MeritValue

ENERGY FUELS INC

UUUUdata completeness 100%12 fiscal years on file
The thesis, from the filings

ENERGY FUELS INC earns about -1% on invested capital, but has diluted owners by 50% 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$3.18M1$12.5M2$37.9M3$78.1M3$65.9M3
Net income$1.45M4−$59.8M5$99.9M6−$47.8M6−$85.6M6
Operating cash flow−$29.3M7−$49.7M8−$15.4M9−$44M9−$89.5M9
Capital expenditure$1.37M10$2M11$15.4M12$22.2M12$19.3M12
Free cash flow (derived)−$30.7M7−$51.7M8−$30.8M9−$66.1M9−$108.7M9
Total debt————$675.7M13
Cash & equivalents$112.5M14$62.8M15$57.4M16$38.6M17$64.7M17
Diluted shares149.7M157.3M160.2M172.0M224.7M

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
$30.19
your share of equity
Profit it earned you last year
−$3.81
Free cash flow it threw off
−$4.84
Debt you’d be carrying
$30.07

10 shares is a claim on $30.19 of net worth that earned you −$3.81 and generated −$4.84 of cash last year, against $30.07 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-1% avg · 5y
FY21 1%FY22 -27%FY23 31%FY24 -8%FY25 -5%

It earned an average -1% 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
+50% shares · 5y

Share count is up 50% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has held roughly steady.

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 0001385849-24-000025 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001385849-25-000004 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001385849-26-000009 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001385849-24-000025 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001385849-25-000004 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001385849-26-000009 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001385849-24-000025 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001385849-25-000004 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001385849-26-000009 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001385849-24-000025 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001385849-25-000004 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001385849-26-000009 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2025-12-31 · accession 0001385849-26-000009 (LongTermDebt)
  14. 10-K · period ending 2021-12-31 · accession 0001385849-23-000005 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2022-12-31 · accession 0001385849-24-000025 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2023-12-31 · accession 0001385849-25-000004 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2024-12-31 · accession 0001385849-26-000009 (CashAndCashEquivalentsAtCarryingValue)