# Mirion Technologies, Inc. (MIR)

Informational only - not investment advice.

CIK: 0001809987
SIC: 3829 Measuring & Controlling Devices, NEC
SIC breadcrumb: [Manufacturing](/division/D/) > [SIC Major Group 38](/major-group/38/) > [SIC 3829 Measuring & Controlling Devices, NEC](/industry/3829/)
Latest 10-K filed: 2026-02-19
SEC page: https://www.sec.gov/edgar/browse/?CIK=1809987
Filing source: https://www.sec.gov/Archives/edgar/data/1809987/000162828026009869/mir-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-02-19 · accession 0001628280-26-009869 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001809987.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 925,400,000 USD | 2025 | verified |
| Net income | 28,800,000 USD | 2025 | verified |
| Assets | 3,588,100,000 USD | 2025 | verified |
| Free cash flow | 106,900,000 USD | 2025 | computed |
| Net margin | 3.11% | 2025 | computed |
| Operating margin | 5.57% | 2025 | computed |
| Revenue YoY | +7.50% | 2025 | computed |
| ROE | 1.54% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | MIR | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 3.1% | 3.1% | 50 | 148 |
| Operating margin | 5.6% | 6.4% | 48 | 145 |
| Revenue growth | 7.5% | 8.3% | 45 | 153 |
| FCF margin | 11.6% | 7.4% | 59 | 152 |
| ROE | 1.5% | 2.4% | 48 | 145 |
| ROA | 0.8% | 1.1% | 48 | 154 |
| Liabilities / equity | 0.90 | 0.82 | 54 | 150 |
| Current ratio | 2.83 | 2.81 | 51 | 153 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC major-group 38 SIC Major Group 38, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 925400000 | USD | 2025 | 2026-02-19 |
| Net income | 28800000 | USD | 2025 | 2026-02-19 |
| Assets | 3588100000 | USD | 2025 | 2026-02-19 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-19. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001809987.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue |  | 440,100,000 | 478,200,000 | 611,600,000 | 717,800,000 | 800,900,000 | 860,800,000 | 925,400,000 |
| Net income |  | -122,000,000 | -119,100,000 | -158,300,000 | -276,900,000 | -96,900,000 | -36,100,000 | 28,800,000 |
| Operating income |  | 28,800,000 | 23,000,000 | 11,200,000 | -297,800,000 | -21,900,000 | 24,800,000 | 51,500,000 |
| Gross profit |  | 188,200,000 | 197,000,000 | 251,800,000 | 310,100,000 | 356,400,000 | 399,700,000 | 438,600,000 |
| Diluted EPS |  | -19.36 | -18.45 | -24.18 | -1.53 | -0.49 | -0.18 | 0.11 |
| Operating cash flow | 0.00 | 14,700,000 | 39,500,000 | 53,600,000 | 39,400,000 | 95,200,000 | 99,100,000 | 143,300,000 |
| Capital expenditures |  | 16,500,000 | 19,900,000 | 23,200,000 | 34,200,000 | 37,100,000 | 48,800,000 | 36,400,000 |
| Share buybacks |  |  |  | 0.00 | 0.00 | 0.00 | 0.00 | 49,600,000 |
| Assets |  | 5,000 | 1,243,800,000 | 3,118,000,000 | 2,738,700,000 | 2,718,500,000 | 2,636,000,000 | 3,588,100,000 |
| Liabilities |  | 636 | 1,960,300,000 | 1,334,000,000 | 1,271,500,000 | 1,168,500,000 | 1,076,900,000 | 1,671,200,000 |
| Stockholders' equity | 4,705 | 4,364 | -718,700,000 | 1,693,200,000 | 1,398,200,000 | 1,484,500,000 | 1,505,600,000 | 1,866,400,000 |
| Cash and cash equivalents |  | 35,800,000 | 118,400,000 | 84,000,000 | 73,500,000 | 128,800,000 | 175,200,000 | 412,300,000 |
| Free cash flow |  | -1,800,000 | 19,600,000 | 30,400,000 | 5,200,000 | 58,100,000 | 50,300,000 | 106,900,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  | -27.72% | -24.91% | -25.88% | -38.58% | -12.10% | -4.19% | 3.11% |
| Operating margin |  | 6.54% | 4.81% | 1.83% | -41.49% | -2.73% | 2.88% | 5.57% |
| Return on equity |  |  |  | -9.35% | -19.80% | -6.53% | -2.40% | 1.54% |
| Return on assets |  |  | -9.58% | -5.08% | -10.11% | -3.56% | -1.37% | 0.80% |
| Liabilities / equity |  | 0.15 |  | 0.79 | 0.91 | 0.79 | 0.72 | 0.90 |
| Current ratio |  | 7.86 | 2.12 | 2.05 | 1.97 | 2.03 | 2.26 | 2.83 |

## As-reported value updates

2 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/MIR/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-07-29. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001809987.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-09-30 |  |  | -0.26 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | -0.22 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 |  |  | -0.14 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 191,200,000 | -12,100,000 | -0.06 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 230,400,000 | -15,200,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 192,600,000 | -25,800,000 | -0.13 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 207,100,000 | -11,700,000 | -0.06 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 206,800,000 | -13,600,000 | -0.07 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 254,300,000 | 15,000,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 202,000,000 | 300,000 | 0.00 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 222,900,000 | 8,300,000 | 0.03 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 223,100,000 | 2,900,000 | 0.01 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 277,400,000 | 17,300,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 257,600,000 | -3,400,000 | -0.01 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 266,800,000 | 7,700,000 | 0.03 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from MIR's latest 10-K: [/company/MIR/business/](/company/MIR/business/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1809987/000162828026050604/mir-20260630.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Published MD&A gate trimmed front/tail over-capture.
Confidence: high
Filing date: 2026-07-29
Report date: 2026-06-30

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

You should read the following discussion and analysis of Mirion’s financial condition and results of operations together with the unaudited Condensed Consolidated Financial Statements and related notes of Mirion Technologies, Inc. that are included elsewhere in this Quarterly Report on Form 10-Q as well as our audited consolidated financial statements and the notes related thereto for the year ended December 31, 2025 that are included in our Annual Report on Form 10-K. This discussion contains forward-looking statements based upon current expectations that involve risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth under the section entitled “Risk Factors” included in this Quarterly Report on Form 10-Q as well as our Annual Report on Form 10-K. Unless the context otherwise requires, references in this section to “we,” “us,” “our,” “Mirion” and “the Company” refer to the business and operations of Mirion Technologies, Inc. and its consolidated subsidiaries. Unless the context otherwise requires or unless otherwise specified, all dollar amounts in this section are in millions.

Overview

We are a global provider of products, services, and software that allow our customers to safely leverage the power of ionizing radiation for the greater good of humanity through critical applications in the medical, nuclear and defense markets, as well as laboratories, scientific research, analysis, and exploration.

We provide dosimetry solutions for monitoring the total amount of radiation medical staff members are exposed to over time, radiation therapy quality assurance solutions for calibrating and verifying imaging and treatment accuracy, and radionuclide therapy products for nuclear medicine applications such as shielding, product handling, and medical imaging furniture. We provide robust, field-ready personal radiation detection and identification equipment for defense applications and radiation detection and analysis tools for power plants, labs, and research applications. Nuclear power plant product offerings are used for the full nuclear power plant lifecycle including core detectors, essential measurement devices for new build, maintenance, decontamination and decommission, and equipment for monitoring and control during fuel dismantling and remote environmental monitoring.

We manage and report results of operations in two business segments: Nuclear & Safety and Medical.

•Our revenues were $266.8 million for the three months ended June 30, 2026 and $222.9 million for the three months ended June 30, 2025, of which 69.8% and 63.6% were generated in the Nuclear & Safety segment for the three months ended June 30, 2026 and 2025, respectively, and 30.2% and 36.4% were generated in the Medical segment for the three months ended June 30, 2026 and 2025, respectively.

•Our revenues were $524.4 million for the six months ended June 30, 2026 and $424.9 million for the six months ended June 30, 2025, of which 70.9% and 64.7% were generated in the Nuclear & Safety segment for the six months ended June 30, 2026 and 2025, respectively, and 29.1% and 35.3% were generated in the Medical segment for the six months ended June 30, 2026 and 2025, respectively.

•Backlog (representing committed but undelivered contracts and purchase orders) was $1,138.6 million and $1,104.3 million as of June 30, 2026, and December 31, 2025, respectively.

Our Business Segments

We manage and report our business in two business segments: Nuclear & Safety and Medical.

Nuclear & Safety includes products and services focused on addressing critical radiation safety, measurement and analysis applications across nuclear energy, laboratories and research and other industrial markets such as defense. For Nuclear Power Plants ("NPPs"), we sell products and services for use at any stage of their life (construction, operation, decommissioning and dismantling), with NPPs representing the majority of our sales into the nuclear end market.

Medical includes products and services for radiation therapy, nuclear medicine and personal dosimetry. This segment’s principal product offering is in Radiation Therapy Quality Assurance (RT QA), which includes solutions for calibrating and/or verifying imaging, treatment machine, patient treatment plan, and patient treatment accuracy. The advancing field of Nuclear Medicine is also served by this segment including products for radiation measurement, product handling, and medical imaging, inclusive of software across the radiopharmaceutical lifecycle. Dosimetry solutions monitor the total amount of radiation medical staff members are exposed to over time.

44

Table of Contents

Key Factors Affecting Our Performance

We believe that our business and results of operations and financial condition may be impacted in the future by various trends, conditions and risks. The Board has overall oversight responsibility for our risk management. During 2024, the Company initiated a formal Enterprise Risk Management program (“ERM”) where management and Internal Audit provide updates to the Board. These discussions include identification and scoring of key business risks and management's plans and progress to address identified focus areas.

The following key factors affecting our performance have included, and we anticipate they will continue to affect our future results:

•Nuclear end market trends—Growth and operating results in our Nuclear & Safety segment are impacted by:

•Our products are installed at the vast majority of addressable active nuclear power reactors globally, creating full lifecycle sales opportunities. This installed base drives recurring revenue through replacement and service cycles associated with our offerings and the typical 40 to 100 year operating life cycle of a nuclear power plant (“NPP”);

•The emerging megatrends surrounding the power demands of data centers, cloud computing, and artificial intelligence that can be served by Nuclear;

•Products supporting the development of new technologies within the Nuclear end market, including Small Modular Reactors (“SMRs”);

•Increased government and industry acceptance of Nuclear as (a) a clean energy source, and (b) a viable option for domestic energy production in efforts to rely less on international imports; and

•Decisions by governments to build new power plants or decommission existing plants can positively and negatively impact our customer base.

•Medical end market trends—Growth and operating results in our Medical segment are impacted by:

•Medical radiation therapy quality assurance (“RT QA”) growth driven by growing and aging population demographics, low penetration of RT QA technology in emerging markets, and increased adoption of advanced software and hardware solutions for improved outcomes and administrative and labor efficiencies;

•Changes to global regulatory standards, including new or expanded standards;

•Increased focus on healthcare safety;

•Medical/lab dosimetry growth supported by growing and aging demographics, increased number of healthcare professionals, and penetration of radiation therapy/diagnostics;

•Changes to healthcare reimbursement; and

•Potential budget constraints in hospitals and other healthcare providers.

•We believe the focus of government policy in China is on expanding access to healthcare. In addition, our investments to address clinical needs, localization, and its growing population should benefit our business in China in the long term. However, we continue to monitor developments in the China market, including increased competition from local companies and the prevalence of volume based procurement policies, both of which have and may continue to impact our orders and revenues.

•Nuclear new build projects—A portion of our remaining performance obligations is driven by contracts associated with the construction of new nuclear power plants. These contracts can be long-term in nature and provide us with a strong pipeline for the recognition of future revenues in our Nuclear & Safety segment. We perform our services and provide our products at a fixed price for certain contracts. Fixed-price contracts carry inherent risks, including risks of losses from underestimating costs, operational difficulties and other changes that may occur over the contract period. If our cost estimates for a contract are inaccurate or if we do not execute the contract within our cost estimates, we may incur losses or the contract may not be as profitable as we expected. In addition, even though some of our longer-term contracts contain price escalation provisions, such provisions may not fully provide for cost increases, whether from inflation, the cost of goods and services to be delivered under such contracts or otherwise.

•Geopolitical and Trade Conditions—Geopolitical and trade conditions, including related to matters affecting Russia, the relationship between the United States and China, and conflict in the Middle East (including the U.S.-Israel-Iran conflict), have impacted and may continue to impact us, through increased inflation, limited availability of certain commodities, supply chain disruption, disruptions to our global technology infrastructure, including cyberattacks, increased terrorist activities, volatility or disruption in the capital markets, and delays or cancellations of customer projects.

45

Table of Contents

•Inflation and Interest Rates—We continue to actively monitor, evaluate and respond to developments relating to operational challenges in the current inflationary environment. Global supply chain disruptions and the higher inflationary environment remain unpredictable and our past results may not be indicative of future performance. In addition, the increase in interest rates has in turn led to increases in the interest rates applicable to our indebtedness and increased our debt service costs.

•Sanctions—There are, at any given time, a multitude of ongoing or threatened armed conflicts around the world. As one example, sanctions by the United States, the European Union, and other countries against Russian entities or individuals related to the Russia-Ukraine conflict, along with any Russian retaliatory measures could increase our costs, adversely affect our operations, or impact our ability to meet existing contractual obligations.

•Strategic transactions—A large driver of our historical growth has been the acquisition and integration of related businesses. Our ability to integrate, restructure, and leverage synergies of these businesses will impact our operating results over time. From time to time we also divest businesses which could also impact our operating results.

•Environmental objectives of governments—Growth and operating results in our Nuclear & Safety segment are impacted by environmental policy decisions made by governments in the countries where we operate. Our nuclear power customers may benefit from decarbonization efforts given the relatively low carbon footprint of nuclear power to other existing energy sources.

•Government budgets—While we believe that we are poised for growth from governmental customers in both of our segments, our revenues and cash flows from government customers are influenced, particularly in the short-term, by budgetary cycles. This impact can be either positive or negative, primarily related to revenues in our Labs and Research and Defense end markets.

•Research and development—A portion of our operating expenses is associated with research and development activities associated with the design of new products. Given the specific design and application of these products, there is some risk that these costs will not result in successful products in the market. Further, the timing of these products can mo

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1809987/000162828026009869/mir-20251231.htm
Complete FY 2025 MD&A: /company/MIR/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-02-19
Report date: 2025-12-31

ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

You should read the following discussion and analysis of Mirion’s financial condition and results of operations together with the consolidated financial statements and related notes of Mirion Technologies, Inc. that are included elsewhere in this Annual Report on Form 10-K. This discussion contains forward-looking statements based upon current expectations that involve risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth under the section entitled “Part I, Item 1A. Risk Factors” or in other parts of this Annual Report on Form 10-K. Please also see the section entitled “Cautionary Note Regarding Forward-Looking Statements.” Unless the context otherwise requires, references in this section to “we,” “us,” “our,” “Mirion” and “the Company” refer to the business and operations of Mirion and its consolidated subsidiaries. Unless the context otherwise requires or unless otherwise specified, all dollar amounts in this section are in millions.

Overview

We are a global provider of products, services, and software that allow our customers to safely leverage the power of ionizing radiation for the greater good of humanity through critical applications in the nuclear, medical and defense markets, as well as laboratories, scientific research, analysis, and space exploration.

Nuclear power plant product offerings are used for the full nuclear power plant lifecycle including core detectors, essential measurement devices and security systems for new build, maintenance, decontamination and decommission, and equipment for monitoring and control during fuel dismantling and remote environmental monitoring. We provide dosimetry solutions for monitoring the total amount of radiation medical staff members are exposed to over time, radiation therapy quality assurance solutions for calibrating and verifying imaging and treatment accuracy, and radionuclide therapy products for nuclear medicine applications such as product handling, medical imaging furniture, and rehabilitation products. We provide robust, field-ready personal radiation detection and identification equipment for defense applications and radiation detection and analysis tools for power plants, labs, and research applications.

We manage and report results of operations in two business segments: Nuclear & Safety and Medical.

•Our revenues were $925.4 million for the year ended December 31, 2025, of which 66.4% and 33.6% were generated in the Nuclear & Safety segment and the Medical segment, respectively. Revenues were $860.8 million for the year ended December 31, 2024, of which 65.2% and 34.8% were generated in the Nuclear & Safety and the Medical segment, respectively. Revenues were $800.9 million for the year ended December 31, 2023, of which 64.5% and 35.5% were generated in the Nuclear & Safety segment and the Medical segment, respectively.

•Remaining performance obligations (representing committed but undelivered contracts and purchase orders) were $1,104.3 million and $811.9 million as of December 31, 2025, and December 31, 2024, respectively.

Key Factors Affecting Our Performance

We believe that our business and results of operations and financial condition may be impacted in the future by various trends, conditions and risks. The Board has overall oversight responsibility for our risk management. During 2024, the Company initiated a formal Enterprise Risk Management program ("ERM") where management and Internal Audit provide updates to the Board. These discussions include identification and scoring of key business risks and management’s plans and progress to address identified focus areas.

The following key factors affecting our performance have included, and we anticipate they will continue to affect our future results:

•Nuclear power end market trends—Growth and operating results in our Nuclear & Safety segment are impacted by:

•Our products are installed at the vast majority of addressable active nuclear power reactors globally, creating full lifecycle sales opportunities. This installed base drives recurring revenue through replacement and service cycles associated with our offerings and the typical 40 to 100 year operating life cycle of an NPP;

•The emerging megatrends surrounding the power demands of data centers, cloud computing, and artificial intelligence that can be served by Nuclear;

•Increased government and industry acceptance of Nuclear as a) a clean energy source, and b) a viable option for domestic energy production in efforts to rely less on international imports; and

34

Table of Contents

•Decisions by governments to build new power plants or decommission existing plants can positively and negatively impact our customer base.

•Medical end market trends—Growth and operating results in our Medical segment are impacted by:

•Medical radiation therapy quality assurance (“RT QA”) growth driven by growing and aging population demographics, low penetration of RT QA technology in emerging markets, and increased adoption of advanced software and hardware solutions for improved outcomes and administrative and labor efficiencies;

•Changes to global regulatory standards, including new or expanded standards;

•Increased focus on healthcare safety;

•Medical/lab dosimetry growth supported by growing and aging demographics, increased number of healthcare professionals, and penetration of radiation therapy/diagnostics;

•Changes to healthcare reimbursement; and

•Potential budget constraints in hospitals and other healthcare providers.

•Nuclear new build projects—A portion of our remaining performance obligations is driven by contracts associated with the construction of new nuclear power plants. These contracts can be long-term in nature and provide us with a strong pipeline for the recognition of future revenues in our Nuclear & Safety segment. We perform our services and provide our products at a fixed price for certain contracts. Fixed-price contracts carry inherent risks, including risks of losses from underestimating costs, operational difficulties and other changes that may occur over the contract period. If our cost estimates for a contract are inaccurate or if we do not execute the contract within our cost estimates, we may incur losses or the contract may not be as profitable as we expected. In addition, even though some of our longer-term contracts contain price escalation provisions, such provisions may not fully provide for cost increases, whether from inflation, the cost of goods and services to be delivered under such contracts or otherwise.

•Geopolitical and Trade Conditions—Geopolitical and trade conditions, including related to matters affecting Russia, the relationships between the United States and China, and conflict in the Middle East and risks related to tariffs and global trade relations, export controls and other trade barriers have impacted and may continue to impact us, through increased inflation, limited availability of certain commodities, supply chain disruption, disruptions to our global technology infrastructure. including cyberattacks, increased terrorist activities, volatility or disruption in the capital markets, and delays or cancellations of customer projects.

•Inflation and Interest Rates—We continue to actively monitor, evaluate and respond to developments relating to operational challenges in the current inflationary environment. Global supply chain disruptions and the higher inflationary environment remain unpredictable and our past results may not be indicative of future performance. In addition, the increase in interest rates has in turn led to increases in the interest rates applicable to our indebtedness and increased our debt service costs.

•Sanctions—There are, at any given time, a multitude of ongoing or threatened armed conflicts around the world. As one example, sanctions by the United States, the European Union, and other countries against Russian entities or individuals related to the Russia-Ukraine conflict, along with any Russian retaliatory measures could increase our costs, adversely affect out operations, or impact our ability to meet existing contractual obligations.

•Strategic transactions—A large driver of our historical growth has been the acquisition and integration of related businesses. Our ability to integrate, restructure, and leverage synergies of these businesses will impact our operating results over time. From time to time we also divest businesses which could also impact our operating results.

•Environmental objectives of governments—Growth and operating results in our Nuclear & Safety segment are impacted by environmental policy decisions made by governments in the countries where we operate. Our nuclear power customers may benefit from decarbonization efforts given the relatively low carbon footprint of nuclear power to other existing energy sources.

•Government budgets—While we believe that we are poised for growth from governmental customers in both of our segments, our revenues and cash flows from government customers are influenced, particularly in the short-term, by budgetary cycles. This impact can be either positive or negative.

•Research and development—A portion of our operating expenses is associated with research and development activities associated with the design of new products. Given the specific design and application of these products, there is some risk that these costs will not result in successful products in the market. Further, the timing of these products can move and be challenging to predict.

•Financial risks—Our business and financial statements can be adversely affected by foreign currency exchange rates, changes in interest rates, recognition of impairment charges for our goodwill or other intangible assets and fluctuations in the cost and availability of commodities.

35

Table of Contents

•Global risk, including tariffs—Our business depends in part on operations and sales outside the United States. Risks related to those international operations and sales include new foreign investment laws, new export/import regulations, global trade relations and additional trade restrictions (such as tariffs, sanctions, and embargoes). New laws that favor local competitors could prevent our ability to compete outside the United States. Additional potential issues are associated with the impact of these same risks on our suppliers and customers. If our customers or suppliers are impacted by these risk factors, we may see the reduction or cancellation of customer orders, or interruptions in raw materials and components.

•Tax risks—Our business and financial statements can be adversely affected by changes in tax rates or exposure to tax liabilities/assessments:

•Our effective tax rate could be impacted by changes in tax laws;

•Audits or assessments by tax authorities could result in additional tax payments for prior periods;

•Foreign remittance taxes have not been provided on undistributed earnings of certain of our non-US subsidiaries to the extent such earnings are considered to be indefinitely reinvested in operations. Changes in our intentions regarding reinvestment of such earnings could impact our income tax provision, cash taxes paid and effective tax rate; and

•The OECD (Organization for Economic Co-operation and Development) has proposed a global minimum tax of 15% of reported profits (Pillar Two) and many countries have incorporated Pillar Two model rule concepts into their domestic laws. Pillar Two legislation is effective for the Company for the year ended December 31, 2025. Although the model rules provide a framework for applying the minimum tax, countries may enact Pillar Two slightly differently than the model rules and on different timelines. While we expect the impac

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/MIR/mda/fy2025/
All MD&A years: /company/MIR/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/MIR/mda/fy2024/): filed 2025-02-26; accession 0001628280-25-008233 (https://www.sec.gov/Archives/edgar/data/1809987/000162828025008233/mir-20241231.htm)
- [FY 2023 MD&A](/company/MIR/mda/fy2023/): filed 2024-02-28; accession 0001628280-24-007670 (https://www.sec.gov/Archives/edgar/data/1809987/000162828024007670/mir-20231231.htm)
- [FY 2022 MD&A](/company/MIR/mda/fy2022/): filed 2023-02-28; accession 0001628280-23-005646 (https://www.sec.gov/Archives/edgar/data/1809987/000162828023005646/mir-20221231.htm)
- [FY 2021 MD&A](/company/MIR/mda/fy2021/): filed 2022-02-28; accession 0001628280-22-004286 (https://www.sec.gov/Archives/edgar/data/1809987/000162828022004286/mir-20211231.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 3829 Measuring & Controlling Devices, NEC) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index
- [TCU](/indicator/TCU/): Capacity Utilization: Total Index
- [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities
- [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private
- [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm

Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/), [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/), [Industrial orders & inventories](/thread/industrial-orders/), [Trade & external](/thread/trade-external/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/MIR.md · JSON record: /company/MIR.json · verified financials: /company/MIR/financials.json / /company/MIR/financials.csv · machine TOC for the whole site: /llms.txt