Key Highlights

  • Third-quarter revenue was $277.8 million, up 24.5% from $223.1 million, with organic growth of 6.5%.
  • Orders including acquisitions reached $386 million, up 85%, and nuclear power orders rose 105%.
  • Adjusted EBITDA was $64.8 million, up 23.7%, at a margin of 23.3% versus 23.5%.
  • 2026 organic growth guidance was raised to about 7% to 8% from 5% to 7%.
  • Adjusted free cash flow guidance rose to about $170 million to $185 million from $155 million to $175 million.

Mirion Earnings: Did 85% Order Growth Outrun a Trimmed Margin Outlook?

Mirion Technologies (NYSE:MIR) reported third-quarter results after the market close on Tuesday, October 27, and the answer is mixed by design. Revenue of $277.8 million rose 24.5% from $223.1 million, adjusted EPS of $0.12 matched the prior year, and orders including acquisitions jumped 85%. At the same time, management narrowed the adjusted EBITDA range and lowered the top of its margin range while raising revenue and cash flow targets.

The adjusted EPS of $0.12 compares with an analyst estimate of $0.12, and the screen shows a surprise of negative 2.03% as screened. GAAP diluted EPS was $0.03, against $0.01 a year earlier.

Mirion supplies radiation detection and measurement products to nuclear power, defense and medical customers, with a presence at over 98% of commercial nuclear plants worldwide.

Mirion Results: How Much of the 24.5% Growth Was Organic?

Organic revenue growth was 6.5%, so most of the headline increase came from acquisitions, including Paragon and Certrec, and from currency.

Adjusted EBITDA rose 23.7% to $64.8 million, while the adjusted margin slipped 0.2 percentage points to 23.3%. Income from operations was $17.2 million versus $7.4 million, and GAAP net income was $7.8 million versus $3.1 million.

Mirion Orders and Cash: Is the Nuclear Fleet Reinvestment Showing Up?

Orders excluding Paragon and the July Certrec acquisition were $340 million, up 62% from $209 million, and $386 million including them. Nuclear power-related orders rose 105%, which management tied partly to reinvestment in the existing reactor fleet. Orders against revenue imply a book-to-bill ratio of about 1.4 times, as calculated here.

Adjusted free cash flow was $47 million in the quarter and $107 million year to date, which management described as roughly double the prior-year pace. Cash was $408.7 million at September 30, against $444.0 million of non-current debt. Net leverage is expected to fall to about 2.6 times by year-end.

Mirion Guidance: What Changed for the Fourth Quarter and 2026?

For the fourth quarter, management expects mid-to-high teens organic revenue growth and gave no dollar target. For 2026, revenue growth including currency and acquisitions is now about 24% to 25%, up from 22% to 24%, and organic growth is about 7% to 8%, up from 5% to 7%.

Adjusted EBITDA is guided to about $285 million to $292 million, narrowed from $285 million to $300 million, and the margin is about 24.7% to 25.2%, down from 25.0% to 26.0%. By calculation, the EBITDA midpoint moved from $292.5 million to $288.5 million.

Adjusted EPS is guided to about $0.50 to $0.54 versus $0.48 to $0.55 before. Adjusted free cash flow is now about $170 million to $185 million, with conversion of about 60% to 63% of adjusted EBITDA versus 54% to 58% earlier. Management cited greater full-year visibility.

Mirion Next Steps: What Should Investors Watch After the Call?

The earnings call is scheduled for Wednesday, October 28, at 10:00 a.m. Eastern, where the margin trade-off and conversion of the order surge into revenue are the likely topics. Shares fell 13.22% after the second-quarter report on July 28,. Watch fourth-quarter organic growth against the mid-to-high teens target.