LEU
NYSE · Energy · Uranium · US
Research · Nov 3, 2026
Advanced Nuclear Fuel Growth Constrained by HALEU Supply
BWXT and Lightbridge say commercial HALEU supply now limits advanced nuclear fuel expansion, as BWXT stretches its TRISO line and Centrus capacity waits for 2029.
Research · Sep 3, 2026
[LEU] Centrus Energy Thesis 2026: A US-Uranium-Enrichment-and-HALEU Compounder Rides Advanced-Nuclear
Centrus Energy Corp. (NYSE: LEU), headquartered in Bethesda, Maryland, is a sole-US-uranium-enrichment + HALEU (High-Assay Low-Enriched Uranium) + emerging-advanced-nuclear-reactor-fuel-supplier providing distinctive multi-cycle Centrus-Energy uranium-enrichment + LEU + HALEU services to US-utility + Japan-utility + Europe-utility + emerging-DoE + emerging-advanced-nuclear-reactor-OEM customer base. Distinctive multi-cycle USEC-and-Centrus-Energy heritage: founded 1992 in Bethesda-MD as USEC-Inc (United States Enrichment Corporation); 1998 USEC-Inc-NYSE-IPO; multi-cycle 1998-2014 USEC-Inc; 2014 Chapter-11-reorganization-and-Centrus-Energy-emergence; 2014-2025 substantial multi-cycle Centrus-Energy + emerging-HALEU + emerging-DoE-HALEU-contract + emerging-advanced-nuclear-reactor-fuel-supplier; 2024 Amir Vexler CEO appointment. Multi-decade strategic-evolution: 1992-1998 USEC-Inc platform; 1998 NYSE-IPO; 1998-2014 USEC-Inc; 2014 Chapter-11-reorganization-and-Centrus-Energy-emergence; 2019 substantial DoE-HALEU-demonstration-contract + emerging-Piketon-OH-HALEU-cascade; 2024 Amir Vexler CEO; 2020-2025 substantial multi-cycle post-COVID + emerging-nuclear-renaissance + emerging-HALEU + emerging-DoE-HALEU-contract + emerging-advanced-nuclear-reactor-fuel + emerging-utility-LEU-and-HALEU-customer + multi-cycle-cash-positive. Under CEO Amir Vexler (since 2024, ~1+ year longtime Westinghouse Electric + multi-cycle-nuclear-fuel executive), FY2025 closes with selected various aggregate revenue ~$390-500M, adj. EBITDA ~$50-110M, adj. EPS ~$2.50-5.50, net cash ~$200-350M, and ~15-17M shares outstanding. The first deep-dive — US-uranium-enrichment + HALEU + emerging-advanced-nuclear-reactor-fuel franchise — covers entire sole-US-uranium-enrichment + LEU + HALEU + emerging-DoE-HALEU-contract + emerging-advanced-nuclear-reactor-fuel-supplier business + Centrus-Energy-and-emerging-Centrus-Energy positioning. Geographic + Facility composition: Piketon-OH (sole-US-uranium-enrichment-and-HALEU-cascade providing distinctive US-uranium-enrichment-and-HALEU-cascade) + Oak-Ridge-TN-DoE-HALEU-demonstration + emerging-Piketon-OH-HALEU-commercial-expansion. Revenue mix: LEU SWU ~70-85% (LEU UF6 + LEU-pricing-pass-through); HALEU + Technical Solutions ~15-30% (DoE-HALEU + emerging-HALEU-commercial). Customer base: US-utility (Constellation Energy + Vistra + Duke Energy + Exelon + Dominion Energy + Southern Company) + Japan-utility + Europe-utility + emerging-DoE + emerging-advanced-nuclear-reactor-OEM (X-energy + TerraPower + Oklo + Kairos Power + Nuscale Power). 2019-DoE-HALEU-demonstration-contract + emerging-DoE-HALEU-commercial-contract. Competes in US-uranium-enrichment space with TENEX-Tenex (Russia + state-owned-Rosatom most-direct-larger-TENEX-Russia-Rosatom-uranium-enrichment-comp), Urenco (private + UK-Netherlands-Germany consortium most-direct-Urenco-uranium-enrichment-comp), Orano (private + France-state-owned most-direct-Orano-uranium-enrichment-comp), CNNC-China National Nuclear Corp (private + state-owned-China most-direct-CNNC-uranium-enrichment-comp), Kazatomprom (KAP-LSE), Cameco (CCJ most-direct-Cameco-uranium-mining-and-enrichment-comp), BWX Technologies (BWXT most-direct-BWXT-nuclear-fuel-and-emerging-HALEU-comp); advanced-nuclear-reactor-OEM TerraPower (private + Bill-Gates-Bechtel), X-energy (private), Oklo (OKLO most-direct-Oklo-advanced-nuclear-reactor-comp), Kairos Power (private), Nuscale Power (SMR), GE Hitachi Nuclear (GE Vernova GEV), Westinghouse Electric (Brookfield-Cameco-acquired), Holtec International (private), Last Energy (private), Aalo Atomics (private), Radiant Industries (private); utility-customers Constellation Energy (CEG largest-US-nuclear-utility), Vistra (VST + emerging-Vistra-nuclear), Duke Energy (DUK), Exelon (EXC), Dominion Energy (D), Southern Company (SO + Vogtle), Entergy (ETR), Talen Energy (TLN + emerging-Talen-nuclear), Energy Harbor (Vistra-acquired 2024); uranium-mining Cameco (CCJ), Kazatomprom (KAP-LSE), Energy Fuels (UUUU), Ur-Energy (URG), Uranium Energy (UEC), Denison Mines (DNN), Paladin Energy (PDN-AU), NexGen Energy (NXE). The second deep-dive — Amir-Vexler + 2014-Chapter-11-reorganization + multi-decade compounder thesis — covers Amir-Vexler-CEO + Westinghouse Electric + multi-cycle-nuclear-fuel expertise, 2014-Chapter-11-reorganization-and-Centrus-Energy-emergence + multi-cycle-disciplined-bolt-on-and-strategic-M&A + emerging-DoE-HALEU-demonstration-and-commercial-contract, emerging-US-uranium-enrichment cycle + emerging-nuclear-renaissance + emerging-HALEU + emerging-DoE-HALEU-contract + emerging-advanced-nuclear-reactor-fuel + emerging-utility-LEU-and-HALEU-customer + emerging-AI-data-center-nuclear-power structural-tailwinds. Multi-cycle-growth-and-emerging-investment-focused: no-regular-dividend + no-buyback + multi-cycle-growth-and-emerging-investment-focused. Multi-decade compounder thesis combines USEC-and-Centrus-Energy ~33+ year heritage, sole-US-uranium-enrichment + Piketon-OH-LEU-and-HALEU-cascade + Oak-Ridge-TN-DoE-HALEU-demonstration, 2014-Chapter-11-reorganization + multi-cycle-DoE-HALEU + emerging-DoE-HALEU-commercial-contract, Amir Vexler + Westinghouse Electric expertise, no-regular-dividend + no-buyback + non-IG balance-sheet (multi-cycle-cash-positive + emerging-strategic-acquisition-target potential), emerging-US-uranium-enrichment cycle + emerging-nuclear-renaissance + emerging-HALEU + emerging-DoE-HALEU-contract + emerging-advanced-nuclear-reactor-fuel + emerging-utility-LEU-and-HALEU-customer + emerging-AI-data-center-nuclear-power structural-tailwinds. Capital position is post-Chapter-11 non-IG (B/B-), no-regular-dividend, no-buyback, multi-cycle-cash-positive: net cash ~$200-350M (zero-leverage), B/B- equivalent, $200-350M cash + undrawn revolver liquidity, FCF ~$30-100M/yr deployed into capex ~$30-100M/yr + no dividend + no buyback + multi-cycle-disciplined-bolt-on-and-strategic-M&A + emerging-DoE-HALEU-contract capex, ~15-17M shares. At ~$120-280 per share, equity value ~$1.8-4.8B, EV ~$1.5-4.5B (net cash), ~22-110x EPS and ~15-50x EV/EBITDA. Base case: US-uranium-enrichment cycle constructive + emerging-DoE-HALEU-contract + emerging-advanced-nuclear-reactor-fuel + emerging-utility-LEU-and-HALEU-customer + revenue $430-560M + adj. EBITDA $70-130M + adj. EPS $3.50-6.50 + multi-cycle-growth + ~10-30% return. Bull case: US-uranium-enrichment accelerates + emerging-nuclear-renaissance inflects + emerging-HALEU-and-DoE-HALEU-commercial-contract inflects-substantially + emerging-advanced-nuclear-reactor-fuel inflects + emerging-AI-data-center-nuclear-power inflects + revenue $500-700M + adj. EBITDA $100-200M + adj. EPS $5.50-10.00 + multi-cycle-cash-positive + emerging-strategic-acquisition-target (BWXT + Westinghouse + Cameco + Urenco-Centrus-Energy-acquisition interest) + re-rate 35-70x + 50-150%+ return + takeout-premium-upside. Bear case: US-uranium-enrichment stresses + emerging-DoE-HALEU-contract disappoints + emerging-advanced-nuclear-reactor-fuel disappoints + adj. EBITDA $20-40M + adj. EPS $0.80-1.80 + de-rate 20-30x + flat-to-substantially-negative.
Research · Jun 3, 2026
SMR, OKLO, CCJ: AI Power Meets the Nuclear Renaissance
BNP Paribas pivoted its top-decile fund into SMR-cohort stocks as institutional capital arrives. AI power demand and SMR commercialization timelines align.