Direct Answer
6 SEC filers are classified under the Standard Industrial Classification codes that describe the uranium producers industry, and their latest annual reports show $44.8 billion of combined revenue and a median operating margin of -109.5%. Investors should still evaluate its revenue model, industry-specific KPIs, valuation framework and the risks that can change the group's economics.
Industry Overview
Uranium producers mine and process uranium ore into concentrate that is sold to nuclear utilities, mostly under multi-year contracts with some spot sales. Prices follow reactor demand and supply from a few countries. The first numbers to compare across companies here are pounds produced and sold, realized price against spot and cost per pound.
Key Industry Metrics
- Pounds produced and sold: Pounds of uranium concentrate mined and delivered. Mines ramp slowly and sales follow contract schedules, so volumes can differ from production in a period.
- Realized price against spot: Average sale price compared with the spot market. Long-term contracts reprice slowly, so realized price can sit above or below spot for years.
- Cost per pound: All-in cost to produce a pound of concentrate. Comparing it with price shows margin; high-grade deposits generally have lower costs.
- Contract portfolio and tenor: Customer contracts and their remaining years. A long book at fixed or floor prices steadies revenue; many expiries expose the firm to repricing.
- Inventory held: Pounds of uranium held in stock. Inventory can be sold or delivered against contracts, and holding it ties up cash and gives price exposure.
Primary Macro Drivers
- Reactor restarts and new builds: More reactors operating or planned raise long-term demand for uranium, supporting contract prices and sales volumes.
- Utility contracting activity: When utilities sign new long-term contracts, producers can lock in prices and lengthen the contract portfolio.
- Supply from Kazakhstan, Canada and Australia: A few countries supply most uranium, so their output decisions or disruptions move prices and the realized price against spot.
- Policy on enrichment and sanctions: Limits on supply from certain countries shift demand to other sources, supporting contracting and prices for allied producers.
Major Risks
- Price volatility: Spot prices can move sharply on small volumes, changing revenue on uncontracted pounds; watch the contract mix and realized price against spot.
- Mine operating and permitting risk: Technical problems or delayed permits hold back pounds produced and raise cost per pound; watch production guidance and permit milestones.
- Sovereign and political risk: Operating in countries that can alter licenses, taxes or export rules exposes cash flow; watch the countries behind production and licensing terms.
- Long project lead times: New mines take years to build, so supply responds slowly and costs may change before output; watch development milestones and cost estimates.
Industry Characteristics
| Characteristic | Profile |
|---|---|
| Cyclicality | Mixed |
| Capital Intensity | High |
| Regulatory Intensity | High |
| Industry Maturity | Growth |
| Geographic Importance | Global |
Uranium Producers Filers in the SEC Record
6 companies with annual reports in the dataset are classified by the SEC in the Standard Industrial Classification codes 1090, 1000. Their latest fiscal years end in 2025, and together they reported $44.8 billion of revenue. Median revenue growth over the prior year was -3.0%. Median operating margin was -109.5% and median net margin -85.0%. Median total liabilities were 44% of total assets, and 1 of 6 reported a profit in their latest year.
| Company | Revenue | Growth | Operating margin | Net margin | Year |
|---|---|---|---|---|---|
| Freeport-Mcmoran Inc | $25.9 billion | 1.8% | 25.2% | 8.5% | FY 2025 |
| Cleveland-Cliffs Inc. | $18.6 billion | -3.0% | -8.5% | -7.9% | FY 2025 |
| Mp Materials Corp. / De | $224 million | 10.1% | -66.6% | -38.3% | FY 2025 |
| Encore Energy Corp. | $43 million | -26.0% | -152.4% | -131.7% | FY 2025 |
| Realloys Inc. | $2 million | -5.3% | -165.7% | -182.1% | FY 2025 |
| Usa Rare Earth, Inc. | $2 million | n/a | -3621.6% | -18110.7% | FY 2025 |
Source: each company's own annual report as filed with the SEC (XBRL data), figures in U.S. dollars. A company's SIC code reflects its main business as the SEC records it, so it can differ from how an index provider or analyst classifies the company, and a diversified group appears under only one code.
Where to Go Next
The Uranium Producers guide describes how the industry earns money, what to measure and what can go wrong. To see how it compares, read the neighbouring industries in the same sector, then apply the same checks to a specific company.
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Frequently Asked Questions
What are the main KPIs for the Uranium Producers industry?
Key performance indicators for the Uranium Producers industry include: Pounds produced and sold, Realized price against spot, Cost per pound, Contract portfolio and tenor, Inventory held. Which matter most depends on the company's model, so compare them across several companies rather than relying on one.
How cyclical is the Uranium Producers industry?
The Uranium Producers industry exhibits mixed cyclicality characteristics. Some segments move with the broader economy while others maintain more stable demand, making stock selection within the group particularly important.
What are the biggest risks in the Uranium Producers industry?
The primary risks for Uranium Producers companies include: Price volatility, Mine operating and permitting risk, Sovereign and political risk, Long project lead times. Investors should assess each company's exposure to these factors and its track record of navigating them.