LEU — Centrus Energy Corp.

Uranium Enrichment / Nuclear Fuel / HALEU / National Security · NYSE · Bethesda, MD

🟢

Our View: We Like It

Centrus is the only U.S.-owned company that enriches uranium. The government just gave them $900 million to expand. They have $2 billion in cash, a $3.8 billion backlog extending to 2040, and launched domestic centrifuge manufacturing. AI data centers need nuclear power. Nuclear reactors need enriched uranium. Centrus is the only American source. The stock is 55% off its high.

01

The Story

Frontier Hunter Higher risk, higher potential reward — size accordingly

AI data centers have an insatiable appetite for power. The kind of power that's always on, zero carbon, and massive in scale. The best answer is nuclear energy — and nuclear reactors need enriched uranium fuel. Centrus is the only American company that makes it.

That's not an exaggeration. There used to be other U.S. enrichment operations, but they shut down over the past two decades as cheap Russian supply flooded the market. Centrus kept its technology alive and its enrichment capabilities intact. Now, with Russia banned from supplying uranium to the U.S., every power company and government agency that needs enriched uranium has one domestic option: Centrus.

The catalysts are stacking up. In January 2026, the Department of Energy selected Centrus for a $900 million HALEU enrichment award to expand its Piketon, Ohio facility. HALEU is the next-generation fuel that advanced nuclear reactors require — and Centrus is the only company in the Western world producing it. The NNSA also signaled intent to sole-source certain enrichment activities exclusively to Centrus. The company launched domestic centrifuge manufacturing in December 2025 and produced over one metric ton of HALEU.

The financial picture is striking. $2 billion in unrestricted cash — more than half the market cap. $3.8 billion in total backlog extending to 2040. Net income of $77.8 million in FY2025. Revenue was $448.7 million, with SWU (enrichment services) volume growing 23%.

The stock dropped 55% from its $450 high because uranium spot prices pulled back and the broader nuclear trade cooled off. But none of the fundamental catalysts have changed — if anything, they've gotten stronger. This is a multi-year investment thesis. The big revenue inflection comes when the Piketon expansion is online (first cascade expected 2029) and HALEU deliveries begin at scale.

02	The Numbers

Here's the data for those who want to dig in.

Stock Price

$190.13

Market Cap

~$3.4B

Cash

$2.0B

Backlog

$3.8B

What the numbers tell us:

The asset value is extraordinary. $2 billion in cash on a $3.4 billion market cap — more than half the value is cash. $3.8 billion in contracted backlog to 2040. $900 million in DOE funding. The value of the assets far exceeds what the stock price implies.

The company is profitable. Net income of $77.8 million ($3.90 diluted EPS) in FY2025. SWU enrichment volume grew 23%. The business generates real earnings today while building toward a much larger future.

Revenue growth is flat near-term — the big inflection is years away. 2026 guidance is $425–$475 million (roughly flat). The capital deployment phase ($350–$500 million in 2026) means significant spending before the Piketon expansion generates revenue. Revenue can also be lumpy quarter-to-quarter due to uranium shipment timing. This is a patience play.

03

LEU — Centrus Energy Corp.

The Story

The Numbers

The Chart

Deep Dive: $2B cash, $3.8B backlog, and a government monopoly — 55% off

Keep Reading

Quick Links

Subscription