In the evolving uranium sector, Centrus Energy Corp. (LEU) and Energy Fuels Inc. (UUUU) stand out as key players driving innovation and resource development. Both companies focus on uranium supply but differ in their operational approaches—Centrus specializes in nuclear fuel services, while Energy Fuels emphasizes uranium extraction and recovery. This comparison explores which company offers the most compelling investment opportunity in today’s energy landscape. Let’s discover which deserves a place in your portfolio.
Table of contents
Companies Overview
I will begin the comparison between Centrus Energy Corp. and Energy Fuels Inc. by providing an overview of these two companies and their main differences.
Centrus Energy Corp. Overview
Centrus Energy Corp. supplies nuclear fuel and services for the nuclear power industry primarily in the US, Japan, Belgium, and other international markets. The company operates two segments: Low-Enriched Uranium (LEU), which sells uranium components to utilities, and Technical Solutions, offering engineering, manufacturing, and operational services. Centrus is headquartered in Bethesda, Maryland, and employs around 322 people.
Energy Fuels Inc. Overview
Energy Fuels Inc. engages in uranium extraction, recovery, exploration, and sales within the US. It operates several uranium projects and a mill in multiple states, including Wyoming, Texas, and Utah. The company has a broader operational footprint with 1,260 employees and is based in Lakewood, Colorado. Energy Fuels focuses on both conventional and in situ uranium recovery methods.
Key similarities and differences
Both companies operate in the uranium sector within the energy industry and are listed on US stock exchanges. Centrus emphasizes nuclear fuel supply and technical services, while Energy Fuels focuses on uranium mining and processing operations across several US sites. Centrus is smaller in workforce but offers technical expertise, whereas Energy Fuels has a larger scale in extraction activities and diverse project locations.
Income Statement Comparison
The following table presents a side-by-side comparison of key income statement metrics for Centrus Energy Corp. (LEU) and Energy Fuels Inc. (UUUU) for the fiscal year 2024.
| Metric | Centrus Energy Corp. (LEU) | Energy Fuels Inc. (UUUU) |
|---|---|---|
| Market Cap | 5.36B | 4.31B |
| Revenue | 442M | 78M |
| EBITDA | 86.5M | -43.0M |
| EBIT | 75.7M | -48.2M |
| Net Income | 73.2M | -47.8M |
| EPS | 4.49 | -0.28 |
| Fiscal Year | 2024 | 2024 |
Income Statement Interpretations
Centrus Energy Corp.
Centrus Energy Corp. showed a revenue increase of 78.8% from 2020 to 2024, with net income growing 34.56% over the same period. Margins have been generally favorable, with a 25.23% gross margin and a 16.56% net margin in 2024. However, the latest year saw a slowdown in net margin and EPS, reflecting some margin compression despite strong revenue growth.
Energy Fuels Inc.
Energy Fuels Inc. experienced a dramatic 4611.34% revenue growth over 2020–2024 but suffered a 71.97% decline in net income during that period. The 2024 gross margin was positive at 21.76%, but its EBIT and net margins remained deeply negative, signaling ongoing profitability challenges. The most recent year continued this trend, with significant negative EBIT and net margins.
Which one has the stronger fundamentals?
Centrus Energy Corp. displays stronger fundamentals with consistent revenue and net income growth, alongside favorable margin stability and a positive overall income statement evaluation. Energy Fuels Inc. presents high revenue growth but persistent losses and negative margins, resulting in a neutral income statement opinion. The contrast highlights Centrus’ more stable profitability profile versus Energy Fuels’ ongoing operational challenges.
Financial Ratios Comparison
The table below compares key financial ratios for Centrus Energy Corp. (LEU) and Energy Fuels Inc. (UUUU) based on their most recent fiscal year 2024 data.
| Ratios | Centrus Energy Corp. (LEU) | Energy Fuels Inc. (UUUU) |
|---|---|---|
| ROE | 45.4% | -9.0% |
| ROIC | 4.0% | -6.7% |
| P/E | 14.8 | -18.5 |
| P/B | 6.73 | 1.67 |
| Current Ratio | 2.93 | 3.88 |
| Quick Ratio | 2.46 | 2.76 |
| D/E | 0.97 | 0.00 |
| Debt-to-Assets | 14.4% | 0.4% |
| Interest Coverage | 17.8 | 0 |
| Asset Turnover | 0.40 | 0.13 |
| Fixed Asset Turnover | 47.0 | 1.42 |
| Payout Ratio | 0 | 0 |
| Dividend Yield | 0 | 0 |
Interpretation of the Ratios
Centrus Energy Corp.
Centrus Energy shows a generally favorable ratio profile with strong net margin at 16.56% and very high return on equity of 45.35%, signaling efficient profit generation for shareholders. However, its return on invested capital is relatively weak at 4.02%, and the price-to-book ratio is elevated at 6.73, indicating potential overvaluation. The company does not pay dividends, likely focusing on reinvestment and operational growth.
Energy Fuels Inc.
Energy Fuels presents an unfavorable ratio set, with negative net margin at -61.15% and a negative return on equity of -9.05%, reflecting operational challenges. Its weighted average cost of capital is high at 12.47%, and interest coverage is zero, indicating potential financial distress. Like Centrus, it pays no dividends, possibly prioritizing exploration and development expenditures.
Which one has the best ratios?
Centrus Energy Corp. holds the superior ratio profile with more favorable profitability and liquidity metrics, despite some valuation concerns. Energy Fuels Inc. exhibits predominantly unfavorable ratios, signaling operational and financial weaknesses. Overall, Centrus Energy’s ratios suggest a stronger financial footing compared to Energy Fuels in 2024.
Strategic Positioning
This section compares the strategic positioning of Centrus Energy Corp. and Energy Fuels Inc., focusing on market position, key segments, and exposure to technological disruption:
Centrus Energy Corp.
- Leading nuclear fuel supplier with competitive pressure in uranium industry.
- Key segments include Low-Enriched Uranium sales and Technical Solutions services.
- Limited exposure to technological disruption; relies on established nuclear fuel technologies.
Energy Fuels Inc.
- Uranium extraction and recovery company facing competitive industry dynamics.
- Focused on uranium mining projects across multiple US states and mill operations.
- Exposure to conventional and in situ uranium recovery technologies across projects.
Centrus Energy Corp. vs Energy Fuels Inc. Positioning
Centrus has a diversified strategic approach combining fuel supply and technical services, while Energy Fuels concentrates on uranium mining and processing. Centrus’s multiple segments may provide broader revenue streams; Energy Fuels’s focus emphasizes resource extraction and project development.
Which has the best competitive advantage?
Both companies are shedding value with ROIC below WACC, but Energy Fuels shows a growing ROIC trend, suggesting improving profitability; Centrus has a very unfavorable moat with declining returns on invested capital.
Stock Comparison
The stock price movements of Centrus Energy Corp. (LEU) and Energy Fuels Inc. (UUUU) over the past 12 months reveal strong overall gains followed by recent declines, illustrating shifting trading dynamics and decelerating momentum.
Trend Analysis
Centrus Energy Corp. (LEU) shows a bullish trend with a 595.57% price increase over the past year, despite recent deceleration and a -20.05% drop from October 2025 to January 2026. Volatility remains high with a 97.12 standard deviation.
Energy Fuels Inc. (UUUU) also exhibits a bullish trend with a 180.25% price gain over the past year, tapering off recently with a -15.02% decline and lower volatility at 4.44 standard deviation. The deceleration is evident but less pronounced.
Comparing the two, Centrus Energy Corp. (LEU) delivered the highest market performance over the past year, though both stocks experienced recent downward pressure in the last quarter.
Target Prices
Analysts provide a clear consensus on target prices for Centrus Energy Corp. and Energy Fuels Inc., reflecting varied upside potential.
| Company | Target High | Target Low | Consensus |
|---|---|---|---|
| Centrus Energy Corp. | 390 | 125 | 288.4 |
| Energy Fuels Inc. | 26.75 | 11.5 | 19.13 |
The target consensus for Centrus Energy Corp. at 288.4 USD is slightly below its current price of 306.19 USD, indicating a cautious outlook. Energy Fuels Inc.’s consensus target of 19.13 USD is just above its current 18.16 USD, suggesting moderate upside potential.
Analyst Opinions Comparison
This section compares analysts’ ratings and financial scores for Centrus Energy Corp. and Energy Fuels Inc.:
Rating Comparison
Centrus Energy Corp. Rating
- Rating: B, considered very favorable by analysts.
- Discounted Cash Flow Score: 4, indicating a favorable valuation outlook.
- ROE Score: 5, reflecting very favorable efficiency in generating profits.
- ROA Score: 4, showing favorable asset utilization to generate earnings.
- Debt To Equity Score: 1, indicating very unfavorable financial stability.
- Overall Score: 3, a moderate overall financial standing.
Energy Fuels Inc. Rating
- Rating: D+, also considered very favorable, though lower letter grade.
- Discounted Cash Flow Score: 1, signalling a very unfavorable valuation.
- ROE Score: 1, indicating very unfavorable profit generation efficiency.
- ROA Score: 1, reflecting very unfavorable asset utilization.
- Debt To Equity Score: 1, similarly very unfavorable financial stability.
- Overall Score: 1, very unfavorable overall financial standing.
Which one is the best rated?
Based strictly on the provided data, Centrus Energy Corp. holds a higher letter rating and superior scores in discounted cash flow, ROE, ROA, and overall score. Both companies share an unfavorable debt-to-equity score, but Centrus is clearly better rated overall.
Scores Comparison
Here is a comparison of the Altman Z-Score and Piotroski Score for Centrus Energy Corp. and Energy Fuels Inc.:
Centrus Energy Corp. Scores
- Altman Z-Score: 2.70, indicating a grey zone risk level
- Piotroski Score: 5, showing average financial strength
Energy Fuels Inc. Scores
- Altman Z-Score: 40.34, indicating a safe zone level
- Piotroski Score: 1, showing very weak financial strength
Which company has the best scores?
Energy Fuels Inc. has a significantly higher Altman Z-Score, placing it in the safe zone, whereas Centrus Energy is in the grey zone. However, Centrus has a stronger Piotroski Score, indicating better financial strength compared to Energy Fuels.
Grades Comparison
Here is a comparison of the recent grades assigned to Centrus Energy Corp. and Energy Fuels Inc.:
Centrus Energy Corp. Grades
This table shows recent grades from notable grading companies for Centrus Energy Corp.:
| Grading Company | Action | New Grade | Date |
|---|---|---|---|
| Roth Capital | Maintain | Neutral | 2026-01-08 |
| B. Riley Securities | Maintain | Buy | 2025-12-22 |
| Needham | Maintain | Buy | 2025-12-22 |
| UBS | Maintain | Neutral | 2025-11-25 |
| JP Morgan | Maintain | Neutral | 2025-11-07 |
| JP Morgan | Maintain | Neutral | 2025-10-31 |
| HC Wainwright & Co. | Maintain | Buy | 2025-08-26 |
| Evercore ISI Group | Maintain | Outperform | 2025-08-08 |
| B of A Securities | Downgrade | Neutral | 2025-08-07 |
| JP Morgan | Maintain | Neutral | 2025-08-07 |
The overall trend for Centrus Energy Corp. shows a balanced mix of “Buy” and “Neutral” grades, with a consensus rating of “Hold,” indicating moderate confidence among analysts.
Energy Fuels Inc. Grades
This table displays recent grades from reputable grading companies for Energy Fuels Inc.:
| Grading Company | Action | New Grade | Date |
|---|---|---|---|
| HC Wainwright & Co. | Maintain | Buy | 2026-01-09 |
| Roth Capital | Downgrade | Sell | 2025-11-05 |
| HC Wainwright & Co. | Maintain | Buy | 2025-11-04 |
| HC Wainwright & Co. | Maintain | Buy | 2025-10-21 |
| B. Riley Securities | Maintain | Buy | 2025-10-08 |
| HC Wainwright & Co. | Maintain | Buy | 2025-09-17 |
| HC Wainwright & Co. | Maintain | Buy | 2025-08-08 |
| Canaccord Genuity | Maintain | Buy | 2025-07-02 |
| HC Wainwright & Co. | Maintain | Buy | 2025-05-09 |
| HC Wainwright & Co. | Maintain | Buy | 2025-02-28 |
Energy Fuels Inc. shows a strong majority of “Buy” ratings with a single “Sell” downgrade, and a consensus rating of “Buy,” reflecting generally positive analyst sentiment.
Which company has the best grades?
Energy Fuels Inc. has received generally better grades than Centrus Energy Corp., with a stronger consensus rating of “Buy” compared to Centrus’s “Hold.” This suggests that Energy Fuels Inc. may be viewed more favorably by analysts, potentially affecting investor sentiment and portfolio inclusion decisions.
Strengths and Weaknesses
Below is a comparative table outlining the main strengths and weaknesses of Centrus Energy Corp. (LEU) and Energy Fuels Inc. (UUUU) based on their recent financial and operational data:
| Criterion | Centrus Energy Corp. (LEU) | Energy Fuels Inc. (UUUU) |
|---|---|---|
| Diversification | Moderate: Revenue mainly from Separative Work Units and Uranium; some service revenue | Limited: Focused mainly on uranium production; minimal diversification |
| Profitability | Favorable: Net margin 16.56%, ROE 45.35%, but ROIC below WACC (4.02% vs 9.06%) | Unfavorable: Negative net margin (-61.15%), negative ROE (-9.05%), negative ROIC (-6.67%) |
| Innovation | Strong innovation in nuclear fuel services and separative work technology | Limited innovation evidence; improving profitability trend but still value-destructive |
| Global presence | Established presence with significant contracts in nuclear fuel supply | Smaller scale, more regional focus, less global reach |
| Market Share | Significant in nuclear fuel segment, especially separative work units | Smaller market share, niche uranium mining |
Key takeaways: Centrus Energy shows solid profitability and a favorable financial ratio profile but struggles with capital efficiency as ROIC is below its cost of capital, signaling value erosion. Energy Fuels is currently unprofitable with negative margins and returns, though it shows a positive trend in ROIC, suggesting potential for improvement. Investors should weigh Centrus’s established market position against Energy Fuels’ growth prospects and higher risks.
Risk Analysis
Below is a comparative risk table for Centrus Energy Corp. (LEU) and Energy Fuels Inc. (UUUU) based on the most recent data from 2024.
| Metric | Centrus Energy Corp. (LEU) | Energy Fuels Inc. (UUUU) |
|---|---|---|
| Market Risk | Moderate (Beta: 1.25) | High (Beta: 1.85) |
| Debt level | Moderate (D/E: 0.97, Debt/Assets: 14.36%) | Very Low (D/E: 0.0, Debt/Assets: 0.36%) |
| Regulatory Risk | Elevated (Nuclear fuel industry, subject to strict regulations) | Elevated (Uranium mining and milling with environmental permits) |
| Operational Risk | Moderate (Technical and manufacturing complexities) | High (Multiple mining projects and milling operations) |
| Environmental Risk | Significant (Nuclear fuel cycle impacts) | Significant (Mining environmental impact and remediation) |
| Geopolitical Risk | Moderate (International sales exposure) | Moderate (US-focused but sensitive to policy changes) |
The most impactful and likely risks for both companies are regulatory and environmental, given the uranium industry’s stringent controls and environmental scrutiny. Energy Fuels carries higher market and operational risk due to its mining operations and volatile financial performance, while Centrus shows moderate debt and market risk but benefits from more stable financials. Investors should weigh regulatory compliance and environmental liabilities heavily in their risk management strategies.
Which Stock to Choose?
Centrus Energy Corp. (LEU) shows a favorable income evolution with a 78.8% revenue growth over 2020-2024 and a solid 16.56% net margin in 2024. Its financial ratios are mostly favorable, including a strong 45.35% ROE, though ROIC is slightly unfavorable. The company carries moderate debt and holds a very favorable overall rating of B.
Energy Fuels Inc. (UUUU) exhibits a neutral income statement with mixed growth: a strong 4611.34% revenue increase over 2020-2024 but a negative net margin of -61.15% in 2024. Its financial ratios are predominantly unfavorable, including negative ROE and ROIC, but with low debt indicators. The overall rating is very favorable at D+, despite weak profitability.
For investors prioritizing financial stability and strong profitability, Centrus Energy’s favorable rating and solid income metrics might appear more attractive. Conversely, those with a higher risk tolerance or focused on growth may find Energy Fuels’ revenue expansion and improving ROIC trend to be compelling, despite its current challenges.
Disclaimer: Investment carries a risk of loss of initial capital. The past performance is not a reliable indicator of future results. Be sure to understand risks before making an investment decision.
Go Further
I encourage you to read the complete analyses of Centrus Energy Corp. and Energy Fuels Inc. to enhance your investment decisions:
