Rankings Commodities & uranium enCore Energy
enCore Energy
33
15070100
A view of the same findings, not a new score. How it works
The model found several serious problems. That does not mean the stock will fall.
Biggest deductions
- Margin−12
- Funding and dilution−9
- Quality of growth−7
Strengths
- Contract book+2
- Regulatory approval+1
How the score is built
From 100 to 33, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
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
- 1.05 CAD
- Median analyst target
- 4.50 CAD
- Upside to median
- +328.6%
- Analysts
- 7
- Target range
- 3.50 – 5.75 CAD
- 52-week change
- −76%
- 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? · 4 findings−28 of −30
- −12MarginNegative gross margin (−42% TTM): cost per pound sold was USD 84.99 in Q2 2026 vs a sale price of approx. USD 70. Operating margin −154%, net loss USD 62m TTM and FCF −USD 85m. The loss is counted only here.
- −7Quality of growthRevenue rose approx. 24% TTM, but extraction fell to 131,274 lb in H1 2026 from 317,613 lb a year earlier (−59%). The deliveries of 485,000 lb are partly met from inventory and purchased uranium, so growth is not driven by own production.
- −6Capital allocationInvestments of USD 35m TTM and total FCF of −USD 85m have gone to well fields while extraction fell; the capital has not delivered higher production. Layoffs of 20% in April 2026 show that the plan has been cut back. (Debt is counted under T3.)
- −3MoatFour licensed ISR facilities (Rosita, Alta Mesa, Upper Spring Creek, Dewey Burdock) are real infrastructure in the USA, but the company has no proven reserves and cannot yet produce cheaply enough.
Price
Today's multiples against the company's own history and its peers. · 2 findings−7 of −35
- −4Multiples vs own historyP/B 0.82 vs 1.19–2.47 in 2021–25 and EV/Sales 4.8 vs 10.6–10.9 in 2024–25. Cheap vs its own history, but revenue is sold at a loss, so the multiple says less than normal.
- −3Absolute price level and peersEV about USD 263m for a business with negative gross margin and net debt. Ur-Energy trades at about 11.7x revenue (EV USD 409m), so enCore is cheaper, but with weaker operations.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 6 findings−29 of −35
- −9Funding and dilutionATM programme of up to USD 250m (Cantor, 13/8-2026) – more than the entire market cap of about USD 200m. Unrestricted cash was only USD 21.8m as of 30/6, and burn was USD 42.5m in H1, so many shares will probably have to be sold at low prices.
- −5DebtConvertible bonds of USD 115m with 5.5% interest and maturity 15/8-2030; the conversion price of USD 3.29 is over 3x the price, so they will probably be repaid in cash or refinanced. Net debt about USD 40m and Altman Z 0.5.
- −6Governance and lawsuitsInternal control is still not effective at 30/6-2026 (material weakness since 2024), a class action from March 2025 about the accounts is running, and a former COO has started arbitration. CEO Paul Goranson stepped down in March 2025.
- −3Listing riskThe Nasdaq price is USD 1.02, just above the USD 1 requirement; 30 trading days below USD 1 triggers a deficiency case and possibly a reverse split. The TSXV listing (which Nordnet uses) is not directly affected.
- −4Execution and permitsProduction depends on final permits for the Wellfield 3 Extension at Alta Mesa (expected Q4 2026) and Wellfield 8 (expected end of Q1 2027); until then extraction is low and the cost per pound high.
- −2
Plus
Only documented strengths. · 2 findings+3 of +15
- +2Contract book14 sales contracts totaling 7.6m pounds of U3O8 through 2030 with fixed, hybrid and market-based prices.
- +1Regulatory approvalDewey Burdock (South Dakota) has received the NRC licence (June 2026, source material licence to 2046) and BLM's permit to begin construction; all federal permits are in place.
Caveats
What the score does not capture, or where the data is weak.
Penny deep dive (the price is above DKK 3). US ISR uranium producer (Texas, South Dakota, Wyoming) listed on TSX Venture (EU) and Nasdaq (EU); the analysis follows the TSXV listing in CAD, which the Nordnet link points to. The company reports in USD; amounts in the penny object are converted to CAD at 1 USD = 1.418 CAD (6.5833/4.6427). Price CAD 1.47 and market cap CAD 285.6m from stockanalysis 2/10-2026 (194.3m shares); Nordnet showed DKK 1,542m. The Verdera shares were distributed to shareholders 1/10-2026, so the price is after the distribution. Cash is cash plus securities excluding Verdera shares and excluding inventory. Quarterly burn is an estimate from H1 2026 (operating cash flow −USD 42.5m plus investments); part of it may be working capital for uranium purchases. The current CEO is not verified (Paul Goranson stepped down in March 2025). Insider trades have not been investigated systematically. The company is classified as an 'Exploration Stage Issuer' with no proven reserves.
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