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LEU vs NXE: Which Uranium Stock Offers Better Upside Now?
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Key Takeaways
Centrus Energy benefits from HALEU leadership, $3.8B backlog and long-term nuclear fuel contracts.
Centrus Energy is expanding enrichment capacity and targeting 12 metric tons of HALEU output post-2030.
NexGen Energy's Rook I project could supply 30M pounds yearly, but remains pre-revenue and loss-making.
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 $3.8 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 $7.75 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 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 supported 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 provides advanced uranium enrichment services to the nuclear industry and the U.S. government, as well as advanced manufacturing and other technical services to government and private sector customers.
For 2025, Centrus Energy’s total revenues were $448.7 million, up 2% from the prior year. The Low-Enriched Uranium segment’s revenues were at $346.2 million, down 1% year over year. In Technical Solutions, full-year revenues increased 11% to $102.5 million. Adjusted earnings per share were $3.90 in 2025 compared with $4.47 in 2024.
Centrus Energy ended 2025 with a $3.8 billion revenue backlog, which includes long-term sales contracts with major utilities through 2040 and a cash balance of $2 billion.
In September 2025, the company announced ambitious plans to significantly expand its uranium enrichment plant in Piketon, OH, to boost the production of Low-Enriched Uranium and High-Assay, Low-Enriched Uranium (HALEU). In December, it began design work on a 150,000 square foot training, operations & maintenance facility at the site. It also began domestic centrifuge manufacturing to support commercial LEU enrichment activities at the facility, reinforcing its first-mover advantage in U.S.-owned uranium enrichment. The company plans capital deployment of $350-$500 million in 2026 to support the industrial buildout tied to the centrifuge manufacturing expansion. Centrus Energy has partnered with Palantir Technologies (PLTR - Free Report) to drive cost savings and unlock operational efficiencies in its expansion plans. They have already identified close to $300 million in potential savings.
Improving project execution remains a key priority, with Centrus Energy actively taking steps to reduce risks and strengthen the efficiency of its expansion initiatives. Backed by these multi-billion-dollar initiatives, LEU plans to fulfill its $2.3 billion in contingent LEU sales contracts with both domestic and international customers. It is targeting 12 metric tons of HALEU production per year sometime after 2030, with at least some HALEU production by the end of the decade.
Centrus Energy is the only licensed producer of HALEU in the Western world. HALEU demand is expected to surge to power existing reactors and a new generation of advanced reactors. HALEU opportunity is estimated at $8 billion per year by 2035, which provides a strategic advantage to the company.
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 company recently received final federal approval for the project, allowing construction to begin in summer 2026. 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 represents more than 20% of the current global uranium fuel supply and more than50% of the Western world supply, 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 recently announced its highest-grade assay results to date at its fully owned Patterson Corridor East.
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 2025, the company reported a loss of 53 cents per share compared with the year-ago quarter’s loss of 14 cents. Adjusted loss for the year was 24 cents per share. 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 2026 earnings is pegged at $3.27 per share, which indicates a year-over-year decline of 16.2%. The estimate for 2027 earnings is pinned at $3.38 per share, indicating year-over-year growth of 3.5%.
The Zacks Consensus Estimate for NexGen Energy’s earnings for 2026 is a loss of 14 cents per share, narrower than the loss of 24 cents in 2025. The estimate for 2027 is also a loss of 22 cents per share.
Image Source: Zacks Investment Research
In the past 60 days, earnings estimates for Centrus Energy have moved down for both 2026 and 2027. The estimate for NexGen Energy for 2026 has moved down, while the same for 2027 has moved up over the past 60 days.
Image Source: Zacks Investment Research
Centrus Energy & NexGen Energy: Price Performance & Valuation
LEU shares have surged 176.2% in the past year, while NexGen Energy’s shares have gained 137.3%.
Image Source: Zacks Investment Research
Centrus Energy is trading at a forward price-to-book multiple of 4.97X. Meanwhile, NXE’s forward price-to-book multiple sits at 5.9X.
Image Source: Zacks Investment Research
LEU or NXE: Which is the Better Investment Option?
Both stocks currently carry a Zacks Rank #3 (Hold), so choosing one seems difficult. 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.
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 and expanding production plans support its long-term investment case.
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Image: Bigstock
LEU vs NXE: Which Uranium Stock Offers Better Upside 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 $3.8 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 $7.75 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 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 supported 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 provides advanced uranium enrichment services to the nuclear industry and the U.S. government, as well as advanced manufacturing and other technical services to government and private sector customers.
For 2025, Centrus Energy’s total revenues were $448.7 million, up 2% from the prior year. The Low-Enriched Uranium segment’s revenues were at $346.2 million, down 1% year over year. In Technical Solutions, full-year revenues increased 11% to $102.5 million. Adjusted earnings per share were $3.90 in 2025 compared with $4.47 in 2024.
Centrus Energy ended 2025 with a $3.8 billion revenue backlog, which includes long-term sales contracts with major utilities through 2040 and a cash balance of $2 billion.
In September 2025, the company announced ambitious plans to significantly expand its uranium enrichment plant in Piketon, OH, to boost the production of Low-Enriched Uranium and High-Assay, Low-Enriched Uranium (HALEU). In December, it began design work on a 150,000 square foot training, operations & maintenance facility at the site. It also began domestic centrifuge manufacturing to support commercial LEU enrichment activities at the facility, reinforcing its first-mover advantage in U.S.-owned uranium enrichment. The company plans capital deployment of $350-$500 million in 2026 to support the industrial buildout tied to the centrifuge manufacturing expansion. Centrus Energy has partnered with Palantir Technologies (PLTR - Free Report) to drive cost savings and unlock operational efficiencies in its expansion plans. They have already identified close to $300 million in potential savings.
Improving project execution remains a key priority, with Centrus Energy actively taking steps to reduce risks and strengthen the efficiency of its expansion initiatives. Backed by these multi-billion-dollar initiatives, LEU plans to fulfill its $2.3 billion in contingent LEU sales contracts with both domestic and international customers. It is targeting 12 metric tons of HALEU production per year sometime after 2030, with at least some HALEU production by the end of the decade.
Centrus Energy is the only licensed producer of HALEU in the Western world. HALEU demand is expected to surge to power existing reactors and a new generation of advanced reactors. HALEU opportunity is estimated at $8 billion per year by 2035, which provides a strategic advantage to the company.
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 company recently received final federal approval for the project, allowing construction to begin in summer 2026. 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 represents more than 20% of the current global uranium fuel supply and more than50% of the Western world supply, 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 recently announced its highest-grade assay results to date at its fully owned Patterson Corridor East.
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 2025, the company reported a loss of 53 cents per share compared with the year-ago quarter’s loss of 14 cents. Adjusted loss for the year was 24 cents per share.
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 2026 earnings is pegged at $3.27 per share, which indicates a year-over-year decline of 16.2%. The estimate for 2027 earnings is pinned at $3.38 per share, indicating year-over-year growth of 3.5%.
The Zacks Consensus Estimate for NexGen Energy’s earnings for 2026 is a loss of 14 cents per share, narrower than the loss of 24 cents in 2025. The estimate for 2027 is also a loss of 22 cents per share.
Image Source: Zacks Investment Research
In the past 60 days, earnings estimates for Centrus Energy have moved down for both 2026 and 2027. The estimate for NexGen Energy for 2026 has moved down, while the same for 2027 has moved up over the past 60 days.
Image Source: Zacks Investment Research
Centrus Energy & NexGen Energy: Price Performance & Valuation
LEU shares have surged 176.2% in the past year, while NexGen Energy’s shares have gained 137.3%.
Image Source: Zacks Investment Research
Centrus Energy is trading at a forward price-to-book multiple of 4.97X. Meanwhile, NXE’s forward price-to-book multiple sits at 5.9X.
Image Source: Zacks Investment Research
LEU or NXE: Which is the Better Investment Option?
Both stocks currently carry a Zacks Rank #3 (Hold), so choosing one seems difficult. 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.
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 and expanding production plans support its long-term investment case.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.