Cash conversion efficiency appears strained, as demonstrated by the 2026Q1 period where the company reported $10.0 million in net income but suffered a negative operating cash flow of $35.1 million.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 |
|---|
| Cash from Operations | -20.6M | 51M | 37M | 9.1M | 20.6M | 50M | 67.1M | 11.3M | -74.4M | -25.1M | 37.7M | 8.5M | -110.1M | 81.2M | 142.9M | 56.3M | 22.5M | 443.4M | -104.9M | 109.2M | 278.1M | 188.9M | 52.6M | 144.9M | 262.4M | 207.6M | 262.8M | 230.4M | 73.3M |
| Operating CF Margin % | - | 11.37% | 8.37% | 2.84% | 7.01% | 16.76% | 27.14% | 5.39% | -38.55% | -11.49% | 12.11% | 2.03% | -21.42% | 6.21% | 7.45% | 3.37% | 1.11% | 21.77% | -6.5% | 5.66% | 15.04% | 12.11% | 3.71% | 9.92% | 18.4% | 18.15% | 17.64% | 15.07% | 5.16% |
| Operating CF Growth % | 404.95% | 37.84% | 306.59% | -55.83% | -58.8% | -25.48% | 493.81% | 115.19% | -196.41% | -166.58% | 343.53% | 107.72% | -235.59% | -43.18% | 153.82% | 150.22% | -94.93% | 522.69% | -196.06% | -60.73% | 47.22% | 259.13% | -63.7% | -44.78% | 26.4% | -21% | 14.06% | 214.32% | - |
| Net Income | 60.6M | 77.8M | 73.2M | 84.4M | 52.2M | 175M | 54.4M | -16.5M | -104.1M | 12.2M | -67M | -187.4M | 297.8M | -158.9M | -1.2B | -540.7M | 7.5M | 58.5M | 48.7M | 96.6M | 106.2M | 22.3M | 23.5M | 10.7M | 16.2M | 78.4M | 8.9M | 152.4M | 68.4M |
| Depreciation & Amortization | 10.6M | 9.9M | 10.8M | 7.1M | 9.6M | 8.6M | 7.3M | 7M | 7.4M | 12M | 13.1M | 13.8M | 8.7M | 27.6M | 37.5M | 50.1M | 43.3M | 31.9M | 34.2M | 39.5M | 36.7M | 35M | 31.8M | 29.3M | 23.9M | 22.6M | 20.4M | 16.4M | 16.1M |
| Stock-Based Compensation | 5.7M | 5.8M | 1.5M | 2.3M | 1.9M | 12.1M | 7.1M | 0 | 400K | 500K | 500K | 400K | 800K | 2M | 5.1M | 0 | 0 | 0 | 900K | 900K | 400K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 2.4M | 7.4M | -700K | -1.6M | 14.7M | -39.5M | -1.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 301.6M | 44.3M | -1.6M | 3.1M | -40.6M | -13.4M | -43.2M | 1.6M | -1.7M | -9.4M | -31.4M | 0 | -49.5M | 0 |
| Other Non-Cash Items | -42.9M | -1.8M | -15.1M | -38.8M | 35.3M | -52.9M | -3.4M | 17M | 18.1M | -61.1M | -3.8M | 110.9M | -439.1M | 12.8M | 1.06B | -384.3M | -35.9M | 0 | -900K | -900K | 2.2M | 6.8M | 2.5M | -32.3M | -67.2M | 88.2M | 205.2M | 51.4M | 67M |
| Working Capital Changes | -57M | -48.1M | -32.7M | -44.3M | -93.1M | -53.3M | 3.6M | 3.8M | 4.2M | 11.8M | 95.4M | 71.2M | 22.5M | 199.7M | 246.5M | 92M | -36.7M | 354.6M | -190.9M | 13.7M | 146M | 148.2M | 9.1M | 138.9M | 298.9M | 49.8M | 28.3M | 59.7M | -78.2M |
| Change in Receivables | -3.2M | 49.2M | -30.5M | -11.3M | -9M | 500K | -8.6M | 29.3M | 9.7M | -17.6M | 6.5M | 29.3M | 110M | -28.2M | 1.4M | 146.6M | -117.2M | -37.3M | 98.8M | -37M | 40.8M | -18.2M | 16M | 118.1M | -9.3M | -9.3M | 0 | 0 | 0 |
| Change in Inventory | -307.7M | -53.5M | 2.1M | -60.3M | -88.5M | -10.7M | 25.8M | 100K | 61M | 44.7M | 89.5M | 90.9M | 200M | 160.1M | 238.7M | -75.2M | 25.1M | 269.9M | -270.6M | 36.2M | 176.1M | 76.3M | -17M | 117.7M | 236.7M | -274M | 122.3M | 51.2M | -142.5M |
| Change in Payables | 77.8M | 400K | -1.4M | 8.5M | 2.6M | -4.6M | -5.2M | -12.3M | 3.7M | -43.8M | 10.4M | -1.8M | -92.3M | -82.5M | 30.1M | -10.6M | 23.5M | 44.6M | -25.1M | -25.1M | -82.1M | 26.2M | 37.9M | 10M | 15.4M | 15.4M | 0 | 0 | 0 |
| Cash from Investing | -40.8M | -19.7M | -4.1M | -1.6M | -700K | -1.2M | -1.4M | 600K | 400K | 4.2M | -1.2M | 6.7M | 15.5M | 25.7M | 124.8M | -163.2M | -144.6M | -463.8M | -477.2M | -170.4M | -79.6M | -26.3M | -34.3M | -24.9M | -63.8M | -53.1M | -75.9M | -51.1M | -36.5M |
| Capital Expenditures | -40.8M | -19.7M | -4.1M | -1.6M | -700K | -1.2M | -1.4M | -100K | -100K | -500K | -3M | -300K | 0 | 0 | -4.3M | -152.8M | -162.2M | -441.3M | -441.9M | -137.2M | -44.8M | -26.3M | -20.2M | -24.9M | -42.4M | -53.1M | -75.9M | -51.1M | -36.5M |
| CapEx % of Revenue | 9.02% | 4.39% | 0.93% | 0.5% | 0.24% | 0.4% | 0.57% | 0.05% | 0.05% | 0.23% | 0.96% | 0.07% | - | - | 0.22% | 9.14% | 7.97% | 21.67% | 27.37% | 7.12% | 2.42% | 1.69% | 1.43% | 1.71% | 2.97% | 4.64% | 5.1% | 3.34% | 2.57% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 500K | 4.7M | 1.5M | 2M | 10.5M | 43.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -6M | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 700K | 500K | 4.7M | 1.8M | 7M | 5M | -17.5M | 129.1M | -10.4M | 17.6M | -22.5M | -33.2M | -33.2M | -34.8M | 0 | -8.1M | 0 | -21.4M | -21.4M | 0 | 0 | 0 |
| Cash from Financing | 1.28B | 1.22B | 437.1M | 13.9M | -4.3M | -9.9M | -44.4M | -35M | -11.1M | -31M | -9.8M | 0 | -800K | -85.6M | -12.4M | -6.5M | 141.8M | -96.8M | -55.5M | 775.9M | -286.2M | -78.3M | -57.6M | -42M | -41.9M | -105M | -200.5M | -1.27B | -120M |
| Debt Issued (Net) | 782.4M | 708.1M | 388.7M | 0 | 0 | 0 | 0 | -27.5M | -5M | -27.6M | -9.8M | 0 | 0 | -83.2M | -1.8M | 0 | 85M | -95.7M | -54.3M | 575M | -288.8M | -36.3M | -25.6M | 0 | 0 | 0 | -50M | 0 | 545.2M |
| Equity Issued (Net) | 498M | 520.3M | 54.7M | 23.2M | 3.6M | -2.3M | -38.5M | 0 | 0 | 0 | 0 | 0 | -100K | -200K | -500K | -6.5M | 73.2M | -1.1M | 100K | 214.3M | 2.5M | 8.8M | 14.3M | 3.2M | 0 | 2.7M | -10.7M | -124.6M | -14.8M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -13.4M | 0 | -10.4M | -8.5M | 0 | 0 | 0 | 0 | -47.3M | -46.3M | -45.2M | 0 | -44.6M | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -100K | -200K | -500K | -1.5M | -1.8M | -400K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -13M | -124.6M | -14.8M |
| Other Financing | -3.2M | -3.5M | -6.3M | -9.3M | -7.9M | -7.6M | -5.9M | -7.5M | -6.1M | -9M | 0 | 0 | -700K | -2.2M | -10.1M | 0 | -16.4M | 0 | -1.3M | -13.4M | 100K | -3.5M | 0 | 0 | -41.9M | 0 | 0 | 0 | 1.14B |
| Net Change in Cash | 1.22B | 1.26B | 470.2M | 21.4M | 15.6M | 38.9M | 21.3M | -23.1M | -85.1M | -51.9M | 26.7M | 15.2M | -95.4M | 21.3M | 255.3M | -113.4M | 19.7M | -117.2M | -637.6M | 714.7M | -87.7M | 84.3M | -39.3M | 78M | 156.7M | 49.5M | -13.6M | -1.09B | -83.2M |
| Free Cash Flow | -61.4M | 31.3M | 32.9M | 7.5M | 19.9M | 48.8M | 65.7M | 11.2M | -74.5M | -25.6M | 34.7M | 8.2M | -110.1M | 81.2M | 138.6M | -96.5M | -139.7M | 2.1M | -546.8M | -28M | 233.3M | 162.6M | 32.4M | 120M | 220M | 154.5M | 186.9M | 179.3M | 36.8M |
| FCF Margin % | -13.58% | 6.98% | 7.44% | 2.34% | 6.77% | 16.36% | 26.58% | 5.34% | -38.6% | -11.72% | 11.15% | 1.96% | -21.42% | 6.21% | 7.23% | -5.77% | -6.86% | 0.1% | -33.87% | -1.45% | 12.62% | 10.43% | 2.29% | 8.22% | 15.43% | 13.51% | 12.55% | 11.73% | 2.59% |
| FCF Growth % | -196.69% | -4.86% | 338.67% | -62.31% | -59.22% | -25.72% | 486.61% | 115.03% | -191.02% | -173.78% | 323.17% | 107.45% | -235.59% | -41.41% | 243.63% | 30.92% | -6752.38% | 100.38% | -1852.86% | -112% | 43.48% | 401.85% | -73% | -45.45% | 42.39% | -17.34% | 4.24% | 387.23% | - |
| FCF per Share | -2.74 | 1.57 | 2.01 | 0.48 | 1.33 | 3.52 | 6.49 | 1.17 | -8.14 | -2.82 | 3.81 | 0.91 | -13.85 | 180.63 | 308.46 | -219.24 | -228.61 | 3.58 | -939.34 | -72.15 | 732.77 | 511.89 | 104.16 | 399.85 | 739.56 | 521.14 | 506.38 | 487.07 | 100.33 |
| FCF Conversion (FCF/Net Income) | -1.01x | 0.66x | 0.51x | 0.11x | 0.39x | 0.29x | 1.23x | -0.68x | 0.71x | -2.06x | -0.56x | -0.05x | -0.37x | -0.51x | -0.12x | -0.10x | 3.00x | 7.58x | -2.15x | 1.13x | 2.62x | 8.47x | 2.24x | 13.54x | 16.20x | 2.65x | 29.53x | 1.51x | 1.07x |
| Interest Paid | 4.5M | 8.9M | 6.1M | 0 | 0 | 0 | 0 | 1.5M | 0 | 0 | 0 | 12.2M | 0 | 20.7M | 0 | 0 | 0 | 700K | 15.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 400K | 700K | 700K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 300K | 0 | 400K | 0 | 0 | 3.2M | 4.5M | 50M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Geopolitical supply chain disruption
As reported in recent financial statements, the company's operating cash flow frequently decouples from net income, evidenced by a 2026Q1 net income of $10.0 million against a negative operating cash flow of $35.1 million, suggesting that reported profits are not currently translating into realized liquidity.
The persistent gap between net income and operating cash flow indicates that earnings are heavily influenced by non-cash items or timing differences in revenue recognition. Investors should monitor whether this divergence is a temporary byproduct of project-based accounting or a structural issue regarding the quality of reported earnings.
Based on the provided cash flow data, free cash flow has exhibited extreme volatility, swinging from a positive $57.2 million in 2024Q4 to a negative $58.3 million in 2026Q1, reflecting the lumpy nature of capital-intensive nuclear fuel projects and the timing of customer payments.
The erratic trajectory of free cash flow suggests that the company's current business model is highly sensitive to the timing of specific contract milestones. This lack of consistent cash generation may indicate that the firm remains in a transition phase where operational stability is secondary to project-specific funding cycles.
According to quarterly filings, capital expenditures have surged to $23.2 million in 2026Q1, representing a significant 30.2% of revenue, which highlights the heavy investment required to scale domestic HALEU production capabilities at the American Centrifuge Plant in Ohio.
This shift toward higher capital intensity appears to be a deliberate strategic pivot to establish a domestic production moat. However, the elevated capex levels relative to revenue suggest that the company is currently prioritizing long-term infrastructure development over near-term cash flow preservation.
As indicated by the 2025Q4 data, a significant working capital outflow of $77.3 million severely pressured the company's cash position, demonstrating how inventory and receivable management can create substantial, albeit temporary, liquidity constraints in the nuclear fuel supply chain.
The sensitivity of cash flow to working capital changes suggests that the company's operational efficiency is heavily dependent on the timing of fuel deliveries and utility payments. Analysts should investigate whether these swings are indicative of supply chain bottlenecks or simply the standard rhythm of long-cycle nuclear fuel procurement.
Quick answers to the most common questions about buying LEU stock.
Centrus Energy Corp. (LEU) generated $51.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Centrus Energy Corp. (LEU) generated $31.3M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Centrus Energy Corp. (LEU) spent $19.7M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.