Uranium & Enrichment

Western enrichment capacity is thin and Russian supply is being phased out. Conversion and enrichment, not mined uranium, are the tightest steps.

Mine→Conversion→Enrichment→Fuel fabrication

Tightness score ⓘ

#15 of 56

▲ Tightening

Supply concentration5

Lead time5

Capex intensity4

Geopolitical exposure5

Pricing power4

Lead time

24–48 mo

Theme 1M

−14.7%

% in uptrend

Metric to watch

Term uranium price, SWU pricing, and Centrus/Urenco expansion milestones.

What would prove us wrong

Weakens if enrichment expansions arrive early and SWU prices fall.

Dependencies

Equal-weight · rebased 100 · 1Y

Stocks we track

Who controls this bottleneck

Roles, not recommendations. Delayed prices; local currency.

Stock	Role	Listing	Last	1D	1M	3M	YTD	Off 52w high	Next earnings
CCJ Cameco	Uranium, conversion and Westinghouse stake	NYSE Canada	$76.91	−7.88%	−10.2%	−14.3%	−15.9%	−42.6%	2026-10-30
LEU Centrus Energy	US enrichment incl. HALEU	NYSE US	$103.3	−6.57%	−25.8%	−44.1%	−57.5%	−73.0%	2026-11-04
NXE NexGen Energy	Large development-stage uranium mine	NYSE Canada	$8.27	−4.39%	−6.8%	−13.6%	−10.1%	−40.6%	2026-11-03
UEC Uranium Energy	US uranium production and conversion plans	NYSE US	$7.71	−5.40%	−17.6%	−22.7%	−34.0%	−61.7%	2026-12-08
DNN Denison Mines	Athabasca uranium development	NYSE Canada	$2.21	−6.75%	−13.0%	−23.3%	−16.9%	−49.4%	2026-11-03

Auto-updated