Operational cash flow remains inconsistent with a 0.58 OCF/NI ratio in 2026Q1, while capital expenditures continue to consume significant resources, reaching 88.2% of revenue in 2025Q4.
| 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 |
|---|
| Cash from Operations | -62.51M | -43.13M | -71.92M | -16.98M | -18.09M | -11.7M | -8.44M | 3.99M | -5.36M | 5.63M | 3.33M | 5.37M | 1.94M | -27.77M | -10.88M | -12.68M | -13.47M | -16.2M | -8.67M | -5.81M | -2.56M | -1.57M |
| Operating CF Margin % | - | -158.51% | -213.37% | -96.06% | -95215.79% | -73112.5% | -101.53% | 12.36% | -22.83% | 14.66% | 12.21% | 12.82% | 6.6% | -364.63% | - | - | - | -1.93% | - | - | - | - |
| Operating CF Growth % | -770.55% | 40.03% | -323.5% | 6.13% | -54.65% | -38.55% | -311.76% | 174.34% | -195.33% | 68.8% | -37.93% | 177.23% | 106.98% | -155.25% | 14.19% | 5.9% | 16.83% | -86.93% | -49.26% | -126.52% | -63.28% | - |
| Net Income | -92.78M | -74.9M | -53.19M | -30.66M | -17.14M | -22.94M | -14.79M | -8.42M | 4.53M | 76K | -3.01M | -795K | -8.75M | -30.35M | -13.13M | -15.92M | -16.42M | -17.89M | -14.67M | -7.13M | -4.34M | -624.65K |
| Depreciation & Amortization | 8.04M | 7.04M | 3.12M | 2.98M | 3.02M | 3.83M | 4.26M | 4.99M | 3.6M | 4.89M | 5.14M | 6.5M | 7.64M | 537K | 517K | 465.81K | 525.96K | 502.87K | 423.29K | 76.81K | 29.9K | 0 |
| Stock-Based Compensation | 0 | 0 | 2.39M | 1.03M | 1.14M | 1.08M | 951K | 0 | 915K | 891K | 857K | 893K | 928K | 1.15M | 2.44M | 2.4M | 702.65K | 908.1K | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 5.45M | 664K | 0 | -538K | 51K | -17K | -3.35M | -463K | 2.28M | -535.53K | 128.32K | 1.56M | -351.87K | 0 | -2.56M | -440.98K | -238.5K |
| Other Non-Cash Items | 22.37M | 11.44M | 15.8M | 12.5M | 5.57M | 7.53M | 8.45M | 10.59M | -2.9M | 638K | 2.02M | 247K | -2.07M | 6.38M | -88.07K | 122.61K | 343.65K | 1.61M | 4.3M | 5.75M | 2.32M | -414.84K |
| Working Capital Changes | -151.71K | 13.29M | -40.04M | -2.83M | -10.68M | -6.65M | -7.99M | -3.18M | -10.98M | -920K | -1.66M | 1.87M | 4.65M | -7.77M | -80.74K | 127.04K | -192.93K | -983.35K | 1.28M | -761.58K | 24.88K | -291.87K |
| Change in Receivables | 712.39K | 17.28M | -16.51M | -290.23K | -4K | -4K | 22K | 9K | 2K | -17K | -7K | 19K | 5.77M | -5.72M | -499 | 3.44K | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -4.69M | -6.25M | -24.18M | -3.42M | -8.84M | -7.11M | -8.19M | -3M | -10.18M | -406K | -765K | 1.82M | -3.12M | -1.43M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 4.34M | 1.47M | 2.1M | 1.01M | -1.7M | 544K | 108K | -196K | -706K | -606K | -803K | -131K | 1.74M | 800K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -31.95M | -23.62M | -9.05M | -2.04M | -709K | -1.19M | -25K | -243K | 3.45M | -204K | -210K | -60K | -3.01M | -25.73M | -9.93M | -3.09M | 2.81M | 25.12M | 6.01M | -64.17M | 3.18M | -17.87M |
| Capital Expenditures | -32.08M | -23.62M | -9.05M | -2.04M | -709K | -1.19M | -43K | -280K | -86K | -199K | -296K | -77K | -501K | -29.31M | -11.18M | -898.57K | -1.78M | -1.73M | -2.02M | -12.32M | -5.22M | -6.15M |
| CapEx % of Revenue | 103.04% | 86.82% | 26.84% | 11.53% | 3731.58% | 7437.5% | 0.52% | 0.87% | 0.37% | 0.52% | 1.08% | 0.18% | 1.71% | 384.83% | - | - | - | 0.21% | - | - | - | - |
| Acquisitions | 136K | 0 | 0 | 0 | 0 | 0 | 18.95K | 18K | -5K | -5K | -5K | -8K | -7K | -9K | -1.37M | 146 | 17.77K | 1.03M | 21.65K | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | -950 | 19K | 3.54M | 5K | 96K | -1K | -2.5M | -3M | 2.23M | -432.87K | -1.1M | -699.98K | -879.42K | -1.36M | -39.51K | -3.27M |
| Cash from Financing | 143.53M | 114.93M | 99.89M | 46.09M | 5.89M | 54.87M | 5.33M | -2.42M | 4.42M | -3.1M | -3.04M | -6.96M | 2.58M | 43.79M | 16.36M | 3.29M | 8.24M | 1.33K | 2.24M | 67.53M | 23.32M | 16.12M |
| Debt Issued (Net) | 114.59M | 114.32M | -5.34M | -5.41M | -1.3M | 0 | 893K | -2.55M | -4.89M | -4.62M | -8.68M | -7.37M | 1.42M | 38.67M | -28K | 0 | 0 | 0 | 0 | -12.11M | -4.82M | 0 |
| Equity Issued (Net) | 30.51M | 17.34M | 97.57M | 52.51M | 3.77M | 48.84M | 4.8M | 203K | 10M | 1.17M | 5.62M | 0 | 0 | 5.48M | 16.35M | 0 | 5M | 0 | 2.33M | 79.85M | 28.38M | 17.56M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -142K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -1.58M | -16.73M | 7.66M | -1.01M | 3.42M | 6.03M | -371K | -70K | -688K | 355K | 12.47K | 268K | 1.16M | -366K | -64.6K | 3.29M | 3.24M | 1.33K | -126.49K | -207.55K | -239.91K | -1.44M |
| Net Change in Cash | 48.11M | 47.81M | 18.83M | 27.11M | -13.02M | 42.03M | -3.09M | 1.38M | 2.39M | 2.33M | 109K | -1.66M | 1.48M | -9.91M | -4.69M | -12.29M | -3.74M | 6.36M | -421.55K | -2.44M | 23.94M | -3.33M |
| Free Cash Flow | -94.6M | -66.75M | -80.96M | -19.02M | -18.8M | -12.89M | -8.49M | 3.71M | -5.45M | 5.43M | 3.04M | 5.29M | 1.44M | -57.08M | -22.06M | -13.58M | -15.25M | -17.93M | -10.69M | -18.13M | -7.79M | -7.72M |
| FCF Margin % | -303.81% | -245.33% | -240.21% | -107.59% | -98947.37% | -80550% | -102.04% | 11.49% | -23.19% | 14.14% | 11.12% | 12.64% | 4.89% | -749.46% | - | - | - | -2.14% | - | - | - | - |
| FCF Growth % | -41.69% | 17.56% | -325.66% | -1.18% | -45.87% | -51.87% | -328.92% | 168.03% | -200.41% | 78.7% | -42.62% | 268.59% | 102.52% | -158.72% | -62.49% | 10.98% | 14.96% | -67.77% | 41.03% | -132.76% | -0.94% | - |
| FCF per Share | -0.24 | -0.18 | -0.25 | -0.07 | -0.09 | -0.07 | -0.05 | 0.02 | -0.04 | 0.04 | 0.02 | 0.04 | 0.01 | -0.47 | -0.19 | -0.13 | -0.16 | -0.19 | -0.11 | -0.21 | -0.13 | -0.14 |
| FCF Conversion (FCF/Net Income) | 1.02x | 0.58x | 1.35x | 0.55x | 1.06x | 0.51x | 0.57x | -0.47x | -1.18x | 74.03x | -1.11x | -6.75x | -0.22x | 0.91x | 0.83x | 0.80x | 0.82x | 0.91x | 0.59x | 0.81x | 0.59x | 2.51x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.83M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 29K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Operational ramp-up execution risk
According to recent financial disclosures, the relationship between net income and operating cash flow remains highly inconsistent, with OCF/NI ratios fluctuating wildly from 0.55 to 1.97, suggesting that reported earnings are currently poor proxies for the actual cash-generating capacity of the company's uranium production activities.
The significant divergence between net income and operating cash flow indicates that non-cash charges and working capital adjustments are heavily distorting the bottom line. Investors should monitor whether this volatility persists as the company attempts to stabilize production, as the current lack of alignment suggests earnings quality remains low.
As reported in quarterly filings, Ur-Energy continues to experience a sustained free cash flow burn, with quarterly outflows frequently exceeding $20 million, a trend that highlights the substantial capital requirements necessary to support the ongoing restart of the Lost Creek ISR facility in the current environment.
The consistent negative FCF trajectory reflects the heavy investment phase required to bring wellfields online. This pattern suggests that the company is currently prioritizing asset development over immediate cash preservation, which may necessitate further capital raises if production volumes do not scale rapidly to offset these ongoing cash outflows.
Based on the provided cash flow statements, capital expenditures have surged to as high as 88.2% of revenue in recent periods, illustrating the intense capital-intensive nature of maintaining and expanding the Lost Creek processing infrastructure while simultaneously developing new wellfields to meet future delivery obligations.
The high ratio of CapEx to revenue indicates that the company is in a heavy growth-capex cycle rather than a maintenance-only phase. This level of spending appears necessary to sustain production, but it also implies that the company's cash position is highly sensitive to the technical success of these wellfield investments.
Data from recent SEC filings reveals significant swings in working capital, including a notable $39.4 million outflow in 2024Q4, which underscores the operational challenges of managing inventory and receivables during the transition from care and maintenance to active, large-scale uranium production and delivery cycles.
These erratic working capital movements suggest that the timing of uranium deliveries and the associated cash collection process are not yet synchronized with production schedules. Such volatility may indicate potential bottlenecks in the supply chain or contractual delivery timing that could continue to pressure liquidity in the near term.
Quick answers to the most common questions about buying URG stock.
Ur-Energy Inc. (URG) generated $-43.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Ur-Energy Inc. (URG) reported negative free cash flow of $66.7M in 2025, indicating capital requirements exceeded cash from operations.
Ur-Energy Inc. (URG) spent $23.6M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.