Energy Fuels Inc.
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
Uranium earns, the group does not — and the planned magnet acquisition is itself losing money. That leaves the decisive open operating question of whether Energy Fuels as a whole will ever be profitable; with VAC, the group would have been even deeper in the red pro forma in 2025. Substance is documented too: a strategically unique uranium mill, a $55 per-pound gap between price and cost and, today, a cushion that exceeds the convertible notes; interest income on the securities portfolio ($24.6 million in nine months) covers the interest on the convertible notes. After the VAC deal, only about $227 million in cash and securities would remain on paper — whether that remaining cushion lasts until breakeven, the filings do not show; nor do they document an acute substance risk. Hence yellow. Whether just under twice book value is a fair price is not something a traffic light decides. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Energy Fuels has a uranium business that, in 2026, sells at a clear margin for the first time, and, before the VAC deal, a balance sheet with $932 million in working capital. Even so, the group posts heavy losses and, with ASM and VAC, is building a magnet supply chain whose largest piece is itself loss-making, has a major customer in arbitration and is paid for with cash, new shares and possible preferred shares. Not investment advice.
Uranium business
In the third quarter of 2026, Energy Fuels sold 320,000 pounds of uranium oxide at $88.90 per pound at a cost of $34.04; a year earlier, the cost was $53.22. According to the filings, the White Mesa Mill is the only licensed and operating uranium mill in the U.S.
Balance sheet & liquidity
Strong before the deal: $932.3 million in working capital as of 9/30/2026, including $855.9 million in cash and short-term marketable securities ($881.1 million including long-term securities), against $700 million in 0.75 percent convertible notes due 2031. After the VAC price, debt repayment and Goldman Sachs loan, about $227 million in cash and securities would remain on paper.
Profitability
A $96.4 million net loss in the first nine months of 2026 and negative operating cash flow in every year from 2023 to 2025 ($15.4 million, $44.0 million and $89.5 million) and in the first nine months of 2026 ($38.5 million); the 2023 profit came from asset sales.
VAC acquisition
VAC lost 87.9 million euros in 2025, a major customer of the U.S. subsidiary declared termination of a material offtake agreement on 7/1/2026; e-VAC considers it wrongful and the matter is in arbitration, and the merger agreement obliges Energy Fuels to issue up to $135 million in additional preferred shares below a $20.93 average price.
Dilution
From 157.7 million shares at the end of 2022 to 264.8 million on 9/30/2026, about 330.7 million after VAC; plus a new $500 million at-the-market program (10/14/2026).
Strategic position
A mine-to-magnet chain under construction, backed by a conditional $725 million loan commitment from the U.S. Office of Strategic Capital — but that commitment is subject to due diligence and closing conditions, and the feedstock projects are not producing yet.
Worth Noting
Data as of: balance sheet, earnings and cash flow figures as of 9/30/2026 (10-Q of 11/4/2026) or 12/31/2025 (10-K of 2/26/2026); prices, range, analyst target and short interest per fundamental data as of 11/4–11/5/2026; share count per the 10-Q cover as of 10/30/2026. All SEC filings through 11/5/2026 were reviewed; there was no 8-K earnings release (Item 2.02) on 11/4/2026.
The VAC acquisition had not closed as of the data date. All VAC figures come from the VAC group's financial statements (Ara VAC IE Aggregator, LP) in euros, attached to the 8-K of 10/13/2026; the pro forma figures are an arithmetic combination, not reported results.
The 2023 profit ($99.9 million) includes a $119.3 million gain on asset sales and is not an operating result.
The interest burden of the convertible notes is covered by interest income: in the first nine months of 2026, $24.6 million in interest income compared with $7.2 million in interest expense (10-Q, Note 15). The $72.8 million operating loss, by contrast, does not cover the interest.
Stock Watch
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 7.20 $ to 27.70 $ · Last price: 6.60 $ (As of: November 5, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 11/05/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Uranium
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Energy Fuels Inc. UUUU | 1.7 | – | -21.1 | 40.8 | -79.0 | -15.6 | -57.8 |
| Uranium Energy Corp UEC | 3.2 | – | 186.7 | -184.0 | -629.7 | 29,738.0 | -44.7 |
| Centrus Energy Corp. LEU | 1.8 | – | 18.2 | 23.7 | -0.3 | 1.5 | -71.7 |
| Uranium Royalty Corp UROY | 1.1 | 9.6 | 23.5 | 33.1 | 32.1 | 1,553.8 | -26.8 |
| enCore Energy Corp. EU | 0.1 | – | -49.7 | -42.1 | – | 1.5 | -73.3 |
| Eagle Nuclear Energy Corp. NUCL | 0.1 | – | 0.0 | – | 0.0 | – | -67.0 |
| Anfield Energy Inc. AEC | 0.1 | – | 5.8 | 75.5 | 0.0 | – | -59.6 |
| Median of companies shown | 1.1 | – | 5.8 | 28.4 | -0.1 | 1.5 | -59.6 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 55 | -38 | -39 | -0.70 | -12 | 134 | 196 |
| 2017 | 31 | -24 | -28 | -0.39 | -10 | 123 | 185 |
| 2018 | 32 | -21 | -25 | -0.30 | -8 | 145 | 197 |
| 2019 | 6 | -41 | -38 | -0.40 | -44 | 127 | 176 |
| 2020 | 2 | -25 | -28 | -0.23 | -32 | 154 | 183 |
| 2021 | 3 | -35 | 2 | 0.01 | -29 | 292 | 315 |
| 2022 | 13 | -45 | -60 | -0.38 | -50 | 240 | 274 |
| 2023 | 38 | -32 | 100 | 0.62 | -16 | 375 | 402 |
| 2024 | 78 | -37 | -48 | -0.28 | -53 | 528 | 612 |
| 2025 | 66 | -101 | -86 | -0.37 | -89 | 678 | 1,412 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
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· Total · per year
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The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | -0.19 | -46.20 | 40 | 8,485.40 | -82.50 | -43 | -45 |
| 2025: Q1 | -0.13 | -750.00 | 17 | -33.50 | -155.60 | -20 | -28 |
| 2025: Q2 | -0.10 | -150.00 | 4 | -51.70 | -517.90 | -26 | -29 |
| 2025: Q3 | -0.07 | 0.00 | 18 | 337.60 | -94.50 | -22 | -37 |
| 2025: Q4 | -0.08 | 57.90 | 27 | -32.10 | -76.70 | -14 | -32 |
| 2026: Q1 | -0.04 | 69.20 | 36 | 112.10 | -30.30 | 8 | -4 |
| 2026: Q2 | -0.13 | -30.00 | 25 | 496.10 | -132.90 | -26 | -38 |
| 2026: Q3 | -0.20 | -185.70 | 29 | 64.80 | -178.90 | -21 | -30 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 4 of our scanner strategies — each hit links to the scanner.
Growth
Momentum & Trend
Research
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | -0.28 | -0.34 – -0.20 | 183 | 31.4% | 4 |
| 12/31/2027 | 0.49 | 0.32 – 0.65 | 362 | 274.8% | 2 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Free cash flow over the past twelve months is negative, which rules out a serious reverse calculation. Any growth rate only makes a negative cash flow more negative; no present value comes out of it. What the price reflects here is therefore not a stream of cash flows, but the expectation that there will be one at all.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Energy Fuels verkauft Uran, Seltene Erden und Mineralsande, keine KI — setzt laut Geschäftsbericht 2025 aber selbst KI-Werkzeuge für bestimmte Anwendungsfälle in den eigenen Systemen ein; KI-Rechenzentren tauchen zusätzlich als Nachfragetreiber für Atomstrom auf, sind aber keine Umsatzquelle.
View the full file — quotes, sources, reviewed filings
„We have adopted and at some levels integrated, and intend to continue utilizing and potentially expanding in the future, certain AI tools into our systems for specific use cases."
Wir haben bestimmte KI-Werkzeuge für spezifische Anwendungsfälle eingeführt und auf einigen Ebenen in unsere Systeme integriert und beabsichtigen, sie weiter zu nutzen und künftig möglicherweise auszubauen.
10-K · 2026-02-26 · View SEC filing
„expected increased future energy demand from data centers and artificial intelligence (“AI”)"
erwartete künftig steigende Energienachfrage durch Rechenzentren und künstliche Intelligenz („KI“)
10-K · 2026-02-26 · View SEC filing
Filings Reviewed: 10-Q 2026-11-04 · 10-Q 2026-08-05 · 10-Q 2026-05-06 · 10-Q 2025-11-03 · 10-K 2026-02-26 · 10-K 2025-02-26
Rated on November 5, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 74.0%
- More than 10% revenue growth is expected for the coming year 174.4%
- Share count grows by less than 3% a year 13.9%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") -180.6%
- Gross margin at 40% or higher and without meaningful erosion 7.7%
- Goodwill from acquisitions does not grow faster than revenue 0.0%
- Net debt below twice EBITDA 186 m net cash
- Operating cash flow covers the profits of the last three years -125 m
- Return on capital at 15% or higher, or up versus two years ago -7.3%
- Insiders hold at least 10% or are net buyers 1.2%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
4/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 2.1%
- Exp. sales growth 3Y > 5% 134.4%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% 134.4%
- Net debt < 4x EBIT –
- EBIT positive, 10Y straight 0
- Max. EBIT decline < 50% –
- Return on equity > 15% -12.7%
- ROCE > 15% -7.3%
- Expected return > 10% 119.8%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Aug 5, 2026 | Bhappu Ross R. | President and CEO | Other | 14,375 | 12.44 | 178,825 |
| Aug 4, 2026 | Duvenhage Werner | EVP Heavy Mineral Sands | Other | 10,796 | 0.00 | – |
| Jul 8, 2026 | Hansen Bruce D | Director | Buy | 4,000 | 12.70 | 50,780 |
| Jul 7, 2026 | Bhappu Ross R. | President and CEO | Buy | 74,000 | 13.08 | 967,920 |
| Jun 24, 2026 | German Oscar Armando | EVP & CHRO | Other | 6,630 | 0.00 | – |
| Jun 24, 2026 | Longenecker Nathan | CLO & EVP, Global Gov Relation | Other | 981 | 0.00 | – |
| Jun 24, 2026 | Van Akkooi Michiel | EVP, Metals, Alloys & Magnets | Other | 1,889 | 0.00 | – |
| Jun 24, 2026 | Kapostasy Daniel | SVP & Chief Technical Officer | Other | 3,621 | 0.00 | – |
The company
About the Company
Energy Fuels Inc., together with its subsidiaries, engages in the exploration, recovery, recycling, exploration, operation, development, permitting, evaluation, and sale of uranium mineral properties in the United States. It operates through three segments: Uranium, REE, and HMS. It produces and sells vanadium pentoxide, rare earth elements, carbonate, and heavy mineral sands, such as ilmenite, rutile, zircon, and monazite. 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.
- Employees
- 1,069
- Headquarters
- Lakewood, CO
- Address
- 225 Union Boulevard, 80228 Lakewood, United States
- Phone
- 303 974 2140
- Website
- energyfuels.com
- IPO Date
- 11/24/2006
- ISIN
- CA2926717083
- Stock Split
- 1:50 on 11/05/2013
Management
| Name | Title | Birth Year |
|---|---|---|
| Ross R. Bhappu Ph.D. | President, CEO & Director | 1960 |
| David C. Frydenlund | Executive VP of Strategic Acquisitions & Financings and Special Counsel to the CEO | 1958 |
| Mark S. Chalmers BSc, P.E., SME | Consultant | 1958 |
| Daniel D. Kapostasy | Vice President of Technical Services | 1982 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 10/13/2026 ENERGY FUELS INC (UUUU): Other Events; Financial Statements and Exhibits SEC ↗
- 10/13/2026 ENERGY FUELS INC (UUUU): Entry into a Material Definitive Agreement; Other Events; Financial Statements and Exhibits SEC ↗
- 08/28/2026 ENERGY FUELS INC (UUUU): Completion of Acquisition or Disposition of Assets; Unregistered Sales of Equity Securities; Financial Statements and Exhibits SEC ↗
- 07/28/2026 ENERGY FUELS INC (UUUU): Regulation FD Disclosure; Other Events; Financial Statements and Exhibits SEC ↗
- 07/13/2026 ENERGY FUELS INC (UUUU): Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
Data as of: November 5, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.