Mirion Technologies (NYSE:MIR) presented its fourth quarter and full year 2025 results on February 11, 2026, highlighting record orders and strong cash flow generation despite missing analyst expectations for the quarter. The company's stock showed resilience in pre-market trading, rising 1.07% to $23.69, following a 3.46% decline in the previous session.
Quarterly Performance Highlights
Mirion reported Q4 2025 revenue of $277.4 million, representing a 9.1% total increase but only 0.5% organic growth compared to Q4 2024. The company posted adjusted EBITDA of $77.6 million, up 11.5% year-over-year with a 60 basis point margin expansion. However, adjusted earnings per share came in at $0.15, slightly below the analyst forecast of $0.16.
The quarter was marked by exceptional order performance, with Q4 adjusted orders increasing 62% compared to the same period last year, including approximately $140 million of "large opportunity" Nuclear Power orders.
The company's Q4 adjusted free cash flow generation was particularly strong at $78 million, contributing to full-year adjusted free cash flow of $131 million, which significantly outperformed guidance.
Full Year 2025 Results
For the full year 2025, Mirion achieved total revenue of $925 million, representing 7.5% growth year-over-year, though organic revenue growth of 3.9% fell short of initial guidance of 5.5-7.5%. Adjusted EBITDA reached $227.9 million with a margin of 24.6%, while adjusted EPS was $0.46 per share.
A key highlight of 2025 was the record order book of over $1 billion, representing a 20% increase versus the adjusted 2024 order book. This growth was primarily driven by Nuclear Power and Defense-related orders, which more than offset softness in the Labs & Research segment.
Strategic Initiatives and Nuclear Power Focus
Mirion has strategically expanded its nuclear power portfolio through the acquisitions of Certrec and Paragon Energy Solutions, taking its pro-forma Nuclear Power revenue exposure to approximately 47%. The Nuclear Power end market showed particularly strong performance in 2025, with adjusted orders increasing 52% compared to 2024 and organic revenue growing by 11%.
Mirion's focus on the nuclear power sector is supported by growing industry momentum, as illustrated by numerous recent headlines from major news sources:
The company also emphasized the increasing importance of power availability, particularly for data centers, noting that approximately one-third of data sites are expected to exceed 1GW by 2035, creating additional opportunities for Mirion's nuclear power solutions.
Forward-Looking Statements and 2026 Guidance
Looking ahead to 2026, Mirion has outlined an ambitious growth strategy with a large opportunity pipeline of over $400 million expected to be awarded during the year. This pipeline includes nine new build opportunities (including nuclear power plants and small modular reactors), two installed base opportunities, and five other opportunities.
Mirion's 2026 financial guidance reflects confidence in its strong fundamentals, projecting total revenue growth of 22-24% (including foreign exchange and acquisition-related tailwinds) and organic revenue growth of 5-7%. Adjusted EBITDA is expected to reach $285-300 million with margins of 25-26%, while adjusted free cash flow is projected at $155-175 million, representing a conversion rate of 54-58%.
The company's multi-year performance trajectory shows consistent improvement across key metrics, with revenue expected to achieve an 11% five-year CAGR and adjusted EBITDA projected to reach a 12% five-year CAGR:
Despite the slight miss on Q4 earnings, Mirion's record order book, strong cash flow generation, and strategic positioning in the growing nuclear power sector provide a solid foundation for continued growth in 2026 and beyond. The company's focus on transforming recent acquisitions into long-term success through various optimization initiatives further supports its positive outlook.