Mirion Technologies: Unlocking EPS Growth Through Strategic Acquisitions and Synergies

Mirion Technologies (MIR) has emerged as a compelling case study in strategic value creation, leveraging acquisitions and operational synergies to drive earnings-per-share (EPS) growth. In 2025, the company's aggressive M&A strategy—culminating in the $585 million acquisition of Paragon Energy Solutions—has positioned it to capitalize on the expanding nuclear power and medical imaging markets. This analysis explores how Mirion's recent deals, coupled with cost and revenue synergies, are poised to accelerate EPS growth in the near term.

Strategic Acquisitions: Fueling Revenue and Margin Expansion

Mirion's acquisition of Paragon Energy Solutions, a leader in nuclear reactor solutions, is a cornerstone of its growth strategy. The deal, expected to close by year-end 2025, is projected to generate $150 million in revenue for Mirion in 2026, with adjusted EBITDA margins of 20%–22% Paragon Energy Solutions Financial Projections^[4]. This translates to approximately $30 million in annual EBITDA, a significant contributor to EPS accretion. Additionally, the acquisition is anticipated to unlock $10 million in annualized cost and commercial synergies by year five, further bolstering profitability Mirion’s Synergy Projections^[5].

The Certrec acquisition, completed earlier in 2025, has already contributed to Mirion's revised 2025 adjusted EPS guidance of $0.48–$0.52 per share, up from $0.45–$0.50 Mirion To Acquire Paragon Energy Solutions^[3]. Certrec's regulatory compliance expertise complements Mirion's nuclear offerings, enhancing cross-selling opportunities and reducing operational costs. Meanwhile, the Oncospace acquisition in the medical sector diversifies revenue streams, mitigating risks from sector-specific volatility.

Quantifying EPS Accretion: A Near-Term Catalyst

While Mirion has not disclosed the exact EPS accretion from the Paragon deal, back-of-the-envelope calculations suggest meaningful upside. Assuming Paragon's 2026 EBITDA of $30 million and a 25% effective tax rate, net income would approximate $22.5 million. With Mirion's current share count of ~100 million shares (based on 2025 guidance), this implies ~$0.22 of EPS accretion in 2026. When combined with $10 million in synergies by year five, the cumulative impact could add $0.10–$0.15 to EPS by 2028, assuming stable share counts.

Importantly, the Paragon acquisition is expected to be accretive within the first full year post-close, meaning investors may see incremental benefits as early as 2026. This aligns with Mirion's broader strategy of integrating high-margin assets to drive margin expansion. For context, Mirion's historical EPS volatility—from a low of -$3.02 in Q3 2021 to $0.17 in Q4 2024 Mirion Historical Earnings^[1]—underscores the transformative potential of these strategic moves.

Strategic Partnerships and Market Expansion

Beyond acquisitions, Mirion's partnerships amplify its growth trajectory. The company's collaboration with Westinghouse on digital nuclear instrumentation systems and its role in the Sizewell C project in the UK highlight its ability to secure high-margin contracts. These initiatives, paired with the Vital digital ecosystem launched in 2025, position Mirion to capture incremental revenue from integrated operations in nuclear energy and healthcare Mirion’s Strategic Partnerships^[6].

Risks and Considerations

Despite the optimism, risks persist. Regulatory hurdles in closing the Paragon deal could delay synergies, and integration challenges may pressure short-term margins. Additionally, Mirion's exposure to the nuclear sector—a capital-intensive industry with long project cycles—introduces macroeconomic risks, such as inflation or policy shifts. However, the company's diversified portfolio, including medical imaging and defense dosimetry, provides a buffer against sector-specific downturns.

Conclusion: A Compelling Case for EPS Growth

Mirion Technologies' strategic acquisitions, operational synergies, and market expansion efforts create a robust foundation for near-term EPS growth. With the Paragon deal set to close by year-end 2025 and Certrec already contributing to revised guidance, investors can anticipate a material EPS uplift in 2026. The company's ability to leverage high-margin nuclear solutions and digital innovation further strengthens its value proposition. For investors seeking exposure to a company with clear, quantifiable growth drivers, Mirion represents an attractive opportunity.