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LEU vs. NXE: Which Uranium Stock is the Smarter Bet Now?
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Key Takeaways
LEU posted a 30% rise in Q325 revenues, supported by uranium sales and a $3.9B long-term backlog.
NXE is advancing the Rook I Project, targeting up to 30 million pounds per year at low costs.
LEU plans a major expansion to scale LEU and HALEU output at Piketon to restore large-scale U.S. enrichment.
Centrus Energy (LEU - Free Report) and NexGen Energy (NXE - Free Report) are uranium-focused companies expected to play a significant role in contributing to the global nuclear energy supply chain.
Bethesda, MD-based Centrus Energy, with a market capitalization of $4.7 billion, supplies nuclear fuel components for the nuclear power industry across the United States, Belgium, Japan, the Netherlands and internationally. Vancouver-Canada based NexGen Energy, valued at $6.2 billion, is an exploration and development-stage company. It is developing the Rook I Project, which is expected to become the world’s largest low-cost uranium-producing mine.
Uranium prices came under pressure earlier this year amid ample supply and uneven demand conditions. More recently, prices have rebounded to around $80 per pound, driven by renewed buying from major physical funds and expanding nuclear ambitions across key economies. Adding further support, uranium was included in the U.S. Geological Survey’s Final 2025 Critical Minerals List, highlighting its growing importance to U.S. energy security and national defense.
The long-term uranium outlook remains favorable, driven by rising electricity demand and the accelerating global transition toward clean energy. Against this backdrop, investors are evaluating which uranium stock is better positioned, Centrus Energy or NexGen Energy? To make an informed decision, let us analyze their fundamentals, growth potential and key challenges.
The Case for Centrus Energy
The company, through its Low-Enriched Uranium segment, supplies components of nuclear fuel to commercial customers. This includes the supply of the enrichment component of Low-Enriched Uranium to utilities that operate commercial nuclear power plants. The enrichment component of LEU is measured in Separative Work Units (SWU). Centrus Energy also sells natural uranium hexafluoride.
The Technical Solutions segment’s revenues are primarily derived from the production of High-Assay, Low-Enriched Uranium (HALEU) under the HALEU Operation Contract with the U.S Department of Energy (DOE). It also includes technical, manufacturing, engineering and operations services offered to public and private sector customers.
In the third quarter of 2025, Centrus Energy reported total revenues of $75 million, up 30% year over year. Revenues for the Low-Enriched Uranium segment rose 29% year over year to $44.8 million, driven by uranium sales in the quarter (contributing $34.1 million) in contrast to nil uranium revenues in the year-ago quarter. Meanwhile, SWU revenues were down 69% to $10.7 million due to lower SWU prices.
LEU reported an operating loss of $16.6 million in the quarter compared with a loss of $7.6 million in the last year quarter. Higher volumes pushed the Low-Enriched Uranium segment’s cost of sales up 78%, while expenses in the Technical Solutions segment climbed 39% due to increased HALEU-related project costs. Despite the operating loss, Centrus Energy posted net income of $3.9 million (or earnings per share of 19 cents), attributed to an income tax benefit and higher investment income. The company had reported a loss per share of 30 cents in the year-ago quarter.
Centrus Energy currently has a $3.9 billion revenue backlog, which includes long-term sales contracts with major utilities through 2040.
LEU holds a distinct competitive advantage as the only licensed U.S. producer of HALEU. Demand is expected to surge in the next few years to power both existing reactors and a new generation of advanced reactors. The company recently unveiled ambitious plans to significantly expand its uranium enrichment plant in Piketon, OH, to boost the production of Low-Enriched Uranium and HALEU. This project will mark a significant step in restoring America’s ability to enrich uranium at scale. Centrus Energy’s multi-billion-dollar plan requires public and private investment and involves adding thousands of additional centrifuges at the plant to enable large-scale production. To this end, LEU recently announced that it has begun domestic centrifuge manufacturing to support commercial Low-Enriched Uranium enrichment activities at the Piketon facility.
The Case for NexGen Energy
NexGen Energy’s flagship Rook I project consists of 32 contiguous mineral claims totaling an area of 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, at the lowest quartile of the cost curve of C$13.86 over generations to come. 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 and was discovered in February 2014. It has 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, incorporating market-based pricing, validate confidence in the Rook I Project and provide financial stability while allowing the company to benefit from rising uranium prices.
As an exploration and development stage company, NXE does not have revenues and historically has reported recurring operating losses. In the third quarter of 2025, the company reported an adjusted loss of three cents per share compared with the year-ago quarter’s loss of four cents.
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 LEU & NXE?
The Zacks Consensus Estimate for Centrus Energy’s 2025 earnings is pegged at $4.66 per share, which indicates year-over-year growth of 4.2%. The estimate for 2026 earnings is pinned at $3.85 per share, indicating a year-over-year decline of 17.2%.
In the past 60 days, earnings estimates for Centrus Energy have moved higher for both 2025 and 2026.
The Zacks Consensus Estimate for NexGen Energy’s earnings for 2025 is a loss of 35 cents per share, wider than the loss of 10 cents in 2024. The estimate for 2026 is also a loss of 13 cents per share.
The estimate for NexGen Energy for both 2025 and 2026 has moved down over the past 60 days.
Image Source: Zacks Investment Research
Centrus Energy & NexGen Energy: Price Performance & Valuation
LEU shares have surged 273.8% in the past year while NexGen Energy’s shares have gained 36.4%.
Image Source: Zacks Investment Research
Centrus Energy is trading at a forward price-to-book multiple of 12.94X. Meanwhile, NXE’s forward price-to-book multiple sits at 9.24X.
Image Source: Zacks Investment Research
LEU or NXE: Which is the Better Investment Option?
Centrus Energy appears better positioned in the near to medium term, given its unique status as the only licensed HALEU producer in the United States and its strategic role in rebuilding domestic uranium enrichment capabilities. Its substantial backlog, expanding production plans and favorable estimate revision trends support its long-term investment case.
Meanwhile, NXE, while offering exposure to a high-grade, long-life asset with strong margin potential, remains in the development phase and continues to incur losses. LEU’s Zacks Rank #3 (Hold) reflects a more balanced risk-reward profile, while NXE’s Zacks Rank #4 (Sell) underscores the uncertainties tied to its development-stage status.
Image: Bigstock
LEU vs. NXE: Which Uranium Stock is the Smarter Bet Now?
Key Takeaways
Centrus Energy (LEU - Free Report) and NexGen Energy (NXE - Free Report) are uranium-focused companies expected to play a significant role in contributing to the global nuclear energy supply chain.
Bethesda, MD-based Centrus Energy, with a market capitalization of $4.7 billion, supplies nuclear fuel components for the nuclear power industry across the United States, Belgium, Japan, the Netherlands and internationally. Vancouver-Canada based NexGen Energy, valued at $6.2 billion, is an exploration and development-stage company. It is developing the Rook I Project, which is expected to become the world’s largest low-cost uranium-producing mine.
Uranium prices came under pressure earlier this year amid ample supply and uneven demand conditions. More recently, prices have rebounded to around $80 per pound, driven by renewed buying from major physical funds and expanding nuclear ambitions across key economies. Adding further support, uranium was included in the U.S. Geological Survey’s Final 2025 Critical Minerals List, highlighting its growing importance to U.S. energy security and national defense.
The long-term uranium outlook remains favorable, driven by rising electricity demand and the accelerating global transition toward clean energy. Against this backdrop, investors are evaluating which uranium stock is better positioned, Centrus Energy or NexGen Energy? To make an informed decision, let us analyze their fundamentals, growth potential and key challenges.
The Case for Centrus Energy
The company, through its Low-Enriched Uranium segment, supplies components of nuclear fuel to commercial customers. This includes the supply of the enrichment component of Low-Enriched Uranium to utilities that operate commercial nuclear power plants. The enrichment component of LEU is measured in Separative Work Units (SWU). Centrus Energy also sells natural uranium hexafluoride.
The Technical Solutions segment’s revenues are primarily derived from the production of High-Assay, Low-Enriched Uranium (HALEU) under the HALEU Operation Contract with the U.S Department of Energy (DOE). It also includes technical, manufacturing, engineering and operations services offered to public and private sector customers.
In the third quarter of 2025, Centrus Energy reported total revenues of $75 million, up 30% year over year. Revenues for the Low-Enriched Uranium segment rose 29% year over year to $44.8 million, driven by uranium sales in the quarter (contributing $34.1 million) in contrast to nil uranium revenues in the year-ago quarter. Meanwhile, SWU revenues were down 69% to $10.7 million due to lower SWU prices.
LEU reported an operating loss of $16.6 million in the quarter compared with a loss of $7.6 million in the last year quarter. Higher volumes pushed the Low-Enriched Uranium segment’s cost of sales up 78%, while expenses in the Technical Solutions segment climbed 39% due to increased HALEU-related project costs.
Despite the operating loss, Centrus Energy posted net income of $3.9 million (or earnings per share of 19 cents), attributed to an income tax benefit and higher investment income. The company had reported a loss per share of 30 cents in the year-ago quarter.
Centrus Energy currently has a $3.9 billion revenue backlog, which includes long-term sales contracts with major utilities through 2040.
LEU holds a distinct competitive advantage as the only licensed U.S. producer of HALEU. Demand is expected to surge in the next few years to power both existing reactors and a new generation of advanced reactors. The company recently unveiled ambitious plans to significantly expand its uranium enrichment plant in Piketon, OH, to boost the production of Low-Enriched Uranium and HALEU. This project will mark a significant step in restoring America’s ability to enrich uranium at scale. Centrus Energy’s multi-billion-dollar plan requires public and private investment and involves adding thousands of additional centrifuges at the plant to enable large-scale production. To this end, LEU recently announced that it has begun domestic centrifuge manufacturing to support commercial Low-Enriched Uranium enrichment activities at the Piketon facility.
The Case for NexGen Energy
NexGen Energy’s flagship Rook I project consists of 32 contiguous mineral claims totaling an area of 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, at the lowest quartile of the cost curve of C$13.86 over generations to come. 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 and was discovered in February 2014. It has 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, incorporating market-based pricing, validate confidence in the Rook I Project and provide financial stability while allowing the company to benefit from rising uranium prices.
As an exploration and development stage company, NXE does not have revenues and historically has reported recurring operating losses. In the third quarter of 2025, the company reported an adjusted loss of three cents per share compared with the year-ago quarter’s loss of four cents.
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 LEU & NXE?
The Zacks Consensus Estimate for Centrus Energy’s 2025 earnings is pegged at $4.66 per share, which indicates year-over-year growth of 4.2%. The estimate for 2026 earnings is pinned at $3.85 per share, indicating a year-over-year decline of 17.2%.
In the past 60 days, earnings estimates for Centrus Energy have moved higher for both 2025 and 2026.
The Zacks Consensus Estimate for NexGen Energy’s earnings for 2025 is a loss of 35 cents per share, wider than the loss of 10 cents in 2024. The estimate for 2026 is also a loss of 13 cents per share.
The estimate for NexGen Energy for both 2025 and 2026 has moved down over the past 60 days.
Image Source: Zacks Investment Research
Centrus Energy & NexGen Energy: Price Performance & Valuation
LEU shares have surged 273.8% in the past year while NexGen Energy’s shares have gained 36.4%.
Image Source: Zacks Investment Research
Centrus Energy is trading at a forward price-to-book multiple of 12.94X. Meanwhile, NXE’s forward price-to-book multiple sits at 9.24X.
Image Source: Zacks Investment Research
LEU or NXE: Which is the Better Investment Option?
Centrus Energy appears better positioned in the near to medium term, given its unique status as the only licensed HALEU producer in the United States and its strategic role in rebuilding domestic uranium enrichment capabilities. Its substantial backlog, expanding production plans and favorable estimate revision trends support its long-term investment case.
Meanwhile, NXE, while offering exposure to a high-grade, long-life asset with strong margin potential, remains in the development phase and continues to incur losses. LEU’s Zacks Rank #3 (Hold) reflects a more balanced risk-reward profile, while NXE’s Zacks Rank #4 (Sell) underscores the uncertainties tied to its development-stage status.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.