Is Centrus Energy (LEU) Cheap Following Its HALEU Deal And $500m Capital Raise?

Centrus Energy (LEU) is back in focus after a cluster of late 2026 announcements, including a multi-year HALEU supply deal with Radiant and a completed US$500m follow-on equity offering.

Despite the HALEU contract and the US$500m capital raise, Centrus Energy’s recent share price momentum has been weak. The stock is down 25% on a 30 day share price return and 48% on a year to date share price return, even though the 3 year total shareholder return is up about 180% and the 5 year total shareholder return is a little over 3 times higher than five years ago.

Scan beyond Centrus Energy and explore how other nuclear fuel and infrastructure plays are setting up in our hand picked 91 nuclear energy infrastructure stocks for this part of the cycle.

Centrus Energy now has fresh capital, long term HALEU visibility and a share price that has almost halved this year. Is this a strong franchise being discounted, or a premium story still richly priced?

Most Popular Narrative: 25% Undervalued

The most followed Centrus Energy narrative pegs fair value at $190 per share, compared with a last close of $142.12. This implies investors are paying well below that reference point for the HALEU story today.

Centrus Energy (LEU) offers direct public-market exposure to U.S. HALEU production, identified as a critical bottleneck for advanced nuclear deployment.

HALEU fuel scarcity is cited as a potential constraint on next-generation reactor rollouts, which could make LEU's enrichment capabilities strategically important as AI-driven electricity demand changes.

See why 38 investors see Centrus Energy as 25% undervalued.

Result: Fair Value of $190 (UNDERVALUED)

Still, the Centrus Energy narrative can crack if government HALEU support softens, or if rival enrichers scale faster and erode its perceived scarcity premium.

Find out about the key risks to this Centrus Energy narrative.

Another View On Centrus Energy’s Valuation

The most popular Centrus Energy narrative leans on a $190 fair value, yet the current P/E of 59.9x paints a different picture. That multiple is far above the US Oil and Gas sector at 13.4x, the peer average at 22.6x, and a fair ratio of 10.6x. If sentiment cools, how much room is there for the valuation to compress?

See what the numbers say about this price — find out in our valuation breakdown.

Next Steps

Sentiment on Centrus Energy is clearly split, with sharp fans and vocal critics on both sides of the trade. Act while the debate is live and stress test the core metrics yourself with the 1 key reward and 2 important warning signs.

Looking for more Centrus Energy investment ideas?

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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