Latest Ratios: P/E Ratio -2.0x · EV/EBITDA N/A · ROE -27.0%. (2010–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $122M | $463M | $621M | $566M | $249M | $253M | $112M | $17M | $10M | $5M | $4M |
| Enterprise Value | $183M | $524M | $601M | $578M | $246M | $244M | $106M | $15M | $9M | $4M | $3M |
| P/E Ratio → | -1.96 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 2.22 | 7.83 | 10.64 | 25.56 | 43.66 | — | — | — | — | — | — |
| P/B Ratio | 0.46 | 1.79 | 1.95 | 2.16 | 0.86 | 1.70 | 7.05 | 2.87 | 1.70 | 0.97 | 0.96 |
| P/FCF | — | — | — | — | — | — | — | — | — | — | — |
| P/OCF | — | — | — | — | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 8.85 | 10.31 | 26.11 | 43.11 | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 22.5% | 22.5% | -12.4% | 11.6% | 37.4% | — | — | — | — | — | — |
| Operating Margin | -152.4% | -152.4% | -123.7% | -183.9% | -610.4% | — | — | — | — | — | — |
| Net Profit Margin | -131.7% | -131.7% | -105.2% | -115.6% | -545.5% | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -27.0% | -27.0% | -21.2% | -9.3% | -14.2% | -13.1% | -20.2% | -22.7% | -7.0% | -5.0% | -5.0% |
| ROA | -19.0% | -19.0% | -17.1% | -8.2% | -13.5% | -11.8% | -14.9% | -21.6% | -6.7% | -4.7% | -4.6% |
| ROIC | -21.9% | -21.9% | -18.9% | -10.9% | -12.3% | -11.7% | -23.8% | -17.5% | -7.1% | -5.8% | -4.9% |
| ROCE | -23.2% | -23.2% | -21.1% | -13.2% | -15.5% | -13.2% | -15.1% | -17.4% | -7.4% | -6.4% | -6.3% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.44 | 0.44 | 0.06 | 0.08 | 0.00 | 0.00 | 0.03 | — | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | 0.24 | -0.06 | 0.05 | -0.01 | -0.06 | -0.39 | -0.35 | -0.15 | -0.29 | -0.03 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | -24.32 | -24.32 | -41.61 | -6.44 | — | — | — | — | -20.33 | -84.45 | -36.47 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 8.03 | 8.03 | 2.91 | 4.03 | 2.93 | 1.95 | 7.69 | 7.44 | 3.11 | 8.93 | 0.29 |
| Quick Ratio | 7.64 | 7.64 | 2.21 | 4.03 | 3.76 | 1.95 | 7.69 | 7.44 | 3.16 | 8.93 | 0.29 |
| Cash Ratio | 7.02 | 7.02 | 2.12 | 3.88 | 1.56 | 1.55 | 7.33 | 7.34 | 3.05 | 8.68 | 0.25 |
| Asset Turnover | — | 0.14 | 0.15 | 0.07 | 0.02 | — | — | — | — | — | — |
| Inventory Turnover | 8.64 | 8.64 | 3.13 | 2174.78 | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 30.48 | — | 15.35 | 107.01 | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $187M | $182M | $144M | $106M | $65M | $50M | $45M | $38M | $36M | $24M |
Includes 30+ ratios · 16 years · Updated daily
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying EU stock.
enCore Energy Corp.'s current P/E ratio is -2.0x. This places it at the 50th percentile of its historical range.
enCore Energy Corp.'s return on equity (ROE) is -27.0%. The historical average is -19.3%.
Based on historical data, enCore Energy Corp. is trading at a P/E of -2.0x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
enCore Energy Corp. has 22.5% gross margin and -152.4% operating margin.
Key Metrics
Top Statement Risk
Persistent operating cash burn
Metrics are mathematically derived from official filings.
Book Value Discount Amid Losses
Based on the reported P/B of 0.46 and P/S of 2.07, enCore trades below book value while carrying negative earnings, a pattern that may reflect market skepticism about asset recoverability rather than a clear mispricing. Investors should monitor whether book value continues eroding.
With a trailing P/E of -1.54, earnings-based multiples are not meaningful, so the valuation case rests on book value and sales. Compared with peers UEC at 3.01x, URG at 3.53x, and DNN at 7.50x book, enCore's 0.46x multiple is markedly lower, which suggests the market is pricing in impairment risk on the mining asset base. A discount to book is only supportive if the underlying assets can generate returns above their carrying value, which the negative ROIC of -6.4% does not currently demonstrate.
Margins Unstable and Deeply Negative
As reported in the ratio data, enCore's operating margin reached -187.9% in 2026Q2 and net margin was -2.6%, with gross margin swinging from -96.0% to 43.8% across recent quarters, indicating no stable earning power yet.
The oscillation between gross margins near breakeven and sharply negative readings suggests cost recovery depends heavily on revenue timing rather than structural pricing power. Net margin figures are distorted by non-operating items, as seen in 2025Q4 at -173.9% against a materially smaller operating deficit, so operating margin is the more reliable gauge of underlying performance. Relative to UUUU at -129.9% and UEC at -131.1% net margins, enCore's position is similar in direction, implying the weakness is sector-wide rather than company-specific.
Returns Eroding Below Cost of Capital
Based on enCore's reported figures, ROIC has remained negative across all ten quarters, reaching -6.4% in 2026Q2, while ROE fell to -15.7%, suggesting invested capital is not compounding and may be decaying in value.
A persistently negative ROIC means the company is consuming capital rather than generating returns on the mining base carried on the balance sheet. The ROE trend shows the 2026Q1 positive reading of 2.0% was a non-recurring exception driven by non-operating income rather than operating improvement. Compared with URG at -130.4% ROIC and DNN at -13.3%, enCore's returns sit mid-pack within a weak group, which points to a shared sector constraint rather than an isolated execution problem.
Headline Liquidity Masks Cash Strain
As reported in the balance sheet data, enCore's current ratio of 8.00 and quick ratio of 6.84 appear strong, yet cash fell from $91.9M in 2025Q3 to $21.8M in 2026Q2 against a $29.5M operating loss, suggesting headroom is thinning faster than the ratios imply.
The high current ratio is largely driven by receivables and inventory tied to the operating base, and its reassurance weakens when set against a quarterly operating burn that consumes a large share of remaining cash. Investors should monitor whether the cash balance can absorb further quarters at the current loss run-rate without additional financing. The rise in total debt from $10.3M to $113.7M over the past year further suggests that liquidity may already be relying on external funding, though the data alone cannot confirm the terms or availability of that financing.
Current Ratio Misapplied to Mining Economics
Based on reported figures, the 8.00 current ratio is most commonly misapplied to uranium producers because it treats inventory and receivables as liquid while ignoring the long lead times and capital intensity of the underlying mining asset.
Many investors read a high current ratio as evidence of safety, yet for a company whose value sits in long-life mineral assets, the ratio says little about whether operations can fund themselves through a commodity downturn. A more appropriate metric is cash runway, meaning cash divided by quarterly operating cash burn, which at roughly $21.8M against a $21.1M operating cash outflow in 2026Q2 implies very little cushion. This adjustment reframes liquidity around survival time rather than a balance sheet snapshot that the data cannot fully validate.