Tearsheet

Centrus Energy (LEU)

Market Price (3/11/2026): $200.95 | Market Cap: $3.8 Bil
Sector: Energy | Industry: Coal & Consumable Fuels

Centrus Energy (LEU)

Market Price (3/11/2026): $200.95
Market Cap: $3.8 Bil
Sector: Energy
Industry: Coal & Consumable Fuels

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

0	Cash is significant % of market cap Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -20%	Expensive valuation multiples P/SPrice/Sales ratio is 8.4x, P/EBITPrice/EBIT or Price/(Operating Income) ratio is 38x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 74x, P/EPrice/Earnings or Price/(Net Income) is 49x
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 11%	Stock price has recently run up significantly 12M Rtn12 month market price return is 171%
2	Valuation becoming less expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -33%	Weak revenue growth Rev Chg QQuarterly Revenue Change % is -3.6%
3	Megatrend and thematic drivers Megatrends include Energy Transition & Decarbonization, Datacenter Power, and US Energy Independence. Themes include Advanced Nuclear Energy & Fuel, Show more.	Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.1%
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.

0	Cash is significant % of market cap Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -20%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 11%
2	Valuation becoming less expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -33%
3	Megatrend and thematic drivers Megatrends include Energy Transition & Decarbonization, Datacenter Power, and US Energy Independence. Themes include Advanced Nuclear Energy & Fuel, Show more.
4	Expensive valuation multiples P/SPrice/Sales ratio is 8.4x, P/EBITPrice/EBIT or Price/(Operating Income) ratio is 38x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 74x, P/EPrice/Earnings or Price/(Net Income) is 49x
5	Stock price has recently run up significantly 12M Rtn12 month market price return is 171%
6	Weak revenue growth Rev Chg QQuarterly Revenue Change % is -3.6%
7	Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.1%
8	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%
9	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

	3/11/26	2025	2024	2023	2022
Share Price CYE	$200.95	$242.76	$66.61	$54.41	$32.48
Market Cap CYE ($ Bil)	3.8	4.6	1.1	0.8	0.5
Total Debt ($ Bil)	1.2	1.2	0.5	0.2	0.2
Total Cash ($ Bil)	2.0	2.0	0.7	0.2	0.2
Enterprise Value ($ Bil)	3.0	5.8	1.6	1.0	0.7
Valuation Ratios
P/S TTM	8.4	10.2	2.5	2.6	1.6
P/EBIT TTM	37.9	45.8	14.7	9.8	7.0
P/E TTM	48.7	58.8	15.2	10.0	9.1
P/FCF TTM	121.0	146.2	33.9	112.2	23.9
Sector Ratios
P/S TTM (Sector)	1.8	1.4	1.6	1.6	1.3
P/EBIT TTM (Sector)	9.3	7.1	6.5	5.9	4.0
P/E TTM (Sector)	13.2	11.2	10.3	8.2	5.3
P/FCF TTM (Sector)	10.4	7.8	7.2	7.6	4.7

	3/11/26	2025	2024
Share Price CYE	$200.95	$242.76	$66.61
Market Cap CYE ($ Bil)	3.8	4.6	1.1
Total Debt ($ Bil)	1.2	1.2	0.5
Total Cash ($ Bil)	2.0	2.0	0.7
Enterprise Value ($ Bil)	3.0	5.8	1.6
Valuation Ratios
P/S TTM	8.4	10.2	2.5
P/EBIT TTM	37.9	45.8	14.7
P/E TTM	48.7	58.8	15.2
P/FCF TTM	121.0	146.2	33.9
Sector Ratios
P/S TTM (Sector)	1.8	1.4	1.6
P/EBIT TTM (Sector)	9.3	7.1	6.5
P/E TTM (Sector)	13.2	11.2	10.3
P/FCF TTM (Sector)	10.4	7.8	7.2

	LEU	S&P 500
REVENUE GROWTH
Rev LTM ($ Bil)	0.4
Rev Chg Q	-3.6%	7.2%
Rev Chg LTM	1.5%	6.6%
Rev Chg 3Y Avg	16.2%	5.7%
PROFITABILITY	FAIR
Op Inc LTM ($ Bil)	0.1
CFO LTM ($ Bil)	0.1
Net Inc LTM ($ Bil)	0.1
Op Mgn LTM	11.2%	18.8%
CFO/Rev LTM	11.4%	20.9%
Net Inc Mgn	17.3%	12.8%
VALUATION	VERY HIGH
P/S	8.4	3.2
P/CFO	74.3	15.7
P/FCF	121.0	20.7
P/E	48.7	24.6
STABILITY	VERY GOOD
Debt/Equity	0.32	0.21
Cash/Assets	0.80	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

Recent
2/10/2026	Earnings Release	Rev: $146 Mil (A) vs. $147 Mil (E) EPS: 0.79 (A) vs. $1.42 (E)
Upcoming
5/06/2026	Earnings Release	Rev: $82 Mil (E) EPS: $0.54 (E)

Price Chart

Return (1M):

Why The Stock Moved

Qualitative Assessment

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Centrus Energy (LEU) stock has lost about 25% since 11/30/2025 because of the following key factors:

1. Centrus Energy reported a significant earnings miss for Q4 2025, with an Earnings Per Share (EPS) of $0.79 falling 43.97% short of the forecasted $1.41.

This announcement on February 10/11, 2026, directly triggered a substantial market reaction, with the stock declining by 10.36% in premarket trading and 20.69% on February 11, 2026.

2. Shareholder dilution occurred due to a significant capital raise through an at-the-market (ATM) program in late 2025.

In November 2025, Centrus raised $390.4 million at an average price of $269.21 per share, contributing to a 17.3% increase in total shares outstanding over the past year.

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Stock Movement Drivers

Fundamental Drivers

The -22.5% change in LEU stock from 11/30/2025 to 3/10/2026 was primarily driven by a -30.8% change in the company's Net Income Margin (%).

(LTM values as of)	11302025	3102026	Change
Stock Price ($)	259.30	200.84	-22.5%
Change Contribution By:
Total Revenues ($ Mil)	454	449	-1.2%
Net Income Margin (%)	25.0%	17.3%	-30.8%
P/E Multiple	41.8	48.7	16.5%
Shares Outstanding (Mil)	18	19	-2.8%
Cumulative Contribution			-22.5%

LTM = Last Twelve Months as of date shown

Market Drivers

11/30/2025 to 3/10/2026

	Return	Correlation
LEU	-22.5%
Market (SPY)	-0.9%	43.5%
Sector (XLE)	22.9%	-3.8%

Fundamental Drivers

The -0.4% change in LEU stock from 8/31/2025 to 3/10/2026 was primarily driven by a -27.7% change in the company's Net Income Margin (%).

(LTM values as of)	8312025	3102026	Change
Stock Price ($)	201.73	200.84	-0.4%
Change Contribution By:
Total Revenues ($ Mil)	437	449	2.7%
Net Income Margin (%)	24.0%	17.3%	-27.7%
P/E Multiple	34.1	48.7	42.8%
Shares Outstanding (Mil)	18	19	-6.1%
Cumulative Contribution			-0.4%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2025 to 3/10/2026

	Return	Correlation
LEU	-0.4%
Market (SPY)	5.3%	41.6%
Sector (XLE)	24.1%	-7.6%

Fundamental Drivers

The 121.4% change in LEU stock from 2/28/2025 to 3/10/2026 was primarily driven by a 134.8% change in the company's P/E Multiple.

(LTM values as of)	2282025	3102026	Change
Stock Price ($)	90.73	200.84	121.4%
Change Contribution By:
Total Revenues ($ Mil)	442	449	1.5%
Net Income Margin (%)	16.6%	17.3%	4.7%
P/E Multiple	20.7	48.7	134.8%
Shares Outstanding (Mil)	17	19	-11.3%
Cumulative Contribution			121.4%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2025 to 3/10/2026

	Return	Correlation
LEU	121.4%
Market (SPY)	15.0%	38.9%
Sector (XLE)	25.2%	15.6%

Fundamental Drivers

The 348.2% change in LEU stock from 2/28/2023 to 3/10/2026 was primarily driven by a 287.1% change in the company's P/E Multiple.

(LTM values as of)	2282023	3102026	Change
Stock Price ($)	44.81	200.84	348.2%
Change Contribution By:
Total Revenues ($ Mil)	294	449	52.7%
Net Income Margin (%)	17.8%	17.3%	-2.4%
P/E Multiple	12.6	48.7	287.1%
Shares Outstanding (Mil)	15	19	-22.3%
Cumulative Contribution			348.2%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2023 to 3/10/2026

	Return	Correlation
LEU	348.2%
Market (SPY)	77.3%	32.0%
Sector (XLE)	45.8%	19.4%

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
LEU Return	116%	-35%	68%	22%	264%	-19%	747%
Peers Return	54%	5%	53%	7%	86%	27%	528%
S&P 500 Return	27%	-19%	24%	23%	16%	-1%	81%
Monthly Win Rates [3]
LEU Win Rate	50%	33%	67%	50%	67%	33%
Peers Win Rate	62%	45%	67%	55%	67%	47%
S&P 500 Win Rate	75%	42%	67%	75%	67%	33%
Max Drawdowns [4]
LEU Max Drawdown	-15%	-63%	-16%	-35%	-18%	-24%
Peers Max Drawdown	-12%	-22%	-17%	-23%	-32%	0%
S&P 500 Max Drawdown	-1%	-25%	-1%	-2%	-15%	-2%

[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 3/10/2026 (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 CCJ, BWXT, UEC, NXE, UUUU

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.

Interactive Breakdown

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Better Bets vs. Centrus Energy (LEU)

INDUSTRY: Coal & Consumable Fuels

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Core Natural Resources

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Hallador Energy

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for LEU: 16.2% | 75.4x)

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Higher Rev Chg LTM (Value for LEU: 1.5%)

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Core Natural Resources

DNN (23.3%)

Denison Mines

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Cameco

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Higher Rev Chg 3Y Avg (Value for LEU: 16.2%)

UUUU (97.8%)

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Uranium Energy

DNN (30.7%)

Denison Mines

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Higher Op Mgn LTM (Value for LEU: 11.2%)

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Higher CFO/Rev LTM (Value for LEU: 11.4%)

UROY (78.1%)

Uranium Royalty

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Cameco

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Hallador Energy

NC (23.0%)

NACCO Industries

Higher FCF/Rev LTM (Value for LEU: 7.0%)

UROY (75.3%)

Uranium Royalty

CCJ (30.9%)

Cameco

HNRG (11.7%)

Hallador Energy

Higher Total Yield (Value for LEU: 2.1%)

NC (9.7%)

NACCO Industries

SECTOR: Energy

Higher Rev Chg 3Y Avg | Lower P/S (Values for LEU: 16.2% | 8.4x)

OKE (18.9% | 1.6x)

ONEOK

FANG (18.3% | 3.4x)

Diamondback Energy

EXE (37.0% | 2.0x)

Expand Energy

PR (36.0% | 2.8x)

Permian Resources

VNOM (20.5% | 5.2x)

Viper Energy

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for LEU: 16.2% | 75.4x)

OKE (18.9% | 9.2x)

ONEOK

FANG (18.3% | 10.4x)

Diamondback Energy

EXE (37.0% | 9.0x)

Expand Energy

PR (36.0% | 7.5x)

Permian Resources

VNOM (20.5% | 11.6x)

Viper Energy

Higher Rev Chg LTM (Value for LEU: 1.5%)

ENB (21.9%)

Enbridge

WMB (13.8%)

Williams Companies

KMI (12.2%)

Kinder Morgan

COP (7.7%)

ConocoPhillips

CNQ (6.4%)

Canadian Natural Resources

Higher Rev Chg 3Y Avg (Value for LEU: 16.2%)

EXE (37.0%)

Expand Energy

PR (36.0%)

Permian Resources

CCJ (23.6%)

Cameco

OKE (18.9%)

ONEOK

FANG (18.3%)

Diamondback Energy

Higher Op Mgn LTM (Value for LEU: 11.2%)

WMB (36.9%)

Williams Companies

KMI (27.8%)

Kinder Morgan

COP (19.2%)

ConocoPhillips

CNQ (18.6%)

Canadian Natural Resources

ENB (17.7%)

Enbridge

Higher CFO/Rev LTM (Value for LEU: 11.4%)

CNQ (34.2%)

Canadian Natural Resources

COP (33.6%)

ConocoPhillips

ENB (18.8%)

Enbridge

CVX (18.4%)

Chevron

XOM (16.0%)

Exxon Mobil

Higher FCF/Rev LTM (Value for LEU: 7.0%)

CNQ (19.0%)

Canadian Natural Resources

COP (12.3%)

ConocoPhillips

CVX (9.0%)

Chevron

WMB (7.5%)

Williams Companies

XOM (7.3%)

Exxon Mobil

Higher Total Yield (Value for LEU: 2.1%)

CNQ (16.5%)

Canadian Natural Resources

ENB (13.4%)

Enbridge

COP (8.5%)

ConocoPhillips

XOM (7.3%)

Exxon Mobil

CVX (6.8%)

Chevron

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for LEU: 16.2% | 8.4x)

META (19.9% | 8.2x)

Meta Platforms

BRK-B (27.0% | 2.6x)

Berkshire Hathaway

GE (18.3% | 7.5x)

GE Aerospace

APH (24.1% | 7.3x)

Amphenol

UBER (17.7% | 2.9x)

Uber Technologies

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for LEU: 16.2% | 75.4x)

NVDA (101.8% | 34.4x)

NVIDIA

META (19.9% | 19.8x)

Meta Platforms

AVGO (25.2% | 62.2x)

Broadcom

LLY (32.1% | 30.2x)

Eli Lilly

MU (28.3% | 32.9x)

Micron Technology

Higher Rev Chg LTM (Value for LEU: 1.5%)

NVDA (65.5%)

NVIDIA

MSFT (16.7%)

Microsoft

GOOGL (15.1%)

Alphabet

AMZN (12.4%)

Amazon.com

AAPL (10.1%)

Apple

Higher Rev Chg 3Y Avg (Value for LEU: 16.2%)

NVDA (101.8%)

NVIDIA

LLY (32.1%)

Eli Lilly

BRK-B (27.0%)

Berkshire Hathaway

AVGO (25.2%)

Broadcom

META (19.9%)

Meta Platforms

Higher Op Mgn LTM (Value for LEU: 11.2%)

NVDA (60.4%)

NVIDIA

MSFT (46.7%)

Microsoft

META (41.4%)

Meta Platforms

AAPL (32.4%)

Apple

GOOGL (32.0%)

Alphabet

Higher CFO/Rev LTM (Value for LEU: 11.4%)

MSFT (52.5%)

Microsoft

NVDA (47.6%)

NVIDIA

GOOGL (40.9%)

Alphabet

AAPL (31.1%)

Apple

AMZN (19.5%)

Amazon.com

Higher FCF/Rev LTM (Value for LEU: 7.0%)

NVDA (44.8%)

NVIDIA

AAPL (28.3%)

Apple

MSFT (25.3%)

Microsoft

META (22.9%)

Meta Platforms

GOOGL (18.2%)

Alphabet

Higher Total Yield (Value for LEU: 2.1%)

MSFT (4.8%)

Microsoft

GOOGL (3.8%)

Alphabet

AAPL (3.5%)

Apple

AMZN (3.4%)

Amazon.com

NVDA (2.7%)

NVIDIA

Best Bets in Energy

What You Pay

P/EBIT (Value for LEU: 37.9x)

AM (14.2x)

Antero Midstream

MGY (11.9x)

Magnolia Oil & Gas

DTM (18.7x)

DT Midstream

INSW (10.3x)

International Seaways

WHD (12.7x)

Cactus

CRC (8.6x)

California Resources

EQT (11.3x)

EQT

CTRA (9.3x)

Coterra Energy

LNG (5.7x)

Cheniere Energy

WMB (17.8x)

Williams Companies

P/E (Value for LEU: 48.7x)

AM (26.0x)

Antero Midstream

MGY (16.1x)

Magnolia Oil & Gas

DTM (32.1x)

DT Midstream

INSW (11.7x)

International Seaways

WHD (20.2x)

Cactus

CRC (14.4x)

California Resources

EQT (18.9x)

EQT

CTRA (13.5x)

Coterra Energy

LNG (9.9x)

Cheniere Energy

WMB (34.4x)

Williams Companies

What You Get

Rev Chg 3Y Avg (Value for LEU: 16.2%)

AM (8.4%)

Antero Midstream

MGY (-6.9%)

Magnolia Oil & Gas

DTM (11.1%)

DT Midstream

INSW (0.5%)

International Seaways

WHD (19.3%)

Cactus

CRC (2.3%)

California Resources

EQT (1.6%)

EQT

CTRA (-0.8%)

Coterra Energy

LNG (-11.6%)

Cheniere Energy

WMB (3.2%)

Williams Companies

Rev Chg LTM (Value for LEU: 1.5%)

AM (7.0%)

Antero Midstream

MGY (-0.3%)

Magnolia Oil & Gas

DTM (26.7%)

DT Midstream

INSW (-11.4%)

International Seaways

WHD (-4.5%)

Cactus

CRC (15.4%)

California Resources

EQT (60.0%)

EQT

CTRA (40.1%)

Coterra Energy

LNG (27.2%)

Cheniere Energy

WMB (13.8%)

Williams Companies

Rev Chg Q (Value for LEU: -3.6%)

AM (3.1%)

Antero Midstream

MGY (-2.7%)

Magnolia Oil & Gas

DTM (27.3%)

DT Midstream

INSW (37.6%)

International Seaways

WHD (-4.0%)

Cactus

CRC (-13.8%)

California Resources

EQT (25.8%)

EQT

CTRA (40.4%)

Coterra Energy

LNG (22.9%)

Cheniere Energy

WMB (16.6%)

Williams Companies

FCF/Rev 3Y Avg (Value for LEU: 5.6%)

AM (55.3%)

Antero Midstream

MGY (33.1%)

Magnolia Oil & Gas

DTM (26.8%)

DT Midstream

INSW (25.7%)

International Seaways

WHD (24.0%)

Cactus

CRC (23.2%)

California Resources

EQT (22.6%)

EQT

CTRA (22.2%)

Coterra Energy

LNG (21.1%)

Cheniere Energy

WMB (20.1%)

Williams Companies

[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	Date
0	DASHBOARDS
1	Centrus Stock (+10%): DOE Award Ignites Domestic Supply Narrative	01/06/2026
2	Centrus Energy Earnings Notes	12/26/2025
3	Centrus Energy Stock May Still Have Room to Run	12/25/2025
4	Centrus Stock (+14%): Centrifuge Production Launch Ignites Re-Rate	12/20/2025
5	Is 27.8% Fall In Centrus Energy (LEU) Stock A Buying Opportunity?	10/23/2025
6	Can Centrus Energy Stock Hold Up When Markets Turn?	10/17/2025
7	Is The 27.4% Decline In Centrus Energy (LEU) Stock A Dip Buying Opportunity?	08/21/2025
8	Big Decline for LEU, but Do OKE's Margins and Growth Give It the Edge?	08/18/2025
9	ARTICLES
10	Momentum Meets Value: Centrus Energy Stock Could Be A Good Buy	12/25/2025
11	Centrus Stock (+14%): Domestic Centrifuge Production Ignites Re-Rate	12/20/2025
12	Centrus Energy Stock To $218?	10/23/2025
13	LEU Stock Has Fallen 27%, Is It Time To Get In?	08/21/2025
14	LEU Plunges 25%, Should You Consider Buying The Dip?	08/14/2025

	Title
0	DASHBOARDS
1	Centrus Stock (+10%): DOE Award Ignites Domestic Supply Narrative
2	Centrus Energy Earnings Notes
3	Centrus Energy Stock May Still Have Room to Run
4	Centrus Stock (+14%): Centrifuge Production Launch Ignites Re-Rate
5	Is 27.8% Fall In Centrus Energy (LEU) Stock A Buying Opportunity?
6	Can Centrus Energy Stock Hold Up When Markets Turn?
7	Is The 27.4% Decline In Centrus Energy (LEU) Stock A Dip Buying Opportunity?
8	Big Decline for LEU, but Do OKE's Margins and Growth Give It the Edge?
9	ARTICLES
10	Momentum Meets Value: Centrus Energy Stock Could Be A Good Buy
11	Centrus Stock (+14%): Domestic Centrifuge Production Ignites Re-Rate
12	Centrus Energy Stock To $218?
13	LEU Stock Has Fallen 27%, Is It Time To Get In?
14	LEU Plunges 25%, Should You Consider Buying The Dip?

Trade Ideas

Select ideas related to LEU.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
TPL_12262025_Dip_Buyer_ValueBuy	12262025	TPL	Texas Pacific Land	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	82.3%	82.3%	-2.1%
NOV_12122025_Insider_Buying_GTE_1Mil_EBITp+DE_V2	12122025	NOV	NOV	Insider	Insider Buys \| Low D/EStrong Insider Buying Companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap	23.6%	23.6%	-6.5%
RIG_12122025_Insider_Buying_GTE_1Mil_EBITp+DE_V2	12122025	RIG	Transocean	Insider	Insider Buys \| Low D/EStrong Insider Buying Companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap	56.9%	56.9%	-7.0%
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	31.6%	31.6%	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	41.7%	41.7%	0.0%
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	0.4%	0.4%	-8.2%

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
FIGR	Figure Technology Solutions	4.1	21.3%	-3.1%
STGW	Stagwell	1.6	17.6%	26.0%
UAMY	United States Antimony	1.4	17.0%	123.7%
AXTI	AXT	1.9	14.9%	170.9%
ADCT	ADC Therapeutics	0.7	13.5%	36.0%
MAZE	Maze Therapeutics	2.3	13.3%	23.2%
BBIO	BridgeBio Pharma	14.4	13.2%	-2.8%
DYN	Dyne Therapeutics	2.8	11.8%	1.1%
TE	T1 Energy	1.3	11.5%	19.5%
HYMC	Hycroft Mining	1.9	10.5%	88.7%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
MLAB	Mesa Laboratories	0.4	-16.5%	-6.6%
CNC	Centene	17.9	-16.0%	-11.5%
FNMA	Federal National Mortgage Association Fannie Mae	35.4	-13.6%	-43.8%
FMCC	Federal Home Loan Mortgage	17.2	-13.5%	-47.5%
CTOS	Custom Truck One Source	1.3	-11.3%	-1.7%
ESPR	Esperion Therapeutics	0.5	-11.2%	-27.0%
FICO	Fair Isaac	30.5	-10.8%	-24.0%
CRSP	CRISPR Therapeutics	5.0	-10.2%	0.7%
FTRE	Fortrea	0.8	-9.0%	-48.1%
NSP	Insperity	0.8	-8.9%	-46.9%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
DAWN	Day One Biopharmaceuticals	2.2	112.2%	128.3%
QURE	uniQure	1.1	102.2%	-23.7%
BW	Babcock & Wilcox Enterprises	1.4	73.3%	121.5%
DNTH	Dianthus Therapeutics	3.3	56.9%	110.9%
AMPX	Amprius Technologies	2.3	54.8%	128.1%
SOC	Sable Offshore	1.4	54.3%	59.8%
HIMS	Hims & Hers Health	5.3	48.4%	-27.7%
TNGX	Tango Therapeutics	1.8	43.5%	86.2%
FIGR	Figure Technology Solutions	4.1	39.1%	-3.1%
IOVA	Iovance Biotherapeutics	1.9	38.9%	90.5%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
OLMA	Olema Pharmaceuticals	1.4	-32.7%	-37.0%
DSGR	Distribution Solutions	1.0	-29.9%	-23.7%
GO	Grocery Outlet	0.6	-28.7%	-37.4%
ENGN	enGene	0.4	-28.2%	-23.1%
VSCO	Victoria's Secret	3.9	-23.2%	-11.9%
STUB	Stubhub	2.5	-22.0%	-41.4%
FMCC	Federal Home Loan Mortgage	17.2	-21.6%	-47.5%
PI	Impinj	2.8	-20.5%	-46.7%
WOLF	Wolfspeed	0.4	-20.5%	-4.8%
GENI	Genius Sports	1.3	-19.9%	-53.0%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
AAOI	Applied Optoelectronics	7.6	172.0%	245.6%
FSLY	Fastly	3.4	165.3%	123.4%
CRCL	Circle Internet	27.1	107.0%	48.9%
IOVA	Iovance Biotherapeutics	1.9	105.5%	90.5%
NKTR	Nektar Therapeutics	1.4	95.8%	70.5%
ACHC	Acadia Healthcare	2.3	88.0%	77.2%
DAWN	Day One Biopharmaceuticals	2.2	86.5%	128.3%
AXTI	AXT	1.9	84.1%	170.9%
SOC	Sable Offshore	1.4	81.5%	59.8%
PVLA	Palvella Therapeutics	1.6	72.9%	35.8%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
MNKD	MannKind	0.8	-54.8%	-54.0%
GRAL	GRAIL	1.8	-51.4%	-43.1%
CWH	Camping World	0.4	-49.0%	-28.7%
EOSE	Eos Energy Enterprises	1.7	-47.9%	-44.1%
NSP	Insperity	0.8	-47.2%	-46.9%
KD	Kyndryl	2.9	-45.9%	-52.2%
ULCC	Frontier	0.8	-44.5%	-23.1%
ARRY	Array Technologies	1.1	-40.4%	-23.3%
BTDR	Bitdeer Technologies	1.6	-39.6%	-32.2%
DRVN	Driven Brands	1.7	-39.6%	-30.5%

Peer Comparisons

Peers to compare with:

Financials

	LEU	CCJ	BWXT	UEC	NXE	UUUU	Median
Name	Centrus .	Cameco	BWX Tech.	Uranium .	NexGen E.	Energy F.
Mkt Price	200.84	120.08	195.91	14.48	13.00	20.31	70.19
Mkt Cap	3.8	52.3	17.9	6.8	8.3	4.8	7.5
Rev LTM	449	3,482	3,198	50	0	66	257
Op Inc LTM	50	641	325	-90	-90	-101	-20
FCF LTM	31	1,075	295	-93	-233	-141	-31
FCF 3Y Avg	24	768	254	-60	-185	-92	-18
CFO LTM	51	1,408	480	-87	-48	-89	2
CFO 3Y Avg	32	1,001	417	-56	-41	-50	-5

Growth & Margins

	LEU	CCJ	BWXT	UEC	NXE	UUUU	Median
Name	Centrus .	Cameco	BWX Tech.	Uranium .	NexGen E.	Energy F.
Rev Chg LTM	1.5%	11.0%	18.3%	189.2%	-	-15.6%	11.0%
Rev Chg 3Y Avg	16.2%	23.6%	12.8%	46.2%	-	97.8%	23.6%
Rev Chg Q	-3.6%	1.5%	18.7%	-100.0%	-	-32.1%	-3.6%
QoQ Delta Rev Chg LTM	-1.2%	0.5%	4.6%	-25.6%	-	-16.3%	-1.2%
Op Mgn LTM	11.2%	18.4%	10.1%	-180.7%	-	-153.4%	10.1%
Op Mgn 3Y Avg	12.8%	15.4%	11.9%	-175.8%	-	-95.8%	11.9%
QoQ Delta Op Mgn LTM	-7.0%	-0.2%	-0.7%	-70.8%	-	-23.9%	-7.0%
CFO/Rev LTM	11.4%	40.4%	15.0%	-175.5%	-	-135.7%	11.4%
CFO/Rev 3Y Avg	7.5%	32.0%	14.9%	-201.4%	-	-77.6%	7.5%
FCF/Rev LTM	7.0%	30.9%	9.2%	-186.5%	-	-214.3%	7.0%
FCF/Rev 3Y Avg	5.6%	24.6%	9.1%	-211.6%	-	-156.3%	5.6%

Valuation

	LEU	CCJ	BWXT	UEC	NXE	UUUU	Median
Name	Centrus .	Cameco	BWX Tech.	Uranium .	NexGen E.	Energy F.
Mkt Cap	3.8	52.3	17.9	6.8	8.3	4.8	7.5
P/S	8.4	15.0	5.6	136.2	-	73.5	15.0
P/EBIT	37.9	58.6	40.6	-86.7	-33.4	-47.9	2.2
P/E	48.7	88.7	54.5	-87.0	-26.9	-56.6	10.9
P/CFO	74.2	37.1	37.4	-77.6	-175.1	-54.1	-8.5
Total Yield	2.1%	1.1%	2.3%	-1.1%	-3.7%	-1.8%	-0.0%
Dividend Yield	0.0%	0.0%	0.5%	0.0%	0.0%	0.0%	0.0%
FCF Yield 3Y Avg	1.5%	2.9%	2.5%	-1.6%	-4.2%	-5.6%	-0.1%
D/E	0.3	0.0	0.1	0.0	0.1	0.1	0.1
Net D/E	-0.2	-0.0	0.1	-0.1	-0.1	-0.0	-0.1

Returns

	LEU	CCJ	BWXT	UEC	NXE	UUUU	Median
Name	Centrus .	Cameco	BWX Tech.	Uranium .	NexGen E.	Energy F.
1M Rtn	-23.8%	5.7%	-0.6%	-10.2%	17.8%	-4.3%	-2.5%
3M Rtn	-24.1%	28.6%	10.6%	3.7%	38.2%	31.9%	19.6%
6M Rtn	-7.8%	55.6%	20.9%	19.8%	65.6%	55.3%	38.1%
12M Rtn	171.4%	196.3%	104.4%	203.6%	185.7%	412.9%	191.0%
3Y Rtn	427.3%	375.0%	228.5%	351.1%	234.2%	267.9%	309.5%
1M Excs Rtn	-21.6%	7.9%	1.5%	-8.0%	19.9%	-2.1%	-0.3%
3M Excs Rtn	-23.3%	32.9%	11.4%	6.5%	39.4%	31.4%	21.4%
6M Excs Rtn	-6.3%	51.5%	15.4%	18.1%	58.7%	66.3%	34.8%
12M Excs Rtn	134.1%	170.3%	80.8%	172.7%	150.5%	381.5%	160.4%
3Y Excs Rtn	302.6%	259.4%	152.2%	219.5%	127.8%	136.9%	185.9%

FDIC Bank Data

Bank Capital

null

Bank Deposits

null

Bank Assets

null

Bank Loans

null

FDA Approved Drugs Data

Expand for Morenull

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2025	2024	2023	2022	2021	2020
Period End	12/31/2025	12/31/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020
Filing Date	2/11/2026	2/11/2026	2/7/2025	2/9/2024	2/22/2023	3/11/2022	3/22/2021
Key Financials
Total Revenue	449	449	442	320	294	298	247
EBITDA	110	110	86	93	78	145	60
Operating Income	50	50	48	52	60	68	51
Net Income	78	78	73	84	52	175	54
EPS	4.38	4.33	4.49	5.55	3.47	10.03	0.59
Growth Rates
Total Revenue Growth	1.5%	1.5%	38.0%	9.0%	-1.5%	20.7%	17.9%
EBITDA Growth	26.9%	26.9%	-6.9%	19.3%	-46.1%	139.4%	1074.2%
Operating Income Growth	4.6%	4.6%	-8.4%	-13.0%	-11.9%	33.9%	358.9%
Net Income Growth	6.3%	6.3%	-13.3%	61.7%	-70.2%	221.7%	429.7%
Margins
EBITDA Margin	24.5%	24.5%	19.6%	29.0%	26.5%	48.5%	24.4%
Operating Income Margin	11.2%	11.2%	10.9%	16.4%	20.5%	22.9%	20.6%
Net Income Margin	17.3%	17.3%	16.6%	26.4%	17.8%	58.7%	22.0%
Cash & Debt
Total Cash	1,957	1,957	671	201	180	194	152
Total Debt	1,215	1,215	546	174	164	131	116
Net Debt / (Cash)	-742	-742	-125	-27	-16	-63	-36
Cash Flows
Net Cash from Operations	51	51	37	9	21	50	67
Free Cash from Operations	31	31	33	8	20	49	66
Returns to Shareholders
Dividends	0	-0	-0	-0	-0	-0	-0
Share Repurchases	-0	-0	-0	-0	-0	44	62

$ Mil \| FY: 12/31	2025Q4	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1
Period End	12/31/2025	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
Filing Date	2/11/2026	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
Key Financials Quarterly
Total Revenue	146	75	154	73	152	58	189	44	104	51	98	67
Ebitda	28	-3	44	40	53	-3	44	-7	61	3	18	11
Operating Income	13	-17	34	20	45	-8	21	-11	33	-3	14	8
Net Income	18	4	29	27	54	-5	31	-6	56	8	13	7
EPS	0.94	0.21	1.63	1.60	3.21	-0.30	1.89	-0.38	3.64	0.53	0.84	0.49
Key Financials TTM
Total Revenue TTM	449	454	437	471	442	394	388	297	320	343	325	325
Ebitda TTM	110	134	134	133	86	95	101	75	93	63	54	88
Operating Income TTM	50	82	92	79	48	36	40	34	52	51	41	72
Net Income TTM	78	114	105	106	73	76	89	71	84	49	35	60
Growth Rates Quarterly
Total Revenue Growth	-3.6%	29.8%	-18.3%	67.3%	46.3%	12.5%	92.1%	-34.7%	-17.9%	54.5%	-0.7%	89.5%
EBITDA Growth	-46.0%	0.0%	1.6%	698.5%	-13.8%	-219.2%	141.4%	-159.8%	97.4%	140.0%	-65.4%	833.3%
Operating Income Growth	-71.6%	-118.4%	58.8%	293.4%	38.3%	-162.1%	46.5%	-229.3%	4.2%	77.3%	-68.1%	341.2%
Net Income Growth	-66.9%	178.0%	-5.6%	545.9%	-4.6%	-161.0%	140.9%	-184.7%	164.3%	234.4%	-66.0%	1900.0%
Margins Quarterly
EBITDA Margin	19.4%	-4.1%	28.7%	54.9%	34.7%	-5.4%	23.1%	-15.3%	58.9%	5.1%	18.4%	16.7%
Operating Income Margin	8.8%	-22.2%	21.7%	28.0%	29.7%	-13.2%	11.2%	-24.3%	31.5%	-5.7%	14.6%	12.3%
Net Income Margin	12.2%	5.2%	18.7%	37.2%	35.4%	-8.7%	16.2%	-14.0%	54.3%	16.0%	12.9%	10.8%
Cash & Debt
Total Cash	1,957	1,632	833	653	671	194	227	209	201	183	212	189
Total Debt	1,215	1,248	430	458	546	171	172	170	174	170	173	172
Net Debt / (Cash)	-742	-384	-403	-195	-125	-24	-55	-39	-27	-13	-40	-17
Cash Flows Quarterly
FCF from Operations	-48	10	53	36	58	-33	7	5	18	-24	25	-10
Cash Flows TTM
FCF from Operations TTM	51	157	114	68	37	-3	6	24	9	47	92	24
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	198.1%	-	-	93.7%	160.6%	-14.1%	44.7%	-20.5%	81.2%	-6.9%	32.2%	14.9%
Return on Invested Capital (ROIC) TTM
ROIC TTM	210.5%	-	-	106.9%	42.7%	17.6%	27.2%	22.3%	33.7%	27.7%	22.5%	33.5%

Segment Financials

Revenue by Segment

$ Mil	2025	2024	2023	2022	2021
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	$200.84
Market Cap ($ Bil)	3.8
First Trading Date	07/23/1998
Distance from 52W High	-53.9%
	50 Days	200 Days
DMA Price	$255.05	$245.63
DMA Trend	up	down
Distance from DMA	-21.3%	-18.2%
	3M	1YR
Volatility	101.2%	93.7%
Downside Capture	622.14	261.64
Upside Capture	501.14	314.46
Correlation (SPY)	44.3%	39.0%

LEU Betas & Captures as of 2/28/2026

	1M	2M	3M	6M	1Y	3Y
Beta	4.00	3.50	3.99	3.49	1.87	1.74
Up Beta	2.70	0.98	1.34	0.49	1.37	1.29
Down Beta	-3.52	0.89	1.69	1.81	1.50	1.59
Up Capture	411%	592%	700%	1039%	981%	2840%
Bmk +ve Days	9	20	31	70	142	431
Stock +ve Days	10	20	29	60	125	368
Down Capture	742%	486%	456%	310%	155%	112%
Bmk -ve Days	12	21	30	54	109	320
Stock -ve Days	11	21	32	64	125	381

[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	142.6%	93.9%	1.37	-
Sector ETF (XLE)	30.5%	24.8%	1.02	15.0%
Equity (SPY)	18.7%	19.1%	0.77	39.2%
Gold (GLD)	79.6%	26.2%	2.22	17.2%
Commodities (DBC)	19.2%	17.2%	0.88	21.1%
Real Estate (VNQ)	5.3%	16.4%	0.14	16.2%
Bitcoin (BTCUSD)	-20.4%	45.5%	-0.36	36.6%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with LEU
LEU	50.5%	85.2%	0.86	-
Sector ETF (XLE)	21.7%	26.2%	0.75	29.2%
Equity (SPY)	13.7%	17.0%	0.64	39.8%
Gold (GLD)	24.5%	17.2%	1.16	15.4%
Commodities (DBC)	11.6%	19.0%	0.50	19.6%
Real Estate (VNQ)	5.3%	18.8%	0.19	23.4%
Bitcoin (BTCUSD)	6.5%	56.8%	0.33	24.8%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 10-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with LEU
LEU	62.7%	91.6%	0.93	-
Sector ETF (XLE)	11.0%	29.5%	0.41	17.0%
Equity (SPY)	14.9%	17.8%	0.72	23.4%
Gold (GLD)	15.1%	15.6%	0.81	7.4%
Commodities (DBC)	8.9%	17.6%	0.42	13.9%
Real Estate (VNQ)	5.9%	20.7%	0.25	15.6%
Bitcoin (BTCUSD)	66.0%	66.8%	1.05	15.1%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date	2272026
Short Interest: Shares Quantity	4.4 Mil
Short Interest: % Change Since 2152026	-2.0%
Average Daily Volume	0.8 Mil
Days-to-Cover Short Interest	5.8 days
Basic Shares Quantity	18.9 Mil
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
2/10/2026	-20.7%	-22.0%
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%
...
SUMMARY STATS
# Positive	11	8	9
# Negative	11	14	12
Median Positive	14.9%	14.5%	35.6%
Median Negative	-10.9%	-6.2%	-17.2%
Max Positive	33.1%	44.0%	108.8%
Max Negative	-31.4%	-22.4%	-42.7%

	Forward Returns
2/10/2026	-20.7%	-22.0%
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	11	14	12
Median Positive	14.9%	14.5%	35.6%
Median Negative	-10.9%	-6.2%	-17.2%
Max Positive	33.1%	44.0%	108.8%
Max Negative	-31.4%	-22.4%	-42.7%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
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

Insider Activity

Expand for More

#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Harrill, Kevin J	CFO & Treasurer	Direct	Sell	6022025	126.00	1,728			Form
2	Donelson, John M A	SVP, Sales & Chief Mktg Off	Direct	Sell	5152025	96.31	3,732			Form
3	Cutlip, Larry B	SVP, FIELD OPERATIONS	Direct	Sell	2132025	120.31	4,000	481,240	1,131,155	Form

LEU Trade Sentinel

Stock Conviction

null

CONVICTION RATIONALE

null

STOCK ARCHETYPE

null

INVESTMENT THESIS

null

Mechanism: null

Supporting Evidence:

PRIMARY RISK

null

Mechanism: null

Supporting Evidence:

Key KPI Watchlist

KPI	Threshold	Rationale

Core Investment Debate

BULL VIEW

CORE TENSION

PREVAILING SENTIMENT

BEAR VIEW

Next 6 months: Risks and Catalysts

Timeline	Event & Metric To Watch

Key Events in Last 6 Months

Date	Event	Stock Impact

Risk Management

Position Sizing

null

Diversification Alternatives

How Is The Market Pricing LEU?

What will confirm the thesis

What will damage the thesis

Noise: Real but irrelevant to thesis

Repricing Catalyst

What LEU Makes & Who Pays

TTM figures based on

LEU Evolution: Price Return by Era

① Structure

② Volume / Momentum

③ Catalyst

Combined Score

0 / 12

1 Price Structure & Trend · ▾

2 Momentum ▾

3 Relative Strength vs. SPY ▾

4 Institutional Footprint & Volume ▾

5 Volatility ▾

6 Key Price Levels Range · Vol ▾

7 Earnings Reaction History ▾

8 How the Verdict Is Derived Three Pillars ▾

Pillar	Score
① Structure	0
② Vol / Mom	0
③ Catalyst	0

ℹ Bull Pillars: 0 · Bear Pillars: 0 · Combined Score: 0 →

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 (3/11/2026): $200.95 | Market Cap: $3.8 BilSector: Energy | Industry: Coal & Consumable Fuels

Centrus Energy (LEU)

Market Price (3/11/2026): $200.95Market Cap: $3.8 BilSector: EnergyIndustry: Coal & Consumable Fuels

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

Valuation, Metrics & Events

Price Chart

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 vs. Centrus Energy (LEU)

INDUSTRY: Coal & Consumable Fuels

Higher Rev Chg 3Y Avg | Lower P/S (Values for LEU: 16.2% | 8.4x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for LEU: 16.2% | 75.4x)

Higher Rev Chg LTM (Value for LEU: 1.5%)

Higher Rev Chg 3Y Avg (Value for LEU: 16.2%)

Higher Op Mgn LTM (Value for LEU: 11.2%)

Higher CFO/Rev LTM (Value for LEU: 11.4%)

Higher FCF/Rev LTM (Value for LEU: 7.0%)

Higher Total Yield (Value for LEU: 2.1%)

SECTOR: Energy

Higher Rev Chg 3Y Avg | Lower P/S (Values for LEU: 16.2% | 8.4x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for LEU: 16.2% | 75.4x)

Higher Rev Chg LTM (Value for LEU: 1.5%)

Higher Rev Chg 3Y Avg (Value for LEU: 16.2%)

Higher Op Mgn LTM (Value for LEU: 11.2%)

Higher CFO/Rev LTM (Value for LEU: 11.4%)

Higher FCF/Rev LTM (Value for LEU: 7.0%)

Higher Total Yield (Value for LEU: 2.1%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for LEU: 16.2% | 8.4x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for LEU: 16.2% | 75.4x)

Higher Rev Chg LTM (Value for LEU: 1.5%)

Higher Rev Chg 3Y Avg (Value for LEU: 16.2%)

Higher Op Mgn LTM (Value for LEU: 11.2%)

Higher CFO/Rev LTM (Value for LEU: 11.4%)

Higher FCF/Rev LTM (Value for LEU: 7.0%)

Higher Total Yield (Value for LEU: 2.1%)

Best Bets in Energy

P/EBIT (Value for LEU: 37.9x)

P/E (Value for LEU: 48.7x)

Rev Chg 3Y Avg (Value for LEU: 16.2%)

Rev Chg LTM (Value for LEU: 1.5%)

Rev Chg Q (Value for LEU: -3.6%)

FCF/Rev 3Y Avg (Value for LEU: 5.6%)

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Market Price (3/11/2026): $200.95 | Market Cap: $3.8 Bil
Sector: Energy | Industry: Coal & Consumable Fuels

Market Price (3/11/2026): $200.95
Market Cap: $3.8 Bil
Sector: Energy
Industry: Coal & Consumable Fuels