enCore Energy (EU) AI Stock Analysis

• Market Cap: C$810.79M
• Dividend Yield: N/A
• Average Volume (3M): 471.54K
• Price to Earnings (P/E): ―
• Beta (1Y): 2.95
• Revenue Growth: 2.06%
• EPS Growth: 13.58%
• Country: CA
• Employees: 21,000
• Sector: Energy
• Sector Strength: 52
• Industry: Uranium
• EPS (TTM): -0.04
• Shares Outstanding: 187,249,530
• 10 Day Avg. Volume: 517,846
• 30 Day Avg. Volume: 471,535
• PEG Ratio: -0.23
• Price to Book (P/B): 3.09
• Price to Sales (P/S): 15.13
• P/FCF Ratio: -15.61
• 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: C$5.11
• Price Target Upside: 18.01% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 4
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 53 Neutral
• Price Target: C$5.00 ▲(15.47% Upside)

The score is held back primarily by weak financial performance (sharp revenue decline, deep losses, and ongoing cash burn, despite a supportive equity base). Technicals are a clear positive with strong trend and momentum, while valuation remains constrained by negative earnings and no dividend support.

Positive Factors

Balance-sheet equity cushion

A meaningful equity base provides a structural buffer against cyclical uranium price swings and operational delays, lowering short-term solvency risk. This cushion helps absorb losses while management advances ISR projects, preserving optionality and reducing immediate financing pressure.

US-focused ISR project footprint

Concentration on US ISR projects aligns with structural policy and utility preferences for domestic nuclear fuel supply. ISR typically has lower capital intensity and faster restart potential versus conventional mining, supporting long-term competitive positioning and lower per-unit production costs when operations scale.

Past periods of stronger cash flow and improving FCF

Historical episodes of stronger cash generation and a less-negative free cash flow trend demonstrate the business can move toward self-funding when production and sales align. This suggests a viable path to sustainable cash generation if operational execution and sales recover.

Negative Factors

Severe TTM revenue decline

An ~86% TTM revenue drop materially weakens operating leverage and the economics of production, making fixed-cost coverage difficult. Prolonged revenue weakness impedes reinvestment in projects, delays breakeven, and increases reliance on external capital to sustain operations over multiple quarters.

Material cash burn and negative operating cash flow

Persistently negative operating and free cash flows create structural funding needs, forcing repeated financing or asset sales. This constrains capital allocation to development, raises dilution and refinancing risk, and limits the company's ability to execute multi-period growth plans without external support.

Rising debt and persistently negative returns

Increased debt alongside negative ROE signals capital is not delivering returns and elevates financial leverage risk. Higher interest and potential covenant pressure reduce flexibility to fund projects, increasing the chance of dilutive equity raises or asset disposals if operational improvements lag.

enCore Energy Business Overview & Revenue Model

Company Description

enCore Energy Corp. engages in the acquisition and exploration of resource properties in the United States. It holds a 100% interest in Crownpoint and Hosta Butte uranium project area covers 3,020 acres located in the Grants Uranium Belt, New Mexico. The company also holds interest in the Marquez-Juan Tafoya property consists of private mineral leases totaling 18,596 acres located in McKinley and Sandoval counties of New Mexico; the Nose Rock project comprising 42 owned unpatented lode mining claims comprising approximately 800 acres located in McKinley County, New Mexico; and the Moonshine Springs project comprises approximately 1000 acres, including 23 owned unpatented lode mining claims, 7 unpatented lode mining claims, and 320 acres of fee land under lease located in Mohave County, Arizona. In addition, it holds interest in the White Canyon District and Utah property package, including the Geitus, Blue Jay, Marcy Look, and Cedar Mountain projects located to the northwest of the White Mesa Mill at Blanding County, Utah. Further, the company holds a 100% interest in Dewey Burdock project comprises approximately 12,613 surface acres and 16,962 net mineral acres located in South Dakota; Gas Hills project consists of approximately 1,280 surface acres and 12,960 net mineral acres of unpatented lode mining claims located in Wyoming; and West Largo project consist of approximately 3,840 acres located in McKinley County, New Mexico. Additionally, it holds a 100% interest in Ambrosia Lake - Treeline property consists of deeded mineral rights totaling 24,555 acres and unpatented mining claims covering approximately 1,700 acres; and Checkerboard mineral rights covering a land position of approximately 300,000 acres located in the Grants Uranium District. The company was formerly known as Wolfpack Gold Corp. and changed its name to enCore Energy Corp. in August 2014. enCore Energy Corp. was incorporated in 2009 and is headquartered in Corpus Christi, Texas.

How the Company Makes Money

enCore Energy generates revenue primarily through the exploration, development, and production of uranium. The company’s revenue model is largely based on the sale of uranium to utility companies and other entities engaged in nuclear energy generation. Key revenue streams include the sale of uranium oxide (U3O8) and potential revenue from long-term contracts with utilities, which help stabilize income in fluctuating market conditions. Additionally, enCore may benefit from strategic partnerships and joint ventures with other mining companies, which can provide access to new resources and markets. The overall earnings can be influenced by factors such as uranium market prices, production costs, regulatory environment, and demand from the nuclear energy sector.

enCore Energy Financial Statement Overview

Summary

Financial performance is weak: TTM revenue fell sharply (~86% YoY), profitability remains deeply negative, and operating/free cash flow are materially negative (ongoing cash burn). The main offset is a still-supportive balance sheet with a meaningful equity cushion, though debt has stepped up and ROE remains negative.

Income Statement

TTM (Trailing-Twelve-Months) revenue fell sharply versus the prior year (down ~86%), and profitability remains weak with deeply negative operating and net margins. While the company is generating revenue, losses are large relative to sales and have not shown sustained improvement from 2023–2025, indicating the business is still far from operating leverage.

Balance Sheet

The balance sheet shows a meaningful equity base relative to assets, and leverage still screens moderate overall. That said, total debt stepped up materially in TTM (Trailing-Twelve-Months) versus 2024, and returns on equity are consistently negative, signaling that capital is not yet producing profits and financial flexibility could tighten if losses persist.

Cash Flow

Cash generation deteriorated in TTM (Trailing-Twelve-Months), with both operating cash flow and free cash flow materially negative, implying ongoing cash burn. A key positive is that free cash flow has been less negative than the prior year and cash flow has at times been stronger historically (notably 2023), but the current trajectory still indicates funding dependence until operations stabilize.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	44.14M	58.33M	22.15M	0.00	0.00	0.00
Gross Profit	1.42M	-7.21M	2.58M	1.59M	-374.00K	―
EBITDA	-72.31M	-67.59M	-16.88M	-20.42M	-9.85M	-2.19M
Net Income	-67.12M	-61.39M	-29.66M	-21.50M	-8.56M	-2.20M
Balance Sheet
Total Assets	441.90M	392.72M	427.98M	223.53M	202.09M	23.44M
Cash, Cash Equivalents and Short-Term Investments	116.22M	63.75M	24.38M	5.67M	11.65M	6.60M
Total Debt	109.81M	20.44M	19.71M	180.43K	316.33K	432.63K
Total Liabilities	164.15M	74.18M	53.34M	8.48M	13.02M	7.57M
Stockholders Equity	248.57M	285.74M	374.64M	215.05M	189.07M	15.87M
Cash Flow
Free Cash Flow	-43.79M	-56.55M	3.71M	-80.09M	-5.60M	-1.76M
Operating Cash Flow	-43.73M	-45.20M	29.58M	-69.20M	-5.20M	-1.45M
Investing Cash Flow	-82.38M	-29.99M	-86.04M	-12.22M	-7.56M	-1.66M
Financing Cash Flow	174.44M	107.42M	61.71M	74.95M	17.66M	6.94M

enCore Energy Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 4.33
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:EU, the sentiment is Positive. The current price of 4.33 is above the 20-day moving average (MA) of 4.30, above the 50-day MA of 3.90, and above the 200-day MA of 3.56, indicating a bullish trend. The MACD of 0.22 indicates Negative momentum. The RSI at 52.50 is Neutral, neither overbought nor oversold. The STOCH value of 59.64 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:EU.

enCore Energy Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
URC	66 Neutral	$870.24M	1,850.00	0.20%	―	-0.90%	-93.94%
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
MGA	55 Neutral	C$264.75M	-54.69	-1.98%	―	―	22.89%
SASK	54 Neutral	C$334.26M	-28.42	-4.96%	―	―	52.63%
EU	53 Neutral	C$810.79M	-10.90	-19.80%	―	2.06%	13.58%
AEC	50 Neutral	C$182.12M	-11.56	-30.73%	―	―	-234.49%
FUU	47 Neutral	C$148.38M	-13.58	-12.38%	―	―	68.37%

enCore Energy Corporate Events

enCore Energy Strengthens Leadership with New Board Appointment

enCore Energy Corp. announced the appointment of Wayne Heili to its Board of Directors and the retirement of Dr. Dennis Stover from the Board, effective December 31, 2025. Mr. Heili, a seasoned metallurgical engineer with extensive experience in uranium recovery, will bring valuable expertise to enCore, while Dr. Stover will continue to support the company as Chair of the Technical Advisory Committee. This leadership transition is expected to strengthen enCore’s position in the uranium industry and influence the future of clean energy.

The most recent analyst rating on (TSE:EU) stock is a Buy with a C$4.00 price target. To see the full list of analyst forecasts on enCore Energy stock, see the TSE:EU Stock Forecast page.

enCore Energy Reports Strong Q3 2025 Results and Advances in Uranium Projects

enCore Energy Corp. reported its financial and operational results for the third quarter of 2025, highlighting a strong operational performance with increased uranium extraction in South Texas. The company delivered nearly half a million pounds of uranium year-to-date, with a significant cash balance and working capital. enCore’s Dewey Burdock Project in South Dakota has been included in the federal FAST-41 program, which supports expedited permitting for critical mineral projects, reinforcing the company’s position as a leading domestic uranium producer. This development aligns with the U.S. focus on domestic uranium production to support clean energy initiatives.

The most recent analyst rating on (TSE:EU) stock is a Hold with a C$3.50 price target. To see the full list of analyst forecasts on enCore Energy stock, see the TSE:EU Stock Forecast page.