Rankings Commodities & uranium Ucore
Ucore
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
- Valuation vs history−26
- Margin−11
- Funding−8
Strengths
- Government support+2
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
- 2.39 CAD
- Median analyst target
- 7.48 CAD
- Upside to median
- +213.0%
- Analysts
- 3
- Target range
- 2.95 – 12.00 CAD
- 52-week change
- −70%
- 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−18 of −30
- −11MarginNo revenue. Operating loss C$20.9m and net loss C$43.4m TTM (ROE −73%, counted only here); accumulated deficit of C$149m after decades of development.
- −7Future segmentThe Louisiana plant has been cut from four to three production lines; Machine A (about 600 t/year) is only to be finished in H1 2027. There are no disclosed feedstock (MREC/MREO) or offtake agreements, only 'discussions', and RapidSX is not proven at commercial scale.
Price
Today's multiples against the company's own history and its peers. · 1 finding−26 of −35
- −26Valuation vs historyMarket value C$379m and P/B 5.7 (P/TBV 6.3) vs 0.8–1.2 in 2021–24 (8.5 in the 2025 bubble). Even after the share issue the P/B is about 2.9 for a company with no revenue, no published NPV and no full funding. Analyst targets (C$2.95–12) span a factor of 4.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 5 findings−19 of −35
- −8FundingMachine A and production line 1 cost about $172m (about C$235m), vs cash of about C$85m after the August share issue and DoD grants of about $27m in total. FCF −C$17.8m TTM and rising capex.
- −6DilutionThe share count has risen 63% in a year and 37% in 2025; in August 24.6m new shares were sold at C$2.80 (about +21%) – less than half the price at the start of the year (C$5.45).
- −2Raw material and Chinese competitionA pure separation plant with no mine of its own depends on mixed feedstock, which China dominates; the separation margin is set by Chinese prices, and China's export regime could change after 10/11/2026.
- −2SentimentThe stock is −58% over 52 weeks; Jefferies has only upgraded to Hold (10/9).
- −1Insider tradingAn insider sold 30,000 shares on 2/9; a director exercised warrants at the same time. No open-market insider buying found.
Plus
Only documented strengths. · 1 finding+2 of +15
- +2Government supportNon-repayable grants from the US Department of Defense: $18.4m for construction in Louisiana ($22.4m in total, and according to the company about $27m after the September top-up).
Caveats
What the score does not capture, or where the data is weak.
Pre-revenue company on TSX Venture. The Nordnet API shows 'Ucore Rare Metals Inc' (UCU, Canada) as tradable (slug ucore-rare-metals-inc-ucu-xtsx). The 141.8m shares include the private placement of 24.6m shares at C$2.80 in August; cash at 30/6 (C$19.9m) is from before the C$69m gross placement. According to the company, the Orca debt was repaid on 9/9 (not verified). The DoD funds (about $27m in total) are grants that need not be repaid. The company has not published an NPV for the Louisiana plant, so EV vs NPV cannot be calculated. The earlier plan of 2,000 t/year in 2026 appears to have slipped (Machine A only in H1 2027), but this has not been confirmed directly by the company.
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