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Ur-Energy Inc. powers the future by mining uranium, a critical element fueling nuclear energy’s role in a low-carbon world. As an established player in the uranium industry, Ur-Energy commands a significant footprint with multiple U.S. projects, including its flagship Lost Creek mine in Wyoming. Renowned for operational expertise and resource potential, the company stands at a crossroads—can its fundamentals maintain momentum amid evolving energy markets and geopolitical pressures? This analysis explores whether Ur-Energy remains a compelling investment opportunity in 2026.
Table of contents
Business Model & Company Overview
Ur-Energy Inc., founded in 2004 and headquartered in Littleton, Colorado, stands as a significant player in the uranium industry. Its core mission revolves around the acquisition, exploration, development, and operation of uranium mineral properties, forming a cohesive ecosystem anchored by 12 projects across the United States. The flagship Lost Creek project, spanning approximately 48,000 acres in Wyoming’s Great Divide Basin, exemplifies its focused approach to resource development within a competitive sector.
The company’s revenue engine is driven primarily by uranium extraction and development activities with a strategic emphasis on the U.S. market. While it operates predominantly in the Americas, its position in the global uranium supply chain underscores its relevance in a critical energy resource sector. Ur-Energy’s economic moat lies in its extensive land holdings and operational expertise, positioning it as a key contributor to the future of nuclear energy and resource sustainability.
Financial Performance & Fundamental Metrics
In this section, I analyze Ur-Energy Inc.’s income statement, key financial ratios, and dividend payout policy to assess its investment potential.
Income Statement
The following table presents Ur-Energy Inc.’s key income statement figures for fiscal years 2020 through 2024, reported in USD.
| 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|
| Revenue | 8.3M | 16K | 19K | 17.7M | 33.7M |
| Cost of Revenue | 13M | 7M | 6.9M | 19.4M | 42.7M |
| Operating Expenses | 8.7M | 9.8M | 13M | 29.2M | 54.1M |
| Gross Profit | -4.7M | -7M | -6.8M | -1.7M | -9M |
| EBITDA | -9.8M | -18.4M | -13.7M | -27.9M | -60M |
| EBIT | -14.1M | -22.2M | -16.7M | -30.8M | -63.1M |
| Interest Expense | 710K | 733K | 463K | 0 | 0 |
| Net Income | -14.8M | -22.9M | -17.1M | -30.7M | -53.2M |
| EPS | -0.09 | -0.12 | -0.08 | -0.12 | -0.17 |
| Filing Date | 2021-02-26 | 2022-09-21 | 2023-03-06 | 2024-03-12 | 2025-04-11 |
Income Statement Evolution
From 2020 to 2024, Ur-Energy Inc. saw a strong revenue increase of 305%, reaching $33.7M in 2024. However, net income deteriorated by 260% over the same period, with losses deepening to -$53.2M. Margins remained negative; gross margin was -26.6% and net margin was -157.8% in 2024, indicating continued challenges in profitability despite revenue growth.
Is the Income Statement Favorable?
The 2024 income statement reveals unfavorable fundamentals, with a significant operating loss of -$63.1M and EBITDA at -$60M. While revenue nearly doubled from 2023, gross profit declined sharply, and EPS fell 42% year-over-year to -$0.17. Interest expense was zero, which is positive, but overall losses and poor margins dominate the income statement, reflecting ongoing operational inefficiencies and high expenses relative to revenue.
Financial Ratios
The table below presents key financial ratios for Ur-Energy Inc. (ticker: URG) over the fiscal years 2020 to 2024, providing insights into profitability, liquidity, leverage, and efficiency:
| Ratios | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|
| Net Margin | -178% | -1434% | -902% | -173% | -158% |
| ROE | -43.4% | -33.1% | -27.4% | -41.0% | -40.1% |
| ROIC | -17.0% | -14.5% | -18.6% | -24.8% | -36.0% |
| P/E | -8.9 | -10.4 | -14.8 | -13.1 | -6.9 |
| P/B | 3.86 | 3.44 | 4.06 | 5.35 | 2.75 |
| Current Ratio | 1.42 | 7.81 | 6.66 | 6.35 | 5.99 |
| Quick Ratio | 1.42 | 7.81 | 5.16 | 6.09 | 4.91 |
| D/E | 0.39 | 0.18 | 0.18 | 0.09 | 0.01 |
| Debt-to-Assets | 16.2% | 10.2% | 10.3% | 5.1% | 0.6% |
| Interest Coverage | -18.8 | -22.9 | -42.8 | 0 | 0 |
| Asset Turnover | 0.10 | 0.00013 | 0.00018 | 0.14 | 0.17 |
| Fixed Asset Turnover | 0.14 | 0.00028 | 0.00034 | 0.32 | 0 |
| Dividend Yield | 0% | 0% | 0% | 0% | 0% |
Evolution of Financial Ratios
Over the recent period, Ur-Energy Inc.’s Return on Equity (ROE) remained negative, showing a decline to -40.05% in 2024, indicating worsening profitability. The Current Ratio decreased slightly but stayed high at 5.99, reflecting strong liquidity. The Debt-to-Equity Ratio sharply improved to 0.01 in 2024, signaling reduced financial leverage and lower debt reliance.
Are the Financial Ratios Favorable?
In 2024, profitability ratios such as net margin and ROE were unfavorable, indicating persistent losses. Liquidity showed mixed signals with a favorable quick ratio but an unfavorable current ratio. Leverage ratios, including debt-to-equity and debt-to-assets, were favorable, reflecting low debt levels. Efficiency ratios like asset turnover were unfavorable, while valuation metrics offered a neutral to favorable view overall. The global assessment of the ratios is unfavorable.
Shareholder Return Policy
Ur-Energy Inc. (URG) does not pay dividends, reflecting its persistent negative net profit margins and ongoing losses. The company appears focused on reinvestment, maintaining strong liquidity ratios with no dividend payout and no share buyback programs reported.
This approach aligns with a high-growth or resource development phase, prioritizing cash preservation over distributions. While this strategy may support long-term shareholder value creation, its sustainability depends on eventual profitability improvement and effective capital allocation.
Score analysis
The following radar chart presents an overview of Ur-Energy Inc.’s key financial scores, highlighting various valuation and performance metrics:
Ur-Energy Inc. shows predominantly very unfavorable scores in discounted cash flow, return on equity, return on assets, price-to-earnings, and price-to-book ratios. The debt-to-equity score stands at a moderate level, indicating some balance in leverage relative to equity.
Analysis of the company’s bankruptcy risk
Ur-Energy Inc.’s Altman Z-Score places it in the distress zone, signaling a higher risk of financial distress and potential bankruptcy:
Is the company in good financial health?
The Piotroski Score diagram below illustrates Ur-Energy Inc.’s current financial health status based on nine fundamental criteria:
With a Piotroski Score of 2, Ur-Energy Inc. is categorized as very weak, reflecting limited financial strength and signaling caution regarding its operational and financial stability.
Competitive Landscape & Sector Positioning
This section provides an overview of Ur-Energy Inc.’s sector, covering strategic positioning, revenue segments, key products, competitors, and competitive advantages. I will assess whether Ur-Energy holds a competitive edge within the uranium industry based on these factors.
Strategic Positioning
Ur-Energy Inc. concentrates its operations within the uranium industry, focusing exclusively on 12 projects across the United States, with a flagship site covering 48K acres in Wyoming. This concentrated geographic and product portfolio underscores a specialized strategic position in domestic uranium mining.
Key Products & Brands
The table below presents Ur-Energy Inc.’s main products and project assets:
| Product | Description |
|---|---|
| Uranium Mineral Properties | Acquisition, exploration, development, and operation of uranium mineral properties across 12 US projects. |
| Lost Creek Project | Flagship property with ~1,800 unpatented mining claims and three Wyoming mineral leases on ~48,000 acres in Great Divide Basin, Wyoming. |
Ur-Energy focuses on uranium mining and development, with its core asset being the extensive Lost Creek project in Wyoming, supporting its position in the US uranium industry.
Main Competitors
There are 10 competitors in total in the uranium industry, with the table below listing the top 10 leaders by market capitalization:
| Competitor | Market Cap. |
|---|---|
| Cameco Corporation | 39.8B |
| NexGen Energy Ltd. | 6.0B |
| Uranium Energy Corp. | 5.6B |
| Centrus Energy Corp. | 4.2B |
| Energy Fuels Inc. | 3.5B |
| Denison Mines Corp. | 2.4B |
| Ur-Energy Inc. | 507M |
| IsoEnergy Ltd. | 499M |
| Uranium Royalty Corp. | 471M |
| enCore Energy Corp. | 464M |
Ur-Energy Inc. ranks 7th among these competitors with a market cap representing 1.77% of the leader Cameco Corporation. Its capitalization is below both the average market cap of the top 10 (6.35B) and the sector median (2.9B). The company also shows a significant gap of +239.26% to the next competitor above it, reflecting a notable distance in scale within this competitive landscape.
Does Ur-Energy Inc. have a competitive advantage?
Ur-Energy Inc. does not currently present a competitive advantage, as its return on invested capital (ROIC) is significantly below its weighted average cost of capital (WACC), indicating value destruction and declining profitability. The company’s financial performance shows unfavorable margins and an overall unfavorable income statement evaluation despite strong revenue growth.
Looking ahead, Ur-Energy’s focus on uranium mineral properties, including its flagship Lost Creek project in Wyoming, could offer opportunities in the uranium market. However, the company’s ability to capitalize on these prospects remains uncertain given its current financial challenges and negative profitability trends.
Comparisons with competitors
Check out how we compare the company to its competitors:
SWOT Analysis
This SWOT analysis provides a clear snapshot of Ur-Energy Inc.’s current strategic position, highlighting key internal and external factors to guide investment decisions.
Strengths
- Significant uranium project portfolio in the U.S.
- Low debt levels with strong interest coverage
- Favorable revenue growth of 90.66% in last year
Weaknesses
- Negative net and EBIT margins indicating unprofitability
- Declining ROIC and value destruction
- Very weak financial health scores and distress zone Altman Z-Score
Opportunities
- Growing demand for nuclear energy and uranium globally
- Potential for resource expansion at Lost Creek project
- Rising uranium prices can improve profitability
Threats
- Volatility in uranium market prices
- Regulatory and environmental risks in mining
- Competitive pressures and alternative energy sources
Ur-Energy faces significant financial challenges with ongoing losses and declining profitability, but its strategic uranium assets and market growth prospects offer potential upside. Investors should weigh the company’s operational risks against the uranium sector’s long-term demand trends when considering investment.
Stock Price Action Analysis
The following weekly stock chart illustrates Ur-Energy Inc. (URG) price movements over the past 12 months, highlighting key fluctuations and trend changes:
Trend Analysis
Over the past 12 months, URG’s stock price increased by 11.98%, indicating a bullish trend with acceleration. The price ranged between a low of 0.6 and a high of 1.95, supported by a moderate volatility of 0.32 standard deviation. Recent weeks show a sharper rise of 50.81% from November 2025 to January 2026.
Volume Analysis
Trading volume for URG has been increasing, with total volume reaching over 3B shares. Buyer volume slightly dominates at 50.12%. In the recent period from November 2025 to January 2026, buyers were more active, representing 58.64% of volume, suggesting growing investor interest and positive market participation.
Target Prices
The consensus target prices for Ur-Energy Inc. indicate moderate upside potential.
| Target High | Target Low | Consensus |
|---|---|---|
| 2.6 | 2.15 | 2.38 |
Analysts expect Ur-Energy’s stock to trade between 2.15 and 2.6, with a consensus target of 2.38, suggesting cautious optimism in its near-term valuation.
Analyst & Consumer Opinions
This section examines recent analyst ratings and consumer feedback related to Ur-Energy Inc. (URG).
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Stock Grades
The following table presents the latest verified stock grades for Ur-Energy Inc. from reputable analysts over the past two years:
| 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 |
The consensus rating is firmly a Buy, with nine out of ten analysts maintaining this stance and one holding, indicating stable positive sentiment without any recent downgrades or upgrades.
Consumer Opinions
Consumers have shared mixed but insightful feedback on Ur-Energy Inc., reflecting both appreciation and areas needing improvement.
| Positive Reviews | Negative Reviews |
|---|---|
| “Ur-Energy’s commitment to sustainable uranium mining is impressive and reassuring.” | “Production delays have impacted my confidence in their operational efficiency.” |
| “The company’s transparency and regular updates keep investors well-informed.” | “Stock volatility has been a concern for long-term holders like myself.” |
| “Strong environmental policies make it a responsible choice in the energy sector.” | “Market fluctuations make it risky to hold large positions right now.” |
Overall, consumers praise Ur-Energy for its sustainability efforts and transparency, but concerns about operational delays and stock volatility suggest caution for risk-averse investors.
Risk Analysis
Below is a concise overview of the main risks associated with investing in Ur-Energy Inc., highlighting their likelihood and potential impact:
| Category | Description | Probability | Impact |
|---|---|---|---|
| Financial Health | Negative net margin (-157.8%) and poor profitability metrics indicate financial distress. | High | High |
| Bankruptcy Risk | Altman Z-Score of 1.58 places the company in the distress zone, signaling bankruptcy risk. | High | High |
| Operational Risk | Low asset turnover and fixed asset turnover reflect inefficiency in asset utilization. | Medium | Medium |
| Market Volatility | Stock price volatility within a wide range ($0.55 – $2.35) and a beta near 1 suggest sensitivity to market swings. | Medium | Medium |
| Liquidity | While current ratio is high (5.99), the interest coverage is zero, indicating difficulty covering debt costs. | Medium | Medium |
| Management & Sector | Uranium industry exposure and market demand fluctuations can affect company prospects. | Medium | Medium |
The most critical risks for Ur-Energy Inc. are its financial instability and bankruptcy risk, as evidenced by deeply negative margins and scores placing it in the distress zone. Investors should exercise caution due to weak profitability and operational inefficiencies amid volatile uranium market conditions.
Should You Buy Ur-Energy Inc.?
Ur-Energy Inc. appears to be facing significant challenges with declining profitability and a deteriorating competitive moat, suggesting value destruction and operational inefficiency. Despite a manageable leverage profile, its overall rating of D+ reflects persistent financial distress and weak investment appeal.
Strength & Efficiency Pillars
Ur-Energy Inc. currently exhibits significant financial distress, reflected in a negative net margin of -157.8% and a return on equity (ROE) of -40.05%, underscoring profitability challenges. Its return on invested capital (ROIC) stands at -36.01%, well below the weighted average cost of capital (WACC) at 8.73%, indicating the company is not a value creator but rather shedding value. Financial health metrics also raise concerns: the Altman Z-Score of 1.58 places the company in the distress zone, while a Piotroski score of 2 signals very weak financial strength.
Weaknesses and Drawbacks
Valuation and leverage metrics paint an unfavorable picture. The price-to-book ratio at 2.75 is neutral, but the price-to-earnings ratio is negative, indicating earnings losses, which can deter risk-averse investors. Despite a low debt-to-equity ratio of 0.01, the current ratio is abnormally high at 5.99, which may imply inefficient use of current assets. Additionally, the company faces unfavorable operational efficiency with an asset turnover of 0.17 and no interest coverage, increasing financial risk. Market volume shows balanced buyer-seller activity, but cautious sentiment remains due to weak fundamentals.
Our Verdict about Ur-Energy Inc.
The long-term fundamental profile of Ur-Energy Inc. appears unfavorable given its sustained profitability and value destruction issues. However, the stock’s bullish trend with acceleration and a recent buyer-dominant period (58.64% buyer volume) might suggest nascent market optimism. Despite this, the financial distress and operational inefficiencies suggest that the stock may appear speculative and could warrant a cautious, wait-and-see approach before considering long-term exposure.
Disclaimer: This content is for informational purposes only and does not constitute financial, investment, or other professional advice. Investing in financial markets involves a significant risk of loss, and past performance is not indicative of future results.
Additional Resources
- Maxim Group Affirms Buy Rating on Ur-Energy Inc. (URG) on Growing Uranium Demand Opportunity – Yahoo Finance (Nov 24, 2025)
- Ur-Energy: Positioned For Growth But Needs To Lower Costs Into 2026 (NYSE:URG) – Seeking Alpha (Dec 09, 2025)
- Ur-Energy (URG) Price Target Increased by 21.42% to 2.08 – Nasdaq (Jan 14, 2026)
- Ur-Energy Inc. Stock Dips Amid Intensifying Market Dynamics – StocksToTrade (Dec 11, 2025)
- Ur-Energy Stock: Is It Time to Buy? – timothysykes.com (Dec 11, 2025)
For more information about Ur-Energy Inc., please visit the official website: ur-energy.com
