Report published September 29, 2026
Uranium Energy Corp. (UEC): First Take: Revenue Ahead of Expectations – Goldman Sachs Research
Goldman Sachs · September 29, 2026
Goldman Sachs reiterates a Buy rating on Uranium Energy Corp. (UEC) with a $14 price target following F4Q26 revenue of $17.1mn that beat FactSet consensus of $9.0mn. While production volumes trailed Goldman Sachs forecasts, quarterly output rose over 150% qoq, production costs were lower than expected, and substantial unhedged inventory was maintained.
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Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Key Takeaways
- 1.UEC beat revenue expectations in F4Q26, generating $17.1mn by selling 200,000 lbs of U3O8 at ~$85.26/lb, versus consensus of $9.0mn and GS expectations of zero sales.
- 2.Production improved over 150% qoq in F4Q26 to 82,744 lbs but missed GS estimates, while FY2026 total production of 229,294 lbs lagged expectations of ~307,000 lbs.
- 3.Production costs beat expectations at $39.94/lb for FY2026 and $36.54/lb in F4Q26, driven by higher production volumes.
Report data
UEC Investment Summary and Forecast Table — as of September 28, 2026.
| Metric | Estimate | Context |
|---|---|---|
| 12-month Price Target | 14.00 USD | Goldman Sachs price target for UEC based on 26X F2028 EV/EBITDA plus net cash |
| Closing Stock Price | 9.21 USD | Closing share price as of 28 September 2026 |
| F4Q26 Revenue | 17.1 USD million | Generated from selling 200,000 lbs of U3O8 at ~$85.26/lb, beating consensus of $9.0mn |
| F4Q26 Uranium Sales Volume | 200,000 lbs | U3O8 sold from inventory during the quarter |
| F4Q26 Average Realized Uranium Price | 85.26 USD/lb | Average price realized on 200k lbs U3O8 sold |
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