Forensic Analysis · Industrials / Manufacturing / Defense · as of Aug 11, 2026
Mirion Technologies, Inc. (MIR)
A forensic read on Mirion Technologies, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Safe
Financial health
3.0
Distress distance
Clean
Earnings quality
4
Forensic signals
159.7
P / E (ttm)
1.5%
ROE
$3.8B
Market cap
7.5%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Mirion Technologies, Inc. earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 3.0, placing it in the Safe zone. 4 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
1.6%
FY2025
Return on invested capital.Return on invested capital is 1.6% in the latest fiscal year and rising from -10% — well below its ~9% cost of capital, so reinvested dollars may be destroying value, not building it.
+13.0%/yr
FY2022–FY2025
Share-count dilution.Diluted share count changed +44% over the last 3 years to FY2025 (+13.0%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~13.0% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~31%.
1.6% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 1.6% of revenue and 14% of free cash flow in FY2025 — about $0.06 per diluted share. The cost of it is not in the cash flow — no cash left the business — it is in the count: holders gave up about 13.4% of the company a year, and that rate is not falling. That is the figure to weigh, not the share of free cash flow.
$212M
FY2022–FY2022
Goodwill impairments.Took $212M of goodwill writedowns across 1 year (FY2022 ($212M)). Writedowns mean past acquisitions underperformed what was paid for them.
Key fundamentals
Latest Revenue$925.4M
Revenue Growth YoY+7.5%
Revenue CAGR (3yr)+8.8%
Net Margin3.1%
Free Cash Flow$106.9M
Return on Equity1.5%
Debt / Equity0.24x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Mirion Technologies, Inc.'s actual 10-K/10-Q/8-K filings?