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UUUU vs. LEU: Which Uranium Stock Offers Better Potential?
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Key Takeaways
Centrus Energy raised 2026 revenue guidance to $450M-$500M amid HALEU expansion plans.
UUUU produced 790,000 pounds of uranium in Q1 and targets up to 2.5M pounds in 2026.
LEU holds a $3.9B backlog through 2040 and is pioneering HALEU production.
Energy Fuels Inc. (UUUU - Free Report) and Centrus Energy (LEU - Free Report) are two uranium-focused companies expected to play an important role in the global nuclear energy supply chain.
Headquartered in Lakewood, CO, Energy Fuels, with a market capitalization of $4.51 billion, has produced nearly two-thirds of all uranium in the United States since 2017. It also produces rare earth oxides and adds new products like titanium, zircon minerals and medical isotopes.
Bethesda, MD-based Centrus Energy’s core offering is low-enriched uranium, or LEU, the fissile component used to fuel commercial nuclear reactors. The company also provides advanced uranium enrichment and technical, manufacturing and engineering services. It is pioneering the production of High Assay Low-Enriched Uranium (HALEU), a specialized fuel expected to support the next generation of advanced nuclear reactors and growing global demand for carbon-free power. LEU has a market capitalization of roughly $3.5 billion.
The long-term uranium outlook remains favorable, supported by rising electricity demand and the accelerating transition toward clean energy. Against this backdrop, investors are assessing which company is better positioned for future growth: Energy Fuels or Centrus Energy.
The Case for UUUU
During the first quarter of 2026, Energy Fuels mined ore containing approximately 425,000 pounds of uranium. The company produced 790,000 pounds of finished uranium in the quarter and hit the 1 million pounds mark in April.
Energy Fuels' first-quarter 2026 revenues surged 112% year over year to $35.8 million, primarily driven by uranium sales. During the quarter, UUUU sold 510,000 pounds of uranium at an average realized price of $70.04 per pound.
Costs applicable to revenues rose 18.5% due to higher uranium sales volumes and elevated production costs. Exploration, development and processing expenses climbed 24% year over year because of increased activity at the White Mesa Mill and the Bahia Project. Standby costs jumped 79% as the company advanced permitting and development work at the Roca Honda Project. Selling, general and administrative expenses increased 8% due to higher headcount and compensation costs.
The increase in operating costs was somewhat offset by higher uranium revenues and an increase in other income, resulting in a loss of four cents per share in the quarter, narrower than the year-ago loss of 13 cents per share.
UUUU expects to mine 2-2.5 million pounds of uranium in 2026, and process between 1.5 million and 2.5 million pounds of finished uranium. It also plans to sell 1.5-2 million pounds of uranium under existing contracts and spot market sales.
The company commenced processing low-cost Pinyon Plain mine ores in the fourth quarter of 2025. This is expected to result in costs of goods sold declining to the $30-$40 per pound range during the remainder of 2026. This is expected to boost its margins.
The company has six uranium supply contracts with U.S. nuclear utilities covering deliveries from 2027 to 2032, with potential total deliveries ranging from 2.59 million to 4.41 million pounds, depending on customer options.
Energy Fuels continues to advance a deep pipeline of uranium projects. The Whirlwind mine and Nichols Ranch ISR project alone could add up to 500,000 pounds of annual uranium production within a year of a development decision. Other major projects, including Roca Honda, Bullfrog and Sheep Mountain, collectively contain nearly 70 million pounds of uranium resources.
Beyond uranium, the company continues to advance its rare earth strategy. During the first quarter, Energy Fuels announced successful pilot-scale production of high-purity terbium oxide at the White Mesa Mill, marking the first U.S. primary production of this critical heavy rare earth element in decades. Its proposed acquisition of Australian Strategic Materials is expected to strengthen its position as a fully integrated rare earth “mine-to-metal and alloy” producer outside China. UUUU outlined plans for two expansion phases at the White Mesa Mill that will boost total NdPr production capacity from the current level of 1,000 tons per annum (tpa) to approximately 6,229 tpa, in addition to roughly 80 tpa of terbium and 288 tpa of dysprosium.
The Case for Centrus Energy
For the first quarter of 2026, Centrus Energy reported revenue growth of 5% year over year to $76.7 million. Revenues from the Low-Enriched Uranium segment decreased 13% year over year to $44.6 million. Management noted that SWU revenues slid 19% to $41.6 million as the volume of SWU sold fell 47%, partly offset by a 52% jump in the average selling price. Uranium sales added $3 million in the quarter.
The Technical Solutions segment generated revenues of $32.1 million, up 47% from the year-ago quarter. The lift was primarily tied to a $9.8 million increase from the HALEU Operation Contract with the Department of Energy.
As of March 31, 2026, the total company backlog was $3.9 billion, which extends to 2040, providing significant long-term revenue visibility. Centrus Energy raised its full-year 2026 revenue guidance to a range of $450-$500 million from the prior range of $425-$475 million.
The company is pursuing a multi-billion-dollar expansion of its Piketon, OH, facility to increase LEU and HALEU output and support more than $2.4 billion of contingent LEU sales commitments that are under definitive agreements as of March 31, 2026. The company continues to expect total capital deployment of $350-$500 million in 2026, driven by increased investment tied to its industrial buildout.
To improve operational efficiency, Centrus Energy has partnered with Palantir TechnologiesPLTR and identified nearly $300 million in potential cost savings tied to its expansion initiatives.
The company is targeting annual HALEU production of 12 metric tons sometime after 2030, with initial production expected before the end of the decade.
Importantly, Centrus Energy remains the only licensed producer of HALEU in the Western world, giving it a unique strategic advantage as demand for advanced reactor fuel grows. Management estimates the HALEU market opportunity could reach $8 billion annually by 2035.
How Does the Zacks Consensus Estimate Compare for Energy Fuels & Centrus Energy?
The Zacks Consensus Estimate for Energy Fuel’s 2026 earnings is pegged at a loss of 14 cents, narrower than the loss of 38 cents reported in 2025. The Zacks Consensus Estimate for UUUU’s earnings for 2027 is six cents per share.
The Zacks Consensus Estimate for Centrus Energy’s 2026 earnings is pegged at $2.55 per share, which indicates a year-over-year decline of 34.6%. The estimate for 2027 earnings is pinned at $2.73 per share, indicating year-over-year growth of 7.2%.
Image Source: Zacks Investment Research
Earnings estimates for both companies have moved down over the past 60 as shown in the chart below.
Image Source: Zacks Investment Research
UUUU & LEU: Price Performance & Valuation
In the past three months, Energy Fuels’ stock has declined 21.1%. Meanwhile, Centrus Energy stock has lost 15%.
Image Source: Zacks Investment Research
Energy Fuels is trading at a forward price-to-sales multiple of 25.63X, while Centrus Energy’s forward sales multiple sits lower at 7.42X.
Image Source: Zacks Investment Research
Conclusion
Both Energy Fuels and Centrus Energy are positioned to benefit from the long-term growth of nuclear energy and the increasing focus on domestic critical mineral supply chains.
Energy Fuels offers broader exposure across uranium and rare earth elements, supported by rising production, improving cost trends and a substantial development pipeline. Its expanding REE business could become a meaningful long-term growth driver. However, the stock’s elevated valuation, ongoing losses and downward earnings revisions may limit near-term upside.
Centrus Energy, meanwhile, appears better positioned from a strategic and financial standpoint. Its dominant position in HALEU production, long-term backlog, expanding enrichment capabilities and improving revenue outlook provide stronger near-term visibility.
UUUU currently carries a Zacks Rank #4 (Sell), and Centrus Energy currently carries a Zacks Rank #3 (Hold).
View the Zacks #1 Rank List
Image: Bigstock
UUUU vs. LEU: Which Uranium Stock Offers Better Potential?
Key Takeaways
Energy Fuels Inc. (UUUU - Free Report) and Centrus Energy (LEU - Free Report) are two uranium-focused companies expected to play an important role in the global nuclear energy supply chain.
Headquartered in Lakewood, CO, Energy Fuels, with a market capitalization of $4.51 billion, has produced nearly two-thirds of all uranium in the United States since 2017. It also produces rare earth oxides and adds new products like titanium, zircon minerals and medical isotopes.
Bethesda, MD-based Centrus Energy’s core offering is low-enriched uranium, or LEU, the fissile component used to fuel commercial nuclear reactors. The company also provides advanced uranium enrichment and technical, manufacturing and engineering services. It is pioneering the production of High Assay Low-Enriched Uranium (HALEU), a specialized fuel expected to support the next generation of advanced nuclear reactors and growing global demand for carbon-free power. LEU has a market capitalization of roughly $3.5 billion.
The long-term uranium outlook remains favorable, supported by rising electricity demand and the accelerating transition toward clean energy. Against this backdrop, investors are assessing which company is better positioned for future growth: Energy Fuels or Centrus Energy.
The Case for UUUU
During the first quarter of 2026, Energy Fuels mined ore containing approximately 425,000 pounds of uranium. The company produced 790,000 pounds of finished uranium in the quarter and hit the 1 million pounds mark in April.
Energy Fuels' first-quarter 2026 revenues surged 112% year over year to $35.8 million, primarily driven by uranium sales. During the quarter, UUUU sold 510,000 pounds of uranium at an average realized price of $70.04 per pound.
Costs applicable to revenues rose 18.5% due to higher uranium sales volumes and elevated production costs. Exploration, development and processing expenses climbed 24% year over year because of increased activity at the White Mesa Mill and the Bahia Project. Standby costs jumped 79% as the company advanced permitting and development work at the Roca Honda Project. Selling, general and administrative expenses increased 8% due to higher headcount and compensation costs.
The increase in operating costs was somewhat offset by higher uranium revenues and an increase in other income, resulting in a loss of four cents per share in the quarter, narrower than the year-ago loss of 13 cents per share.
UUUU expects to mine 2-2.5 million pounds of uranium in 2026, and process between 1.5 million and 2.5 million pounds of finished uranium. It also plans to sell 1.5-2 million pounds of uranium under existing contracts and spot market sales.
The company commenced processing low-cost Pinyon Plain mine ores in the fourth quarter of 2025. This is expected to result in costs of goods sold declining to the $30-$40 per pound range during the remainder of 2026. This is expected to boost its margins.
The company has six uranium supply contracts with U.S. nuclear utilities covering deliveries from 2027 to 2032, with potential total deliveries ranging from 2.59 million to 4.41 million pounds, depending on customer options.
Energy Fuels continues to advance a deep pipeline of uranium projects. The Whirlwind mine and Nichols Ranch ISR project alone could add up to 500,000 pounds of annual uranium production within a year of a development decision. Other major projects, including Roca Honda, Bullfrog and Sheep Mountain, collectively contain nearly 70 million pounds of uranium resources.
Beyond uranium, the company continues to advance its rare earth strategy. During the first quarter, Energy Fuels announced successful pilot-scale production of high-purity terbium oxide at the White Mesa Mill, marking the first U.S. primary production of this critical heavy rare earth element in decades. Its proposed acquisition of Australian Strategic Materials is expected to strengthen its position as a fully integrated rare earth “mine-to-metal and alloy” producer outside China. UUUU outlined plans for two expansion phases at the White Mesa Mill that will boost total NdPr production capacity from the current level of 1,000 tons per annum (tpa) to approximately 6,229 tpa, in addition to roughly 80 tpa of terbium and 288 tpa of dysprosium.
The Case for Centrus Energy
For the first quarter of 2026, Centrus Energy reported revenue growth of 5% year over year to $76.7 million. Revenues from the Low-Enriched Uranium segment decreased 13% year over year to $44.6 million. Management noted that SWU revenues slid 19% to $41.6 million as the volume of SWU sold fell 47%, partly offset by a 52% jump in the average selling price. Uranium sales added $3 million in the quarter.
The Technical Solutions segment generated revenues of $32.1 million, up 47% from the year-ago quarter. The lift was primarily tied to a $9.8 million increase from the HALEU Operation Contract with the Department of Energy.
As of March 31, 2026, the total company backlog was $3.9 billion, which extends to 2040, providing significant long-term revenue visibility.
Centrus Energy raised its full-year 2026 revenue guidance to a range of $450-$500 million from the prior range of $425-$475 million.
The company is pursuing a multi-billion-dollar expansion of its Piketon, OH, facility to increase LEU and HALEU output and support more than $2.4 billion of contingent LEU sales commitments that are under definitive agreements as of March 31, 2026. The company continues to expect total capital deployment of $350-$500 million in 2026, driven by increased investment tied to its industrial buildout.
To improve operational efficiency, Centrus Energy has partnered with Palantir Technologies PLTR and identified nearly $300 million in potential cost savings tied to its expansion initiatives.
The company is targeting annual HALEU production of 12 metric tons sometime after 2030, with initial production expected before the end of the decade.
Importantly, Centrus Energy remains the only licensed producer of HALEU in the Western world, giving it a unique strategic advantage as demand for advanced reactor fuel grows. Management estimates the HALEU market opportunity could reach $8 billion annually by 2035.
How Does the Zacks Consensus Estimate Compare for Energy Fuels & Centrus Energy?
The Zacks Consensus Estimate for Energy Fuel’s 2026 earnings is pegged at a loss of 14 cents, narrower than the loss of 38 cents reported in 2025. The Zacks Consensus Estimate for UUUU’s earnings for 2027 is six cents per share.
The Zacks Consensus Estimate for Centrus Energy’s 2026 earnings is pegged at $2.55 per share, which indicates a year-over-year decline of 34.6%. The estimate for 2027 earnings is pinned at $2.73 per share, indicating year-over-year growth of 7.2%.
Image Source: Zacks Investment Research
Earnings estimates for both companies have moved down over the past 60 as shown in the chart below.
Image Source: Zacks Investment Research
UUUU & LEU: Price Performance & Valuation
In the past three months, Energy Fuels’ stock has declined 21.1%. Meanwhile, Centrus Energy stock has lost 15%.
Image Source: Zacks Investment Research
Energy Fuels is trading at a forward price-to-sales multiple of 25.63X, while Centrus Energy’s forward sales multiple sits lower at 7.42X.
Image Source: Zacks Investment Research
Conclusion
Both Energy Fuels and Centrus Energy are positioned to benefit from the long-term growth of nuclear energy and the increasing focus on domestic critical mineral supply chains.
Energy Fuels offers broader exposure across uranium and rare earth elements, supported by rising production, improving cost trends and a substantial development pipeline. Its expanding REE business could become a meaningful long-term growth driver. However, the stock’s elevated valuation, ongoing losses and downward earnings revisions may limit near-term upside.
Centrus Energy, meanwhile, appears better positioned from a strategic and financial standpoint. Its dominant position in HALEU production, long-term backlog, expanding enrichment capabilities and improving revenue outlook provide stronger near-term visibility.
UUUU currently carries a Zacks Rank #4 (Sell), and Centrus Energy currently carries a Zacks Rank #3 (Hold).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.