Energy Fuels Inc. (UUUU)
XASE:UUUU
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Energy Fuels
(NYSE MKT:UUUU)
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Rating:56Neutral
Price Target:
$18.50
▲(2.44% Upside)
Action:ReiteratedDate:03/04/26
The score is held back primarily by weak financial performance (ongoing losses, worsening cash burn, and materially higher leverage in 2025). Offsetting this, the technical picture is positive with the stock in a clear uptrend, and the latest earnings call provided strong 2026 volume and cost-improvement guidance supported by substantial liquidity. Valuation remains a headwind given the negative P/E and no stated dividend yield.
Positive Factors
White Mesa Mill Strategic Position
Owning the only conventional U.S. mill with 8M lb licensed capacity gives durable competitive advantage: long-term tolling/processing optionality, vertical integration for uranium and REE feed, and strategic appeal to Western customers seeking secure supply chains over multi-year horizons.
Negative Factors
Elevated Leverage
Leverage increased materially while the company remains loss-making, raising refinancing and covenant sensitivity. Even with cash on hand, higher debt loads reduce financial flexibility and increase risk if project timelines slip or markets soften over the next several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
White Mesa Mill Strategic Position
Owning the only conventional U.S. mill with 8M lb licensed capacity gives durable competitive advantage: long-term tolling/processing optionality, vertical integration for uranium and REE feed, and strategic appeal to Western customers seeking secure supply chains over multi-year horizons.
Read all positive factors
Energy Fuels (UUUU) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$4.36B
Dividend YieldN/A
Average Volume (3M)10.29M
Price to Earnings (P/E)―
Beta (1Y)1.38
Revenue Growth103.69%
EPS Growth-126.48%
CountryUS
Employees1,260
SectorEnergy
Sector Strength52
IndustryUranium
Share Statistics
EPS (TTM)-0.08
Shares Outstanding241,606,000
10 Day Avg. Volume9,820,583
30 Day Avg. Volume10,287,954
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 Cap1.18
Enterprise Value/Revenue77.80
Enterprise Value/Gross Profit372.94
Enterprise Value/Ebitda-58.89
Forecast
1Y Price Target
$24.03Price Target Upside33.06% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)-0.1
Revenue Forecast (FY)$159.51M
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 primarily makes money by selling uranium products and, increasingly, by selling rare earth products and related services enabled by its processing infrastructure. Key revenue streams include: (1) Uranium sales: The company sells urani...
Energy Fuels Key Performance Indicators (KPIs)
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
34
Negative
Balance Sheet
45
Neutral
Cash Flow
28
Negative
| 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 Technical Analysis
Neutral
18.06
Price Trends
21.32
Negative
18.54
Negative
15.15
Positive
Market Momentum
-0.95
Positive
42.68
Neutral
25.15
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 18.06 is below the 20-day moving average (MA) of 19.94, below the 50-day MA of 21.32, and above the 200-day MA of 15.15, indicating a neutral trend. The MACD of -0.95 indicates Positive momentum. The RSI at 42.68 is Neutral, neither overbought nor oversold. The STOCH value of 25.15 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
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% | |
62 Neutral | $4.59B | -68.38 | -1.47% | 0.96% | -7.21% | -106.39% | |
56 Neutral | $4.36B | ― | -13.16% | ― | 103.69% | -126.48% | |
55 Neutral | $506.89M | -2.09 | -38.08% | ― | 2.59% | -192.73% | |
54 Neutral | $3.80B | 56.06 | 18.29% | ― | 15.25% | 37.48% | |
49 Neutral | $603.94M | -6.84 | -76.17% | ― | 138.94% | -62.94% | |
48 Neutral | $6.59B | -149.77 | -7.09% | ― | 189.19% | -38.15% |
* Energy Sector Average
UUUU
Energy Fuels
18.75
14.62
354.00%
CLNE
Clean Energy Fuels
2.31
0.74
47.13%
URG
UR-Energy
1.52
0.77
103.21%
UEC
Uranium Energy
13.44
8.16
154.55%
LEU
Centrus Energy
193.26
123.27
176.13%
BTU
Peabody Energy Comm
37.68
23.83
171.96%
Energy Fuels Corporate Events
M&A Transactions
Energy Fuels Updates Terms of ASM Acquisition Agreement
Neutral
Mar 18, 2026
On March 12, 2026, Energy Fuels Inc. and Australian Strategic Materials Limited entered into a Deed of Amendment and Restatement to change the consideration structure for Energy Fuels’ planned court-approved acquisition of ASM under an Austr...
Executive/Board Changes
Energy Fuels Announces Leadership Transition to New CEO
Positive
Mar 4, 2026
On February 26, 2026, Energy Fuels Inc. announced that President Ross Bhappu will be appointed President and Chief Executive Officer and join the board effective April 15, 2026, as part of a previously disclosed succession plan. On the same date, ...
Business Operations and Strategy
Energy Fuels Updates Pinyon Plain Mine Pre-Feasibility Study
Positive
Feb 26, 2026
Energy Fuels Inc. has released an updated pre-feasibility study for its Pinyon Plain Mine in Coconino County, Arizona, and a feasibility study for its Donald Rare Earths and Mineral Sands Project in Victoria, Australia. The Pinyon Plain technical ...
Business Operations and StrategyM&A Transactions
Energy Fuels to Acquire Australian Strategic Materials Limited
Positive
Jan 26, 2026
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 ...
Business Operations and StrategyRegulatory Filings and Compliance
Energy Fuels advances Vara Mada rare earths project
Positive
Jan 13, 2026
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 operati...
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.