Energy Fuels (UUUU) AI Stock Analysis

• Market Cap: $5.08B
• Dividend Yield: N/A
• Average Volume (3M): 14.74M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.24
• Revenue Growth: 103.69%
• EPS Growth: -126.48%
• Country: US
• Employees: 1,260
• Sector: Energy
• Sector Strength: 52
• Industry: Uranium
• EPS (TTM): -0.07
• Shares Outstanding: 237,286,770
• 10 Day Avg. Volume: 21,802,070
• 30 Day Avg. Volume: 14,739,266
• PEG Ratio: 0.13
• Price to Book (P/B): 1.67
• Price to Sales (P/S): 11.29
• P/FCF Ratio: -10.71
• Enterprise Value/Market Cap: 0.98
• Enterprise Value/Revenue: 63.36
• Enterprise Value/Gross Profit: -1.23K
• Enterprise Value/Ebitda: -55.03
• 1Y Price Target: $23.26
• Price Target Upside: 8.59% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 5
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 64 Neutral
• Price Target: $22.50 ▲(5.04% Upside)

The score is primarily driven by strong technical momentum and a conservative balance sheet, but is held back by weak TTM profitability and ongoing negative operating/free cash flow. Management’s 2026 margin/cost improvement outlook and strategic moves in rare earths/critical minerals provide upside potential, though execution, grade variability, and geopolitical risk remain key constraints.

Positive Factors

Balance sheet strength

Energy Fuels' virtually debt-free balance sheet provides durable financial flexibility to fund phased project development, absorb commodity volatility, and pursue M&A or capex without immediate refinancing. This reduces liquidity risk and supports multi-year project timelines.

Uranium production scale and contracted volumes

A sustained production ramp to multi-million-pound annual output and sizable 2026 contracted sales materially increases revenue visibility and unit-cost leverage. Higher scale should support margin improvement and give the company durable supply role in the U.S. nuclear fuel chain.

Integrated rare-earth processing and long-life project pipeline

Owning processing (White Mesa) plus a long-life Vara Mada mineral sands project creates vertical integration across feedstock to REE products. This structural positioning enhances value capture, diversifies revenue beyond uranium, and supports long-term strategic exposure to critical minerals demand.

Negative Factors

Persistent negative operating and free cash flow

Sustained negative operating and free cash flow increases reliance on external financing or equity issuance to fund operations and project capex. Over multiple quarters this can dilute shareholders, constrain discretionary spending, and create execution risk for long-lead projects.

Weak near-term profitability

Material negative gross profit and net losses undermine internal capital generation and return metrics. Until margins normalize via higher realized prices, cost cuts, or scale benefits, profitability deficits will limit reinvestment capacity and prolong dependence on external capital.

Geopolitical and permitting risk at Madagascar project

Vara Mada/Toliara is a core long-life asset but remains contingent on permits, investment agreements and country stability. Political or regulatory setbacks in Madagascar could materially delay feedstock supply, capex deployment and expected long-term cash flows, raising execution risk.

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 Dough property, and the Hank project located in Wyoming; and the Alta Mesa project located in Texas, as well as White Mesa Mill in Utah. It also holds interests in uranium and uranium/vanadium properties and projects in various stages of exploration, permitting, and evaluation located in Utah, Wyoming, Arizona, New Mexico, and Colorado. The company was formerly known as Volcanic Metals Exploration Inc. and changed its name to Energy Fuels Inc. in May 2006. Energy Fuels Inc. was incorporated in 1987 and is headquartered in Lakewood, Colorado.

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 contracts or in spot markets. Additionally, the company has ventured into the rare earth element sector, capitalizing on the growing demand for these materials in technologies such as electric vehicles and renewable energy systems. Key revenue streams include the sales of uranium from its mining operations, processing fees for toll milling of third-party uranium, and potential revenues from the sale of rare earth products. Strategic partnerships, such as collaborations with other mining companies and government entities, further bolster their market position and revenue potential, especially in the context of the increasing focus on domestic supply chains for critical minerals.

Energy Fuels Financial Statement Overview

Summary

Strong revenue growth and a very low-debt balance sheet are meaningful positives, but they are offset by sharply weakened TTM profitability (negative gross profit and large operating/net losses) and persistent negative operating and free cash flow, raising execution and cash-burn risk until margins stabilize.

Income Statement

Revenue is growing strongly in TTM (Trailing-Twelve-Months) (+20.99%) and is well above the 2022–2023 base, showing improving scale. However, profitability has deteriorated materially: TTM shows negative gross profit and very large operating and net losses (net margin about -124%), a sharp step-down versus 2024 and a full reversal from 2023’s unusually high net profit. Overall, the top-line trajectory is a positive, but the earnings profile is currently weak and volatile.

Balance Sheet

The balance sheet is a key strength: the company reports essentially no leverage (TTM total debt at 0; prior years also minimal debt with very low debt-to-equity). Equity has grown meaningfully over time, supporting a solid capital base relative to assets. The main weakness is shareholder returns: return on equity is negative in TTM (and 2024), indicating losses are weighing on the equity base despite conservative financing.

Cash Flow

Cash generation is currently pressured: operating cash flow and free cash flow are negative in TTM (Trailing-Twelve-Months), and cash burn is larger than 2024. While free cash flow growth is positive in TTM (and free cash flow is higher than net loss on a ratio basis), the core issue remains persistent negative operating cash flow across all shown periods, which increases reliance on cash reserves or external funding if sustained.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	78.74M	78.11M	37.93M	12.52M	3.18M	1.66M
Gross Profit	-4.06M	17.00M	15.80M	-154.00K	-3.10M	1.66M
EBITDA	-90.66M	-43.02M	103.97M	-55.12M	5.97M	-22.31M
Net Income	-97.77M	-47.77M	99.86M	-59.85M	1.54M	-27.78M
Balance Sheet
Total Assets	758.32M	611.97M	401.94M	273.95M	315.45M	183.24M
Cash, Cash Equivalents and Short-Term Investments	235.26M	119.46M	190.49M	75.01M	113.01M	22.41M
Total Debt	0.00	2.18M	1.32M	1.38M	469.00K	758.00K
Total Liabilities	50.75M	80.29M	22.73M	29.54M	19.92M	25.69M
Stockholders Equity	703.25M	527.79M	375.25M	240.43M	291.57M	153.81M
Cash Flow
Free Cash Flow	-133.02M	-82.34M	-60.65M	-51.70M	-30.66M	-32.80M
Operating Cash Flow	-109.91M	-52.96M	-15.94M	-49.70M	-29.29M	-32.18M
Investing Cash Flow	-107.38M	-13.30M	-23.77M	-6.94M	3.50M	3.71M
Financing Cash Flow	239.58M	15.59M	30.33M	7.74M	117.63M	36.45M

Energy Fuels Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 21.42
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For UUUU, the sentiment is Neutral. The current price of 21.42 is below the 20-day moving average (MA) of 22.18, above the 50-day MA of 17.88, and above the 200-day MA of 12.55, indicating a neutral trend. The MACD of 1.61 indicates Positive momentum. The RSI at 50.66 is Neutral, neither overbought nor oversold. The STOCH value of 23.95 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for UUUU.

Energy Fuels Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
LEU	74 Outperform	$4.58B	38.21	51.74%	―	15.25%	37.48%
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
UUUU	64 Neutral	$5.08B	-44.17	-18.17%	―	103.69%	-126.48%
UEC	61 Neutral	$7.78B	-90.55	-7.29%	―	189.19%	-38.15%
BTU	61 Neutral	$4.26B	-120.85	-0.87%	0.96%	-7.21%	-106.39%
URG	51 Neutral	$620.75M	-7.60	-65.17%	―	138.94%	-62.94%
CLNE	43 Neutral	$519.74M	-2.52	-31.94%	―	2.59%	-192.73%

Energy Fuels Corporate Events

Energy Fuels to Acquire Australian Strategic Materials Limited

On January 20, 2026, Energy Fuels Inc. and Australian Strategic Materials Limited (ASM) signed a Scheme Implementation Deed under which an Energy Fuels bidding entity will acquire all outstanding ASM ordinary shares via a court-approved scheme of arrangement, valuing ASM at about A$447 million based on prices as of January 16, 2026. ASM shareholders are to receive 0.053 Energy Fuels shares or CDIs plus up to A$0.13 in cash per ASM share, implying total consideration of A$1.60 per share, with ASM investors expected to own roughly 5.8% of Energy Fuels post-closing, while option holders will receive A$0.50 per option under a concurrent scheme. Completion, targeted for around June 2026, is subject to multiple customary conditions, including ASM shareholder and court approvals, Australian foreign investment clearance, regulatory and listing approvals for new Energy Fuels shares, and a favorable independent expert report, with ASM’s board unanimously recommending the deal in the absence of a superior proposal; both sides have agreed to no‑shop and matching protections and reciprocal A$4.47 million termination fees, underscoring the strategic commitment to closing a transaction that would expand Energy Fuels’ footprint in critical minerals and potentially reshape ASM’s ownership and access to North American capital markets.

The most recent analyst rating on (UUUU) stock is a Buy with a $29.00 price target. To see the full list of analyst forecasts on Energy Fuels stock, see the UUUU Stock Forecast page.

Energy Fuels advances Vara Mada rare earths project

Energy Fuels has released a new NI 43-101 and S-K 1300-compliant Technical Report and feasibility study, effective June 30, 2025, for the Vara Mada (Toliara) mineral sands and rare earths project in Madagascar, detailing a 38-year open-pit operation based on the Ranobe deposit with 904 Mt of proven and probable reserves grading 6.1% total heavy minerals. The staged development envisages ramping mining from 12.6 Mtpa to 25 Mtpa and producing on average 959 kt of ilmenite, 66 kt of zircon, 8 kt of rutile and 24 kt of monazite per year, supported by substantial new mine, processing, logistics and port infrastructure and an export facility near Toliara. The study outlines robust economics, including a post-tax real NPV (10%) of $1.415 billion, a 22.1% internal rate of return and life-of-mine free cash flow of about $10.0 billion, underpinned by supportive forecast markets for ilmenite, zircon and monazite and flexible product mix capabilities. Monazite is expected to be transferred to Energy Fuels’ White Mesa Mill for rare earth oxide production, while ilmenite and zircon will be targeted at pigment, slag and ceramics markets in Asia, Europe and other regions, reinforcing the company’s integrated rare earth and mineral sands strategy. On the permitting and social front, the government’s November 28, 2024 lifting of the project suspension and the December 5, 2024 memorandum of understanding on fiscal terms paved the way for renewed development activities, though progress still hinges on securing an investment agreement with Madagascar’s government, completing updated environmental and social assessments, adding monazite to the exploitation permit and obtaining long-term land access and leases for key infrastructure. Capital costs are estimated at $769 million for Stage 1 and $142 million for Stage 2 (plus $121 million pre-FID), with average operating costs of $4.95 per tonne mined and $112.5 per tonne of product, suggesting competitive cost positioning in global mineral sands and rare earth supply chains and potentially significant long-term benefits and sensitivities for local communities, government revenues and downstream customers.

The most recent analyst rating on (UUUU) stock is a Buy with a $26.75 price target. To see the full list of analyst forecasts on Energy Fuels stock, see the UUUU Stock Forecast page.