Uranium Energy Corp.
Orin's own judgment of how firmly the evidence points one way — not the chance the price goes up.
UEC is a sell.
FY2026 revenue fell 44.3% to $37.25M while gross profit swung to -$98.675M from +$24.477M the prior year, and the stock at $7.83 trades at a P/S of 104.17x—roughly 599% above the peer median of 14.90x—despite zero revenue in two of the last four reported quarters. The production ramp narrative (two operating mines, uranium conversion expansion) has not arrested deteriorating fundamentals: FCF was -$107.341M, the latest EPS of -$0.07 missed the estimate of -$0.04, and insiders remain net sellers at -$488,690.92 in value over 24 months. With the stock below both its 50-day MA of $10.43 and 200-day MA of $12.82 and RSI at 31.72, oversold technicals offer no fundamental support at this valuation.
What could go wrong
- Uranium price spike. A sharp rise in spot uranium prices could lift sentiment and revenue per pound across the sector, narrowing losses even without operational improvements.
- Production ramp delivers. Christensen Ranch and Burke Hollow ramp-up could convert to sustained low-cost production, shifting gross margin positive and validating the premium valuation.
- Strategic/national security catalyst. The newly formed National Security Advisory Council and uranium conversion expansion could attract government contracts or policy support, changing the fundamental picture rapidly.
- Balance sheet cushion. Zero debt and $1.375B in stockholders' equity provide a long runway, meaning the company can sustain losses longer than peers before facing solvency pressure.
What would change my mind
Where this comes from: FY26 fundamentals · FY25 and FY26 fundamentals · peer comparison · earnings vs estimates, 29 Sep. Orin's read on UEC; not advice.
How has the share price moved?
Down 39.6% over twelve months, from $13.32 on 27 Oct 2025 to $8.04 at the Tue 27 Oct 2026 close. Its highest close in that time was $20.14 on 28 Jan 2026; the last close is 60.1% below it.
- Green line: the closing price each trading day.
- Grey line: the average closing price over the last 50 trading days.
- Dashed amber line: the same over the last 200 trading days — a slower, smoother line.
- Bars along the bottom: shares traded each day — green when it closed higher than the day before, rose when lower (the most, 46.5M, on 19 Dec 2025).
- Flags: the company's filings, on the day they were made (a 10-Q is the quarterly report and a 10-K the annual report; an 8-K reports a major event).
On file
All UEC filingsLargest holders · 13F Q2 2026
Money flow| Filer | Position | Of fund |
|---|---|---|
| T. Rowe Price Associates | $800.9M | 0.1% |
| BlackRock | $432.7M | 0.0% |
| Mirae Asset Global ETFs Holdings | $369.9M | 0.4% |
| State Street | $335.9M | 0.0% |
| Vanguard Portfolio Management | $255.4M | 0.0% |
| Vanguard Capital Management | $235.7M | 0.0% |
| Norges Bank | $186.5M | 0.0% |
| Geode Capital Management | $132.2M | 0.0% |
| AllianceBernstein | $85.5M | 0.0% |
| Wellington Management Group | $56.6M | 0.0% |
57 of the 815 filers we track · quarter ended Q2 2026 · positions, not flows
Insiders, last 24 months: 164 Form 4 filings; open-market trades net −$489K. Of the 50 on hand, none was an open-market trade — the rest are grants, option exercises and tax withholding.
Ask Orin about UEC
Orin answers questions about UEC from its filings, transcripts and numbers — with the source behind every claim. Your own desk starts with 3 free days, card required.
Start 3 free days →How is it priced, against its own past and its sector?
It lost money over the last 12 months, so it has no P/E (Tue 27 Oct close). It is priced at 107× its yearly sales.
| Measure | Now | Its usual | Sector |
|---|---|---|---|
| P/E | lost money | 209× | 14.6× |
| P/S | 107× | — | — |
| EV/EBITDA | not meaningful | — | — |
| P/B | 2.9×below usual | 3.4× | — |
- P/E: lost money — no P/E over the last 12 months.
- P/S: no usual level — it ran from 7.99× to 10518× over its last 5 fiscal years, so a middle value says little.
- EV/EBITDA: not meaningful — over the last 12 months the business itself lost money before depreciation (operating income plus depreciation is below zero); a profit from one-off gains does not count.
- "Its usual" is the middle of its own last 5 fiscal years.
P/E: the share price divided by one year of profit per share — roughly how many years of today's profit the price pays for. A company that loses money has no P/E.
P/S: the company's total market value divided by one year of revenue. Used when there is no profit to measure.
EV/EBITDA: the price of the whole company (its shares plus its debt, minus its cash) divided by one year of operating profit before interest, tax and write-downs.
P/B: the share price divided by the book value per share — what the company owns minus what it owes, as its accounts record it. When book value is tiny, P/B swings wildly and says little.
What do the analysts who cover it publish?
The analysts' average 12-month price target is $16.06 (from $10 to $26.75) — 100% above the Tue 27 Oct close price. That is their published opinion, not Orin's.
$16.06
$10 – $26.75 · +100% against the last close
- 4 buy or overweight
- 1 hold
- 0 underweight or sell
Price target: the share price an analyst publishes for about 12 months ahead. It is the opinion of the firm that wrote it; the average is across the firms that cover the company.
Overweight / underweight: analysts' rating words: overweight means the firm expects the stock to do better than the others it covers, underweight worse. Their words, not Orin's.
How is it priced next to the companies it is compared to?
It lost money over the last 12 months, so it has no P/E. None of the 2 companies it is compared to made a profit, so there is no typical P/E.
| Company | Market value | P/E | EV/EBITDA | Gross margin | Net margin | ROE |
|---|---|---|---|---|---|---|
| UECUranium Energy Corp. | $4B | lost money | n/m | −56.4% | −368.6% | −10% |
| URGUr-Energy Inc. | $357M | lost money | n/m | 11.0% | −252.3% | −111% |
| UUUUEnergy Fuels Inc. | $2B | lost money | n/m | 51.8% | −100.0% | −15% |
- URG, UUUU: lost money over the last 12 months, so no P/E.
- UEC, URG, UUUU: EV/EBITDA is not meaningful (n/m) — its cash exceeds its market value plus debt, or the business lost money before depreciation.
- The list of companies is the data vendor's choice, so it can include a company a person would not have picked.
Market value: the share price times the number of shares — what the whole company is priced at.
P/E: the share price divided by one year of profit per share — roughly how many years of today's profit the price pays for. A company that loses money has no P/E.
EV/EBITDA: the price of the whole company (its shares plus its debt, minus its cash) divided by one year of operating profit before interest, tax and write-downs.
Gross margin: the share of each $1 of sales left after the direct cost of making what was sold.
Net margin: the share of each $1 of sales kept as profit after every cost. Below zero, the company lost money.
ROE: return on equity: one year of profit as a share of the shareholders' money in the business (its book value).
Is it priced high or low compared with its own past?
It has lost money and has no full fiscal year on file since its history starts, so it has no P/E history.
- Nowlost money
- Now: no P/E — it lost money over the last 12 months.
P/E: the share price divided by one year of profit per share — roughly how many years of today's profit the price pays for. A company that loses money has no P/E.
Fiscal year (FY): the company's own 12-month accounting year, which need not match the calendar year.
How has its sector been priced?
Energy companies on the AMEX were priced at a typical 14.6× their yearly profit (Tue 27 Oct close).
- Now14.6×
- Each year is the middle of that calendar year's daily sector P/E; "Now" is the Tue 27 Oct close figure, the same one in the table above.
Sector P/E: the middle P/E of the companies in the same sector on the same stock exchange, as the data vendor works it out each day.
What does a cash-flow model say a share is worth?
A standard cash-flow model puts it at $0 a share — 97% below the $7.97 price it was computed against (27 Oct).
| Model | Value a share | Against the price then |
|---|---|---|
| Standard | $0 | 97% below $7.97 |
- Levered: comes out below zero, so it is not shown.
Discounted cash flow: a model's estimate of what the company is worth today, from the cash it is forecast to make in future years. Small changes in the forecast move it a lot, and it says little about a company that loses money.
Standard / levered: two versions of the cash-flow model: the standard one counts the cash before the company pays its lenders, the levered one after.