Profitable, but burning cash. Reports a profit, but free cash flow is negative.
Energy Fuels reports a profit but its free cash flow is negative: it spent more on investment and running the business than it brought in. That's common for companies building capacity, but it means the profit isn't yet turning into cash.
Shareholders being diluted. Shares outstanding up 59% from December 2022 to July 2026.
Energy Fuels had 59% more shares at July 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Energy Fuels had 59% more shares at July 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.
Stock-based pay is a large cost. Stock pay was 19% of revenue in 2025.
Energy Fuels paid employees $13M in stock in 2025, 19% of its $66M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.
Earnings turned from a loss to a profit. Profit per share this year after a loss last year.
Energy Fuels made a profit per share in its latest year after a loss the year before.
Sector-normalized EBITDA, earnings, and free cash flow yields.
Earnings yield0.2%
SEC filings · 12 months to Jun 2026Reported value30% base weight · Z-score -1.43Sector median: 0.0522 · MAD: 0.0351
EBITDA yield-4.0%
SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price50% base weight · Z-score -2.33Sector median: 0.1209 · MAD: 0.0518
Free cash flow yield-4.5%
SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share price20% base weight · Z-score -1.26Sector median: 0.0618 · MAD: 0.0491
Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.
Questions investors ask about Energy Fuels
Is Energy Fuels getting weaker?
Its latest SEC filing (Aug 5, 2026) showed no major changes. Its overall score is unchanged at 49/100 since Oct 28, 2026.
How is Energy Fuels valued vs its peers?
Priced higher than most peers relative to what it earns. Valuation scores 5/100 against 404 energy peers.EBITDA yield -4.0% vs a peer median of 12.1% (weaker than 100% of peers).EBITDA yield -4.0% vs peers 12.1% (weaker than 100% of peers).
Is Energy Fuels growing?
Yes, faster than most of its peers. Growth scores 99/100 against 404 energy peers.3-year revenue growth 52.9% vs a peer median of -1.3% (stronger than 95% of peers).3-year revenue growth 52.9% vs peers -1.3% (stronger than 95% of peers).
How profitable is Energy Fuels?
Less profitable than most of its peers. Profitability scores 7/100 against 404 energy peers.Operating margin -91.0% vs a peer median of 11.7% (weaker than 100% of peers).Operating margin -91.0% vs peers 11.7% (weaker than 100% of peers).
How risky is Energy Fuels?
Lower risk relative to 404 energy peers, judged on debt, liquidity and share-price swings.Current ratio 27.90× vs a peer median of 1.37× (stronger than 95% of peers).Current ratio 27.90× vs peers 1.37× (stronger than 95% of peers).Beta 1.63 vs a peer median of 0.57 (weaker than 100% of peers).Beta 1.63 vs peers 0.57 (weaker than 100% of peers). A relative measure, not a bankruptcy probability.
Latest filing: what changed
Quarter ended Jun 30, 2026 · filed Aug 5, 2026 · compared with the quarter ended Mar 31, 2026
No major changes
Worth watching: Energy Fuels is in the bottom fifth of its sector on profitability. From 2021 to 2025, 63% of companies in that position posted a loss over the following year, against 4% for the top fifth.
Previous quarter
Latest quarter
Change
Revenue (12 months)
84.9M USD
105.8M USD
+24.6%
Net income (12 months)
15.4M USD
3.8M USD
−75.3%
Operating margin
-108.3%
-91.0%
+17.2 pts
Debt
676.7M USD
677.7M USD
+0.1%
Cash
108.4M USD
58.4M USD
−46.1%
Shares outstanding
249.9M
250.0M
+0.0%
From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.
Industry valuation context
Sector: Energy · 117 companies
Valuations in Energy are above their usual range since 2016.
71% of months since 2016 were valued lower than now.
41% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +37% and earnings +10% (medians): prices rose faster than earnings.
Median price-to-sales is −30% vs the whole market, against a usual −35%.
2016Shaded: most expensive fifth of its range2026
Shown for Energy: too few Uranium companies have a long enough history of their own.
This is a cyclical group: after a downturn, trailing earnings and sales fall faster than prices, which can make valuations look high near a cycle's low.
Describes valuations since 2016; it does not predict prices. US companies worth $1B+, from SEC filings and month-end prices, as of Aug 2026. Today's companies and industry labels are used throughout. Measured on earnings, EBITDA, sales and free cash flow yields. How this works
Financials
Fiscal years from SEC annual filings · change vs the prior year
Key ratios
FY 2021
FY 2022
FY 2023
FY 2024
FY 2025
Change
Gross margin
43.0%
37.3%
52.1%
28.4%
20.9%
▼ 7.6 pts
Operating margin
-1112.6%
-359.1%
-85.3%
-60.8%
-153.4%
▼ 93 pts
Net margin
45.5%
-478.2%
263.3%
-61.1%
-129.9%
▼ 69 pts
Return on assets (ROA)
0.5%
-21.8%
24.8%
-7.8%
-6.1%
▲ 1.7 pts
Return on equity (ROE)
0.5%
-24.9%
26.6%
-9.0%
-12.6%
▼ 3.6 pts
Free cash flow margin
-963.0%
-413.1%
-81.3%
-84.7%
-165.0%
▼ 80 pts
Current ratio
24.42×
7.28×
22.46×
3.88×
30.69×
▲ 691%
Quick ratio
19.16×
5.10×
18.53×
2.76×
28.34×
▲ 927%
Debt to equity
—
—
—
—
1.00×
—
Interest coverage
-656.02×
—
—
—
-43.43×
—
UUUU price history
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