LEU
Centrus Energy Corp.

Centrus Energy Corp.LEU

Energy · Uranium
104.60USD
+17.49%
Nov 08, 2026
LEU overview ready
Sole U.S. HALEU Enrichment Facility Operator and Domestic Nuclear Fuel Supplier
Centrus is a direct domestic-enrichment capacity builder and prospective HALEU supplier, while also supplying nuclear-fuel products and technical services.
Primary theme is lagging
Nuclear / Uranium is lagging (-13.7pp vs SPY over 21 sessions; 2 of 14 members ahead of SPY).
Price trend is broken
Longer-term context reads damaged structure, with a near-term setup of distribution pressure.
The tactical setup reads distribution pressure, but the weekly structure is broken.
Fair valuation
The price broadly reflects how its multiples compare with businesses of the same kind, with upside and risk reasonably balanced.
Solid fundamentals
Ev / sales is strong.
Primary risk
Dependence on government contracts and policy support.
Market Nov 6Filing Sep 30Price action Nov 7Research Oct 16

Conviction Level

PriceAction3.4BusinessPerformance2.0BusinessQuality5.5Valuation3.5ThemeMomentum1.0Weakening — Revenue fell 26% year over year in the latest quarter. One recent quarter could not be confirmed and is not part of this read. Reported earnings improved faster than operating income, so most of the improvement did not come from operations. — From filed financial statements. Describes the recent trajectory of the business, not the stock. 20 of the 100 Conviction points.

Conviction uses Price Action, Business Performance, Business Quality, Valuation. Theme Momentum is research context, not an input.

Theme momentumPrimary theme · group context, not entry timing
vs SPY
−13.7pp
Theme return
−18.6%
Beating SPY
2 of 14
21 sessions to Nov 6, 2026 · Theme Leadership V2
Price
Loading price history…

Price Action

Price trend is broken
Longer-term context reads damaged structure, with a near-term setup of distribution pressure.
The tactical setup reads distribution pressure, but the weekly structure is broken.
EntryWeak / unconfirmed recovery

The daily chart may be improving, but the weekly fast averages have not been reclaimed — the recovery is not yet confirmed on the higher timeframe.

Key Financials

Market Cap
$1.4B
Avg Volume (60D)
865.1K
60 sessions
Revenue Growth YoY
+1.5%
FY2025 vs FY2024
Gross Margin
+23.3%
Trailing twelve months
Operating Margin
-1.3%
Trailing twelve months
Free Cash Flow Yield
-20.7%
Distance from 200DMA
-41.9%
P/E
18.8x
EV / EBITDA
91.0x
EV / Sales
0.8x
Market metrics as of Nov 6, 2026
Financial results for the period ended Sep 30, 2026
Filed balance-sheet data as of Sep 30, 2026

Business Performance

Weakening

Revenue fell 26% year over year in the latest quarter. One recent quarter could not be confirmed and is not part of this read. Reported earnings improved faster than operating income, so most of the improvement did not come from operations.

Latest reported: Q3 FY2026, ended Sep 30
Revenue growthDeclining
-26%
$55.5M in Q3 FY2026 · YoY
YoY growth, last 4 quarters
  1. n/a
  2. +4.9%
  3. +14%
  4. -26%
Earnings growthAccelerating
+642%
Diluted EPS $1.41 vs $0.19 a year earlier · GAAP
Diluted EPS YoY (GAAP), last 4 quarters
  1. -75%
  2. -72%
  3. -52%
  4. +642%
Operating marginContracting
-53.5%
-31.4 pp YoY · gross margin -19.1% (-13.4 pp)
Earnings improved more than operations did
The share count is rising

Business Quality

5.5 / 10

How well the business earns on its assets, converts earnings to cash and funds itself — read from its SEC filings.

Fundamentals & Valuation

All three valuation perspectives agree this company is cheap. The published stance is held at fair because no positive free cash flow behind the low multiple.
Centrus Energy Corp. has a Fair valuation stance because the price broadly reflects how its multiples compare with businesses of the same kind, with upside and risk reasonably balanced.

What changed

  • LEU rose 17.5% in one session
    LEU closed +17.5% while the broad market was close to flat (+0.3%).
    2026-11-06

Company Research

Thesis
Centrus is a direct domestic-enrichment capacity builder and prospective HALEU supplier, while also supplying nuclear-fuel products and technical services. Its current expansion centers on American-centrifuge manufacturing in Oak Ridge and commercial-scale LEU/HALEU enrichment capability at Piketon, Ohio.
Opportunity
High opportunity
Federal funding, energy-security policy, and advanced-reactor deployment are driving restoration of U.S.-origin uranium-enrichment capacity for conventional LEU and advanced-reactor HALEU fuel.
Key risk
Dependence on government contracts and policy support.

Economic classification

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Business & Markets

Energy · Uranium
What they do

Centrus Energy Corp. supplies nuclear fuel components and technical services primarily for the nuclear power industry, operating through Low-Enriched Uranium (LEU) sales and technical solutions segments.

How it earns

Transactional sales of uranium enrichment products and technical services to nuclear utilities and government customers.

Products & services
Low-enriched uranium (LEU) products
Separative work units (SWU)
Natural uranium hexafluoride
Uranium concentrates and conversion
Technical, manufacturing, engineering, and operations services
Customers & end markets
Nuclear power plant operators
Public sector agencies
Private sector nuclear technology companies
Market position

Leader as the sole licensed U.S. HALEU enrichment facility operator with near-sole-source domestic enrichment capability.

Demand drivers
Medium cyclicality

Demand depends on nuclear power industry cycles and government policy support for nuclear fuel supply and advanced reactors.

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