Mirion Technologies, Inc. (MIR): A Bull Case Theory

We came across a  bullish thesis on Mirion Technologies, Inc. on The Financial Pen’s Substack. In this article, we will summarize the bulls’ thesis on MIR. Mirion Technologies, Inc.'s share was trading at $25.16 as of December 1st. MIR’s trailing P/E was 236.55 according to Yahoo Finance.

Mirion Technologies (NYSE: MIR) is a global leader in radiation detection, monitoring, and safety solutions with core operations spanning nuclear energy and medical radiation. The company provides mission-critical instruments and calibration services that are integral to regulatory compliance and operational safety, functioning as the backbone for nuclear plants, research facilities, defense programs, and hospitals.

About 70% of Mirion’s revenue is recurring, anchored by multi-decade service contracts that renew automatically over the lifespan of reactors and medical systems, often spanning 40–80 years. This creates a durable, utility-like cash flow model insulated from economic cycles. Mirion’s nuclear and safety division, contributing roughly two-thirds of revenue, benefits directly from the accelerating global nuclear renaissance, as the U.S. and allies plan to triple reactor capacity by 2050.

Every new build, restart, or extension requires Mirion’s radiation measurement systems, embedding its products in regulatory frameworks worldwide. The medical division complements this stability, offering radiotherapy quality assurance and dosimetry tools critical to cancer care and diagnostic imaging. Despite these structural advantages, Mirion remains mispriced as a legacy roll-up rather than a maturing compounder with high switching costs and regulatory entrenchment.

Heavy amortization and integration costs obscure true profitability, but management targets 6–8% organic growth, ~30% EBITDA margins, and leverage below 3× within five years, which could nearly triple free cash flow to $200 million. As nuclear and medical tailwinds strengthen, Mirion’s systemic role positions it for re-rating once investors recognize its cash flow durability and intrinsic stability—making it a compelling long-term compounder in the nuclear and medical safety ecosystem.

Previously we covered a bullish thesis on AMETEK, Inc. (AME) by An Investing Life in March 2025, which highlighted its disciplined acquisition strategy, recurring revenue base, and expanding margins across niche industrial markets. The company’s stock price has appreciated approximately by 11.05% since our coverage. The thesis still stands as a play on steady cash generation and capital discipline. The Financial Pen shares a similar view but emphasizes Mirion Technologies’ utility-like cash flow model and nuclear safety tailwinds.

Mirion Technologies, Inc. is not on our list of the 30 Most Popular Stocks Among Hedge Funds. As per our database, 46 hedge fund portfolios held MIR at the end of the second quarter which was 35 in the previous quarter. While we acknowledge the potential of MIR as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

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Disclosure: None.