Rankings Commodities & uranium Ur-Energy
Ur-Energy
46
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 debt−7
- Quality of growth−6
Strengths
- Regulatory approval+1
- Production progress+1
How the score is built
From 100 to 46, 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
- 0.79 USD
- Median analyst target
- 2.00 USD
- Upside to median
- +152.0%
- Analysts
- 10
- Target range
- 1.60 – 2.50 USD
- 52-week change
- −54%
- 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−24 of −30
- −12MarginGAAP gross margin −164%, operating margin −218%, net loss USD 88.5m and FCF −USD 104m TTM on revenue of USD 35m. Even on the company's own figures the cash cost is USD 40.20/lb plus USD 12.76/lb in non-cash costs against a sales price of USD 66.85/lb. The loss is counted only here, not under ROIC (−34%).
- −6Quality of growthH1 2026 yielded 236,472 lb in drums (approx. 0.5m lb at an annualized pace), and revenue fell 19% in 2025. Deliveries are partly met with purchased uranium (50,000 lb in Q2 at USD 71.74/lb), and 300,000 lb has been postponed to 2027 and 2029.
- −4Capital allocationCapex has risen to USD 42m TTM (2m in 2023) on top of a negative operating cash flow of USD 62m. Net cash has fallen from USD 60m (2024) to 7m, and the share count has risen 6.6% in a year. (Debt is counted under T3.)
- −2MoatTwo licensed ISR facilities in Wyoming (Lost Creek as hub and Shirley Basin as satellite) are real infrastructure in the USA, but the scale is small, and the cost of about USD 53/lb incl. non-cash items sits high on the cost curve.
Price
Today's multiples against the company's own history and its peers. · 2 findings−9 of −35
- −3Multiples vs own historyP/S 11.5 vs 12.3–23.0 (2023–25) and EV/Sales 11.3 vs 9.1–20.3, i.e. at the bottom of the history. P/B 5.8 vs 3.1–6.7 (2022–25), however, is at the top, because losses have eaten into equity.
- −6Absolute price level and peersEV about USD 395m for production of about 0.5m lb a year with negative cash flow. EV/Sales 11.3 vs 4.8 for enCore and P/B 5.8 on book equity of only USD 69m.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 4 findings−17 of −35
- −7Funding and debtConvertible bonds of USD 120m with 4.75% interest and maturity 15/1-2031; the conversion price of USD 1.73 is 71% above the price (USD 1.01), so they will probably be repaid in cash or refinanced. Cash fell USD 27.5m in Q2 to 95.3m, so at the current burn new capital must be obtained within about a year.
- −5Operating problemsFine particles from the wellfield have restricted flow at Lost Creek; a sand filter only came into operation in July, a wastewater plant is due to be completed in Q1 2027, and reverse osmosis will be improved before year-end. Shirley Basin captured only 10,634 lb in Q2 due to missing permits and transport carts for the resin.
- −3Contract book below market priceOwn-produced uranium was sold at USD 64.80/lb in Q2, while the spot price was 85–90 and the long-term price 95–96.50 USD/lb (April–September). The contract book is locked at lower prices and limits the upside from the uranium price.
- −2Short interest57.5m shares are sold short, 14.5% of shares and 10.5 days to cover; the price is down 45% over a year.
Plus
Only documented strengths. · 2 findings+2 of +15
- +1Regulatory approvalShirley Basin finally received permission from Wyoming for full production at the end of June 2026 and is licensed to eventually run as a standalone production facility.
- +1Production progressRecord quarter in Q2 2026 with 140,873 lb in drums, +47% vs Q1 and +26% year on year.
Caveats
What the score does not capture, or where the data is weak.
US ISR producer in Wyoming (Lost Creek plus the satellite Shirley Basin), listed on NYSE American (URG) and TSX (URE); both listings are available on Nordnet (search API 11/10-2026). The company is an 'exploration stage issuer' without proven reserves, so wellfield expenditure is expensed. That is why the GAAP gross margin is −164%, even though the cash-basis product profit is positive (cash cost USD 40.20/lb in Q2). The total size of the contract book and price mechanisms for 2026 were not found; the latest figures (5.7m lb, 2024–2030) are from 2024. Lost Creek's licensed capacity was not looked up. News from September 2026 was not found (Q3 results expected 2/11-2026). Insider trades were not investigated (insiders own 1%).
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