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Centrus Energy Sees Modest 2025 Revenue Rise: Is a Rebound Ahead?
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Key Takeaways
LEU's total 2025 revenues rose 2% to $448.7M, supported by Technical Solutions growth.
Low-Enriched Uranium revenues fell 1% to $346M, with uranium sales down 54% YoY.
SWU sales surged 21% to $298.7M, driven by a 23% rise in volumes sold.
Centrus Energy (LEU - Free Report) reported total revenues of $448.7 million in 2025, marking a modest 2% year-over-year increase. The growth was primarily supported by stronger performance in the Technical Solutions segment, which helped offset weaker results in the Low-Enriched Uranium (LEU - Free Report) segment.
The Low-Enriched Uranium segment generates revenues from sales of the Separative Work Units (SWU) component of low-enriched uranium, sales of natural uranium hexafluoride, uranium concentrates or uranium conversion as well as sales of enriched uranium products. It accounted for around 77% of the company’s total revenues in 2025. The segment’s revenues were $346 million for the year, a 1% decline year over year. Of this, uranium revenues were only $47.5 million, which marked a 54% plunge from $103.1 million in 2024, reflecting lower uranium sales volumes during 2025. Notably, uranium revenues accounted for 14% of the segment’s revenues, lower than 29% in 2024.
In contrast, SWU revenues rose 21% to $298.7 million. This increase was driven by a 23% rise in SWU volumes sold, though partially offset by a slight 1% decline in average realized prices.
Meanwhile, the Technical Solutions segment delivered a solid performance, with revenues increasing 11% year over year to $102.5 million. This growth was largely supported by contributions from the HALEU Operation Contract, underscoring the company’s strategic push into advanced nuclear fuel capabilities.
Centrus Energy expects 2026 revenues between $425 million and $475 million . At the midpoint, this implies relatively flat performance compared with 2025. The company, however, exited 2025 with a robust $3.8 billion revenue backlog, including long-term utility contracts extending through 2040. The Low-Enriched Uranium segment alone accounted for roughly $2.9 billion of this backlog, providing significant long-term visibility.
How Did LEU’s Peers Fare in 2025?
Cameco Corporation (CCJ - Free Report) reported a 11% year-over-year increase in revenues to CAD 3.48 billion ($2.54 billion) in 2025, driven by improved results in both the uranium and fuel services segments. Cameco sold 33 million pounds of uranium in 2025, down slightly 2% from 2024 levels. However, this was offset by a 9% increase in the average realized price, lifting uranium segment revenues by 7% to CAD 2.87 billion ($2.10 billion).
Cameco is targeting uranium deliveries of 29–32 million pounds in 2026 and uranium revenues at CAD 2.54–2.73 billion . Revenue guidance suggests a potential 7% year-over-year decline, primarily reflecting lower expected sales volumes. Overall, Cameco’s total revenue guidance for 2026 stands at CAD 3.13–3.37 billion. At the midpoint, this represents a 7% decline from 2025 levels, largely due to softer expectations in the uranium segment.
Energy Fuels (UUUU - Free Report) reported a 16% decline in revenues to $65.9 million for 2025, primarily due to a 60% decline in Heavy Mineral Sands following the completion of mining activities at Kwale.
Energy Fuels’ uranium revenues increased 31% year over year to $50.1 million. Uranium sales were 650,000 pounds at an average realized price of $74.21 per pound. In 2024, Energy Fuels had sold 450,000 pounds of uranium at a weighted average price of $84.23 per pound. The gains from the increase in sales volume in 2025 were somewhat offset by a decline in average realized price. UUUU plans to sell 1.5-2 million pounds of uranium under existing contracts and spot market sales.
LEU’s Price Performance, Valuation & Estimates
Centrus Energy shares have declined 20.2% in the past three months against the industry’s 11.2% growth.
Image Source: Zacks Investment Research
LEU is trading at a forward 12-month price/sales multiple of 8.82X, a significant premium to the industry’s 4.21X.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for Centrus Energy’s 2026 earnings is pegged at $3.27 per share, indicating a 16.15% year-over-year decline. The same for 2027 is $3.38, indicating growth of 3.5%.
Here is how the EPS estimates for 2026 and 2027 have been revised over the past 60 days.
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Centrus Energy Sees Modest 2025 Revenue Rise: Is a Rebound Ahead?
Key Takeaways
Centrus Energy (LEU - Free Report) reported total revenues of $448.7 million in 2025, marking a modest 2% year-over-year increase. The growth was primarily supported by stronger performance in the Technical Solutions segment, which helped offset weaker results in the Low-Enriched Uranium (LEU - Free Report) segment.
The Low-Enriched Uranium segment generates revenues from sales of the Separative Work Units (SWU) component of low-enriched uranium, sales of natural uranium hexafluoride, uranium concentrates or uranium conversion as well as sales of enriched uranium products. It accounted for around 77% of the company’s total revenues in 2025. The segment’s revenues were $346 million for the year, a 1% decline year over year. Of this, uranium revenues were only $47.5 million, which marked a 54% plunge from $103.1 million in 2024, reflecting lower uranium sales volumes during 2025. Notably, uranium revenues accounted for 14% of the segment’s revenues, lower than 29% in 2024.
In contrast, SWU revenues rose 21% to $298.7 million. This increase was driven by a 23% rise in SWU volumes sold, though partially offset by a slight 1% decline in average realized prices.
Meanwhile, the Technical Solutions segment delivered a solid performance, with revenues increasing 11% year over year to $102.5 million. This growth was largely supported by contributions from the HALEU Operation Contract, underscoring the company’s strategic push into advanced nuclear fuel capabilities.
Centrus Energy expects 2026 revenues between $425 million and $475 million . At the midpoint, this implies relatively flat performance compared with 2025. The company, however, exited 2025 with a robust $3.8 billion revenue backlog, including long-term utility contracts extending through 2040. The Low-Enriched Uranium segment alone accounted for roughly $2.9 billion of this backlog, providing significant long-term visibility.
How Did LEU’s Peers Fare in 2025?
Cameco Corporation (CCJ - Free Report) reported a 11% year-over-year increase in revenues to CAD 3.48 billion ($2.54 billion) in 2025, driven by improved results in both the uranium and fuel services segments. Cameco sold 33 million pounds of uranium in 2025, down slightly 2% from 2024 levels. However, this was offset by a 9% increase in the average realized price, lifting uranium segment revenues by 7% to CAD 2.87 billion ($2.10 billion).
Cameco is targeting uranium deliveries of 29–32 million pounds in 2026 and uranium revenues at CAD 2.54–2.73 billion . Revenue guidance suggests a potential 7% year-over-year decline, primarily reflecting lower expected sales volumes. Overall, Cameco’s total revenue guidance for 2026 stands at CAD 3.13–3.37 billion. At the midpoint, this represents a 7% decline from 2025 levels, largely due to softer expectations in the uranium segment.
Energy Fuels (UUUU - Free Report) reported a 16% decline in revenues to $65.9 million for 2025, primarily due to a 60% decline in Heavy Mineral Sands following the completion of mining activities at Kwale.
Energy Fuels’ uranium revenues increased 31% year over year to $50.1 million. Uranium sales were 650,000 pounds at an average realized price of $74.21 per pound. In 2024, Energy Fuels had sold 450,000 pounds of uranium at a weighted average price of $84.23 per pound. The gains from the increase in sales volume in 2025 were somewhat offset by a decline in average realized price. UUUU plans to sell 1.5-2 million pounds of uranium under existing contracts and spot market sales.
LEU’s Price Performance, Valuation & Estimates
Centrus Energy shares have declined 20.2% in the past three months against the industry’s 11.2% growth.
Image Source: Zacks Investment Research
LEU is trading at a forward 12-month price/sales multiple of 8.82X, a significant premium to the industry’s 4.21X.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for Centrus Energy’s 2026 earnings is pegged at $3.27 per share, indicating a 16.15% year-over-year decline. The same for 2027 is $3.38, indicating growth of 3.5%.
Here is how the EPS estimates for 2026 and 2027 have been revised over the past 60 days.
Image Source: Zacks Investment Research
The company currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.