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UUUU, Energy Fuels Inc.

Metals & Mining capital-intensive UnprofitableDistress / turnaroundCapital build-out

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

Latest annual: FY2025 10-K

UUUU · Energy Fuels Inc.

The business

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

Revenue · FY2025

$66M

−15.6% YoY · 109% 5-yr CAGR

Vital signs · TTM

Cash & investments $121M

Cash burn · annual $62M

Runway 1.9 yrs

Gross margin 35%

The business in brief

read the 10-K →

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

Situation: Unprofitable. No sustained operating profit across the record; an earnings multiple has nothing to rest on. What the record does show is revenue, the gross-margin trajectory, and the burn against the cash on hand. Distress / turnaround. Thin interest coverage, or operating cash burned against real debt, across the record. The balance sheet carries this situation; the debt schedule sets the clock. Capital build-out. Capital spending has surged to 29% of sales, today's earnings are charged less depreciation than tomorrow's will be.
What moves the needle: Operating margin has run around −153% through the cycle on a 37% gross margin, the operating line deeply negative — so the lever is the path to a margin at all: revenue growth against the cost curve and the cash runway, not the level of a margin that isn't there yet. Inventory runs near 107% 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 pricing power & competition, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has rarely cleared the cost of capital (median −16%, above 15% in 0 of 10 years). Owner earnings, the cash-based check, have been thin too. This is price-taker territory, where the balance sheet and the cycle matter more than any multiple; the rest is in the 10-K.

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

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
$55M	$31M	$32M	$6M	$2M	$3M	$13M	$38M	$78M	$66M	$85M	RevenueRevenue
35%	37%	53%	33%	—	43%	37%	52%	28%	21%	35%	Gross marginGross mgn
28%	48%	45%	243%	867%	480%	204%	74%	47%	98%	78%	SG&A / revenueSG&A/rev
($39M)	($28M)	($21M)	($41M)	($25M)	($35M)	($45M)	($32M)	($48M)	($101M)	($92M)	Operating incomeOp. inc.
−71.1%	−91.7%	−67.2%	−691.9%	n/m	n/m	−359.1%	−85.3%	−60.8%	−153.4%	−108.3%	Operating marginOp. mgn
($40M)	($28M)	($25M)	($38M)	($28M)	$1M	($60M)	$100M	($48M)	($86M)	($70M)	Net incomeNet inc.
											Cash flow & returns
($12M)	($10M)	($8M)	($44M)	($32M)	($29M)	($50M)	($15M)	($44M)	($89M)	($62M)	Operating cash flowOp. cash
$4M	$5M	$4M	$1M	$3M	$3M	$3M	$3M	$3M	$5M	$6M	DepreciationDeprec.
$21M	$9M	$11M	($11M)	($10M)	($36M)	$2M	($123M)	($5M)	($22M)	($11M)	Working capital & otherWC & other
$260K	$0	$107K	$0	$627K	$1M	$2M	$15M	$22M	$19M	$18M	CapexCapex
0.5%	0.0%	0.3%	0.0%	37.8%	43.0%	15.9%	40.7%	28.4%	29.2%	20.9%	Capex / revenueCapex/rev
($12M)	($10M)	($8M)	($44M)	($33M)	($31M)	($52M)	($18M)	($47M)	($95M)	($68M)	Owner earningsOwner earn.
−22.5%	−33.3%	−24.9%	−756.7%	n/m	−963.0%	−413.1%	−47.9%	−60.3%	−144.0%	−80.0%	Owner earnings marginOE mgn
($12M)	($10M)	($8M)	($44M)	($33M)	($31M)	($52M)	($31M)	($66M)	($109M)	($80M)	Free cash flowFCF
−22.5%	−33.3%	−24.9%	−756.7%	n/m	−963.0%	−413.1%	−81.3%	−84.7%	−165.0%	−94.3%	Free cash flow marginFCF mgn
-21%	-17%	-12%	-24%	-15%	-20%	-20%	-10%	-8%	-6%	-6%	ROICROIC
-30%	-23%	-18%	-30%	-18%	0%	-25%	27%	-9%	-13%	-10%	Return on equityROE
−30%	−23%	−18%	−30%	−18%	0%	−25%	27%	−9%	−13%	−10%	Retained to equityRetained/eq
											Balance sheet
$17M	$19M	$40M	$13M	$20M	$113M	$63M	$57M	$39M	$65M	$121M	Cash & investmentsCash+inv
$364K	$1M	$1M	$1M	$1M	$4M	$519K	$816K	$38M	$18M	$8M	ReceivablesReceiv.
$17M	$17M	$18M	$24M	$29M	$32M	$41M	$41M	$67M	$73M	$69M	InventoryInvent.
$1M	$762K	$2M	$2M	$1M	$3M	$2M	$1M	$8M	$5M	$10M	Accounts payablePayables
$16M	$17M	$18M	$23M	$29M	$33M	$39M	$41M	$97M	$86M	$67M	Operating working capitalOper. WC
$36M	$43M	$61M	$43M	$52M	$149M	$136M	$233M	$230M	$959M	$993M	Current assetsCur. assets
$12M	$10M	$9M	$23M	$12M	$6M	$19M	$10M	$59M	$31M	$36M	Current liabilitiesCur. liab.
3.0×	4.4×	6.9×	1.9×	4.3×	24.4×	7.3×	22.5×	3.9×	30.7×	27.5×	Current ratioCurr. ratio
$196M	$185M	$197M	$176M	$183M	$315M	$274M	$402M	$612M	$1.4B	$1.5B	Total assetsAssets
$30M	$27M	$16M	$17M	$0	—	—	—	$0	$676M	$677M	Total debtDebt
$13M	$9M	($24M)	$4M	($20M)	—	—	—	($39M)	$611M	$556M	Net debt / (cash)Net debt
-16.9×	-13.5×	-12.4×	-27.2×	-25.9×	-656.0×	—	—	—	—	-2241.2×	Interest coverageInt. cov.
$134M	$123M	$141M	$127M	$154M	$292M	$240M	$375M	$528M	$678M	$723M	Shareholders’ equityEquity
4.9%	11.4%	8.7%	64.3%	156.7%	67.8%	37.1%	12.2%	6.9%	19.1%	15.9%	Stock comp / revenueSBC/rev
											Per share
56.4M	70.9M	83.5M	0K	121M	150M	157M	160M	172M	225M	242M	Shares out (diluted)Shares
$0.97	$0.44	$0.38	—	$0.01	$0.02	$0.08	$0.24	$0.45	$0.29	$0.35	Revenue / shareRev/sh
$-0.71	$-0.40	$-0.30	—	$-0.23	$0.01	$-0.38	$0.62	$-0.28	$-0.38	$-0.29	EPS (diluted)EPS
$-0.22	$-0.15	$-0.09	—	$-0.27	$-0.20	$-0.33	$-0.11	$-0.27	$-0.42	$-0.28	Owner earnings / shareOE/sh
$-0.22	$-0.15	$-0.09	—	$-0.27	$-0.20	$-0.33	$-0.19	$-0.38	$-0.48	$-0.33	Free cash flow / shareFCF/sh
$0.00	$0.00	$0.00	—	$0.01	$0.01	$0.01	$0.10	$0.13	$0.09	$0.07	Cap. spending / shareCapex/sh
$2.38	$1.74	$1.69	—	$1.27	$1.95	$1.53	$2.34	$3.07	$3.02	$2.99	Book value / shareBVPS

The diluted share count moved ×1.45 into 2020 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.

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

	9-yr	5-yr
Revenue / share	−12.4%/yr	+84.6%/yr
Capital spending / share	+38.4%/yr	+75.3%/yr
Book value / share	+2.7%/yr	+18.9%/yr

The record, charted

FY2016–2025

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

Share count

225Mpeak FY2025

ROIC

−6%low FY2019

Gross margin

21%low FY2025

Owner earnings vs. net income

Owner earningsNet income

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

($95M)owner earningsvs.($86M)net incomelow FY2025

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 ($95M) of owner earnings, the operating cash left after the $5M it takes just to hold its position. It put $14M more into growth; free cash flow, after that spending, was ($109M).

	FY2025	FY2024	FY2023	FY2022	FY2021
Reported net income	($86M)	($48M)	$100M	($60M)	$1M
Depreciation & amortizationnon-cash charge added back	+$5M	+$3M	+$3M	+$3M	+$3M
Stock-based compensationreal costnon-cash, but a real cost	+$13M	+$5M	+$5M	+$5M	+$2M
Working capital & othertiming of cash in and out, other non-cash items	−$22M	−$5M	−$123M	+$2M	−$36M
Cash from operations	($89M)	($44M)	($15M)	($50M)	($29M)
Maintenance capital expenditurethe spending needed just to hold position and volume	−$5M	−$3M	−$3M	−$2M	−$1M
Owner earnings	($95M)	($47M)	($18M)	($52M)	($31M)
Growth capital expenditurediscretionary; spent to get bigger, not to stand still	−$14M	−$19M	−$13M	—	—
Free cash flow	($109M)	($66M)	($31M)	($52M)	($31M)
Owner-earnings marginowner earnings ÷ revenue	-144%	-60%	-48%	-413%	-963%

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 $5M, roughly its depreciation, the rate its assets wear out). The other $14M 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. The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $13M), owner earnings is nearer ($108M).

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? -1873.2×

Does not cover its interest

Operating income ($101M) ÷ interest expense $54K

What this means
A full year of operating profit didn't cover the interest bill. This is the zombie zone: the business depends on refinancing, asset sales, or forbearance to service its debt.
How heavy is the debt, net of cash? $585M

Net debt against an operating loss

Cash $65M + ST investments $26M − debt $676M

What this means
Netting $90M of cash and short-term investments against $676M of debt leaves $585M owed, with no operating profit this year to measure it against — understand that combination before anything else about the company. 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? 577d

Long (60+ days)

DSO 100 + DIO 514 − DPO 37 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 -17%

Below average through the cycle

10-yr median, range -24%–-6%; -6% latest = NOPAT ($80M) ÷ invested capital $1.3B

Industry peers: median 2%

What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 10 years (it ran -6% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
Owner-earnings margin -144%

Consumes cash through the cycle

10-yr median margin, range -1979%–-23%; latest ($95M) = operating cash ($89M) − maintenance capex $5M

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 -144% of revenue this year, a -144% median across 10 years. It chose to put $14M more into growth, so free cash flow this year was ($109M) — the gap is investment, not weakness. Treating stock comp as the real expense it is (less $13M of SBC) leaves ($108M).
Are earnings backed by cash? ($89M)

Loss, and burning cash

Net income ($86M) · cash from operations ($89M)

What this means
The company reported a net loss, so a conversion ratio isn't meaningful. What matters then is whether operations still threw off cash, here, they did not.

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? 3.55×

Expanding

Capex $19M ÷ depreciation $5M

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 · $66M

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× · 30.69×

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 · $676M vs $927M 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) · 8 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 $-0.04/share (latest year $-0.34), the averaged base the calculator's gate runs on, and book value is $2.72/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 2 of 10

What this means
Lost money in 8 year(s), look at what happened there before trusting the average.
Return on capital ≥ 15% 0 of 7 yrs

What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
Operating margin −77% → −100% (3-yr avg ends)

In the filing’s words The filing attributes gains to higher prices but names price competition too — and the margin slipped, so the pressure is winning here.

What this means
Through the cycle the operating margin slipped — about −77% early to −100% lately, median −153% — competition or costs are biting in.
Reinvestment, incremental ROIC −5%

What this means
Reinvested capital came back at a negative incremental return over this window — the invested base grew while operating profit did not. The filings show where it went.
Worst year 2020 · −1485.3% op. margin

What this means
Operations went underwater in 2020, 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 Framed as a capability

The filing positions AI as something the company uses, not something it fears.

“Artificial intelligence presents risks and challenges that can impact our business by posing security risks to our confidential information, proprietary information and personal data.”

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, and the company is using it that way.

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$993M

Cash & short-term investments$110M
Receivables$8M
Inventory$69M
Other current assets$806M

Current liabilities$36M

Accounts payable$10M
Other current liabilities$26M

Current ratio27.51×all current assets ÷ what's due · Graham looked for 2×

Quick ratio25.59×stricter: inventory excluded

Cash ratio3.06×strictest: cash alone against what's due

Working capital$957Mthe cushion left after near-term bills

Cash runway1.4 yrsthe business is consuming cash; this is how long the cash on hand lasts at that rate

Revenue, latest quarter vs. a year ago+112.1%the freshest read on whether the business is still growing

Current ratio, recent quarters28.3× → 27.5×

Deeper floors

Tangible book value$719Mequity stripped of goodwill & intangibles

Net current asset value$261MGraham's net-net: current assets less all liabilities

Debt incl. operating leases$681M$4M of it operating leases

From the company's latest filing.

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	Mark S. Chalmers	$1.3M	$5.8M	($31M)
2022	Mark S. Chalmers	$2.7M	$1.5M	($52M)
2023	Mark S. Chalmers	$2.1M	$1.1M	($18M)
2024	Mark S. Chalmers	$2.4M	$1.2M	($47M)
2025	Mark S. Chalmers	$2.6M	$9.1M	($95M)

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.

Stock-based compensation$13M
The slice of the business handed to employees in shares this year, 19% of revenue. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.

Inverting the record

Invert: instead of why Energy Fuels Inc. 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.

All 3 tests turned up something to look into. A record that trips every wire is one to understand slowly.

Look hereIs it less profitable than it was?−84.1% vs −26.9%
The business ran at a loss early in the record (an owner-earnings margin of −26.9%) and the loss has widened to −84.1% across the last three years, with the latest year at −144.0%. Ask the filing where the widening sits — price, cost, or spending growing faster than revenue — and what would narrow it.
Look hereDid debt outgrow the business?$30M → $677M
Debt rose from $30M to $677M while owner earnings went from about ($10M) to ($53M): the borrowing grew and the earnings that would carry it are not there now. Debt raised for buybacks or deals rather than growth is the kind that bites in a downturn.
Look hereDid receivables and inventory outpace sales?31% → 90% of sales
Receivables and inventory grew from $17M to $77M while revenue grew 56%: working capital is climbing faster than sales (31% of revenue then, 90% now). That can mean customers paying slower, stock building up, or revenue pulled forward. The filing's cash-flow and receivables notes say which.

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 Contingencies 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
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%
ABATAmerican Battery Technology Company	$4M	—	-979.5%	-46%	-734%
Group median	—	28%	9.1%	-0%	1%

The price

What a price has to assume.

What the price implies

reverse-DCF

Energy Fuels Inc. is profitable, but owner earnings are negative this year because capital spending currently outruns operating cash, a build-out, so the owner-earnings reverse-DCF has no positive base to grow. We read the price from both ends instead: type a price to see the steady-state profitability it demands, then set the mature margin you would believe and weigh the two against each other. Nothing leaves your browser unless you enter it in your notebook.

Today’s price $

The assumptions Required return 9% Years to get there 10 Revenue growth 0%

Revenue, delivered77%/yr’20→’25

Mature owner-earnings margin 15%

Enter a price to run it.

Owner earnings it must reach—

Margin the price demands—

Owner-earnings margin today−94%

Two reads of one future. From your price: the owner earnings the company must reach, valued at a mature multiple and discounted back at your rate, expressed as the margin it implies on revenue grown at your rate. From your belief: the mature margin you would credit, set on the dial above. When the margin the price demands runs above the one you would believe, you are paying for a future taken on faith. For a deep cyclical at a trough, normalized through-cycle earnings are the better lens; this mode is for the genuinely unprofitable, and for the profitable business whose capital spending currently outruns its cash.

Weigh UUUU against another business →

The owners of UUUU: the meeting and the votes →

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

Manual order: ← UTZ its page in the Manual UVE →

Industry order: ← USLM the Metals & Mining chapter VALE →