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1. Company Snapshot

1.a. Company Description

Uranium Energy Corp., together with its subsidiaries, engages in exploration, pre-extraction, extraction, and processing uranium and titanium concentrates in the United States, Canada, and Paraguay.It owns interests in the Palangana mine, Goliad, Burke Hollow, Longhorn, and Salvo projects located in Texas; Anderson, Workman Creek, and Los Cuatros projects situated in Arizona; Slick Rock project in Colorado; Reno Creek project in Wyoming; Diabase project located in Canada; and Yuty, Oviedo, and Alto Paraná titanium projects in Paraguay.The company was formerly known as Carlin Gold Inc.


and changed its name to Uranium Energy Corp.in January 2005.Uranium Energy Corp.


was incorporated in 2003 and is based in Corpus Christi, Texas.

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1.b. Last Insights on UEC

Uranium Energy Corp's recent performance was negatively impacted by macroeconomic risks, including trade disputes and supply chain disruptions, which normalized the uranium spot market following its peak in early 2024. The company's production costs were also affected by the ramp-up of operations at the Irigaray Central Processing Plant and the Christensen Ranch In-Situ Recovery Mine in Wyoming's Powder River Basin. Additionally, the lack of new nuclear power capacity expected to come to the market until the turn of the decade may have contributed to the company's performance.

1.c. Company Highlights

2. Uranium Energy Corp. Delivers Breakthrough Year with Low-Cost Production and Strategic Expansion

Uranium Energy Corp. (UEC) reported a significant year in fiscal 2025, with revenue reaching $68.8 million and gross profit of $24.5 million from the sale of 810,000 pounds of U3O8 at an average price above $82.50 per pound. The company's earnings per share (EPS) came in at -$0.07, missing estimates of -$0.03. Despite the EPS miss, UEC's financial performance was bolstered by its initial low-cost production in Wyoming, which yielded approximately 130,000 pounds at a total cost of $36 per pound.

Publication Date: Nov -03

📋 Highlights
  • Low-Cost Production: Achieved 130,000 lbs of uranium at $36 per pound in Wyoming, with total cost per pound at $36.41.
  • Acquisition Expansion: Added 175M lbs of historic resources via Rio Tinto's Sweetwater acquisition, boosting annual license capacity to 12.1M lbs.
  • Strong Balance Sheet: Maintains $321M in cash, inventory, and equities with no debt, supporting strategic flexibility.
  • Revenue & Inventory: Generated $68.8M revenue and $24.5M gross profit in 2025, holding $96.6M inventory for 1.356M lbs of U3O8.
  • Production Growth: Projects 100%+ production increase by 2026, targeting multimillion-lb annual output with 1M+ lbs potential in next 12 months.

Operational Highlights and Growth Prospects

UEC's production growth was driven by the commissioning of two new ISR mine units at Christensen Ranch, with the Burke Hollow project in South Texas nearing completion and expected to start operations in December 2025. The company's acquisition of Rio Tinto's Sweetwater complex added significant historic resources and expanded its license capacity to 12.1 million pounds annually. UEC is poised for further growth, with plans to become a multimillion-pound-per-year uranium producer over the coming years.

Valuation and Market Outlook

With a current P/S Ratio of 105.35 and an EV/EBITDA of -80.94, UEC's valuation reflects the market's expectations for its growth prospects. The company's strong balance sheet, with $321 million in cash, inventory, and equities, and no debt, provides the flexibility to capitalize on the growing demand for secure domestic uranium supply. As Amir Adnani noted, combining uranium mining with conversion and enrichment activities can improve margins and increase the company's strategic value.

Government Policy and Industry Trends

The bipartisan support for nuclear energy in the U.S. and the potential establishment of a strategic uranium reserve and Section 232 investigation are expected to positively impact UEC's business. The growing demand for nuclear power and the looming ban on Russian uranium imports in December 2027 are also likely to drive demand for domestic U.S. uranium production. UEC's UR&C initiative aims to establish a vertically integrated uranium company, addressing bottlenecks in the nuclear fuel cycle and aligning with U.S. government policies.

Cost Structure and Future Plans

UEC's total cost per pound was $36.41, with cash costs including labor, chemicals, and utilities. The company expects cash production costs to remain stable, while non-cash costs are steady due to straight-line amortization. With a strong balance sheet, UEC can ramp up production and accelerate development if prices rise, with the goal of increasing production and capitalizing on the growing demand for uranium.

3. NewsRoom

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Uranium Energy Corp Provides Date for Fiscal 2026 First Quarter Results, Conference Call, and Webcast

Dec -03

Source: prnewswire.com

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Why Uranium Energy (UEC) Outpaced the Stock Market Today

Nov -28

Source:

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LEU vs. UEC: Which Uranium Stock Offers Better Upside Now?

Nov -25

Source: zacks.com

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Geode Capital Management LLC Grows Stake in Uranium Energy Corp. $UEC

Nov -24

Source: defenseworld.net

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T.D. Cowen's Craig Hutchison talks how to play nuclear power right now

Nov -19

Source: youtube.com

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Uranium Energy Corp. (NYSEAMERICAN:UEC) Receives Average Rating of “Moderate Buy” from Analysts

Nov -18

Source: defenseworld.net

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Campbell & CO Investment Adviser LLC Invests $289,000 in Uranium Energy Corp. $UEC

Nov -18

Source: defenseworld.net

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Uranium Energy (UEC) Sees a More Significant Dip Than Broader Market: Some Facts to Know

Nov -18

Source: zacks.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (5.50%)

6. Segments

Purchased Uranium Inventory

Expected Growth: 5.5%

Increasing demand for clean energy, nuclear power plant life extensions, and uranium supply constraints drive growth in purchased uranium inventory for Uranium Energy Corp.

Toll Processing Services

Expected Growth: 5.5%

Increasing demand for uranium, growing need for cost-effective processing solutions, and UEC's established facilities drive growth in toll processing services.

7. Detailed Products

In-Situ Recovery (ISR) Uranium

Uranium Energy Corp. uses In-Situ Recovery (ISR) method to extract uranium from underground deposits. This method involves dissolving uranium in water and pumping it to the surface for processing.

Conventional Uranium Mining

The company also engages in conventional uranium mining, which involves extracting uranium ore from open-pit or underground mines and processing it into yellowcake.

Uranium Exploration

Uranium Energy Corp. conducts exploration activities to discover new uranium deposits and expand existing ones, ensuring a steady supply of uranium for the nuclear industry.

Uranium Recycling

The company also provides uranium recycling services, which involve reprocessing and re-enriching uranium from nuclear waste and other sources.

8. Uranium Energy Corp.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Uranium Energy Corp. has a diversified portfolio of uranium projects, which reduces the threat of substitutes. The company's focus on in-situ recovery (ISR) mining also provides a cost advantage, making substitutes less attractive.

Bargaining Power Of Customers

Uranium Energy Corp. sells its uranium products to a diverse range of customers, including nuclear power plants and utilities. While customers have some bargaining power, the company's diversified customer base and long-term contracts mitigate this risk.

Bargaining Power Of Suppliers

Uranium Energy Corp. has a strong supply chain and relationships with its suppliers, which reduces the bargaining power of suppliers. The company's focus on ISR mining also reduces its dependence on external suppliers.

Threat Of New Entrants

The uranium mining industry has high barriers to entry, including significant capital requirements and regulatory hurdles. However, the increasing demand for clean energy and the growing need for uranium could attract new entrants, increasing competition for Uranium Energy Corp.

Intensity Of Rivalry

The uranium mining industry is highly competitive, with several established players. Uranium Energy Corp. faces competition from other uranium producers, but its focus on ISR mining and diversified project portfolio help it to differentiate itself.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 0.20%
Debt Cost 13.08%
Equity Weight 99.80%
Equity Cost 13.08%
WACC 13.08%
Leverage 0.20%

11. Quality Control: Uranium Energy Corp. passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Matador Resources

A-Score: 6.0/10

Value: 8.4

Growth: 8.8

Quality: 7.4

Yield: 4.0

Momentum: 3.0

Volatility: 4.7

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Permian Resources

A-Score: 6.0/10

Value: 6.6

Growth: 7.8

Quality: 6.6

Yield: 6.0

Momentum: 3.5

Volatility: 5.3

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PBF Energy

A-Score: 4.4/10

Value: 9.6

Growth: 1.8

Quality: 4.2

Yield: 5.0

Momentum: 3.5

Volatility: 2.3

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Uranium Energy

A-Score: 4.4/10

Value: 6.2

Growth: 4.7

Quality: 4.1

Yield: 0.0

Momentum: 9.5

Volatility: 2.0

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Liberty Energy

A-Score: 4.3/10

Value: 7.5

Growth: 7.9

Quality: 4.6

Yield: 3.0

Momentum: 0.5

Volatility: 2.3

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Equitrans Midstream

A-Score: 3.8/10

Value: 2.2

Growth: 3.0

Quality: 5.0

Yield: 5.0

Momentum: 5.0

Volatility: 2.3

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

13.76$

Current Price

13.76$

Potential

-0.00%

Expected Cash-Flows