Energy Fuels Inc. EFR

EnergyUraniumUnited States of America

Last close 10.18 CAD on Nov 3, 2026, −48.8% year to date

Quant rating

Quant rating D Rank 54 of 73 in Energy

Growth A 3 of 73
Valuation D 52 of 73
Quality D 61 of 73
Revisions A 3 of 73
Momentum D 72 of 73

Wall Street consensus Buy (2.00)Average target 34.75 CAD +241.4%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 2.7B
Enterprise value: 2.3B
52-week range: 10.10 – 37.85
3-year range: 4.89 – 37.85
Dividend yield: –
Beta (5 years): 1.93
Shares outstanding: 265M
Next earnings: Nov 4, 2026

About the company

Energy Fuels Inc. is a critical materials company, focused on rare earth elements (REEs), uranium, heavy mineral sands (HMS), vanadium and medical isotopes. It has three reportable segments, including uranium, Rare Earth Elements, and Heavy Mineral Sands. The uranium segment engages in conventional and in-situ recovery uranium extraction, recovery and sales of uranium from mineral properties and the recycling of uranium-bearing materials generated by third parties in the United States (U.S.). REE are 17 materials essential for clean energy and various advanced technologies. The Company owns and operates conventional and in-situ recovery uranium projects in the western U.S. It also owns and operates Korean Metals Plant in Ochang, South Korea, which provides rare earth metallization and alloying capabilities, including the production of neodymium-iron-boron (NdFeB) alloys. Its projects include The Vara Mada Project, The Bahia Project, and The Donald Project.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	90.5	112	50.2	17.0	4.0	–
Revenue growth	−19.5%	123.6%	196.3%	321.5%	90.6%	112.0%
EPS (basic, normalized)	−0.52	−0.40	0.84	−0.52	−0.29	–
EPS growth	–	–	–	–	–	–
Gross margin	20.9%	28.4%	52.1%	37.3%	43.0%	36.3%
Net margin	−129.9%	−61.1%	263.3%	−478.2%	48.4%	−71.5%
ROE	−14.2%	−10.6%	32.4%	−22.5%	0.7%	−2.8%

Balance sheet, last quarter
Cash & short-term investments (mil)	1,330
Current ratio	27.90x
Long-term debt (mil)	962
Net debt (mil)	−362
Total equity (mil)	1,125
Net debt / equity	−0.32x
Net debt / EBITDA	2.86x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	90.5	−19.5%	25.9x	−127	−386.2%	−18.5x	−0.52	−29.5%	−19.6x
2026	169	+86.8%	13.9x	−62.0	+51.0%	−37.8x	−0.37	+28.3%	−27.3x
2027	367	+117.2%	6.4x	187	+401.1%	12.5x	0.68	+281.9%	15.0x
2028	579	+57.8%	4.0x	387	+107.5%	6.0x	1.28	+88.2%	8.0x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	169	−7.7%	−25.1%	−38.7%	−0.37	−5.6%	−18.5%	−37.9%
2027	367	+2.8%	+9.0%	+12.5%	0.68	+71.2%	+438.9%	+223.3%
2028	579	0.0%	+12.3%	+127.0%	1.28	0.0%	+34.6%	–

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	25.4	8.7	4.0	39.9	16.9	4.2	17.7	27.1	35.8	25.1
Sales mean (mil)	25.5	0.9	0.9	46.2	15.2	9.4	8.9	27.0	32.0	31.8
Surprise	−0.3%	+868.8%	+349.7%	−13.6%	+11.2%	−55.2%	+99.0%	+0.4%	+12.0%	−21.0%
EPS reported	0.02	−0.04	−0.07	−0.19	−0.13	−0.10	−0.07	−0.08	−0.04	−0.13
EPS mean	0.01	−0.06	−0.04	−0.02	−0.07	−0.03	−0.06	−0.04	−0.03	−0.06
Surprise	+100.0%	+33.3%	−75.0%	−1,017.6%	−88.4%	−198.5%	−16.7%	−100.0%	−33.3%	−116.7%

Peer comparison Uranium

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
EFR Energy Fuels Inc.	2.7B	2.86x	−129.9%	2.29x	−27.3x	15.0x	−37.8x	12.5x
CCO Cameco Corporation	44.4B	0.07x	16.9%	6.12x	76.1x	41.8x	26.8x	18.2x
UEC Uranium Energy Corp.	5.2B	3.93x	−368.6%	2.72x	−38.3x	−65.2x	−55.8x	−198.2x
DML Denison Mines Corp	2.7B	−2.02x	−4,418.2%	9.27x	−22.1x	−38.4x	−44.1x	−61.2x
ISO IsoEnergy Ltd.	742M	34.65x	–	1.36x	−47.2x	−20.0x	−30.6x	−105.8x
BNNLF Bannerman Energy Ltd	794M	–	−194.4%	2.61x	−158.8x	−196.2x	−68.3x	−77.5x
Mean		7.90x	−1,018.8%	4.07x	−36.3x	−43.8x	−35.0x	−68.7x
Median		2.86x	−194.4%	2.67x	−32.8x	−29.2x	−40.9x	−69.3x

Technical analysis

1M−33.4%
3M−36.6%
1Y−58.5%
3Y−6.2%

Financial statements in millions of CAD

Income statement in millions of CAD, fiscal years

Income statement, Energy Fuels Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	90.5	112	50.2	17.0	4.0	2.1
Cost of revenue	71.6	80.4	24.1	10.6	2.3	0
Gross profit	18.9	31.9	26.2	6.3	1.7	2.1
Selling, general & administrative expenses	88.9	52.6	37.0	34.5	19.3	18.3
Research & development	46.5	16.1	20.6	12.7	13.6	5.5
Depreciation/amortization	7.0	4.3	–	–	–	–
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	0	14.9	–	0	0	2.1
Other operating expenses	15.4	12.3	11.5	20.0	13.6	7.5
Operating income	−139	−68.3	−42.9	−60.9	−44.8	−31.4
Net interest income (expense)	12.0	−1.1	15.5	−20.1	8.8	2.3
Gain (loss) on sale of assets	7.3	0.1	158	0.5	45.1	0
Other non-operating income (expense)	0	0	1.9	−0.7	−7.4	−6.4
Net income before taxes	−120	−69.3	132	−81.2	1.8	−35.5
Provision for taxes	−1.3	−0.5	0.4	–	–	–
Minority interest	0.7	0.1	0.1	0.1	0.1	0.1
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−118	−68.7	132	−81.1	1.9	−35.4
Extraordinary items	–	–	–	–	–	–
Net income	−118	−68.7	132	−81.1	1.9	−35.4
EBIT, normalized	−139	−53.5	−42.9	−60.9	−44.8	−29.3
EBITDA, normalized	−131	−49.0	−39.2	−56.5	−40.7	−25.8
Basic EPS, normalized	−0.52	−0.40	0.84	−0.52	−0.29	–

Balance sheet in millions of CAD, fiscal years

Balance sheet, Energy Fuels Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	1,183	172	252	102	143	28.5
Receivables	24.7	54.3	1.1	0.7	5.0	1.5
Total inventory	101	95.6	51.5	51.7	38.9	35.1
Prepaid expenses	7.3	9.3	3.3	12.9	2.0	1.7
Other current assets	0	0	0	16.8	0	0
Total current assets	1,316	331	308	184	189	66.8
Property, plant & equipment	524	480	195	132	134	137
Goodwill	–	–	–	–	–	–
Intangibles	6.0	6.9	–	–	–	–
Long-term investments	51.8	22.8	1.8	26.2	48.7	1.0
Note receivable	–	–	2.0	2.1	–	–
Other long-term assets	39.8	39.7	25.7	27.0	27.4	28.2
Total assets	1,938	880	532	371	399	233
Liabilities
Accounts payable	7.3	10.8	1.3	5.0	3.8	0.6
Payable/accrued	–	–	6.6	–	–	–
Accrued expenses	27.0	34.4	5.8	4.5	3.9	4.0
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	–	–	–	–	–	0
Other current liabilities	8.6	40.1	0	15.8	0	11.1
Total current liabilities	42.9	85.3	13.7	25.2	7.7	15.7
Long-term debt	927	0	0	0	0	0
Minority interest	5.7	5.6	5.2	5.4	5.0	4.8
Other liabilities	30.7	30.2	16.4	14.8	17.4	17.0
Total liabilities	1,007	121	35.4	45.4	30.2	37.5
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	1,607	1,349	971	946	867	699
Additional paid-in capital	–	–	–	–	–	–
Retained earnings (accumulated deficit)	−672	−581	−472	−618	−501	−506
Treasury stock	–	–	–	–	–	–
Other equity	−4.0	−8.7	−2.6	−2.6	2.5	2.9
Total equity	931	759	497	326	368	196
Total liabilities & shareholders' equity	1,938	880	532	371	399	233

Cash flow statement in millions of CAD, fiscal years

Cash flow statement, Energy Fuels Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	−118	−68.8	132	−81.2	1.8	−35.5
Depreciation, depletion & amortization	7.5	4.5	3.6	4.4	4.0	3.4
Deferred taxes	–	–	–	–	–	–
Non-cash items	−14.8	2.8	−161	28.3	−39.6	2.3
Changes in working capital	2.8	37.1	9.3	−23.8	−3.3	−11.3
Cash from operations	−123	−24.4	−15.7	−72.2	−37.0	−41.0
Investing activities
Capital expenditures	−71.1	−44.6	−59.2	−2.7	−1.7	−0.8
Other investing cash flows	−997	25.5	27.6	−6.9	5.8	5.4
Cash from investing	−1,068	−19.1	−31.6	−9.6	4.0	4.6
Financing activities
Financing cash flow items	−109	−2.0	−3.1	−1.0	−0.6	−0.4
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	1,337	24.4	43.4	11.7	150	46.9
Cash from financing	1,228	22.4	40.3	10.7	149	46.6
Foreign exchange effects	1.6	−2.5	0	−0.1	0	0.1
Net change in cash	39.2	−23.6	−6.9	−71.2	116	10.3
Free cash flow	−194	−69.0	−74.9	−74.9	−38.7	−41.8

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 3, 2026 after market close.