Yellow Cake
YCA · AIM · Basic Resources · mcap £1,363m · 532.5p
Financials · balance sheet 31 Mar 26 · last twelve months · today’s market value
Source: results 15 Jul 26 ↗
- Market cap
- £1,370m
- Owner’s net cash
- £132.2m
- Net cash / market cap
- 10%
- EV ex leases
- £1,238m
- Free cash flow after leases
- −£9.6m
- FCF yield
- -0.7%
- Price / tangible book
- 0.86×
- Net income (owners)
- £313.0m
Share price × shares in issue (from the company’s voting-rights notices)
Net cash ex leases − Pension deficit − Deferred consideration − Paid out since£132.2m − £0.0m − £0.0m − £0.0m = £132.2m
Owner’s net cash ÷ Market cap£132.2m ÷ £1,370m
Market cap + Borrowings − Cash + Pension deficit + Deferred consideration + Non-controlling interests − Associates & JVs + Paid out since£1,370m + £0.0m − £132.2m + £0.0m + £0.0m + £0.0m − £0.0m + £0.0m = £1,238m
Cash from operations − Capex (PP&E) − Capex (intangibles) − Lease principal paid − Lease interest paid−£9.6m − £0.0m − £0.0m − £0.0m − £0.0m
Free cash flow after leases ÷ Market cap−£9.6m ÷ £1,370m
Market cap ÷ Tangible book£1,370m ÷ £1,601m
Net income (owners), last twelve monthsthe latest full year: 2026-03-31
Market value
- Market cap
- £1,370m
Share price × shares in issue (from the company’s voting-rights notices)
Cash and debt · balance sheet 2026-03-31
- Cash
- £132.2m
- Borrowings
- £0.0m
- Net cash / (debt) ex leases
- £132.2m
- Lease liabilities
- £0.0m
- Owner’s net cash
- £132.2m
- Net cash / market cap
- 10%
- Cash − total liabilities
- £128.1m
Balance sheet 2026-03-31
Borrowings, current + Borrowings, non-current£0.0m + £0.0m
Cash − Borrowings£132.2m − £0.0m = £132.2m
Lease liabilities, current + non-current (left out of net cash and EV ex leases)£0.0m + £0.0m
Net cash ex leases − Pension deficit − Deferred consideration − Paid out since£132.2m − £0.0m − £0.0m − £0.0m = £132.2m
Owner’s net cash ÷ Market cap£132.2m ÷ £1,370m
Cash − Total liabilities (the strictest view: cash covers everything owed)£132.2m − £4.1m = £128.1m
Last twelve months · missing
- Revenue
- –
- Operating profit
- –
- EBITDA (pre-IFRS 16)
- –
- Net income (owners)
- £313.0m
- Cash from operations
- −£9.6m
- Free cash flow after leases
- −£9.6m
- Cash burnt since the balance sheet (estimate)
- £5.2m
- Cash conversion
- -3%
Revenue, last twelve monthsmissing
Operating profit, last twelve monthsmissing
Operating profit + Depreciation (owned assets) + Amortisation
Net income (owners), last twelve monthsthe latest full year: 2026-03-31
Cash from operations, last twelve monthsthe latest full year: 2026-03-31
Cash from operations − Capex (PP&E) − Capex (intangibles) − Lease principal paid − Lease interest paid−£9.6m − £0.0m − £0.0m − £0.0m − £0.0m
−Free cash flow after leases × months since the balance sheet ÷ 12 (the screens deduct it)£9.6m × 6.4 ÷ 12
Cash from operations ÷ Net income (owners)−£9.6m ÷ £313.0m
Enterprise value
- EV ex leases
- £1,238m
- EV incl. leases
- £1,238m
Market cap + Borrowings − Cash + Pension deficit + Deferred consideration + Non-controlling interests − Associates & JVs + Paid out since£1,370m + £0.0m − £132.2m + £0.0m + £0.0m + £0.0m − £0.0m + £0.0m = £1,238m
EV ex leases + Lease liabilities£1,238m + £0.0m
Valuation at today’s market cap
- EV / EBIT
- –
- EV / EBITDA
- –
- FCF yield
- -0.7%
- Price / book
- 0.86×
- Tangible book
- £1,601m
- Price / tangible book
- 0.86×
- NCAV (net current asset value)
- £128.4m
- Price / NCAV
- 10.67×
- Net-net working capital
- £128.3m
- Discount to NAV
- 14%
EV ex leases ÷ Operating profit (LTM)£1,238m ÷ –
EV ex leases ÷ EBITDA (pre-IFRS 16)£1,238m ÷ –
Free cash flow after leases ÷ Market cap−£9.6m ÷ £1,370m
Market cap ÷ Total equity£1,370m ÷ £1,601m
Total equity − Goodwill − Other intangibles£1,601m − £0.0m − £0.0m
Market cap ÷ Tangible book£1,370m ÷ £1,601m
Current assets − Total liabilities£132.4m − £4.1m
Market cap ÷ NCAV£1,370m ÷ £128.4m
Cash + 75% × Trade receivables + 50% × Inventories − Total liabilities£132.2m + 0.75 × £0.3m + 0.5 × £0.0m − £4.1m
1 − Market cap ÷ Net asset value1 − £1,370m ÷ £1,601m
Returns and quality
- ROCE
- –
- ROE
- 20%
- Current ratio
- 32.58×
- Net debt / EBITDA
- net cash
- Accruals ratio
- 20.1%
Operating profit (LTM) ÷ (Total assets − Current liabilities)– ÷ (£1,606m − £4.1m) = – ÷ £1,601m
Net income (owners, LTM) ÷ Total equity£313.0m ÷ £1,601m
Current assets ÷ Current liabilities£132.4m ÷ £4.1m
(Borrowings − Cash) ÷ EBITDA (pre-IFRS 16)
(Net income − Cash from operations) ÷ Total assets – high: profit not backed by cash(£313.0m − −£9.6m) ÷ £1,606m
H1 Sep 25 vs H1 Sep 24 · results 04 Dec 25 ↗
- Net income
- £278m prior −£68.4m
- Cash from operations
- −£3.9m prior −£5.2m
Hover or tap a figure for its formula and the values used – the names are the line names of the key figures below. Extracted automatically from the company's results announcements; check the source before relying on a figure. Not investment advice.
The statement exactly as printed in one results announcement – its own columns (the period and its comparatives), lines and headings, in the company's currency and units. Choose the report above; to compare several years, use Key figures.
Standardised line items in £m, comparable across companies – figures the company reported in USD are converted to £ at the average rate of each period (balance sheets: at the date); when a later report restated a period, the later figure is shown and marked r (hover for the figure first reported). Italic = calculated (LTM, H2 = FY − H1); a year of other than 12 months is marked (15m). Hover a value for its source.
Trading update 27 Jul 265 figures since the last report
Yellow Cake uranium holdings increased to 23.2m lb; spot prices stabilised mid-US$80s/lb; US$10m buyback completed.
| Uranium holdings | 23,214,230 lb of U3O8 | 23,114,230 lb |
| Value of uranium holdings | US$1,969.7 million | US$1,940.4 million |
| NAV per share | £6.34 | £6.33 |
| Spot price (uranium) | US$84.85/lb | US$83.95/lb |
| UxC Long-Term Price | US$94.00/lb | US$90.00/lb |
As stated by the company, unaudited. Read it →
Latest report: FY Mar 26 (twelve months to 31 Mar 26), published 15 Jul 26 · read the results ↗
| 2025 to 31 March 2026 USD '000 | 2024 to 31 March 2025 USD '000 | |
|---|---|---|
| Uranium holding gains/(losses) | ||
| Fair value movement of uranium holdings | 434,264 | (456,112) |
| Total uranium gains/(losses) | 434,264 | (456,112) |
| Expenses | ||
| Equity offering expenses | (445) | (2) |
| Share-based payments | (108) | (37) |
| Commission on uranium transactions | (544) | (750) |
| Procurement and market consultancy fees | (4,626) | (4,661) |
| Storage and other operating expenses | (13,036) | (9,741) |
| Total expenses | (18,759) | (15,191) |
| Bank interest income | 3,735 | 2,096 |
| Gain/(loss) on foreign exchange | 279 | (18) |
| Profit/(loss) before tax attributable to the equity owners of the Group | 419,519 | (469,225) |
| Tax expense | - | - |
| Total comprehensive profit/(loss) for the year after tax attributable to the equity owners of the Group | 419,519 | (469,225) |
| Basic earnings/(loss) per share attributable to the equity owners of the Group (USD) | 1.82 | (2.16) |
| Diluted earnings/(loss) per share attributable to the equity owners of the Group (USD) | 1.82 | (2.16) |
| 2026 USD '000 | 2025 USD '000 | |
|---|---|---|
| ASSETS: | ||
| Non-current assets | ||
| Uranium holdings | 1,940,440 | 1,397,426 |
| Total non-current assets | 1,940,440 | 1,397,426 |
| Current assets | ||
| Receivables | 364 | 391 |
| Cash and cash equivalents | 174,102 | 20,009 |
| Total current assets | 174,466 | 20,400 |
| Total assets | 2,114,906 | 1,417,826 |
| LIABILITIES | ||
| Current liabilities | ||
| Trade and other payables | (5,355) | (3,400) |
| Total current liabilities | (5,355) | (3,400) |
| Total liabilities | (5,355) | (3,400) |
| NET ASSETS | 2,109,551 | 1,414,426 |
| Equity | ||
| Attributable to the equity owners of the Group | ||
| Share capital | 3,433 | 2,951 |
| Share premium | 1,056,249 | 781,233 |
| Share-based payment reserve | 252 | 144 |
| Treasury shares | (14,061) | (14,061) |
| Retained earnings | 1,063,678 | 644,159 |
| TOTAL EQUITY | 2,109,551 | 1,414,426 |
| 2025 to 31 March 2026 USD '000 | 2024 to 31 March 2025 USD '000 | |
|---|---|---|
| Cash flows from operating activities | ||
| Profit/(loss) after tax | 419,519 | (469,225) |
| Adjustments for | ||
| Change in fair value of uranium holdings | (434,264) | 456,112 |
| Share-based payments | 108 | 37 |
| (Gain)/loss on foreign exchange | (279) | 18 |
| Interest income | (3,735) | (2,096) |
| Operating cash outflows before changes in working capital | (18,651) | (15,154) |
| Changes in working capital | ||
| Decrease in receivables | 27 | 41 |
| Increase/(decrease) in trade and other payables | 1,992 | (150) |
| Cash used in operating activities including changes in working capital | (16,632) | (15,263) |
| Interest received | 3,735 | 2,096 |
| Net cash used in operating activities | (12,897) | (13,167) |
| Cash flows from investing activities | ||
| Purchase of uranium | (108,750) | (100,000) |
| Net cash used in investing activities | (108,750) | (100,000) |
| Cash flows from financing activities | ||
| Proceeds from issue of shares | 283,148 | - |
| Issue costs paid | (7,650) | - |
| Net cash generated from financing activities | 275,498 | - |
| Net increase/(decrease) in cash and cash equivalents during the year | 153,851 | (113,167) |
| Cash and cash equivalents at the beginning of the year | 20,009 | 133,189 |
| Effect of exchange rate changes | 242 | (13) |
| Cash and cash equivalents at the end of the year | 174,102 | 20,009 |
| 2025 to 30 September 2025 (unaudited) USD '000 | 2024 to 30 September 2024 (unaudited) USD '000 | |
|---|---|---|
| Uranium holding gains/(losses) | ||
| Fair value movement of uranium holdings | 380,524 | (81,008) |
| Total uranium gains/(losses) | 380,524 | (81,008) |
| Expenses | ||
| Storage and other operating expenses | (5,164) | (5,000) |
| Procurement and market consultancy fees | (2,153) | (2,477) |
| Equity offering expenses | (226) | - |
| Share based payments | (54) | (14) |
| Commission on uranium transactions | - | (750) |
| Total expenses | (7,597) | (8,241) |
| Bank interest income | 333 | 1,628 |
| Gain on foreign exchange | 8 | 6 |
| Profit/(Loss) before tax attributable to the equity owners of the Group | 373,268 | (87,615) |
| Tax expense | - | - |
| Total comprehensive profit/(loss) for the period after tax attributable to the equity owners of the Group | 373,268 | (87,615) |
| Basic earnings/(loss) per share attributable to the equity owners of the Group (USD) | 1.72 | (0.40) |
| Diluted earnings/(loss) per share attributable to the equity owners of the Group (USD) | 1.72 | (0.40) |
| 30 September 2025 (unaudited) USD '000 | 31 March 2025 (audited) USD '000 | |
|---|---|---|
| ASSETS: | ||
| Non-current assets | ||
| Uranium holdings | 1,777,950 | 1,397,426 |
| Total non-current assets | 1,777,950 | 1,397,426 |
| Current assets | ||
| Receivables | 247 | 391 |
| Cash and cash equivalents | 184,181 | 20,009 |
| Total current assets | 184,428 | 20,400 |
| Total assets | 1,962,378 | 1,417,826 |
| LIABILITIES | ||
| Current liabilities | ||
| Trade and other payables | (5,262) | (3,400) |
| Total current liabilities | (5,262) | (3,400) |
| Total liabilities | (5,262) | (3,400) |
| NET ASSETS | 1,957,116 | 1,414,426 |
| Equity | ||
| Attributable to the equity owners of the Group | ||
| Share capital | 3,260 | 2,951 |
| Share premium | 950,292 | 781,233 |
| Share-based payment reserve | 198 | 144 |
| Treasury shares | (14,061) | (14,061) |
| Retained earnings | 1,017,427 | 644,159 |
| TOTAL EQUITY | 1,957,116 | 1,414,426 |
| 2025 to 30 September 2025 (unaudited) USD '000 | 2024 to 30 September 2024 (unaudited) USD '000 | |
|---|---|---|
| Cash flows from operating activities | ||
| Profit/(Loss) after tax for the financial period | 373,268 | (87,615) |
| Adjustments for | ||
| Change in fair value of uranium holdings | (380,524) | 81,008 |
| Share-based payments | 54 | 14 |
| Gain on foreign exchange | (8) | (6) |
| Interest income | (333) | (1,628) |
| Operating cash outflows before changes in working capital | (7,543) | (8,227) |
| Changes in working capital | ||
| Decrease/(Increase) in receivables | 144 | (11) |
| Increase/(Decrease) in trade and other payables | 1,846 | (104) |
| Cash generated from/(used in) operating activities including changes in working capital | 1,990 | (115) |
| Interest received | 333 | 1,628 |
| Net cash used in operating activities | (5,220) | (6,714) |
| Cash flows from investing activities | ||
| Purchase of uranium | - | (100,000) |
| Net cash used in investing activities | - | (100,000) |
| Cash flows from financing activities | ||
| Proceeds from issue of shares | 174,151 | - |
| Issue costs paid | (4,783) | - |
| Net cash generated from financing activities | 169,368 | - |
| Net increase/(decrease) in cash and cash equivalents during the period | 164,148 | (106,714) |
| Cash and cash equivalents at the beginning of the period | 20,009 | 133,189 |
| Effect of exchange rate changes | 24 | 18 |
| Cash and cash equivalents at the end of the period | 184,181 | 26,493 |
| H2 Mar 26 | H1 Sep 25 | H2 Mar 25 | H1 Sep 24 | |
|---|---|---|---|---|
| Revenue to operating profit | ||||
| Share-based payments | (0.0) | (0.0) | (0.0) | (0.0) |
| Operating profit to net income | ||||
| Fair value gains / losses | 40.4 | 283.6 | (294.3) | (63.3) |
| Profit before tax | 34.8 | 278.2 | (299.4) | (68.4) |
| Tax | 0.0 | 0.0 | 0.0 | 0.0 |
| Net income (owners) | 34.8 | 278.2 | (299.4) | (68.4) |
| Per share | ||||
| EPS basic | 10.2p | 128.0p | (137.1p) | (29.9p) |
| EPS diluted | 10.2p | 128.0p | (137.1p) | (29.9p) |
| 31 Mar 26 | 31 Mar 25 | |
|---|---|---|
| Non-current assets | ||
| Non-current assets | 1,473.1 | 1,080.1 |
| Current assets | ||
| Trade receivables | 0.3 | 0.3 |
| Cash | 132.2 | 15.5 |
| Current assets | 132.4 | 15.8 |
| Total assets | 1,605.5 | 1,095.8 |
| Current liabilities | ||
| Trade payables | 4.1 | 2.6 |
| Current liabilities | 4.1 | 2.6 |
| Non-current liabilities | ||
| Non-current liabilities | 0.0 | 0.0 |
| Total liabilities | 4.1 | 2.6 |
| Equity | ||
| Total equity | 1,601.4 | 1,093.2 |
| Net cash and other figures | ||
| Net asset value | 1,601.5 | 1,093.2 |
| Treasury shares | 4.6m | – |
| 31 Mar 26 | 30 Sep 25 | 31 Mar 25 | |
|---|---|---|---|
| Non-current assets | |||
| Non-current assets | 1,473.1 | 1,323.2 | 1,080.1 |
| Current assets | |||
| Trade receivables | 0.3 | 0.2 | 0.3 |
| Cash | 132.2 | 137.1 | 15.5 |
| Current assets | 132.4 | 137.3 | 15.8 |
| Total assets | 1,605.5 | 1,460.4 | 1,095.8 |
| Current liabilities | |||
| Trade payables | 4.1 | 3.9 | 2.6 |
| Current liabilities | 4.1 | 3.9 | 2.6 |
| Non-current liabilities | |||
| Non-current liabilities | 0.0 | 0.0 | 0.0 |
| Total liabilities | 4.1 | 3.9 | 2.6 |
| Equity | |||
| Total equity | 1,601.4 | 1,456.5 | 1,093.2 |
| Net cash and other figures | |||
| Net asset value | 1,601.5 | 1,456.5 | 1,093.2 |
| Treasury shares | 4.6m | – | – |
Read automatically from each results announcement. Check the source before relying on a figure.
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Company filings. Not investment advice.