Latest Ratios: P/E Ratio -32.4x · EV/EBITDA N/A · ROE -20.6%. (2012–2025 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 | $5.5B | $5.4B | $3.7B | $3.7B | $2.1B | $2.0B | $1.0B | $515M | $701M | $824M | $517M |
| Enterprise Value | $5.3B | $5.2B | $3.6B | $3.7B | $2.2B | $1.9B | $1.2B | $586M | $714M | $831M | $557M |
| P/E Ratio → | -32.35 | — | — | 46.67 | — | — | — | — | 306.90 | — | — |
| P/S Ratio | — | — | — | — | — | — | — | — | — | — | — |
| P/B Ratio | 3.74 | 2.96 | 3.11 | 4.52 | 4.67 | 4.35 | 8.58 | 2.77 | 3.85 | 5.56 | 4.34 |
| 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 | — | — | — | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | 263.06 | — | — |
| EV / EBIT | — | — | — | 49.76 | — | — | — | — | — | — | — |
| 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 | — | — | — | — | — | — | — | — | — | — | — |
| Operating Margin | — | — | — | — | — | — | — | — | — | — | — |
| Net Profit Margin | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -20.6% | -20.6% | -7.8% | 12.7% | -12.3% | -41.0% | -56.4% | -6.5% | 1.4% | -41.9% | -15.4% |
| ROA | -15.0% | -15.0% | -5.8% | 10.3% | -10.3% | -26.3% | -25.7% | -3.7% | 0.7% | -21.7% | -11.5% |
| ROIC | -4.9% | -4.9% | -5.7% | -9.5% | -11.0% | -12.6% | -5.2% | -6.6% | 0.5% | -22.4% | -11.7% |
| ROCE | -5.9% | -5.9% | -7.6% | -13.3% | -12.0% | -11.5% | -5.6% | -6.3% | 0.4% | -18.4% | -12.0% |
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 | 0.32 | 0.32 | 0.39 | 0.39 | 0.36 | 0.16 | 1.94 | 0.66 | 0.76 | 1.16 | 0.60 |
| Debt / EBITDA | — | — | — | — | — | — | — | — | 50.89 | — | — |
| Net Debt / Equity | — | -0.12 | -0.02 | 0.03 | 0.06 | -0.27 | 1.32 | 0.38 | 0.07 | 0.04 | 0.33 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | 4.84 | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | -5.32 | -5.32 | -2.40 | 12.00 | -24.70 | -30.50 | -5.77 | -0.23 | -2.17 | -2.06 | -4.46 |
Net cash position: cash ($802M) exceeds total debt ($586M)
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 | 1.82 | 1.82 | 1.03 | 1.65 | 1.49 | 26.00 | 10.24 | 11.17 | 19.29 | 54.95 | 32.71 |
| Quick Ratio | 1.82 | 1.82 | 1.03 | 1.65 | 1.49 | 26.00 | 10.24 | 11.17 | 19.29 | 54.95 | 32.71 |
| Cash Ratio | 1.78 | 1.78 | 1.00 | 1.56 | 1.45 | 25.73 | 10.11 | 10.89 | 19.19 | 54.72 | 32.35 |
| Asset Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
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 | — | — | — | 2.1% | — | — | — | — | 0.3% | — | — |
| 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 | — | $588M | $555M | $529M | $480M | $459M | $371M | $403M | $394M | $322M | $300M |
Includes 30+ ratios · 14 years · Updated daily
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Quick answers to the most common questions about buying NXE stock.
NexGen Energy Ltd.'s current P/E ratio is -32.4x. The historical average is 46.7x.
NexGen Energy Ltd.'s return on equity (ROE) is -20.6%. The historical average is -18.1%.
Based on historical data, NexGen Energy Ltd. is trading at a P/E of -32.4x. Compare with industry peers and growth rates for a complete picture.
Key Metrics
Top Statement Risk
Future financing gap for project capex
Negative ROIC Reflects Development Phase
NexGen's ROIC has remained consistently negative, ranging from -1.0% to -1.9% over the past ten quarters, indicating that invested capital is not yet generating returns as the company focuses on advancing the Rook I project.
The persistent negative ROIC is a structural feature of a pre-revenue developer, where all capital is deployed for exploration and permitting rather than generating operating income. This trend is expected to continue until the project reaches production, at which point the high-grade Arrow deposit should theoretically support a strong return profile. Investors should monitor the transition from negative to positive ROIC as a key milestone for value creation.
Leverage Managed Amidst Capital Intensity
The debt-to-equity ratio has fluctuated between 0.19 and 0.65, currently at 0.33, suggesting management has used debt strategically but not excessively to fund development, though the total capital requirement for Rook I likely exceeds current liquidity.
The current leverage level appears manageable given the company's substantial cash position, but the interest coverage ratio's volatility (from -12.92 to 9.92) highlights the sensitivity of debt service to non-operating income swings. As the project moves toward construction, the need for a multi-billion dollar financing package will be the critical test of the balance sheet's capacity, potentially requiring significant new debt or equity issuance.
Cash Buffer Narrows as Construction Looms
The current ratio has declined from a peak of 1.82 in 2025Q4 to 1.46 in 2026Q2, while cash reserves have fallen to $756.2M, indicating a narrowing liquidity cushion as capital expenditures accelerate.
The declining current ratio and cash balance reflect the increasing capital intensity of the Rook I project, with quarterly capex surging to over $40M. While the current position remains adequate for near-term operations, it likely represents only a fraction of the total capital required for mine construction, creating a material future financing risk that could lead to dilutive equity raises or increased debt.
Valuation Premium for Advanced Developer
NexGen's P/B ratio of 4.65 is significantly lower than peer Denison Mines at 11.44 but higher than most other developers, suggesting the market assigns a premium for its advanced permitting status and the scale of the Arrow deposit.
Compared to producing peer Cameco (P/B 8.75), NexGen trades at a discount, reflecting its pre-revenue status. However, its valuation is supported by the perceived quality and scale of its asset relative to smaller peers like IsoEnergy. The negative ROE across the developer peer group underscores that valuation is driven by project potential rather than current financial performance.
P/B Ratio Misapplied to Developer
The price-to-book (P/B) ratio is the most commonly misapplied metric for NexGen, as it compares market value to historical cost-based equity, which is heavily distorted by accumulated deficits and does not reflect the project's net present value.
For a pre-revenue developer like NexGen, book value is a poor proxy for intrinsic value because it is dominated by capitalized exploration costs and retained losses, not the future cash flows of the Rook I asset. Analysts should instead focus on risk-adjusted net present value (rNPV) models based on feasibility studies and long-term uranium price assumptions, which better capture the project's potential value.