Centrus Energy LEU reported total revenues of $448.7 million in 2025, marking a modest 2% year-over-year increase. The growth was primarily supported by stronger performance in the Technical Solutions segment, which helped offset weaker results in the Low-Enriched Uranium (LEU) segment.
The Low-Enriched Uranium segment generates revenues from sales of the Separative Work Units (SWU) component of low-enriched uranium, sales of natural uranium hexafluoride, uranium concentrates or uranium conversion as well as sales of enriched uranium products. It accounted for around 77% of the company’s total revenues in 2025. The segment’s revenues were $346 million for the year, a 1% decline year over year. Of this, uranium revenues were only $47.5 million, which marked a 54% plunge from $103.1 million in 2024, reflecting lower uranium sales volumes during 2025. Notably, uranium revenues accounted for 14% of the segment’s revenues, lower than 29% in 2024.
In contrast, SWU revenues rose 21% to $298.7 million. This increase was driven by a 23% rise in SWU volumes sold, though partially offset by a slight 1% decline in average realized prices.
Meanwhile, the Technical Solutions segment delivered a solid performance, with revenues increasing 11% year over year to $102.5 million. This growth was largely supported by contributions from the HALEU Operation Contract, underscoring the company’s strategic push into advanced nuclear fuel capabilities.
Centrus Energy expects 2026 revenues between $425 million and $475 million . At the midpoint, this implies relatively flat performance compared with 2025. The company, however, exited 2025 with a robust $3.8 billion revenue backlog, including long-term utility contracts extending through 2040. The Low-Enriched Uranium segment alone accounted for roughly $2.9 billion of this backlog, providing significant long-term visibility.
How Did LEU’s Peers Fare in 2025?
Cameco Corporation CCJ reported a 11% year-over-year increase in revenues to CAD 3.48 billion ($2.54 billion) in 2025, driven by improved results in both the uranium and fuel services segments. Cameco sold 33 million pounds of uranium in 2025, down slightly 2% from 2024 levels. However, this was offset by a 9% increase in the average realized price, lifting uranium segment revenues by 7% to CAD 2.87 billion ($2.10 billion).
Cameco is targeting uranium deliveries of 29–32 million pounds in 2026 and uranium revenues at CAD 2.54–2.73 billion . Revenue guidance suggests a potential 7% year-over-year decline, primarily reflecting lower expected sales volumes. Overall, Cameco’s total revenue guidance for 2026 stands at CAD 3.13–3.37 billion. At the midpoint, this represents a 7% decline from 2025 levels, largely due to softer expectations in the uranium segment.
Energy Fuels UUUU reported a 16% decline in revenues to $65.9 million for 2025, primarily due to a 60% decline in Heavy Mineral Sands following the completion of mining activities at Kwale.
Energy Fuels’ uranium revenues increased 31% year over year to $50.1 million. Uranium sales were 650,000 pounds at an average realized price of $74.21 per pound. In 2024, Energy Fuels had sold 450,000 pounds of uranium at a weighted average price of $84.23 per pound. The gains from the increase in sales volume in 2025 were somewhat offset by a decline in average realized price. UUUU plans to sell 1.5-2 million pounds of uranium under existing contracts and spot market sales.
LEU’s Price Performance, Valuation & Estimates
Centrus Energy shares have declined 20.2% in the past three months against the industry’s 11.2% growth.
Image Source: Zacks Investment Research
LEU is trading at a forward 12-month price/sales multiple of 8.82X, a significant premium to the industry’s 4.21X.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for Centrus Energy’s 2026 earnings is pegged at $3.27 per share, indicating a 16.15% year-over-year decline. The same for 2027 is $3.38, indicating growth of 3.5%.
Here is how the EPS estimates for 2026 and 2027 have been revised over the past 60 days.
Image Source: Zacks Investment Research
The company currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Quantum Computing Stocks Set To Soar
Artificial intelligence has already reshaped the investment landscape, and its convergence with quantum computing could lead to the most significant wealth-building opportunities of our time.
Today, you have a chance to position your portfolio at the forefront of this technological revolution. In our urgent special report, Beyond AI: The Quantum Leap in Computing Power , you'll discover the little-known stocks we believe will win the quantum computing race and deliver massive gains to early investors.
Access the Report Free Now >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Cameco Corporation (CCJ): Free Stock Analysis Report
Energy Fuels Inc (UUUU): Free Stock Analysis Report
Centrus Energy Corp. (LEU): Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).