Centrus Energy vs Energy Fuels · to 2026-10-16

LEU vs UUUU stock comparison

→Centrus Energy (LEU) and Energy Fuels (UUUU) are close in size, worth $2.4B and $2.1B, and Energy Fuels passes more of the TenQ Score checks, 6 of 36 against 5.

LEU -72.3% · UUUU -60.9% over 1Y
19.748.777.7106.8135.8Oct '25Dec '25Mar '26May '26Aug '26Oct '26
The TenQ Radar

TenQ Score: LEU vs UUUU

Each company is scored on the same checks, computed from its own filings: value, growth, quality, financial health, shareholder returns and trend. The fuller the shape, the more checks it passes.

→No part of the score separates them by more than 1 check, and the widest gap is on Value. They score the same on 3 parts of the score, so the difference between them is narrower than the totals suggest.

All checksLEU5/36UUUU6/36

→Centrus Energy brings in $474M of revenue a year to Energy Fuels's $106M, 4.5 times as much. Energy Fuels has not made a profit over the last twelve months, so their profits cannot be compared yet.

I

Value: LEU vs UUUU

LEU0/6UUUU1/6

Energy Fuels has no profit to price, so the two are compared on revenue instead: a price to sales of 5.0x at Centrus Energy and 20.0x at Energy Fuels.

47.2xLEU-UUUUwhat you pay per $1 of profit
5.0xLEU20.0xUUUUwhat you pay per $1 of revenue
-7.0%LEU-3.9%UUUUcash earned per $ of price
97.6xLEU-UUUUwhole-business multiple
Valuation history

Is LEU or UUUU more expensive against its earnings, sales and book value?

→On the latest figures, LEU's price to sales is 5.0x, against 20.0x at UUUU.

What this measures

What the market has paid for each dollar of earnings, sales or book value, every year, with today's multiple as the last point and the median drawn across.

What good looks like. There is no good level. What matters is the distance from the company's own history, and whether the business has changed enough to justify it.

If it rises or falls. A multiple above its own median means the market expects more than it used to, so more has to go right. Below the median means the opposite, and the question is whether the pessimism is deserved. A multiple can also fall because earnings rose, which is the good way.

Free cash flow yield

Which earns more free cash flow for its price, LEU or UUUU?

→On the latest figures, LEU's free cash flow yield is -7.0%, against -3.9% at UUUU.

What this measures

Free cash flow divided by market value: the cash the business generates for every dollar you pay for it. The inverse of a price-to-cash multiple.

What good looks like. A yield at or above the company's own history, and one that compares well with what cash is worth elsewhere.

If it rises or falls. The yield rises when cash grows or the price falls, so a high yield is either a bargain or a warning about the cash continuing. Read it beside the cash conversion chart, which shows whether the cash is holding up.

What does “Value” actually mean?

Value asks what you pay for each dollar of earnings, sales or cash a business produces. A high multiple is not automatically bad, since fast growers can earn theirs, but a price far above a company's own history means the market expects a lot to go right. Each company is measured against its own past and its sector.

How each scored · LEU 0/6 · UUUU 1/6

Value, check by check

LEUUUUU
Cheaper than its own history (earnings)LEUFails47.22 vs 7.57UUUUPasses20.02 vs 32.05
Earnings yield beats the 10-year Treasury (5.2%)LEUFails2.1% vs 5.2%UUUUFails20.02 vs 2.50 (fixed yardstick)
Better cash yield than its own historyLEUFails-7.0% vs 3.8%UUUUFails25.87 vs 3.00 (fixed yardstick)
Free cash flow yield above 3%LEUFailsFCF yield -7.0%UUUUFailsFCF yield -3.9%
Cheap on enterprise value (under 14x EBITDA)LEUFails97.64 vs 14.00 (fixed yardstick)UUUUFailsno EBITDA to value: -$91M over the last twelve months
Priced for less growth than its record suggestsLEUFailsnot profitable: no free cash flow or earnings for the price to rest onUUUUFailsnot profitable: no free cash flow or earnings for the price to rest on
II

Growth: LEU vs UUUU

LEU2/6UUUU3/6

Energy Fuels grew revenue faster over the last twelve months, +62.5% against +8.5% at Centrus Energy, 54 percentage points apart. Over three years the order is reversed: Energy Fuels grew +74.0% a year against +15.2% at Centrus Energy.

+8.5%LEU+62.5%UUUUvs the year before
+15.2%LEU+74.0%UUUUa year, compounded
-53.7%LEU-UUUUnet income growth
+14.2%LEU-UUUUa year, compounded
Revenue history

Is LEU or UUUU growing revenue faster?

→On the latest figures, LEU's revenue is $474M, against $106M at UUUU.

What this measures

The money customers paid, before any costs are taken out. Each bar is one quarter or, on the annual view, a full financial year; the last annual bar may be the trailing twelve months, which the footnote marks.

What good looks like. Growth that repeats, rather than one strong year carrying the chart, and a trailing twelve months keeping pace with the last full year.

If it rises or falls. Revenue is the hardest line to flatter, so a rise is the most trustworthy kind of growth. A fall puts pressure on every margin below it, because costs rarely come down as quickly as sales do.

Profit history

Is LEU or UUUU growing its net profit faster?

→On the latest figures, LEU's net profit is $49M, against -$82M at UUUU.

What this measures

What is left after every cost, including tax and interest. The bottom line of the income statement.

What good looks like. Profit growing at least as fast as revenue, which means the business is keeping more of each sale as it gets bigger.

If it rises or falls. Profit can move for reasons revenue cannot explain - a one-off charge, a tax change, a write-down - so a single sharp year is worth checking against the margin chart before reading it as a trend.

Growth rate

How fast is revenue growing at LEU and at UUUU?

→On the latest figures, LEU's revenue growth is 8.5%, against 62.5% at UUUU.

What this measures

How much revenue and earnings changed against the year before - the trailing twelve months against the twelve before them at each quarter, or one point per fiscal year. It is the speed of the business, not its size.

What good looks like. The earnings line above the revenue line: profits growing faster than sales means each new dollar of sales arrives more profitably than the last.

If it rises or falls. A high growth rate off a small base is easy and gets harder every year, so slowing growth in a large business is normal rather than a warning. Earnings falling while revenue grows is the combination worth understanding: costs are rising faster than sales.

Per-share growth

Is revenue per share growing faster at LEU or UUUU?

→On the latest figures, LEU's revenue per share is $21.65, against $0.42 at UUUU.

What this measures

Revenue and free cash flow, each divided by the number of shares in issue and adjusted for splits so old and new years compare honestly. Both lines rising means each share owns more of the business's sales and cash.

What good looks like. Both lines rising, and revenue per share growing at least as fast as the company's total revenue, which the answer compares. Faster means buybacks are working for you; slower means new shares are absorbing part of the growth.

If it rises or falls. This is the line that actually reaches you. A company can grow revenue every year and still shrink your slice by issuing shares faster than it grows.

What does “Growth” actually mean?

Growth here is what each company has reported to the SEC, not a forecast: the last year, the three-year pace, and whether growth is speeding up or slowing down. Both companies are measured the same way, so their lines can be read against each other.

How each scored · LEU 2/6 · UUUU 3/6

Growth, check by check

LEUUUUU
Outgrew the market over the last twelve monthsLEUFails8.5% vs 13.0% (market 70th pct)UUUUPasses62.5% vs 13.0% (market 70th pct)
Sustained growth beats the market (3 years)LEUPasses15.2% vs 10.8% (market 70th pct)UUUUPasses74.0% vs 10.8% (market 70th pct)
Profits grew over the last twelve monthsLEUFails-53.7% vs 0.0%UUUUFailsloss-making: TTM net income -$82M
Profit growth beats the market (3 years)LEUFails14.2% vs 15.1% (market 70th pct)UUUUFailsloss-making: TTM net income -$82M
Growth is speeding up, not slowingLEUFailslast twelve months 8.5% vs three-year pace 15.2%UUUUFailslast twelve months 62.5% vs three-year pace 74.0%
Grew per share, not just in totalLEUPasses14.9% vs 0.0%UUUUPasses268.8% vs 0.0%
III

Quality: LEU vs UUUU

LEU1/6UUUU0/6

Energy Fuels keeps more of each sale: a gross margin of 40.9% against 23.7%, 17 percentage points more on every dollar of revenue.

23.7%LEU40.9%UUUUkept after direct costs
1.6%LEU-91.0%UUUUkept after running costs
7.8%LEU-11.6%UUUUprofit on shareholders' money
-$164MLEU-$82MUUUUlast 12 months
Margins

Which keeps more of each sale as profit, LEU or UUUU?

→On the latest figures, LEU's gross margin is 23.7%, against 40.9% at UUUU.

What this measures

What survives at three points on the way down the income statement: after the direct cost of the product, after the cost of running the company, and after everything.

What good looks like. Margins that hold or widen as the business grows. The level itself varies enormously by industry, so the shape over time tells you more than the number.

If it rises or falls. A widening margin means pricing power or costs under control. A compressing one means the opposite, and it compounds: on large revenue, two points of margin is a great deal of profit.

Returns on capital

Which earns a higher return on its capital, LEU or UUUU?

→On the latest figures, LEU's return on equity is 7.8%, against -11.6% at UUUU.

What this measures

Two returns side by side: on shareholders' capital (ROE), and on all the capital in the business including debt (ROCE).

What good looks like. Both comfortably above roughly 10%, and close together. A wide gap means borrowing, not operations, is doing the work.

If it rises or falls. A high ROE built on debt looks like quality until the debt has to be refinanced. ROCE is the harder number to flatter, which is why both are shown.

Cash conversion

Which turns more of each sale into free cash flow, LEU or UUUU?

→On the latest figures, LEU's free cash flow margin is -34.6%, against -78.0% at UUUU.

What this measures

Free cash flow as a share of revenue: how much of each dollar of sales survives both costs and capital spending.

What good looks like. A steady or rising share. Asset-light businesses convert far more than manufacturers, so compare a company with itself.

If it rises or falls. Falling conversion while revenue grows means growth is being bought with capital spending or working capital, which is fine while it lasts and painful when it stops.

Spending intensity

How much of their revenue do LEU and UUUU spend on R&D, capex and stock pay?

→On the latest figures, LEU's capex as a share of revenue is 23.0%, against 19.0% at UUUU.

What this measures

Capital spending, research and development, and stock compensation, each as a share of revenue. The three ways a business pays to keep its position.

What good looks like. A share that is stable or falling while revenue grows, which means the cost of competing is not rising with the business.

If it rises or falls. Rising intensity means each new dollar of sales is getting more expensive to win. Falling intensity can mean efficiency, or it can mean under-investment that shows up years later.

What does “Quality” actually mean?

Quality asks whether growth turns into real money: how much of each sale is kept as profit, whether that profit arrives as cash, and what return the business earns on the money invested in it.

How each scored · LEU 1/6 · UUUU 0/6

Quality, check by check

LEUUUUU
Better gross margins than the marketLEUFails23.7% vs 52.4% (market 70th pct)UUUUFails40.9% vs 52.4% (market 70th pct)
Runs leaner than the market (operating margin)LEUFails1.6% vs 13.2% (market 70th pct)UUUUFails-91.0% vs 13.2% (market 70th pct)
Actually profitableLEUPassesTTM net income $48MUUUUFailsTTM net income -$82M
Earns well on shareholders' moneyLEUFails7.8% vs 12.3% (market 70th pct)UUUUFails-11.6% vs 12.3% (market 70th pct)
Earns a real return on the capital it employsLEUFails0.4% vs 10.0%UUUUFails-6.4% vs 10.0%
Profits are cash, not accountingLEUFails-1.13 vs 0.80UUUUFailsTTM operating cash flow -$62M on a net loss of $82M
IV

Financial health: LEU vs UUUU

LEU2/6UUUU2/6

Both carry a similar amount of debt for their size, 1.39x of debt for each dollar of equity at Centrus Energy and 0.86x at Energy Fuels.

1.39xLEU0.86xUUUUborrowed vs owned
5.4xLEU27.9xUUUUnear-term bills coverage
1xLEU-14xUUUUearnings ÷ interest bill
$1.9BLEU$58MUUUUcash plus short-term investments
Debt & cash

How much debt do LEU and UUUU carry, against the cash they hold?

→On the latest figures, LEU's total debt is $1.2B, against $678M at UUUU.

What this measures

Total borrowings against cash on hand, with debt as a multiple of shareholders' equity, and how many times profit covers the interest bill.

What good looks like. Interest covered comfortably - roughly eight times or more - and debt that is not a large multiple of equity.

If it rises or falls. Debt is only a problem when it has to be repaid or refinanced in a bad year, so cover matters more than the amount. Rising debt with rising cover is a business borrowing to grow; rising debt with falling cover is the combination that ends badly.

Near-term liquidity

Can LEU and UUUU cover the bills due within a year?

→On the latest figures, LEU's current ratio is 5.4x, against 27.9x at UUUU.

What this measures

Current assets over current liabilities: what the company can turn into cash within a year against what it owes within a year.

What good looks like. Comfortably above 1.0, and not falling year after year. Below 1.0 means near-term bills exceed near-term resources, which is normal for some business models and a warning in others.

If it rises or falls. Inventory and receivables build it up; short-term borrowing and payables pull it down. A retailer that turns stock over quickly can run lower than a manufacturer and be perfectly sound.

Interest cover

How many times over can LEU and UUUU pay their interest bills?

→On the latest figures, LEU's interest cover is 0.5x, against -14.1x at UUUU.

What this measures

Operating profit divided by interest expense - how many times over the year's earnings could pay the year's interest.

What good looks like. High and steady. Five times is a common floor; comfortably above it means the debt is being carried, not merely serviced.

If it rises or falls. It falls when profit falls or when borrowing costs rise, and a company can look safe on the level while the direction is telling you otherwise.

Cash conversion

Which turns more of its revenue into operating cash, LEU or UUUU?

→On the latest figures, LEU's operating cash margin is -11.6%, against -59.1% at UUUU.

What this measures

Operating cash flow as a share of revenue: of every dollar sold, how much reached the bank before capital spending.

What good looks like. A high share, holding up or improving. It is the clearest sign that reported profit is real.

If it rises or falls. It falls when customers take longer to pay or stock builds up, and it can stay high while profit falls - which is usually the more reassuring of the two.

Shareholders' equity

Is shareholders' equity growing faster at LEU or UUUU?

→On the latest figures, LEU's shareholders' equity is $845M, against $793M at UUUU.

What this measures

What would be left for shareholders if every asset were sold at its book value and every debt repaid. Book value, in other words.

What good looks like. Equity growing as retained profits build up, unless the company is deliberately returning more than it earns.

If it rises or falls. Equity falls for two very different reasons: buybacks, which return money to you, and losses, which do not. The distinction is the whole story, and negative equity means liabilities now exceed assets, which makes debt-to-equity and return on equity meaningless rather than alarming.

What does “Financial health” actually mean?

Financial health asks one question: could the business get through a bad year? It looks at how much each company has borrowed, how easily its profits cover the interest, and how much cash it holds against the bills due soon.

How each scored · LEU 2/6 · UUUU 2/6

Financial health, check by check

LEUUUUU
Comfortable near-term liquidityLEUPasses5.39 vs 1.50UUUUPasses27.90 vs 1.50
Debt isn't dominatingLEUFails1.39 vs 1.00UUUUPasses0.86 vs 1.00
Debt trending the right wayLEUFailsdebt/equity 1.39 now vs -0.76 five years agoUUUUFailsdebt/equity 0.86 now vs 0.00 five years ago
Earnings cover the interestLEUFails0.52 vs 5.00UUUUFails-14.08 vs 5.00
Converts sales to cash better than the marketLEUFails-11.6% vs 21.6% (market 70th pct)UUUUFails-59.1% vs 21.6% (market 70th pct)
Self-fundingLEUPasses11.41 years of cash at current burnUUUUFails0.71 years of cash at current burn
V

Shareholder returns: LEU vs UUUU

LEU0/6UUUU0/6

Neither Centrus Energy nor Energy Fuels pays a meaningful dividend, so any cash they return to shareholders comes through buying back their own shares.

-LEU-UUUUbought back, last 12 months, over market value
-LEU-UUUUat the current rate
-LEU-UUUUdividends plus buybacks
$6MLEU$14MUUUUlast 12 months, offsets buybacks
Share count change

Is the share count falling faster at LEU or UUUU?

→On the latest figures, LEU's change in share count is 20.8%, against 13.4% at UUUU.

What this measures

The yearly change in the number of shares in issue, adjusted for splits so the years compare. A bar below zero is a falling share count, usually from buybacks; above zero, new shares were issued.

What good looks like. A flat or falling share count. Falling means each share you hold owns a little more of the business every year.

If it rises or falls. A rising count divides the same business among more owners, so your slice shrinks unless profits grow faster. This is the most direct chart on the page: it is your ownership, measured.

What does “Shareholder returns” actually mean?

Shareholder returns is the cash a company hands back to the people who own its shares, through dividends and by buying its own shares back, and whether the stock it issues to staff quietly undoes those buybacks.

How each scored · LEU 0/6 · UUUU 0/6

Shareholder returns, check by check

LEUUUUU
Share count isn't climbingLEUFailsshares up 32.9% over 3 yearsUUUUFailsshares up 42.8% over 3 years
Buybacks outpace the stock issued to staffLEUFailsno buybacks against $6M of stock compensationUUUUFailsno buybacks against $14M of stock compensation
Hands cash back to ownersLEUFailsno dividends and no buybacks in the last twelve monthsUUUUFailsno dividends and no buybacks in the last twelve months
Meaningful yield to owners (dividends and buybacks)LEUFails0.00 returned, 0.0% of market valueUUUUFails0.00 returned, 0.0% of market value
Buybacks are sustained, not one-offLEUFailspays no dividend and reports no buybacksUUUUFailspays no dividend and reports no buybacks
Buybacks growingLEUFailspays no dividend and reports no buybacksUUUUFailspays no dividend and reports no buybacks
VI

Trend: LEU vs UUUU

LEU0/6UUUU0/6
-41.0%LEU-49.8%UUUUthe long-term trend line
-26.5%LEU-27.9%UUUUshare price
-73.6%LEU-66.1%UUUUshare price
-72.3%LEU-69.4%UUUUdrawdown from the peak
Trend

Which way are LEU and UUUU shares trending?

LEU
Price chart loads as you scroll…
UUUU
Price chart loads as you scroll…

Charts by TradingView

→LEU is in a downtrend: the price is below the cloud where recent trading settled and that cloud is still falling. UUUU is in a downtrend: the price is below the cloud where recent trading settled and that cloud is still falling.

How the trend is worked out

Trend reads the share price only: where it sits against its own long-term averages and how it has moved against the S&P 500. It says nothing about the business, which the other chapters cover.

How each scored · LEU 0/6 · UUUU 0/6

Trend, check by check

LEUUUUU
Price above its long-term trend bandLEUFails$114.94, below the bottom of the trend band of $175.35UUUUFails$8.47, below the bottom of the trend band of $13.59
Price above its short and medium-term averagesLEUFails$114.94 against the 9-day average at $136.01 and the 26-day average at $140.05UUUUFails$8.47 against the 9-day average at $9.69 and the 26-day average at $10.80
Short-term average above the medium-term oneLEUFails9-day average $136.01 below the 26-day average $140.05, 30 trading days since they crossedUUUUFails9-day average $9.69 below the 26-day average $10.80, 26 trading days since they crossed
The long-term trend band ahead is risingLEUFailsthe trend band already drawn for the next 26 trading days are falling and it turns down partway throughUUUUFailsthe trend band already drawn for the next 26 trading days are falling and it turns down partway through
Price above where it stood 26 trading days agoLEUFails$114.94 against $165.87 26 trading days agoUUUUFails$8.47 against $13.63 26 trading days ago
Beating the S&P 500 over the last yearLEUFails-73.6% vs 16.0%UUUUFails-66.1% vs 16.0%