New York (as of 1:47 a.m. ET, Saturday, December 27, 2025) — Centrus Energy Corp. (LEU) heads into the final trading days of 2025 with investors focused on a familiar mix of catalysts: U.S. government funding decisions, the race to build domestic uranium enrichment capacity, and the market’s willingness to keep paying a premium for “nuclear fuel security” exposure.
This weekend timing matters. U.S. stock exchanges are closed right now, and the next regular session begins Monday at 9:30 a.m. ET (NYSE core trading hours). [1]
LEU stock price check: where Centrus stands after the last session
Centrus shares closed Friday, December 26 at $254.30, down $5.88 (-2.26%), and traded lower in after-hours to about $251.84 by 7:59 p.m. ET, according to StockAnalysis’ real-time quote feed. [2]
That move came as the broader U.S. market wrapped up a thin, post-holiday session. Reuters reported that on Dec. 26, major indexes ended marginally lower in light trading volume, with some profit-taking after a strong run into the holidays. [3]
Why Centrus Energy is in the spotlight: the “domestic enrichment” story gets louder
Centrus isn’t just another uranium-linked equity. The bull case is tied to a very specific bottleneck: enrichment capacity, and especially the advanced-reactor fuel known as HALEU (high-assay low-enriched uranium). The company’s late-2025 updates have given traders fresh material to argue over.
1) Centrus says it has begun domestic centrifuge manufacturing for commercial LEU enrichment
On December 19, Centrus announced it has begun domestic centrifuge manufacturing to support commercial low-enriched uranium (LEU) enrichment activities at its Piketon, Ohio facility, positioning this as a major step toward expanding U.S.-owned enrichment capacity. The company also said the first new production capacity is expected to come online in 2029. [4]
In the same announcement, Centrus laid out a funding “stack” investors should understand:
- It said it is a finalist for Department of Energy task orders for both LEU and HALEU production, and that DOE has indicated these could be about $900 million per task order. [5]
- It highlighted $1.2 billion raised via convertible notes (Nov. 2024 and Aug. 2025), a reported cash balance over $1.6 billion (as of Sept. 30, 2025), and a recently launched $1 billion at-the-market (ATM) offering. [6]
- It cited $2.3 billion in contracts and commitments tied to supporting new U.S. enrichment capacity, described as contingent on achieving build milestones. [7]
Centrus CEO Amir Vexler framed the move as a long-term industrial pivot, pointing to progress on supply chain and the expectation of DOE funding decisions as near-term milestones. [8]
2) HALEU progress: 900 kg milestone and a DOE contract extension
Earlier in 2025, the U.S. Department of Energy highlighted Centrus reaching a major threshold: 900 kilograms of HALEU produced—described by DOE as a first-of-its-kind U.S. milestone and part of DOE’s HALEU Demonstration efforts. DOE also noted the Piketon facility is licensed to enrich up to 19.75% U‑235. [9]
DOE’s article includes commentary from Mike Goff, Acting Assistant Secretary for Nuclear Energy, emphasizing the milestone as an important step for rebuilding parts of the U.S. nuclear fuel supply chain. [10]
Separately, Centrus announced DOE exercised an option extending the HALEU production contract through June 30, 2026, valued at about $110 million, with additional options that could allow production for years beyond (subject to appropriations and DOE discretion). [11]
3) Policy pressure: the Russian supply unwind is turning from headline into deadline
One reason enrichment capacity has become such a market obsession is the tightening policy backdrop around Russian nuclear fuel supply.
A widely circulated industry narrative (also reflected in a Motley Fool piece carried by Nasdaq) is that Centrus historically sourced LEU globally, including from Russia’s TENEX, while policy changes are pushing the U.S. toward replacement supply. The same piece notes a waiver framework through 2027 and a stronger restriction environment by 2028. [12]
Centrus itself has emphasized the shift as a demand driver, stating that imports of Russian enriched uranium are expected to be completely banned starting in 2028, increasing urgency for domestic capacity. [13]
4) Expansion planning and Ohio build-out headlines
Centrus has also kept a drumbeat of “shovel-ready” signaling around Piketon and related facilities.
- In September, the company detailed plans that could add at least 300 operations jobs in southern Ohio (and far more construction employment), while stressing that the scale depends on federal funding decisions. [14]
- On December 11, Centrus said it initiated design work on a 150,000-square-foot Training, Operations & Maintenance facility in Ohio to support expansion plans, and named Burns & McDonnell as the design-build contractor. [15]
5) NYSE uplisting: a liquidity and visibility milestone
Centrus also completed an exchange move that matters for flows: it announced approval to upllist from NYSE American to the NYSE, with trading on NYSE beginning December 4, 2025 under the same ticker, LEU. [16]
In that release, CFO Todd Tinelli positioned the move as a way to improve liquidity and visibility, while NYSE’s Chris Taylor tied the listing to Centrus’ role in rebuilding U.S.-owned enrichment capacity. [17]
Latest financial snapshot: revenue, cash, backlog, and the “lumpy” nature of results
In its third-quarter 2025 update, Centrus reported:
- Revenue of $74.9 million and net income of $3.9 million (vs. a net loss in Q3 2024) [18]
- An unrestricted cash balance rising to about $1.6 billion, helped by an upsized convertible notes offering [19]
- A total backlog of $3.9 billion extending to 2040, including an LEU segment backlog of around $3.0 billion and $2.3 billion in contingent LEU sales commitments related to new capacity build-out [20]
The company also cautioned (in substance) that quarterly profitability can swing because LEU deliveries and contract timing don’t necessarily smooth out quarter to quarter. [21]
Wall Street forecasts and analyst targets: bullish consensus, wide dispersion
If you’re trying to understand what the “market expects,” the uncomfortable truth is: expectations are wide.
StockAnalysis’ compilation shows:
- Consensus rating: Buy
- Average price target:$243 (implying modest downside from Friday’s close)
- Low / high targets:$104 to $357
- It also lists recent target actions including Needham (reiterating/initiating at $357) and B. Riley (raising to $315), alongside Hold ratings from UBS and JPMorgan at around $245. [22]
UBS, in a note summarized by Investing.com, kept a Neutral rating and lifted its target to $245, arguing near-term headwinds could exist (depending on contract pricing dynamics) but that Centrus may benefit over time if SWU pricing resets higher. That same Investing.com summary also references other firms’ targets and highlights that DOE task orders are a key upcoming variable. [23]
On the more valuation-focused side, Simply Wall St’s DCF model places a “fair value” estimate below current trading levels (their page shows a fair value around $215 versus a price around $254), implying the stock may be priced ahead of modeled cash-flow assumptions. [24]
Meanwhile, a Zacks-branded article on Nasdaq underscores the tension investors keep running into with LEU: strong strategic positioning, but a valuation that can look stretched depending on the metric (and earnings expectations that can be choppy). [25]
And in a very different tone, Trefis argues the stock still has room to run based on margins, balance-sheet changes, and momentum—while also flagging that LEU has historically suffered very large drawdowns in broader market stress periods. [26]
Why the stock can gap: a quick reality check on LEU volatility
Centrus sits at the intersection of industrial policy, nuclear energy politics, government procurement, and capital markets. That cocktail tends to create:
- News-driven jumps (e.g., contract awards, DOE decisions, milestones)
- Financing-driven air pockets (ATM/shelf usage, convertibles, dilution fears)
- Policy-risk repricing (sanctions, waivers, timelines shifting)
TipRanks’ own “catalyst” write-up this week attributes the recent climb to strong earnings sentiment and progress in centrifuge manufacturing, also noting the stock remains well below its mid-October level—another way of saying: this name does not move politely. [27]
What investors should know before the next session
Because it’s the weekend and markets are closed, Monday’s open is largely about whether anything changes the narrative between now and the bell.
Here are the practical things to watch (without pretending anyone can predict the tape):
DOE funding/task order headlines.
Centrus has explicitly pointed to “imminent” DOE funding announcements and described itself as a finalist for potential task orders in both LEU and HALEU production. Any concrete award details (or delays) could move the stock quickly. [28]
Signals about national security demand.
Centrus has also pointed to the National Nuclear Security Administration’s intent to contract for LEU enrichment for national security missions. Updates here can change perceived downside risk for the build-out. [29]
Financing overhang (ATM program) vs. war chest (cash).
Centrus has highlighted a sizable cash position, but it has also disclosed an ATM program as part of its financing toolkit. In practice, investors tend to react not just to “can they fund it,” but “how”—and at what dilution cost. [30]
Market regime into year-end.
Friday’s session was light and post-holiday; Reuters described a modest pullback that still left the market up for the week. If risk sentiment shifts in the final trading days of 2025, higher-beta thematic names like LEU can swing harder. [31]
Know the clock.
The NYSE core session runs 9:30 a.m. to 4:00 p.m. ET (with after-hours running later), and the holiday calendar can affect liquidity around year-end. [32]
Bottom line
Centrus Energy enters the next trading week with a powerful set of fundamental talking points—commercial centrifuge manufacturing for LEU enrichment, a long-running HALEU relationship with DOE, and a policy environment that’s increasingly hostile to relying on foreign enrichment supply. [33]
At the same time, the stock’s valuation and price-target dispersion tell you the market is far from unanimous on what that future is worth today, especially with government timing risk and financing mechanics still in play. [34]
References
1. www.nyse.com, 2. stockanalysis.com, 3. www.reuters.com, 4. www.prnewswire.com, 5. www.prnewswire.com, 6. www.prnewswire.com, 7. www.prnewswire.com, 8. www.prnewswire.com, 9. www.energy.gov, 10. www.energy.gov, 11. www.prnewswire.com, 12. www.nasdaq.com, 13. www.prnewswire.com, 14. www.centrusenergy.com, 15. www.centrusenergy.com, 16. www.prnewswire.com, 17. www.prnewswire.com, 18. www.prnewswire.com, 19. www.prnewswire.com, 20. www.prnewswire.com, 21. www.prnewswire.com, 22. stockanalysis.com, 23. www.investing.com, 24. simplywall.st, 25. www.nasdaq.com, 26. www.trefis.com, 27. www.tipranks.com, 28. www.prnewswire.com, 29. www.prnewswire.com, 30. www.prnewswire.com, 31. www.reuters.com, 32. www.nyse.com, 33. www.prnewswire.com, 34. stockanalysis.com
