Energy Fuels Inc. (TSE:EFR)
XASE:EFR
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Positive Factors
White Mesa Mill strategic advantage
Owning and operating the sole conventional U.S. uranium mill is a durable competitive advantage: it provides scale processing capacity, optionality to toll-process third-party feedstocks (including monazite for rare earths), and vertical integration that supports long-term margin capture and market access.
Negative Factors
Persistent negative cash generation
Consistent and worsening negative operating and free cash flows indicate the business is burning cash while ramping projects. Even with recent financing, ongoing negative cash generation increases the risk of future dilution, constrains reinvestment flexibility, and makes the company dependent on capital markets until projects generate stable positive cash flows.
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Positive Factors
Negative Factors
White Mesa Mill strategic advantage
Owning and operating the sole conventional U.S. uranium mill is a durable competitive advantage: it provides scale processing capacity, optionality to toll-process third-party feedstocks (including monazite for rare earths), and vertical integration that supports long-term margin capture and market access.
Read all positive factors
Energy Fuels (EFR) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$6.12B
Dividend YieldN/A
Average Volume (3M)958.43K
Price to Earnings (P/E)―
Beta (1Y)2.76
Revenue GrowthN/A
EPS GrowthN/A
CountryCA
Employees1,260
SectorEnergy
Sector Strength52
IndustryUranium
Share Statistics
EPS (TTM)-0.11
Shares Outstanding241,606,000
10 Day Avg. Volume638,882
30 Day Avg. Volume958,431
Financial Highlights & Ratios
PEG Ratio-1.23
Price to Book (P/B)4.99
Price to Sales (P/S)51.33
P/FCF Ratio-31.12
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$33.18Price Target Upside31.00% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)-0.14
Revenue Forecast (FY)C$218.08M
Energy Fuels Business Overview & Revenue Model
Company Description
Energy Fuels Inc., together with its subsidiaries, engages in the extraction, recovery, exploration, and sale of conventional and in situ uranium recovery in the United States. The company owns and operates the Nichols Ranch project, the Jane Doug...
How the Company Makes Money
Energy Fuels generates revenue primarily through the sale of uranium and rare earth elements. The company employs a revenue model centered on the production and sale of uranium concentrate, which is sold to nuclear power utilities under long-term ...
Energy Fuels Earnings Call Summary
Earnings Call Date:Feb 26, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 07, 2026
Earnings Call Sentiment Positive
The call emphasizes a strong operational ramp in uranium production, significant rare-earth pilot successes, robust project economics (Phase 2 mill and Vara Mada), and a fortified balance sheet following a highly oversubscribed $700M convertible note. Management presented clear upside via 2026 production guidance, inventory optionality and vertical integration through the proposed ASM acquisition and Korean metals capacity. Key negatives include a widened net loss in 2025 driven by higher SG&A and development spending, near-term uranium price weakness (-13.8% YoY) that compressed margins to 31%, and execution/timing risks tied to permits, government engagement (e.g., Madagascar) and the ASM closing. Overall, the positive operational progress, strong liquidity and transformative project economics outweigh the near-term financial and execution headwinds.Positive Updates
Production Ramp and Outperformance vs Guidance
Exceeded 2025 guidance on mined, processed and sold uranium; newly mined ore >1.7 million lbs U3O8 and processed >1.0 million lbs finished U3O8. Company upgraded guidance during the year and beat it.
Negative Updates
Increased Net Loss
Net loss widened to $86 million ($0.38/share) in 2025 from $47 million ($0.28/share) in 2024 — an increase in the reported loss of ~83% in absolute dollar terms, driven by expansion-related costs and one-time items.
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Q4-2025 Updates
Positive
Negative
Production Ramp and Outperformance vs Guidance
Exceeded 2025 guidance on mined, processed and sold uranium; newly mined ore >1.7 million lbs U3O8 and processed >1.0 million lbs finished U3O8. Company upgraded guidance during the year and beat it.
Read all positive updates
Company Guidance
The company guided to materially higher 2026 uranium volumes—mined 2.0–2.5 million pounds and processed 1.5–2.5 million pounds (White Mesa can average ~250,000 lb/month and produced 350,000 lb in Dec‑2025; licensed capacity 8 million lb)—with sales flexibility to cover ~6 long‑term contracts that represent ~50% of capacity (contracted sales this year ~650k–880k lb); FY2025 baselines were 1.7M lb newly mined, ~1.0M lb finished, 650k lb sold at a $74.20/ lb average, ending inventory >2.0M lb (≈800k lb finished, >100k lb WIP). Costs are expected to fall: COGS declined from $53 to $43/ lb in 2025 and the finished‑inventory weighted average cost is forecast to drop to the low‑$30s/ lb (Pinyon cash costs $23–$30/ lb), lifting gross margin from 31% in 2025 to >50%+ in 2026. On rare earths, Phase 2 would process +50,000 tpa monazite to ~5,500 tpa NdPr, ~165 tpa Dy and ~50 tpa Tb (FS: $1.9B NPV, 33% IRR, >$300M EBITDA/year, $410M CapEx; NdPr cost < $30/kg; ~$1.2B/year revenue at plan), Donald JV requires ~US$340M (feed by late‑2027), and Vara Mada FS shows ~$1.8B NPV, 25% IRR, ~$500M EBITDA/year, ≈$800M CapEx and a 38‑year mine life. Financially the company finished FY2025 with $927M working capital ($862M cash/marketables), $1.4B total assets, and an upsized $700M convertible note (0.75% coupon, ~$621M net proceeds).Energy Fuels Financial Statement Overview
Summary
Income Statement
Balance Sheet
Cash Flow
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 65.92M | 78.11M | 37.93M | 12.52M | 3.18M |
| Gross Profit | 13.75M | 17.00M | 15.80M | -154.00K | -3.10M |
| EBITDA | -81.66M | -43.02M | 103.97M | -55.12M | 5.97M |
| Net Income | -85.63M | -47.77M | 99.86M | -59.85M | 1.54M |
Balance Sheet | |||||
| Total Assets | 1.41B | 611.97M | 401.94M | 273.95M | 315.45M |
| Cash, Cash Equivalents and Short-Term Investments | 861.84M | 119.46M | 190.49M | 75.01M | 113.01M |
| Total Debt | 675.69M | 2.18M | 1.32M | 1.38M | 469.00K |
| Total Liabilities | 729.28M | 80.29M | 22.73M | 29.54M | 19.92M |
| Stockholders Equity | 678.40M | 527.79M | 375.25M | 240.43M | 291.57M |
Cash Flow | |||||
| Free Cash Flow | -108.74M | -82.34M | -60.65M | -51.70M | -30.66M |
| Operating Cash Flow | -89.48M | -52.96M | -15.94M | -49.70M | -29.29M |
| Investing Cash Flow | -778.05M | -13.30M | -23.77M | -6.94M | 3.50M |
| Financing Cash Flow | 894.96M | 15.59M | 30.33M | 7.74M | 117.63M |
Energy Fuels 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% | |
| ― | C$6.12B | ― | -13.16% | ― | ― | ― | |
69 Neutral | $3.37B | -68.38 | -1.47% | 0.96% | -7.21% | -106.39% | |
55 Neutral | $502.50M | -2.09 | -38.08% | ― | 2.59% | -192.73% | |
55 Neutral | $6.72B | -149.77 | -7.09% | ― | 189.19% | -38.15% | |
54 Neutral | $3.54B | 56.06 | 18.29% | ― | 15.25% | 37.48% | |
49 Neutral | $619.83M | -6.84 | -76.17% | ― | 138.94% | -62.94% |
* Energy Sector Average
TSE:EFR
Energy Fuels
25.33
20.05
379.73%
CLNE
Clean Energy Fuels
2.29
0.82
55.78%
URG
UR-Energy
1.56
0.94
152.43%
UEC
Uranium Energy
13.71
9.33
213.01%
LEU
Centrus Energy
180.17
119.79
198.39%
BTU
Peabody Energy Comm
27.71
16.64
150.23%
Energy Fuels Corporate Events
Business Operations and StrategyFinancial Disclosures
Energy Fuels Beats 2025 Uranium Targets, Expands Long-Term Contracts and Rare Earth Ambitions
Positive
Dec 29, 2025
Energy Fuels reported that its U.S. uranium operations outperformed expectations in 2025, with both mined uranium ore and finished U3O8 production exceeding prior guidance and confirming its status as the country’s largest and one of the low...
Business Operations and Strategy
Energy Fuels Qualifies U.S.-Produced Heavy Rare Earth Oxide for Magnet Use, Plans Commercial Expansion
Positive
Dec 19, 2025
Energy Fuels has successfully produced high-purity dysprosium oxide at its White Mesa Mill in Utah that meets stringent purity and QA/QC standards of a major South Korean automotive manufacturer for use in neodymium-iron-boron permanent magnets. T...
Business Operations and StrategyFinancial DisclosuresPrivate Placements and Financing
Energy Fuels Boosts Capital and Production in Q3-2025
Positive
Nov 4, 2025
Energy Fuels reported increased uranium sales and successful rare earth pilot production in Q3-2025, positioning itself for future growth. The company also completed a $700 million convertible senior notes offering, boosting its working capital to...
Financial Disclosures
Energy Fuels Schedules Q3-2025 Earnings Call
Neutral
Oct 22, 2025
Energy Fuels Inc. announced it will hold a conference call on November 4, 2025, to discuss its Q3-2025 financial results. This announcement highlights the company’s ongoing commitment to transparency and stakeholder engagement, providing ins...
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.Date of analysis: ―