Rankings Commodities & uranium Westwater Resources
Westwater Resources
38
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−10
- Funding hole and dilution−10
- Projects and studies−8
Strengths
- Net cash+2
- State validation+1
How the score is built
From 100 to 38, 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
- 0.40 USD
- Median analyst target
- 2.00 USD
- Upside to median
- +398.4%
- Analysts
- 3
- Target range
- 1.50 – 3.00 USD
- 52-week change
- −71%
- 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? · 3 findings−25 of −30
- −10MarginNo revenue. Operating loss USD 17.3m and net result −29.8m TTM, FCF −USD 20.7m. The loss is counted only here.
- −8Projects and studiesKellyton phase 1 costs USD 245m, of which 130m has been spent; construction is proceeding at 'a measured pace' for lack of financing and has no fixed completion date. The Coosa deposit, which is to supply the feedstock, is still in environmental permitting. (The loss of customers is counted under T3.)
- −7Capital allocationThe share count rose 70% over a year (after +47% in the 2025 figure and +271% in 2021) via ATM (H.C. Wainwright, up to USD 75m), a Lincoln Park agreement and convertible notes. Over USD 130m has been invested in a plant with no customers.
Price
Today's multiples against the company's own history and its peers. · 2 findings−5 of −35
- −2Multiples vs own historyP/B 0.37 vs 0.22–0.60 in 2021–25 – in the middle of the historical range.
- −3Absolute price level and peersEV only about USD 30m vs USD 130m invested in Kellyton, but the plant requires about USD 90m more after the EXIM loan. Graphite One (EV about CAD 151m) and Novonix (EV about USD 97m) are more expensive, so the assets are cheap if the financing succeeds.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 5 findings−29 of −35
- −10Funding hole and dilutionRemaining construction cost about USD 115m and a gap of about USD 90m after EXIM – more than the entire market cap of USD 65m. There is about USD 70.6m left in the ATM and 26.2m in the Lincoln Park agreement (expires October 2026), so further heavy dilution is likely.
- −8Lost customersSK On terminated its 2024 purchase agreement effective 31/3-2026 and FCA its binding offtake effective 3/11-2025; the company is sending samples to new customers but has no new binding contracts, which also makes project financing harder.
- −4Listing riskThe price is USD 0.51. NYSE American may require a reverse split at a low price over a longer period; the company did a 1:50 consolidation in 2019. A delisting to OTC would make the stock untradable on Nordnet.
- −4Execution track recordKellyton has been under construction since 2022 and has repeatedly been delayed; production can start in 2027 at the earliest and only if the remaining financing arrives.
- −3Politics and graphite priceThe project's economics depend on US tariffs and anti-dumping duties on Chinese graphite and federal support (FAST-41, EXIM); Chinese graphite sets the world price.
Plus
Only documented strengths. · 2 findings+3 of +15
- +2Net cashCash of USD 38.2m and debt of 2.4m at 30/6-2026 (net cash approx. 55% of market cap); the convertible notes were redeemed in July.
- +1State validationEXIM Bank has approved a loan of USD 25m to Kellyton under Make More in America (August 2026), though subject to final documentation.
Caveats
What the score does not capture, or where the data is weak.
Penny deep dive. US graphite company (Alabama) building the Kellyton plant for battery graphite (anode material) and owning the Coosa graphite deposit; former uranium producer (no production since 2009). Listed on NYSE American (not Nasdaq). Price USD 0.5089 and market cap USD 65.4m from stockanalysis 2/10-2026 (Nordnet showed DKK 436m). The latest 10-Q is as of 30/6-2026; USD 2.4m was used to redeem the convertible notes 16/7-2026, so cash is lower today. The 10-Q contains no formal going concern warning (management believes cash lasts more than a year for non-discretionary expenses), but earlier years have had one. The USD 25m EXIM loan is approved but awaits final documentation. Management, insider trades and the largest shareholders have not been investigated in depth. The graphite price and policy (tariffs/anti-dumping against China) drive the economics, so cyclical = yes.
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