Uranium Spot Price Impact Calculator

Model how rising U3O8 prices affect nuclear utility earnings — full analysis

U3O8 Spot $86/lb

SWU Price $170

Fuel Cost per GW / Year

$118M

vs $91M under old contracts

Fuel Cost per MWh

$14.93

was $11.57 under old contracts

Nuclear Utility Earnings Impact

Ticker	Company	Nuclear GW	Fuel Cost Increase	Net Income	% of Net Income Hit	Risk

Net income figures from trailing twelve months. Fuel cost increase is calculated as the delta between current slider prices and old contract baseline ($45/lb U3O8, $110/SWU). Model assumes ~470,000 lbs U3O8, ~120,000 SWU, $16/kgU conversion, and $300/kgU fabrication per GW annually.
Read the full uranium supercycle analysis →

Uranium Miners — 200WMA Positioning

Ticker	Company	Price	200WMA	% Above	P/E	FCF

Every uranium miner is 90%+ above its 200-week moving average. The framework doesn't chase.

2028 Contract Cliff — US Unfilled Requirements

Year	Unfilled (Mlbs)	% Uncovered	Spot Cost at Current Price	Event

Source: EIA 2024 Uranium Marketing Annual Report. The 2028 jump reflects the Prohibiting Russian Uranium Imports Act taking full effect.