Yellow Cake plc (YCA) AI Stock Analysis

• Market Cap: £1.57B
• Dividend Yield: N/A
• Average Volume (3M): 1.87M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.36
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: UK
• Employees: 2
• Sector: Energy
• Sector Strength: 52
• Industry: Uranium
• EPS (TTM): 1.29
• Shares Outstanding: 239,840,420
• 10 Day Avg. Volume: 1,683,866
• 30 Day Avg. Volume: 1,874,876
• PEG Ratio: 0.02
• Price to Book (P/B): 0.83
• Price to Sales (P/S): -2.57
• P/FCF Ratio: -89.05
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: £676.00
• Price Target Upside: 22.46% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 4
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 55 Neutral
• Price Target: 671.00p ▲(21.56% Upside)

The score is held back primarily by weak and inconsistent financial performance, especially persistently negative cash flow and volatile earnings, despite a low-risk (zero-debt) balance sheet. Technicals are supportive with a strong uptrend, but near-overbought momentum and a negative P/E limit the overall score.

Positive Factors

Pure-play uranium exposure

Yellow Cake's business model is a straightforward, durable exposure to physical uranium prices via holding U3O8. That asset-only model avoids mining operational risk, is scalable through inventory purchases, and appeals to investors seeking long-term commodity exposure.

Strategic supplier access

An established relationship with Kazatomprom provides structural access to upstream supply and potential priority purchase arrangements. This improves the company's ability to accumulate inventory strategically and to source material on more predictable terms over multi-month horizons.

Zero-debt balance sheet

A zero-debt balance sheet materially reduces financial risk and interest burden, giving management flexibility to hold assets through commodity cycles. It enhances resilience to downturns and preserves optionality to buy uranium without immediate funding pressure.

Negative Factors

Persistent negative cash flow

Consistently negative operating and free cash flow undermines liquidity and forces reliance on financing or asset sales to meet obligations. Over time this weakens the company's ability to accumulate inventory organically and raises questions about the sustainability of reported gains.

Earnings and revenue volatility

Sharp swings in revenue and net income indicate earnings are driven by market revaluations rather than stable operating performance. This reduces predictability for capital planning and investor returns, increasing the risk that future results will be highly cyclical.

Declining equity and negative ROE

A meaningful drop in shareholder equity and negative ROE show that asset valuation movements can erode capital even with no leverage. Persistent capital declines constrain the firm's ability to grow holdings and may pressure governance and future capital-raising options.

Yellow Cake plc Business Overview & Revenue Model

Company Description

Yellow Cake plc, a specialist company, operates in the uranium sector. It is involved in the purchase and holding of uranium oxide concentrates; and exploitation of other uranium-related opportunities. The company was incorporated in 2018 and is headquartered in Saint Helier, Jersey.

How the Company Makes Money

Yellow Cake plc Financial Statement Overview

Summary

Strength comes from a conservatively positioned balance sheet with zero debt (Balance Sheet Score: 78), reducing financial risk. However, income results are highly volatile with sharp revenue and earnings swings (Income Statement Score: 43), and cash generation is persistently negative with weak cash conversion versus reported profits (Cash Flow Score: 29), which materially lowers confidence in earnings quality.

Income Statement

Results are extremely volatile year-to-year, with revenue swinging from strong positive (2024) to deeply negative (2025), and net income flipping from a large profit in 2024 to a large loss in 2025. While reported margins appear very high in some years, the sign changes and sharp revenue contraction suggest earnings quality and predictability are weak, increasing reliance on favorable valuation/price moves rather than stable operating performance.

Balance Sheet

The balance sheet is conservatively positioned with zero debt across all reported periods, which materially reduces financial risk. However, equity declined meaningfully from 2024 to 2025 alongside a negative return on equity in 2025, indicating that shareholder value can move sharply with performance and asset revaluations despite low leverage.

Cash Flow

Cash generation is consistently negative: operating cash flow and free cash flow are below zero in every year except 2021, and 2025 weakened further versus 2024. Cash flow also does not track reported profitability (e.g., 2024 shows strong net income but negative operating cash flow), which raises concerns around cash conversion and the sustainability of accounting gains.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	-375.10M	-456.11M	735.02M	-96.90M	-5.96M	1.32M
Gross Profit	-375.10M	-456.11M	735.02M	-97.13M	-7.84M	1.04M
EBITDA	374.22M	-471.30M	722.72M	-1.77M	417.18M	-1.96M
Net Income	-7.39M	-469.23M	727.01M	-102.94M	417.27M	29.91M
Balance Sheet
Total Assets	1.96B	1.42B	1.89B	1.04B	1.07B	428.38M
Cash, Cash Equivalents and Short-Term Investments	184.18M	20.01M	133.19M	84.43M	153.14M	126.16M
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00
Total Liabilities	5.26M	3.40M	3.54M	1.93M	970.00K	6.98M
Stockholders Equity	1.96B	1.41B	1.88B	1.04B	1.07B	421.39M
Cash Flow
Free Cash Flow	-11.45M	-13.17M	-6.48M	-5.17M	-9.23M	509.00K
Operating Cash Flow	-11.45M	-13.17M	-6.48M	-5.17M	-9.23M	509.00K
Investing Cash Flow	0.00	-100.00M	-66.02M	-132.69M	-193.96M	-5.07M
Financing Cash Flow	169.80M	0.00	121.26M	69.20M	230.13M	124.26M

Yellow Cake plc Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ENOG	73 Outperform	£1.58B	9.70	17.24%	10.99%	-2.66%	0.11%
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
HBR	63 Neutral	£3.71B	-9.83	-11.32%	8.77%	123.03%	-330.89%
YCA	55 Neutral	£1.57B	-60.38	-28.51%	―	―	―
ITH	54 Neutral	£2.99B	-34.12	-4.67%	14.05%	63.10%	-161.03%
THAL	46 Neutral	£3.66M	-1.40	-12.73%	―	―	―

Yellow Cake plc Corporate Events

Yellow Cake Expands Uranium Holdings as Nuclear Power Demand Accelerates

Yellow Cake reported a modest 0.5% decline in the value of its uranium holdings to US$1.77bn and a similar decrease in net asset value per share to £6.03 in the quarter to 31 December 2025, reflecting a slight softening in the spot uranium price despite supportive market fundamentals. The company strengthened its capital position with an oversubscribed £129.6m share placing and moved to exercise its 2025 purchase option with Kazatomprom for 1.33 million pounds of U3O8 at US$75.08 per pound, which is expected to lift its total inventory to about 23 million pounds and support further opportunistic acquisitions. Management highlighted that Yellow Cake’s shares have recently traded at a premium to NAV, underscoring investor appetite for exposure to uranium as global nuclear expansion gathers pace, driven by data centre and AI-related power demand and new long-term nuclear investment programmes in key markets such as the US and South Africa.

The most recent analyst rating on (GB:YCA) stock is a Hold with a £704.00 price target. To see the full list of analyst forecasts on Yellow Cake plc stock, see the GB:YCA Stock Forecast page.

Yellow Cake plc Reports Strong Financial Growth Amid Rising Uranium Prices

Yellow Cake plc reported a significant increase in the value of its uranium holdings, driven by a rise in uranium spot prices. The company’s net asset value also saw substantial growth, and it achieved a profit after tax of USD373.3 million for the half-year. Yellow Cake completed an oversubscribed share placing, raising approximately GBP130 million, and plans to use these funds for further uranium purchases. The company is well-positioned to capitalize on the growing momentum behind nuclear energy, with a strategic focus on securing direct exposure to uranium as the market enters a phase of sustained growth.

The most recent analyst rating on (GB:YCA) stock is a Buy with a £6.70 price target. To see the full list of analyst forecasts on Yellow Cake plc stock, see the GB:YCA Stock Forecast page.