Latest Ratios: P/E Ratio -17.9x · EV/EBITDA N/A · ROE -46.6%. (1997–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.8B | $2.4B | $1.6B | $1.5B | $953M | $1.1B | $407M | $245M | $262M | $305M | $272M |
| Enterprise Value | $3.0B | $2.5B | $1.5B | $1.4B | $902M | $1.0B | $387M | $239M | $239M | $302M | $257M |
| P/E Ratio → | -17.86 | — | — | 17.70 | 66.47 | 68.50 | — | — | — | — | — |
| P/S Ratio | 820.67 | 484.94 | 399.21 | 814.84 | 106.21 | 54.37 | 28.19 | 15.76 | 16.86 | 21.91 | 14.65 |
| P/B Ratio | 10.87 | 6.48 | 2.85 | 2.36 | 2.19 | 2.74 | 2.28 | 1.51 | 1.18 | 1.32 | 1.17 |
| P/FCF | — | — | — | — | — | — | — | — | — | 21.04 | — |
| P/OCF | — | — | — | — | — | — | — | — | — | 19.62 | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 515.12 | 372.24 | 744.19 | 100.54 | 51.17 | 26.86 | 15.40 | 15.37 | 21.65 | 13.81 |
| EV / EBITDA | — | — | — | 14.31 | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | 15.85 | 87.05 | 50.79 | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — | 20.79 | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 100.0% | 100.0% | -19.7% | -100.0% | 43.1% | 36.9% | 28.3% | 8.5% | -1.3% | 5.5% | 24.2% |
| Operating Margin | -1748.4% | -1748.4% | -1574.0% | — | -406.9% | -116.7% | — | -155.3% | -156.7% | -156.0% | -96.2% |
| Net Profit Margin | -4418.2% | -4418.2% | -2265.0% | 4872.0% | 160.0% | 94.9% | -112.9% | -116.7% | -193.4% | -127.8% | -125.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -46.6% | -46.6% | -15.1% | 16.8% | 3.4% | 6.6% | -9.6% | -9.4% | -13.3% | -7.7% | -10.0% |
| ROA | -24.0% | -24.0% | -13.1% | 14.5% | 2.8% | 4.8% | -6.0% | -6.4% | -9.4% | -5.8% | -7.9% |
| ROIC | -13.3% | -13.3% | -9.8% | — | -7.6% | -7.1% | — | -10.2% | -8.6% | -7.3% | -6.1% |
| ROCE | -10.0% | -10.0% | -9.5% | — | -7.4% | -6.1% | — | -8.8% | -7.9% | -7.3% | -6.3% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.67 | 1.67 | — | — | — | — | 0.00 | 0.00 | — | — | 0.00 |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | 0.40 | -0.19 | -0.20 | -0.12 | -0.16 | -0.11 | -0.03 | -0.10 | -0.02 | -0.07 |
| Net Debt / EBITDA | — | — | — | -1.36 | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | -0.25 | — |
| Interest Coverage | -13.69 | -13.69 | -849.24 | 1674.48 | 172.72 | 6.36 | -4.40 | -6.00 | -10.33 | -284.89 | -183.17 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 10.75 | 10.75 | 3.65 | 8.28 | 3.65 | 5.31 | 4.17 | 1.11 | 2.54 | 3.65 | 2.36 |
| Quick Ratio | 10.51 | 10.51 | 3.54 | 8.08 | 3.50 | 5.10 | 3.92 | 0.88 | 2.25 | 3.40 | 2.03 |
| Cash Ratio | 10.35 | 10.35 | 3.39 | 7.88 | 3.20 | 4.80 | 3.52 | 0.55 | 1.86 | 3.00 | 1.63 |
| Asset Turnover | — | 0.00 | 0.01 | 0.00 | 0.02 | 0.04 | 0.05 | 0.06 | 0.05 | 0.04 | 0.06 |
| Inventory Turnover | — | — | 1.29 | 1.04 | 1.88 | 3.65 | 4.37 | 5.50 | 4.40 | 3.80 | 4.40 |
| Days Sales Outstanding | — | 395.40 | 278.99 | 376.41 | 168.53 | 66.72 | 67.02 | 72.83 | 69.29 | 104.71 | 47.24 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | 5.6% | 1.5% | 1.5% | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — | 4.8% | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $897M | $892M | $854M | $829M | $794M | $628M | $590M | $565M | $555M | $529M |
Technical execution of ISR
According to current market data, Denison trades at a price-to-sales ratio of 808.65, a figure that suggests investors are pricing in significant future production optionality rather than current financial performance, as the company remains a pre-revenue developer in the highly speculative Athabasca Basin uranium sector.
The extreme P/S multiple indicates that traditional valuation metrics are largely irrelevant for a company in the development phase. Investors should monitor the valuation gap between Denison and its peers, as the current premium appears to hinge on the successful deployment of ISR technology rather than existing cash flow generation.
Based on reported financial statements, Denison’s ROIC has remained consistently negative, reaching -2.3% in 2026Q1, which highlights the ongoing challenge of deploying capital into long-term infrastructure projects that have yet to achieve the commercial production necessary to generate a positive return on invested capital.
The persistent negative ROIC reflects the heavy capital intensity of the Wheeler River project and the lack of operational revenue to offset development costs. This trend warrants further investigation into whether the company can achieve a positive return profile once the transition to primary production is finally realized.
As indicated by the 2026Q1 cash conversion cycle of 621 days, Denison’s working capital efficiency is currently strained, reflecting the long lead times inherent in managing toll milling services and the accumulation of inventory before the company reaches its intended status as a primary uranium producer.
The extreme volatility in DSO and DPO metrics suggests that the company's operational efficiency is currently secondary to its capital development objectives. Investors should monitor these figures for signs of stabilization as the company moves closer to the commissioning of the Phoenix deposit.
According to recent balance sheet disclosures, the company’s debt-to-equity ratio has climbed to 2.81 as of 2026Q1, marking a significant shift from its previous debt-free status and indicating an increased reliance on external financing to fund the intensive capital requirements of its core mining projects.
The rapid rise in leverage suggests that the company is increasingly sensitive to interest rate environments and debt service obligations. This transition toward debt-funded development may introduce new risks to the capital structure if project timelines face further regulatory or technical delays.
The most commonly misapplied metric for Denison is the P/E ratio, which, at -17.59, provides no meaningful insight into the company's value, as it ignores the significant mark-to-market value of physical uranium holdings and the long-term potential of the Wheeler River project's mineral resource base.
Analysts should instead focus on the Net Asset Value (NAV) of the company's uranium reserves and the liquidity runway provided by its cash and physical inventory. Relying on earnings-based multiples for a pre-production developer risks misinterpreting the company's strategic value as a pure-play uranium asset.
Includes 30+ ratios · 28 years · Updated daily
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Quick answers to the most common questions about buying DNN stock.
Denison Mines Corp.'s current P/E ratio is -17.9x. The historical average is 47.5x.
Denison Mines Corp.'s return on equity (ROE) is -46.6%. The historical average is -16.1%.
Based on historical data, Denison Mines Corp. is trading at a P/E of -17.9x. Compare with industry peers and growth rates for a complete picture.
Denison Mines Corp. has 100.0% gross margin and -1748.4% operating margin.