Report published September 29, 2026

Goldman Sachs Research: Uranium Energy Corp. (UEC) – Operating Momentum Building into FY27

Goldman Sachs · September 29, 2026

Goldman Sachs maintains a Buy rating and $14 price target on Uranium Energy Corp. (UEC) following mixed F4Q26 results. Although production of 82,744 lbs missed forecasts, output grew 157% quarter-over-quarter and unit costs stepped down significantly to $36.54/lb.

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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 produced 82,744 lbs of uranium in F4Q26 (+157% qoq), missing GS expectations of 160,000 lbs, but operating momentum is improving with newly approved header houses at Christensen Ranch.
2.Uranium sales beat forecasts with 200,000 lbs sold at ~$85.26/lb ($17.1mn revenue), and UEC maintains substantial inventory of 1.26mn lbs of U3O8.
3.Cash costs demonstrated positive operating leverage, with total cost per pound declining to $36.54/lb in F4Q26 from $54.61/lb in F3Q26.

Takeaways
GS Forecast
GS Factor Profile
Ratios & Valuation
Growth & Margins (%)
Price Performance
Income Statement ($ mn)
Balance Sheet ($ mn)
Cash Flow ($ mn)
Valuation
Key Risks
Exhibit 1: UEC F4Q26 actuals vs. estimates
Exhibit 2: UEC annual estimate changes
PERCENT OF TOTAL REVENUE

Report data

GS Forecast — as of September 29, 2026.

Metric	Estimate	Context
12-month Price Target	14.00 USD	Maintained 12m price target for UEC based on 22.5x EV/EBITDA on F2029 EBITDA estimates.
Uranium Production	82744 lbs	F4Q26 uranium production below GSe of 160,000 lbs but up 157% qoq.
Uranium Sales Volume	200000 lbs	U3O8 sold at ~$85.26/lb generating $17.1mn in revenue.
Total Cost per Pound	36.54 USD/lb	Step down in unit costs driven by higher throughput and fixed cost absorption.
Cash & Cash Equivalents	495 USD mn	Part of $753mn in liquid assets with zero debt at year end.