Core Viewpoint - Mirion Technologies reported strong financial results for the fourth quarter and full year 2025, with significant order growth and provided optimistic guidance for 2026, reflecting robust market fundamentals and strategic acquisitions [1][2]. Financial Results - For the fiscal year ended December 31, 2025, total revenues reached $925.4 million, up from $860.8 million in 2024, marking a year-over-year increase of approximately 7.0% [3]. - The company reported a net income of $29.8 million for 2025, compared to a net loss of $36.6 million in 2024 [3]. - Adjusted EBITDA for 2025 was approximately $227.9 million, an increase from $203.6 million in 2024, reflecting a margin of about 24.6% [5]. 2026 Guidance - Mirion anticipates adjusted earnings per share (EPS) to be between $0.50 and $0.57, including stock-based compensation [1]. - The company expects adjusted free cash flow to range from $155 million to $175 million, with an adjusted free cash flow conversion rate of approximately 54% to 58% of adjusted EBITDA [1]. - Organic revenue growth is projected to be between 5.0% and 7.0%, while total revenue growth is expected to be between 22.0% and 24.0% [1]. Order Growth and Market Position - In 2025, Mirion booked over $1 billion in orders, including approximately $150 million from a large opportunity pipeline, indicating strong demand across all three Nuclear Power verticals [1][2]. - The company highlighted its expanding nuclear power portfolio and strategic acquisitions, such as Paragon Energy Solutions, as key drivers for future growth [1][2]. Balance Sheet Highlights - As of December 31, 2025, total assets amounted to $3,588.1 million, up from $2,636.0 million in 2024, with significant increases in cash and cash equivalents [3]. - Total liabilities were reported at $1,671.2 million, compared to $1,076.9 million in the previous year, reflecting the impact of acquisitions and operational growth [3]. Cash Flow Analysis - Net cash provided by operating activities for 2025 was $143.3 million, an increase from $99.1 million in 2024 [4]. - The company reported a net cash used in investing activities of $694.6 million, primarily due to acquisitions [4].

Core Insights - Conestoga Capital Advisors reported that equity markets reached new all-time highs in Q3 2025, but the Conestoga Small Cap Composite underperformed the Russell 2000 Growth Index, returning -1.4% compared to the Index's 12.2% gain [1] - The gains in the Russell 2000 Growth Index were primarily driven by low-quality stocks, particularly unprofitable, high-beta names [1] Company Highlights: Mirion Technologies, Inc. (NYSE:MIR) - Mirion Technologies, Inc. specializes in radiation detection, measurement, analysis, and monitoring products for medical and nuclear safety applications [2][3] - The stock of Mirion Technologies gained 1.30% over the past month and 71.94% over the last 52 weeks, closing at $24.17 with a market capitalization of $6.053 billion on October 17, 2025 [2] - The company benefits from durable demand drivers such as increased focus on nuclear energy, healthcare imaging, and global safety standards, generating recurring revenue through service contracts and consumables [3] Financial Performance - In Q2 2025, Mirion Technologies reported revenue of $222.9 million, reflecting a year-over-year increase of 7.6% [4] - The number of hedge funds holding Mirion Technologies increased from 35 to 46 in the second quarter of 2025, indicating growing interest among institutional investors [4] Investment Outlook - Mirion Technologies is viewed as having attractive growth potential due to improving margins, deleveraging progress, and exposure to long-term infrastructure and energy trends [3] - Despite the potential of Mirion Technologies, the company is not considered among the top 30 most popular stocks among hedge funds, and there are suggestions that certain AI stocks may offer greater upside potential with less downside risk [4]