In the competitive uranium industry, Centrus Energy Corp. (LEU) and Ur-Energy Inc. (URG) stand out as key players with distinct approaches to nuclear fuel supply and uranium mining. Centrus focuses on nuclear fuel services and technical solutions, while Ur-Energy emphasizes uranium exploration and production. This comparison explores their market positions and innovation strategies to help investors identify which company offers the most compelling investment opportunity in 2026.
Table of contents
Companies Overview
I will begin the comparison between Centrus Energy Corp. and Ur-Energy 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 in the US, Japan, Belgium, and internationally. The company operates two segments: Low-Enriched Uranium (LEU) which sells separative work units and uranium components, and Technical Solutions providing engineering and manufacturing services. Headquartered in Bethesda, Maryland, Centrus has a market cap of 5.36B USD and employs 322 people.
Ur-Energy Inc. Overview
Ur-Energy Inc. focuses on the acquisition, exploration, development, and operation of uranium mineral properties, primarily in the US. Its flagship asset is the Lost Creek project in Wyoming, covering about 48,000 acres. Incorporated in 2004 and based in Littleton, Colorado, Ur-Energy has a market cap of 598M USD and employs 101 people, emphasizing resource development within the uranium industry.
Key similarities and differences
Both companies operate in the uranium sector within the energy industry in the US, targeting nuclear fuel supply but differ in their business models. Centrus combines fuel supply and technical services, while Ur-Energy concentrates on uranium mining and resource development. Centrus has a significantly larger market capitalization and workforce, reflecting its broader service scope versus Ur-Energy’s focused exploration and mining activities.
Income Statement Comparison
The table below compares the key income statement metrics for Centrus Energy Corp. and Ur-Energy Inc. for the fiscal year 2024.
| Metric | Centrus Energy Corp. (LEU) | Ur-Energy Inc. (URG) |
|---|---|---|
| Market Cap | 5.36B | 598M |
| Revenue | 442M | 34M |
| EBITDA | 86.5M | -60M |
| EBIT | 75.7M | -63.1M |
| Net Income | 73.2M | -53.2M |
| EPS | 4.49 | -0.17 |
| Fiscal Year | 2024 | 2024 |
Income Statement Interpretations
Centrus Energy Corp.
Centrus Energy Corp. saw overall revenue growth of 78.8% from 2020 to 2024, with net income increasing 34.56% over the same period. Margins remain generally favorable, with a gross margin of 25.23% and net margin at 16.56%. In 2024, revenue jumped 38% year-over-year, though net margin and EPS declined, indicating some margin pressure despite top-line growth.
Ur-Energy Inc.
Ur-Energy Inc. experienced strong revenue growth of 305.32% over 2020–2024 but faced continuing net income declines, down 259.75% overall. Margins were deeply negative, with a gross margin of -26.62% and net margin at -157.8%. The latest year showed 90.66% revenue growth but worsening EBIT and EPS, reflecting ongoing operational challenges despite sales gains.
Which one has the stronger fundamentals?
Centrus Energy Corp. demonstrates stronger fundamentals with consistent profitability and positive margin levels, supported by steady revenue and net income growth. Conversely, Ur-Energy Inc. struggles with negative margins and net losses despite rapid revenue expansion. The income statement evaluation favors Centrus due to more balanced financial performance and margin stability.
Financial Ratios Comparison
The table below presents a side-by-side comparison of key financial ratios for Centrus Energy Corp. (LEU) and Ur-Energy Inc. (URG) based on their latest fiscal year data for 2024.
| Ratios | Centrus Energy Corp. (LEU) | Ur-Energy Inc. (URG) |
|---|---|---|
| ROE | 45.4% | -40.1% |
| ROIC | 4.0% | -36.0% |
| P/E | 14.8 | -6.9 |
| P/B | 6.73 | 2.75 |
| Current Ratio | 2.93 | 5.99 |
| Quick Ratio | 2.46 | 4.91 |
| D/E (Debt-to-Equity) | 0.97 | 0.0093 |
| Debt-to-Assets | 14.4% | 0.64% |
| Interest Coverage | 17.8 | 0 |
| Asset Turnover | 0.40 | 0.17 |
| Fixed Asset Turnover | 47.0 | 0 |
| Payout Ratio | 0 | 0 |
| Dividend Yield | 0% | 0% |
Interpretation of the Ratios
Centrus Energy Corp.
Centrus Energy shows a generally favorable financial profile with a strong net margin of 16.56% and an impressive return on equity at 45.35%. However, its return on invested capital is weak at 4.02%, and the price-to-book ratio is elevated at 6.73, indicating possible overvaluation concerns. The company does not pay dividends, likely focusing on reinvestment or growth strategies.
Ur-Energy Inc.
Ur-Energy presents several unfavorable ratios, including a negative net margin of -157.8% and a return on equity at -40.05%, reflecting operational and profitability challenges. Asset turnover is low at 0.17, and interest coverage is zero, signaling financial stress. The company also does not distribute dividends, which may be due to ongoing investments or losses.
Which one has the best ratios?
Centrus Energy Corp. exhibits a predominantly favorable set of ratios with profitability and liquidity strengths, contrasting with Ur-Energy Inc.’s multiple unfavorable indicators and financial difficulties. Based on the provided data, Centrus Energy’s ratios suggest a more stable financial condition relative to Ur-Energy’s weaker performance metrics.
Strategic Positioning
This section compares the strategic positioning of Centrus Energy Corp. and Ur-Energy Inc., focusing on market position, key segments, and exposure to technological disruption:
Centrus Energy Corp.
- Large market cap of 5.4B USD with notable competitive pressure in uranium industry.
- Operates through two segments: Low-Enriched Uranium sales and Technical Solutions services.
- Exposed to nuclear fuel technology and engineering innovations in uranium enrichment.
Ur-Energy Inc.
- Smaller market cap of 600M USD, focused on uranium exploration and mining in the US.
- Concentrated on uranium mineral acquisition, exploration, and development with 12 projects.
- Exposure primarily linked to mining operations and uranium market fluctuations.
Centrus Energy Corp. vs Ur-Energy Inc. Positioning
Centrus has a diversified approach combining product sales and technical services, enhancing revenue streams. Ur-Energy concentrates on uranium mining with a narrower scope, which may limit segment diversification but focuses expertise in exploration and development.
Which has the best competitive advantage?
Both companies exhibit very unfavorable MOAT evaluations with declining ROIC below WACC, indicating value destruction and decreasing profitability, offering no clear competitive advantage based on capital efficiency.
Stock Comparison
The stock price chart highlights contrasting trading dynamics over the past year, with Centrus Energy Corp. (LEU) showing a strong bullish trend despite recent deceleration, while Ur-Energy Inc. (URG) experienced a modest bearish trend with signs of recent slight recovery.
Trend Analysis
Centrus Energy Corp. (LEU) posted a robust bullish trend over the past 12 months with a 595.57% price increase, though the trend shows deceleration. The stock ranged from $35.36 to $383.0, featuring high volatility (std deviation 97.12). Recent months showed a -20.05% decline.
Ur-Energy Inc. (URG) recorded a bearish trend with a -3.53% price change over the past year, accompanied by low volatility (std deviation 0.31) and accelerating downward momentum. However, recent weeks showed a slight 2.5% price increase, indicating minor recovery.
Comparing both stocks, Centrus Energy Corp. (LEU) delivered substantially higher market performance over the past year despite recent pullbacks, outperforming Ur-Energy Inc. (URG) which had a mild overall decline.
Target Prices
The consensus target prices from verified analysts provide a clear outlook for Centrus Energy Corp. and Ur-Energy Inc.
| Company | Target High | Target Low | Consensus |
|---|---|---|---|
| Centrus Energy Corp. | 390 | 125 | 288.4 |
| Ur-Energy Inc. | 2.6 | 2.15 | 2.38 |
Analysts expect Centrus Energy’s price to slightly rise from its current 306.19 USD, while Ur-Energy’s target consensus suggests substantial upside potential from its current 1.64 USD.
Analyst Opinions Comparison
This section compares analysts’ ratings and financial scores for Centrus Energy Corp. and Ur-Energy Inc.:
Rating Comparison
LEU Rating
- Rating: B, indicating a very favorable overall rating status.
- Discounted Cash Flow Score: 4, considered favorable for future cash flow value.
- ROE Score: 5, very favorable in generating profit from shareholders’ equity.
- ROA Score: 4, favorable in utilizing assets to generate earnings.
- Debt To Equity Score: 1, very unfavorable indicating higher financial risk.
- Overall Score: 3, moderate overall financial standing.
URG Rating
- Rating: D+, indicating a very unfavorable overall rating status.
- Discounted Cash Flow Score: 1, very unfavorable for future cash flow value.
- ROE Score: 1, very unfavorable in generating profit from shareholders’ equity.
- ROA Score: 1, very unfavorable in utilizing assets to generate earnings.
- Debt To Equity Score: 2, moderate indicating somewhat better financial risk.
- Overall Score: 1, very unfavorable overall financial standing.
Which one is the best rated?
Based strictly on the provided data, Centrus Energy Corp. (LEU) is better rated overall with a “B” rating and higher scores across key metrics, despite its weak debt-to-equity score. Ur-Energy Inc. (URG) holds a lower “D+” rating with very unfavorable scores in most categories.
Scores Comparison
Here is a comparison of the Altman Z-Score and Piotroski Score for the two companies:
Centrus Energy Corp. Scores
- Altman Z-Score: 2.70, indicating moderate bankruptcy risk in the grey zone.
- Piotroski Score: 5, reflecting average financial strength.
Ur-Energy Inc. Scores
- Altman Z-Score: 0.60, indicating high bankruptcy risk in the distress zone.
- Piotroski Score: 2, reflecting very weak financial strength.
Which company has the best scores?
Centrus Energy Corp. has better scores with a higher Altman Z-Score in the grey zone and a stronger Piotroski Score of 5 versus Ur-Energy’s distress zone and very weak Piotroski score of 2.
Grades Comparison
The following is a comparison of the recent reliable grades issued by recognized financial institutions for the two companies:
Centrus Energy Corp. Grades
This table summarizes the latest grades and actions from reputable 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 |
Grades for Centrus Energy Corp. predominantly range between Neutral and Buy, with one Outperform rating and a recent downgrade from Buy to Neutral by B of A Securities.
Ur-Energy Inc. Grades
Below is a summary of recent grading actions from established institutions for Ur-Energy Inc.:
| Grading Company | Action | New Grade | Date |
|---|---|---|---|
| HC Wainwright & Co. | Maintain | Buy | 2025-11-04 |
| B. Riley Securities | Maintain | Buy | 2025-09-25 |
| Roth Capital | Maintain | Buy | 2025-09-23 |
| HC Wainwright & Co. | Maintain | Buy | 2025-04-15 |
| HC Wainwright & Co. | Maintain | Buy | 2025-02-11 |
| Roth MKM | Maintain | Buy | 2024-10-23 |
| B. Riley Securities | Maintain | Buy | 2024-08-20 |
| HC Wainwright & Co. | Maintain | Buy | 2024-08-14 |
| HC Wainwright & Co. | Maintain | Buy | 2024-07-17 |
| Roth MKM | Maintain | Buy | 2024-05-09 |
Ur-Energy Inc. consistently receives Buy ratings, with no downgrades or Neutral ratings in the recent period.
Which company has the best grades?
Ur-Energy Inc. holds a stronger consensus with predominantly Buy ratings, while Centrus Energy Corp. shows a mixed trend with several Neutral and Buy grades. This difference may influence investor sentiment, with Ur-Energy perceived as having a more favorable outlook.
Strengths and Weaknesses
Below is a comparison of key strengths and weaknesses for Centrus Energy Corp. (LEU) and Ur-Energy Inc. (URG) based on the most recent financial and operational data.
| Criterion | Centrus Energy Corp. (LEU) | Ur-Energy Inc. (URG) |
|---|---|---|
| Diversification | Moderately diversified with product and service segments; strong focus on Separative Work Units (246.8M USD in 2024) and uranium | Limited diversification; primarily focused on uranium mining with fewer revenue streams |
| Profitability | Favorable net margin (16.56%) and ROE (45.35%); however, ROIC (4.02%) below WACC indicates inefficient capital use | Negative net margin (-157.8%) and ROE (-40.05%); significant losses and declining profitability |
| Innovation | Strong fixed asset turnover (47.02) suggests efficient asset utilization and operational innovation | Low asset and fixed asset turnover (0.17 and 0), indicating poor operational efficiency |
| Global presence | Established global operations with consistent revenue growth in uranium and enrichment services | Smaller global footprint with limited market reach and higher financial risk |
| Market Share | Stable market share supported by growing revenues in separative work units and uranium segments | Market share is weaker due to financial distress and shrinking operational capacity |
In summary, Centrus Energy Corp. shows stronger profitability and operational efficiency despite some capital use challenges, while Ur-Energy struggles with significant losses and inefficiencies. Investors seeking stability and moderate growth may prefer Centrus, whereas Ur-Energy presents higher risk with uncertain returns.
Risk Analysis
Below is a comparative table of key risks for Centrus Energy Corp. (LEU) and Ur-Energy Inc. (URG) based on the latest 2024 data:
| Metric | Centrus Energy Corp. (LEU) | Ur-Energy Inc. (URG) |
|---|---|---|
| Market Risk | Beta 1.25, moderate volatility | Beta 1.04, moderate volatility |
| Debt Level | Debt-to-assets 14.36% (favorable), D/E 0.97 (neutral) | Debt-to-assets 0.64% (favorable), D/E 0.01 (favorable) |
| Regulatory Risk | High, due to nuclear fuel industry regulations | High, uranium mining permits and environmental compliance |
| Operational Risk | Moderate, relies on technical services segment | Higher, dependent on exploration and mining operations |
| Environmental Risk | Significant, nuclear fuel handling and waste concerns | Significant, mining environmental impact and reclamation |
| Geopolitical Risk | Moderate, operations in US and international markets | Moderate, US-based but sensitive to global uranium demand |
The most impactful risks are regulatory and environmental, given the nuclear and uranium sectors’ strict oversight and public scrutiny. Centrus shows stronger financial resilience but faces complex technical and market risks. Ur-Energy’s financial distress signals heighten operational and market risks despite low debt. Investors should weigh regulatory landscape shifts and environmental liabilities carefully when considering these stocks.
Which Stock to Choose?
Centrus Energy Corp. (LEU) shows favorable income growth with a 78.8% revenue increase over 2020-2024, supported by strong profitability metrics like a 16.56% net margin and a 45.35% ROE. Its debt profile is moderate with a 14.36% debt-to-assets ratio, and the overall financial ratios evaluation is favorable. The company’s rating is very favorable with a B grade, despite some unfavorable valuation ratios.
Ur-Energy Inc. (URG) displays strong revenue growth of 305.32% over the same period but suffers from negative profitability, including a -157.8% net margin and -40.05% ROE. Debt levels are low, indicated by a 0.64% debt-to-assets ratio, but financial ratios are largely unfavorable. Its rating is very unfavorable with a D+ grade, reflecting weak financial health and declining profitability.
Considering rating and financial metrics, LEU’s favorable income statement and ratio profile might appeal to investors seeking quality and profitability, whereas URG’s significant revenue growth amid financial challenges may be more relevant to risk-tolerant growth investors. Both companies show value destruction in MOAT evaluations, suggesting caution in capital allocation decisions.
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 Ur-Energy Inc. to enhance your investment decisions:
