Denison Mines Corp.

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Denison Mines Corp. trades at $2.8, building a base and 6 weeks into that stage. That is −16.7% against its own 200-day average. It sits at 33% of a 52-week range of $2 to $4. On relative strength it is currently behind the S&P 500 on a trailing-13-week view (15 weeks and counting).

Today the stock is building a base — week 6 of stage 1. At $2.8 it trades −16.7% versus its 200-day average and sits at 33% of its 52-week range ($2–$4).

Against the market, two honest reads. Cumulative: over the last 10.1 years the stock moved +419% while the S&P 500 moved +248% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (15 weeks and counting; last ahead the week of 2026-04-17) — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 41st percentile of its own range.

Valuation P/E is the price of $1 of annual profit: how many dollars the market pays for each dollar the company earns in a year.

Denison Mines Corp. trades at 30.3× P/E, mid-range by its own standards (41st percentile). Its long-run median P/E is 34.3×, measured across 2.8 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 30.3× is mid-range by its own standards (41st percentile), against a long-run median of 34.3× measured over 2.8 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

The price move, decomposed: over 3y, of the +30.4%/yr price move, ~+6.3%/yr came from earnings growth and ~+24.1 pp from the multiple (expanding). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is unremarkable against its own past, so the story rests on the earnings line underneath it, not the multiple.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

Stage: No read Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read.

Denison Mines Corp. reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read. The read is built from 6 quarters across 1 curve, on partial evidence.

Why it matters: with too little history, an honest page says so instead of guessing a trajectory.

The latest quarter’s profit carries a one-off item larger than the operating base, so the profit curve is shown but does not vote in the stage call.

Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

4-Factor Sector Score

38.7/100 — rank 8 of 13 in Uranium · 62% evidence confidence

Denison Mines Corp. scores 38.7 out of 100 against the 13 companies it is compared with in Uranium, ranking 8. Price leads the evidence: RS versus the benchmark is -17.4%, but earnings trajectory is weak. Wait for revenue and profit confirmation.

The four contributions add to the total exactly: 8.6 + 6.5 + 10.2 + 13.4 = 38.7. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Denison Mines Corp. reported $0.0 B of revenue in the Mar 26 quarter. The last full year, FY25, came in at $0.0 B. The last four reported quarters add to $0.0 B. A multi-year compound rate is not shown because the annual history behind it is too short to compute one honestly.

Denison Mines Corp. reported $0.0 B of revenue in the Mar 26 quarter. The last full year, FY25, came in at $0.0 B. The last four reported quarters add to $0.0 B. A multi-year compound rate is not shown because the annual history behind it is too short to compute one honestly.

FY25 revenue came in at $0.0 B (null on the year). The latest quarter (Mar 26) printed $0.0 B, null year on year.

→ Revenue slipped — did margins hold as it scaled? Next: the margin picture.

Operating margin Operating margin is what is left of every $100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

A clean operating margin is not in our numbers for Denison Mines Corp. — its accounts do not report the operating-profit line this section reads, which is common for lenders and holding companies. The sections above and below carry the readings this company's filings do support.

A clean operating margin is not in our numbers for Denison Mines Corp. — its accounts do not report the operating-profit line this section reads, which is common for lenders and holding companies. The sections above and below carry the readings this company's filings do support.

This company's accounts do not report the operating-profit line this section reads — common for lenders and holding companies classified outside the financial bucket. The revenue and net-profit sections are the cleaner reads for Denison Mines Corp..

Why: the numbers show the operating margin move clearly, but the cost lines behind it sit below what we hold — so we state the move without inventing its driver.

→ Margins slipped — did that reach the bottom line? Next: profit null in the latest quarter.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Denison Mines Corp. posted a net loss of $0.1 B in the Mar 26 quarter. The full FY25 year was a loss of $0.2 B. The same quarter a year earlier lost $0.04 B. 8 of the last 12 reported quarters were loss-making.

Denison Mines Corp. posted a net loss of $0.1 B in the Mar 26 quarter. The full FY25 year was a loss of $0.2 B. The same quarter a year earlier lost $0.04 B. 8 of the last 12 reported quarters were loss-making.

Mar 26 profit was $−0.1 B, null year on year. On the full year, FY25 printed $−0.2 B (null).

→ Profit rose — but did the cash follow? Next: −67% of the last 3 years' profit arrived as cash.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years −67% of Denison Mines Corp.'s reported profit arrived as operating cash — a gap worth watching. In FY25 that was $−0.1 B of operating cash against $−0.2 B of profit. After $0.1 B of capital spending, $−0.1 B was left as free cash.

FY25: operating cash of $−0.1 B against reported profit of $−0.2 B, leaving free cash of $−0.1 B after $0.1 B of capital spending. Across the last 3 fiscal years the conversion rate is −67% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

🚨 Why: conversion is measured cleanly, but the working-capital day-counts behind it sit below what we hold — the move is shown without inventing its driver.

Router verdict: the visible cash user is investment — the next section checks what the spending is buying.

→ So follow the cash to where it goes. Next: $0.0 B of building over 3 years.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Denison Mines Corp. does not report the debtor, inventory and payable day-counts a cash cycle is built from, so this section reads the investment side instead. Capital spending ran $0.0 B over the last 3 years. Nothing is estimated in place of the missing day-counts, so no cash-cycle chart is drawn.

Working-capital day-counts are not in our numbers for this stock, so this section reads the investment side — where the cash is being put to work.

On the investment side: capital spending of $0.0 B over the last 3 fiscal years.

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

→ Does all this activity actually earn its cost of capital? Next: ROE is −74% and the ROIC − WACC spread is −18.0 pp.

Return on equity Return on equity (ROE) is the profit the business earns on its shareholders’ money. With the full capital-employed split not in our numbers, ROE is the cleanest long ladder we can draw here.

Denison Mines Corp. earns a ROE of −60% in FY25. Return on invested capital clears the cost of that capital by −18.0 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is 100.0% net margin on 0.02× asset turns.

FY25 ROE is −60%.

🚨 Why the return is what it is — the wiring (FY22): 100.0% net margin × 0.02× asset turns × 1.18× balance-sheet leverage ≈ 2.4% on equity. Margin is doing the heavy lifting; leverage is modest — this is an earned return, not a borrowed one.

The capstone test — ROIC − WACC: −6.8% − 11.2% = a −18.0 pp spread. The 11.2% is an estimate of this company's own cost of capital — read the sign and the size of the spread, not the decimals. Negative — growth at these returns destroys value until the returns recover.

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 2.81.

Dividend

Denison Mines Corp. pays no dividend. Across the last 12 reported quarters it has declared no dividend per share, so there is no payout history to chart and no yield to quote. Companies at this stage typically reinvest earnings rather than distribute them, which makes the cash-flow and reinvestment sections the place that cash shows up.

Denison Mines Corp. does not currently pay a dividend. Across the last 12 reported quarters the company has declared no dividend per share, so there is no payout history to chart and no yield to quote. Companies at this stage typically reinvest earnings instead of distributing them.

→ No payout to follow. The cash question becomes what the business does with what it earns instead.

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.

Denison Mines Corp. carries total debt of $0.7 B against shareholder equity of $0.3 B as of Mar 26, a debt-to-equity of 2.81. On the annual view that ratio went from 0.00 in FY21 to 1.65 in FY25. Read the returns elsewhere on this page with that leverage in mind.

Mar 26: total debt of $0.7 B against shareholder equity of $0.3 B — a debt-to-equity of 2.81. On the annual view, debt-to-equity went from 0.00 (FY21) to 1.65 (FY25). Read the returns on this page with that leverage in mind.

→ Who owns this, and are they adding or leaving? Next: short interest is 7.8% of the float.

Ownership There is no quarter-by-quarter holder register to read here, so we read the crowd through short interest — the slice of tradable shares currently sold short, positioned for a fall.

7.8% of Denison Mines Corp.'s tradable float is currently sold short — some money is positioned against it. At typical trading volumes those positions would take about 2.9 days to buy back. There is no quarter-by-quarter holder register to read for this filer, so the crowd is read through short interest instead.

The latest reading: 7.8% of the float is sold short, and at typical trading volumes it would take about 2.9 days to buy those positions back. Some money is positioned against it. This is a single point-in-time reading — we do not yet hold its history, so we show no trend chart.

Why it sits there: who is doing the shorting, and why, does not travel with the number — the level is shown without inventing its story.

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Denison Mines Corp.: the Z-score reads 0.68. A Z-score above roughly 3 reads as safe and below roughly 1.8 as the distress zone, so this sits inside the distress zone. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure.

🚨 Why it matters: a Z-score of 0.68 is inside the distress zone — the balance sheet is a real risk, not a detail.

The safety line in one sentence: the Z-score reads 0.68.

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