Rankings Commodities & uranium Denison Mines

Denison Mines

Commodities & uranium · United StatesRank 485 of 829Prices 2 Nov 2026Model 1.4

15070100

A good business with a real question mark: the price, a crack, or both.

Biggest deductions

P/NAV and multiples vs history−20
Margin−8
Technical and construction risk−5

Strengths

Regulatory approval and execution+2
Financing without dilution+2

How the score is built

From 100 to 55, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.

100Start

55Score

Hover or select a step to see what drove it. Steps with findings open them below.

Key numbers

As of 2 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.

Price: 2.13 USD
Median analyst target: 4.73 USD
Upside to median: +122.1%
Analysts: 15
Target range: 3.73 – 5.73 USD
52-week change: −33%
P/E (trailing): n/a
Forward P/E: n/a
PEG: n/a

Findings

Every deduction and every plus, with its source. Open a step to read them.

Business

Is the company getting stronger, not just bigger? · 2 findings−12 of −30

Margin
Revenue only CAD 4.1m TTM with negative gross profit (-3.7m), operating result -CAD 82m, operating cash flow -87m and FCF -CAD 167m TTM. ROIC -6.8% vs a WACC of 12%. The loss is counted only here.
stockanalysis.com
−8
Execution and capex
The Phoenix budget has been raised to approx. 600m CAD, 20% above the 2023 feasibility study adjusted for inflation; pre-investment-decision spending ended up at approx. 100m CAD vs 67.4m in the study. IRR has fallen from 90% to 73% and NPV/capex from 3.7x to 2.6x.
sec.gov
−4

Price

Today's multiples against the company's own history and its peers. · 1 finding−20 of −35

P/NAV and multiples vs history
P/B 10.8 vs 2.9–8.9 in 2021–25, i.e. above the top of its own history. EV of USD 2.29bn (approx. CAD 3.2bn) is approx. 2.3x Denison's share (90%) of the Phoenix NPV of CAD 1.57bn at US$86/lb and approx. 1.5x at US$100/lb. The market thus pays in full for Gryphon (no investment decision), McClean Lake and exploration before Phoenix has produced a pound.
stockanalysis.com
−20

Cracks

Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 3 findings−11 of −35

Debt
Convertible bonds of USD 345m with 4.25% interest and maturity 15/9-2031; the conversion price of USD 2.92 is above the price (2.43). Net debt about CAD 138m and D/E 2.4, and the derivative creates large accounting swings.
cruxinvestor.com
−4
Technical and construction risk
Phoenix will be the first ISR mine in the Athabasca Basin and is built on a freeze wall around the orebody; the method has not been proven at commercial scale in this geology. Construction takes approx. 2 years with first production in mid-2028, and the share price fell over 7% on a construction update because of concern about costs.
denisonmines.mediaroom.com
−5
Short interest
90.8m shares are sold short (10.0% of shares), up from 76.5m the month before; the price is −15% over a year and below the 50- and 200-day averages.
stockanalysis.com
−2

Plus

Only documented strengths. · 2 findings+4 of +15

Regulatory approval and execution
The CNSC approved the environmental assessment and issued the construction licence in February 2026; the investment decision came 24/2, and full construction is under way with over 20% of the civil works done, the freeze wall installed and the first-year milestones on track.
denisonmines.mediaroom.com
+2
Financing without dilution
Sold 750,000 lbs of physical uranium at an avg. of USD 89.17/lb (over CAD 90m, realised gain 233%), and a further 600,000 lbs are sold for delivery through Q2 2027. Together with the convertible bonds, Phoenix is largely funded, and the share count rose only 0.7% over a year.
cruxinvestor.com
+2

Caveats

What the score does not capture, or where the data is weak.

Developer with small revenue from the McClean Lake JV (22.5%); the analysis follows the NYSE American listing (USD), while the accounts are in CAD (approx. 1.40 CAD/USD). The net loss (CAD −276m TTM) is dominated by non-cash losses on the derivative in the convertible bonds. Phoenix NPV (CAD 1.57bn, 100% basis, after tax, 8%, long-term price US$86/lb) is from January 2026; Gryphon, McClean Lake, Midwest and investments are not included in the P/NAV calculation, so it is an upper-end estimate. Cash at 30/6 (approx. CAD 465m) is from third-party summaries. Insider trades and EV per lb of resource vs peers have not been examined systematically.