In the ever-evolving landscape of the uranium industry, two companies stand out: Energy Fuels Inc. (UUUU) and Denison Mines Corp. (DNN). Both firms are positioned within the same sector and share overlapping markets, but their approaches to innovation and project development differ significantly. Energy Fuels focuses on extraction and recovery in the U.S., while Denison Mines emphasizes exploration and development in Canada. In this article, I will analyze these two companies to help you determine which presents a more compelling investment opportunity.
Table of contents
Company Overview
Energy Fuels Inc. Overview
Energy Fuels Inc. (UUUU) is a prominent player in the uranium sector, focusing on the extraction and recovery of uranium in the United States. Headquartered in Lakewood, Colorado, the company boasts a robust portfolio that includes several key projects such as the Nichols Ranch, Jane Dough, and Hank projects in Wyoming, as well as the Alta Mesa project in Texas. Energy Fuels operates the White Mesa Mill in Utah, positioning itself as a leader in uranium recovery. With a market cap of approximately $3.42B and a workforce of 1,260 employees, Energy Fuels aims to capitalize on the growing demand for nuclear energy and the critical role uranium plays in this sector.
Denison Mines Corp. Overview
Denison Mines Corp. (DNN) specializes in uranium properties, primarily in Canada, where it engages in exploration, development, and extraction activities. The company is best known for its flagship Wheeler River project, situated in the highly regarded Athabasca Basin of Saskatchewan, which represents a significant portion of its operations. Founded in 1997 and headquartered in Toronto, Denison has a market cap of around $2.30B and employs 65 professionals. The firm emphasizes sustainable practices and innovation within the uranium mining industry, aligning with the global shift toward clean energy solutions.
Key similarities and differences
Both Energy Fuels and Denison Mines operate in the uranium sector, focusing on extraction and processing to meet the growing energy demands. However, while Energy Fuels primarily operates in the U.S. with a diverse set of projects, Denison Mines is oriented towards Canadian properties, particularly the Athabasca Basin. Their operational scale and employee numbers also differ significantly, with Energy Fuels having a larger workforce and market capitalization.
Income Statement Comparison
Below is a comparison of the most recent income statements for Energy Fuels Inc. and Denison Mines Corp. This table provides a snapshot of key financial metrics to help you assess their performance.
| Metric | Energy Fuels Inc. (UUUU) | Denison Mines Corp. (DNN) |
|---|---|---|
| Market Cap | 3.42B | 2.30B |
| Revenue | 78.11M | 4.02M |
| EBITDA | -43.02M | -81.79M |
| EBIT | -48.21M | -91.72M |
| Net Income | -47.77M | -91.12M |
| EPS | -0.28 | -0.10 |
| Fiscal Year | 2024 | 2024 |
Interpretation of Income Statement
The income statements reveal contrasting performances between Energy Fuels and Denison Mines. Energy Fuels showed a notable increase in revenue to 78.11M in 2024, a significant rise from 37.93M in 2023, although it still reported a net loss of 47.77M. In contrast, Denison Mines experienced a revenue increase from 1.86M in 2023 to 4.02M in 2024 but remains in a challenging position with a net loss of 91.12M. Both companies struggled with negative EBITDA and EBIT, reflecting ongoing operational challenges. Energy Fuels’ revenue growth suggests potential recovery, while Denison’s performance indicates a need for strategic adjustments.
Financial Ratios Comparison
Below is a comparative analysis of the financial ratios for Energy Fuels Inc. (UUUU) and Denison Mines Corp. (DNN). This will help investors understand their relative performance.
| Metric | UUUU | DNN |
|---|---|---|
| ROE | -9.05% | -16.15% |
| ROIC | -6.67% | -10.03% |
| P/E | -18.47 | 21.99 |
| P/B | 1.67 | 3.10 |
| Current Ratio | 3.88 | 3.65 |
| Quick Ratio | 2.76 | 3.54 |
| D/E | 0.004 | 0.00 |
| Debt-to-Assets | 0.0036 | 0.00 |
| Interest Coverage | 0.00 | 0.00 |
| Asset Turnover | 0.12 | 0.01 |
| Fixed Asset Turnover | 1.42 | 0.02 |
| Payout ratio | 0% | 0% |
| Dividend yield | 0% | 0% |
Interpretation of Financial Ratios
Both companies exhibit significant challenges, reflected in negative returns on equity (ROE) and invested capital (ROIC). UUUU’s ratios indicate a better liquidity position with a higher current and quick ratio compared to DNN. However, both companies lack profitability, as evidenced by negative P/E ratios for UUUU and an inflated P/E for DNN, suggesting market caution. Investors should consider these factors and the high risk associated with both stocks before making investment decisions.
Dividend and Shareholder Returns
Neither Energy Fuels Inc. (UUUU) nor Denison Mines Corp. (DNN) currently pay dividends. Both companies are in a high-growth phase, prioritizing reinvestment in operations and capital projects over immediate shareholder returns. This strategy might align with long-term value creation, albeit at the risk of investor dissatisfaction in the short term. Notably, both firms engage in share buyback programs, indicating a commitment to returning value to shareholders when possible. Overall, their focus on growth may support sustainable value creation in the long run, provided operational challenges are effectively managed.
Strategic Positioning
In the uranium market, Energy Fuels Inc. (UUUU) holds a market cap of 3.42B, significantly outpacing Denison Mines Corp. (DNN) at 2.30B. UUUU’s production capabilities, particularly from projects in Wyoming and Texas, position it strongly against competitors, receiving notable attention due to rising uranium demand. Meanwhile, DNN focuses on its flagship Wheeler River project, facing competitive pressure as technological advancements and regulatory changes reshape the industry landscape. Both companies must navigate volatility and market disruptions to maintain their positions.
Stock Comparison
Over the past year, both Energy Fuels Inc. (UUUU) and Denison Mines Corp. (DNN) have exhibited significant movements in their stock prices, showcasing a bullish sentiment despite varying degrees of volatility.
Trend Analysis
Analyzing the stock price trends over the past year reveals the following insights:
Energy Fuels Inc. (UUUU)
- Percentage Change: +114.29%
- Trend Direction: Bullish
- Notable Highs/Lows: Highest price at 21.37 and lowest at 3.45
- Acceleration Status: Deceleration
- Volatility: Standard deviation of 3.95 indicates higher volatility
- The recent trend from September 14, 2025, to November 30, 2025, shows a percentage change of +20.7%, with a slight trend slope of -0.01, suggesting a minor decline in momentum.
Denison Mines Corp. (DNN)
- Percentage Change: +54.22%
- Trend Direction: Bullish
- Notable Highs/Lows: Highest price at 3.17 and lowest at 1.19
- Acceleration Status: Deceleration
- Volatility: Standard deviation of 0.39 indicates lower volatility compared to UUUU
- The recent trend from September 14, 2025, to November 30, 2025, shows a percentage change of +8.02%, with a trend slope of -0.01, indicating a slight reduction in upward momentum.
In summary, both stocks are in a bullish phase, but it’s essential to monitor the trends closely as momentum appears to be decelerating for both companies.
Analyst Opinions
Recent analyst recommendations for Energy Fuels Inc. (UUUU) indicate a cautious stance, with a rating of D+. Analysts highlight concerns about the company’s financial metrics, particularly in return on equity and debt-to-equity ratios. In contrast, Denison Mines Corp. (DNN) holds a slightly better rating of C-, suggesting moderate potential. Analysts cite improved cash flow projections as a positive sign for DNN. The consensus for both stocks leans towards selling, as the risks currently outweigh the potential rewards.
Stock Grades
In this section, I’ll present the latest stock ratings for Energy Fuels Inc. (UUUU) and Denison Mines Corp. (DNN) based on reliable grading data.
Energy Fuels Inc. Grades
| Grading Company | Action | New Grade | Date |
|---|---|---|---|
| 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 |
| HC Wainwright & Co. | Maintain | Buy | 2024-12-11 |
Denison Mines Corp. Grades
| Grading Company | Action | New Grade | Date |
|---|---|---|---|
| Roth MKM | Maintain | Buy | 2024-10-23 |
| TD Securities | Maintain | Speculative Buy | 2023-06-27 |
| Raymond James | Maintain | Outperform | 2023-06-27 |
| TD Securities | Maintain | Speculative Buy | 2023-06-26 |
| Raymond James | Maintain | Outperform | 2023-06-26 |
| Credit Suisse | Downgrade | Underperform | 2017-07-18 |
| Credit Suisse | Downgrade | Underperform | 2017-07-17 |
| Roth Capital | Maintain | Buy | 2016-02-10 |
| Credit Suisse | Upgrade | Neutral | 2014-04-01 |
| Credit Suisse | Upgrade | Neutral | 2014-03-31 |
Overall, Energy Fuels Inc. has a mixed outlook, with a recent downgrade to “Sell” from Roth Capital, while several firms maintain a “Buy” rating. Denison Mines Corp. shows consistent support with “Buy” and “Outperform” ratings, indicating a generally positive sentiment among analysts.
Target Prices
The consensus target prices for Energy Fuels Inc. and Denison Mines Corp. show significant potential upside.
| Company | Target High | Target Low | Consensus |
|---|---|---|---|
| Energy Fuels Inc. (UUUU) | 26.75 | 11.5 | 19.13 |
| Denison Mines Corp. (DNN) | 2.6 | 2.6 | 2.6 |
For Energy Fuels Inc. (UUUU), the consensus target price of 19.13 indicates a substantial potential upside compared to its current price of 14.4. Similarly, Denison Mines Corp. (DNN) has a target consensus of 2.6, suggesting that analysts expect it to reach this level in the near term, aligning closely with its current price of 2.56.
Strengths and Weaknesses
The following table outlines the strengths and weaknesses of Energy Fuels Inc. (UUUU) and Denison Mines Corp. (DNN) based on their recent performance metrics.
| Criterion | Energy Fuels Inc. (UUUU) | Denison Mines Corp. (DNN) |
|---|---|---|
| Diversification | Limited project portfolio | Focused on uranium projects |
| Profitability | Negative profit margins | Positive profit margins |
| Innovation | Moderate investment in tech | Higher R&D spending |
| Global presence | Primarily US-based | Canadian focus |
| Market Share | Moderate | Growing in local markets |
| Debt level | Very low | No debt |
Key takeaways indicate that while Energy Fuels Inc. has a very low debt level, it struggles with profitability. In contrast, Denison Mines shows positive profit margins despite being heavily focused on the Canadian market.
Risk Analysis
In the following table, I outline the key risks associated with Energy Fuels Inc. (UUUU) and Denison Mines Corp. (DNN) based on the most recent data available.
| Metric | Energy Fuels Inc. (UUUU) | Denison Mines Corp. (DNN) |
|---|---|---|
| Market Risk | High | High |
| Regulatory Risk | Moderate | High |
| Operational Risk | High | High |
| Environmental Risk | Moderate | Moderate |
| Geopolitical Risk | Moderate | High |
Both companies face significant market and operational risks inherent in the uranium sector, particularly with fluctuating demand and regulatory scrutiny. Denison has a higher regulatory and geopolitical risk due to its Canadian operations, which may be affected by changes in governmental policies.
Which one to choose?
When comparing Energy Fuels Inc. (UUUU) and Denison Mines Corp. (DNN), it is evident that both companies face challenges. UUUU’s financial metrics show a gross profit margin of 21.76% for 2024, but it suffers from negative net profitability (-61.15%). DNN has a better overall score with a C- rating and a recent net income of 90.37M CAD for 2023, indicating a stronger recovery. However, its current ratio stands at 3.65, suggesting potential liquidity concerns.
In terms of stock performance, UUUU has shown a bullish trend with a 114.29% increase over the last year, while DNN’s stock increased by 54.22%. For growth-oriented investors, UUUU may appear more attractive, while those prioritizing stability may prefer DNN due to its more favorable recent financial results.
Both companies face competitive and market risks, particularly in the volatile mining sector.
Disclaimer: This article is not financial advice. Each investor is responsible for their own investment decisions.
Go further
I encourage you to read the complete analyses of Energy Fuels Inc. and Denison Mines Corp. to enhance your investment decisions:
