Modular Reactors (SMRs) and increase their nuclear power-based revenue to approximately 45% of total revenue.
• Backlog Visibility: A substantial backlog, which stood at $819 million at the end of Q2 2025, provides strong visibility into future revenue streams, smoothing out the lumpiness of large, one-time orders.

Here's the quick math on profitability: the company has reaffirmed its 2025 guidance for Adjusted EBITDA to be between $223 million and $233 million, reflecting an Adjusted EBITDA margin of approximately 24.0% - 25.0%. You can dive deeper into the metrics with Breaking Down Mirion Technologies, Inc. (MIR) Financial Health: Key Insights for Investors.

Mirion Technologies, Inc.'s Strategic Advantages

Mirion's success isn't just about selling a product; it's about being the trusted, entrenched supplier in markets with extremely high barriers to entry. They have to be precise.

• Entrenched Installed Base: The company's equipment is installed in over 95% of the world's nuclear reactors, making it the de-facto standard in a critical, highly-regulated industry.
• High Switching Costs: Once a nuclear facility or hospital integrates a radiation monitoring or quality assurance system, the cost, time, and regulatory burden of switching to a competitor are prohibitive.
• Nuclear Sector Tailwinds: Mirion is strategically positioned to capitalize on the global push for nuclear energy modernization and new builds, including a pipeline of large, one-time orders with approximately $175 million expected to be awarded in 2025.
• Regionalized Supply Chain: Their supply chain is structured regionally, which acts as a competitive advantage by de-risking their ability to meet customer needs amid uncertain trade environments and tariff impacts.

For the fiscal year ending December 31, 2025, the company projects total revenue growth of approximately 7.0% - 9.0%, with Adjusted EPS expected to be between $0.48 and $0.52 per share. The business is resilient because their customers literally cannot operate without their solutions.

Mirion Technologies, Inc. (MIR) How It Makes Money

Mirion Technologies primarily makes money by selling specialized radiation detection, measurement, and monitoring products, but the real financial engine is the high-margin, recurring revenue from servicing the critical, installed base of equipment in regulated industries. The company operates a classic razor-and-blade model, where the initial product sale leads to decades of essential, non-discretionary service contracts, software licensing, and spare parts sales.

Mirion Technologies' Revenue Breakdown

The company's revenue is organized into two main operating segments, which reflect its core markets: Nuclear & Safety and Medical. The Nuclear & Safety segment is the larger of the two and is characterized by a high percentage of predictable, recurring revenue, which is a defintely strong tailwind for the business.

Business Economics

Mirion Technologies' business economics are fundamentally strong because they are tied to non-discretionary spending driven by global safety regulations and critical infrastructure needs, not cyclical consumer demand. The company uses value-based pricing, reflecting the high stakes-protecting people, property, and the environment from radiation hazards-which means customers prioritize reliability and compliance over the lowest cost. This focus on mission-critical applications creates a high barrier to entry for competitors.

• Installed Base Lock-in: Approximately 80% of the revenue from the Nuclear Power end market is recurring, coming from servicing and supporting existing systems already embedded in the world's nuclear reactors. This is a powerful form of customer retention.
• Regulatory Tailwinds: Demand is directly fueled by stringent regulatory requirements in nuclear energy and healthcare. For example, the acquisition of Certrec in 2025 deepened the company's regulatory compliance solutions, which is a necessary, non-stop expense for nuclear operators.
• Strategic Acquisitions: The company uses M&A to expand its total addressable market (TAM) and enhance its software offerings. The September 2025 agreement to acquire Paragon Energy Solutions, for instance, significantly augments its U.S. nuclear power presence and doubles its exposure to Small Modular Reactor (SMR) technology, which is a major long-term growth vector.
• Margin Expansion: Management is targeting a structural increase in profitability, aiming for 30% Adjusted EBITDA margins by 2028. This is driven by a shift toward higher-margin software and services, plus an operational restructuring plan expected to deliver 300-500 basis points of margin expansion.

To be fair, while the nuclear segment is a cash machine, the Labs & Research submarket has seen some headwinds, with organic growth expectations revised lower due to U.S. government budget delays, but the overall growth picture remains bullish. You can learn more about the institutional interest in this space by Exploring Mirion Technologies, Inc. (MIR) Investor Profile: Who's Buying and Why?

Mirion Technologies' Financial Performance

As of November 2025, Mirion Technologies has delivered strong financial performance, leading management to raise its full-year guidance. The company is successfully converting its strong backlog into revenue and showing significant margin improvement, a clear sign the business model is working.

• Full-Year 2025 Revenue Guidance: The company projects total revenue for the fiscal year ending December 31, 2025, to be in the range of $921.1 million-$938.3 million, representing a growth of approximately 7.0%-9.0% year-over-year.
• Adjusted EBITDA and Margin: Full-year Adjusted EBITDA is guided to be between $223 million-$233 million, translating to an Adjusted EBITDA margin of approximately 24.0%-25.0%. This indicates healthy operating leverage.
• Adjusted EPS: The full-year Adjusted Earnings Per Share (EPS) is expected to be between $0.48-$0.52 per share, a key metric showing profitability improvement.
• Cash Flow Generation: Adjusted Free Cash Flow is projected to be approximately $100 million-$115 million for 2025, with a strong conversion rate of 45%-49% of Adjusted EBITDA, which is a positive signal for balance sheet health and future M&A funding.
• Q3 2025 Snapshot: The company reported Q3 2025 revenue of $223.1 million, an increase of 7.9% from the prior year, and swung to a GAAP net income of $3.1 million from a net loss in Q3 2024.

Here's the quick math: with the full-year revenue guidance midpoint at about $930 million and an Adjusted EBITDA guidance midpoint of $228 million, the company is demonstrating its ability to grow revenue while simultaneously expanding margins, which is exactly what you want to see from a specialized technology provider in a high-growth, mission-critical sector.

Mirion Technologies, Inc. (MIR) Market Position & Future Outlook

Mirion Technologies is positioned as a critical, high-growth infrastructure play, leveraging its dominant position in the highly regulated nuclear and medical radiation safety markets. The company's focus on digital transformation and next-generation nuclear energy is expected to drive full-year 2025 total revenue growth between 7.0% and 9.0% and Adjusted EBITDA of $223 million to $233 million.

This outlook is defintely supported by a resilient business model where a significant portion of revenue comes from recurring service and replacement cycles, giving it a stable foundation even as it pursues aggressive expansion in new nuclear builds.

Competitive Landscape

The radiation detection, monitoring, and safety equipment market is fragmented but dominated by a few key players with deep specialization in nuclear, medical, and defense sectors. Mirion's competitive advantage lies in its extensive installed base and its position as a mandatory technology provider in highly regulated environments, which creates significant switching costs for customers.

Mirion holds a leadership position in an estimated 17 of the 19 market segments it serves, which helps it maintain premium pricing and market-leading margins.

Opportunities & Challenges

The company's future trajectory hinges on capturing major contract wins in the nuclear renaissance while navigating capital structure risks and the high cost of advanced technology development.

Industry Position

Mirion is a top-tier player in the global radiation detection, monitoring, and safety market, which is valued at approximately $3.62 billion in 2025 and is projected to grow at a CAGR of 6.76% through 2030. The company is a key beneficiary of two powerful, non-cyclical trends: the global push for carbon-free nuclear power and the expansion of radiation-based medical diagnostics and therapies.

• Dominant Nuclear Footprint: The Nuclear & Safety segment is benefiting from a robust project pipeline, including a $10 million SMR new build order in Q3 2025, and a $55 million order for the Asia installed base in October 2025.
• Mandatory Technology: A large portion of its technology is mandatory for regulatory compliance, which ensures a consistent demand floor regardless of economic cycles.
• Digital Edge: Recent product launches, like the Apex-Guard™ Software Version 1.2, show a commitment to addressing stringent regulatory demands in the radiopharmaceutical supply chain, creating a moat around its core products.

For a deeper dive into the institutional money backing this trajectory, you should read Exploring Mirion Technologies, Inc. (MIR) Investor Profile: Who's Buying and Why?