Tearsheet

Centrus Energy (LEU)

Market Price (12/25/2025): $261.0 | Market Cap: $4.8 Bil
Sector: Energy | Industry: Coal & Consumable Fuels

Centrus Energy (LEU)

Market Price (12/25/2025): $261.0
Market Cap: $4.8 Bil
Sector: Energy
Industry: Coal & Consumable Fuels

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 35%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 32%	Expensive valuation multiples P/SPrice/Sales ratio is 10x, P/EBITPrice/EBIT or Price/(Operating Income) ratio is 38x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 30x
1	Megatrend and thematic drivers Megatrends include Energy Transition & Decarbonization, Datacenter Power, and US Energy Independence. Themes include Advanced Nuclear Energy & Fuel, Show more.	Stock price has recently run up significantly 12M Rtn12 month market price return is 277%
2		Significant short interest Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 23%
3		Key risks LEU key risks include [1] its supply chain dependence on the Russian TENEX contract amid geopolitical tensions and [2] execution challenges in scaling its new domestic HALEU enrichment facility.

0	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 35%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 32%
1	Megatrend and thematic drivers Megatrends include Energy Transition & Decarbonization, Datacenter Power, and US Energy Independence. Themes include Advanced Nuclear Energy & Fuel, Show more.
2	Expensive valuation multiples P/SPrice/Sales ratio is 10x, P/EBITPrice/EBIT or Price/(Operating Income) ratio is 38x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 30x
3	Stock price has recently run up significantly 12M Rtn12 month market price return is 277%
4	Significant short interest Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 23%
5	Key risks LEU key risks include [1] its supply chain dependence on the Russian TENEX contract amid geopolitical tensions and [2] execution challenges in scaling its new domestic HALEU enrichment facility.

Valuation, Metrics & Events

	12/25/25	2024	2023	2022	2021
Share Price CYE	$261.00	$66.61	$54.41	$32.48	$49.91
Market Cap CYE ($ Bil)	4.8	1.1	0.8	0.5	0.7
Total Debt ($ Bil)	1.2	0.2	0.2	0.2	0.1
Total Cash ($ Bil)	1.6	0.7	0.2	0.2	0.2
Enterprise Value ($ Bil)	4.4	1.3	1.0	0.7	0.8
Valuation Ratios
P/S TTM	10.5	2.5	2.6	1.6	2.3
P/EBIT TTM	38.5	14.4	9.6	6.9	5.0
P/E TTM	42.0	14.8	9.8	9.1	3.8
P/FCF TTM	32.6	33.0	110.4	23.8	13.8
Sector Ratios
P/S TTM (Sector)	1.4	1.5	1.5	1.3	1.3
P/EBIT TTM (Sector)	7.8	6.7	5.7	4.1	4.7
P/E TTM (Sector)	11.3	10.2	8.4	5.5	5.2
P/FCF TTM (Sector)	6.8	7.1	7.4	5.0	5.3

	12/25/25	2024	2023
Share Price CYE	$261.00	$66.61	$54.41
Market Cap CYE ($ Bil)	4.8	1.1	0.8
Total Debt ($ Bil)	1.2	0.2	0.2
Total Cash ($ Bil)	1.6	0.7	0.2
Enterprise Value ($ Bil)	4.4	1.3	1.0
Valuation Ratios
P/S TTM	10.5	2.5	2.6
P/EBIT TTM	38.5	14.4	9.6
P/E TTM	42.0	14.8	9.8
P/FCF TTM	32.6	33.0	110.4
Sector Ratios
P/S TTM (Sector)	1.4	1.5	1.5
P/EBIT TTM (Sector)	7.8	6.7	5.7
P/E TTM (Sector)	11.3	10.2	8.4
P/FCF TTM (Sector)	6.8	7.1	7.4

	LEU	S&P 500
REVENUE GROWTH	VERY GOOD
Rev LTM ($ Bil)	0.5
Rev Chg Q	29.8%	7.3%
Rev Chg LTM	15.3%	6.1%
Rev Chg 3Y Avg	21.3%	5.5%
PROFITABILITY	GOOD
Op Inc LTM ($ Bil)	0.1
CFO LTM ($ Bil)	0.2
Net Inc LTM ($ Bil)	0.1
Op Mgn LTM	18.2%	18.8%
CFO/Rev LTM	34.6%	20.4%
Net Inc Mgn	25.0%	13.1%
VALUATION	VERY HIGH
P/S	10.5	3.2
P/CFO	30.4	15.7
P/FCF	32.6	20.6
P/E	42.0	23.5
STABILITY	VERY GOOD
Debt/Equity	0.26	0.21
Cash/Assets	0.73	0.07

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Metric	Value	Date	Source
High-Assay Low-Enriched Uranium (HALEU) Production	over 920 kg	6272025	Link
Total Order Backlog	$3.9 billion	9302025	Link
LEU Segment Backlog	$3.0 billion	9302025	Link
Technical Solutions Segment Backlog	$0.9 billion	9302025	Link
Reactor Years of Fuel Supplied Since 1998	more than 1,850	1152025	Link

Upcoming
2/05/2026	Earnings Release	Rev: $146 Mil (E) EPS: $1.39 (E)

LEU Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

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Centrus Energy (LEU) experienced a significant stock movement from approximately August 31, 2025, to today, driven by several key developments in its operations and market perception.

1. Centrus began domestic centrifuge manufacturing for commercial low-enriched uranium (LEU) enrichment. On December 19, 2025, Centrus announced the start of domestic centrifuge manufacturing at its Piketon, Ohio, facility to support commercial LEU enrichment. This move was widely seen as capitalizing on Centrus's "first-mover advantage" in U.S.-owned domestic uranium enrichment and was a crucial driver for future growth, leading to a 15% jump in the stock on that day. The company plans to use this expansion to support a $2.3 billion backlog of LEU contracts.

2. Plans for significant expansion of the uranium enrichment plant were announced. In September 2025, Centrus outlined plans to substantially expand its Piketon, Ohio, uranium enrichment plant to boost the production of both Low-Enriched Uranium and high-assay low-enriched uranium (HALEU). This strategic initiative is poised to restore America's ability to enrich uranium at scale, with the company having already raised over $1.2 billion through convertible note offerings and secured more than $2 billion in contingent purchase commitments from utility customers.

Show more Centrus Energy (LEU) experienced a significant stock movement from approximately August 31, 2025, to today, driven by several key developments in its operations and market perception.

1. Centrus began domestic centrifuge manufacturing for commercial low-enriched uranium (LEU) enrichment. On December 19, 2025, Centrus announced the start of domestic centrifuge manufacturing at its Piketon, Ohio, facility to support commercial LEU enrichment. This move was widely seen as capitalizing on Centrus's "first-mover advantage" in U.S.-owned domestic uranium enrichment and was a crucial driver for future growth, leading to a 15% jump in the stock on that day. The company plans to use this expansion to support a $2.3 billion backlog of LEU contracts.

2. Plans for significant expansion of the uranium enrichment plant were announced. In September 2025, Centrus outlined plans to substantially expand its Piketon, Ohio, uranium enrichment plant to boost the production of both Low-Enriched Uranium and high-assay low-enriched uranium (HALEU). This strategic initiative is poised to restore America's ability to enrich uranium at scale, with the company having already raised over $1.2 billion through convertible note offerings and secured more than $2 billion in contingent purchase commitments from utility customers.

3. The National Nuclear Security Administration (NNSA) indicated an intent to contract with Centrus. In October 2025, the NNSA announced its intention to secure a contract with Centrus, highlighting the company's role in national security missions, given that its AC100M centrifuge is the only deployment-ready U.S.-origin enrichment technology.

4. Analysts issued positive ratings and significantly raised price targets for the stock. Throughout the period, particularly in December 2025, multiple analysts reiterated "Buy" ratings and increased their price targets for Centrus Energy. For example, Needham & Company LLC initiated coverage with a "Buy" rating and a $357 price objective on December 5, 2025. On December 22, 2025, B. Riley Securities maintained a "Buy" rating and raised its price target to $315, a 42.53% increase from its previous target.

5. The company reported strong year-over-year revenue growth in its quarterly earnings. While Centrus Energy's earnings per share (EPS) for the quarter reported on November 6, 2025, missed consensus estimates, the company's quarterly revenue demonstrated robust growth, increasing by 29.8% compared to the same quarter last year. This strong top-line performance contributed to positive investor sentiment. Show less

Stock Movement Drivers

Fundamental Drivers

The -5.7% change in LEU stock from 9/24/2025 to 12/24/2025 was primarily driven by a -10.1% change in the company's P/E Multiple.

	9242025	12242025	Change
Stock Price ($)	276.00	260.18	-5.73%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	436.90	454.10	3.94%
Net Income Margin (%)	23.99%	25.04%	4.38%
P/E Multiple	46.62	41.91	-10.10%
Shares Outstanding (Mil)	17.70	18.32	-3.47%
Cumulative Contribution			-5.85%

LTM = Last Twelve Months as of date shown

Market Drivers

9/24/2025 to 12/24/2025

	Return	Correlation
LEU	-5.7%
Market (SPY)	4.4%	42.0%
Sector (XLE)	-1.8%	-5.7%

Fundamental Drivers

The 43.6% change in LEU stock from 6/25/2025 to 12/24/2025 was primarily driven by a 45.1% change in the company's P/E Multiple.

	6252025	12242025	Change
Stock Price ($)	181.18	260.18	43.60%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	471.40	454.10	-3.67%
Net Income Margin (%)	22.59%	25.04%	10.83%
P/E Multiple	28.89	41.91	45.08%
Shares Outstanding (Mil)	16.98	18.32	-7.86%
Cumulative Contribution			42.72%

LTM = Last Twelve Months as of date shown

Market Drivers

6/25/2025 to 12/24/2025

	Return	Correlation
LEU	43.6%
Market (SPY)	14.0%	36.3%
Sector (XLE)	5.9%	-11.6%

Fundamental Drivers

The 276.9% change in LEU stock from 12/24/2024 to 12/24/2025 was primarily driven by a 180.2% change in the company's P/E Multiple.

	12242024	12242025	Change
Stock Price ($)	69.04	260.18	276.85%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	394.00	454.10	15.25%
Net Income Margin (%)	19.24%	25.04%	30.15%
P/E Multiple	14.96	41.91	180.23%
Shares Outstanding (Mil)	16.42	18.32	-11.54%
Cumulative Contribution			271.84%

LTM = Last Twelve Months as of date shown

Market Drivers

12/24/2024 to 12/24/2025

	Return	Correlation
LEU	276.9%
Market (SPY)	15.8%	37.5%
Sector (XLE)	7.4%	18.0%

Fundamental Drivers

The 728.3% change in LEU stock from 12/25/2022 to 12/24/2025 was primarily driven by a 1242.4% change in the company's P/E Multiple.

	12252022	12242025	Change
Stock Price ($)	31.41	260.18	728.33%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	256.60	454.10	76.97%
Net Income Margin (%)	57.33%	25.04%	-56.32%
P/E Multiple	3.12	41.91	1242.38%
Shares Outstanding (Mil)	14.62	18.32	-25.26%
Cumulative Contribution			675.47%

LTM = Last Twelve Months as of date shown

Market Drivers

12/25/2023 to 12/24/2025

	Return	Correlation
LEU	380.3%
Market (SPY)	48.9%	32.9%
Sector (XLE)	10.5%	18.4%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
LEU Return	236%	116%	-35%	68%	22%	287%	3651%
Peers Return	76%	54%	5%	53%	7%	94%	806%
S&P 500 Return	16%	27%	-19%	24%	23%	18%	115%
Monthly Win Rates [3]
LEU Win Rate	67%	50%	33%	67%	50%	67%
Peers Win Rate	48%	62%	45%	67%	55%	68%
S&P 500 Win Rate	58%	75%	42%	67%	75%	73%
Max Drawdowns [4]
LEU Max Drawdown	-38%	-15%	-63%	-16%	-35%	-18%
Peers Max Drawdown	-48%	-12%	-22%	-17%	-23%	-32%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: CCJ, BWXT, UEC, NXE, UUUU.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/24/2025 (YTD)

How Low Can It Go

Unique Key	Event	LEU	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-78.2%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	359.4%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	890 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-55.7%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	125.8%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	75 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-83.8%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	518.8%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	525 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-88.2%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	747.4%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	Not Fully Recovered days	1,480 days

Compare to EU, NC, CCJ, UEC, NXE

In The Past

Centrus Energy's stock fell -78.2% during the 2022 Inflation Shock from a high on 11/12/2021. A -78.2% loss requires a 359.4% gain to breakeven.

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About Centrus Energy (LEU)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

Centrus Energy Corp. supplies nuclear fuel and services for the nuclear power industry in the United States, Japan, Belgium, and internationally. The company operates through two segments, Low-Enriched Uranium (LEU) and Technical Solutions. The LEU segment sells separative work units (SWU) component of LEU; SWU and natural uranium components of LEU; and natural uranium for utilities that operate nuclear power plants. The Technical Solutions segment offers technical, manufacturing, engineering, procurement, construction, and operations services to public and private sector customers, including the American Centrifuge engineering and testing activities. The company was formerly known as USEC Inc. and changed its name to Centrus Energy Corp. in September 2014. Centrus Energy Corp. was incorporated in 1998 and is headquartered in Bethesda, Maryland.

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Qualcomm for nuclear fuel
TSMC for nuclear fuel
Valero for nuclear fuel

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Low-Enriched Uranium (LEU): This is the standard nuclear fuel product used to power commercial nuclear reactors worldwide.
High-Assay Low-Enriched Uranium (HALEU): An advanced nuclear fuel with a higher concentration of uranium-235, essential for fueling next-generation advanced nuclear reactors.
Uranium Enrichment Services: Centrus provides the specialized process of enriching natural uranium to produce fuel for nuclear power generation.

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Centrus Energy (LEU) - Major Customers

Centrus Energy (LEU) primarily sells to other companies, making its business model Business-to-Business (B2B).

According to Centrus Energy's public filings, its major customers fall into the following categories:

Nuclear Utilities: Centrus Energy's primary customers are nuclear utilities located in the United States and abroad. These companies operate nuclear power plants and require nuclear fuel products and services, including uranium, enrichment services, and fabrication services. While the company's 2023 annual report (10-K) indicates that its top four customers accounted for approximately 50% of its total revenue, Centrus Energy does not disclose the specific names of these private utility customers in its public filings. Therefore, their specific names and corresponding public symbols cannot be provided.
U.S. Government: The U.S. government, specifically the Department of Energy (DOE), is a key customer for Centrus, particularly for its High-Assay Low-Enriched Uranium (HALEU) program. Centrus has a contract with the DOE for a demonstration project to produce HALEU.

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Amir Vexler President and Chief Executive Officer
Amir Vexler was appointed President and Chief Executive Officer of Centrus Energy in January 2024. Prior to joining Centrus, he served as President and Chief Executive Officer of Orano USA starting in 2021, where he oversaw the company's U.S. operations for nuclear fuel, decommissioning services, used nuclear fuel management, medical isotopes, and engineering and technology services for the federal government. Earlier in his career, Mr. Vexler spent two decades at General Electric Company, holding various leadership positions including Chief Executive Officer, Chairman of the Board, and Chief Operating Officer of Global Nuclear Fuels, a joint venture between GE and Hitachi.

Todd Tinelli Senior Vice President, Chief Financial Officer and Treasurer
Todd Tinelli joined Centrus Energy as Senior Vice President, Chief Financial Officer, and Treasurer on August 11, 2025. Before his tenure at Centrus, Mr. Tinelli served as Chief Financial Officer of Sprague Resources LP, a multinational subsidiary of Hartree Partners LP. In this role at Sprague, a $4 billion trading and marketing company, he was responsible for the strategic development and execution of capital structures to provide liquidity for the growing and acquisitive firm, in addition to overseeing all accounting and back-office support functions. During his 18 years at Sprague, he advanced through senior positions, including Treasurer and Managing Director of Finance, and Director of FP&A and Business Development. His previous experience also includes Senior Operations positions at Sempra Energy Trading, a subsidiary of publicly-traded Sempra Energy Corporation, and various credit roles at Premcor Refining, also a publicly traded entity.

Patrick Brown Senior Vice President, Field Operations, and President, American Centrifuge Operating, LLC
Patrick Brown serves as Senior Vice President, Field Operations, and President, American Centrifuge Operating, LLC.

John M.A. Donelson Senior Vice President & Chief Marketing Officer
John M.A. Donelson is the Senior Vice President & Chief Marketing Officer at Centrus Energy.

Neal Nagarajan Senior Vice President, Head of Investor Relations
Neal Nagarajan holds the position of Senior Vice President, Head of Investor Relations. He participates in Centrus Energy's earnings calls, providing introductions and discussing financial results.

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Centrus Energy (LEU) faces several key risks, primarily driven by geopolitical factors and the complexities of expanding its domestic enrichment capabilities:

Geopolitical Risks and Supply Chain Dependence: Centrus Energy is significantly exposed to geopolitical risks, particularly those stemming from the war in Ukraine and associated sanctions. The company has historically relied on Russian low-enriched uranium (LEU) imports through its TENEX Supply Contract, making it vulnerable to disruptions, the inability to secure U.S. government waivers, or TENEX's failure to deliver LEU. This dependence necessitates the development of alternative supply sources and adaptation to evolving regulatory landscapes, with potential impacts on operations and financial performance.
Execution and Operational Challenges of New Enrichment Capacity: The company is heavily investing in and expanding its domestic uranium enrichment capabilities, including the production of High-Assay Low-Enriched Uranium (HALEU). Key risks include challenges related to construction timelines, scaling up production, securing sufficient government funding and orders, and potential operational delays or technical hurdles in a complex industrial process. Centrus's ability to capitalize on the growing demand for HALEU and leverage government support is contingent on successful execution.
Market Volatility and Competition: Centrus operates within a dynamic and competitive nuclear fuel market. The business is susceptible to fluctuations in pricing trends for separative work units (SWU) and uranium, as well as shifts in demand. Increased competition from other major LEU producers and the potential for volatility in quarterly revenues can affect the company's profitability and financial performance. While the long-term outlook for nuclear energy may be positive, short-term market conditions can present significant challenges.

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The clear emerging threat for Centrus Energy is the intensifying competition in the nascent but crucial High-Assay, Low-Enriched Uranium (HALEU) market from larger, established global uranium enrichment players. Specifically, companies such as Urenco are actively developing their own HALEU production capabilities, directly competing with Centrus's strategic investments and first-mover advantage in this segment. Should these major players rapidly scale their HALEU production and secure supply contracts with advanced reactor developers, they could significantly impact Centrus's projected growth, market share, and profitability in the advanced nuclear fuel supply chain.

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Centrus Energy (LEU) operates primarily in the nuclear fuel industry, focusing on the supply of enriched uranium and advanced nuclear fuel technologies. The company's main products and services include Low-Enriched Uranium (LEU) and High-Assay Low-Enriched Uranium (HALEU), as well as related enrichment services and advanced fuel forms such as TRISO fuel.

The addressable markets for Centrus Energy's main products and services are as follows:

Uranium Enrichment (including LEU): The global uranium enrichment market is estimated at USD 14.24 billion in 2025 and is projected to reach USD 22.16 billion by 2030, growing at a Compound Annual Growth Rate (CAGR) of 9.25% during this period. Another estimate places the global market at USD 14.52 billion in 2025, expected to reach USD 25.90 billion by 2032 with a CAGR of 7.61% from 2026-2033. North America is the largest market for uranium enrichment, holding approximately 40% of the global share, and is expected to grow at a CAGR of about 9.34% from 2026-2033. Asia-Pacific also represents a significant portion, with a 38% share in 2025.
High-Assay Low-Enriched Uranium (HALEU): The global market for HALEU is projected to grow substantially from an estimated $260 million in 2025 to $6.2 billion by 2035. This growth is driven by the deployment of advanced nuclear reactors and initiatives by the U.S. Department of Energy. Within the broader uranium enrichment market, HALEU is anticipated to record a 12.3% CAGR during 2025-2030.
TRISO Fuel: The global Tri-structural Isotropic (TRISO) fuel market was valued at approximately USD 382.49 million in 2024 and is projected to reach USD 554.28 million by 2033, demonstrating a CAGR of 4.28% during the forecast period of 2025-2033. North America is expected to hold the highest market share in this sector. Uranium-based TRISO fuel accounts for a significant portion, holding an 85.56% share of the TRISO fuel market.

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Centrus Energy (LEU) is poised for future revenue growth over the next two to three years, driven by several key factors in the evolving nuclear fuel market:

Expansion of High-Assay, Low-Enriched Uranium (HALEU) Production: Centrus is the only U.S. company licensed to produce HALEU, a critical fuel for next-generation advanced nuclear reactors. The company has secured contract extensions from the U.S. Department of Energy (DOE) for HALEU production through June 30, 2026, with options for an additional eight years. Centrus also received awards for expanded HALEU production and deconversion, with a total contract ceiling of $2.7 billion for production (cumulative for four awardees) and $800 million for deconversion (cumulative for six awardees) over a 10-year period. The successful achievement of a 900-kilogram HALEU production target by June 2025, and plans to bring a full-scale HALEU cascade online within approximately 42 months, contingent on funding, signal a significant ramp-up in this specialized and high-demand product.
Increased Demand and Favorable Pricing for Low-Enriched Uranium (LEU) and Separative Work Units (SWU): The broader nuclear energy market is experiencing renewed interest, with major technology companies signaling plans to use nuclear power for data centers. This is driving strong demand for U.S.-owned uranium enrichment capacity, evidenced by LEU SWU spot prices nearing historic levels. The anticipated cessation of Russian LEU and SWU imports by the end of 2028 is expected to create a supply gap, further bolstering prices and demand for Centrus' offerings. Centrus' LEU segment has already demonstrated revenue growth driven by higher average prices and increased volumes sold.
Expansion of Domestic LEU Production Capacity: Centrus is actively pursuing a public-private partnership to establish large-scale LEU production at its Piketon, Ohio facility. This initiative is backed by significant contingent LEU sales commitments, totaling approximately $2.3 billion as of September 30, 2025, which are subject to securing substantial public and private investment and finalizing definitive agreements. Strategic agreements, such as the one signed with KHNP and POSCO International, explore potential investments to support this expansion, positioning Centrus to meet growing market needs.
New Government Contracts and Funding Opportunities: Centrus is strategically positioned to secure additional government funding and contracts for both HALEU and LEU production, capitalizing on its unique American-owned technology and NRC license. Congress has appropriated over $3.4 billion for domestic nuclear fuel production, and Centrus is actively competing for task order awards under various DOE contracts, which represent significant opportunities for future revenue.
Robust Contract Backlog: The company benefits from a substantial existing backlog of contracts, extending to 2040, which provides a solid foundation for future revenue. As of September 30, 2025, Centrus reported a total backlog of $3.9 billion. This includes approximately $3.0 billion in its LEU segment backlog, covering future SWU and uranium deliveries under medium and long-term fixed-commitment contracts, and an approximately $0.9 billion backlog in its Technical Solutions segment.

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Share Issuance

Centrus Energy announced an "at-the-market" (ATM) equity offering program on November 6, 2025, to sell up to $1,000,000,000 of its Class A common stock.
The company's issuance of common stock averaged $29.74 million from fiscal years ending December 2020 to 2024, with a peak of $175.6 million in June 2025.
Centrus successfully priced an oversubscribed and upsized private offering of $700 million in Zero-Coupon Convertible Senior Notes due 2032, and closed an $805 million 0% convertible notes offering in Q3 2025, yielding approximately $782.4 million in net proceeds.

Inbound Investments

Centrus received a $62.4 million credit allocation from the IRS on January 10, 2025, stemming from a qualified investment of $208.0 million in eligible property.
The company was selected as a U.S. Department of Energy (DOE) contract awardee for low-enriched uranium (LEU) and high-assay low-enriched uranium (HALEU) production and HALEU Deconversion.
A nonbinding Memorandum of Understanding (MOU) was signed with Korea Hydro and Nuclear Power and POSCO International, indicating a focus on potential investment to expand Centrus's uranium enrichment plant in Ohio.

Capital Expenditures

Centrus announced an approximate $60.0 million investment in 2024 for centrifuge manufacturing activities and capacity at Oak Ridge, Tennessee, aimed at de-risking the supply chain and accelerating deployment.
The company is undertaking a multibillion-dollar expansion of its Piketon facility to strengthen its strategic importance.
Proceeds from the $1 billion ATM equity offering are expected to be used for general working capital and corporate purposes, which may include capital expenditures.

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Energy Fuels

CNR (65.4%)

Core Natural Resources

CCJ (23.9%)

Cameco

DNN (23.3%)

Denison Mines

Higher Rev Chg 3Y Avg (Value for LEU: 21.3%)

UUUU (91.8%)

Energy Fuels

UEC (46.2%)

Uranium Energy

DNN (30.7%)

Denison Mines

CNR (26.2%)

Core Natural Resources

CCJ (24.2%)

Cameco

Higher Op Mgn LTM (Value for LEU: 18.2%)

CCJ (18.6%)

Cameco

Higher CFO/Rev LTM (Value for LEU: 34.6%)

UROY (78.1%)

Uranium Royalty

CCJ (36.4%)

Cameco

Higher FCF/Rev LTM (Value for LEU: 32.3%)

UROY (75.3%)

Uranium Royalty

Higher Total Yield (Value for LEU: 2.4%)

NC (9.9%)

NACCO Industries

SECTOR: Energy

Higher Rev Chg 3Y Avg | Lower P/S (Values for LEU: 21.3% | 10.5x)

PR (48.7% | 1.9x)

Permian Resources

CNR (26.2% | 1.2x)

Core Natural Resources

NE (59.6% | 1.3x)

Noble

WHD (22.9% | 2.9x)

Cactus

HP (23.8% | 0.7x)

Helmerich & Payne

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for LEU: 21.3% | 57.6x)

PR (48.7% | 4.9x)

Permian Resources

NE (59.6% | 7.0x)

Noble

WHD (22.9% | 12.1x)

Cactus

HP (23.8% | 12.0x)

Helmerich & Payne

TDW (36.0% | 8.7x)

Tidewater

Higher Rev Chg LTM (Value for LEU: 15.3%)

FANG (60.1%)

Diamondback Energy

OKE (58.4%)

ONEOK

ENB (32.3%)

Enbridge

TRP (24.5%)

TC Energy

LNG (17.8%)

Cheniere Energy

Higher Rev Chg 3Y Avg (Value for LEU: 21.3%)

NE (59.6%)

Noble

PR (48.7%)

Permian Resources

UEC (46.2%)

Uranium Energy

CNR (26.2%)

Core Natural Resources

CCJ (24.2%)

Cameco

Higher Op Mgn LTM (Value for LEU: 18.2%)

TRP (43.1%)

TC Energy

WMB (34.3%)

Williams Companies

KMI (27.2%)

Kinder Morgan

COP (21.0%)

ConocoPhillips

CNQ (20.3%)

Canadian Natural Resources

Higher CFO/Rev LTM (Value for LEU: 34.6%)

FANG (57.3%)

Diamondback Energy

TRP (51.4%)

TC Energy

WMB (48.2%)

Williams Companies

EOG (45.2%)

EOG Resources

KMI (34.9%)

Kinder Morgan

Higher FCF/Rev LTM (Value for LEU: 32.3%)

AM (60.7%)

Antero Midstream

HESM (44.3%)

Hess Midstream

DTM (40.3%)

DT Midstream

WES (38.7%)

Western Midstream Partners

STNG (37.7%)

Scorpio Tankers

Higher Total Yield (Value for LEU: 2.4%)

ENB (13.7%)

Enbridge

COP (11.1%)

ConocoPhillips

XOM (9.2%)

Exxon Mobil

CVX (8.6%)

Chevron

WMB (6.6%)

Williams Companies

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for LEU: 21.3% | 10.5x)

MU (28.3% | 7.6x)

Micron Technology

KKR (44.5% | 7.0x)

KKR

NEM (23.9% | 5.3x)

Newmont

MELI (39.5% | 3.9x)

MercadoLibre

DASH (27.8% | 7.9x)

DoorDash

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for LEU: 21.3% | 57.6x)

NVDA (91.6% | 41.7x)

NVIDIA

LLY (23.4% | 42.3x)

Eli Lilly

MU (28.3% | 23.4x)

Micron Technology

ANET (29.4% | 45.4x)

Arista Networks

NEM (23.9% | 12.3x)

Newmont

Higher Rev Chg LTM (Value for LEU: 15.3%)

NVDA (65.2%)

NVIDIA

LLY (36.8%)

Eli Lilly

AVGO (23.9%)

Broadcom

META (21.3%)

Meta Platforms

MSFT (15.6%)

Microsoft

Higher Rev Chg 3Y Avg (Value for LEU: 21.3%)

NVDA (91.6%)

NVIDIA

PLTR (29.3%)

Palantir Technologies

MU (28.3%)

Micron Technology

AVGO (25.2%)

Broadcom

LLY (23.4%)

Eli Lilly

Higher Op Mgn LTM (Value for LEU: 18.2%)

NVDA (58.8%)

NVIDIA

MSFT (46.3%)

Microsoft

META (43.2%)

Meta Platforms

GOOGL (32.2%)

Alphabet

AAPL (31.9%)

Apple

Higher CFO/Rev LTM (Value for LEU: 34.6%)

META (56.8%)

Meta Platforms

MSFT (50.0%)

Microsoft

NVDA (44.4%)

NVIDIA

AVGO (43.1%)

Broadcom

GOOGL (39.3%)

Alphabet

Higher FCF/Rev LTM (Value for LEU: 32.3%)

V (53.9%)

Visa

MA (52.5%)

Mastercard

PLTR (46.0%)

Palantir Technologies

AVGO (42.1%)

Broadcom

NVDA (41.3%)

NVIDIA

Higher Total Yield (Value for LEU: 2.4%)

META (3.8%)

Meta Platforms

MSFT (3.6%)

Microsoft

GOOGL (3.5%)

Alphabet

AMZN (2.9%)

Amazon.com

AAPL (2.8%)

Apple

		Best Bets In Energy Sector
	LEU	TPL	AM	MGY	INSW	DTM	CTRA	WHD	EQT	WMB	EOG
What You Pay
P/E	41.9	42.8	18.1	11.8	10.9	30.4	11.9	18.3	18.9	30.7	10.2
P/EBIT	38.4	34.9	10.2	8.7	9.3	17.0	8.7	12.3	10.8	15.7	7.7
What You Get
Rev Chg Q	29.8%	17.0%	8.7%	-2.5%	-12.8%	26.6%	33.7%	-10.0%	49.8%	10.2%	-2.3%
Rev Chg LTM	15.3%	12.5%	8.7%	0.7%	-23.6%	20.4%	25.1%	-3.8%	64.8%	9.0%	-5.0%
Rev Chg 3Y Avg	21.3%	5.7%	9.0%	-6.6%	16.7%	9.6%	-5.3%	22.9%	-2.8%	0.8%	-7.6%
FCF/Rev 3Y Avg	14.6%	47.9%	46.6%	33.7%	29.6%	25.8%	24.8%	23.5%	23.5%	22.5%	22.1%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 5.4%, alpha of -0.1%, and sharpe of 0.25

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	Centrus Energy Stock May Still Have Room to Run	Actionable
2	Centrus Energy Earnings Notes
3	Centrus Energy Earnings Notes
4	Centrus Stock (+14%): Centrifuge Production Launch Ignites Re-Rate	Notification
5	Is 27.8% Fall In Centrus Energy (LEU) Stock A Buying Opportunity?	Actionable
6	Can Centrus Energy Stock Hold Up When Markets Turn?	Return
7	Is The 27.4% Decline In Centrus Energy (LEU) Stock A Dip Buying Opportunity?	Actionable
8	Big Decline for LEU, but Do OKE's Margins and Growth Give It the Edge?	Counter-Intuitive Comparisons
9	LEU Drops 18% in a Week, But Does CNR Offer Better Fundamentals?	Counter-Intuitive Comparisons
10	Is The 24.8% Decline In Centrus Energy (LEU) Stock A Dip Buying Opportunity?	Actionable

	Title
0	ARTICLES

Trade Ideas

Select ideas related to LEU. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
WHD_11212025_Dip_Buyer_ValueBuy	11212025	WHD	Cactus	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	12.0%	12.0%	0.0%
OVV_10172025_Dip_Buyer_FCFYield	10172025	OVV	Ovintiv	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	6.6%	6.6%	0.0%
COP_10102025_Dip_Buyer_FCFYield	10102025	COP	ConocoPhillips	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	5.7%	5.7%	-2.3%
HAL_10102025_Dip_Buyer_FCFYield	10102025	HAL	Halliburton	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	28.4%	28.4%	-0.7%
OXY_10102025_Dip_Buyer_FCFYield	10102025	OXY	Occidental Petroleum	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-4.5%	-4.5%	-7.1%
LEU_8312025_Quality_Momentum_RoomToRun_10%	08312025	LEU	Centrus Energy	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	29.0%	29.0%	-1.3%

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
OMER	Omeros	0.9	75.5%	55.5%
DVAX	Dynavax Technologies	1.8	38.2%	20.4%
EWTX	Edgewise Therapeutics	2.9	25.5%	2.2%
AGIO	Agios Pharmaceuticals	1.7	18.6%	-11.2%
TVTX	Travere Therapeutics	3.6	13.9%	131.2%
KOD	Kodiak Sciences	1.6	13.2%	212.4%
RZLT	Rezolute	0.3	13.2%	-44.1%
UP	Wheels Up Experience	0.5	11.7%	-57.4%
FBYD	Falcons Beyond Global	0.7	9.5%	129.7%
BW	Babcock & Wilcox Enterprises	0.5	8.5%	226.2%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
ASTS	AST SpaceMobile	18.9	-8.9%	269.9%
QBTS	D-Wave Quantum	9.4	-5.5%	227.6%
NNE	Nano Nuclear Energy	1.2	-4.6%	21.7%
MNMD	Mind Medicine	1.2	-4.2%	93.0%
PPTA	Perpetua Resources	2.0	-4.0%	149.1%
KOS	Kosmos Energy	0.4	-4.0%	-73.6%
FRMI	Fermi	5.5	-4.0%	-75.7%
EXOD	Exodus Movement	0.4	-3.9%	-50.5%
TLRY	Tilray Brands	10.8	-3.6%	-23.7%
AEHR	Aehr Test Systems	0.7	-3.1%	32.7%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
OMER	Omeros	0.9	74.0%	55.5%
LUNR	Intuitive Machines	2.0	63.7%	-8.0%
AAOI	Applied Optoelectronics	2.6	51.1%	11.2%
FBYD	Falcons Beyond Global	0.7	47.2%	129.7%
FLY	Firefly Aerospace	3.8	45.9%	-55.2%
RKLB	Rocket Lab	39.8	43.0%	203.0%
DVAX	Dynavax Technologies	1.8	42.5%	20.4%
UAMY	United States Antimony	0.8	39.9%	258.8%
DJT	Trump Media & Technology	4.0	36.7%	-58.0%
RZLT	Rezolute	0.3	36.3%	-44.1%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
NOW	ServiceNow	31.7	-80.5%	-28.0%
TPL	Texas Pacific Land	6.8	-66.5%	-19.2%
LW	Lamb Weston	6.0	-28.6%	-34.8%
TLRY	Tilray Brands	10.8	-21.2%	-23.7%
INSP	Inspire Medical Systems	2.8	-19.1%	-48.4%
TDUP	ThredUp	0.8	-17.1%	354.7%
OLMA	Olema Pharmaceuticals	2.3	-15.8%	370.8%
IIPR	Innovative Industrial Properties	1.4	-12.9%	-15.7%
ABM	ABM Industries	2.6	-12.6%	-15.8%
FRMI	Fermi	5.5	-12.6%	-75.7%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
WVE	WAVE Life Sciences	3.0	144.6%	47.5%
TE	T1 Energy	1.1	124.5%	418.4%
ANF	Abercrombie & Fitch	6.0	93.2%	-15.2%
VERA	Vera Therapeutics	3.6	90.4%	31.6%
LUNR	Intuitive Machines	2.0	85.7%	-8.0%
AAOI	Applied Optoelectronics	2.6	82.5%	11.2%
RKLB	Rocket Lab	39.8	81.8%	203.0%
PL	Planet Labs PBC	6.2	76.1%	403.0%
NRGV	Energy Vault	0.8	66.9%	118.9%
FLY	Firefly Aerospace	3.8	60.4%	-55.2%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
RZLT	Rezolute	0.3	-72.0%	-44.1%
JANX	Janux Therapeutics	0.9	-54.6%	-73.3%
LENZ	LENZ Therapeutics	0.5	-46.3%	-40.6%
FRMI	Fermi	5.5	-45.2%	-75.7%
GOGO	Gogo	0.6	-34.1%	-43.0%
HPK	HighPeak Energy	0.6	-30.8%	-69.2%
ORIC	ORIC Pharmaceuticals	0.7	-28.5%	4.5%
FDMT	4D Molecular Therapeutics	0.5	-25.6%	45.4%
NKTR	Nektar Therapeutics	0.6	-25.1%	215.0%
LW	Lamb Weston	6.0	-24.8%	-34.8%

Peer Comparisons for Centrus Energy

Peers to compare with:

Financials

	LEU	CCJ	BWXT	UEC	NXE	UUUU	Median
Name	Centrus .	Cameco	BWX Tech.	Uranium .	NexGen E.	Energy F.
Mkt Price	260.18	93.34	177.18	12.39	9.45	15.10	54.22
Mkt Cap	4.8	40.6	16.2	5.8	5.4	3.5	5.6
Rev LTM	454	3,464	3,059	50	0	79	266
Op Inc LTM	83	646	333	-90	-78	-102	3
FCF LTM	146	973	463	-93	-190	-145	27
FCF 3Y Avg	62	593	250	-60	-164	-87	1
CFO LTM	157	1,261	630	-87	-32	-109	63
CFO 3Y Avg	67	801	411	-56	-35	-51	16

Growth & Margins

	LEU	CCJ	BWXT	UEC	NXE	UUUU	Median
Name	Centrus .	Cameco	BWX Tech.	Uranium .	NexGen E.	Energy F.
Rev Chg LTM	15.3%	23.9%	14.0%	189.2%	-	103.7%	23.9%
Rev Chg 3Y Avg	21.3%	24.2%	11.6%	46.2%	-	91.8%	24.2%
Rev Chg Q	29.8%	-14.7%	28.9%	-100.0%	-	337.6%	28.9%
QoQ Delta Rev Chg LTM	3.9%	-3.0%	6.8%	-25.6%	-	21.0%	3.9%
Op Mgn LTM	18.2%	18.6%	10.9%	-180.7%	-	-129.6%	10.9%
Op Mgn 3Y Avg	14.3%	13.3%	12.5%	-175.8%	-	-97.1%	12.5%
QoQ Delta Op Mgn LTM	-2.8%	0.3%	-0.4%	-70.8%	-	2.3%	-0.4%
CFO/Rev LTM	34.6%	36.4%	20.6%	-175.5%	-	-138.7%	20.6%
CFO/Rev 3Y Avg	15.9%	27.3%	14.7%	-201.4%	-	-84.6%	14.7%
FCF/Rev LTM	32.3%	28.1%	15.1%	-186.5%	-	-183.6%	15.1%
FCF/Rev 3Y Avg	14.6%	20.1%	8.7%	-211.6%	-	-164.2%	8.7%

Valuation

	LEU	CCJ	BWXT	UEC	NXE	UUUU	Median
Name	Centrus .	Cameco	BWX Tech.	Uranium .	NexGen E.	Energy F.
Mkt Cap	4.8	40.6	16.2	5.8	5.4	3.5	5.6
P/S	10.5	11.7	5.3	116.5	-	44.6	11.7
P/EBIT	38.4	52.1	38.8	-74.2	-19.9	-34.4	9.3
P/E	41.9	77.3	52.8	-74.5	-16.3	-35.9	12.8
P/CFO	30.3	32.2	25.8	-66.4	-169.1	-32.2	-3.2
Total Yield	2.4%	1.3%	2.5%	-1.3%	-6.2%	-2.8%	-0.0%
Dividend Yield	0.0%	0.0%	0.6%	0.0%	0.0%	0.0%	0.0%
FCF Yield 3Y Avg	2.4%	2.3%	2.0%	-1.7%	-4.3%	-4.9%	0.2%
D/E	0.3	0.0	0.1	0.0	0.1	0.0	0.1
Net D/E	-0.1	0.0	0.1	-0.1	0.1	-0.1	-0.0

Returns

	LEU	CCJ	BWXT	UEC	NXE	UUUU	Median
Name	Centrus .	Cameco	BWX Tech.	Uranium .	NexGen E.	Energy F.
1M Rtn	4.1%	12.2%	1.5%	2.5%	17.7%	8.1%	6.1%
3M Rtn	-5.7%	12.6%	1.4%	-9.4%	8.9%	-10.5%	-2.2%
6M Rtn	43.6%	31.0%	26.1%	83.6%	41.9%	169.2%	42.7%
12M Rtn	276.9%	77.9%	58.2%	73.5%	36.8%	182.2%	75.7%
3Y Rtn	728.3%	319.1%	213.6%	232.2%	118.2%	144.7%	222.9%
1M Excs Rtn	0.8%	8.8%	-1.9%	-0.9%	14.3%	4.7%	2.7%
3M Excs Rtn	-21.6%	4.3%	-4.3%	-12.8%	0.6%	-17.5%	-8.5%
6M Excs Rtn	35.8%	12.8%	12.4%	62.9%	23.7%	143.1%	29.8%
12M Excs Rtn	272.6%	61.6%	40.7%	58.1%	18.9%	168.0%	59.9%
3Y Excs Rtn	638.1%	257.3%	134.3%	209.3%	57.1%	79.2%	171.8%

FDIC Bank Data

Bank Capital

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Bank Deposits

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Bank Assets

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Bank Loans

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FDA Approved Drugs Data

Expand for Morenull

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	11/6/2025	2/7/2025	2/9/2024	2/22/2023	3/11/2022	3/22/2021	3/27/2020
Key Financials
Total Revenue	454	442	320	294	298	247	210
EBITDA	134	86	93	78	145	60	-6
Operating Income	83	48	56	60	68	51	-20
Net Income	114	73	84	52	175	54	-16
EPS	6.65	4.49	5.55	3.47	10.03	0.59	-2.54
Growth Rates
Total Revenue Growth	15.3%	38.0%	9.0%	-1.5%	20.7%	17.9%	8.7%
EBITDA Growth	41.2%	-6.9%	19.3%	-46.1%	139.4%	1074.2%	93.3%
Operating Income Growth	111.8%	-13.8%	-7.0%	-11.9%	33.9%	358.9%	78.7%
Net Income Growth	50.0%	-13.3%	61.7%	-70.2%	221.7%	429.7%	84.1%
Margins
EBITDA Margin	29.5%	19.6%	29.0%	26.5%	48.5%	24.4%	-3.0%
Operating Income Margin	18.2%	10.9%	17.5%	20.5%	22.9%	20.6%	-9.4%
Net Income Margin	25.0%	16.6%	26.4%	17.8%	58.7%	22.0%	-7.9%
Cash & Debt
Total Cash	1,632	671	201	180	194	152	131
Total Debt	1,248	157	174	164	131	116	123
Net Debt / (Cash)	-384	-514	-27	-16	-63	-36	-8
Cash Flows
Net Cash from Operations	157	37	9	21	50	67	11
Free Cash from Operations	146	33	8	20	49	66	11
Returns to Shareholders
Dividends	0	-0	-0	-0	-0	-0	-0
Share Repurchases	-0	-0	-0	-0	44	62	-0

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	11/6/2025	8/6/2025	5/8/2025	2/7/2025	10/29/2024	8/7/2024	5/8/2024	2/9/2024	11/8/2023	8/4/2023	5/9/2023	2/22/2023
Key Financials Quarterly
Total Revenue	75	154	73	152	58	189	44	104	51	98	67	126
Ebitda	-3	44	40	53	-3	44	-7	61	3	18	11	31
Operating Income	-17	34	20	45	-8	21	-11	36	-3	14	8	31
Net Income	4	29	27	54	-5	31	-6	56	8	13	7	21
EPS	0.21	1.63	1.60	3.21	-0.30	1.89	-0.38	3.64	0.53	0.84	0.49	1.35
Key Financials TTM
Total Revenue TTM	454	437	471	442	394	388	297	320	343	325	325	294
Ebitda TTM	134	134	133	86	95	101	75	93	63	54	88	78
Operating Income TTM	83	92	79	48	39	44	37	56	51	41	72	60
Net Income TTM	114	105	106	73	76	89	71	84	49	35	60	52
Growth Rates Quarterly
Total Revenue Growth	29.8%	-18.3%	67.3%	46.3%	12.5%	92.1%	-34.7%	-17.9%	54.5%	-0.7%	89.5%	41.8%
EBITDA Growth	0.0%	1.6%	698.5%	-13.8%	-219.2%	141.4%	-159.8%	97.4%	140.0%	-65.4%	833.3%	-61.0%
Operating Income Growth	-118.4%	58.8%	293.4%	25.4%	-162.1%	46.5%	-229.3%	15.7%	77.3%	-68.1%	341.2%	44.2%
Net Income Growth	178.0%	-5.6%	545.9%	-4.6%	-161.0%	140.9%	-184.7%	164.3%	234.4%	-66.0%	1900.0%	-81.7%
Margins Quarterly
EBITDA Margin	-4.1%	28.7%	54.9%	34.7%	-5.4%	23.1%	-15.3%	58.9%	5.1%	18.4%	16.7%	24.5%
Operating Income Margin	-22.2%	21.7%	28.0%	29.9%	-13.2%	11.2%	-24.3%	34.9%	-5.7%	14.6%	12.3%	24.8%
Net Income Margin	5.2%	18.7%	37.2%	35.4%	-8.7%	16.2%	-14.0%	54.3%	16.0%	12.9%	10.8%	16.9%
Cash & Debt
Total Cash	1,632	833	653	671	194	227	209	201	183	212	189	180
Total Debt	1,248	430	458	157	171	172	170	174	170	173	172	164
Net Debt / (Cash)	-384	-403	-195	-514	-24	-55	-39	-27	-13	-40	-17	-16
Cash Flows Quarterly
FCF from Operations	10	53	36	58	-33	7	5	18	-24	25	-10	56
Cash Flows TTM
FCF from Operations TTM	157	114	68	37	-3	6	24	9	47	92	24	21
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	-	-	93.7%	-	-14.1%	44.7%	-20.5%	90.2%	-6.9%	32.2%	14.9%	67.3%
Return on Invested Capital (ROIC) TTM
ROIC TTM	-	-	107.3%	-	19.4%	29.6%	24.7%	36.0%	27.7%	22.5%	33.5%	32.3%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
Low-Enriched Uranium (LEU) segment	274	236	186	190	169
Technical Solutions segment	51	58	112	57	40
Elimination of intersegment revenue	-5	0
Total	320	294	298	247	210

Price Behavior

Price Behavior

Market Price	$260.18
Market Cap ($ Bil)	4.8
First Trading Date	07/23/1998
Distance from 52W High	-40.3%
	50 Days	200 Days
DMA Price	$293.73	$200.11
DMA Trend	up	down
Distance from DMA	-11.4%	30.0%
	3M	1YR
Volatility	96.5%	96.2%
Downside Capture	482.64	182.06
Upside Capture	365.01	290.03
Correlation (SPY)	42.3%	37.5%

LEU Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	3.25	3.13	3.04	2.45	1.77	1.65
Up Beta	0.99	0.43	-0.54	0.67	1.52	1.32
Down Beta	5.07	1.50	2.05	2.35	1.73	1.69
Up Capture	25%	412%	675%	607%	663%	2038%
Bmk +ve Days	13	26	39	74	142	427
Stock +ve Days	8	20	31	66	120	372
Down Capture	480%	413%	349%	218%	132%	109%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	12	22	32	59	128	375

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

		Comparison of LEU With Other Asset Classes (Last 1Y)
	LEU	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	281.3%	10.0%	19.2%	71.9%	8.9%	6.0%	-10.4%
Annualized Volatility	95.7%	24.4%	19.5%	19.3%	15.3%	17.1%	35.0%
Sharpe Ratio	1.82	0.34	0.78	2.69	0.36	0.18	-0.12
Correlation With Other Assets		17.9%	37.2%	9.4%	18.0%	14.6%	32.8%

ETFs used for asset classes: Sector ETF = XLE, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
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Based On 5-Year Data

		Comparison of LEU With Other Asset Classes (Last 5Y)
	LEU	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	63.5%	21.8%	14.9%	18.7%	11.7%	4.8%	32.6%
Annualized Volatility	84.5%	26.7%	17.1%	15.5%	18.7%	18.9%	48.7%
Sharpe Ratio	0.96	0.75	0.70	0.97	0.51	0.17	0.59
Correlation With Other Assets		30.9%	39.3%	12.2%	19.6%	24.1%	26.2%

Based On 10-Year Data

		Comparison of LEU With Other Asset Classes (Last 10Y)
	LEU	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	69.1%	8.0%	14.7%	14.9%	6.9%	5.2%	69.2%
Annualized Volatility	91.3%	29.8%	18.0%	14.8%	17.6%	20.8%	55.8%
Sharpe Ratio	0.97	0.32	0.70	0.83	0.31	0.22	0.90
Correlation With Other Assets		17.2%	22.7%	5.5%	14.2%	15.6%	15.3%

Short Interest

Short Interest: As Of Date	12152025
Short Interest: Shares Quantity	4,268,394
Short Interest: % Change Since 11302025	-0.1%
Average Daily Volume	911,322
Days-to-Cover Short Interest	4.68
Basic Shares Quantity	18,317,000
Short % of Basic Shares	23.3%

Returns Analyses

	Title
0	Can Centrus Energy Stock Hold Up When Markets Turn?

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
11/5/2025	-14.7%	-15.4%	-17.6%
8/5/2025	8.7%	1.7%	-6.9%
5/7/2025	22.0%	33.7%	97.4%
2/6/2025	33.1%	44.0%	-9.5%
10/28/2024	11.8%	-16.9%	-13.2%
8/6/2024	17.5%	4.7%	3.4%
5/7/2024	-4.9%	-2.4%	6.0%
2/8/2024	-1.8%	-2.3%	-15.4%
...
SUMMARY STATS
# Positive	11	8	9
# Negative	10	13	12
Median Positive	14.9%	14.5%	35.6%
Median Negative	-8.6%	-4.1%	-17.2%
Max Positive	33.1%	44.0%	108.8%
Max Negative	-31.4%	-22.4%	-42.7%

	Forward Returns
11/5/2025	-14.7%	-15.4%	-17.6%
8/5/2025	8.7%	1.7%	-6.9%
5/7/2025	22.0%	33.7%	97.4%
2/6/2025	33.1%	44.0%	-9.5%
10/28/2024	11.8%	-16.9%	-13.2%
8/6/2024	17.5%	4.7%	3.4%
5/7/2024	-4.9%	-2.4%	6.0%
2/8/2024	-1.8%	-2.3%	-15.4%
11/7/2023	-10.9%	-2.4%	-8.7%
8/3/2023	20.6%	20.8%	40.1%
5/8/2023	5.2%	8.2%	9.6%
2/21/2023	13.9%	6.5%	-21.5%
11/8/2022	-31.4%	-11.2%	-22.7%
8/4/2022	17.3%	34.2%	43.1%
3/10/2022	-16.4%	-22.4%	-35.3%
11/10/2021	14.9%	-2.5%	-16.8%
8/11/2021	-0.0%	-4.1%	35.6%
3/18/2021	4.8%	-8.3%	-20.5%
11/12/2020	-0.1%	-0.5%	108.8%
8/5/2020	-11.2%	-2.6%	-42.7%
3/25/2020	-6.3%	-12.2%	6.0%
SUMMARY STATS
# Positive	11	8	9
# Negative	10	13	12
Median Positive	14.9%	14.5%	35.6%
Median Negative	-8.6%	-4.1%	-17.2%
Max Positive	33.1%	44.0%	108.8%
Max Negative	-31.4%	-22.4%	-42.7%

SEC Filings

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Report Date	Filing Date	Filing
9302025	11062025	10-Q 9/30/2025
6302025	8062025	10-Q 6/30/2025
3312025	5082025	10-Q 3/31/2025
12312024	2072025	10-K 12/31/2024
9302024	10292024	10-Q 9/30/2024
6302024	8072024	10-Q 6/30/2024
3312024	5082024	10-Q 3/31/2024
12312023	2092024	10-K 12/31/2023
9302023	11082023	10-Q 9/30/2023
6302023	8042023	10-Q 6/30/2023
3312023	5092023	10-Q 3/31/2023
12312022	2222023	10-K 12/31/2022
9302022	11092022	10-Q 9/30/2022
6302022	8052022	10-Q 6/30/2022
3312022	5062022	10-Q 3/31/2022
12312021	3112022	10-K 12/31/2021

Insider Activity

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External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Centrus Energy (LEU)

Market Price (12/25/2025): $261.0 | Market Cap: $4.8 BilSector: Energy | Industry: Coal & Consumable Fuels

Centrus Energy (LEU)

Market Price (12/25/2025): $261.0Market Cap: $4.8 BilSector: EnergyIndustry: Coal & Consumable Fuels

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

LEU Stock

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About Centrus Energy (LEU)

Centrus Energy (LEU) - Major Customers

Amir Vexler

Todd Tinelli

Patrick Brown

John M.A. Donelson

Neal Nagarajan

Share Issuance

Inbound Investments

Capital Expenditures

Interactive Breakdown

Better Bets than Centrus Energy (LEU)

INDUSTRY: Coal & Consumable Fuels

Higher Rev Chg 3Y Avg | Lower P/S (Values for LEU: 21.3% | 10.5x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for LEU: 21.3% | 57.6x)

Higher Rev Chg LTM (Value for LEU: 15.3%)

Higher Rev Chg 3Y Avg (Value for LEU: 21.3%)

Higher Op Mgn LTM (Value for LEU: 18.2%)

Higher CFO/Rev LTM (Value for LEU: 34.6%)

Higher FCF/Rev LTM (Value for LEU: 32.3%)

Higher Total Yield (Value for LEU: 2.4%)

SECTOR: Energy

Higher Rev Chg 3Y Avg | Lower P/S (Values for LEU: 21.3% | 10.5x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for LEU: 21.3% | 57.6x)

Higher Rev Chg LTM (Value for LEU: 15.3%)

Higher Rev Chg 3Y Avg (Value for LEU: 21.3%)

Higher Op Mgn LTM (Value for LEU: 18.2%)

Higher CFO/Rev LTM (Value for LEU: 34.6%)

Higher FCF/Rev LTM (Value for LEU: 32.3%)

Higher Total Yield (Value for LEU: 2.4%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for LEU: 21.3% | 10.5x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for LEU: 21.3% | 57.6x)

Higher Rev Chg LTM (Value for LEU: 15.3%)

Higher Rev Chg 3Y Avg (Value for LEU: 21.3%)

Higher Op Mgn LTM (Value for LEU: 18.2%)

Higher CFO/Rev LTM (Value for LEU: 34.6%)

Higher FCF/Rev LTM (Value for LEU: 32.3%)

Higher Total Yield (Value for LEU: 2.4%)

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Valuation

Market Price (12/25/2025): $261.0 | Market Cap: $4.8 Bil
Sector: Energy | Industry: Coal & Consumable Fuels

Market Price (12/25/2025): $261.0
Market Cap: $4.8 Bil
Sector: Energy
Industry: Coal & Consumable Fuels