LEUCENTRUS ENERGY CORP

Mining & Quarrying Of Nonmetallic Minerals (no Fuels)

Revenue: $449M; 1.5% YoY
Operating margin: 11.2%; 3.0% YoY
EBITDA: $60M; 2.2% YoY
Market cap: $515M
Employees: 300; $1M revenue each
Net debt / EBITDA: -28.4×; −$1.7B net debt
AI in 10-K: 0.7; mentions per 10K words

Takeover score 4 of 13

Fixable underperformance 2 of 7

TSR below peersNo
0 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$2M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashYes
65% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
0% of assets
Over 40% of assets
Shareholder dissentYes
76% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
$1M · 100th pct
Bottom quartile of its SIC industry
Quiet on AINo
0.7 per 10K words · 25th pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 28.4× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedYes
$515M market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$62K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$298M	$294M	$320M	$442M	$449M	1.5%
Operating income	$68M	$60M	$52M	$48M	$50M	4.6%
Net income	$175M	$52M	$84M	$72M	$78M	8.3%
Operating cash flow	$50M	$21M	$9M	$37M	$51M	38%
Capex	$1M	$700K	$2M	$4M	$20M	380%
Stock-based comp	$12M	$2M	$2M	$2M	$6M	280%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Oct 22, 2024	Bawabeh Morris	SC 13D/A	4.0%	Passive
Oct 9, 2024	Bawabeh Morris	SC 13D/A	5.7%	Passive
Apr 18, 2024	Bawabeh Morris	SC 13D/A	7.7%	Passive
Dec 21, 2023	Bawabeh Morris	SC 13D/A	8.8%	Passive
Oct 11, 2023	Bawabeh Morris	SC 13D/A	9.6%	Passive
Mar 9, 2023	SUBIN NEIL S	SC 13D/A	4.5%	Passive
Feb 6, 2023	Bawabeh Morris	SC 13D/A	24.1%	Passive
May 24, 2022	Bawabeh Morris	SC 13D/A	11.9%	Passive
Jan 11, 2022	Bawabeh Morris	SC 13D/A	12.0%	Passive
Nov 24, 2021	SUBIN NEIL S	SC 13D/A	9.3%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $62K · 1
Net: −$62K

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$2M	$7M	1050	220
FY2024	$4M	$3M	288	150
FY2023	$2M	$2M	235	121
FY2022	$2M	$267K	140	98
FY2021	$2M	$5M	216	103