One-glance verdict
Overvalued
$0.26 our estimate vs market $0.82
Wall Street consensus: $2.16 (716.7% higher than our fair-value estimate)
211% above our estimate, beyond the bull case
Fundamentals snapshot
Ur-Energy Inc.
URG · ASE · Energy · Uranium
Current price
$0.82
52-week range
$0.79 - $2.15
Market cap
$326.92M
Balance sheet
Healthy
-35.63x Concerning
Net cash $6.88M. Interest coverage shows how many times profit covers the interest bill.
What stands out
2 Rewards
1 Risk
2 rewards · 1 risks
- Reward Revenue grew 28.9% last year.
- Reward Free cash flow was positive in 4/10 years.
- Risk Return on equity was -103.5% last year — the company lost money on shareholders' equity.
What this company does
Ur-Energy Inc.
Ur-Energy Inc. mines and sells uranium, which is a key ingredient for nuclear power plants. The money they make comes from selling this uranium, and it matters because nuclear energy is a growing source of electricity, creating demand for their product.
How the company got here
Ur-Energy Inc. was founded in 2004 and is a uranium mining company focused on in-situ recovery (ISR) projects in Wyoming. The company's primary operations are centered around its Lost Creek facility, which began production in 2013. A significant development was the acquisition of the Shirley Basin project in 2013, which has since been brought into production. Ur-Energy has positioned itself as a key domestic producer of uranium, a critical component for nuclear energy.
What it actually does
Ur-Energy extracts uranium from the ground using a method called in-situ recovery (ISR). This process involves injecting a solution into the uranium-bearing ore underground, which dissolves the uranium. The uranium-rich liquid is then pumped to the surface and processed to produce uranium concentrate, often called yellowcake. This yellowcake is a key ingredient used in nuclear power plants to generate electricity. Ur-Energy's operations are entirely based in Wyoming, USA.
Lost Creek ISR Uranium Facility
The Lost Creek facility is Ur-Energy's flagship operation and has been producing uranium since 2013. It is located in south-central Wyoming and utilizes the ISR method to extract uranium. This facility has a licensed annual production capacity of up to 2.2 million pounds of uranium, which includes both its own wellfield production and toll processing services for other companies. Lost Creek has produced over 3.5 million pounds of uranium concentrate since operations began.
Shirley Basin ISR Project
The Shirley Basin Project is Ur-Energy's second ISR uranium facility, located in central Wyoming. Initial operations commenced in April 2026, marking the return of this historic uranium-producing district to active operations. Shirley Basin is designed as a satellite facility that works in conjunction with the Lost Creek processing plant. Uranium captured at Shirley Basin is transported to Lost Creek for final processing, drying, and packaging. This project significantly increases Ur-Energy's overall production capacity.
What management is betting on now
Ur-Energy's management is focused on expanding its uranium production capacity and capitalizing on the growing demand for secure, domestic uranium supply. They are leveraging their ISR expertise and existing infrastructure to increase output from both Lost Creek and Shirley Basin. The company aims to become a leading U.S. uranium producer, with strategic plans for further growth through potential new projects and regional consolidation. Management is also focused on cost efficiency, aiming to keep production costs below market prices for uranium.
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
$-10.70M
FY2024 Q4
$-42.78M
FY2025 Q1
$-1.02M
FY2025 Q2
$-17.17M
FY2025 Q3
$-20.39M
FY2025 Q4
$-28.17M
FY2026 Q1
$-28.79M
FY2026 Q2
$-27.11M
Revenue
$14.37M
Net income
$-16.69M
Diluted EPS
-0.04
Operating cash flow
$-12.01M
Free cash flow
$-27.11M
Fetching…
Sources
Revenue
$3.93M
Net income
$-28.77M
Diluted EPS
-0.07
Operating cash flow
$-16.49M
Free cash flow
$-28.79M
Fetching…
Sources
Revenue
$10.45M
Net income
$-15.58M
Diluted EPS
-0.04
Operating cash flow
$-18.79M
Free cash flow
$-28.17M
Fetching…
Sources
Revenue
$6.32M
Net income
$-27.46M
Diluted EPS
-0.07
Operating cash flow
$-15.05M
Free cash flow
$-20.39M
Fetching…
Sources
Revenue
$10.44M
Net income
$-20.96M
Diluted EPS
-0.06
Operating cash flow
$-12.10M
Free cash flow
$-17.17M
Fetching…
Sources
Revenue
$0.00
Net income
$-10.90M
Diluted EPS
-0.03
Operating cash flow
$2.81M
Free cash flow
$-1.02M
Fetching…
Sources
Revenue
$22.65M
Net income
$-20.06M
Diluted EPS
-0.06
Operating cash flow
$-39.43M
Free cash flow
$-42.78M
Fetching…
Sources
Revenue
$6.40M
Net income
$-8.00M
Diluted EPS
-0.02
Operating cash flow
$-6.85M
Free cash flow
$-10.70M
Fetching…
Sources
Is it cheap or expensive?
Fair value $0.26 vs current price $0.82
Wall Street consensus is the average analyst price target: $2.16 (716.7% higher than our fair-value estimate).
Our most-likely fair value is $0.26 a share — about 67.8% below today's price of $0.82, so the stock currently looks expensive (overvalued).
Is it drowning in debt?
Healthy
Net cash $6.9M - more cash than debt. Interest coverage -35.6x.
Net debt
$-6.88M
Interest coverage
-35.63x
Ur-Energy Inc.'s profit covers its interest bill about 0.0 times over. which is weaker than most peers shown here and 5 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Healthy
Worse cushion
Baseline
Better cushion
URG
BASELINE
Ur-Energy Inc.
Total debt $88.71M Interest coverage -35.63x This is the baseline the peer rows are being compared against.
Total debt $2.95M Interest coverage -64.30x 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 $113.67M Interest coverage -19.39x Neither company has much profit cushion over interest right now.
Total debt $490.55M Interest coverage -5.64x Neither company has much profit cushion over interest right now.
Total debt $10.10M Interest coverage -9.65x Neither company has much profit cushion over interest right now.
What you should know
The case for and against URG
2 Rewards
1 Risk
Rewards
-
Revenue grew 28.9% last year.
-
Free cash flow was positive in 4/10 years.
Risks
-
Return on equity was -103.5% last year — the company lost money on shareholders' equity.
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)
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Forward P/E
-57.50x
P/B
4.75x
P/S
9.32x
EV/EBITDA
-4.76x
PEG ratio
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Profitability
How much profit each dollar creates
Gross margin
-164.3%
Operating margin
-128.3%
Net margin
-252.3%
ROE
-103.5%
ROA
-21.6%
Health
Liquidity and balance-sheet strength
Debt / equity
1.29x
Current ratio
4.00x
Quick ratio
3.18x
Total debt
$88.71M
Total cash
$95.59M
Growth
How the business has been compounding
Revenue TTM
$35.08M
Revenue 5Y CAGR
542.2%
EPS TTM
-0.23
EPS 5Y CAGR
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Cash flow
How much cash the business throws off
Operating CF TTM
$-62.33M
Free CF TTM
$-66.75M
FCF margin
-190.3%
Dividend
Shareholder payout
Yield
0.0%
Payout ratio
0.0%
Last ex-div date
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