# Uranium — company-by-company sector analysis

> Uranium: Cameco Corporation owns the largest revenue base; enCore Energy Corp. has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-29. Not investment advice.

## Bottom line

Uranium has underperformed S&P 500 by 7.8% over 52 weeks and 33.1% over 13 weeks. 0 of 11 covered companies beat the S&P 500 on Mansfield relative strength, while 5 of 11 beat the sector itself. Cameco Corporation leads with revenue of $3,538 million, based on 7 of 13 comparable companies through Mar 2026.

### Is the Uranium sector outperforming S&P 500?

Uranium has underperformed S&P 500 by 7.8% over 52 weeks and 33.1% over 13 weeks. 0 of 11 covered companies beat the S&P 500 on Mansfield relative strength, while 5 of 11 beat the sector itself.

### Which Uranium company is largest by revenue?

Cameco Corporation leads with revenue of $3,538 million, based on 7 of 13 comparable companies through Mar 2026.

### Which Uranium company is growing fastest?

enCore Energy Corp. has the fastest current revenue growth at 53.6%, across 5 of 13 comparable companies.

### Which Uranium company has the strongest 4-Factor Sector Score?

Uranium Royalty Corp. ranks first at 57.2/100 with 50.5% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Uranium company reports the most CAPEX?

Cameco Corporation reports the largest latest CAPEX at $78 million, with 10 of 13 companies comparable.

### Which Uranium company has the least gross debt?

Deep Fission, Inc. has the lowest comparable gross debt at $0 million. Centrus Energy Corp. has the highest at $1,179 million.

### Which Uranium company has the lowest comparable PEG?

Centrus Energy Corp. has the lowest comparable Guarded PEG at 1.26, among 2 of 13 companies that pass the metric’s comparability rules.

### How much history does this Uranium comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

Uranium has underperformed S&P 500 by 7.8% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 33.1%. 0 of 11 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is selective. IsoEnergy Ltd. is the strongest against the sector itself at +19.9%.

13-week sector return versus NIFTY 500: -33%
52-week sector return versus NIFTY 500: -7.8%
Stocks leading NIFTY: 0/11
Stocks leading sector: 5/11

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 13
Combined market value: ₹59.4K Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Uranium Royalty Corp. (UROY): 57/100 — Thin evidence · provisional; evidence 51%
   - Growth & earnings 20.9/35 | Capital efficiency 15.8/25 | Valuation 8.9/20 | Relative strength 11.6/20
   - Exact sum: 20.9 + 15.8 + 8.9 + 11.6 = 57.2
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
2. Cameco Corporation (CCJ): 55/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 19.8/35 | Capital efficiency 16.1/25 | Valuation 5.6/20 | Relative strength 13.7/20
   - Exact sum: 19.8 + 16.1 + 5.6 + 13.7 = 55.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. NexGen Energy Ltd. (NXE): 55/100 — Thin evidence · provisional; evidence 52%
   - Growth & earnings 16.4/35 | Capital efficiency 11.2/25 | Valuation 10.6/20 | Relative strength 16.6/20
   - Exact sum: 16.4 + 11.2 + 10.6 + 16.6 = 54.8
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
4. IsoEnergy Ltd. (ISOU): 53/100 — Thin evidence · provisional; evidence 54%
   - Growth & earnings 13.0/35 | Capital efficiency 13.4/25 | Valuation 11.1/20 | Relative strength 15.3/20
   - Exact sum: 13 + 13.4 + 11.1 + 15.3 = 52.8
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
5. enCore Energy Corp. (EU): 53/100 — Thin evidence · provisional; evidence 56%
   - Growth & earnings 24.9/35 | Capital efficiency 14.7/25 | Valuation 10.0/20 | Relative strength 3.0/20
   - Exact sum: 24.9 + 14.7 + 10 + 3 = 52.6
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
6. Energy Fuels Inc. (UUUU): 45/100 — Mixed-negative evidence; evidence 65%
   - Growth & earnings 23.3/35 | Capital efficiency 8.8/25 | Valuation 11.5/20 | Relative strength 1.8/20
   - Exact sum: 23.3 + 8.8 + 11.5 + 1.8 = 45.4
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -17.1% and the one-year return is 21.4%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
7. Centrus Energy Corp. (LEU): 39/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 7.5/35 | Capital efficiency 10.9/25 | Valuation 12.0/20 | Relative strength 8.7/20
   - Exact sum: 7.5 + 10.9 + 12 + 8.7 = 39.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
8. Denison Mines Corp. (DNN): 39/100 — Mixed-negative evidence; evidence 62%
   - Growth & earnings 8.6/35 | Capital efficiency 6.5/25 | Valuation 10.2/20 | Relative strength 13.4/20
   - Exact sum: 8.6 + 6.5 + 10.2 + 13.4 = 38.7
   - Decision use: Price leads the evidence: RS versus the benchmark is -17.9%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
9. Uranium Energy Corp. (UEC): 38/100 — Thin evidence · provisional; evidence 54%
   - Growth & earnings 14.2/35 | Capital efficiency 11.2/25 | Valuation 8.5/20 | Relative strength 4.4/20
   - Exact sum: 14.2 + 11.2 + 8.5 + 4.4 = 38.3
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
10. Deep Fission, Inc. (FISN): 50/100 — Thin evidence · provisional; evidence 29%
   - Growth & earnings 20.1/35 | Capital efficiency 10.3/25 | Valuation 10.0/20 | Relative strength 10.0/20
   - Exact sum: 20.1 + 10.3 + 10 + 10 = 50.4
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
11. Nuclea Energy Inc. (NCLA): 46/100 — Thin evidence · provisional; evidence 9%
   - Growth & earnings 17.5/35 | Capital efficiency 8.7/25 | Valuation 10.0/20 | Relative strength 10.0/20
   - Exact sum: 17.5 + 8.7 + 10 + 10 = 46.2
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
12. Ur-Energy Inc. (URG): 41/100 — Thin evidence · provisional; evidence 48%
   - Growth & earnings 15.8/35 | Capital efficiency 6.3/25 | Valuation 10.0/20 | Relative strength 9.0/20
   - Exact sum: 15.8 + 6.3 + 10 + 9 = 41.1
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
13. Eagle Nuclear Energy Corp. (NUCL): 37/100 — Thin evidence · provisional; evidence 35%
   - Growth & earnings 13.4/35 | Capital efficiency 10.1/25 | Valuation 10.0/20 | Relative strength 3.9/20
   - Exact sum: 13.4 + 10.1 + 10 + 3.9 = 37.4
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Revenue Scale & Growth Durability

What the numbers say: Cameco Corporation is the scale leader at $3,538 million, 681% ahead of Centrus Energy Corp.. enCore Energy Corp.'s growth is 53.6% from a $43 million base, with 12 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Cameco Corporation is the scale benchmark; enCore Energy Corp. is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Cameco Corporation's growth falls below enCore Energy Corp.'s for two consecutive comparable reports while operating margin also compresses.

Evidence: Cameco Corporation · $3,538 million | 681% versus #2 · Centrus Energy Corp. | 7/8 recent comparable periods | 7/13 companies · 126 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. Cameco Corporation (CCJ): ₹3.5K Cr
2. Centrus Energy Corp. (LEU): ₹453 Cr
3. Energy Fuels Inc. (UUUU): ₹85 Cr
4. Uranium Royalty Corp. (UROY): ₹55 Cr
5. enCore Energy Corp. (EU): ₹43 Cr

### Revenue growth — fastest growers
1. enCore Energy Corp. (EU): 54%
2. Energy Fuels Inc. (UUUU): 21%
3. Cameco Corporation (CCJ): 7.5%
4. Denison Mines Corp. (DNN): 0.0%
5. Centrus Energy Corp. (LEU): -4.0%

### 20-quarter Revenue history
- CCJ: Sep 2021 ₹361 Cr | Dec 2021 ₹465 Cr | Mar 2022 ₹398 Cr | Jun 2022 ₹558 Cr | Sep 2022 ₹389 Cr | Dec 2022 ₹524 Cr | Mar 2023 ₹687 Cr | Jun 2023 ₹482 Cr | Sep 2023 ₹575 Cr | Dec 2023 ₹844 Cr | Mar 2024 ₹634 Cr | Jun 2024 ₹598 Cr | Sep 2024 ₹721 Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹789 Cr | Jun 2025 ₹877 Cr | Sep 2025 ₹615 Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹845 Cr | Jun 2026 —
- UEC: Sep 2021 — | Dec 2021 — | Mar 2022 ₹13 Cr | Jun 2022 ₹10 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹57 Cr | Mar 2023 ₹48 Cr | Jun 2023 ₹20 Cr | Sep 2023 ₹39 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 — | Sep 2024 ₹0 Cr | Dec 2024 ₹17 Cr | Mar 2025 ₹50 Cr | Jun 2025 — | Sep 2025 ₹0 Cr | Dec 2025 — | Mar 2026 ₹20 Cr | Jun 2026 —
- LEU: Sep 2021 ₹91 Cr | Dec 2021 ₹89 Cr | Mar 2022 ₹35 Cr | Jun 2022 ₹99 Cr | Sep 2022 ₹33 Cr | Dec 2022 ₹126 Cr | Mar 2023 ₹67 Cr | Jun 2023 ₹98 Cr | Sep 2023 ₹51 Cr | Dec 2023 ₹104 Cr | Mar 2024 ₹44 Cr | Jun 2024 ₹189 Cr | Sep 2024 ₹58 Cr | Dec 2024 ₹152 Cr | Mar 2025 ₹73 Cr | Jun 2025 ₹155 Cr | Sep 2025 ₹75 Cr | Dec 2025 ₹146 Cr | Mar 2026 ₹77 Cr | Jun 2026 —
- UUUU: Sep 2021 ₹1 Cr | Dec 2021 — | Mar 2022 ₹3 Cr | Jun 2022 ₹6 Cr | Sep 2022 ₹3 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹20 Cr | Jun 2023 ₹7 Cr | Sep 2023 ₹11 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹25 Cr | Jun 2024 ₹9 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹40 Cr | Mar 2025 ₹17 Cr | Jun 2025 ₹4 Cr | Sep 2025 ₹18 Cr | Dec 2025 ₹27 Cr | Mar 2026 ₹36 Cr | Jun 2026 —
- DNN: Sep 2021 ₹10 Cr | Dec 2021 ₹3 Cr | Mar 2022 ₹4 Cr | Jun 2022 ₹7 Cr | Sep 2022 ₹3 Cr | Dec 2022 ₹3 Cr | Mar 2023 ₹-1 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹1 Cr | Jun 2026 —
- URG: Sep 2021 ₹0 Cr | Dec 2021 ₹16 Cr | Mar 2022 — | Jun 2022 ₹0 Cr | Sep 2022 — | Dec 2022 ₹19 Cr | Mar 2023 ₹6 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹6 Cr | Dec 2023 ₹5 Cr | Mar 2024 — | Jun 2024 ₹5 Cr | Sep 2024 ₹6 Cr | Dec 2024 ₹23 Cr | Mar 2025 — | Jun 2025 ₹10 Cr | Sep 2025 ₹6 Cr | Dec 2025 ₹10 Cr | Mar 2026 ₹4 Cr | Jun 2026 —
- UROY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹14 Cr | Sep 2023 — | Dec 2023 ₹15 Cr | Mar 2024 ₹15 Cr | Jun 2024 ₹12 Cr | Sep 2024 — | Dec 2024 ₹11 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹5 Cr | Sep 2025 ₹33 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹17 Cr | Jun 2026 —
- EU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹7 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹30 Cr | Jun 2024 ₹5 Cr | Sep 2024 ₹9 Cr | Dec 2024 ₹-4 Cr | Mar 2025 ₹18 Cr | Jun 2025 ₹4 Cr | Sep 2025 ₹9 Cr | Dec 2025 ₹12 Cr | Mar 2026 ₹18 Cr | Jun 2026 —

### 20-quarter Revenue growth history
- CCJ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 55% | Sep 2022 7.8% | Dec 2022 13% | Mar 2023 73% | Jun 2023 -14% | Sep 2023 48% | Dec 2023 61% | Mar 2024 -7.7% | Jun 2024 24% | Sep 2024 25% | Dec 2024 40% | Mar 2025 24% | Jun 2025 47% | Sep 2025 -15% | Dec 2025 1.5% | Mar 2026 7.1% | Jun 2026 —
- UEC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 269% | Jun 2023 100% | Sep 2023 — | Dec 2023 -100% | Mar 2024 -100% | Jun 2024 — | Sep 2024 -100% | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 -60% | Jun 2026 —
- LEU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 60% | Sep 2022 -64% | Dec 2022 42% | Mar 2023 91% | Jun 2023 -1.0% | Sep 2023 55% | Dec 2023 -17% | Mar 2024 -34% | Jun 2024 93% | Sep 2024 14% | Dec 2024 46% | Mar 2025 66% | Jun 2025 -18% | Sep 2025 29% | Dec 2025 -4.0% | Mar 2026 5.5% | Jun 2026 —
- UUUU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 200% | Dec 2022 — | Mar 2023 567% | Jun 2023 17% | Sep 2023 267% | Dec 2023 — | Mar 2024 25% | Jun 2024 29% | Sep 2024 -64% | Dec 2024 — | Mar 2025 -32% | Jun 2025 -56% | Sep 2025 350% | Dec 2025 -33% | Mar 2026 112% | Jun 2026 —
- DNN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 40% | Sep 2022 -70% | Dec 2022 0.0% | Mar 2023 -125% | Jun 2023 -86% | Sep 2023 -67% | Dec 2023 -67% | Mar 2024 — | Jun 2024 0.0% | Sep 2024 0.0% | Dec 2024 0.0% | Mar 2025 0.0% | Jun 2025 0.0% | Sep 2025 0.0% | Dec 2025 0.0% | Mar 2026 0.0% | Jun 2026 —
- URG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 19% | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -74% | Mar 2024 — | Jun 2024 — | Sep 2024 0.0% | Dec 2024 360% | Mar 2025 — | Jun 2025 100% | Sep 2025 0.0% | Dec 2025 -57% | Mar 2026 — | Jun 2026 —
- UROY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 -14% | Sep 2024 — | Dec 2024 -27% | Mar 2025 -100% | Jun 2025 -58% | Sep 2025 — | Dec 2025 -100% | Mar 2026 — | Jun 2026 —
- EU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 -29% | Sep 2024 125% | Dec 2024 — | Mar 2025 -40% | Jun 2025 -20% | Sep 2025 0.0% | Dec 2025 — | Mar 2026 0.0% | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: enCore Energy Corp. leads opm at 54.4%; Uranium Royalty Corp. leads margin change at +43717.6 percentage points.

Investor read: enCore Energy Corp. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: enCore Energy Corp. · 54.4% | 180.4% versus #2 · Cameco Corporation | 3/8 recent comparable periods | 7/13 companies · 101 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. enCore Energy Corp. (EU): 54%
2. Cameco Corporation (CCJ): 19%
3. Uranium Royalty Corp. (UROY): 18%
4. Centrus Energy Corp. (LEU): 1.0%
5. Energy Fuels Inc. (UUUU): -47%

### Margin change — fastest expanders
1. Uranium Royalty Corp. (UROY): +43,717.6 pp
2. enCore Energy Corp. (EU): +140.1 pp
3. Energy Fuels Inc. (UUUU): +107.8 pp
4. Cameco Corporation (CCJ): −4.1 pp
5. Centrus Energy Corp. (LEU): −27.0 pp

### 20-quarter OPM history
- CCJ: Sep 2021 -18% | Dec 2021 -0.5% | Mar 2022 1.7% | Jun 2022 15% | Sep 2022 -4.4% | Dec 2022 -11% | Mar 2023 14% | Jun 2023 7.3% | Sep 2023 24% | Dec 2023 2.1% | Mar 2024 20% | Jun 2024 17% | Sep 2024 14% | Dec 2024 15% | Mar 2025 24% | Jun 2025 19% | Sep 2025 15% | Dec 2025 14% | Mar 2026 19% | Jun 2026 —
- UEC: Sep 2021 — | Dec 2021 — | Mar 2022 -37% | Jun 2022 -37% | Sep 2022 — | Dec 2022 6.3% | Mar 2023 11% | Jun 2023 -17% | Sep 2023 9.4% | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 -77% | Mar 2025 -7.3% | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 -117% | Jun 2026 —
- LEU: Sep 2021 42% | Dec 2021 24% | Mar 2022 -9.6% | Jun 2022 45% | Sep 2022 -39% | Dec 2022 25% | Mar 2023 12% | Jun 2023 15% | Sep 2023 -5.7% | Dec 2023 32% | Mar 2024 -24% | Jun 2024 11% | Sep 2024 -13% | Dec 2024 30% | Mar 2025 28% | Jun 2025 22% | Sep 2025 -22% | Dec 2025 8.8% | Mar 2026 1.0% | Jun 2026 —
- UUUU: Sep 2021 -393% | Dec 2021 — | Mar 2022 -38% | Jun 2022 28% | Sep 2022 -90% | Dec 2022 — | Mar 2023 42% | Jun 2023 -19% | Sep 2023 27% | Dec 2023 — | Mar 2024 46% | Jun 2024 29% | Sep 2024 -35% | Dec 2024 -12% | Mar 2025 -155% | Jun 2025 -207% | Sep 2025 -44% | Dec 2025 -3.0% | Mar 2026 -47% | Jun 2026 —
- DNN: Sep 2021 -383% | Dec 2021 -343% | Mar 2022 — | Jun 2022 -217% | Sep 2022 -496% | Dec 2022 -535% | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 399% | Jun 2025 — | Sep 2025 -464% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- URG: Sep 2021 — | Dec 2021 -30% | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 -26% | Mar 2023 -48% | Jun 2023 — | Sep 2023 -181% | Dec 2023 -154% | Mar 2024 — | Jun 2024 -245% | Sep 2024 -185% | Dec 2024 -104% | Mar 2025 — | Jun 2025 -151% | Sep 2025 -313% | Dec 2025 -172% | Mar 2026 -517% | Jun 2026 —
- UROY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 11% | Sep 2023 — | Dec 2023 7.8% | Mar 2024 29% | Jun 2024 25% | Sep 2024 — | Dec 2024 1.1% | Mar 2025 — | Jun 2025 -21% | Sep 2025 9.2% | Dec 2025 — | Mar 2026 18% | Jun 2026 —
- EU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 -89% | Sep 2023 -165% | Dec 2023 — | Mar 2024 -40% | Jun 2024 -432% | Sep 2024 -188% | Dec 2024 6.7% | Mar 2025 -86% | Jun 2025 -526% | Sep 2025 -158% | Dec 2025 -136% | Mar 2026 54% | Jun 2026 —

### 20-quarter Margin change history
- CCJ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +25.7 pp | Sep 2022 +13.6 pp | Dec 2022 −10.7 pp | Mar 2023 +12.1 pp | Jun 2023 −7.8 pp | Sep 2023 +28.0 pp | Dec 2023 +13.3 pp | Mar 2024 +6.2 pp | Jun 2024 +9.7 pp | Sep 2024 −9.7 pp | Dec 2024 +13.2 pp | Mar 2025 +3.5 pp | Jun 2025 +1.9 pp | Sep 2025 +1.2 pp | Dec 2025 −0.9 pp | Mar 2026 −4.1 pp | Jun 2026 —
- UEC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 +48.0 pp | Jun 2023 +20.0 pp | Sep 2023 +11,837.6 pp | Dec 2023 −10,548.0 pp | Mar 2024 −10,458.0 pp | Jun 2024 — | Sep 2024 — | Dec 2024 +10,464.4 pp | Mar 2025 +10,440.1 pp | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 −109.3 pp | Jun 2026 —
- LEU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +33.0 pp | Sep 2022 −80.4 pp | Dec 2022 +0.4 pp | Mar 2023 +22.0 pp | Jun 2023 −30.4 pp | Sep 2023 +32.9 pp | Dec 2023 +6.7 pp | Mar 2024 −36.7 pp | Jun 2024 −3.4 pp | Sep 2024 −7.5 pp | Dec 2024 −1.8 pp | Mar 2025 +52.3 pp | Jun 2025 +10.5 pp | Sep 2025 −9.0 pp | Dec 2025 −20.9 pp | Mar 2026 −27.0 pp | Jun 2026 —
- UUUU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +480.3 pp | Sep 2022 +303.1 pp | Dec 2022 — | Mar 2023 +80.5 pp | Jun 2023 −47.6 pp | Sep 2023 +116.2 pp | Dec 2023 +332.2 pp | Mar 2024 +3.4 pp | Jun 2024 +48.6 pp | Sep 2024 −61.7 pp | Dec 2024 +1,199.9 pp | Mar 2025 −200.5 pp | Jun 2025 −235.8 pp | Sep 2025 −8.8 pp | Dec 2025 +8.7 pp | Mar 2026 +107.8 pp | Jun 2026 —
- DNN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −174.2 pp | Sep 2022 −112.5 pp | Dec 2022 −192.1 pp | Mar 2023 +3,746.8 pp | Jun 2023 −2,012.0 pp | Sep 2023 −9,588.3 pp | Dec 2023 −4,822.3 pp | Mar 2024 −3,445.9 pp | Jun 2024 +959.1 pp | Sep 2024 +6,347.6 pp | Dec 2024 +3,594.5 pp | Mar 2025 +1,601.0 pp | Jun 2025 +2,405.9 pp | Sep 2025 +3,272.1 pp | Dec 2025 −209.1 pp | Mar 2026 −3,004.9 pp | Jun 2026 —
- URG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +38,927.8 pp | Sep 2022 — | Dec 2022 +4.4 pp | Mar 2023 — | Jun 2023 +3,957.9 pp | Sep 2023 — | Dec 2023 −128.8 pp | Mar 2024 — | Jun 2024 +22,654.8 pp | Sep 2024 −4.7 pp | Dec 2024 +50.4 pp | Mar 2025 — | Jun 2025 +94.1 pp | Sep 2025 −127.9 pp | Dec 2025 −68.1 pp | Mar 2026 — | Jun 2026 —
- UROY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 +13.6 pp | Sep 2024 — | Dec 2024 −6.7 pp | Mar 2025 −43,729.0 pp | Jun 2025 −45.4 pp | Sep 2025 — | Dec 2025 −7,864.5 pp | Mar 2026 +43,717.6 pp | Jun 2026 —
- EU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 −342.5 pp | Sep 2024 −22.7 pp | Dec 2024 +2,884.9 pp | Mar 2025 −45.3 pp | Jun 2025 −94.3 pp | Sep 2025 +29.3 pp | Dec 2025 −142.6 pp | Mar 2026 +140.1 pp | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: Cameco Corporation leads with $651 million of TTM profit, 10.7× the profit of Centrus Energy Corp.. Cameco Corporation shows ≥100% on the scoring scale (162.5% uncapped) growth from a $651 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Cameco Corporation sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: Cameco Corporation · $651 million | 10.7× versus #2 · Centrus Energy Corp. | 5/8 recent comparable periods | 12/13 companies · 216 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. Cameco Corporation (CCJ): ₹651 Cr
2. Centrus Energy Corp. (LEU): ₹61 Cr
3. Uranium Royalty Corp. (UROY): ₹5 Cr
4. Eagle Nuclear Energy Corp. (NUCL): ₹-5 Cr — older report
5. IsoEnergy Ltd. (ISOU): ₹-10 Cr

### Profit growth — fastest growers
1. Cameco Corporation (CCJ): 100%
2. Centrus Energy Corp. (LEU): -43%
3. IsoEnergy Ltd. (ISOU): -225%

### 20-quarter Net profit history
- CCJ: Sep 2021 ₹-72 Cr | Dec 2021 ₹11 Cr | Mar 2022 ₹40 Cr | Jun 2022 ₹84 Cr | Sep 2022 ₹-20 Cr | Dec 2022 ₹-15 Cr | Mar 2023 ₹119 Cr | Jun 2023 ₹14 Cr | Sep 2023 ₹148 Cr | Dec 2023 ₹80 Cr | Mar 2024 ₹-7 Cr | Jun 2024 ₹36 Cr | Sep 2024 ₹7 Cr | Dec 2024 ₹135 Cr | Mar 2025 ₹70 Cr | Jun 2025 ₹321 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹199 Cr | Mar 2026 ₹131 Cr | Jun 2026 —
- NXE: Sep 2021 ₹-20 Cr | Dec 2021 ₹232 Cr | Mar 2022 ₹30 Cr | Jun 2022 ₹18 Cr | Sep 2022 ₹-27 Cr | Dec 2022 ₹-24 Cr | Mar 2023 ₹-9 Cr | Jun 2023 ₹-17 Cr | Sep 2023 ₹-63 Cr | Dec 2023 ₹160 Cr | Mar 2024 ₹-34 Cr | Jun 2024 ₹13 Cr | Sep 2024 ₹10 Cr | Dec 2024 ₹-66 Cr | Mar 2025 ₹-51 Cr | Jun 2025 ₹-87 Cr | Sep 2025 ₹-129 Cr | Dec 2025 ₹-43 Cr | Mar 2026 ₹-156 Cr | Jun 2026 —
- UEC: Sep 2021 ₹-2 Cr | Dec 2021 ₹-2 Cr | Mar 2022 ₹-5 Cr | Jun 2022 ₹7 Cr | Sep 2022 ₹5 Cr | Dec 2022 ₹-4 Cr | Mar 2023 ₹11 Cr | Jun 2023 ₹-11 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹3 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹-20 Cr | Sep 2024 ₹-15 Cr | Dec 2024 ₹-20 Cr | Mar 2025 ₹-10 Cr | Jun 2025 ₹-30 Cr | Sep 2025 ₹-27 Cr | Dec 2025 ₹-10 Cr | Mar 2026 ₹-14 Cr | Jun 2026 ₹-52 Cr
- LEU: Sep 2021 ₹42 Cr | Dec 2021 ₹116 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹37 Cr | Sep 2022 ₹-6 Cr | Dec 2022 ₹21 Cr | Mar 2023 ₹7 Cr | Jun 2023 ₹13 Cr | Sep 2023 ₹8 Cr | Dec 2023 ₹56 Cr | Mar 2024 ₹-6 Cr | Jun 2024 ₹31 Cr | Sep 2024 ₹-5 Cr | Dec 2024 ₹54 Cr | Mar 2025 ₹27 Cr | Jun 2025 ₹29 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹18 Cr | Mar 2026 ₹10 Cr | Jun 2026 —
- UUUU: Sep 2021 ₹-2 Cr | Dec 2021 ₹4 Cr | Mar 2022 ₹-1 Cr | Jun 2022 ₹2 Cr | Sep 2022 ₹-3 Cr | Dec 2022 ₹-3 Cr | Mar 2023 ₹8 Cr | Jun 2023 ₹-1 Cr | Sep 2023 ₹3 Cr | Dec 2023 ₹-6 Cr | Mar 2024 ₹12 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹-1 Cr | Dec 2024 ₹-5 Cr | Mar 2025 ₹-26 Cr | Jun 2025 ₹-9 Cr | Sep 2025 ₹-8 Cr | Dec 2025 ₹-1 Cr | Mar 2026 ₹-11 Cr | Jun 2026 —
- DNN: Sep 2021 ₹33 Cr | Dec 2021 ₹-3 Cr | Mar 2022 ₹43 Cr | Jun 2022 ₹-16 Cr | Sep 2022 ₹-6 Cr | Dec 2022 ₹-6 Cr | Mar 2023 ₹-3 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹58 Cr | Dec 2023 ₹35 Cr | Mar 2024 ₹-20 Cr | Jun 2024 ₹-16 Cr | Sep 2024 ₹-26 Cr | Dec 2024 ₹-30 Cr | Mar 2025 ₹-44 Cr | Jun 2025 ₹12 Cr | Sep 2025 ₹-135 Cr | Dec 2025 ₹-51 Cr | Mar 2026 ₹-115 Cr | Jun 2026 —
- FISN: Sep 2021 — | Dec 2021 — | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹-2 Cr | Dec 2024 ₹-2 Cr | Mar 2025 ₹-3 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹-40 Cr | Dec 2025 ₹-13 Cr | Mar 2026 ₹-21 Cr | Jun 2026 —
- ISOU: Sep 2021 ₹-4 Cr | Dec 2021 ₹-6 Cr | Mar 2022 ₹-9 Cr | Jun 2022 ₹8 Cr | Sep 2022 ₹-11 Cr | Dec 2022 ₹5 Cr | Mar 2023 ₹-5 Cr | Jun 2023 ₹4 Cr | Sep 2023 ₹-22 Cr | Dec 2023 ₹5 Cr | Mar 2024 ₹-5 Cr | Jun 2024 ₹-6 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹5 Cr | Mar 2025 ₹5 Cr | Jun 2025 ₹-2 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹-6 Cr | Mar 2026 ₹-2 Cr | Jun 2026 —
- URG: Sep 2021 ₹-9 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹-7 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹-5 Cr | Dec 2022 ₹-5 Cr | Mar 2023 ₹-1 Cr | Jun 2023 ₹-7 Cr | Sep 2023 ₹-17 Cr | Dec 2023 ₹-5 Cr | Mar 2024 ₹-19 Cr | Jun 2024 ₹-7 Cr | Sep 2024 ₹-8 Cr | Dec 2024 ₹-20 Cr | Mar 2025 ₹-11 Cr | Jun 2025 ₹-21 Cr | Sep 2025 ₹-27 Cr | Dec 2025 ₹-16 Cr | Mar 2026 ₹-29 Cr | Jun 2026 —
- UROY: Sep 2021 ₹-1 Cr | Dec 2021 ₹-1 Cr | Mar 2022 ₹-2 Cr | Jun 2022 ₹-1 Cr | Sep 2022 ₹-2 Cr | Dec 2022 ₹-2 Cr | Mar 2023 ₹-2 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹-1 Cr | Dec 2023 ₹3 Cr | Mar 2024 ₹4 Cr | Jun 2024 ₹6 Cr | Sep 2024 ₹-2 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹-2 Cr | Jun 2025 ₹-1 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹2 Cr | Jun 2026 —
- EU: Sep 2021 ₹-3 Cr | Dec 2021 ₹-2 Cr | Mar 2022 ₹-4 Cr | Jun 2022 ₹-2 Cr | Sep 2022 ₹-5 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹-7 Cr | Jun 2023 ₹-6 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹-3 Cr | Mar 2024 ₹-8 Cr | Jun 2024 ₹-24 Cr | Sep 2024 ₹-18 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹-25 Cr | Jun 2025 ₹-9 Cr | Sep 2025 ₹-6 Cr | Dec 2025 ₹-22 Cr | Mar 2026 ₹3 Cr | Jun 2026 —
- NUCL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹-1 Cr | Mar 2025 ₹-1 Cr | Jun 2025 ₹-1 Cr | Sep 2025 ₹-1 Cr | Dec 2025 ₹-2 Cr | Mar 2026 — | Jun 2026 —

### 20-quarter Profit growth history
- CCJ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 -236% | Mar 2023 198% | Jun 2023 -83% | Sep 2023 — | Dec 2023 — | Mar 2024 -106% | Jun 2024 157% | Sep 2024 -95% | Dec 2024 69% | Mar 2025 — | Jun 2025 792% | Sep 2025 -100% | Dec 2025 47% | Mar 2026 87% | Jun 2026 —
- NXE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 -110% | Mar 2023 -130% | Jun 2023 -194% | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 -141% | Mar 2025 — | Jun 2025 -769% | Sep 2025 -1,390% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- UEC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 -257% | Sep 2023 -80% | Dec 2023 — | Mar 2024 -82% | Jun 2024 — | Sep 2024 -1,600% | Dec 2024 -767% | Mar 2025 -600% | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- LEU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 208% | Sep 2022 -114% | Dec 2022 -82% | Mar 2023 — | Jun 2023 -65% | Sep 2023 — | Dec 2023 167% | Mar 2024 -186% | Jun 2024 138% | Sep 2024 -163% | Dec 2024 -3.6% | Mar 2025 — | Jun 2025 -6.5% | Sep 2025 — | Dec 2025 -67% | Mar 2026 -63% | Jun 2026 —
- UUUU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 -175% | Mar 2023 — | Jun 2023 -150% | Sep 2023 — | Dec 2023 — | Mar 2024 50% | Jun 2024 — | Sep 2024 -133% | Dec 2024 — | Mar 2025 -317% | Jun 2025 -400% | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- DNN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -118% | Dec 2022 — | Mar 2023 -107% | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 -145% | Dec 2024 -186% | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- ISOU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 -50% | Sep 2023 — | Dec 2023 0.0% | Mar 2024 — | Jun 2024 -250% | Sep 2024 — | Dec 2024 0.0% | Mar 2025 — | Jun 2025 — | Sep 2025 -100% | Dec 2025 -220% | Mar 2026 -140% | Jun 2026 —
- UROY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 500% | Sep 2024 — | Dec 2024 -100% | Mar 2025 -150% | Jun 2025 -117% | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- EU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 -550% | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 -2,300% | Mar 2026 — | Jun 2026 —

## Capacity Spending & Returns On It

What the numbers say: Cameco Corporation reports $78 million of CAPEX; Denison Mines Corp. has the highest covered intensity at 1400%. Coverage is only 10 of 13 companies and 158 reported observations, so this is partial evidence—not a complete sector rank.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: Cameco Corporation · $78 million | 169% versus #2 · NexGen Energy Ltd. | 8/8 recent comparable periods | 10/13 companies · 158 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders
1. Cameco Corporation (CCJ): ₹78 Cr
2. NexGen Energy Ltd. (NXE): ₹29 Cr
3. Centrus Energy Corp. (LEU): ₹23 Cr
4. Denison Mines Corp. (DNN): ₹14 Cr
5. Ur-Energy Inc. (URG): ₹12 Cr

### CAPEX intensity — highest reinvestment intensity
1. Denison Mines Corp. (DNN): 1,400%
2. Ur-Energy Inc. (URG): 300%
3. Centrus Energy Corp. (LEU): 30%
4. Cameco Corporation (CCJ): 9.2%
5. enCore Energy Corp. (EU): 5.6%

### 20-quarter CAPEX history
- CCJ: Sep 2021 ₹31 Cr | Dec 2021 ₹37 Cr | Mar 2022 ₹30 Cr | Jun 2022 ₹36 Cr | Sep 2022 ₹43 Cr | Dec 2022 ₹34 Cr | Mar 2023 ₹27 Cr | Jun 2023 ₹40 Cr | Sep 2023 ₹43 Cr | Dec 2023 ₹44 Cr | Mar 2024 ₹40 Cr | Jun 2024 ₹47 Cr | Sep 2024 ₹60 Cr | Dec 2024 ₹64 Cr | Mar 2025 ₹56 Cr | Jun 2025 ₹75 Cr | Sep 2025 ₹93 Cr | Dec 2025 ₹109 Cr | Mar 2026 ₹78 Cr | Jun 2026 —
- NXE: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹4 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹0 Cr | Mar 2025 — | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹29 Cr | Jun 2026 —
- UEC: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹1 Cr | Jun 2026 ₹4 Cr
- LEU: Sep 2021 ₹0 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹4 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹10 Cr | Mar 2026 ₹23 Cr | Jun 2026 —
- DNN: Sep 2021 ₹0 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹3 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹2 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹6 Cr | Jun 2025 ₹5 Cr | Sep 2025 ₹8 Cr | Dec 2025 ₹31 Cr | Mar 2026 ₹14 Cr | Jun 2026 —
- FISN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr | Jun 2026 —
- ISOU: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr | Jun 2026 —
- URG: Sep 2021 ₹0 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹4 Cr | Jun 2025 ₹5 Cr | Sep 2025 ₹5 Cr | Dec 2025 ₹9 Cr | Mar 2026 ₹12 Cr | Jun 2026 —
- EU: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹5 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹6 Cr | Mar 2025 ₹6 Cr | Jun 2025 ₹5 Cr | Sep 2025 ₹3 Cr | Dec 2025 ₹6 Cr | Mar 2026 ₹1 Cr | Jun 2026 —
- NUCL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 — | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 — | Jun 2026 —

### 20-quarter CAPEX intensity history
- CCJ: Sep 2021 8.6% | Dec 2021 8.0% | Mar 2022 7.5% | Jun 2022 6.5% | Sep 2022 11% | Dec 2022 6.5% | Mar 2023 3.9% | Jun 2023 8.3% | Sep 2023 7.5% | Dec 2023 5.2% | Mar 2024 6.3% | Jun 2024 7.9% | Sep 2024 8.3% | Dec 2024 5.4% | Mar 2025 7.1% | Jun 2025 8.6% | Sep 2025 15% | Dec 2025 9.1% | Mar 2026 9.2% | Jun 2026 —
- UEC: Sep 2021 — | Dec 2021 — | Mar 2022 0.0% | Jun 2022 0.0% | Sep 2022 — | Dec 2022 0.0% | Mar 2023 0.0% | Jun 2023 0.0% | Sep 2023 0.0% | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 5.9% | Mar 2025 2.0% | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 5.0% | Jun 2026 —
- LEU: Sep 2021 0.0% | Dec 2021 1.1% | Mar 2022 0.0% | Jun 2022 0.0% | Sep 2022 0.0% | Dec 2022 0.0% | Mar 2023 0.0% | Jun 2023 0.0% | Sep 2023 0.0% | Dec 2023 1.0% | Mar 2024 4.5% | Jun 2024 0.5% | Sep 2024 1.7% | Dec 2024 0.7% | Mar 2025 2.7% | Jun 2025 2.6% | Sep 2025 5.3% | Dec 2025 6.8% | Mar 2026 30% | Jun 2026 —
- DNN: Sep 2021 0.0% | Dec 2021 33% | Mar 2022 75% | Jun 2022 14% | Sep 2022 67% | Dec 2022 33% | Mar 2023 — | Jun 2023 100% | Sep 2023 0.0% | Dec 2023 200% | Mar 2024 200% | Jun 2024 100% | Sep 2024 200% | Dec 2024 200% | Mar 2025 600% | Jun 2025 500% | Sep 2025 800% | Dec 2025 3,100% | Mar 2026 1,400% | Jun 2026 —
- URG: Sep 2021 — | Dec 2021 6.3% | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 0.0% | Mar 2023 17% | Jun 2023 — | Sep 2023 17% | Dec 2023 0.0% | Mar 2024 — | Jun 2024 20% | Sep 2024 67% | Dec 2024 13% | Mar 2025 — | Jun 2025 50% | Sep 2025 83% | Dec 2025 90% | Mar 2026 300% | Jun 2026 —
- EU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 71% | Sep 2023 50% | Dec 2023 — | Mar 2024 6.7% | Jun 2024 60% | Sep 2024 22% | Dec 2024 — | Mar 2025 33% | Jun 2025 125% | Sep 2025 33% | Dec 2025 50% | Mar 2026 5.6% | Jun 2026 —

## Debt Load & Balance-Sheet Headroom

What the numbers say: Centrus Energy Corp. has the clearest covered balance-sheet capacity with $689 million net cash and gross debt of $1,179 million. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: Deep Fission, Inc. · $0 million | null versus #2 · Eagle Nuclear Energy Corp. | 4/8 recent comparable periods | 12/13 companies · 209 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. Deep Fission, Inc. (FISN): ₹0 Cr
2. Eagle Nuclear Energy Corp. (NUCL): ₹0 Cr — older report
3. Uranium Energy Corp. (UEC): ₹0 Cr
4. Uranium Royalty Corp. (UROY): ₹0 Cr
5. IsoEnergy Ltd. (ISOU): ₹6 Cr

### Net debt — lowest net debt
1. Centrus Energy Corp. (LEU): ₹-689 Cr
2. Uranium Energy Corp. (UEC): ₹-488 Cr
3. NexGen Energy Ltd. (NXE): ₹-303 Cr
4. Energy Fuels Inc. (UUUU): ₹-234 Cr
5. IsoEnergy Ltd. (ISOU): ₹-177 Cr

### 20-quarter Gross debt history
- CCJ: Sep 2021 ₹996 Cr | Dec 2021 ₹996 Cr | Mar 2022 ₹996 Cr | Jun 2022 ₹997 Cr | Sep 2022 ₹997 Cr | Dec 2022 ₹997 Cr | Mar 2023 ₹997 Cr | Jun 2023 ₹997 Cr | Sep 2023 ₹998 Cr | Dec 2023 ₹1.8K Cr | Mar 2024 ₹1.5K Cr | Jun 2024 ₹1.4K Cr | Sep 2024 ₹1.3K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹996 Cr | Jun 2025 ₹996 Cr | Sep 2025 ₹996 Cr | Dec 2025 ₹996 Cr | Mar 2026 ₹997 Cr | Jun 2026 —
- NXE: Sep 2021 ₹77 Cr | Dec 2021 ₹75 Cr | Mar 2022 ₹93 Cr | Jun 2022 ₹65 Cr | Sep 2022 ₹77 Cr | Dec 2022 ₹82 Cr | Mar 2023 ₹79 Cr | Jun 2023 ₹81 Cr | Sep 2023 ₹191 Cr | Dec 2023 ₹160 Cr | Mar 2024 ₹178 Cr | Jun 2024 ₹466 Cr | Sep 2024 ₹431 Cr | Dec 2024 ₹457 Cr | Mar 2025 ₹425 Cr | Jun 2025 ₹489 Cr | Sep 2025 ₹593 Cr | Dec 2025 ₹587 Cr | Mar 2026 ₹715 Cr | Jun 2026 —
- UEC: Sep 2021 ₹10 Cr | Dec 2021 ₹11 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr | Jun 2026 ₹0 Cr
- LEU: Sep 2021 ₹108 Cr | Dec 2021 ₹130 Cr | Mar 2022 ₹137 Cr | Jun 2022 ₹151 Cr | Sep 2022 ₹148 Cr | Dec 2022 ₹151 Cr | Mar 2023 ₹172 Cr | Jun 2023 ₹173 Cr | Sep 2023 ₹170 Cr | Dec 2023 ₹173 Cr | Mar 2024 ₹170 Cr | Jun 2024 ₹172 Cr | Sep 2024 ₹171 Cr | Dec 2024 ₹545 Cr | Mar 2025 ₹458 Cr | Jun 2025 ₹430 Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.2K Cr | Jun 2026 —
- UUUU: Sep 2021 ₹1 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹676 Cr | Mar 2026 ₹677 Cr | Jun 2026 —
- DNN: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹599 Cr | Dec 2025 ₹612 Cr | Mar 2026 ₹730 Cr | Jun 2026 —
- FISN: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹2 Cr | Mar 2024 — | Jun 2024 — | Sep 2024 ₹0 Cr | Dec 2024 ₹11 Cr | Mar 2025 ₹20 Cr | Jun 2025 ₹20 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr | Jun 2026 —
- ISOU: Sep 2021 ₹22 Cr | Dec 2021 ₹25 Cr | Mar 2022 ₹32 Cr | Jun 2022 ₹22 Cr | Sep 2022 ₹30 Cr | Dec 2022 ₹27 Cr | Mar 2023 ₹31 Cr | Jun 2023 ₹26 Cr | Sep 2023 ₹46 Cr | Dec 2023 ₹38 Cr | Mar 2024 ₹40 Cr | Jun 2024 ₹43 Cr | Sep 2024 ₹38 Cr | Dec 2024 ₹31 Cr | Mar 2025 ₹17 Cr | Jun 2025 ₹16 Cr | Sep 2025 ₹6 Cr | Dec 2025 ₹6 Cr | Mar 2026 ₹6 Cr | Jun 2026 —
- URG: Sep 2021 ₹12 Cr | Dec 2021 ₹12 Cr | Mar 2022 ₹12 Cr | Jun 2022 ₹12 Cr | Sep 2022 ₹12 Cr | Dec 2022 ₹11 Cr | Mar 2023 ₹10 Cr | Jun 2023 ₹9 Cr | Sep 2023 ₹8 Cr | Dec 2023 ₹7 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹68 Cr | Mar 2026 ₹69 Cr | Jun 2026 —
- UROY: Sep 2021 ₹6 Cr | Dec 2021 ₹6 Cr | Mar 2022 ₹13 Cr | Jun 2022 ₹13 Cr | Sep 2022 ₹15 Cr | Dec 2022 ₹16 Cr | Mar 2023 ₹16 Cr | Jun 2023 ₹10 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹19 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr | Jun 2026 —
- EU: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹57 Cr | Jun 2023 ₹57 Cr | Sep 2023 ₹40 Cr | Dec 2023 ₹15 Cr | Mar 2024 ₹21 Cr | Jun 2024 ₹15 Cr | Sep 2024 ₹16 Cr | Dec 2024 ₹20 Cr | Mar 2025 ₹10 Cr | Jun 2025 ₹10 Cr | Sep 2025 ₹79 Cr | Dec 2025 ₹113 Cr | Mar 2026 ₹82 Cr | Jun 2026 —
- NUCL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 ₹0 Cr | Mar 2026 — | Jun 2026 —

### 20-quarter Net debt history
- CCJ: Sep 2021 ₹-364 Cr | Dec 2021 ₹-336 Cr | Mar 2022 ₹-483 Cr | Jun 2022 ₹-429 Cr | Sep 2022 ₹-347 Cr | Dec 2022 ₹-1.3K Cr | Mar 2023 ₹-1.5K Cr | Jun 2023 ₹-1.5K Cr | Sep 2023 ₹-1.7K Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.0K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹681 Cr | Mar 2025 ₹635 Cr | Jun 2025 ₹280 Cr | Sep 2025 ₹217 Cr | Dec 2025 ₹-218 Cr | Mar 2026 ₹-113 Cr | Jun 2026 —
- NXE: Sep 2021 ₹-161 Cr | Dec 2021 ₹-136 Cr | Mar 2022 ₹-103 Cr | Jun 2022 ₹-102 Cr | Sep 2022 ₹-70 Cr | Dec 2022 ₹-58 Cr | Mar 2023 ₹-62 Cr | Jun 2023 ₹-27 Cr | Sep 2023 ₹-187 Cr | Dec 2023 ₹-131 Cr | Mar 2024 ₹-205 Cr | Jun 2024 ₹-106 Cr | Sep 2024 ₹-107 Cr | Dec 2024 ₹-20 Cr | Mar 2025 ₹-10 Cr | Jun 2025 ₹117 Cr | Sep 2025 ₹287 Cr | Dec 2025 ₹-537 Cr | Mar 2026 ₹-303 Cr | Jun 2026 —
- UEC: Sep 2021 ₹-34 Cr | Dec 2021 ₹-85 Cr | Mar 2022 ₹-23 Cr | Jun 2022 ₹-24 Cr | Sep 2022 ₹-33 Cr | Dec 2022 ₹-21 Cr | Mar 2023 ₹-33 Cr | Jun 2023 ₹-17 Cr | Sep 2023 ₹-46 Cr | Dec 2023 ₹-50 Cr | Mar 2024 ₹-82 Cr | Jun 2024 ₹-88 Cr | Sep 2024 ₹-156 Cr | Dec 2024 ₹-191 Cr | Mar 2025 ₹-62 Cr | Jun 2025 ₹-71 Cr | Sep 2025 ₹-149 Cr | Dec 2025 ₹-455 Cr | Mar 2026 ₹-486 Cr | Jun 2026 ₹-488 Cr
- LEU: Sep 2021 ₹-63 Cr | Dec 2021 ₹-64 Cr | Mar 2022 ₹-32 Cr | Jun 2022 ₹35 Cr | Sep 2022 ₹16 Cr | Dec 2022 ₹-29 Cr | Mar 2023 ₹-17 Cr | Jun 2023 ₹-40 Cr | Sep 2023 ₹-13 Cr | Dec 2023 ₹-28 Cr | Mar 2024 ₹-39 Cr | Jun 2024 ₹-55 Cr | Sep 2024 ₹-23 Cr | Dec 2024 ₹-126 Cr | Mar 2025 ₹-195 Cr | Jun 2025 ₹-403 Cr | Sep 2025 ₹-418 Cr | Dec 2025 ₹-743 Cr | Mar 2026 ₹-689 Cr | Jun 2026 —
- UUUU: Sep 2021 ₹-100 Cr | Dec 2021 ₹-25 Cr | Mar 2022 ₹-106 Cr | Jun 2022 ₹-98 Cr | Sep 2022 ₹-89 Cr | Dec 2022 ₹-12 Cr | Mar 2023 ₹-103 Cr | Jun 2023 ₹-99 Cr | Sep 2023 ₹-124 Cr | Dec 2023 ₹-190 Cr | Mar 2024 ₹-195 Cr | Jun 2024 ₹-170 Cr | Sep 2024 ₹-148 Cr | Dec 2024 ₹-119 Cr | Mar 2025 ₹-163 Cr | Jun 2025 ₹-198 Cr | Sep 2025 ₹-235 Cr | Dec 2025 ₹-186 Cr | Mar 2026 ₹-234 Cr | Jun 2026 —
- DNN: Sep 2021 ₹-77 Cr | Dec 2021 ₹-78 Cr | Mar 2022 ₹-84 Cr | Jun 2022 ₹-66 Cr | Sep 2022 ₹-65 Cr | Dec 2022 ₹-59 Cr | Mar 2023 ₹-67 Cr | Jun 2023 ₹-55 Cr | Sep 2023 ₹-84 Cr | Dec 2023 ₹-141 Cr | Mar 2024 ₹-142 Cr | Jun 2024 ₹-128 Cr | Sep 2024 ₹-116 Cr | Dec 2024 ₹-115 Cr | Mar 2025 ₹-91 Cr | Jun 2025 ₹-94 Cr | Sep 2025 ₹116 Cr | Dec 2025 ₹73 Cr | Mar 2026 ₹169 Cr | Jun 2026 —
- FISN: Sep 2021 — | Dec 2021 — | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹1 Cr | Mar 2024 — | Jun 2024 — | Sep 2024 ₹0 Cr | Dec 2024 ₹4 Cr | Mar 2025 ₹15 Cr | Jun 2025 ₹15 Cr | Sep 2025 ₹-30 Cr | Dec 2025 ₹-24 Cr | Mar 2026 ₹-85 Cr | Jun 2026 —
- ISOU: Sep 2021 ₹-3 Cr | Dec 2021 ₹2 Cr | Mar 2022 ₹13 Cr | Jun 2022 ₹9 Cr | Sep 2022 ₹19 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹9 Cr | Jun 2023 ₹7 Cr | Sep 2023 ₹32 Cr | Dec 2023 ₹-16 Cr | Mar 2024 ₹-41 Cr | Jun 2024 ₹-24 Cr | Sep 2024 ₹-30 Cr | Dec 2024 ₹-21 Cr | Mar 2025 ₹-64 Cr | Jun 2025 ₹-109 Cr | Sep 2025 ₹-124 Cr | Dec 2025 ₹-110 Cr | Mar 2026 ₹-177 Cr | Jun 2026 —
- URG: Sep 2021 ₹-21 Cr | Dec 2021 ₹-34 Cr | Mar 2022 ₹-34 Cr | Jun 2022 ₹-31 Cr | Sep 2022 ₹-28 Cr | Dec 2022 ₹-22 Cr | Mar 2023 ₹-67 Cr | Jun 2023 ₹-59 Cr | Sep 2023 ₹-47 Cr | Dec 2023 ₹-53 Cr | Mar 2024 ₹-53 Cr | Jun 2024 ₹-60 Cr | Sep 2024 ₹-117 Cr | Dec 2024 ₹-75 Cr | Mar 2025 ₹-74 Cr | Jun 2025 ₹-56 Cr | Sep 2025 ₹-50 Cr | Dec 2025 ₹-56 Cr | Mar 2026 ₹-54 Cr | Jun 2026 —
- UROY: Sep 2021 ₹-54 Cr | Dec 2021 ₹-57 Cr | Mar 2022 ₹-32 Cr | Jun 2022 ₹-43 Cr | Sep 2022 ₹-36 Cr | Dec 2022 ₹-43 Cr | Mar 2023 ₹-49 Cr | Jun 2023 ₹-43 Cr | Sep 2023 ₹-47 Cr | Dec 2023 ₹-80 Cr | Mar 2024 ₹-11 Cr | Jun 2024 ₹-30 Cr | Sep 2024 ₹-13 Cr | Dec 2024 ₹-2 Cr | Mar 2025 ₹-17 Cr | Jun 2025 ₹-20 Cr | Sep 2025 ₹-49 Cr | Dec 2025 ₹-82 Cr | Mar 2026 ₹-139 Cr | Jun 2026 —
- EU: Sep 2021 ₹-9 Cr | Dec 2021 ₹-9 Cr | Mar 2022 ₹-26 Cr | Jun 2022 ₹-24 Cr | Sep 2022 ₹-16 Cr | Dec 2022 ₹-6 Cr | Mar 2023 ₹51 Cr | Jun 2023 ₹54 Cr | Sep 2023 ₹20 Cr | Dec 2023 ₹-3 Cr | Mar 2024 ₹-87 Cr | Jun 2024 ₹-37 Cr | Sep 2024 ₹-33 Cr | Dec 2024 ₹-44 Cr | Mar 2025 ₹-35 Cr | Jun 2025 ₹-28 Cr | Sep 2025 ₹-4 Cr | Dec 2025 ₹17 Cr | Mar 2026 ₹2 Cr | Jun 2026 —
- NUCL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 ₹-1 Cr | Mar 2026 — | Jun 2026 —

## Return On Capital Employed

What the numbers say: enCore Energy Corp. leads ROCE at 3%, 1.2 percentage points above Cameco Corporation. Nuclea Energy Inc. has the strongest latest improvement at +6646.1 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: enCore Energy Corp. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: enCore Energy Corp. · 3% | 66.7% versus #2 · Cameco Corporation | 4/8 recent comparable periods | 13/13 companies · 213 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. enCore Energy Corp. (EU): 3.0%
2. Cameco Corporation (CCJ): 1.8%
3. Uranium Royalty Corp. (UROY): 0.9%
4. Centrus Energy Corp. (LEU): 0.1%
5. IsoEnergy Ltd. (ISOU): -1.4%

### ROCE change — fastest improvers
1. Nuclea Energy Inc. (NCLA): +6,646.1 pp
2. Deep Fission, Inc. (FISN): +24.2 pp
3. enCore Energy Corp. (EU): +7.2 pp
4. Energy Fuels Inc. (UUUU): +3.5 pp
5. Ur-Energy Inc. (URG): +1.5 pp

### 20-quarter ROCE history
- CCJ: Sep 2021 -0.9% | Dec 2021 0.0% | Mar 2022 0.1% | Jun 2022 1.2% | Sep 2022 -0.2% | Dec 2022 -0.8% | Mar 2023 1.2% | Jun 2023 0.5% | Sep 2023 1.8% | Dec 2023 0.2% | Mar 2024 1.5% | Jun 2024 1.2% | Sep 2024 1.2% | Dec 2024 2.1% | Mar 2025 2.1% | Jun 2025 1.9% | Sep 2025 1.0% | Dec 2025 1.9% | Mar 2026 1.8% | Jun 2026 —
- NXE: Sep 2021 -1.9% | Dec 2021 -4.6% | Mar 2022 -2.2% | Jun 2022 -2.2% | Sep 2022 -3.0% | Dec 2022 -3.9% | Mar 2023 -2.6% | Jun 2023 -2.8% | Sep 2023 -3.6% | Dec 2023 -4.5% | Mar 2024 -2.3% | Jun 2024 -2.0% | Sep 2024 -1.8% | Dec 2024 -2.4% | Mar 2025 -1.3% | Jun 2025 -1.3% | Sep 2025 -2.1% | Dec 2025 -2.4% | Mar 2026 -1.5% | Jun 2026 —
- UEC: Sep 2021 — | Dec 2021 -3.1% | Mar 2022 -2.6% | Jun 2022 -1.5% | Sep 2022 -3.7% | Dec 2022 0.8% | Mar 2023 1.0% | Jun 2023 -0.7% | Sep 2023 0.7% | Dec 2023 -1.6% | Mar 2024 -1.5% | Jun 2024 -1.8% | Sep 2024 -2.4% | Dec 2024 -1.6% | Mar 2025 -0.4% | Jun 2025 -2.5% | Sep 2025 -3.4% | Dec 2025 -2.6% | Mar 2026 -1.9% | Jun 2026 -3.2%
- LEU: Sep 2021 25% | Dec 2021 15% | Mar 2022 -2.1% | Jun 2022 23% | Sep 2022 -6.9% | Dec 2022 14% | Mar 2023 3.4% | Jun 2023 5.4% | Sep 2023 -1.1% | Dec 2023 11% | Mar 2024 -3.5% | Jun 2024 7.3% | Sep 2024 -2.6% | Dec 2024 8.4% | Mar 2025 4.1% | Jun 2025 6.0% | Sep 2025 -1.8% | Dec 2025 0.9% | Mar 2026 0.1% | Jun 2026 —
- UUUU: Sep 2021 -1.3% | Dec 2021 0.0% | Mar 2022 -0.5% | Jun 2022 0.7% | Sep 2022 -1.0% | Dec 2022 -15% | Mar 2023 2.5% | Jun 2023 -0.4% | Sep 2023 0.9% | Dec 2023 -2.8% | Mar 2024 3.0% | Jun 2024 0.7% | Sep 2024 -0.4% | Dec 2024 -1.0% | Mar 2025 -5.2% | Jun 2025 -1.6% | Sep 2025 -1.4% | Dec 2025 -0.1% | Mar 2026 -1.7% | Jun 2026 —
- DNN: Sep 2021 -9.4% | Dec 2021 -2.8% | Mar 2022 -13% | Jun 2022 -3.1% | Sep 2022 -3.0% | Dec 2022 -3.2% | Mar 2023 -4.3% | Jun 2023 -4.2% | Sep 2023 -14% | Dec 2023 -9.7% | Mar 2024 -1.7% | Jun 2024 -2.8% | Sep 2024 -4.2% | Dec 2024 -3.1% | Mar 2025 0.9% | Jun 2025 2.3% | Sep 2025 -0.6% | Dec 2025 -2.9% | Mar 2026 -3.5% | Jun 2026 —
- FISN: Sep 2021 0.0% | Dec 2021 0.0% | Mar 2022 39% | Jun 2022 34% | Sep 2022 64% | Dec 2022 29% | Mar 2023 24% | Jun 2023 22% | Sep 2023 15% | Dec 2023 -1.6% | Mar 2024 26% | Jun 2024 26% | Sep 2024 584% | Dec 2024 -62% | Mar 2025 -71% | Jun 2025 -0.5% | Sep 2025 -59% | Dec 2025 -63% | Mar 2026 -47% | Jun 2026 —
- ISOU: Sep 2021 -1.1% | Dec 2021 -4.0% | Mar 2022 -3.2% | Jun 2022 -2.6% | Sep 2022 -4.3% | Dec 2022 -3.2% | Mar 2023 -2.1% | Jun 2023 -2.1% | Sep 2023 -2.4% | Dec 2023 -2.1% | Mar 2024 -1.7% | Jun 2024 -1.5% | Sep 2024 -2.2% | Dec 2024 -2.0% | Mar 2025 -1.4% | Jun 2025 -1.1% | Sep 2025 -1.2% | Dec 2025 -1.8% | Mar 2026 -1.4% | Jun 2026 —
- URG: Sep 2021 -4.2% | Dec 2021 -5.0% | Mar 2022 -5.0% | Jun 2022 -5.1% | Sep 2022 -4.4% | Dec 2022 13% | Mar 2023 -2.5% | Jun 2023 -7.5% | Sep 2023 -9.2% | Dec 2023 -7.6% | Mar 2024 -13% | Jun 2024 -8.5% | Sep 2024 -7.6% | Dec 2024 -16% | Mar 2025 -11% | Jun 2025 -11% | Sep 2025 -11% | Dec 2025 -8.6% | Mar 2026 -9.7% | Jun 2026 —
- UROY: Sep 2021 -1.5% | Dec 2021 -1.5% | Mar 2022 -1.0% | Jun 2022 -1.1% | Sep 2022 -1.0% | Dec 2022 -1.2% | Mar 2023 -1.2% | Jun 2023 0.9% | Sep 2023 -0.9% | Dec 2023 0.6% | Mar 2024 2.1% | Jun 2024 1.3% | Sep 2024 -1.0% | Dec 2024 0.0% | Mar 2025 -0.6% | Jun 2025 -0.3% | Sep 2025 1.1% | Dec 2025 -1.1% | Mar 2026 0.9% | Jun 2026 —
- EU: Sep 2021 -13% | Dec 2021 -1.9% | Mar 2022 -4.0% | Jun 2022 -4.2% | Sep 2022 -4.7% | Dec 2022 0.0% | Mar 2023 -3.3% | Jun 2023 -2.7% | Sep 2023 -2.8% | Dec 2023 -5.0% | Mar 2024 -3.5% | Jun 2024 -8.0% | Sep 2024 -5.9% | Dec 2024 -0.1% | Mar 2025 -4.2% | Jun 2025 -6.2% | Sep 2025 -4.8% | Dec 2025 -4.3% | Mar 2026 3.0% | Jun 2026 —
- NUCL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 168% | Mar 2025 — | Jun 2025 -51% | Sep 2025 -86% | Dec 2025 -259% | Mar 2026 — | Jun 2026 —

### 20-quarter ROCE change history
- CCJ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.7 pp | Dec 2022 −0.8 pp | Mar 2023 +1.1 pp | Jun 2023 −0.7 pp | Sep 2023 +2.0 pp | Dec 2023 +1.0 pp | Mar 2024 +0.3 pp | Jun 2024 +0.7 pp | Sep 2024 −0.6 pp | Dec 2024 +1.9 pp | Mar 2025 +0.6 pp | Jun 2025 +0.7 pp | Sep 2025 −0.2 pp | Dec 2025 −0.2 pp | Mar 2026 −0.3 pp | Jun 2026 —
- NXE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.1 pp | Dec 2022 +0.7 pp | Mar 2023 −0.4 pp | Jun 2023 −0.6 pp | Sep 2023 −0.6 pp | Dec 2023 −0.6 pp | Mar 2024 +0.3 pp | Jun 2024 +0.8 pp | Sep 2024 +1.8 pp | Dec 2024 +2.1 pp | Mar 2025 +1.0 pp | Jun 2025 +0.7 pp | Sep 2025 −0.3 pp | Dec 2025 0.0 pp | Mar 2026 −0.2 pp | Jun 2026 —
- UEC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +3.9 pp | Mar 2023 +3.6 pp | Jun 2023 +0.8 pp | Sep 2023 +4.4 pp | Dec 2023 −2.4 pp | Mar 2024 −2.5 pp | Jun 2024 −1.1 pp | Sep 2024 −3.1 pp | Dec 2024 0.0 pp | Mar 2025 +1.1 pp | Jun 2025 −0.7 pp | Sep 2025 −1.0 pp | Dec 2025 −1.0 pp | Mar 2026 −1.5 pp | Jun 2026 −0.7 pp
- LEU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −32.0 pp | Dec 2022 −0.1 pp | Mar 2023 +5.5 pp | Jun 2023 −17.9 pp | Sep 2023 +5.8 pp | Dec 2023 −3.2 pp | Mar 2024 −6.9 pp | Jun 2024 +1.9 pp | Sep 2024 −1.5 pp | Dec 2024 −2.8 pp | Mar 2025 +7.6 pp | Jun 2025 −1.3 pp | Sep 2025 +0.8 pp | Dec 2025 −7.5 pp | Mar 2026 −4.0 pp | Jun 2026 —
- UUUU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.3 pp | Dec 2022 −15.1 pp | Mar 2023 +3.0 pp | Jun 2023 −1.1 pp | Sep 2023 +1.9 pp | Dec 2023 +12.3 pp | Mar 2024 +0.5 pp | Jun 2024 +1.1 pp | Sep 2024 −1.3 pp | Dec 2024 +1.8 pp | Mar 2025 −8.2 pp | Jun 2025 −2.3 pp | Sep 2025 −1.0 pp | Dec 2025 +0.9 pp | Mar 2026 +3.5 pp | Jun 2026 —
- DNN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +6.4 pp | Dec 2022 −0.4 pp | Mar 2023 +8.4 pp | Jun 2023 −1.1 pp | Sep 2023 −11.2 pp | Dec 2023 −6.5 pp | Mar 2024 +2.6 pp | Jun 2024 +1.4 pp | Sep 2024 +10.0 pp | Dec 2024 +6.6 pp | Mar 2025 +2.6 pp | Jun 2025 +5.1 pp | Sep 2025 +3.6 pp | Dec 2025 +0.2 pp | Mar 2026 −4.4 pp | Jun 2026 —
- FISN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +64.2 pp | Dec 2022 +28.7 pp | Mar 2023 −14.9 pp | Jun 2023 −12.4 pp | Sep 2023 −49.6 pp | Dec 2023 −30.3 pp | Mar 2024 +2.0 pp | Jun 2024 +4.5 pp | Sep 2024 +569.8 pp | Dec 2024 −60.2 pp | Mar 2025 −97.0 pp | Jun 2025 −26.7 pp | Sep 2025 −643.5 pp | Dec 2025 −0.8 pp | Mar 2026 +24.2 pp | Jun 2026 —
- ISOU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −3.2 pp | Dec 2022 +0.8 pp | Mar 2023 +1.1 pp | Jun 2023 +0.5 pp | Sep 2023 +1.9 pp | Dec 2023 +1.1 pp | Mar 2024 +0.4 pp | Jun 2024 +0.6 pp | Sep 2024 +0.2 pp | Dec 2024 +0.1 pp | Mar 2025 +0.3 pp | Jun 2025 +0.4 pp | Sep 2025 +1.0 pp | Dec 2025 +0.2 pp | Mar 2026 0.0 pp | Jun 2026 —
- URG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.2 pp | Dec 2022 +17.9 pp | Mar 2023 +2.5 pp | Jun 2023 −2.4 pp | Sep 2023 −4.8 pp | Dec 2023 −20.5 pp | Mar 2024 −10.0 pp | Jun 2024 −1.0 pp | Sep 2024 +1.6 pp | Dec 2024 −8.5 pp | Mar 2025 +1.3 pp | Jun 2025 −2.6 pp | Sep 2025 −3.6 pp | Dec 2025 +7.5 pp | Mar 2026 +1.5 pp | Jun 2026 —
- UROY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.5 pp | Dec 2022 +0.3 pp | Mar 2023 −0.2 pp | Jun 2023 +2.0 pp | Sep 2023 +0.1 pp | Dec 2023 +1.8 pp | Mar 2024 +3.3 pp | Jun 2024 +0.4 pp | Sep 2024 −0.1 pp | Dec 2024 −0.6 pp | Mar 2025 −2.7 pp | Jun 2025 −1.6 pp | Sep 2025 +2.1 pp | Dec 2025 −1.1 pp | Mar 2026 +1.5 pp | Jun 2026 —
- EU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +8.7 pp | Dec 2022 +1.9 pp | Mar 2023 +0.7 pp | Jun 2023 +1.5 pp | Sep 2023 +1.9 pp | Dec 2023 −5.0 pp | Mar 2024 −0.2 pp | Jun 2024 −5.3 pp | Sep 2024 −3.1 pp | Dec 2024 +4.9 pp | Mar 2025 −0.7 pp | Jun 2025 +1.8 pp | Sep 2025 +1.1 pp | Dec 2025 −4.2 pp | Mar 2026 +7.2 pp | Jun 2026 —
- NUCL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 −427.3 pp | Mar 2026 — | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: Centrus Energy Corp. has the lowest comparable Guarded PEG at 1.26×, 52.3% below Cameco Corporation. Only 2 of 13 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: Centrus Energy Corp. · 1.26× | 52.3% versus #2 · Cameco Corporation | 0/8 recent comparable periods | 2/13 companies · 6 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. Centrus Energy Corp. (LEU): 1.3
2. Cameco Corporation (CCJ): 2.6

### P/E — lowest P/E
1. Energy Fuels Inc. (UUUU): 11.6
2. IsoEnergy Ltd. (ISOU): 31.7
3. NexGen Energy Ltd. (NXE): 40.1
4. Denison Mines Corp. (DNN): 45.7
5. Centrus Energy Corp. (LEU): 57.5

### 20-quarter Guarded PEG history
- CCJ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 6.3 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 2.6 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- LEU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.2 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 0.2 | Jun 2025 3.5 | Sep 2025 1.3 | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter P/E history
- CCJ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 169.1 | Sep 2022 126.5 | Dec 2022 139.8 | Mar 2023 90.8 | Jun 2023 197.6 | Sep 2023 89.8 | Dec 2023 68.9 | Mar 2024 110.7 | Jun 2024 116.2 | Sep 2024 248.5 | Dec 2024 189.1 | Mar 2025 84.6 | Jun 2025 74.3 | Sep 2025 87.1 | Dec 2025 93.0 | Mar 2026 101.3 | Jun 2026 —
- NXE: Sep 2021 24.1 | Dec 2021 21.3 | Mar 2022 15.4 | Jun 2022 9.6 | Sep 2022 10.7 | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 57.9 | Mar 2024 95.7 | Jun 2024 73.4 | Sep 2024 40.1 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- UEC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 210.0 | Dec 2022 210.5 | Mar 2023 57.6 | Jun 2023 261.0 | Sep 2023 — | Dec 2023 595.0 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- LEU: Sep 2021 37.9 | Dec 2021 5.1 | Mar 2022 3.4 | Jun 2022 2.2 | Sep 2022 5.0 | Dec 2022 9.6 | Mar 2023 8.3 | Jun 2023 14.8 | Sep 2023 18.1 | Dec 2023 10.0 | Mar 2024 9.1 | Jun 2024 7.6 | Sep 2024 11.5 | Dec 2024 14.9 | Mar 2025 9.7 | Jun 2025 30.1 | Sep 2025 47.1 | Dec 2025 62.3 | Mar 2026 57.5 | Jun 2026 —
- UUUU: Sep 2021 — | Dec 2021 6.2 | Mar 2022 7.5 | Jun 2022 4.1 | Sep 2022 5.2 | Dec 2022 — | Mar 2023 12.7 | Jun 2023 12.0 | Sep 2023 12.6 | Dec 2023 11.6 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- DNN: Sep 2021 92.0 | Dec 2021 87.0 | Mar 2022 40.8 | Jun 2022 42.3 | Sep 2022 — | Dec 2022 77.5 | Mar 2023 — | Jun 2023 — | Sep 2023 31.9 | Dec 2023 23.2 | Mar 2024 33.1 | Jun 2024 45.7 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- ISOU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 31.7 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- UROY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 397.0 | Mar 2024 75.7 | Jun 2024 40.3 | Sep 2024 41.9 | Dec 2024 77.0 | Mar 2025 343.0 | Jun 2025 — | Sep 2025 — | Dec 2025 342.0 | Mar 2026 157.3 | Jun 2026 —

## Enterprise Value & Book Value

What the numbers say: Centrus Energy Corp. leads ev/ebitda at 66.3×; IsoEnergy Ltd. leads p/bv at 1.8×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: Centrus Energy Corp. · 66.3× | 9.5% versus #2 · Cameco Corporation | 0/8 recent comparable periods | 6/13 companies · 53 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. Centrus Energy Corp. (LEU): 66.3
2. Cameco Corporation (CCJ): 73.3
3. enCore Energy Corp. (EU): 75.7
4. Energy Fuels Inc. (UUUU): 107.7
5. Uranium Energy Corp. (UEC): 121.1

### P/BV — lowest P/BV
1. IsoEnergy Ltd. (ISOU): 1.8
2. enCore Energy Corp. (EU): 1.9
3. Uranium Royalty Corp. (UROY): 2.4
4. Centrus Energy Corp. (LEU): 4.4
5. Uranium Energy Corp. (UEC): 5.2

### 20-quarter EV/EBITDA history
- CCJ: Sep 2021 76.2 | Dec 2021 196.2 | Mar 2022 168.0 | Jun 2022 45.6 | Sep 2022 52.6 | Dec 2022 62.5 | Mar 2023 43.8 | Jun 2023 66.6 | Sep 2023 53.0 | Dec 2023 51.7 | Mar 2024 53.1 | Jun 2024 51.6 | Sep 2024 51.3 | Dec 2024 41.5 | Mar 2025 30.5 | Jun 2025 46.3 | Sep 2025 54.5 | Dec 2025 59.8 | Mar 2026 73.3 | Jun 2026 —
- UEC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 121.1 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- LEU: Sep 2021 6.3 | Dec 2021 8.5 | Mar 2022 6.4 | Jun 2022 3.5 | Sep 2022 10.2 | Dec 2022 6.4 | Mar 2023 5.9 | Jun 2023 9.6 | Sep 2023 14.8 | Dec 2023 13.9 | Mar 2024 15.4 | Jun 2024 13.0 | Sep 2024 19.2 | Dec 2024 16.8 | Mar 2025 9.6 | Jun 2025 28.6 | Sep 2025 56.7 | Dec 2025 67.1 | Mar 2026 66.3 | Jun 2026 —
- UUUU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 166.2 | Jun 2023 573.1 | Sep 2023 168.7 | Dec 2023 — | Mar 2024 110.6 | Jun 2024 72.3 | Sep 2024 107.7 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- UROY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 89.5 | Jun 2024 50.4 | Sep 2024 61.3 | Dec 2024 89.1 | Mar 2025 — | Jun 2025 — | Sep 2025 689.5 | Dec 2025 — | Mar 2026 395.9 | Jun 2026 —
- EU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 254.0 | Sep 2025 75.7 | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter P/BV history
- CCJ: Sep 2021 2.3 | Dec 2021 2.3 | Mar 2022 3.0 | Jun 2022 2.2 | Sep 2022 3.0 | Dec 2022 2.3 | Mar 2023 2.6 | Jun 2023 3.0 | Sep 2023 3.8 | Dec 2023 4.1 | Mar 2024 4.2 | Jun 2024 4.7 | Sep 2024 4.5 | Dec 2024 5.0 | Mar 2025 4.0 | Jun 2025 6.5 | Sep 2025 7.5 | Dec 2025 7.9 | Mar 2026 9.3 | Jun 2026 —
- NXE: Sep 2021 6.7 | Dec 2021 6.1 | Mar 2022 8.2 | Jun 2022 5.1 | Sep 2022 5.7 | Dec 2022 6.9 | Mar 2023 5.7 | Jun 2023 6.9 | Sep 2023 6.7 | Dec 2023 5.9 | Mar 2024 6.1 | Jun 2024 4.5 | Sep 2024 4.1 | Dec 2024 4.6 | Mar 2025 3.3 | Jun 2025 5.3 | Sep 2025 7.8 | Dec 2025 4.6 | Mar 2026 6.3 | Jun 2026 —
- UEC: Sep 2021 — | Dec 2021 4.5 | Mar 2022 2.6 | Jun 2022 3.9 | Sep 2022 3.7 | Dec 2022 2.7 | Mar 2023 2.4 | Jun 2023 1.6 | Sep 2023 2.2 | Dec 2023 3.4 | Mar 2024 4.0 | Jun 2024 3.5 | Sep 2024 3.1 | Dec 2024 3.8 | Mar 2025 3.5 | Jun 2025 2.6 | Sep 2025 4.0 | Dec 2025 5.6 | Mar 2026 6.0 | Jun 2026 5.2
- LEU: Sep 2021 -2.4 | Dec 2021 -5.1 | Mar 2022 -3.7 | Jun 2022 -3.8 | Sep 2022 -5.9 | Dec 2022 -6.4 | Mar 2023 -11.2 | Jun 2023 -15.6 | Sep 2023 -36.7 | Dec 2023 26.4 | Mar 2024 19.7 | Jun 2024 9.1 | Sep 2024 11.8 | Dec 2024 6.9 | Mar 2025 5.0 | Jun 2025 9.3 | Sep 2025 15.6 | Dec 2025 6.2 | Mar 2026 4.4 | Jun 2026 —
- UUUU: Sep 2021 4.4 | Dec 2021 54.6 | Mar 2022 5.1 | Jun 2022 2.9 | Sep 2022 3.8 | Dec 2022 80.7 | Mar 2023 2.5 | Jun 2023 2.8 | Sep 2023 3.5 | Dec 2023 3.1 | Mar 2024 2.7 | Jun 2024 2.6 | Sep 2024 2.4 | Dec 2024 1.9 | Mar 2025 1.4 | Jun 2025 2.1 | Sep 2025 5.2 | Dec 2025 5.1 | Mar 2026 6.2 | Jun 2026 —
- DNN: Sep 2021 3.8 | Dec 2021 3.6 | Mar 2022 3.7 | Jun 2022 2.4 | Sep 2022 3.0 | Dec 2022 2.9 | Mar 2023 2.7 | Jun 2023 3.1 | Sep 2023 3.6 | Dec 2023 3.2 | Mar 2024 3.8 | Jun 2024 4.0 | Sep 2024 3.8 | Dec 2024 4.1 | Mar 2025 3.2 | Jun 2025 4.2 | Sep 2025 8.5 | Dec 2025 8.9 | Mar 2026 17.2 | Jun 2026 —
- ISOU: Sep 2021 6.8 | Dec 2021 7.1 | Mar 2022 10.4 | Jun 2022 5.5 | Sep 2022 7.8 | Dec 2022 4.8 | Mar 2023 5.6 | Jun 2023 4.2 | Sep 2023 10.6 | Dec 2023 2.1 | Mar 2024 2.0 | Jun 2024 2.1 | Sep 2024 1.9 | Dec 2024 1.5 | Mar 2025 1.3 | Jun 2025 1.4 | Sep 2025 1.9 | Dec 2025 1.7 | Mar 2026 1.8 | Jun 2026 —
- URG: Sep 2021 6.8 | Dec 2021 3.8 | Mar 2022 5.4 | Jun 2022 3.5 | Sep 2022 3.7 | Dec 2022 4.1 | Mar 2023 2.9 | Jun 2023 3.1 | Sep 2023 5.6 | Dec 2023 5.6 | Mar 2024 5.9 | Jun 2024 4.5 | Sep 2024 2.8 | Dec 2024 3.2 | Mar 2025 2.0 | Jun 2025 3.8 | Sep 2025 7.4 | Dec 2025 6.8 | Mar 2026 7.1 | Jun 2026 —
- UROY: Sep 2021 2.7 | Dec 2021 3.9 | Mar 2022 2.7 | Jun 2022 2.5 | Sep 2022 2.2 | Dec 2022 1.8 | Mar 2023 2.1 | Jun 2023 1.6 | Sep 2023 1.7 | Dec 2023 1.9 | Mar 2024 2.1 | Jun 2024 1.4 | Sep 2024 1.5 | Dec 2024 1.7 | Mar 2025 1.5 | Jun 2025 1.1 | Sep 2025 1.6 | Dec 2025 2.9 | Mar 2026 2.4 | Jun 2026 —
- EU: Sep 2021 4.6 | Dec 2021 0.9 | Mar 2022 0.8 | Jun 2022 0.5 | Sep 2022 1.6 | Dec 2022 1.2 | Mar 2023 1.4 | Jun 2023 1.5 | Sep 2023 1.9 | Dec 2023 3.3 | Mar 2024 2.3 | Jun 2024 3.2 | Sep 2024 3.4 | Dec 2024 2.2 | Mar 2025 1.0 | Jun 2025 2.0 | Sep 2025 3.4 | Dec 2025 2.0 | Mar 2026 1.9 | Jun 2026 —
- NUCL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 -177.7 | Mar 2025 -180.2 | Jun 2025 22.0 | Sep 2025 29.7 | Dec 2025 69.8 | Mar 2026 — | Jun 2026 —

## Market action

IsoEnergy Ltd. has the strongest one-year price move in Uranium at +47.9%. It also leads on Mansfield relative strength against the S&P 500 at -10.9%. 0 of 11 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-07-29.

### Strongest one-year price performers
1. IsoEnergy Ltd. (ISOU): 48%
2. NexGen Energy Ltd. (NXE): 38%
3. Denison Mines Corp. (DNN): 32%
4. Energy Fuels Inc. (UUUU): 21%
5. Uranium Royalty Corp. (UROY): 21%

### Strongest relative strength versus NIFTY 500
1. IsoEnergy Ltd. (ISOU): -11%
2. NexGen Energy Ltd. (NXE): -16%
3. Denison Mines Corp. (DNN): -18%
4. Cameco Corporation (CCJ): -19%
5. Uranium Royalty Corp. (UROY): -21%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- 1 company has an older fundamental reporting date than the sector’s freshest reporters; its rank carries a stale marker.
- Thin comparisons: Valuation have fewer than three usable current readings.

## Every company
- Cameco Corporation (CCJ) — market value ₹37.9K Cr; latest fundamentals Mar 2026
- NexGen Energy Ltd. (NXE) — market value ₹6.0K Cr; latest fundamentals Mar 2026
- Uranium Energy Corp. (UEC) — market value ₹4.5K Cr; latest fundamentals Jun 2026
- Centrus Energy Corp. (LEU) — market value ₹3.1K Cr; latest fundamentals Mar 2026
- Energy Fuels Inc. (UUUU) — market value ₹2.7K Cr; latest fundamentals Mar 2026
- Denison Mines Corp. (DNN) — market value ₹2.4K Cr; latest fundamentals Mar 2026
- Deep Fission, Inc. (FISN) — market value ₹586 Cr; latest fundamentals Mar 2026
- IsoEnergy Ltd. (ISOU) — market value ₹563 Cr; latest fundamentals Mar 2026
- Ur-Energy Inc. (URG) — market value ₹471 Cr; latest fundamentals Mar 2026
- Uranium Royalty Corp. (UROY) — market value ₹405 Cr; latest fundamentals Mar 2026
- Nuclea Energy Inc. (NCLA) — market value ₹354 Cr; latest fundamentals unavailable
- enCore Energy Corp. (EU) — market value ₹208 Cr; latest fundamentals Mar 2026
- Eagle Nuclear Energy Corp. (NUCL) — market value ₹166 Cr; latest fundamentals Dec 2025

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-29.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### Which Uranium company is the biggest?

Cameco Corporation is the largest, with trailing-twelve-month revenue of $3,538 million, ahead of Centrus Energy Corp. at $453 million. That covers 7 of 13 companies with comparable reporting through Mar 2026.

### Which Uranium company is growing fastest?

enCore Energy Corp. has the fastest revenue growth at 53.6% year on year, across 5 of 13 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Uranium company has the best profit margins?

enCore Energy Corp. has the highest operating margin at 54.4%, from 7 of 13 comparable companies. Uranium Royalty Corp. shows the biggest recent improvement, at +43717.6 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Uranium company makes the most profit?

Cameco Corporation earns the most, at $651 million of trailing-twelve-month net profit, from 12 of 13 comparable companies. Cameco Corporation has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Uranium company earns the highest return on capital?

enCore Energy Corp. leads on return on capital employed at 3%, across 13 of 13 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Uranium stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Centrus Energy Corp. screens cheapest at 1.26×. Only 2 of 13 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Uranium company has the strongest balance sheet?

Deep Fission, Inc. carries the lowest comparable gross debt at $0 million, from 12 of 13 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Which Uranium company is investing most in new capacity?

Cameco Corporation reports the largest capital spending at $78 million, across 10 of 13 companies. Spending consumes cash before it earns anything, so treat the ranking as a diligence queue: check commissioning, utilisation and the return earned on the completed assets before reading spend as value creation.

### Is the Uranium sector beating the market?

Uranium has underperformed S&P 500 by 7.8% over the last 52 weeks and 33.1% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 0 of 11 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Uranium stock has the strongest price momentum?

IsoEnergy Ltd. has the strongest relative strength against S&P 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Uranium company scores highest for research priority?

Uranium Royalty Corp. scores 57.2 out of 100 with 50.5% evidence confidence, from 20.9 points on growth and earnings, 15.8 on capital efficiency, 8.9 on valuation and 11.6 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Uranium companies does this comparison cover, and over what period?

It compares 13 listed companies over up to 20 reported quarters of fundamentals and 6 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Uranium sector?

The 13 Uranium companies on this page carry $59,352 million of combined market value. Cameco Corporation is the largest at $37,917 million, about 64% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

### What is the Uranium sector's P/E ratio?

The median price-to-earnings ratio across the 13 Uranium companies on this page is 57.5×, measured on the 8 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-29.

### How is the Uranium sector performing?

0 of the 11 covered Uranium companies are beating S&P 500 on Mansfield relative strength. The sector itself is 7.8% behind S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-29.

### How many Uranium stocks are listed in the US?

This comparison covers 13 listed Uranium companies in the US, each above the size floor the site applies. The full ranked list is on this page, with reported fundamentals through Jun 2026. Membership is the full industry list — nothing is dropped for having thin data.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/uranium