Uranium Energy Corp. (UEC) and Denison Mines Corp. (DNN) are two prominent players in the uranium industry, each focusing on exploration and production in North America. UEC operates mainly in the United States and Paraguay, while Denison Mines is centered in Canada’s Athabasca Basin. Both companies emphasize innovation and resource development in a critical energy sector. In this article, I will help you determine which stock offers the most compelling investment opportunity.
Table of contents
Companies Overview
I will begin the comparison between Uranium Energy Corp. and Denison Mines Corp. by providing an overview of these two companies and their main differences.
Uranium Energy Corp. Overview
Uranium Energy Corp. focuses on exploration, pre-extraction, extraction, and processing of uranium and titanium concentrates across the United States, Canada, and Paraguay. The company holds interests in multiple projects, including mines in Texas, Arizona, Colorado, Wyoming, Canada, and Paraguay. Incorporated in 2003 and based in Corpus Christi, Texas, UEC plays a significant role in the uranium industry with a market cap of approximately 7.13B USD.
Denison Mines Corp. Overview
Denison Mines Corp. specializes in the acquisition, exploration, development, extraction, processing, and sale of uranium properties in Canada. Its core asset is the Wheeler River uranium project in Saskatchewan. Founded in 1997 and headquartered in Toronto, Denison operates primarily within the Canadian uranium sector. The company’s market capitalization stands near 3B USD, reflecting its focused regional presence.
Key similarities and differences
Both UEC and Denison operate in the uranium industry and are listed on the NYSE Arca exchange under the energy sector. They engage in uranium exploration and extraction but differ in geographic focus: UEC operates mainly in the US and Paraguay, while Denison concentrates on Canada. UEC’s market cap is more than double that of Denison, and it employs more staff, indicating a larger operational scale. Denison shows a higher beta, suggesting greater stock price volatility.
Income Statement Comparison
The table below compares the most recent full fiscal year income statement metrics for Uranium Energy Corp. and Denison Mines Corp., providing a snapshot of their financial performance.
| Metric | Uranium Energy Corp. (UEC) | Denison Mines Corp. (DNN) |
|---|---|---|
| Market Cap | 7.13B USD | 2.97B CAD |
| Revenue | 66.8M USD | 4.02M CAD |
| EBITDA | -84.5M USD | -81.8M CAD |
| EBIT | -89.0M USD | -91.7M CAD |
| Net Income | -87.7M USD | -91.1M CAD |
| EPS | -0.20 USD | -0.10 CAD |
| Fiscal Year | 2025 | 2024 |
Income Statement Interpretations
Uranium Energy Corp.
Uranium Energy Corp. experienced volatile revenue from 2021 to 2025, with a significant spike in 2023 followed by a steep decline in 2024 and a rebound in 2025. Despite a favorable gross margin of 36.62% in 2025, the company recorded negative net income, with a net margin of -131.15%. The most recent year showed strong revenue growth but worsening EBIT and net income margins.
Denison Mines Corp.
Denison Mines Corp. faced declining overall revenue and net income from 2020 to 2024, with a slight revenue increase in 2024. The gross margin remained negative at -19.69% in 2024, and net margin deteriorated to -2264.95%. The latest fiscal year reflected unfavorable EBIT and net income growth, continuing a downward trend in profitability despite a moderate improvement in revenue.
Which one has the stronger fundamentals?
Both companies exhibit unfavorable overall income statement evaluations, but Uranium Energy Corp. shows relatively better gross margin and revenue growth trends compared to Denison Mines Corp., which suffers from persistently negative margins and declining income metrics. Nonetheless, both companies present considerable profitability challenges, reflected in their negative EBIT and net margins.
Financial Ratios Comparison
The table below presents a side-by-side comparison of key financial ratios for Uranium Energy Corp. (UEC) and Denison Mines Corp. (DNN) based on their most recent fiscal year data.
| Ratios | Uranium Energy Corp. (UEC) FY 2025 | Denison Mines Corp. (DNN) FY 2024 |
|---|---|---|
| ROE | -8.9% | -16.1% |
| ROIC | -6.6% | -10.0% |
| P/E | -42.3 | -25.3 |
| P/B | 3.77 | 4.09 |
| Current Ratio | 8.85 | 3.65 |
| Quick Ratio | 5.85 | 3.54 |
| D/E (Debt-to-Equity) | 0.0023 | 0 |
| Debt-to-Assets | 0.21% | 0 |
| Interest Coverage | -50.7 | -586.3 |
| Asset Turnover | 0.06 | 0.0061 |
| Fixed Asset Turnover | 0.086 | 0.0155 |
| Payout ratio | 0 | 0 |
| Dividend yield | 0% | 0% |
Interpretation of the Ratios
Uranium Energy Corp.
Uranium Energy Corp. shows mostly weak financial ratios in 2025, with unfavorable net margin (-131.15%), ROE (-8.91%), and asset turnover (0.06). However, it benefits from a favorable quick ratio (5.85) and no debt, indicating solid liquidity and low leverage. The company pays no dividends, reflecting possible reinvestment in exploration and development phases.
Denison Mines Corp.
Denison Mines Corp. also displays predominantly weak ratios in 2024, including a severely negative net margin (-2264.95%) and ROE (-16.15%), with low asset turnover (0.01). Its quick ratio (3.54) and zero debt are favorable, but the overall financial health remains challenged. Denison Mines does not pay dividends, likely prioritizing project development and capital allocation for growth.
Which one has the best ratios?
Both companies have an unfavorable overall ratio profile, with 64% to 71% of their ratios deemed unfavorable. Uranium Energy Corp. holds slightly better liquidity and leverage metrics, while Denison Mines faces a more acute profitability deficit. Neither company currently supports shareholder returns through dividends, reflecting industry risks and capital demands.
Strategic Positioning
This section compares the strategic positioning of Uranium Energy Corp. and Denison Mines Corp., including market position, key segments, and exposure to technological disruption:
Uranium Energy Corp.
- Larger market cap of 7.1B USD; moderate competitive pressure in uranium sector.
- Engaged in uranium exploration, extraction, and processing across US, Canada, Paraguay.
- No explicit data on exposure to technological disruption in uranium mining provided.
Denison Mines Corp.
- Smaller market cap of 3B USD; faces higher beta and volatility in uranium mining.
- Focused on uranium acquisition, exploration, and development mainly in Canada’s Athabasca Basin.
- No explicit data on exposure to technological disruption in uranium mining provided.
Uranium Energy Corp. vs Denison Mines Corp. Positioning
Uranium Energy Corp. shows a diversified geographic footprint and multiple projects, while Denison Mines concentrates on Canadian uranium assets. UEC’s broader operations may offer scale benefits; DNN’s focus may limit diversification but concentrate expertise regionally.
Which has the best competitive advantage?
Both companies are currently shedding value with ROIC below WACC; however, UEC shows a growing ROIC trend, indicating slight improvement, whereas DNN’s profitability remains stable but unfavorable, suggesting a weaker competitive moat.
Stock Comparison
The stock prices of Uranium Energy Corp. and Denison Mines Corp. have shown significant bullish momentum over the past 12 months, with notable price increases and evolving trading dynamics in the recent quarter.
Trend Analysis
Uranium Energy Corp. (UEC) experienced a 99.73% price increase over the past year, reflecting a strong bullish trend with deceleration. The price ranged between 4.22 and 15.13, with volatility measured by a 2.82 standard deviation.
Denison Mines Corp. (DNN) posted a 71.5% gain over the same period, confirming a bullish trend with acceleration. Price volatility remained low, with a 0.44 standard deviation and prices fluctuating from 1.19 to 3.31.
Comparing both stocks, UEC delivered the highest market performance in the last year, outperforming DNN by a wide margin in percentage price growth.
Target Prices
Analysts present a clear target price consensus for Uranium Energy Corp. and Denison Mines Corp.
| Company | Target High | Target Low | Consensus |
|---|---|---|---|
| Uranium Energy Corp. | 19.75 | 14.00 | 17.08 |
| Denison Mines Corp. | 2.60 | 2.60 | 2.60 |
The target consensus for Uranium Energy Corp. suggests a potential upside from the current price of $14.76 to around $17.08 on average. In contrast, Denison Mines Corp.’s consensus target at $2.60 is significantly below its current $3.31 price, indicating mixed expectations.
Analyst Opinions Comparison
This section compares analysts’ ratings and grades for Uranium Energy Corp. and Denison Mines Corp.:
Rating Comparison
UEC Rating
- Rating: D+, considered Very Favorable by evaluators.
- Discounted Cash Flow Score: 1, indicating Very Unfavorable valuation.
- ROE Score: 1, rated Very Unfavorable for profitability efficiency.
- ROA Score: 1, Very Unfavorable for asset utilization.
- Debt To Equity Score: 1, Very Unfavorable, reflecting higher financial risk.
- Overall Score: 1, Very Unfavorable overall financial standing.
DNN Rating
- Rating: C-, also deemed Very Favorable by analysts.
- Discounted Cash Flow Score: 3, indicating a Moderate valuation.
- ROE Score: 1, also Very Unfavorable in generating profit from equity.
- ROA Score: 1, Very Unfavorable in asset utilization.
- Debt To Equity Score: 1, Very Unfavorable, showing elevated financial risk.
- Overall Score: 1, similarly Very Unfavorable overall rating.
Which one is the best rated?
Both companies share an identical overall financial score of 1, deemed Very Unfavorable. However, Denison Mines holds a higher Discounted Cash Flow Score of 3, suggesting a comparatively better valuation metric than Uranium Energy Corp.
Scores Comparison
Here is a comparison of the Altman Z-Score and Piotroski Score for Uranium Energy Corp. and Denison Mines Corp.:
UEC Scores
- Altman Z-Score: 30.44, indicating a safe zone.
- Piotroski Score: 2, classified as very weak.
DNN Scores
- Altman Z-Score: 0.73, indicating distress zone.
- Piotroski Score: 4, classified as average.
Which company has the best scores?
Based on the Altman Z-Score, UEC shows strong financial stability, while DNN is in financial distress. However, DNN’s Piotroski Score is better, indicating relatively stronger financial health compared to UEC’s very weak score.
Grades Comparison
Here is a comparison of the recent grades assigned to Uranium Energy Corp. and Denison Mines Corp.:
Uranium Energy Corp. Grades
This table summarizes recent grades from reputable financial institutions for Uranium Energy Corp.:
| Grading Company | Action | New Grade | Date |
|---|---|---|---|
| Roth Capital | Maintain | Buy | 2025-12-11 |
| Goldman Sachs | Maintain | Buy | 2025-09-26 |
| Roth Capital | Maintain | Buy | 2025-09-25 |
| HC Wainwright & Co. | Maintain | Buy | 2025-09-25 |
| BMO Capital | Downgrade | Market Perform | 2025-09-25 |
| Roth Capital | Maintain | Buy | 2025-09-03 |
| HC Wainwright & Co. | Maintain | Buy | 2025-08-06 |
| HC Wainwright & Co. | Maintain | Buy | 2025-03-13 |
| HC Wainwright & Co. | Maintain | Buy | 2024-12-09 |
| Roth MKM | Maintain | Buy | 2024-10-23 |
Uranium Energy Corp. has mostly maintained Buy ratings with one recent downgrade to Market Perform, indicating a generally positive outlook.
Denison Mines Corp. Grades
This table details recent grades from recognized grading firms for Denison Mines Corp.:
| 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 |
Denison Mines Corp. shows a mix of Buy, Speculative Buy, and Outperform ratings more recently, with older downgrades and upgrades reflecting some volatility in analyst opinions.
Which company has the best grades?
Uranium Energy Corp. holds a consistently positive grade trend with multiple Buy ratings recently maintained, while Denison Mines Corp. has a broader range including Speculative Buy and Outperform but less recent data. Investors may interpret Uranium Energy Corp.’s steadier grades as a sign of more stable analyst confidence.
Strengths and Weaknesses
The table below summarizes the key strengths and weaknesses of Uranium Energy Corp. (UEC) and Denison Mines Corp. (DNN) based on their recent financial and operational data.
| Criterion | Uranium Energy Corp. (UEC) | Denison Mines Corp. (DNN) |
|---|---|---|
| Diversification | Limited product range, mainly uranium inventory sales (~$67M in 2025) | Limited diversification, no reported revenue segmentation |
| Profitability | Unfavorable margins (net margin -131%), ROIC -6.57%, but improving ROIC trend | Highly unfavorable profitability (net margin -2265%, ROIC -10%), stable but negative ROIC trend |
| Innovation | Moderate, with slight improvement in ROIC indicating potential efficiency gains | Low innovation signals, stable but negative returns suggest limited growth drivers |
| Global presence | Moderate, uranium market is global but company is primarily US-focused | Moderate global exposure in uranium sector, but limited revenue growth |
| Market Share | Growing inventory sales indicate some market traction | Market share appears weak due to lack of revenue growth and profitability |
Key takeaways: Both companies face significant profitability challenges and value destruction, with UEC showing some improvement in capital efficiency. Neither offers strong diversification or innovation advantages currently. Investors should exercise caution and monitor profitability trends closely.
Risk Analysis
Below is a comparative table highlighting key risks associated with Uranium Energy Corp. (UEC) and Denison Mines Corp. (DNN) as of the most recent fiscal years:
| Metric | Uranium Energy Corp. (UEC) | Denison Mines Corp. (DNN) |
|---|---|---|
| Market Risk | Moderate (Beta 1.24) | High (Beta 1.89) |
| Debt level | Low (Debt/Equity 0.0, Debt to Assets 0.21%) | Very Low (Debt/Equity 0.0, Debt to Assets 0%) |
| Regulatory Risk | Moderate (US & Canada uranium mining regulations) | Moderate (Canadian uranium mining regulations) |
| Operational Risk | Moderate (Multiple projects in US, Canada, Paraguay) | High (Single flagship project Wheeler River) |
| Environmental Risk | Moderate (Uranium and titanium mining) | High (Uranium mining in sensitive Athabasca Basin) |
| Geopolitical Risk | Moderate (Operations in US, Canada, Paraguay) | Moderate (Canadian operations, geopolitical stability) |
In synthesis, Denison Mines faces higher market and operational risks due to its greater beta and reliance on a single major project in a geopolitically sensitive region. Both companies have low debt levels, reducing financial risk, but Denison’s Altman Z-score in the distress zone signals a higher bankruptcy risk. Uranium Energy shows weaker profitability but a safer financial position and more diversified operations. Investors should weigh Denison’s higher potential volatility against Uranium Energy’s operational breadth and financial stability.
Which Stock to Choose?
Uranium Energy Corp. (UEC) shows a mixed income evolution with strong recent revenue growth of nearly 30,000% but overall unfavorable profitability and net margin. Its financial ratios mostly appear unfavorable despite solid liquidity and low debt levels. The company’s rating is very favorable, yet score evaluations indicate weak financial health.
Denison Mines Corp. (DNN) exhibits positive revenue growth of 117% last year but suffers from poor profitability and large negative net margins overall. Its financial ratios are predominantly unfavorable with moderate liquidity and zero debt. The rating is very favorable, though financial stability scores place it in distress territory with average strength.
Considering ratings and the overall evaluation of income statements and financial ratios, UEC might appear more favorable for investors prioritizing growth potential amid improving profitability. Conversely, DNN could be interpreted as suited for those with tolerance for financial risk seeking exposure to a company with stable but unfavorable profitability metrics.
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 Uranium Energy Corp. and Denison Mines Corp. to enhance your investment decisions:
