MeritValue

UR-ENERGY INC

URGdata completeness 88%15 fiscal years on file
The thesis, from the filings

UR-ENERGY INC earns about -48% on equity, but has diluted owners by 88% 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 2021FY 2022FY 2023FY 2024FY 2025
Revenue$16,0001$19,0001$17.7M2$33.7M3$27.2M3
Net income−$22.9M4−$17.1M4−$30.7M5−$53.2M6−$74.9M6
Operating cash flow−$11.7M7−$18.1M7−$17M8−$71.9M9−$43.1M9
Capital expenditure$1.19M10$709,00010$2.04M11$9.05M12$23.6M12
Free cash flow (derived)−$12.9M7−$18.8M7−$19M8−$81M9−$66.7M9
Total debt$1.31M13$5.41M14$5.73M14——
Cash & equivalents$46.2M15$33M15$59.7M16$76.1M17$123.9M17
Diluted shares195.7M220.5M260.0M317.7M368.4M

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
$2.1
your share of equity
Profit it earned you last year
−$2.03
Free cash flow it threw off
−$1.81
Debt you’d be carrying
—

10 shares is a claim on $2.1 of net worth that earned you −$2.03 and generated −$1.81 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-48% avg · 5y
FY21 -33%FY22 -27%FY23 -41%FY24 -40%FY25 -97%

It earned an average -48% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+88% shares · 5y

Share count is up 88% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 339% over the same window.

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 2021-12-31 · accession 0001654954-23-002437 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2023-12-31 · accession 0001558370-25-004728 (Revenues)
  3. 10-K · period ending 2024-12-31 · accession 0001104659-26-025923 (Revenues)
  4. 10-K · period ending 2021-12-31 · accession 0001654954-24-002673 (NetIncomeLoss)
  5. 10-K · period ending 2023-12-31 · accession 0001558370-25-004728 (NetIncomeLoss)
  6. 10-K · period ending 2024-12-31 · accession 0001104659-26-025923 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001654954-24-002673 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-12-31 · accession 0001558370-25-004728 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-12-31 · accession 0001104659-26-025923 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001654954-24-002673 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-12-31 · accession 0001558370-25-004728 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-12-31 · accession 0001104659-26-025923 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001654954-22-002811 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-12-31 · accession 0001654954-24-002673 (DebtCurrent)
  15. 10-K · period ending 2021-12-31 · accession 0001654954-24-002673 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2023-12-31 · accession 0001558370-25-004728 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2024-12-31 · accession 0001104659-26-025923 (CashAndCashEquivalentsAtCarryingValue)