Ur-Energy Inc (NYSE: URG)

Sector: Energy Industry: Uranium CIK: 0001375205
Market Cap 479.44 Mn
P/B 5.29
P/E -7.00
P/S 12.17
ROIC (Qtr) -59.88
Div Yield % 0.00
Rev 1y % (Qtr) -1.20
Total Debt (Qtr) 2.42 Mn
Debt/Equity (Qtr) 0.03
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About

Ur-Energy Inc., a company listed on the NYSE American and the TSX under the symbols URG and URE, respectively, is a Canadian uranium mining company operating in the United States. The company's primary business activities involve the mining, recovery, and processing of uranium, with a focus on in-situ recovery (ISR) methods. Ur-Energy's main business activities revolve around the mining, recovery, and processing of uranium, with a particular focus on in-situ recovery (ISR) methods. The company operates in the uranium mining industry, with its primary...

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Investment thesis

Bull case

  • Healthy cash reserves of 52.03M provide 50.76x coverage of short-term debt 1.02M, demonstrating strong liquidity position and minimal refinancing risk.
  • Operating cash flow of (63.77M) provides exceptional 23.74x coverage of interest expenses (2.69M), showing strong debt service capability.
  • Strong tangible asset base of 170.95M provides 70.79x coverage of total debt 2.42M, indicating robust asset backing and low credit risk.
  • Free cash flow of (81.35M) provides exceptional 30.28x coverage of interest expense (2.69M), showing strong debt service ability.
  • Tangible assets of 170.95M provide robust 1401.20x coverage of other current liabilities 122000, indicating strong asset backing.

Bear case

  • The company's operating cash flow of (63.77M) shows concerning coverage of stock compensation expenses of 3.65M, with a -17.49 ratio indicating potential earnings quality issues.
  • Free cash flow of (81.35M) provides weak coverage of capital expenditures of 17.58M, with a -4.63 ratio suggesting additional external financing needs for growth initiatives.
  • Operating earnings of (71.18M) show weak coverage of depreciation charges of 4.89M, with a -14.55 ratio indicating high capital intensity and potential reinvestment needs.
  • Other non-current liabilities of 69.12M represent a high 0.40x of tangible assets 170.95M, suggesting significant long-term obligations without clear asset backing.
  • Retained earnings of (363.42M) provide limited buffer against comprehensive income items of 4.33M, which is -83.85x, indicating elevated exposure to market risks.

Customer Breakdown of Revenue (2024)

Statement Business Segments Axis Breakdown of Revenue (2024)

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 2.48 3.07
EV to Cash from Ops. EV/CFO -6.65 -35.53
EV to Debt EV to Debt 175.62 -44.61
EV to EBIT EV/EBIT -5.96 -42.94
EV to EBITDA EV/EBITDA -7.82 -16.75
EV to Free Cash Flow [EV/FCF] EV/FCF -5.21 -5.26
EV to Market Cap EV to Market Cap 0.88 0.69
EV to Revenue EV/Rev 10.76 109.48
Price to Book Value [P/B] P/B 5.29 6.09
Price to Earnings [P/E] P/E -7.00 27.71
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Dividend Coverage Ratio 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) 26.49 -4.27
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex 1y % (Qtr) -202.23 -100.48
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) -56.08 137.12
Dividend Growth (1y) % Dividend Growth (1y) % 0.00 0.00
EBIAT Growth (1y) % EBIAT 1y % (Qtr) -231.50 -82.97
EBITDA Growth (1y) % EBITDA 1y % (Qtr) -87.71 -53.14
EBIT Growth (1y) % EBIT 1y % (Qtr) -231.50 -84.03
EBT Growth (1y) % EBT 1y % (Qtr) -241.15 -137.30
EPS Growth (1y) % EPS 1y % (Qtr) -69.23 -106.13
FCF Growth (1y) % FCF 1y % (Qtr) -110.61 -23.04
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr) -450.28 -19.63
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 0.23 0.11
Cash Payout Ratio Cash Payout (Qtr) 0.00 0.01
Cash Ratio Cash Ratio (Qtr) 5.33 13.47
Current Ratio Curr Ratio (Qtr) 7.85 37.30
Debt to Equity Ratio Debt/Equity (Qtr) 0.03 0.48
Interest Cover Ratio Int Coverage (Qtr) 26.49 -4.27
Times Interest Earned Times Interest Earned (Qtr) 26.49 -4.27
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % (Qtr) -168.20 -178.16
EBIT Margin % EBIT Margin % (Qtr) -180.61 -270.80
EBT Margin % EBT Margin % (Qtr) -173.79 -512.43
Gross Margin % Gross Margin % (Qtr) -22.20 9.66
Net Profit Margin % Net Margin % (Qtr) -173.80 -509.86