Boss Energy Limited (AU:BOE)
ASX:BOE
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Boss Energy
(Sydney:BOE)
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Rating:63Neutral
Price Target:
AU$1.50
▼(-12.28% Downside)
Action:Reiterated
Date:04/16/26
The score is primarily supported by a strong balance sheet and improving cash generation, plus a generally positive earnings call with reconfirmed production guidance and lower cost outlook. These positives are tempered by ongoing net losses, weak/neutral technical setup with the stock below key moving averages, and limited valuation support due to negative earnings.
Positive Factors
Strong balance sheet (very low leverage)
Very low debt and a sizable equity base provide durable financial flexibility: supports funding of feasibility work, selective capex and working capital through cycles, cushions commodity-driven revenue swings, and reduces refinancing risk, enabling management to pursue long‑term optimisation without urgent external financing.
Negative Factors
Persistent net losses and negative returns
Despite revenue scale-up, sustained net losses and negative ROE reduce retained earnings and constrain the firm's ability to self-fund longer-term growth. Continued losses can limit reinvestment, weaken returns for equity holders, and leave the company sensitive to commodity cycles and capital allocation scrutiny.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong balance sheet (very low leverage)
Very low debt and a sizable equity base provide durable financial flexibility: supports funding of feasibility work, selective capex and working capital through cycles, cushions commodity-driven revenue swings, and reduces refinancing risk, enabling management to pursue long‑term optimisation without urgent external financing.
Read all positive factors
Boss Energy (BOE) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$539.73M
Dividend YieldN/A
Average Volume (3M)9.37M
Price to Earnings (P/E)―
Beta (1Y)2.30
Revenue Growth129.36%
EPS Growth-43.38%
CountryAU
Employees139
SectorEnergy
Sector Strength52
IndustryIndustrial Materials
Share Statistics
EPS (TTM)-0.08
Shares Outstanding415,175,320
10 Day Avg. Volume15,044,177
30 Day Avg. Volume9,371,167
Financial Highlights & Ratios
PEG Ratio0.33
Price to Book (P/B)3.97
Price to Sales (P/S)25.40
P/FCF Ratio176.22
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$1.73Price Target Upside1.06% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering11
EPS Forecast (FY)0.05
Revenue Forecast (FY)AU$172.75M
Boss Energy Business Overview & Revenue Model
Company Description
Boss Energy Limited explores for, develops, and produces uranium deposits in Australia. It holds a 100% interest in the Honeymoon uranium project covering an area of approximately 2,595 square kilometers located in South Australia. The company was...
How the Company Makes Money
Boss Energy primarily makes money by producing and selling uranium concentrate (U3O8) to utilities and other nuclear-fuel market participants under uranium sales contracts. Revenue is generated when contracted or spot-market deliveries of U3O8 are...
Boss Energy Earnings Call Summary
Earnings Call Date:Feb 25, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Sep 30, 2026
Earnings Call Sentiment Positive
The call highlights strong operational performance (record quarterly production, meaningful QoQ cost reductions, solid balance sheet and inventory build) and clear strategic action via the Honeymoon Review and a new feasibility study. Near-term execution risks and commercial constraints include a softer Q3 production profile, a legacy contract that reduces realized price for part of FY'26 (c.15% of production), delays in some commissioning activities, commencement of royalty payments, and the need to validate the new wide-spacing wellfield design. On balance the positive operational, cost and financial metrics and the deliberate capital discipline around the feasibility study outweigh the short-term challenges and uncertainties.Positive Updates
Record Quarterly Production
Delivered record drummed production of 456,000 pounds of uranium (up 18% quarter-on-quarter). IX production was 406,000 pounds (up 8% QoQ). Company reconfirmed FY'26 production guidance of 1.6 million pounds.
Negative Updates
Near-Term Production Softness and Sequencing Risk
Management expects a softer production quarter (Q3) due to phasing of wellfields and expected decline in average tenor, with a planned major shutdown for tie-ins and power upgrades impacting near-term output. Production increases are expected in Q4 as B5 and B6 come online.
Read all updates
Q2-2026 Updates
Positive
Negative
Record Quarterly Production
Delivered record drummed production of 456,000 pounds of uranium (up 18% quarter-on-quarter). IX production was 406,000 pounds (up 8% QoQ). Company reconfirmed FY'26 production guidance of 1.6 million pounds.
Read all positive updates
Company Guidance
Management reconfirmed FY'26 production guidance of 1.6 million pounds of drummed uranium while lowering cost guidance to a C1 cash cost of $36–40/lb (previously $41–45) and an all‑in sustaining cost of $60–64/lb (previously $64–70); project & supporting infrastructure capital guidance was increased to $30–33 million (up $3m) after $11m was spent this quarter (including $4.5m on NIMCIX columns and $6.5m on East Kalkaroo infrastructure — ~$4m trunkline/monitoring/power, $2m delineation drilling). Management expects a softer Q3 before a Q4 lift, will deliver a revised feasibility study in Q3, and will begin legacy contract deliveries in Q3/Q4 (125k lb deliveries each quarter, up to 250k lb/year, ~15% of FY'26, priced ~65–70% of spot). The company finished the quarter with $53m cash, $208m cash & liquid assets, drummed inventory of 1.62 million pounds, and sales this quarter of 350k lb at ~USD 74 (AUD 112)/lb.Boss Energy Financial Statement Overview
Summary
Income Statement
43
Neutral
Balance Sheet
86
Very Positive
Cash Flow
58
Neutral
| Breakdown | TTM | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 109.62M | 75.60M | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | -14.91M | 38.69M | -386.00K | -78.00K | -40.87K | -68.08K |
| EBITDA | 19.39M | -11.03M | -14.20M | 12.55M | 31.14M | -3.76M |
| Net Income | -32.59M | -34.17M | 44.59M | 12.55M | 31.19M | 864.75K |
Balance Sheet | ||||||
| Total Assets | 527.41M | 528.22M | 571.91M | 267.74M | 248.18M | 94.93M |
| Cash, Cash Equivalents and Short-Term Investments | 52.86M | 47.75M | 67.28M | 89.05M | 132.74M | 20.89M |
| Total Debt | 410.00K | 490.00K | 648.00K | 95.00K | 141.38K | 0.00 |
| Total Liabilities | 54.15M | 44.54M | 61.61M | 16.98M | 11.61M | 9.47M |
| Stockholders Equity | 473.26M | 483.68M | 510.30M | 250.76M | 236.57M | 85.46M |
Cash Flow | ||||||
| Free Cash Flow | 23.54M | 10.90M | -102.08M | -43.49M | -7.37M | -4.82M |
| Operating Cash Flow | 36.09M | 17.38M | -11.67M | -3.54M | -4.35M | -3.24M |
| Investing Cash Flow | -42.98M | -48.29M | -223.44M | -40.64M | -2.75M | -51.33M |
| Financing Cash Flow | -153.00K | -158.00K | 211.64M | -42.00K | 118.86M | 71.61M |
Boss Energy Technical Analysis
Negative
1.71
Price Trends
1.46
Negative
1.57
Negative
1.67
Negative
Market Momentum
-0.05
Negative
43.62
Neutral
45.09
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:BOE, the sentiment is Negative. The current price of 1.71 is above the 20-day moving average (MA) of 1.31, above the 50-day MA of 1.46, and above the 200-day MA of 1.67, indicating a bearish trend. The MACD of -0.05 indicates Negative momentum. The RSI at 43.62 is Neutral, neither overbought nor oversold. The STOCH value of 45.09 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU:BOE.
Boss Energy Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
63 Neutral | AU$539.73M | -16.24 | -6.81% | ― | 129.36% | -43.38% | |
49 Neutral | AU$73.37M | -7.19 | -49.13% | ― | ― | -25.52% | |
48 Neutral | AU$164.17M | -16.97 | -12.55% | ― | ― | -133.33% | |
47 Neutral | AU$162.56M | -4.10 | -12.76% | ― | ― | 17.61% |
* Energy Sector Average
AU:BOE
Boss Energy
1.28
-2.57
-66.80%
AU:TOE
Toro Energy
0.57
0.40
235.29%
AU:AGE
Alligator Energy Ltd
0.04
<0.01
20.00%
AU:LOT
Lotus Resources Limited
0.59
-1.37
-69.82%
Boss Energy Corporate Events
Boss Energy Flags Extended Uranium Zone at Alta Mesa JV
Jun 2, 2026
Boss Energy has highlighted new exploration results from its Alta Mesa Uranium Project joint venture in the U.S., operated by majority partner enCore Energy. The update confirms that uranium mineralisation at Alta Mesa East extends more than 3,700...
Boss Energy Performance Rights Lapse After Conditions Not Met
May 29, 2026
Boss Energy Ltd has notified the market that 15,587 performance rights, trading under ASX code BOEAQ, have lapsed after failing to meet the required conditions. The cessation of these securities slightly reduces the company’s pool of potenti...
Boss Energy Grants Additional Performance Rights to Director Matthew Dusci
May 29, 2026
Boss Energy Limited has updated the market on a change in director Matthew Dusci’s interests, disclosing a significant grant of performance rights under the company’s equity incentive arrangements. The disclosure forms part of the comp...
Boss Energy Issues 1.6 Million Unquoted Performance Rights Under Incentive Scheme
May 29, 2026
Boss Energy Ltd, an Australian uranium-focused energy company listed on the ASX, maintains a strategy of incentivising staff through unquoted performance-based equity. This approach aims to support long-term value creation in the nuclear fuel mark...
Boss Energy Targets Investors With Macquarie Conference Presentation
May 5, 2026
Boss Energy announced that Managing Director and CEO Matthew Dusci will present the company’s latest corporate update at the 2026 Macquarie Australia Conference in Sydney. The company will also hold meetings with institutional investors at t...
Boss Energy Output Hit by Weather as Uranium Growth Pipeline Accelerates
Apr 29, 2026
Boss Energy reported a sharp fall in quarterly uranium output at its Honeymoon and Alta Mesa operations due to rain-related disruptions, with Honeymoon drummed production down 56% and Alta Mesa down 32%. The lower volumes pushed C1 cash costs and ...
Boss Energy Cuts FY26 Uranium Guidance but Pushes Ahead With Honeymoon Expansion
Apr 29, 2026
Boss Energy reported a challenging March quarter at its Honeymoon uranium operation, with production falling to 203,000 pounds of U3O8 and unit costs rising due to heavy rainfall, restricted site access and delays in commissioning key infrastructu...
UBS Group Ceases to Be Substantial Shareholder in Boss Energy
Apr 23, 2026
UBS Group AG and its related entities have notified Boss Energy that they have ceased to be a substantial shareholder in the company as of 21 April 2026. The change reflects a reduction in UBS’s voting power below the substantial holding thr...
Boss Energy Cuts Honeymoon FY26 Uranium Output Guidance After Weather Disruptions
Apr 14, 2026
Boss Energy has cut its FY26 production guidance for the Honeymoon uranium operation to 1.40–1.45 million pounds of U3O8 drummed, down from 1.6 million pounds, after heavy and unexpected rainfall further damaged already degraded access roads...
Boss Energy Showcases New Feasibility Study Progress at Investor Conferences
Mar 22, 2026
Boss Energy has released an investor presentation to be delivered by Managing Director and CEO Matthew Dusci at two key industry events in Sydney, the UBS Mid Emerging Resources Day and the Shaw Partners Uranium Conference. The presentation prov...
Boss Energy boosts uranium resources at Gould’s Dam and Jason’s Deposit
Mar 18, 2026
Boss Energy has reported updated mineral resource estimates for its Gould’s Dam and Jason’s Deposit satellite uranium deposits near the producing Honeymoon Operation in South Australia, confirming a combined 45.1Mlbs of contained U3O8....
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.