Centrus Energy Corp.
LEU 7.7Price and target zones价格与目标区间
In the buy zone在买入区间内
What the company does公司做什么
Centrus enriches uranium into fuel for nuclear reactors, and is the only company licensed in the United States to produce HALEU. Regular reactor fuel is enriched to about 3-5% uranium-235; HALEU is enriched higher, up to 20%, packing more fuel into less space. Most next-generation and small reactors are designed to run on it, so a domestic supply is a gating requirement for that industry. Until Centrus, the main commercial source was Russia.Centrus 把铀浓缩成核反应堆的燃料，是美国唯一获得许可生产 HALEU 的公司。普通反应堆燃料的铀-235 浓度约为3-5%；HALEU 浓缩得更高，可达20%，能在更小的体积里装进更多燃料。大多数下一代反应堆和小型反应堆都是按照使用它来设计的，所以本土供应是这个行业能否发展的一道关卡。在 Centrus 之前，主要的商业来源是俄罗斯。
Earns from营收来源 selling enriched uranium to electricity companies under long contracts, plus enrichment and engineering work for the US government.以长期合同向电力公司出售浓缩铀，外加为美国政府做的浓缩和工程工作。
Read the full description查看完整介绍
Centrus Energy Corp. supplies nuclear fuel components for the nuclear power industry in the United States, Japan, the Netherlands, and internationally. The company operates through two segments: Low-Enriched Uranium (LEU) and Technical Solutions. The LEU segment sells separative work units (SWU) components of LEU; natural uranium hexafluoride, uranium concentrates, and uranium conversion; and enriched uranium products to utilities that operate nuclear power plants. The Technical Solutions segment offers technical, manufacturing, engineering, and operations services to public and private sector customers. The company was formerly known as USEC Inc. and changed its name to Centrus Energy Corp. in September 2014. Centrus Energy Corp. was incorporated in 1998 and is headquartered in Bethesda, Maryland.
Revenue breakdown营收构成 share of revenue营收占比
Centrus buys uranium and processes it through enrichment to the level nuclear power plants need, then sells the finished fuel to electric utilities under long-term supply contracts. This is the company's original, decades-old commercial business, and multi-year contracts fix much of its revenue years in advance rather than letting it swing with quarterly demand.Centrus采购铀并将其加工浓缩至核电站所需的水平，再依据长期供应合同将成品燃料出售给电力公司。这是公司历史悠久的核心商业业务，多年期合同使其大部分收入提前锁定，而不是随季度需求波动。
This segment carries out enrichment and engineering work under contract for the US government, including building the country's first domestic supply of HALEU, a higher-enriched fuel that next-generation reactors need, plus advanced manufacturing and technical services. Federal funding pays for the work, not utility sales, so it grows with government nuclear-fuel policy rather than with power-plant demand.该部门为美国政府承接浓缩铀相关工程合同工作，包括建设美国国内首个HALEU（高浓缩铀）供应能力——下一代反应堆所需的更高浓缩燃料，以及先进制造与技术服务。这部分业务由联邦政府拨款支付，而非电力公司采购，因此其增长与政府核燃料政策挂钩，而非电厂需求。
Company facts公司资料
- Founded成立时间
- 1998
- Headquarters总部
- Bethesda, Maryland
- Employees员工人数
- 467
- Industry行业
- Uranium
- Country国家
- United States
Investment thesis投资逻辑 from the watchlist来自关注列表
⭐ Re-checked 9/16 — ACCUMULATE, now inside the strong-buy zone (−16% in 6d, $3 above 52wk-low). All 9 Structural + Trend claims from 9/10 CARRIED; move is pure dilution overhang + a 29%-short float pressing weakness, not a discovered fundamental problem.
Only US-licensed and operating HALEU producer, DOE-anchored; backlog $4.5B > $2.84B mkt cap (EV/Backlog re-compressed 0.57x → 0.46x, deeper below peers). Third SMR offtake (Radiant/Kaleidos, 9/9) intact, monopoly claim independently confirmed (nearest full-spec rival ~2032).
Aug "gain on sale" resolved as recurring investment income. FCF ~−$164M (toll-bridge). Evergreen still 7 (dated ~2032 by General Matter's equal-$900M DOE award). FV $175-270 unchanged — the tape is at the bear-case low while base/bull sit $70-175 above.
Entry $135-160 (recut), strong buy at fresh 52wk-lows (~$136); above $175 the zone closes. Trim 1.3x EV/Backlog (~$310-315 post-raise, not a P/E multiple).
9/16 复查——增持，现已进入强力买入区间（6 天内 -16%，距 52 周低点仅 $3）。 9/10 的 9 条结构性 + 趋势条款全部 CARRIED；此轮下跌是纯粹的稀释后续消化 + 29% 空头浮筹压制，而非发现基本面问题。 美国唯一持牌且在产的 HALEU 生产商，DOE 背书；积压 $4.5B > 市值 $2.84B（EV/积压 由 0.57x → 0.46x 进一步压缩，深入同业下方）。 第三份 SMR 承购协议（Radiant/Kaleidos，9/9）依然有效，垄断地位经独立核实（最近的全规格对手约 2032 年）。 8 月的“出售证券收益”之谜已解开为经常性投资收益。 FCF ~-$164M（收费桥）。 长青评级仍为 7（因 General Matter 同等 $900M DOE 资助，约 2032 年到期）。 FV $175-270 不变——盘面已处熊市情景低位，而基准/牛市情景仍在上方 $70-175。 入场区间调整为 $135-160，强力买入位于新 52 周低（约 $136）；若价格重回 $175 以上则区间关闭。 减持 1.3x EV/积压（增发后约 $310-315，非市盈率倍数）。
Historical results历史业绩 past fiscal years — these values do not change过去财年——这些数值不会变动
Profit margins利润率 the share of revenue that stays as profit营收中留存为利润的比例
of every $1 of revenue每 $1 营收中的占比
- Return on equity净资产收益率
- 8%
- Revenue growth营收增长
- +14%
Competitors竞争对手
Why customers stay客户为什么留下
Centrus runs the only US-licensed, US-technology enrichment plant producing HALEU. An enrichment plant needs a licence, security clearance, and years to build, so new supply cannot appear quickly. US policy to remove Russian enriched uranium from the supply chain favours a domestic producer. It holds a backlog of about $3.8 billion to 2040 and a $900 million government award to build commercial HALEU capacity.Centrus 运营着美国唯一一座采用美国技术、并获得许可生产 HALEU 的浓缩工厂。一座浓缩工厂需要牌照、安全许可，还要花好几年才能建成，所以新的供应没法很快出现。美国把俄罗斯浓缩铀移出供应链的政策，也对本土生产商有利。它手握约38亿美元、延续到2040年的订单储备，还有一笔9亿美元的政府拨款，用来建设商业化的 HALEU 产能。
Related companies相关公司 🟡 Nuclear / uranium
Uranium spot + DOE/regulatory policy. LEU and CCJ share the same DOE/Russian-sanctions axis — CCJ would concentrate, not diversify.
Combined speculative sizing; VST sized separately as a non-spec IG name.
Recent news近期新闻 last 7 days近7天
- Centrus Energy (LEU) Stock Looks Fully Priced After a 7x RunSimply Wall St.
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- Centrus Energy (LEU) Faces A Valuation Test Following EPS Estimate CutsSimply Wall St.
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- Centrus Energy to Report Q2 Earnings: What's in Store for the Stock?Zacks