Uranium Royalty Corp. (UROY)

Price$3.71Cached quoteAs of 2026-10-16 04:57 UTC

AI: Overvalued

Price checkThe market price demands strong growth from newly acquired royalties and land.

Using 381.1 million shares outstanding, the observed quote implies about $1.7 billion of share value. Adding pro forma debt and subtracting cash produces an enterprise value—share value plus debt minus cash—near $2.3 billion. That is roughly 31 times management’s approximately $74 million adjusted operating cash-earnings measure and about 90 times pro forma earnings of $0.05 per share. Although the price is only about 1.6 times pro forma book equity, the demanding earnings multiples support an Overvalued verdict.

Big pictureRecent profits came mainly from uranium sales that cannot repeat at the same scale.

Fiscal 2026 revenue reached $186.8 million, net income was $40.2 million, and operating cash inflow was $178.5 million. However, the company sold 2.25 million pounds of uranium, reducing inventory from $157.6 million to $34.3 million. Operating cash flow had been negative $15.1 million in 2025 and negative $76.4 million in 2024. Sweetwater adds more repeatable royalties, including $52.5 million of trailing royalty revenue, but uranium trading remains cyclical and reported earnings do not yet demonstrate durable annual cash generation.

Business strengthLong-life royalties improve the business, but debt and dilution weakened shareholder protection.

Before Sweetwater, the company reported $242.0 million of cash against only $0.1 million of debt. The illustrative combined balance sheet instead showed $56.3 million of cash, $659.1 million of debt, and $880.6 million of total liabilities. Shares increased from 146.6 million before the deal to 381.1 million afterward, including 223.3 million issued to Sweetwater’s sellers and roughly 11.0 million from Uranium Energy’s financing. Earlier, 12.6 million market-sold shares raised $54 million. No dividends or repurchases offset this dilution.

What could change the storyRoyalty growth without more borrowing could justify the premium, while stalled expansion would expose it.

The strongest bull case is Sweetwater’s planned expansion: management says attributable soda-ash production capacity could grow more than 60% without Uranium Royalty funding mine construction. Evidence would be royalty revenue rising materially above the trailing $52.5 million while debt declines. The bear case is weaker soda-ash pricing or delayed operator projects; realized soda-ash prices already fell from $151.83 per ton in 2024 to $142.34 in 2025. With nearly all remaining fiscal-year-end uranium inventory sold afterward, future growth must increasingly come from royalties, land leases, or additional acquisitions.

AI: News

Sweetwater Deal CompletedThe completed acquisition added cash-producing soda-ash royalties but introduced substantial debt and dilution.

On July 27, Uranium Royalty completed its purchase of approximately 92% of Sweetwater. Sellers received about $330 million in cash and 223.3 million new shares. The acquired platform includes roughly 850,000 surface acres and 4.5 million mineral acres, alongside long-life soda-ash royalties. The deal changes the company from a mostly uranium-focused vehicle into a diversified royalty and land business, while the acquired debt and enlarged share count raise the amount of cash growth needed per share.

Annual Filing Reframes EarningsStrong yearly results reflected major uranium sales, while combined accounts revealed a more leveraged company.

The July 28 annual filing reported fiscal 2026 net income of $40.2 million and operating cash inflow of $178.5 million, primarily after selling 2.25 million pounds of uranium. A separate pro forma filing, treating Sweetwater as already combined, estimated only $18.6 million of earnings attributable to common shareholders, or $0.05 per share, after acquisition and financing adjustments. It also showed $56.3 million of cash and $659.1 million of debt, materially changing the risk behind the headline profit.

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Revenue

2023

2024

2025

2026

Net income

2023

2024

2025

2026

Free cash flow

2023

2024

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2026

Total cash / debt

CashTotal debt

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2026

Financial statements

	2026	2025	2024	2023	2022
Revenue	$186.8M	$11.2M	$31.2M	$10.1M	N/A
Gross profit	$57.1M	$2.6M	$10.8M	$2.1M	N/A
Gross margin	30.57%	22.79%	34.54%	20.35%	N/A
Operating expenses	$8.8M	$6.0M	$5.7M	$4.8M	N/A
Operating income	$48.3M	−$3.4M	$5.1M	−$2.8M	N/A
Operating margin	25.87%	−30.71%	16.31%	−27.30%	N/A
EBITDA	$48.4M	−$3.4M	$5.1M	−$3.1M	N/A
EBITDA margin	25.93%	−30.30%	16.31%	−30.30%	N/A
Net income	$40.2M	−$4.5M	$13.7M	−$4.3M	N/A
Net profit margin	21.55%	−40.21%	43.92%	−42.18%	N/A
Basic EPSper basic share	$0.29	-$0.04	$0.13	N/A	N/A
Diluted EPSper diluted share	$0.29	-$0.04	$0.12	N/A	N/A

Review official source filings ↗

Owners

Reported shareholders

Reference date Sep 30, 2026

Reported holdings Number of shares

View holders

Top 7 reported holders of UROY
Holder	Shares held
ORION RESOURCE PARTNERS (USA) LP	162.59M
ONTARIO TEACHERS PENSION PLAN BOARD	60.67M
Adnani Amir	2.38M
MELBYE SCOTT	615.9K
Patel Vina Unka	95K
Hirsekorn Darcy Dwayne	90K
GREGSON NEIL	25K

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 3 ↗Updated Oct 21, 2026 · Quarterly data

Insider buys & sells

Oct 1, 2024–Sep 30, 2026

Buys3$43.3K disclosed value

Sells (SEC code S)0$0.00 disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jul 30, 2026Form 4	MELBYE SCOTTChief Executive Officer	BuyCommon Stock	5.8K	$3.13	$18.3K	615.9K
Jul 30, 2026Form 4	MELBYE SCOTTChief Executive Officer	BuyCommon Stock	4.0K	$3.13	$12.5K	610.0K
Jul 30, 2026Form 4	MELBYE SCOTTChief Executive Officer	BuyCommon Stock	4.0K	$3.12	$12.5K	606.0K

Review ownership filings at SEC.gov ↗

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Uranium Royalty Corp. (UROY)

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