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UUUU vs. NXE: Which Uranium Stock Holds More Power for Investors?
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Energy Fuels Inc. (UUUU - Free Report) and NexGen Energy (NXE - Free Report) are expected to gain from the accelerating global shift toward nuclear energy as a clean power source. UUUU, with a market capitalization of $3.6 billion, is a leading U.S. producer of natural uranium concentrate and an emerging producer of rare earth elements (REEs). Vancouver, Canada-based NexGen Energy, valued at $5.11 billion, is an exploration and development stage company, which engages in the acquisition, exploration, evaluation and advancement of uranium properties in the country.
After facing pressure earlier this year due to oversupply and uncertain demand, uranium prices have recently rebounded and are currently at $76.5 per pound. Prices are edging closer to the two-month high of $77 hit on Sept. 8, driven by expectations of expanding nuclear power capacity amid tightening supply. India aims to boost nuclear capacity to at least 100 GW by 2047, while the United States plans to quadruple its nuclear capacity to 400 GW by 2050. The U.S. and U.K. governments recently signed the Technology Prosperity Deal, which seeks to accelerate reactor approvals and aid the United Kingdom in achieving full independence from Russian nuclear fuel by the end of 2028.
In this context, we evaluate the fundamentals, growth potential and risks associated with UUUU and NXE to identify which company presents a more compelling investment in the uranium sector.
The Case for Energy Fuels
Energy Fuels has produced two-thirds of all uranium in the United States since 2017, and continues to ramp its production further, backed by its debt-free balance sheet. Taking current production levels and its development pipeline into account, the company has the potential to produce 4-6 million pounds of uranium per year.
UUUU owns the White Mesa Mill in Utah, the only operating and licensed conventional uranium mill in the country. In addition to uranium, the facility processes rare earth elements and vanadium oxide, and is evaluating the recovery of medical isotopes used in cancer treatment.
Energy Fuels produced approximately 665,000 pounds of uranium from its Pinyon Plain, La Sal and Pandora mines in the second quarter of 2025. The company sold 50,000 pounds of uranium on the spot market for $77 per pound, generating $3.85 million in uranium revenues in the second quarter of 2025. This marked a 55% year-over-year decline due to lower sales volumes resulting from contract timing and the decision to retain inventory amid lower uranium prices. The company recorded $0.28 million in heavy mineral sands revenues from the sale of 202 tons of rutile. Total revenues were reported at $4.2 million, marking a 52% decline from the year-ago quarter.
Lower revenues, combined with exploration, development and processing expenses, as well as selling, general and administrative expenses, led to a loss of 10 cents per share in the quarter. It came in wider than the four-cent loss reported in the year-ago quarter.
UUUU expects to produce 875,000-1,435,000 pounds of contained uranium in 2025. Processing activity will ramp up in the fourth quarter, with the company expecting to process 700,000-1,000,000 pounds of finished uranium for 2025.
Uranium sales are planned at 350,000 pounds in 2025, lower than the 450,000 pounds sold last year. The projection does not take into account any spot sales the company may make in case prices go up. In 2026, Energy Fuels aims to sell between 620,000 and 880,000 pounds of uranium under its current portfolio of long-term uranium sales contracts.
As the company begins processing the low-cost Pinyon Plain ores in the fourth quarter of 2025, it will result in a total weighted average cost of goods sold between $23 and $30 per pound of uranium recovered, among the lowest in the world. With the integration of the company’s inventories with lower-cost Pinyon Plain output, the cost of goods sold for uranium sales is projected to fall to $50–$55 per pound through late 2025 and decline to $30–$40 per pound in early 2026.
The company recently announced that high-purity neodymium-praseodymium (NdPr) oxide produced at its mill has been manufactured into commercial-scale rare-earth permanent magnets by POSCO International Corp.. It has met the stringent quality requirements for use in high-temperature drive unit motors that are installed in EV and hybrid vehicles. This marks a breakthrough in establishing a "mine-to-magnet" supply chain that is independent of China.
Energy Fuels is currently producing pilot quantities of 99.9% purity dysprosium oxide, a critical heavy rare earth and another key ingredient in these magnets. The company has plans to construct heavy rare earth oxide capacity at the mill next year. Its Donald Project in Australia, one of the richest deposits of HREEs in the world, could start production by the end of 2027. The Toliara Project in Madagascar and the Bahia Project in Brazil contain significant quantities of light and heavy REE oxides, which can be supplied to U.S. and European manufacturers.
The Case for NexGen Energy
NexGen, in July 2025, exercised its right of first refusal to acquire the 10% production carried interest (PCI) held by Rio Tinto Exploration Canada Inc. over 39 of NexGen's mineral claims in the Southwest Athabasca Basin. Following this move, NexGen's entire portfolio of projects and properties is now fully owned. NexGen Energy’s flagship Rook I project is the largest development-stage uranium project in Canada. It consists of 32 contiguous mineral claims covering approximately 35,065 hectares located in the southwestern Athabasca Basin of Saskatchewan.
The project is being developed into the largest source of low-cost uranium globally. It is expected to deliver up to 30 million pounds of high-grade uranium per year. It has an initial mine life of 11.7 years and a 24-year mill permit. It is expected to be at the lowest quartile of the cost curve of C$13.86. This massive output could triple Canada’s uranium production, elevating NexGen to a dominant position in the nuclear fuel market.
The Arrow Deposit is the focus of the Rook I Project, with measured and indicated mineral resources totaling 3.75 million tons, at a grade of 3.10%, containing 257 million pounds of uranium. The company has intersected numerous other mineralized zones on trend from Arrow along the Patterson Corridor on the Rook I property, which are subject to further exploration before economic potential can be assessed.
In December 2024, NexGen Energy announced that it had entered into uranium sales contracts with major U.S. utilities committing to supply 1 million pounds of uranium annually from 2029 to 2033. These contracts, which incorporate market-based pricing, validate confidence in the Rook I Project and provide financial stability, allowing the company to benefit from rising uranium prices.
As an exploration and development stage company, NXE does not generate revenues and has historically reported recurring operating losses. In the second quarter of 2025, the company reported an adjusted loss of 10 cents per share compared with the year-ago quarter’s loss of one cent.
NXE’s results are likely to continue to reflect the impact of salaries, office, administrative and travel costs as well as costs consistent with the expansion of operations. However, once it starts production, there remains strong margin potential due to the Rook I’s low-cost position.
How do Estimates Compare for Energy Fuels & NexGen Energy?
The Zacks Consensus Estimate for Energy Fuel’s 2025 earnings is currently at a loss of 33 cents per share, wider than the loss of 28 cents reported in 2024. Estimates for 2026, however, depict a better picture with projected earnings of one cent per share. If this is achieved, it will mark Energy Fuels’ first year of profit since it started trading on the NYSE in December 2013.
The Zacks Consensus Estimate for NexGen Energy’s earnings for 2025 is at a loss of 20 cents per share, wider than the loss of 10 cents in 2024. The estimate for 2026 is also at a loss of 14 cents per share.
The EPS estimates for both 2025 and 2026 for Energy Fuels and NexGen Energy have been trending south over the past 60 days, as shown in the chart below.
Image Source: Zacks Investment Research
UUUU & NXE: Price Performance & Valuation
Year to date, UUUU shares have surged 203.5%, while NexGen Energy’s shares have gained 35.3%.
Image Source: Zacks Investment Research
Energy Fuels is trading at a price-to-book multiple of 4.80X, above its median of 2.8X over the last three years. NXE forward price-to-book multiple sits at 6.88X, above its median of 5.54X over the last three years.
Image Source: Zacks Investment Research
Conclusion
Both Energy Fuels and NexGen Energy are well-positioned to benefit from the rising global demand for uranium as nations expand their nuclear power capabilities and reduce their dependence on Russian supply. While NexGen offers significant long-term potential through its Rook I project, it remains in the development stage with limited near-term earnings visibility.
Energy Fuels, in contrast, is currently better placed, supported by a debt-free balance sheet, active production and growing exposure to rare earth elements. Despite some revenue volatility tied to spot uranium sales, the company is expected to return to profitability next year, which will provide a more favorable near-term outlook. UUUU has also outperformed NXE in terms of price performance and has a cheaper valuation. UUUU currently has a Zacks Rank #3 (Hold) while NXE carries a Zacks Rank #4 (Sell).
Image: Bigstock
UUUU vs. NXE: Which Uranium Stock Holds More Power for Investors?
Energy Fuels Inc. (UUUU - Free Report) and NexGen Energy (NXE - Free Report) are expected to gain from the accelerating global shift toward nuclear energy as a clean power source. UUUU, with a market capitalization of $3.6 billion, is a leading U.S. producer of natural uranium concentrate and an emerging producer of rare earth elements (REEs). Vancouver, Canada-based NexGen Energy, valued at $5.11 billion, is an exploration and development stage company, which engages in the acquisition, exploration, evaluation and advancement of uranium properties in the country.
After facing pressure earlier this year due to oversupply and uncertain demand, uranium prices have recently rebounded and are currently at $76.5 per pound. Prices are edging closer to the two-month high of $77 hit on Sept. 8, driven by expectations of expanding nuclear power capacity amid tightening supply. India aims to boost nuclear capacity to at least 100 GW by 2047, while the United States plans to quadruple its nuclear capacity to 400 GW by 2050. The U.S. and U.K. governments recently signed the Technology Prosperity Deal, which seeks to accelerate reactor approvals and aid the United Kingdom in achieving full independence from Russian nuclear fuel by the end of 2028.
In this context, we evaluate the fundamentals, growth potential and risks associated with UUUU and NXE to identify which company presents a more compelling investment in the uranium sector.
The Case for Energy Fuels
Energy Fuels has produced two-thirds of all uranium in the United States since 2017, and continues to ramp its production further, backed by its debt-free balance sheet. Taking current production levels and its development pipeline into account, the company has the potential to produce 4-6 million pounds of uranium per year.
UUUU owns the White Mesa Mill in Utah, the only operating and licensed conventional uranium mill in the country. In addition to uranium, the facility processes rare earth elements and vanadium oxide, and is evaluating the recovery of medical isotopes used in cancer treatment.
Energy Fuels produced approximately 665,000 pounds of uranium from its Pinyon Plain, La Sal and Pandora mines in the second quarter of 2025. The company sold 50,000 pounds of uranium on the spot market for $77 per pound, generating $3.85 million in uranium revenues in the second quarter of 2025. This marked a 55% year-over-year decline due to lower sales volumes resulting from contract timing and the decision to retain inventory amid lower uranium prices. The company recorded $0.28 million in heavy mineral sands revenues from the sale of 202 tons of rutile. Total revenues were reported at $4.2 million, marking a 52% decline from the year-ago quarter.
Lower revenues, combined with exploration, development and processing expenses, as well as selling, general and administrative expenses, led to a loss of 10 cents per share in the quarter. It came in wider than the four-cent loss reported in the year-ago quarter.
UUUU expects to produce 875,000-1,435,000 pounds of contained uranium in 2025. Processing activity will ramp up in the fourth quarter, with the company expecting to process 700,000-1,000,000 pounds of finished uranium for 2025.
Uranium sales are planned at 350,000 pounds in 2025, lower than the 450,000 pounds sold last year. The projection does not take into account any spot sales the company may make in case prices go up. In 2026, Energy Fuels aims to sell between 620,000 and 880,000 pounds of uranium under its current portfolio of long-term uranium sales contracts.
As the company begins processing the low-cost Pinyon Plain ores in the fourth quarter of 2025, it will result in a total weighted average cost of goods sold between $23 and $30 per pound of uranium recovered, among the lowest in the world. With the integration of the company’s inventories with lower-cost Pinyon Plain output, the cost of goods sold for uranium sales is projected to fall to $50–$55 per pound through late 2025 and decline to $30–$40 per pound in early 2026.
The company recently announced that high-purity neodymium-praseodymium (NdPr) oxide produced at its mill has been manufactured into commercial-scale rare-earth permanent magnets by POSCO International Corp.. It has met the stringent quality requirements for use in high-temperature drive unit motors that are installed in EV and hybrid vehicles. This marks a breakthrough in establishing a "mine-to-magnet" supply chain that is independent of China.
Energy Fuels is currently producing pilot quantities of 99.9% purity dysprosium oxide, a critical heavy rare earth and another key ingredient in these magnets. The company has plans to construct heavy rare earth oxide capacity at the mill next year. Its Donald Project in Australia, one of the richest deposits of HREEs in the world, could start production by the end of 2027. The Toliara Project in Madagascar and the Bahia Project in Brazil contain significant quantities of light and heavy REE oxides, which can be supplied to U.S. and European manufacturers.
The Case for NexGen Energy
NexGen, in July 2025, exercised its right of first refusal to acquire the 10% production carried interest (PCI) held by Rio Tinto Exploration Canada Inc. over 39 of NexGen's mineral claims in the Southwest Athabasca Basin. Following this move, NexGen's entire portfolio of projects and properties is now fully owned.
NexGen Energy’s flagship Rook I project is the largest development-stage uranium project in Canada. It consists of 32 contiguous mineral claims covering approximately 35,065 hectares located in the southwestern Athabasca Basin of Saskatchewan.
The project is being developed into the largest source of low-cost uranium globally. It is expected to deliver up to 30 million pounds of high-grade uranium per year. It has an initial mine life of 11.7 years and a 24-year mill permit. It is expected to be at the lowest quartile of the cost curve of C$13.86. This massive output could triple Canada’s uranium production, elevating NexGen to a dominant position in the nuclear fuel market.
The Arrow Deposit is the focus of the Rook I Project, with measured and indicated mineral resources totaling 3.75 million tons, at a grade of 3.10%, containing 257 million pounds of uranium. The company has intersected numerous other mineralized zones on trend from Arrow along the Patterson Corridor on the Rook I property, which are subject to further exploration before economic potential can be assessed.
In December 2024, NexGen Energy announced that it had entered into uranium sales contracts with major U.S. utilities committing to supply 1 million pounds of uranium annually from 2029 to 2033. These contracts, which incorporate market-based pricing, validate confidence in the Rook I Project and provide financial stability, allowing the company to benefit from rising uranium prices.
As an exploration and development stage company, NXE does not generate revenues and has historically reported recurring operating losses. In the second quarter of 2025, the company reported an adjusted loss of 10 cents per share compared with the year-ago quarter’s loss of one cent.
NXE’s results are likely to continue to reflect the impact of salaries, office, administrative and travel costs as well as costs consistent with the expansion of operations. However, once it starts production, there remains strong margin potential due to the Rook I’s low-cost position.
How do Estimates Compare for Energy Fuels & NexGen Energy?
The Zacks Consensus Estimate for Energy Fuel’s 2025 earnings is currently at a loss of 33 cents per share, wider than the loss of 28 cents reported in 2024. Estimates for 2026, however, depict a better picture with projected earnings of one cent per share. If this is achieved, it will mark Energy Fuels’ first year of profit since it started trading on the NYSE in December 2013.
The Zacks Consensus Estimate for NexGen Energy’s earnings for 2025 is at a loss of 20 cents per share, wider than the loss of 10 cents in 2024. The estimate for 2026 is also at a loss of 14 cents per share.
The EPS estimates for both 2025 and 2026 for Energy Fuels and NexGen Energy have been trending south over the past 60 days, as shown in the chart below.
Image Source: Zacks Investment Research
UUUU & NXE: Price Performance & Valuation
Year to date, UUUU shares have surged 203.5%, while NexGen Energy’s shares have gained 35.3%.
Image Source: Zacks Investment Research
Energy Fuels is trading at a price-to-book multiple of 4.80X, above its median of 2.8X over the last three years. NXE forward price-to-book multiple sits at 6.88X, above its median of 5.54X over the last three years.
Image Source: Zacks Investment Research
Conclusion
Both Energy Fuels and NexGen Energy are well-positioned to benefit from the rising global demand for uranium as nations expand their nuclear power capabilities and reduce their dependence on Russian supply. While NexGen offers significant long-term potential through its Rook I project, it remains in the development stage with limited near-term earnings visibility.
Energy Fuels, in contrast, is currently better placed, supported by a debt-free balance sheet, active production and growing exposure to rare earth elements. Despite some revenue volatility tied to spot uranium sales, the company is expected to return to profitability next year, which will provide a more favorable near-term outlook. UUUU has also outperformed NXE in terms of price performance and has a cheaper valuation. UUUU currently has a Zacks Rank #3 (Hold) while NXE carries a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.