MeritValue

URANIUM ENERGY CORP

UECdata completeness 88%19 fiscal years on file
The thesis, from the filings

URANIUM ENERGY CORP earns about -3% on invested capital, but has diluted owners by 58% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2022FY 2022FY 2023FY 2024FY 2025
Revenue—$23.2M1$164.4M2$224,0002$66.8M2
Net income$5.25M3$5.25M4−$3.31M5−$29.2M5−$87.7M5
Operating cash flow—−$53M6$72.6M7−$106.5M7−$64.5M7
Capital expenditure—$620,0008$555,0009$1.99M9$5.48M9
Free cash flow (derived)—−$53.6M6$72M7−$108.5M7−$69.9M7
Total debt—$010$1.52M10——
Cash & equivalents—$32.5M11$45.6M12$87.5M12$148.9M12
Diluted shares271.0M280.1M364.8M397.3M427.7M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$23.01
your share of equity
Profit it earned you last year
−$2.05
Free cash flow it threw off
−$1.64
Debt you’d be carrying
—

10 shares is a claim on $23.01 of net worth that earned you −$2.05 and generated −$1.64 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-3% avg · 5y
FY22 —FY22 2%FY23 -0%FY24 -4%FY25 -8%

It earned an average -3% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+58% shares · 5y

Share count is up 58% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2022-07-31 · accession 0001437749-24-030107 (Revenues)
  2. 10-K · period ending 2023-07-31 · accession 0001437749-25-029761 (Revenues)
  3. 10-K · period ending 2022-06-30 · accession 0001437749-22-023256 (NetIncomeLoss)
  4. 10-K · period ending 2022-07-31 · accession 0001437749-24-030107 (NetIncomeLoss)
  5. 10-K · period ending 2023-07-31 · accession 0001437749-25-029761 (NetIncomeLoss)
  6. 10-K · period ending 2022-07-31 · accession 0001437749-24-030107 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2023-07-31 · accession 0001437749-25-029761 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-07-31 · accession 0001437749-24-030107 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 10-K · period ending 2023-07-31 · accession 0001437749-25-029761 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K · period ending 2022-07-31 · accession 0001437749-23-027072 (LongTermDebtCurrent)
  11. 10-K · period ending 2022-07-31 · accession 0001437749-24-030107 (CashAndCashEquivalentsAtCarryingValue)
  12. 10-K · period ending 2023-07-31 · accession 0001437749-25-029761 (CashAndCashEquivalentsAtCarryingValue)