Centrus Energy (LEU)
Market Price (6/17/2026): $166.43 | Market Cap: $3.3 BilSector: Energy | Industry: Coal & Consumable Fuels
Centrus Energy (LEU)
Market Price (6/17/2026): $166.43Market Cap: $3.3 BilSector: EnergyIndustry: Coal & Consumable Fuels
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -21% Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -29% Megatrend and thematic driversMegatrends include Energy Transition & Decarbonization, Datacenter Power, and US Energy Independence. Themes include Advanced Nuclear Energy & Fuel, Show more. | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 42x, P/EPrice/Earnings or Price/(Net Income) is 54x Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -4.1% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -4.6%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -14% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.4% Significant short interestShort 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 21% Key risksLEU 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. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -21% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -29% |
| Megatrend and thematic driversMegatrends include Energy Transition & Decarbonization, Datacenter Power, and US Energy Independence. Themes include Advanced Nuclear Energy & Fuel, Show more. |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 42x, P/EPrice/Earnings or Price/(Net Income) is 54x |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -4.1% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -4.6%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -14% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.4% |
| Significant short interestShort 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 21% |
| Key risksLEU 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. |
Qualitative Assessment
AI Analysis | Feedback
Centrus Energy (LEU) stock has lost about 20% since 2/28/2026 because of the following key factors:
1. Significant Decline in Fiscal Q1 2026 GAAP Net Income and Diluted EPS.
Centrus Energy reported a substantial 63% year-over-year decrease in GAAP net income for fiscal Q1 2026 (ended March 31, 2026), falling to $10.0 million from $27.2 million in fiscal Q1 2025. This was primarily driven by a $15.9 million increase in advanced technology costs and an $11.8 million decrease in the extinguishment of long-term debt. Consequently, diluted earnings per share (EPS) for fiscal Q1 2026 dropped to $0.45, considerably lower than $1.60 reported in the same period last year, and missed analyst estimates of $0.58 by 22.41%.
2. Increased Operating Costs and Capital Expenditures Leading to Analyst Downgrades.
The company experienced negative operating cash flow of $35.1 million in fiscal Q1 2026 and outlined plans for significant capital deployment ranging from $350 million to $500 million for the full fiscal year 2026, mainly for its centrifuge manufacturing expansion. These rising operational costs and substantial capital investment projections prompted analyst firms to revise their outlooks. For instance, UBS lowered its price target for Centrus Energy to $170 from $195 on June 16, 2026, while maintaining a Neutral rating, citing higher expected operating expenses and awaiting further progress on the company's enrichment capacity build-out. UBS also reduced its adjusted EBITDA estimates for fiscal years 2026, 2027, and 2028.
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Centrus Energy (LEU) stock has lost about 20% since 2/28/2026 because of the following key factors:
1. Significant Decline in Fiscal Q1 2026 GAAP Net Income and Diluted EPS.
Centrus Energy reported a substantial 63% year-over-year decrease in GAAP net income for fiscal Q1 2026 (ended March 31, 2026), falling to $10.0 million from $27.2 million in fiscal Q1 2025. This was primarily driven by a $15.9 million increase in advanced technology costs and an $11.8 million decrease in the extinguishment of long-term debt. Consequently, diluted earnings per share (EPS) for fiscal Q1 2026 dropped to $0.45, considerably lower than $1.60 reported in the same period last year, and missed analyst estimates of $0.58 by 22.41%.
2. Increased Operating Costs and Capital Expenditures Leading to Analyst Downgrades.
The company experienced negative operating cash flow of $35.1 million in fiscal Q1 2026 and outlined plans for significant capital deployment ranging from $350 million to $500 million for the full fiscal year 2026, mainly for its centrifuge manufacturing expansion. These rising operational costs and substantial capital investment projections prompted analyst firms to revise their outlooks. For instance, UBS lowered its price target for Centrus Energy to $170 from $195 on June 16, 2026, while maintaining a Neutral rating, citing higher expected operating expenses and awaiting further progress on the company's enrichment capacity build-out. UBS also reduced its adjusted EBITDA estimates for fiscal years 2026, 2027, and 2028.
3. Fiscal Q1 2026 Revenue Miss and Weakness in the LEU Segment.
Although Centrus Energy's total revenue increased by 5% year-over-year to $76.7 million in fiscal Q1 2026, it fell short of analyst expectations of $78.3 million. A key concern was the Low-Enriched Uranium (LEU) segment, which saw its revenue decrease by 13% to $44.6 million. This decline was largely attributed to a 47% decrease in the volume of Separative Work Units (SWU) sold, even though the average price of SWU sold increased by 52%.
4. Persistent Concerns Regarding Overvaluation.
Throughout the period, financial analysis platforms indicated that Centrus Energy's stock was significantly overvalued. As of June 16, 2026, GuruFocus assessed the stock as 181.4% overvalued compared to its GF Value of $58.80. The company's P/E ratio of 54.8x was considerably above its 5-year median P/E of 13.9x, suggesting that the market price was trading at a premium not entirely justified by its financial performance and historical valuation, leading to downward pressure on the stock.
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Stock Movement Drivers
Fundamental Drivers
The -18.3% change in LEU stock from 2/28/2026 to 6/16/2026 was primarily driven by a -22.7% change in the company's Net Income Margin (%).| (LTM values as of) | 2282026 | 6162026 | Change |
|---|---|---|---|
| Stock Price ($) | 202.59 | 165.47 | -18.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 449 | 452 | 0.8% |
| Net Income Margin (%) | 17.3% | 13.4% | -22.7% |
| P/E Multiple | 49.1 | 54.0 | 10.0% |
| Shares Outstanding (Mil) | 19 | 20 | -4.7% |
| Cumulative Contribution | -18.3% |
Market Drivers
2/28/2026 to 6/16/2026| Return | Correlation | |
|---|---|---|
| LEU | -18.3% | |
| Market (SPY) | 9.7% | 60.9% |
| Sector (XLE) | -0.4% | -21.8% |
Fundamental Drivers
The -36.2% change in LEU stock from 11/30/2025 to 6/16/2026 was primarily driven by a -46.5% change in the company's Net Income Margin (%).| (LTM values as of) | 11302025 | 6162026 | Change |
|---|---|---|---|
| Stock Price ($) | 259.30 | 165.47 | -36.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 454 | 452 | -0.4% |
| Net Income Margin (%) | 25.0% | 13.4% | -46.5% |
| P/E Multiple | 41.8 | 54.0 | 29.2% |
| Shares Outstanding (Mil) | 18 | 20 | -7.4% |
| Cumulative Contribution | -36.2% |
Market Drivers
11/30/2025 to 6/16/2026| Return | Correlation | |
|---|---|---|
| LEU | -36.2% | |
| Market (SPY) | 10.4% | 51.5% |
| Sector (XLE) | 24.3% | -12.7% |
Fundamental Drivers
The 30.4% change in LEU stock from 5/31/2025 to 6/16/2026 was primarily driven by a 166.8% change in the company's P/E Multiple.| (LTM values as of) | 5312025 | 6162026 | Change |
|---|---|---|---|
| Stock Price ($) | 126.92 | 165.47 | 30.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 471 | 452 | -4.1% |
| Net Income Margin (%) | 22.6% | 13.4% | -40.7% |
| P/E Multiple | 20.2 | 54.0 | 166.8% |
| Shares Outstanding (Mil) | 17 | 20 | -14.1% |
| Cumulative Contribution | 30.4% |
Market Drivers
5/31/2025 to 6/16/2026| Return | Correlation | |
|---|---|---|
| LEU | 30.4% | |
| Market (SPY) | 28.8% | 42.6% |
| Sector (XLE) | 40.2% | -10.6% |
Fundamental Drivers
The 461.1% change in LEU stock from 5/31/2023 to 6/16/2026 was primarily driven by a 637.7% change in the company's P/E Multiple.| (LTM values as of) | 5312023 | 6162026 | Change |
|---|---|---|---|
| Stock Price ($) | 29.49 | 165.47 | 461.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 325 | 452 | 39.0% |
| Net Income Margin (%) | 18.4% | 13.4% | -27.1% |
| P/E Multiple | 7.3 | 54.0 | 637.7% |
| Shares Outstanding (Mil) | 15 | 20 | -24.9% |
| Cumulative Contribution | 461.1% |
Market Drivers
5/31/2023 to 6/16/2026| Return | Correlation | |
|---|---|---|
| LEU | 461.1% | |
| Market (SPY) | 86.6% | 34.6% |
| Sector (XLE) | 59.4% | 14.2% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| LEU Return | 116% | -35% | 68% | 22% | 264% | -27% | 664% |
| Peers Return | 54% | 5% | 53% | 7% | 86% | 10% | 448% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 10% | 101% |
Monthly Win Rates [3] | |||||||
| LEU Win Rate | 50% | 33% | 67% | 50% | 67% | 33% | |
| Peers Win Rate | 62% | 45% | 67% | 55% | 67% | 40% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| LEU Max Drawdown | -46% | -65% | -46% | -39% | -54% | -57% | |
| Peers Max Drawdown | -36% | -41% | -27% | -37% | -43% | -38% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[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] 2026 data is for the year up to 6/16/2026 (YTD)
How Low Can It Go
| Event | LEU | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -48.7% | -18.8% |
| % Gain to Breakeven | 94.7% | 23.1% |
| Time to Breakeven | 49 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -14.2% | -7.8% |
| % Gain to Breakeven | 16.6% | 8.5% |
| Time to Breakeven | 1 days | 18 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -35.2% | -6.7% |
| % Gain to Breakeven | 54.4% | 7.1% |
| Time to Breakeven | 94 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -64.7% | -24.5% |
| % Gain to Breakeven | 182.9% | 32.4% |
| Time to Breakeven | 119 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -36.7% | -33.7% |
| % Gain to Breakeven | 57.9% | 50.9% |
| Time to Breakeven | 33 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -44.6% | -19.2% |
| % Gain to Breakeven | 80.6% | 23.8% |
| Time to Breakeven | 31 days | 105 days |
In The Past
Centrus Energy's stock fell -48.7% during the 2025 US Tariff Shock. Such a loss loss requires a 94.7% gain to breakeven.
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| Event | LEU | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -48.7% | -18.8% |
| % Gain to Breakeven | 94.7% | 23.1% |
| Time to Breakeven | 49 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -35.2% | -6.7% |
| % Gain to Breakeven | 54.4% | 7.1% |
| Time to Breakeven | 94 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -64.7% | -24.5% |
| % Gain to Breakeven | 182.9% | 32.4% |
| Time to Breakeven | 119 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -36.7% | -33.7% |
| % Gain to Breakeven | 57.9% | 50.9% |
| Time to Breakeven | 33 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -44.6% | -19.2% |
| % Gain to Breakeven | 80.6% | 23.8% |
| Time to Breakeven | 31 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -73.4% | -12.2% |
| % Gain to Breakeven | 276.0% | 13.9% |
| Time to Breakeven | 75 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -97.9% | -6.8% |
| % Gain to Breakeven | 4717.3% | 7.3% |
| Time to Breakeven | 2098 days | 15 days |
| 2013 Taper Tantrum | ||
| % Loss | -64.1% | -0.2% |
| % Gain to Breakeven | 178.7% | 0.2% |
| Time to Breakeven | 14 days | 1 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -33.7% | -15.4% |
| % Gain to Breakeven | 50.8% | 18.2% |
| Time to Breakeven | 200 days | 125 days |
In The Past
Centrus Energy's stock fell -48.7% during the 2025 US Tariff Shock. Such a loss loss requires a 94.7% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Centrus Energy (LEU)
Centrus Energy Corp. (LEU) is a key supplier to the global nuclear power industry, providing essential nuclear fuel and specialized services. The company's primary mission is to support the operation of nuclear power plants by delivering the necessary components for nuclear fuel and offering expert assistance for nuclear-related projects.
The company operates through two main segments. Its Low-Enriched Uranium (LEU) segment focuses on supplying the core ingredients for nuclear fuel, including separative work units (SWU), which are a measure of the enrichment process, as well as natural uranium and complete low-enriched uranium components. These products are directly sold to utilities that operate nuclear power plants.
Centrus Energy's Technical Solutions segment complements its fuel supply by offering a broad array of services such as technical, manufacturing, engineering, procurement, construction, and operations support. This segment caters to both public and private sector customers, including activities related to advanced centrifuge technology. The company serves a diverse international market, with significant operations in the United States, Japan, and Belgium.
AI Analysis | Feedback
1. Centrus Energy is like the 'ExxonMobil of nuclear fuel,' refining and supplying the specialized enriched uranium for nuclear power plants.
2. Think of Centrus Energy as the 'Intel inside' for nuclear power plants, providing the critical, specialized enriched uranium fuel and related technical services.
AI Analysis | Feedback
- Low-Enriched Uranium (LEU): Supplies the essential nuclear fuel, which is a blend of separative work units (SWU) and natural uranium, for power generation.
- Separative Work Units (SWU): Provides the enrichment service component of nuclear fuel, which measures the effort required to enrich uranium.
- Natural Uranium: Offers natural uranium, a key raw material, to utilities for their nuclear power operations.
- Technical & Engineering Services: Delivers comprehensive services including technical, manufacturing, engineering, procurement, construction, and operations support for nuclear-related projects.
AI Analysis | Feedback
Centrus Energy Corp. (LEU) primarily sells its products and services to other companies and public sector entities, not to individuals.
Major Customers:
- U.S. Department of Energy (DOE): The U.S. Department of Energy is a significant customer for Centrus, particularly within its Technical Solutions segment. This includes contracts for engineering, testing, and production activities related to High-Assay Low-Enriched Uranium (HALEU), as well as other advanced nuclear fuel and technical service initiatives for national security and energy programs.
- Utilities that Operate Nuclear Power Plants: For its Low-Enriched Uranium (LEU) segment, Centrus supplies separative work units (SWU), LEU components, and natural uranium to electric utilities that operate nuclear power plants. These customers are located in the United States, Japan, Belgium, and internationally. While Centrus publicly states that a substantial portion of its revenue is derived from a concentrated base of a limited number of these utilities, the company does not publicly disclose the specific names of these major utility customers. These customers are generally large energy companies responsible for generating electricity from nuclear power.
AI Analysis | Feedback
Centrus Energy's major supplier is:
- TENEX
AI Analysis | Feedback
Amir Vexler, President and Chief Executive Officer
Amir Vexler became the President and Chief Executive Officer of Centrus Energy Corp. on January 1, 2024. Prior to joining Centrus, he served as President and Chief Executive Officer of Orano USA since 2021. In this role at Orano USA, he oversaw U.S. sales of nuclear fuel, decommissioning services, used nuclear fuel management, medical isotopes, and engineering and technology services for the federal government.
Kevin J. Harrill, Senior Vice President, CFO, Treasurer, Controller & Chief Accounting Officer
Kevin J. Harrill is the Senior Vice President, Chief Financial Officer, Treasurer, Controller & Chief Accounting Officer at Centrus Energy Corp. He is scheduled to host investor meetings as CFO in September 2024. Detailed background on previous companies founded, sold, or managed with private equity backing is not readily available in the provided search results.
Patrick Brown, Senior Vice President, Field Operations, and President, American Centrifuge Operating, LLC
Patrick Brown serves as the Senior Vice President of Field Operations and President of American Centrifuge Operating, LLC for Centrus Energy Corp. He is also listed as a contact for Centrus Energy Corp. in Oak Ridge, TN.
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 Corp. Detailed background information for Mr. Donelson is not readily available in the provided search results.
Richard Emery, Senior Vice President, General Counsel, Chief Compliance Officer and Corporate Secretary
Richard Emery holds the titles of Senior Vice President, General Counsel, Chief Compliance Officer, and Corporate Secretary at Centrus Energy Corp. Detailed background information for Mr. Emery is not readily available in the provided search results.
AI Analysis | Feedback
The key risks to Centrus Energy's business include its reliance on Russian nuclear fuel supplies, uncertainties surrounding its High-Assay Low-Enriched Uranium (HALEU) production and market expansion, and intense market competition coupled with price volatility.
The most significant risk stems from Centrus Energy's dependence on foreign suppliers, particularly Russia's TENEX, for Low-Enriched Uranium (LEU). The ongoing war in Ukraine, coupled with international sanctions and Russian government decrees, poses substantial threats to the continuity of LEU supply. These geopolitical events could disrupt Centrus's ability to meet its customer obligations and procure nuclear materials, potentially leading to a material adverse effect on its operations and competitive standing.
Another key risk involves the expansion of its HALEU production and the associated market dynamics. While Centrus is the only U.S. company licensed to produce HALEU and has significant contracts with the U.S. Department of Energy (DOE), there are inherent challenges. These include potential delays in production expansion, the need for continued public and private funding, and the risk that the market could become oversupplied due to the entry of other competitors. A substantial portion of Centrus's LEU sales backlog is contingent upon future capacity expansion and funding milestones, introducing further uncertainty.
Finally, Centrus Energy operates in a highly competitive market with major LEU producers, some of whom may be less cost-sensitive. The company is also exposed to market risks from fluctuations in commodity prices for separative work units (SWU) and uranium. This competitive landscape and price volatility could pressure Centrus's pricing, demand, market share, and overall profitability.
AI Analysis | Feedback
AI Analysis | Feedback
Centrus Energy Corp. (symbol: LEU) operates in key segments of the nuclear power industry, including Low-Enriched Uranium (LEU) and Technical Solutions. The addressable markets for these products and services are substantial globally and in specific regions.
Low-Enriched Uranium (LEU) Segment
- Uranium Enrichment (including LEU and Separative Work Units - SWU): The global uranium enrichment market, which encompasses LEU and SWU, was estimated at approximately USD 14.24 billion in 2025 and is projected to reach USD 22.16 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 9.25%. The Low Enriched Uranium (LEU) segment itself garnered USD 6.38 billion in revenue in 2023 globally and held about 71% of the uranium enrichment market in 2025, corresponding to approximately USD 10.3 billion. In the U.S., the uranium enrichment market was valued at USD 3.12 billion in 2025 and is expected to grow to USD 6.40 billion by 2032.
- Natural Uranium: The global nuclear fuel market, largely dominated by uranium fuel, is valued at US$34.5 billion in 2025 and is forecasted to grow to US$43.9 billion by 2032, with a CAGR of 3.5%. Another estimate places the global uranium market size at USD 16.16 billion in 2025, growing to USD 21.78 billion by 2033. North America held a 55% share of the uranium market in 2023.
Technical Solutions Segment
The Technical Solutions segment, encompassing services such as technical, manufacturing, engineering, procurement, construction, and operations for the nuclear power industry, addresses several significant global markets:
- Nuclear Plant Services: The global nuclear plant services market was valued at over USD 74.38 billion in 2025 and is projected to exceed USD 122.32 billion by 2035, growing at a CAGR of over 5.1%. Another report estimates this market to grow from USD 74.66 billion in 2025 to USD 138.71 billion by 2032.
- Nuclear Engineering Services: The global nuclear engineering service market is projected to grow from USD 33,208.0 million (approximately USD 33.21 billion) in 2025 to USD 64,115.0 million (approximately USD 64.12 billion) by 2035, at a CAGR of 6.8%.
- Nuclear Reactor Construction: The global nuclear reactor construction market was valued at USD 54.2 billion in 2025 and is poised to grow to USD 62.51 billion by 2033, at a CAGR of 1.8%.
AI Analysis | Feedback
Centrus Energy (LEU) is expected to experience significant revenue growth over the next two to three years, driven by several key factors in the evolving nuclear fuel industry:
-
Expansion and Commercialization of High-Assay Low-Enriched Uranium (HALEU) Production: Centrus Energy is at the forefront of establishing a domestic U.S. supply of HALEU, a critical advanced nuclear fuel needed for next-generation reactors. The company has successfully completed phases of its HALEU production contract with the U.S. Department of Energy (DOE) and has secured contract extensions through June 2026, with options for up to eight additional years. Centrus was also selected for a substantial $900 million HALEU production award from the DOE, with potential for further expansion. This initiative is expected to scale up with a planned multi-billion-dollar investment to significantly increase HALEU production capacity, contingent on securing appropriate funding.
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Increased Demand and Favorable Pricing in the Low-Enriched Uranium (LEU) Market: The LEU segment remains Centrus Energy's primary revenue driver. The company has observed a sharp rise in the LEU pricing curve, indicating a clear need for additional enrichment capacity due to growing global electrification demands. Centrus has reported significant increases in separative work unit (SWU) prices and volumes, contributing to substantial revenue growth in this segment.
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Strategic U.S. Government Contracts and Domestic Supply Chain Security: The U.S. government is actively working to reduce reliance on foreign nuclear fuel sources, particularly from Russia, creating a strong impetus for domestic production. Centrus is leveraging its unique position as the only company enriching uranium with U.S.-owned technology to secure significant government contracts for both HALEU and LEU. Recent waivers from the DOE allowing LEU imports for committed U.S. deliveries in 2026 and 2027 also help de-risk a portion of its LEU business.
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Substantial and Growing Revenue Backlog: Centrus Energy boasts a considerable total revenue backlog, which stood at approximately $3.8 billion as of December 31, 2025, extending through 2040. This backlog, with the LEU segment accounting for the largest share, provides strong visibility and a stable foundation for future revenue generation over the next several years. The company is also actively working to remove contingencies from its contingent LEU backlog, further solidifying future earnings.
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Share Issuance
- Centrus established an at-the-market (ATM) equity offering program in November 2025, allowing for the sale of up to $1 billion of its Class A common stock, with proceeds intended for general working capital, technology development, debt repayment, capital expenditures, and potential acquisitions.
- In fiscal year 2025, Centrus raised $523.7 million from the issuance of Class A Common Stock under ATM offerings.
- The company issued $805 million in 0% Convertible Senior Notes due 2032 and $402.5 million in 2.25% Convertible Senior Notes due 2030 in November 2024 and August 2025, respectively, to fund general corporate purposes, technology development, and potential acquisitions.
Inbound Investments
- In 2025, Centrus was selected by the U.S. Department of Energy (DOE) for a $900 million High-Assay Low-Enriched Uranium (HALEU) production award, subject to negotiation.
- In August 2025, the company announced a proposed partnership with Korea Hydro & Nuclear Power (KHNP) and POSCO International to explore potential foreign direct investment in new enrichment capacity in Ohio.
- Centrus received a $62.4 million IRS clean energy tax credit allocation in 2024.
Capital Expenditures
- Centrus announced a $60 million investment in 2024 for centrifuge manufacturing at its Oak Ridge, Tennessee, facility to restart and expand manufacturing readiness.
- For the full year 2026, Centrus expects total capital deployment to be in the range of $350 million to $500 million, primarily driven by increased investment in its industrial build-out related to centrifuge manufacturing.
- Reported capital expenditures were $1.6 million in 2023, $4.1 million in 2024, and $19.7 million in 2025.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 61.61 |
| Mkt Cap | 6.4 |
| Rev LTM | 269 |
| Op Inc LTM | -30 |
| FCF LTM | -89 |
| FCF 3Y Avg | -37 |
| CFO LTM | -39 |
| CFO 3Y Avg | -9 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 7.5% |
| Rev Chg 3Y Avg | 15.3% |
| Rev Chg Q | 16.6% |
| QoQ Delta Rev Chg LTM | 1.6% |
| Op Inc Chg LTM | -31.4% |
| Op Inc Chg 3Y Avg | -8.6% |
| Op Mgn LTM | 6.7% |
| Op Mgn 3Y Avg | 11.6% |
| QoQ Delta Op Mgn LTM | -1.0% |
| CFO/Rev LTM | -4.6% |
| CFO/Rev 3Y Avg | 6.0% |
| FCF/Rev LTM | -13.6% |
| FCF/Rev 3Y Avg | 2.4% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Low-Enriched Uranium (LEU) segment | 359 | 356 | 274 | 236 | 186 |
| Technical Solutions segment | 102 | 92 | 51 | 58 | 112 |
| Elimination of intersegment revenue | -12 | -6 | -5 | 0 | |
| Total | 449 | 442 | 320 | 294 | 298 |
| $ Mil | 2017 | 2016 | 2015 | 2013 | 2012 |
|---|---|---|---|---|---|
| LEU | 657 | 686 | |||
| Technical Solutions segment | 18 | 28 | |||
| Contract services segment | 25 | 60 | 58 | ||
| LEU segment | 796 | 1,646 | 2,208 | ||
| Total | 675 | 714 | 821 | 1,706 | 2,266 |
Price Behavior
| Market Price | $165.47 | |
| Market Cap ($ Bil) | 3.3 | |
| First Trading Date | 07/23/1998 | |
| Distance from 52W High | -62.0% | |
| 50 Days | 200 Days | |
| DMA Price | $189.56 | $247.79 |
| DMA Trend | down | down |
| Distance from DMA | -12.7% | -33.2% |
| 3M | 1YR | |
| Volatility | 87.8% | 92.1% |
| Downside Capture | 631.82 | 497.85 |
| Upside Capture | 305.52 | 366.05 |
| Correlation (SPY) | 64.8% | 43.1% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 4.73 | 4.56 | 2.70 | 3.16 | 2.88 | 1.86 |
| Up Beta | 5.20 | 4.33 | 2.72 | 2.27 | 1.76 | 1.43 |
| Down Beta | 0.05 | 1.54 | -0.08 | 0.69 | 1.58 | 1.57 |
| Up Capture | 221% | 312% | 314% | 615% | 1253% | 5111% |
| Bmk +ve Days | 13 | 28 | 36 | 67 | 141 | 432 |
| Stock +ve Days | 10 | 24 | 35 | 64 | 130 | 376 |
| Down Capture | 975% | 832% | 347% | 304% | 208% | 113% |
| Bmk -ve Days | 7 | 13 | 27 | 57 | 109 | 318 |
| Stock -ve Days | 10 | 17 | 28 | 60 | 119 | 372 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with LEU | |
|---|---|---|---|---|
| LEU | -2.0% | 92.1% | 0.39 | - |
| Sector ETF (XLE) | 29.8% | 20.8% | 1.15 | -11.4% |
| Equity (SPY) | 27.2% | 12.4% | 1.66 | 43.8% |
| Gold (GLD) | 25.8% | 27.4% | 0.82 | 29.2% |
| Commodities (DBC) | 23.3% | 18.9% | 0.98 | 1.5% |
| Real Estate (VNQ) | 13.6% | 13.5% | 0.69 | 6.8% |
| Bitcoin (BTCUSD) | -37.7% | 42.4% | -1.00 | 35.1% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with LEU | |
|---|---|---|---|---|
| LEU | 44.1% | 86.4% | 0.81 | - |
| Sector ETF (XLE) | 19.1% | 26.1% | 0.66 | 27.1% |
| Equity (SPY) | 13.8% | 17.1% | 0.63 | 41.2% |
| Gold (GLD) | 17.6% | 18.2% | 0.78 | 17.2% |
| Commodities (DBC) | 7.8% | 19.4% | 0.30 | 16.9% |
| Real Estate (VNQ) | 2.5% | 18.8% | 0.04 | 23.6% |
| Bitcoin (BTCUSD) | 12.1% | 54.2% | 0.42 | 26.3% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with LEU | |
|---|---|---|---|---|
| LEU | 46.5% | 82.3% | 0.84 | - |
| Sector ETF (XLE) | 9.1% | 29.6% | 0.35 | 20.4% |
| Equity (SPY) | 15.4% | 18.0% | 0.73 | 28.1% |
| Gold (GLD) | 12.8% | 16.1% | 0.66 | 11.5% |
| Commodities (DBC) | 6.2% | 18.0% | 0.27 | 15.8% |
| Real Estate (VNQ) | 5.6% | 20.7% | 0.23 | 18.5% |
| Bitcoin (BTCUSD) | 60.7% | 66.8% | 1.00 | 17.1% |
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Returns Analyses
Earnings Returns History
Updated 6/8/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/5/2026 | 12.3% | -1.8% | -9.4% |
| 2/10/2026 | -20.7% | -22.0% | -18.9% |
| 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% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 12 | 8 | 9 |
| # Negative | 12 | 16 | 15 |
| Median Positive | 14.4% | 14.5% | 35.6% |
| Median Negative | -8.7% | -5.9% | -16.8% |
| Max Positive | 33.1% | 44.0% | 108.8% |
| Max Negative | -31.4% | -35.0% | -42.7% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/5/2026 | 12.3% | -1.8% | -9.4% |
| 2/10/2026 | -20.7% | -22.0% | -18.9% |
| 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% |
| 5/5/2022 | -6.4% | -35.0% | -8.1% |
| 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% |
| 5/11/2021 | -4.7% | -7.7% | 5.9% |
| 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% |
| SUMMARY STATS | |||
| # Positive | 12 | 8 | 9 |
| # Negative | 12 | 16 | 15 |
| Median Positive | 14.4% | 14.5% | 35.6% |
| Median Negative | -8.7% | -5.9% | -16.8% |
| Max Positive | 33.1% | 44.0% | 108.8% |
| Max Negative | -31.4% | -35.0% | -42.7% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/06/2026 | 10-Q |
| 12/31/2025 | 02/11/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/07/2025 | 10-K |
| 09/30/2024 | 10/29/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/09/2024 | 10-K |
| 09/30/2023 | 11/08/2023 | 10-Q |
| 06/30/2023 | 08/04/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 02/22/2023 | 10-K |
| 09/30/2022 | 11/09/2022 | 10-Q |
| 06/30/2022 | 08/05/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/06/2026 | 10-Q |
| 12/31/2025 | 02/11/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/07/2025 | 10-K |
| 09/30/2024 | 10/29/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/09/2024 | 10-K |
| 09/30/2023 | 11/08/2023 | 10-Q |
| 06/30/2023 | 08/04/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 02/22/2023 | 10-K |
| 09/30/2022 | 11/09/2022 | 10-Q |
| 06/30/2022 | 08/05/2022 | 10-Q |
| 03/31/2022 | 05/06/2022 | 10-Q |
| 12/31/2021 | 03/11/2022 | 10-K |
| 09/30/2021 | 11/12/2021 | 10-Q |
| 06/30/2021 | 08/13/2021 | 10-Q |
| 03/31/2021 | 05/12/2021 | 10-Q |
| 12/31/2020 | 03/22/2021 | 10-K |
| 09/30/2020 | 11/13/2020 | 10-Q |
| 06/30/2020 | 08/06/2020 | 10-Q |
| 03/31/2020 | 05/12/2020 | 10-Q |
| 12/31/2019 | 03/27/2020 | 10-K |
| 09/30/2019 | 11/08/2019 | 10-Q |
| 06/30/2019 | 08/12/2019 | 10-Q |
Recent Forward Guidance
Updated 6/1/2026Latest: Q1 2026 Earnings Reported 5/5/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | 450.00 Mil | 475.00 Mil | 500.00 Mil | 5.6% | Raised | Guidance: 450.00 Mil for 2026 | |
| 2026 Capital Deployment | 350.00 Mil | 425.00 Mil | 500.00 Mil | 0 | Affirmed | Guidance: 425.00 Mil for 2026 | |
Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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