Mirion Q3 Revenue Up 24.5% to $277.8M; 2026 Revenue and Cash Flow Guidance Raised
MIR is trading near its 52-week low of $14.04 (8.0% above the low).
Summary
Mirion posted Q3 2026 revenue of $277.8 million (+24.5%) and orders up 62% excluding acquisitions, then raised full-year revenue and free cash flow guidance while narrowing its adjusted EBITDA range to $285-$292 million.
Key Events · Earnings and Guidance · MIR
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Q3 Revenue Jumps 24.5%
Revenue was $277.8 million versus $223.1 million a year earlier; GAAP net income rose 151.6% to $7.8 million and adjusted EBITDA grew 23.7% to $64.8 million.
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Orders Up 62% Excluding Acquisitions
Third quarter orders were $340 million excluding Paragon and the July Certrec results, a 62% increase from $209 million; including those acquisitions orders were $386 million, up 85%.
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Revenue and Cash Flow Guidance Raised
2026 revenue growth guidance rose to approximately 24%-25% from 22.0%-24.0% and organic growth to approximately 7%-8% from 5.0%-7.0%; adjusted free cash flow guidance rose to $170-$185 million from $155-$175 million.
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EBITDA Range Narrowed Lower
Adjusted EBITDA guidance is now approximately $285-$292 million (24.7%-25.2% margin) versus the prior $285-$300 million (25.0%-26.0%), and adjusted EPS is now $0.50-$0.54 from $0.48-$0.55.
Analysis · MIR · Industrial Applications And Services
The headline strength in Mirion's third quarter was the top line, but the more telling signal came from orders: $340 million excluding acquisitions, up 62%, with nuclear power-related orders up 105%. That backlog build underpins the raised full-year outlook — revenue growth lifted to roughly 24%-25% from 22.0%-24.0% and organic growth to 7%-8% from 5.0%-7.0%, with adjusted free cash flow now guided to $170-$185 million versus $155-$175 million before. The trade-off is margin: adjusted EBITDA guidance was narrowed to $285-$292 million from $285-$300 million, so the extra revenue is arriving at a lower incremental margin than the prior range implied. Adjusted EPS of $0.12 was flat year over year, and management expects net leverage down to about 2.6x by year-end on the stronger cash generation.
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At the time of this filing, MIR was trading at $15.16 on NYSE in the Industrial Applications And Services sector, with a market capitalization of approximately $3.8B. The 52-week trading range was $14.04 to $30.28. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.