Paladin Energy
ConvictionContext
Produce and sell U3O8 (yellowcake) to nuclear utilities and its CNNC JV partner under a mix of term contracts (market-related pricing with floors/ceilings) and spot sales; 75% owner-operator of Langer Heinrich Mine (Namibia), 100% of the PLS development project (Canada) plus exploration assets in Australia and Canada
Revenue
US$248.5M TTM to Dec 2025+79.8% YoY); FY2025 (ended 2025-06-30) US$177.7MRev growth
+79.8% TTM YoYvintage 2026-07), driven by Langer Heinrich ramp-up volumesGross margin
18.8% H1 FY2026gross profit US$26.0M on US$138.3M revenue); realized $70.5/lb vs cost of production $40.5/lb implies ~43% cash margin per lbOp margin
Approaching breakeven: H1 FY2026 statutory net loss US$6.6Mvs US$15.1M loss in H1 FY2025); FY2025 net loss US$44.6MCapex intensity
Two-track: LHM ramp-up/sustaining capexFY2026 capital + exploration guidance cut to US$15-17M from US$26-32M in Apr 2026); PLS pre-production capex ~C$1.23B per the Aug 2025 engineering review (pre-FID; FID targeted end-2027Market cap
~$3.01B USD2026-07-09; primary listing ASX ~A$4.34B, 2026-07-10The read
Where our coverage leans
Coverage leans bullish
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Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
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