Centrus Energy Corp. (LEU) Stock Analysis

Centrus Energy’s principal competitive advantage is its unique position as the only U.S.-owned, NRC-licensed producer of High-Assay, Low-Enriched Uranium (HALEU), a fuel required for next-generation nuclear reactors. This capability is unmatched by domestic rivals and only challenged globally by state-backed entities such as Russia’s TENEX and France’s Orano. With U.S. policy moving to ban Russian uranium imports by 2028, Centrus stands to benefit from a regulatory tailwind and a captive domestic market.

The company’s $2.3–3.8 billion contracted backlog and $1.6 billion cash position provide financial stability and visibility, supporting large-scale expansion. Centrus is also the only U.S. firm with a vertically integrated supply chain for enrichment, reducing reliance on foreign technology and mitigating geopolitical risk—a key differentiator versus U.S. peers like ConverDyn (conversion only) and Urenco (Anglo-Dutch-German, not U.S.-owned).

Centrus’s technical expertise, demonstrated by on-schedule delivery of HALEU for the Department of Energy, and its early-mover status in commercial-scale centrifuge manufacturing, further reinforce its lead. However, the company’s advantages are partly contingent on continued government support and successful execution of its multi-year expansion. While rivals may eventually enter the market, Centrus’s regulatory, technical, and supply chain head start is likely to persist for several years.