One-glance verdict
Overvalued
$74.51 our estimate vs market $111.97
Wall Street consensus: $207.41 (178.4% higher than our fair-value estimate)
50% above our estimate, beyond the bull case
Fundamentals snapshot
Centrus Energy Corp.
LEU · NYQ · Energy · Uranium
Current price
$111.97
52-week range
$96.80 - $402.00
Market cap
$2.29B
Balance sheet
Healthy
3.59x Stretched
Net cash $691.00M. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
3 Risks
3 rewards · 3 risks
- Reward Revenue grew 5.6% last year.
- Reward Returns 8.1% on equity, ahead of 66% of its peers.
- Risk Stock trades 111.4% above its 5-year average P/E.
- Risk Operating margin compressed from 20.5% to 5.3% over 3 years.
What this company does
Centrus Energy Corp.
Centrus Energy Corp. is like a special ingredient provider for nuclear power plants, selling uranium fuel components to energy companies in the US and other countries. Their main money-maker comes from selling these fuel components, which is important because it helps keep the lights on by powering nuclear reactors.
How the company got here
Centrus Energy's story began in 1992 when the U.S. government created the United States Enrichment Corporation (USEC) to handle uranium enrichment for civilian use. This business was privatized in 1998, becoming a publicly traded company. In the early 2000s, USEC focused on developing advanced centrifuge technology while its older enrichment operations wound down. After facing financial difficulties, the company underwent a significant restructuring in 2014, emerging as Centrus Energy Corp. with a renewed focus on nuclear fuel supply and technology. A key recent development was the start of High-Assay Low-Enriched Uranium (HALEU) production in late 2023, marking a significant step in restoring domestic enrichment capabilities.
What it actually does
Centrus Energy is in the business of supplying nuclear fuel, specifically enriched uranium, which is essential for powering commercial nuclear reactors. They don't mine uranium themselves but rather focus on the enrichment process, which increases the concentration of a specific uranium isotope (U-235) that is needed for nuclear fission. Think of it like refining crude oil into gasoline; Centrus takes uranium and makes it suitable for use in power plants. The company also provides technical and engineering services related to uranium enrichment technology.
Low-Enriched Uranium (LEU)
This is Centrus's primary business and the main source of its revenue. In this segment, the company procures and supplies low-enriched uranium (LEU) to utilities that operate nuclear power plants. LEU is the standard type of nuclear fuel used in most existing reactors, typically enriched to less than 5% of the U-235 isotope. Centrus manages the complex process of sourcing uranium, converting it, and enriching it to meet the specific needs of its customers, who then use this fuel to generate electricity. This segment accounts for the majority of Centrus's revenue, around 77% in 2025.
Technical Solutions
The Technical Solutions segment is where Centrus focuses on its advanced technology and services. This includes developing and deploying centrifuge technology for uranium enrichment, a more modern and efficient method compared to older techniques. A significant part of this segment involves producing High-Assay Low-Enriched Uranium (HALEU), a specialized type of uranium needed for advanced nuclear reactor designs. Centrus also offers engineering, design, and manufacturing services to both government and private sector clients, leveraging its expertise in nuclear technology.
What management is betting on now
Centrus's strategic focus is on expanding its role in the nuclear fuel supply chain, particularly by increasing its domestic uranium enrichment capabilities. Management is betting on the growing demand for both conventional low-enriched uranium (LEU) for existing reactors and high-assay low-enriched uranium (HALEU) for next-generation advanced reactors. The company aims to be a key player in ensuring energy security and national security through reliable domestic production of nuclear fuel. They are also working to scale up their HALEU production to meet future market needs and government requirements.
Price history
How the share price has moved
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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
$-34.20M
FY2024 Q4
$57.20M
FY2025 Q1
$34.40M
FY2025 Q2
$49.20M
FY2025 Q3
$5.70M
FY2025 Q4
$-58.00M
FY2026 Q1
$-58.30M
FY2026 Q2
$-53.20M
Revenue
$176.10M
Net income
$16.80M
Diluted EPS
0.77
Operating cash flow
$18.40M
Free cash flow
$-53.20M
Fetching…
Sources
Revenue
$76.70M
Net income
$10.00M
Diluted EPS
0.45
Operating cash flow
$-35.10M
Free cash flow
$-58.30M
Fetching…
Sources
Revenue
$146.20M
Net income
$17.80M
Diluted EPS
0.52
Operating cash flow
$-48.40M
Free cash flow
$-58.00M
Fetching…
Sources
Revenue
$74.90M
Net income
$3.90M
Diluted EPS
0.19
Operating cash flow
$10.10M
Free cash flow
$5.70M
Fetching…
Sources
Revenue
$154.50M
Net income
$28.90M
Diluted EPS
1.59
Operating cash flow
$52.80M
Free cash flow
$49.20M
Fetching…
Sources
Revenue
$73.10M
Net income
$27.20M
Diluted EPS
1.60
Operating cash flow
$36.50M
Free cash flow
$34.40M
Fetching…
Sources
Revenue
$151.60M
Net income
$53.70M
Diluted EPS
3.26
Operating cash flow
$57.90M
Free cash flow
$57.20M
Fetching…
Sources
Revenue
$57.70M
Net income
$-5.00M
Diluted EPS
-0.30
Operating cash flow
$-33.20M
Free cash flow
$-34.20M
Fetching…
Sources
Is it cheap or expensive?
Fair value $74.51 vs current price $111.97
Wall Street consensus is the average analyst price target: $207.41 (178.4% higher than our fair-value estimate).
Our most-likely fair value is $74.51 a share — about 33.5% below today's price of $111.97, so the stock currently looks expensive (overvalued).
Is it drowning in debt?
Healthy
Net cash $691.0M - more cash than debt. Interest coverage 3.6x.
Net debt
$-691.00M
Interest coverage
3.59x
Centrus Energy Corp.'s profit covers its interest bill about 3.6 times over. which is stronger than most peers shown here and 3 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Healthy
Worse cushion
Baseline
Better cushion
LEU
BASELINE
Centrus Energy Corp.
Total debt $1.18B Interest coverage 3.59x This is the baseline the peer rows are being compared against.
Total debt $873.23M Interest coverage 6.49x +81% vs LEU Carries about 1.8x more debt cushion than LEU.
Total debt $2.95M Interest coverage -64.30x -100% vs LEU This peer has almost no interest-payment cushion compared with LEU.
Total debt $678.34M Interest coverage -609.37x -100% vs LEU This peer has almost no interest-payment cushion compared with LEU.
Total debt $442.37M Interest coverage -1.92x -100% vs LEU This peer has almost no interest-payment cushion compared with LEU.
Total debt $2.02B Interest coverage 7.34x +105% vs LEU Carries about 2.0x more debt cushion than LEU.
What you should know
The case for and against LEU
3 Rewards
3 Risks
Rewards
-
Revenue grew 5.6% last year.
-
Returns 8.1% on equity, ahead of 66% of its peers.
-
Free cash flow was positive in 8/10 years.
Risks
-
Stock trades 111.4% above its 5-year average P/E.
-
Operating margin compressed from 20.5% to 5.3% over 3 years.
-
Insider ownership is only 1.0% (peer median: 1.2%).
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)
51.13x
Forward P/E
25.22x
P/B
2.64x
P/S
4.83x
EV/EBITDA
152.78x
PEG ratio
2.87x
Profitability
How much profit each dollar creates
Gross margin
23.7%
Operating margin
5.3%
Net margin
10.2%
ROE
8.1%
ROA
0.0%
Health
Liquidity and balance-sheet strength
Debt / equity
1.39x
Current ratio
5.39x
Quick ratio
4.41x
Total debt
$1.18B
Total cash
$1.87B
Growth
How the business has been compounding
Revenue TTM
$473.90M
Revenue 5Y CAGR
10.7%
EPS TTM
2.19
EPS 5Y CAGR
4.9%
Cash flow
How much cash the business throws off
Operating CF TTM
$-55.00M
Free CF TTM
$31.30M
FCF margin
6.6%
Dividend
Shareholder payout
Yield
0.0%
Payout ratio
0.0%
Last ex-div date
2005-11-22