F

Mirion Technologies, Inc. — Earnings Quality Grade F

MIR · Industrials

Major red flags

Revenue
$925M
2025
Net Income
$29M
2025
Gross Margin
47.4%
Free Cash Flow
$107M
01

Screening Summary

12
Passed
2
Watch
3
Failed
-2.66
M-Score

Management Signals

No recent CEO, CFO, board, or accounting leadership signals found in SEC 8-K filings.
02

Financial Trends

Revenue & Net Income ($B)

Margins (%)

03

18-Point Screening

01

Revenue Quality

A1DSO Change

DSO 72 days, change -4 days YoY

A2AR vs Revenue Growth

AR growth 2.2% vs revenue growth 7.5%

A3Revenue vs CFFO

Revenue 7.5%, CFFO 44.6%. Cash follows revenue

02

Expense Quality

B1Inventory vs COGS

Inventory 14.6% vs COGS 5.6%. Normal

B2CapEx vs Revenue

CapEx growth -25.4% vs revenue 7.5%. Normal

!
B3SG&A Ratio

SG&A/Gross Profit = 79.4%, exceeds 70%

B4Gross Margin

Gross margin 47.4%, change +1.0pp. Stable

03

Cash Flow Quality

C1CFFO vs Net Income

CFFO/NI = 4.98. Profits backed by cash

C2Free Cash Flow

FCF $0.1B, FCF/NI = 3.71

C3Accruals Ratio

Accruals ratio = -3.2%. Low accruals

C4Cash vs Debt

Cash $0.4B covers only 34% of debt $1.2B

04

Balance Sheet Health

D1Goodwill + Intangibles

Goodwill+Intangibles $2.5B = 133% of equity. Over 50%

D2Leverage

Debt/EBITDA = 5.8x (>4x). Interest coverage = 1.2x (<2x). Financial stress

D3Soft Asset Growth

Other assets 6.7% vs revenue 7.5%. Normal

D4Asset Impairment

No write-off data

05

Acquisition Risk

E1Serial Acquirer FCF

FCF after acquisitions positive

!
E2Goodwill Surge

Goodwill+Intangibles surged 35% YoY

06

Manipulation Score

F1Beneish M-Score

M-Score = -2.66 (< -2.22). Unlikely manipulator

Portfolio monitoring

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04

Beneish M-Score

Manipulation Probability-2.66
-4.0 Clean-2.22 Grey-1.78 Danger0
0.951
DSRI
AR growing faster than revenue?
0.98
GMI
Gross margin declining?
0.988
AQI
Asset quality deteriorating?
1.075
SGI
Revenue growth rate
1.083
DEPI
Depreciation slowing?
0.95
SGAI
SG&A ratio changing?
-0.0319
TATA
Accruals level
1.172
LVGI
Leverage increasing?
05

Altman Z-Score

1.9
Grey Zone
0 Distress1.102.605.0+ Safe
0.161
Liquidity
-0.1429
Cumulative profit
0.0209
Operating efficiency
1.1168
Leverage

Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25