enCore Energy
EU on Nasdaq. enCore Energy Corp. sells uranium to nuclear power utilities. Market value $208m.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Materials stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-20.31 of spare cash last year. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: 50 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
$1.14 a share, 48% above its 1-year low
Over the past year the price has ranged from $0.77 to $4.18.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | ||||
| Revenue | $4m | $22m | $58m | $43m |
| Operating margin | ||||
| Operating margin | -610.4% | -183.9% | -123.7% | -152.4% |
| Debt to equity | ||||
| Debt to equity | n/a | n/a | 0.07 | 0.48 |
| Shares outstanding | ||||
| Shares outstanding | 0.11bn | 0.17bn | 0.19bn | 0.19bn |
Health checks
- Free cash flow positive0 of 4 years
- Accounting checksSkipped: company is not yet profitable
- Debt0.48× equity
- Revenue growth, five yearsStrong, 116.6% a year
- Buying back its own sharesNo, 78% more shares since 2022
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $16 million last quarter, up 328% on a year ago.
- A loss of $41 million, compared with a loss of $6 million a year ago.
- It loses 91 cents on each $1 of sales, compared with 161 cents a year earlier.
- 4% more shares than a year ago. Each share owns a bit less of the company.
| Quarter to | Amount |
|---|---|
| December 2023 | Not reported |
| December 2024 | Not reported |
| March 2025 | $18m |
| June 2025 | $4m |
| September 2025 | $9m |
| December 2025 | $12m |
| March 2026 | $18m |
| June 2026 | $16m |
| Quarter to | Amount |
|---|---|
| December 2023 | Not reported |
| December 2024 | Not reported |
| March 2025 | -$24m |
| June 2025 | -$6m |
| September 2025 | -$5m |
| December 2025 | -$22m |
| March 2026 | $5m |
| June 2026 | -$41m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 31 March 2026
- Next quarterly (estimated, 10-Q)
- 12 November 2026
Who owns it
None of the long-term investors we follow own it. 144 funds in all.
Sold out this quarter
Largest holders overall
- VAN ECK Associates$20mAdded
- Mirae Asset Global Etfs Holdings$17m
- BlackRock$15mAdded
- Vanguard Capital Management$8mNew
- Azarias Capital Management, L.P.$5mCut
- Vident Advisory$5mAdded
- State Street$4m
- Geode Capital Management$4mAdded
- UBS Group AG$3mAdded
- Morgan Stanley$3mCut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
3 investors own more than 5%.
- Van Eck Associates CorporationPassive investor7.8%+1.5 ptsSince 30 June 2026
- Global X Management CO LLCPassive investor6.7%+1.3 ptsSince 31 March 2026
- MMCAP International Inc. SPCPassive investorat least 4.5%−3.8 pts(filed with 1 related holder)Since 31 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Van Eck Associates Corporation Passive investor | 7.8%+1.5 pts | 30 June 2026 | |
Global X Management CO LLC Passive investor | 6.7%+1.3 pts | 31 March 2026 | |
MMCAP International Inc. SPC Passive investor | at least 4.5%−3.8 pts (filed with 1 related holder) | 31 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 4 insiders bought $659,384 of shares on the open market. 3 sold $779,788, $301,558 of it under preset trading plans.
- Little Richard HChief Executive Officer, DirectorBought
- Date
- 21 September 2026
- Shares
- 10,000
- Price
- $1.06
- Value
- $10,600
- SHERIFF WILLIAM MExecutive Chairman, DirectorBought
- Date
- 18 September 2026
- Shares
- 125,000
- Price
- $0.81
- Value
- $101,250
- SHERIFF WILLIAM MExecutive Chairman, DirectorBought
- Date
- 15 September 2026
- Shares
- 50,000
- Price
- $0.89
- Value
- $44,500
- SHERIFF WILLIAM MExecutive Chairman, DirectorBought
- Date
- 14 September 2026
- Shares
- 125,000
- Price
- $0.85
- Value
- $105,750
- HEILI WAYNE W.DirectorBought
- Date
- 12 June 2026
- Shares
- 35,000
- Price
- $1.44
- Value
- $50,400
- PELIZZA MARK SDirectorBought
- Date
- 12 June 2026
- Shares
- 723
- Price
- $1.39
- Value
- $1,005
- PELIZZA MARK SDirectorBought
- Date
- 11 June 2026
- Shares
- 99,182
- Price
- $1.37
- Value
- $135,879
- Little Richard HChief Executive Officer, DirectorBought
- Date
- 9 June 2026
- Shares
- 50,000
- Price
- $1.28
- Value
- $64,000
- SHERIFF WILLIAM MExecutive Chairman, DirectorBoughtunder a preset trading plan
- Date
- 19 May 2026
- Shares
- 25,000
- Price
- $1.39
- Value
- $34,750
- SHERIFF WILLIAM MExecutive Chairman, DirectorBoughtunder a preset trading plan
- Date
- 18 May 2026
- Shares
- 75,000
- Price
- $1.48
- Value
- $111,250
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 21 September 2026 | Little Richard H Chief Executive Officer, Director | Bought | 10,000 | $1.06 | $10,600 |
| 18 September 2026 | SHERIFF WILLIAM M Executive Chairman, Director | Bought | 125,000 | $0.81 | $101,250 |
| 15 September 2026 | SHERIFF WILLIAM M Executive Chairman, Director | Bought | 50,000 | $0.89 | $44,500 |
| 14 September 2026 | SHERIFF WILLIAM M Executive Chairman, Director | Bought | 125,000 | $0.85 | $105,750 |
| 12 June 2026 | HEILI WAYNE W. Director | Bought | 35,000 | $1.44 | $50,400 |
| 12 June 2026 | PELIZZA MARK S Director | Bought | 723 | $1.39 | $1,005 |
| 11 June 2026 | PELIZZA MARK S Director | Bought | 99,182 | $1.37 | $135,879 |
| 9 June 2026 | Little Richard H Chief Executive Officer, Director | Bought | 50,000 | $1.28 | $64,000 |
| 19 May 2026 | SHERIFF WILLIAM M Executive Chairman, Director | Bought under a preset trading plan | 25,000 | $1.39 | $34,750 |
| 18 May 2026 | SHERIFF WILLIAM M Executive Chairman, Director | Bought under a preset trading plan | 75,000 | $1.48 | $111,250 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the serious warning signs we check for were found. 1 thing worth knowing.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 31 Mar 2026, plus the 10-Q filed 13 Aug 2026 and 5 later 8-Ks.
One big customer
Worth knowingOne customer brings in a big share of sales: 63% last year. Losing that customer would hurt.
“For the year ended December 31, 2025, three customers accounted for approximately 63 %, 25 %, and 11 % of total revenues.”
From the 10-K filed 31 March 2026, Item 8. Financial Statements and Notes. Read it in the filing
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.