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Building materials · Basic Materials · Fiscal year ends Dec 31
Energy Fuels reported revenue of $66M in the fiscal year ended Dec 2025, down 15.6% from the year before. Operating income was −$101M, an operating margin of −153.4%, and net income was −$86M. Operating cash flow of −$89M less capital expenditure of $19M left free cash flow of −$109M. Net debt was $611M.
Ranks among the 16 building materials companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 3.2 | 12.5 | 37.9 | 78.1 | 65.9 |
| Cost of revenue | 1.8 | 7.8 | 18.2 | 55.9 | 52.2 |
| Gross profit | 1.4 | 4.7 | 19.7 | 22.2 | 13.8 |
| Selling, general & admin | 15.3 | 25.5 | 27.9 | 36.6 | 64.8 |
| Operating income | −35.4 | −44.9 | −32.4 | −47.5 | −101 |
| Interest expense | 0.1 | – | – | – | 2.3 |
| Pre-tax income | 1.4 | −59.9 | 100 | −48.2 | −87.1 |
| Income tax | 0.0 | 0.0 | 0.3 | −0.4 | −1.0 |
| Net income | 1.4 | −59.8 | 99.9 | −47.8 | −85.6 |
| Diluted EPS | 0.01 | −0.38 | 0.62 | −0.28 | −0.38 |
| Diluted shares | 150 | 157 | 160 | 172 | 225 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 113 | 62.8 | 57.4 | 38.6 | 64.7 |
| Receivables | 4.0 | 0.5 | 0.8 | 37.8 | 18.0 |
| Inventory | 32.1 | 40.6 | 40.7 | 66.5 | 73.5 |
| Current assets | 149 | 136 | 233 | 230 | 959 |
| Net PP&E | 22.0 | 12.7 | 26.1 | 55.2 | 69.8 |
| Total assets | 315 | 274 | 402 | 612 | 1,412 |
| Payables | 3.0 | 1.9 | 1.0 | 7.5 | 5.3 |
| Deferred revenue | 0.0 | 0.0 | 0.3 | 0.8 | 0.0 |
| Current liabilities | 6.1 | 18.6 | 10.4 | 59.3 | 31.2 |
| Long-term debt | – | – | – | 0.0 | 676 |
| Total liabilities | 19.9 | 29.5 | 22.7 | 80.3 | 729 |
| Shareholders' equity | 292 | 240 | 375 | 528 | 678 |
| Backlog (remaining obligations) | – | – | – | – | 189 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −29.3 | −49.7 | −15.4 | −44.0 | −89.5 |
| Capital expenditure | 1.4 | 2.0 | 15.4 | 22.2 | 19.3 |
| Free cash flow | −30.7 | −51.7 | −30.8 | −66.1 | −109 |
| Depreciation & amortisation | 3.2 | 3.3 | 2.8 | 3.1 | 5.4 |
| Stock-based compensation | 2.2 | 4.6 | 4.6 | 5.4 | 12.6 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 293.1% | 203.1% | 106.0% | −15.6% |
| EPS growth (YoY) | – | −3900.0% | – | −145.2% | – |
| Gross margin | 43.0% | 37.3% | 52.1% | 28.4% | 20.9% |
| Operating margin | −1112.6% | −359.1% | −85.3% | −60.8% | −153.4% |
| Net margin | 45.5% | −478.2% | 263.3% | −61.1% | −129.9% |
| Return on equityBlank when equity is negative | 0.5% | −24.9% | 26.6% | −9.0% | −12.6% |
| ROCEEBIT ÷ (assets − current liabilities) | −11.5% | −17.6% | −8.3% | −8.6% | −7.3% |
| Free cash flow margin | −963.0% | −413.1% | −81.3% | −84.7% | −165.0% |
| Cash conversion (CFO ÷ net income) | −20.2x | 0.83x | −0.15x | 0.92x | 1.04x |
| Receivable days | 453 | 15 | 8 | 176 | 100 |
| Inventory days | 6467 | 1890 | 817 | 434 | 514 |
| Payable days | 611 | 86 | 20 | 49 | 37 |
| Interest cover | −656x | – | – | – | −43.4x |
| Debt ÷ equity | – | – | – | 0.00x | 1.00x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | – | – | – | −38.6 | 611 |
| Current ratio | 24.4x | 7.28x | 22.5x | 3.88x | 30.7x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.