Direct Answer
6 SEC filers are classified under the Standard Industrial Classification codes that describe the uranium mining 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 miners extract uranium ore and produce concentrate that is sold to nuclear power utilities. Contract sales with long terms provide visibility, while spot sales provide exposure to price spikes. The first numbers to compare across companies here are pounds produced and sold, cost per pound and realized contract price.
Key Industry Metrics
- Pounds produced and sold: Pounds of uranium concentrate mined and delivered. Ramp-ups take time and deliveries follow contract schedules, so sold volume can differ from produced.
- Cost per pound: Cost to produce each pound. Comparing with price shows margin, and high-grade deposits generally produce at lower costs.
- Realized contract price: Average price from long-term contracts. It may differ from spot because contracts reprice slowly, so it can lag market moves.
- Reserve and resource base: Uranium estimated in the ground, split by confidence level. Reserves are economically mineable, while resources are less certain and need development.
- Cash position: Cash and liquid assets on hand. Developers rely on cash to fund permitting and construction, so a strong position lowers the need to raise equity.
Primary Macro Drivers
- Reactor restarts and construction: Operating and planned reactors create long-term fuel demand, so their count supports contract prices and volume.
- Utility contract demand: When utilities sign new long-term contracts, miners can lock in prices and lengthen sales visibility.
- Supply from Kazakhstan, Canada and Namibia: A few countries provide most uranium, so output and disruption there move prices and the realized contract price.
- Enrichment supply and sanctions: Limits on certain sources of enriched fuel shift demand toward other suppliers, supporting contracting and prices.
Major Risks
- Price volatility: Spot prices can move sharply on small volumes, affecting uncontracted pounds; watch the contract versus spot mix and realized price.
- Project delays: Mines can take longer or cost more to start, deferring revenue; watch development milestones and capital cost.
- Regulatory and permitting: Licensing and environmental reviews are lengthy and can be contested; watch permit milestones and regulator decisions.
- Political risk in producing countries: Governments can change taxes, licenses or export rules; watch the countries behind production and fiscal terms.
Industry Characteristics
| Characteristic | Profile |
|---|---|
| Cyclicality | Mixed |
| Capital Intensity | High |
| Regulatory Intensity | High |
| Industry Maturity | Growth |
| Geographic Importance | Global |
Uranium Mining 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 Mining 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 Mining industry?
Key performance indicators for the Uranium Mining industry include: Pounds produced and sold, Cost per pound, Realized contract price, Reserve and resource base, Cash position. 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 Mining industry?
The Uranium Mining 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 Mining industry?
The primary risks for Uranium Mining companies include: Price volatility, Project delays, Regulatory and permitting, Political risk in producing countries. Investors should assess each company's exposure to these factors and its track record of navigating them.