Is Centrus Energy Too Cheap to Ignore Right Now?

Utilities are extending the lives of existing nuclear reactors. Big tech is exploring nuclear power to supply AI data centers, and Washington is investing billions to rebuild America's nuclear fuel supply chain.

Indeed, the nuclear energy industry is showing strength in 2026, and that puts Centrus Energy (NYSE: LEU) in an enviable position.

Centrus enriches uranium into nuclear fuel. It's also currently the only U.S. company licensed to produce high-assay low-enriched uranium (HALEU), the advanced fuel expected to power many of the next generation of small modular reactors. That advantage is showing up in the numbers.

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Don't ignore Centrus Energy

At the end of first-quarter 2026, Centrus boasted a record $3.9 billion backlog stretching through 2040. Roughly $3.1 billion of that comes from its low-enriched uranium business.

The company's balance sheet is solid, too. Centrus ended Q1 with approximately $1.8 billion in cash, cash equivalents, and restricted cash, while generating $76.7 million in revenue and $10 million in GAAP net income. Although quarterly earnings can fluctuate based on the timing of fuel deliveries and contract mix, the company continues to generate profits while investing heavily to expand its uranium enrichment capacity.

Then there's the government support.

Earlier this year, the U.S. Department of Energy awarded Centrus a contract worth up to $900 million to help establish a domestic HALEU supply chain. That's not a trivial deal, as the United States has spent decades relying on Russian enrichment services. As geopolitical tensions have increased, securing a domestic source of nuclear fuel has become both an energy and national security priority.

Of course, this isn't a stock without risk. Most of the advanced reactors that will ultimately consume HALEU are still under development, meaning demand will build over time rather than overnight. Still, if nuclear power continues moving back into the mainstream, Centrus looks like a nuclear energy stock that should not be ignored.

Jeff Siegel has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.