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LEU · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is Centrus Energy Corp. (LEU) stock moving?
Centrus reported weaker Q3 operating numbers on Nov 4: revenue fell 26% year over year to $55.5M and missed the roughly $57.4M consensus, and adjusted EPS came in well below estimates (the company cites a $0.46 loss, Benzinga $0.49). GAAP net income of $31.6M is not a clean read on operations. Management affirmed FY2026 sales guidance of $450M-$500M, which implies a sharp second-half ramp, and reported a contingent LEU/HALEU enrichment backlog of $5.4B. The execution story is the main support: the first new centrifuge shipped from Oak Ridge on Oct 29, ahead of the year-end target, and the Westerman Holdings acquisition, a centrifuge component supplier, closed in early November. After the earnings-driven drop to an $84.86 low on Nov 5, which came on volume of 1.49M shares, the stock rebounded on Nov 6 (volume 1.32M) after Roth and Canaccord upgraded to Buy. It peaked at $118.29 intraday on Nov 9 and closed at $109.87 on Nov 10, a pullback of about 6% from that day's high. Price targets are mixed: Barclays $149 and BofA $147 (cut), B. Riley $188 (cut from $295), and Roth $115, which sits close to the current price. The Nov 10 board appointment of Kevin Graney is a minor governance item. The evidence is mixed: upgrades and milestones support the thesis, but weak sales and a rally that already priced in much of the recovery limit near-term conviction.
News behind the analysis
- Barclays Maintains Equal-Weight on Centrus Energy, Lowers Price Target to $149Barclays kept its equal-weight rating on Centrus and cut its price target to $149 from $150.
- Roth Capital Upgrades Centrus Energy to Buy, Maintains Price Target to $115Roth Capital upgraded Centrus from Neutral to Buy and kept a $115 price target, below the Nov 10 close of $109.87 only by about 5%.
- Canaccord Genuity Upgrades Centrus Energy to BuyCanaccord Genuity upgraded Centrus to Buy, according to fiscal.ai, which cites a price target of CA$37.50.
- Centrus Energy Corp. Reports Third Quarter 2026 Financial ResultsQ3 revenue fell 26% year over year to $55.5M, while GAAP net income was $31.6M and the contingent enrichment backlog grew to $5.4B.
- Centrus Energy Q3 Adj. EPS $(0.49) Misses $(0.34) Estimate, Sales $55.500M Miss $57.409M EstimateCentrus missed Q3 consensus on both adjusted EPS and sales, with sales of $55.5M against $57.4M expected.
- Centrus Energy Affirms FY2026 Sales Guidance of $450.000M-$500.000MCentrus kept its full-year 2026 sales guidance of $450M to $500M after the third-quarter report.
- Centrus Energy Q3 2026 Earnings Call TranscriptManagement discussed the third-quarter results, the centrifuge manufacturing ramp and the expansion timeline.
- Centrus Energy Ships First New Centrifuge from Oak Ridge FacilityCentrus shipped its first new centrifuge from the Oak Ridge plant to Ohio, ahead of its year-end target, as part of the enrichment expansion.
- BofA Securities Adjusts Centrus Energy Price TargetBofA Securities cut its Centrus price target to $147 from $167.
About Centrus Energy Corp.
Centrus Energy is a US supplier of nuclear fuel and services for nuclear power plants. It mainly sells enriched uranium (LEU), is building up new US-made enrichment centrifuges at its Piketon, Ohio site, and is one of the few US producers of high-assay low-enriched uranium (HALEU), a fuel needed for advanced reactors.
How it makes money
Most of its revenue comes from its LEU segment: utilities pay for enrichment (measured in separative work units, or SWU) and for uranium, mostly under multi-year contracts. Most of that material is currently sourced from other producers rather than made by Centrus itself. Because utilities commit to annual rather than quarterly purchases, revenue jumps around a lot from quarter to quarter. A smaller technical solutions segment earns money from US Department of Energy contracts, including HALEU production at Piketon. As of late 2026, the company reported a total backlog of about $7 billion, of which about $5.4 billion depends on it building new enrichment capacity.
What usually moves LEU
- Uranium enrichment (SWU) and uranium prices
- US Department of Energy HALEU awards and nuclear policy
- Progress on the Piketon centrifuge expansion
- Restrictions on Russian enriched uranium imports
- Sentiment on nuclear power and advanced reactors