One-glance verdict
Not enough data
Fair value unavailable
Not enough cash-flow history to value this one with our method.
Fundamentals snapshot
enCore Energy Corp.
EU · NCM · Energy · Uranium
Current price
$0.88
52-week range
$0.77 - $4.18
Market cap
$170.17M
Balance sheet
Distressed
-19.39x Concerning
Net debt $39.64M. Interest coverage shows how many times profit covers the interest bill.
What stands out
1 Reward
2 Risks
1 rewards · 2 risks
- Reward Revenue grew 28.0% last year.
- Risk Return on equity was -26.3% last year — the company lost money on shareholders' equity.
- Risk Insider ownership is only 1.8% (peer median: 4.3%).
What this company does
enCore Energy Corp.
enCore Energy is a U.S. company that finds and mines uranium, which is the main fuel used in nuclear power plants. It makes money by selling this uranium to electricity producers. Because enCore operates entirely within the United States, it provides a domestic supply chain (the entire process of getting a product from its source to the customer), which is important for the country's energy independence.
How the company got here
Founded in 2009 as a company focused on acquiring and exploring for uranium, enCore Energy made a major shift in 2020. It acquired two already-licensed production facilities in Texas, transforming itself from an explorer into a potential producer. A further key move was buying the large Alta Mesa project in 2022, cementing its new strategy. This approach of buying major assets when the uranium market was slow allowed the company to begin production at its Rosita plant in 2023 and the Alta Mesa plant in 2024, positioning it as a key U.S.-based uranium supplier.
What it actually does
enCore Energy is in the business of extracting uranium, a key fuel for nuclear power plants, from the ground in the United States. The company uses a method called In-Situ Recovery or ISR, which is like pumping a liquid underground to dissolve the uranium and then pumping the solution back to the surface. This avoids large open-pit mines and is considered more environmentally friendly. The final product, called yellowcake, is sold to power companies that use nuclear reactors to generate clean, carbon-free electricity.
South Texas Production Hub
This is the heart of enCore's current money-making operations, where uranium is actively extracted and processed. It consists of two main facilities in Texas: the Rosita and Alta Mesa Central Processing Plants. These plants receive uranium-rich materials from various smaller, satellite wellfield locations. This 'hub-and-spoke' model, where multiple smaller sites feed into a central plant, is the primary way the company generates its revenue (the money it brings in from sales) right now.
Development Pipeline
This part of the company represents future growth and doesn't generate significant revenue today. It includes promising uranium deposits that are being prepared for future extraction, such as the Dewey-Burdock project in South Dakota and the Gas Hills project in Wyoming. The company spends money on permitting (getting government approvals) and development at these sites with the goal of turning them into producing mines in the coming years. These projects are like enCore's next generation of income sources.
What management is betting on now
The company's leadership is focused on becoming the leading uranium producer in the United States to meet growing demand for clean nuclear energy. Their strategy involves rapidly increasing production from their Texas facilities and bringing their development projects online. They are also securing long-term sales contracts with utility companies to lock in predictable revenue, which helps fund expansion. Management is betting that the demand for U.S.-sourced uranium will rise as the world seeks reliable, carbon-free power, placing enCore in a strong position.
Price history
How the share price has moved
—
Loading price history…
Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q3
$-6.94M
FY2024 Q4
$-5.73M
FY2025 Q1
$-11.70M
FY2025 Q2
$-14.11M
FY2025 Q3
$-26.33M
FY2025 Q4
$7.15M
Revenue
$15.70M
Net income
$-41.45M
Diluted EPS
-0.21
Operating cash flow
$-21.08M
Free cash flow
—
Fetching…
Sources
Revenue
$18.30M
Net income
$5.40M
Diluted EPS
0.03
Operating cash flow
$-21.43M
Free cash flow
—
Fetching…
Sources
Revenue
$12.38M
Net income
$-21.52M
Diluted EPS
-0.11
Operating cash flow
$12.94M
Free cash flow
$7.15M
Fetching…
Sources
Revenue
$8.88M
Net income
$-4.76M
Diluted EPS
-0.03
Operating cash flow
$-20.30M
Free cash flow
$-26.33M
Fetching…
Sources
Revenue
$3.66M
Net income
$-6.33M
Diluted EPS
-0.03
Operating cash flow
$-9.89M
Free cash flow
$-14.11M
Fetching…
Sources
Revenue
$18.24M
Net income
$-24.24M
Diluted EPS
-0.13
Operating cash flow
$-7.74M
Free cash flow
$-11.70M
Fetching…
Sources
Revenue
$13.36M
Net income
$-17.10M
Diluted EPS
-0.09
Operating cash flow
$387.00K
Free cash flow
$-5.73M
Fetching…
Sources
Revenue
$9.26M
Net income
$-16.14M
Diluted EPS
-0.09
Operating cash flow
$-5.47M
Free cash flow
$-6.94M
Fetching…
Sources
Is it cheap or expensive?
Fair value — vs current price $0.88
We couldn't calculate a fair value right now.
Is it drowning in debt?
Distressed
Net debt $39.6M. Interest coverage -19.4x.
Net debt
$39.64M
Interest coverage
-19.39x
enCore Energy Corp.'s profit covers its interest bill about 0.0 times over. which is weaker than most peers shown here and 4 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Distressed
Worse cushion
Baseline
Better cushion
EU
BASELINE
enCore Energy Corp.
Total debt $113.67M Interest coverage -19.39x This is the baseline the peer rows are being compared against.
Total debt $88.71M Interest coverage -35.63x Neither company has much profit cushion over interest right now.
Total debt $1.91M Interest coverage -50.78x Neither company has much profit cushion over interest right now.
Total debt $678.34M Interest coverage -609.37x Neither company has much profit cushion over interest right now.
Total debt $12.43M Interest coverage -20,482.00x Neither company has much profit cushion over interest right now.
What you should know
The case for and against EU
1 Reward
2 Risks
Rewards
-
Revenue grew 28.0% last year.
Risks
-
Return on equity was -26.3% last year — the company lost money on shareholders' equity.
-
Insider ownership is only 1.8% (peer median: 4.3%).
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
—
Forward P/E
-5.32x
P/B
0.77x
P/S
3.08x
EV/EBITDA
-3.08x
PEG ratio
—
Profitability
How much profit each dollar creates
Gross margin
-42.1%
Operating margin
-187.9%
Net margin
-112.8%
ROE
-26.3%
ROA
-13.7%
Health
Liquidity and balance-sheet strength
Debt / equity
0.46x
Current ratio
8.00x
Quick ratio
5.95x
Total debt
$113.67M
Total cash
$74.03M
Growth
How the business has been compounding
Revenue TTM
$55.25M
Revenue 5Y CAGR
218.8%
EPS TTM
-0.33
EPS 5Y CAGR
—
Cash flow
How much cash the business throws off
Operating CF TTM
$-49.87M
Free CF TTM
$-45.99M
FCF margin
-83.2%
Dividend
Shareholder payout
Yield
—
Payout ratio
0.0%
Last ex-div date
—