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what it is
UEC sells uranium and owns a large pipeline of mining projects tied to the nuclear fuel trade.
how it gets paid
Reported sales jump quarter to quarter with deliveries; use the 10-Q tables rather than a single “TTM” headline from stale feeds.
why it's growing
Uranium sales are lumpy: fiscal Q2 2026 (ended Jan 31, 2026) sales were ~$20.2M vs. ~$49.8M in the prior-year quarter (Capital IQ / company filing recap)—headline YoY% swings are often meaningless here.
what just happened
Same quarter: diluted loss ~$(0.03)/sh; six-month diluted loss ~$(0.05)/sh (fiscal H1 2026 ended Jan 31, 2026). PR highlighted ~$10.0M gross profit on ~$20.2M uranium sales at ~$101/lb.
At a glance
B+ balance sheet — decent shape, but not bulletproof
45/100 earnings predictability — expect surprises
1.6% return on capital — nothing to write home about
-$0.20 fy2025 eps est
forward revenue ests. ≠ company guidance—verify sources
xvary composite: 58/100 — below average
What they do
UEC sells uranium and owns a large pipeline of mining projects tied to the nuclear fuel trade.
UEC’s edge is permits and placement. It already has 3 U.S. ISR hub-and-spoke platforms and 7 satellite projects with major permits, so you are buying years of groundwork, not just a ticker. ISR (in-situ recovery → mining uranium through wells instead of giant pits → so what) can scale faster if uranium demand rises.
How they make money
~$20.2M
fiscal Q2 2026 sales (quarter ended Jan 31, 2026) · vs. ~$49.8M prior-year quarter
total revenue
~$20.2M
~−59%
The products that matter
mines and sells uranium
Uranium Sales
$20.2M revenue · $101/lb realized price
This is the part that matters most. UEC sold uranium at $101 per pound last quarter while production costs stayed in the low $40s, which is why gross profit reached $10.0M on just $20.2M of revenue.
price-sensitive
balance sheet optionality
Liquidity Position
$818M liquidity · no debt
This is not a product in the usual sense, but it is part of the investment case. $818M in liquidity with no debt buys time, and time matters when your economics depend on the uranium market staying favorable.
funding cushion
everything else in the model
Other Revenue
see 10-Q for full consolidated statements
Vendor recaps show fiscal H1 2026 sales ~$20.2M vs. ~$66.8M in the first half of fiscal 2025—timing of deliveries dominates the trend. Any huge forward revenue number is an analyst/consensus construct until you trace it to a named estimate source.
thin disclosure here
Key numbers
$2B?
scraped FY2026 rev est
Not company guidance—some data feeds show very large forward revenue vs. lumpy reported sales. Trace to a named broker/consensus tape before treating it as fact.
loss
operating result (GAAP)
Fiscal Q2 2026 remained net-loss-making at the bottom line (~$(0.03)/sh) despite ~49–50% gross margin on the uranium sales tranche—see Form 10-Q for operating income.
1.6%
capital returns
Return on capital → profit generated from money tied up in the business → so what: the asset base is barely earning its keep.
1.55
beta
Beta → how violently a stock moves versus the market → so what: UEC tends to swing harder than the index.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 2 — safer than 80% of stocks
- price stability 5 / 100
B+ — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for UEC right now.
source: institutional data · return history unavailable
What just happened
loss quarter
Fiscal Q2 2026 (ended Jan 31, 2026): sales ~$20.2M · diluted EPS ~$(0.03)
PR: uranium sold at ~$101/lb with ~$10.0M gross profit on ~$20.2M of sales—gross economics worked, but consolidated results are still loss-making. Prior-year quarter sales ~$49.8M (Capital IQ recap).
~$20.2M
Q2 sales
~$(0.03)
diluted EPS
49.6%
gross margin
the number that mattered
49.6% gross margin matters because it shows uranium sales themselves can work, but the company still has not translated that into operating profit.
source: UEC fiscal Q2 2026 PR (PRNewswire, Mar 10, 2026) · Form 10-Q (quarter ended Jan 31, 2026) · MarketScreener/Capital IQ recap
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What could go wrong
Your #1 risk is uranium prices falling back toward the low-$40s cost base.
high
uranium price collapse
Last quarter's economics worked because UEC sold at $101 per pound while costs stayed in the low $40s. Close that gap and the $10.0M gross profit disappears fast.
direct pressure on gross margin and the stock's core narrative
high
the $2B revenue target proving too ambitious
A $2B fy2026 estimate sits against lumpy reported sales (~$20.2M fiscal Q2 2026 in vendor recaps). That's not a stretch goal—it's a different scale—unless production and deliveries actually inflect.
multiple compression if growth expectations reset
med
regulatory and permitting delays
Management has cited regulatory hurdles as a headwind. In uranium, delays do not just push timelines — they can leave the cost base standing still while the revenue ramp moves right.
slower production ramp and weaker investor confidence
med
thin segment disclosure
When a stock is priced on future scale, thin segment disclosure in filings makes underwriting that future harder—read the full consolidated statements, not one-line scrapes.
harder to judge earnings quality and revenue durability
A weaker uranium market would hit the income statement immediately, and a slower ramp would hit the valuation story right behind it.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
realized uranium price vs. cost per pound
$101 selling prices against low-$40s costs created the quarter. If that spread narrows, the margin story changes before management says a word.
calendar
next earnings update
Watch whether the next quarter adds operating proof, not just uranium market tailwinds. The number that matters is still revenue quality, not headline excitement.
risk
regulatory hurdles
Permitting and approval friction were already cited as headwinds. If timelines slip, the gap between today's revenue base and the $2B estimate stays wide.
trend
whether the stock keeps trading on theme over fundamentals
A 52-week range of $4–$20 tells you sentiment is doing plenty of work here. If uranium enthusiasm cools, that volatility can run in both directions.
Analyst rankings
earnings predictability
45 / 100
Low predictability means the business is harder to model. In human-speak: expect surprises, and do not assume one good quarter makes the earnings profile stable.
risk rank
2
This score says the stock screens safer than many peers on this system. In human-speak: the balance sheet looks better than the business model's volatility feels.
source: institutional data
Institutional activity
institutional ownership data for UEC is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$13
current price
n/a
target midpoint · n/a from current
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