Mirion Technologies, Inc.

Wide-moat radiation-detection franchise embedded in ~98% of nuclear plants with strong cash generation and nuclear/medical tailwinds.

Strengths

• Durable installed-base moat and recurring revenue; backlog up ~36% to $1.1B; revenue grew to $925M
• FCF margin 11.6% (80th pct), FCF $107M, OCF margin 67th pct; net income turned positive at $29.8M with low leverage (D/E 0.24)

Risks

• Headline returns thin (ROE 1.5%, ROA 0.8%) as goodwill/intangibles from the GSAH deal depress book returns
• SMR growth thesis is unproven and fixed-price contract/geopolitical exposure could pressure results

Notable findings

• Exec changeRecent 8-K item 5.02 8-K ↗
• Customer concentration~37% of revenue from one customer/distributor — Revenue generated from outside of North America accounted for approximately 37
• Chronic dilutionShare count +136%/yr over 4y (dilution, book value/share -96%)
• Strong balance sheetStrong balance sheet — $412M cash & investments
• China exposure” 19 Table of Content s Our operating results may be impacted by the effects of, and changes in, worldwide economic conditions, international trade, tariffs and retaliatory countermeasures, e