Centrus Energy Corp (NYSE: LEU)

Sector: Energy Industry: Uranium CIK: 0001065059
Market Cap 3.58 Bn
P/B 4.68
P/E 46.04
P/S 7.98
ROIC (Qtr) 2.36
Div Yield % 0.00
Rev 1y % (Qtr) -3.56
Total Debt (Qtr) 1.21 Bn
Debt/Equity (Qtr) 1.59
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About

Investment thesis

Bull case

  • Healthy cash reserves of 1.96B provide 50.31x coverage of short-term debt 38.90M, demonstrating strong liquidity position and minimal refinancing risk.
  • Tangible assets of 2.42B provide exceptional 18.50x coverage of deferred revenue 131.10M, showing strong service capability backing.
  • Robust free cash flow of 31.30M exceeds capital expenditure of 19.70M by 1.59x, indicating strong organic growth funding capability.
  • Tangible assets of 2.42B provide robust 7.08x coverage of other current liabilities 342.30M, indicating strong asset backing.
  • Cash reserves of 1.96B provide robust 4.63x coverage of current liabilities 422.80M, indicating strong short-term solvency.

Bear case

  • Operating cash flow of 51M barely covers its investment activities of (19.70M), with a coverage ratio of -2.59, indicating heavy reliance on external financing for growth which may not be sustainable in a tighter credit environment.
  • Investment activities of (19.70M) provide weak support for R&D spending of 16.90M, which is -1.17x, suggesting potentially insufficient investment in innovation relative to other capital deployment.
  • Operating cash flow of 51M provides insufficient coverage of deferred revenue obligations of 131.10M, which is 0.39x, raising concerns about future service delivery capabilities.
  • Free cash flow of 31.30M represents just 0.04x of debt issuance 704.60M, suggesting concerning reliance on leverage rather than internal cash generation for growth.
  • Retained earnings of 1.50M provide limited buffer against comprehensive income items of (700000), which is -2.14x, indicating elevated exposure to market risks.

Geographical Breakdown of Revenue (2025)

Geographical Breakdown of Revenue (2025)

Peer comparison

Companies in the Uranium
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 CCJ Cameco Corp 49.32 Bn 114.61 19.41 0.73 Bn
2 UEC Uranium Energy Corp 6.96 Bn -89.41 139.89 0.00 Bn
3 NXE NexGen Energy Ltd. 6.68 Bn -27.65 0.00 0.43 Bn
4 UUUU Energy Fuels Inc 4.10 Bn -41.98 52.11 0.00 Bn
5 LEU Centrus Energy Corp 3.58 Bn 46.04 7.98 1.21 Bn
6 DNN Denison Mines Corp. 3.39 Bn -23.90 960.20 0.43 Bn
7 URG Ur-Energy Inc 0.48 Bn -7.00 12.17 0.00 Bn
8 EU enCore Energy Corp. 0.46 Bn -6.92 10.52 0.11 Bn

Industry comparisons

Current Valuation Value Ind Avg Percentile
EV to Assets EV to Assets 1.29 3.07
EV to Cash from Ops. EV/CFO 62.04 -35.53
EV to Debt EV to Debt 2.61 -44.61
EV to EBIT EV/EBIT 31.67 -42.94
EV to EBITDA EV/EBITDA 52.64 -16.75
EV to Free Cash Flow [EV/FCF] EV/FCF 101.08 -5.26
EV to Market Cap EV to Market Cap 0.88 0.69
EV to Revenue EV/Rev 7.05 109.48
Price to Book Value [P/B] P/B 4.68 6.09
Price to Earnings [P/E] P/E 46.04 27.71
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Div Coverage (Qtr) 0.00 0.46
Dividend Payout Ratio % Div Payout % (Qtr) 0.00 0.00
Dividend per Basic Share Div per Share (Qtr) 0.00 0.00
FCF Dividend Payout Ratio % FCF Div Payout % (Qtr) 0.00 0.00
Interest Coverage Int. cover (Qtr) 7.14 -4.27
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex 1y % (Qtr) -380.49 -100.48
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) 191.51 137.12
Dividend Growth (1y) % Dividend Growth (1y) % 0.00 0.00
EBIAT Growth (1y) % EBIAT 1y % (Qtr) 19.20 -82.97
EBITDA Growth (1y) % EBITDA 1y % (Qtr) 2.21 -53.14
EBIT Growth (1y) % EBIT 1y % (Qtr) 31.97 -84.03
EBT Growth (1y) % EBT 1y % (Qtr) 17.67 -137.30
EPS Growth (1y) % EPS 1y % (Qtr) -3.56 -106.13
FCF Growth (1y) % FCF 1y % (Qtr) -4.86 -23.04
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr) 5.38 -19.63
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 0.18 0.11
Cash Payout Ratio Cash Payout (Qtr) 0.00 0.01
Cash Ratio Cash Ratio (Qtr) 4.63 13.47
Current Ratio Curr Ratio (Qtr) 5.59 37.30
Debt to Equity Ratio Debt/Equity (Qtr) 1.59 0.48
Interest Cover Ratio Int Coverage (Qtr) 7.14 -4.27
Times Interest Earned Times Interest Earned (Qtr) 7.14 -4.27
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % (Qtr) 24.50 -178.16
EBIT Margin % EBIT Margin % (Qtr) 22.26 -270.80
EBT Margin % EBT Margin % (Qtr) 19.14 -512.43
Gross Margin % Gross Margin % (Qtr) 26.20 9.66
Net Profit Margin % Net Margin % (Qtr) 17.30 -509.86