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The Moat Index

Mirion Technologies, Inc.

MIR · Healthcare · FY2025 filings · Shallow moat ·

Doesn't clear the bar

41/ 100
Shallow moat

The four filters

Pricing power71

Median gross margin 43.2% over 7y, very stable.

Returns on capital0

Median ROIC 0.1%, above the 9% hurdle in 0% of years.

Balance-sheet safety53

Net debt/EBITDA 0.2x, interest coverage 1x.

Capital discipline44

Owner earnings trend unclear, share count flat.

Margin of safety

Above valueOn sale
No price data
Owner earnings (normalized)
$28.8M
Est. intrinsic value / share
—
Recent price
$15.97
Discount to value
No price data

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

9 years of fundamentals

The business, in plain English

Mirion Technologies, Inc. booked $925.4M of revenue in FY2025 in the Healthcare sector and kept 47.4% of it as gross profit — a solid-margin business by that measure. After every other cost, 3.1% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $440.1M (FY2019) to $925.4M (FY2025) — about 13.2% a year compounded over 6 years.

It earned 2.5% on invested capital in FY2025, with a median of 0.1% across 4 filed years. The Returns on Capital filter above scores it 0/100.

The balance sheet carried $444.7M of total debt in FY2025 against $130.5M of owner earnings — roughly 3.4 years of owner earnings to retire it all. Balance-Sheet Safety scores it 53/100.

Put together: Pricing Power is the strongest of the four filters (71/100) and Returns on Capital the weakest (0/100), which is how MIR lands at 41/100 — a Shallow moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

FY2017–FY2025 · 9 fiscal years, normalized from MIR’s SEC filings

RevenueSales, as filed$925.4M FY2025
$0$500M2017202020232025
Gross marginRevenue kept after cost of goods47.4% FY2025
0%20%40%2017202020232025
Return on invested capitalOperating profit on the capital employed2.5% FY2025
−10%0%2017202020232025
Owner earningsCash an owner could take out$130.5M FY2025
$02017202020232025

Gaps in a line mean that item isn’t in MIR’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

3 logged readings since Jul 17, 2026 · append-only, never rewritten

Moat Score over timeLast scored reading of each day, on the 0–100 scale40.6 / 100
0406080100WideNarrowShallowNo moatJul 17, 2026

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — MIR has read Shallow moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Healthcare context

#236 of 440 scored Healthcare companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #234LGVN Longeveron Inc.40.8Shallow moat
  2. #235NXTS Nexentis Technologies Inc.40.8Shallow moat
  3. #237CODX CO-DIAGNOSTICS, INC.40.4Shallow moat
  4. #238INSM INSMED INCORPORATED40.3Shallow moat

Compare MIR with its nearest peers →All Healthcare companies on the Index →

Common questions about MIR

Does Mirion Technologies, Inc. have an economic moat?
Based on its FY2025 SEC filings, the Moat Index scores Mirion Technologies, Inc. (MIR) 40.6 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 71, returns on capital 0, balance-sheet safety 53, capital discipline 44.
How has MIR's Moat Score changed over time?
The record logs 3 readings since Jul 17, 2026; the latest reads 40.6 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.
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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell MIR. See the disclaimer.

Mirion Technologies, Inc. (MIR) Moat Score — The Moat Index · Buy Like Buffett