LEU

Centrus is a genuinely scarce asset — the only US-owned, US-technology uranium enricher — and the MD&A makes the macro tailwind explicit: SWU spot prices hit $200 by Dec 31, 2025, a 488% gain off the 2018 low and surpassing the prior 2009 high, driven by the Ukraine war, Import Ban Act dynamics, and the structural shortfall absent Russian supply. That is a real moat the numbers don't yet show, which is the bull case.

But the FY2025 income statement is unimpressive against that backdrop. Revenue grew just +1.5% to $449M (after +38% in FY24), operating income only +4.6% to $50.2M, and diluted EPS actually fell -12.8% to $3.90 because share count grew +8.0% to 13.7M. Operating margin of 11.2% and ROE of 10.2% are pedestrian for a company priced at 43.9x earnings and 5.2x sales. The lagged revenue response to skyrocketing SWU prices suggests legacy fixed-price contracts and a Russian-supply book that caps near-term operating leverage.