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LEU, Centrus Energy Corp.

Metals & Mining capital-intensive Cyclical

A metals and mining business, a price-taker on a global commodity.

Latest annual: FY2025 10-K

LEU · Centrus Energy Corp.

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$449M

+1.5% YoY · 13% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $452M 5-yr avg $361M

Gross margin 26% 5-yr avg 33%

Operating margin 6.7% 5-yr avg 16.3%

ROIC 35%

Owner-earnings margin −7% 5-yr avg 8%

Free cash flow margin −14% 5-yr avg 8%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

Situation: Cyclical. Margins collapse and recover repeatedly across the record; a single year, good or bad, misstates the through-cycle earning power.
What moves the needle: Gross margin has run about 25% and operating margin about 11% through the cycle, a spread the cycle sets more than the company does. The margin is cyclical, swinging between −48% and 23% over the years, so the through-cycle figure carries more than any single year — and the balance sheet at the trough more than the peak. Inventory runs near 57% of sales, so how fast it turns back into cash — and the risk of writing it down when demand softens — sits alongside the margin. Read this kind of business on the commodity price and the cost position. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.

Every line is arithmetic on the company's filings, shown in full in the sections below.

Where the money comes from

read the 10-K →

25% of revenue comes from outside the United States.

Revenue by geography, FY2025

United States75%$335M
Japan23%$103M
Other Foreign2%$11M
Netherlands0%$0

From the segment footnote of the company's own 10-K. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.

The record

Ten years of arithmetic, read across the cycle.

The record, 2016–2025

realized figures from each filing · older years to the left

2016’16	2017’17	2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMMar 2026
											Income statement
$311M	$218M	$193M	$210M	$247M	$298M	$294M	$320M	$442M	$449M	$452M	RevenueRevenue
14%	14%	−9%	15%	39%	38%	40%	35%	25%	26%	26%	Gross marginGross mgn
15%	20%	21%	16%	15%	12%	12%	12%	8%	8%	8%	SG&A / revenueSG&A/rev
15%	7%	14%	7%	1%	1%	5%	4%	4%	4%	7%	R&D / revenueR&D/rev
($62M)	($45M)	($92M)	($20M)	$51M	$68M	$60M	$52M	$48M	$50M	$31M	Operating incomeOp. inc.
−19.8%	−20.5%	−47.9%	−9.4%	20.6%	22.9%	20.3%	16.4%	10.9%	11.2%	6.7%	Operating marginOp. mgn
($67M)	$12M	($104M)	($17M)	$54M	$175M	$52M	$84M	$73M	$78M	$61M	Net incomeNet inc.
—	-1%	—	—	-3%	—	23%	0%	-0%	9%	4%	Effective tax rateTax rate
											Cash flow & returns
$38M	($16M)	($74M)	$11M	$67M	$50M	$21M	$9M	$37M	$51M	($21M)	Operating cash flowOp. cash
$13M	$12M	$7M	$7M	$7M	$9M	$10M	$7M	$11M	$10M	$11M	DepreciationDeprec.
$92M	($40M)	$22M	$21M	$5M	($134M)	($41M)	($82M)	($47M)	($37M)	($92M)	Working capital & otherWC & other
$3M	$500K	$100K	$100K	$1M	$1M	$700K	$2M	$4M	$20M	$41M	CapexCapex
1.0%	0.2%	0.1%	0.0%	0.6%	0.4%	0.2%	0.5%	0.9%	4.4%	9.0%	Capex / revenueCapex/rev
$35M	($17M)	($75M)	$11M	$66M	$49M	$20M	$8M	$33M	$41M	($31M)	Owner earningsOwner earn.
11.1%	−7.6%	−38.6%	5.3%	26.6%	16.4%	6.8%	2.3%	7.4%	9.2%	−6.9%	Owner earnings marginOE mgn
$35M	($17M)	($75M)	$11M	$66M	$49M	$20M	$8M	$33M	$31M	($61M)	Free cash flowFCF
11.1%	−7.6%	−38.6%	5.3%	26.6%	16.4%	6.8%	2.3%	7.4%	7.0%	−13.6%	Free cash flow marginFCF mgn
—	—	—	—	—	—	—	261%	45%	10%	8%	Return on equityROE
—	—	—	—	—	—	—	261%	45%	10%	8%	Retained to equityRetained/eq
											Balance sheet
$261M	$209M	$123M	$131M	$152M	$194M	$180M	$201M	$671M	$2.0B	$1.9B	Cash & investmentsCash+inv
$20M	$60M	$60M	$21M	$30M	$29M	$38M	$49M	$80M	$31M	$42M	ReceivablesReceiv.
$177M	$153M	$130M	$65M	$65M	$91M	$209M	$306M	$162M	$323M	$336M	InventoryInvent.
$60M	$79M	$46M	$8M	$51M	$38M	$66M	$42M	$39M	$42M	$50M	Accounts payablePayables
$138M	$134M	$144M	$78M	$44M	$82M	$182M	$314M	$203M	$312M	$328M	Operating working capitalOper. WC
$561M	$567M	$485M	$370M	$406M	$466M	$587M	$685M	$1.0B	$2.4B	$2.3B	Current assetsCur. assets
$326M	$403M	$439M	$337M	$366M	$393M	$449M	$471M	$347M	$423M	$401M	Current liabilitiesCur. liab.
1.7×	1.4×	1.1×	1.1×	1.1×	1.2×	1.3×	1.5×	2.9×	5.6×	5.7×	Current ratioCurr. ratio
$714M	$675M	$572M	$456M	$486M	$572M	$706M	$796M	$1.1B	$2.4B	$2.4B	Total assetsAssets
$234M	$164M	$153M	$120M	$114M	$108M	$102M	$96M	$479M	$1.2B	$1.2B	Total debtDebt
($27M)	($45M)	$30M	($11M)	($38M)	($86M)	($78M)	($106M)	($193M)	($782M)	($692M)	Net debt / (cash)Net debt
—	—	—	—	—	—	—	40.3×	17.8×	3.6×	2.2×	Interest coverageInt. cov.
($236M)	($219M)	($322M)	($337M)	($321M)	($142M)	($74M)	$32M	$161M	$765M	$775M	Shareholders’ equityEquity
											Per share
9.1M	9.1M	9.2M	9.6M	10.1M	13.9M	15.0M	15.5M	16.4M	19.9M	22.4M	Shares out (diluted)Shares
$34.21	$24.05	$21.09	$21.92	$24.42	$21.49	$19.60	$20.66	$27.00	$22.52	$20.15	Revenue / shareRev/sh
$-7.36	$1.34	$-11.38	$-1.72	$5.37	$12.61	$3.48	$5.44	$4.47	$3.90	$2.70	EPS (diluted)EPS
$3.81	$-1.83	$-8.14	$1.17	$6.49	$3.52	$1.33	$0.48	$2.01	$2.06	$-1.39	Owner earnings / shareOE/sh
$3.81	$-1.83	$-8.14	$1.17	$6.49	$3.52	$1.33	$0.48	$2.01	$1.57	$-2.74	Free cash flow / shareFCF/sh
$0.33	$0.06	$0.01	$0.01	$0.14	$0.09	$0.05	$0.10	$0.25	$0.99	$1.82	Cap. spending / shareCapex/sh
$-25.95	$-24.11	$-35.18	$-35.22	$-31.67	$-10.22	$-4.94	$2.08	$9.86	$38.40	$34.54	Book value / shareBVPS

Per-share growththe realized rate an owner's share compounded

	9-yr	5-yr
Revenue / share	−4.5%/yr	−1.6%/yr
Owner earnings / share	−6.6%/yr	−20.5%/yr
EPS	—	−6.2%/yr
Capital spending / share	+13.0%/yr	+48.2%/yr

The year, in the company's words

the filing →

Verbatim from the 10-K's management discussion. Each sentence is shown only because its subject, direction, and stated figures check out against the filed numbers on this page. The words are the company's; the arithmetic is the record's.

Net income+6.3%
“Net Income Net income was $77.8 million and $73.2 million for the year ended December 31, 2025 and 2024, respectively, an increase of $4.6 million (or 6%). The increase was primarily driven by an increase in investment income of $31.8 million and the extinguishment of long-term debt of $11.8 million, partially offset by a decrease of $21.5 million in nonoperating components of net periodic benefit income and an increase of $11.3 million in interest expense. 76 Liquidity and Capital Resources As of December 31, 2025, the Company had a c…”
✓ figure matches the filed record

The record, charted

FY2016–2025

Each measure over its full record; the current point and the worst year marked.

Share count

20Mpeak FY2025

Gross margin

26%low FY2018

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

$41Mowner earningsvs.$78Mnet incomelow FY2018

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetained

Each year's operating cash, by what management did with it: the mix, and how it drifts.

FY2016FY2025

Owner-earnings bridge

FY2021–FY2025cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2025 the business earned $41M of owner earnings, the operating cash left after the $10M it takes just to hold its position. It put $10M more into growth; free cash flow, after that spending, was $31M.

Reported net income$78M

Owner earnings$41M · 9% of revenue

	FY2025	FY2024	FY2023	FY2022	FY2021
Reported net income	$78M	$73M	$84M	$52M	$175M
Depreciation & amortizationnon-cash charge added back	+$10M	+$11M	+$7M	+$10M	+$9M
Working capital & othertiming of cash in and out, other non-cash items	−$37M	−$47M	−$82M	−$41M	−$134M
Cash from operations	$51M	$37M	$9M	$21M	$50M
Maintenance capital expenditurethe spending needed just to hold position and volume	−$10M	−$4M	−$2M	−$700K	−$1M
Owner earnings	$41M	$33M	$8M	$20M	$49M
Growth capital expenditurediscretionary; spent to get bigger, not to stand still	−$10M	—	—	—	—
Free cash flow	$31M	$33M	$8M	$20M	$49M
Owner-earnings marginowner earnings ÷ revenue	9%	7%	2%	7%	16%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the maintenance capital it must spend to hold its position (here about $10M, roughly its depreciation, the rate its assets wear out). The other $10M of its capital spending is growth it chose, not upkeep it owed; charged only with the maintenance it must do, the business earns well more than the year's free cash flow shows.

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

Will it survive?

Can it pay its interest? 3.6×

Adequate

Operating income $50M ÷ interest expense $14M

What this means
Comfortable in a normal year, but below the margin of safety Graham looked for. Worth checking how stable the coverage has been across a full cycle.
How heavy is the debt, net of cash? +$782M

Net cash

Cash $2.0B − debt $1.2B

What this means
Cash and short-term investments exceed every dollar of debt by $782M, on net the company owes nothing, and can act from strength when others can't. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? 335d

Long (60+ days)

DSO 25 + DIO 356 − DPO 46 days

What this means
Days cash is tied up between paying suppliers and collecting from customers. Lower is better; a long cycle means growth itself eats cash.

Is it a good business?

Return on invested capital —

Not meaningful here

Invested capital ($17M) = debt $1.2B + equity $765M − cash

Industry peers: median 4%

What this means
Invested capital is near zero or negative, usually years of buybacks pulling equity down. ROIC explodes or flips sign and stops meaning anything. Judge this one on Owner Earnings instead.
Owner-earnings margin 7%

Solid through the cycle

10-yr median margin, range -39%–27%; latest $41M = operating cash $51M − maintenance capex $10M

Industry peers: median 2%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 9% of revenue this year, a 7% median across 10 years. It chose to put $10M more into growth, so free cash flow this year was $31M — the gap is investment, not weakness.
Are earnings backed by cash? 0.66×

Mostly cash-backed

Cash from ops $51M ÷ net income $78M

What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.

How is the cash used?

Where do the earnings go? —

Not enough data

What this means
The filing data didn't include the inputs for this check.
Investing or harvesting? 1.99×

Expanding

Capex $20M ÷ depreciation $10M

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 2 of 5 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Miss

Revenue ≥ $2B · $449M

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Pass

Current ratio ≥ 2× · 5.59×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Pass

Debt ≤ working capital · $1.2B vs $1.9B WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Earnings stability Miss

A profit every year (10-yr record) · 3 loss years

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Miss

Uninterrupted dividends · none paid

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth —

Earnings +33% over the record · —

What this means
Earnings were negative early in the record, a growth rate isn't meaningful.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $3.97/share (latest year $3.93), the averaged base the calculator's gate runs on, and book value is $38.69/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2016–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 7 of 10

What this means
Lost money in 3 year(s), look at what happened there before trusting the average.
Operating margin −29% → 13% (3-yr avg ends)

In the filing’s words The record and the words agree: the margin widened and the filing attributes the gain to its own pricing, not volume alone.

What this means
Through the cycle the operating margin widened — about −29% early to 13% lately, median 11% — pricing power intact or improving.
Owner earnings growth +17%/yr

What this means
Owner earnings grew about 17% a year over the record.
Worst year 2018 · −47.9% op. margin

What this means
Operations went underwater in 2018, understand why before trusting the good years.

Does AI threaten the moat?

Low contestability

The moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.

In its own filing Raised, but not as a competitor

The filing raises AI among its risks, but in other terms (security, regulation, energy or the like), not as a competitor to its product.

AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of the latest quarter, Mar 31, 2026

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$2.3B

Cash & short-term investments$1.9B
Receivables$42M
Inventory$336M
Other current assets$49M

Current liabilities$401M

Accounts payable$50M
Other current liabilities$352M

Current ratio5.72×all current assets ÷ what's due · Graham looked for 2×

Quick ratio4.88×stricter: inventory excluded

Cash ratio4.66×strictest: cash alone against what's due

Working capital$1.9Bthe cushion left after near-term bills

Cash runway30.4 yrsthe business is consuming cash; this is how long the cash on hand lasts at that rate

Revenue, latest quarter vs. a year ago+4.9%the freshest read on whether the business is still growing

Current ratio, recent quarters1.5× → 5.7×

Deeper floors

Tangible book value$756Mequity stripped of goodwill & intangibles

Net current asset value$637MGraham's net-net: current assets less all liabilities

Debt incl. operating leases$1.2B$3M of it operating leases

Deferred revenue$113Mcustomer cash collected before delivery; operating float

From the company's latest filing.

Debt maturity

the debt note, SEC EDGAR →

Not how much it owes, but when it falls due, and against what. The ladder the company files, beside cash on hand and a year's owner earnings.

'26$0

'27$0

'28$0

'29$0

'30$403M

later$805M

Bars scaled to the largest single year; “later” is everything due after 2030, shown apart since it dwarfs the years.

Due in the next 12 months$0the first rung: what must be repaid or rolled over within the year

Within two years$0the near wall, the part most exposed to today’s credit conditions

Biggest single year$403Min 2030the lumpiest maturity, where a refinancing, if needed, is largest

Total scheduled principal$1.2Bevery year plus what lies beyond, as the footnote totals it

Maturity schedule extracted from the company’s Dec 31, 2025 annual report and reconciled to the total the table states.

How the cash was used, 2016–2025

Over the record, the business generated $193M of operating cash; how management split it reads as a cash builder, a large share of cash simply built up on the balance sheet.

Reinvested$32M · 17%
Retained (debt / cash)$161M · 83%

Source of fundingOperating cash
Operating cash covered reinvestment and returns; over the span debt rose $942M and cash and short-term investments rose $1.6B.
Net change in share count146.7%
The diluted count rose from 9M to 22M: issuance (stock pay, deals) outran any buybacks, so owners were diluted on net.
Dividend record—
No dividend line was reported in the filing data over the span; the record here neither confirms nor rules out a payout.
Return on what it retained13%
Of the earnings it kept rather than paid out ($342M over the span), annual owner earnings (first three years vs last three) grew $46M, so each retained $1 added about 0.13 of yearly owner earnings. Buffett's test, run on owner earnings instead of market value.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.

Fiscal year	Chief executive	Pay, as filed	“Actually paid”	Owner earnings
2021	Mr. Poneman	$2.1M	$4.6M	$49M
2022	—	$2.1M	$267k	$20M
2023	—	$1.9M	$2.0M	$8M
2024	—	$3.5M	$2.7M	$33M
2025	Mr. Vexler	$2.2M	$6.9M	$41M

Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years. A dash under the name means the filing tags the figure without naming the officer.

Insider ownership<1%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.

Inverting the record

Invert: instead of why Centrus Energy Corp. is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2016–2025.

4 of the 5 tests turned up something to look into; the other 1 came back clean.

Look hereDid the share count rise anyway?146.7%
Diluted shares grew 146.7% over 2016–2025. Owners were diluted on net; each share owns less of the business than it did. Read the buyback line beside this one, not on its own.
Look hereDid debt outgrow the business?$234M → $1.2B
Debt rose from $234M to $1.2B while owner earnings went from about ($19M) to $27M: measured against what the business earns, the balance sheet carries more debt than it did. Debt raised for buybacks or deals rather than growth is the kind that bites in a downturn.
Look hereDid reported profit become cash?0.57×
Across the record the business reported $342M of net income but generated $193M of operating cash, a 0.57-to-one conversion. Profit that does not turn into cash over many years is the classic mark of earnings that are softer than they look. Ask where the gap sits, receivables, inventory, or costs being capitalized rather than expensed.
Look hereDid receivables and inventory outpace sales?63% → 84% of sales
Receivables and inventory grew from $197M to $378M while revenue grew 45%: working capital is climbing faster than sales (63% of revenue then, 84% now). That can mean customers paying slower, stock building up, or revenue pulled forward. The filing's cash-flow and receivables notes say which.

And these came back clean

Is it less profitable than it was?

Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.

What an owner would ask, FY2025

read the 10-K →

Which reported numbers are a judgment call?
Management names Revenue recognition, Pension & retirement, Income taxes as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →

The questions the record and the charts do not answer on their own; each carries the figure and the place to look.

Peers, Metals & Mining

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
KNFKnife Riv Holding Co.	$3.1B	18%	9.1%	13%	4%
MDUMDU Resources Group, Inc.	$1.9B	—	9.9%	5%	-0%
HLHecla Mining Company	$1.4B	22%	10.0%	-0%	2%
CMPCompass Minerals Intl Inc	$1.2B	—	8.3%	4%	4%
LEUCentrus Energy Corp.	$449M	26%	11.0%	—	7%
USLMUnited States Lime & Minerals Inc.	$373M	30%	22.1%	21%	18%
IPIIntrepid Potash Inc	$298M	—	-2.1%	-1%	-3%
UUUUEnergy Fuels Inc.	$66M	37%	-122.6%	-16%	-102%
Group median	—	26%	9.5%	—	3%

The price

What a price has to assume.

What the price implies

reverse-DCF

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Centrus Energy Corp. has delivered.

Centrus Energy Corp.’s latest year shows negative owner earnings, the mark of a build-out: total capital spending outruns the cash the business throws off today. So the tool opens on the steady-state base (maintenance capex in place of the build-out spend), the cash it would earn at rest; clear the toggle below to read the latest year exactly as reported.

Today’s price $

Through the cycle, Centrus Energy Corp. earns about $32M on its 7.1% median owner-earnings margin. This year’s 9.2% margin runs above that; the reported figure may flatter a peak you'd be paying on. Normalize, below, values the price on that through-cycle figure rather than the latest year. It comes pre-checked here for that reason, the same rule that already normalizes a trough; clear it to price the year as filed.

Base Normalize · through-cycle ($32M) Net of stock comp Steady-state · maintenance capex (($31M))

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The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth · ’21→’25+2%/yr

Owner-earnings growth · ’16→’25+17%/yr

Owner-earnings yield—

P/E (3-yr earnings ’23–’25)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Free cash flow ($61M) on 20M shares outstanding (a weighted basic average, the only count this filer tags); net cash $692M. The if-converted diluted count is 22M, 14% above the shares outstanding: the dilution overhang (convertibles, options) a buyer inherits. The base opens on the through-cycle figure (the latest year sits above the record’s own median, and Graham’s averaging cuts both ways); clear Normalize to use the year as filed. Net of stock comp treats option pay as the expense it is. Capex ($41M) runs well above depreciation ($11M), so this is a build-out; Steady-state swaps total capex for maintenance (≈ depreciation), lifting the base to about ($31M), the cash it would throw off if it stopped expanding. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh LEU against another business →

The owners of LEU: the meeting and the votes →

Cite: Owner Scorecard, "Centrus Energy Corp. (LEU), the owner's record," https://ownerscorecard.com/c/LEU, data as of 2026-07-09.

Manual order: ← LESL its page in the Manual LEVI →

Industry order: ← KNF the Metals & Mining chapter LGO →