Denison Mines Corp. (DNN) financials

AMEX · Energy · Uranium · 79 employees · CEO David D. Cates

Price: $2.21 -6.75%
Market cap: $2B
Enterprise value: CA$3B
Last report: Q2 '26 filed 2026-08-14
Next report: 2026-11-03

Revenue (TTM)CA$4.09M-9.4% vs a year agoLast 4 quarters; bars = each quarter

Operating margin (TTM)-2,100.7%-418.4 pp vs a year agoOperating income -CA$86M

Net income (TTM)-CA$276M-219.3% vs a year agoAfter tax, incl. non-operating gains

Free cash flow (TTM)-CA$167M-119.4% vs a year agoCapex CA$80M

Diluted EPS (TTM)-CA$0.31-202.7% vs a year agoSum of the last 4 quarters

Net cash-CA$138M-246.1% vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap: $2B
Revenue: CA$4.09M
Revenue growth: +168%
Profit margin: -6,731.9%
P/E: -9.9×
P/S: 679.0×
EV / EBITDA: -11.8×
Free cash flow: -CA$167M
Net income: -CA$276M
Revenue estimate: CA$13.2M
Earnings: 2026-11-03
Dividend: –

Key takeaways

Computed from the reported numbers - every statement carries the figure it rests on.

Revenue growth slowing: -43.5% year on yearQ2 '26 revenue CA$720K, against an average of 7.9% over the four quarters before.
Operating margin -2,100.7% (TTM), -418.4 pp on a year agoOperating income grew -13.2% while revenue grew -9.4%.
Capex 1,954.7% of revenue (a year ago 353.5%)CA$80M invested in the last 4 quarters (+401.2% on a year earlier). Free cash flow -CA$167M.
Diluted share count up 1.2% in a year914M diluted shares in Q2 '26, 903M a year earlier.
Net debt CA$138MCash + short-term investments CA$550M, debt incl. leases CA$688M; a year ago net cash CA$94.2M.

Last quarter: Q2 '26

Quarter ended 2026-06-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

	Q2 '26	Year ago	Change
Revenue	CA$720K	CA$1.28M	-43.5%
Gross margin	-2,037.8%	-8.6%	-2,029.2 pp
Operating income	-CA$18.1M	-CA$18.8M	+3.5%
Operating margin	-2,517.5%	-1,472.6%	-1,044.9 pp
Net income	CA$25.6M	CA$12.5M	+104.6%
Diluted EPS	CA$0.03	CA$0.01	+180.0%
Operating cash flow	-CA$23.3M	-CA$23M	-1.3%
Capex	CA$26.6M	CA$5.23M	+409.1%
Free cash flow	-CA$49.9M	-CA$28.2M	-77.0%
R&D	CA$0	CA$0	–
Stock-based compensation	CA$0	CA$1.1M	-100.0%

Revenue

Where the money comes from - by business line and by region, quarter by quarter.

Revenue, operating income and growth

quarterly

Margins & cost structure

How much of each unit of revenue is left at each level - and where the costs go.

Margins

quarterly

Costs as % of revenue

quarterly

Cash flow & capital allocation

Cash generated, what it is spent on, and what reaches shareholders.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Last 4 quarters

cash flow statement

Operating cash flow: -CA$87.2M
Capex: -CA$80M
Buybacks: CA$0
Dividends: CA$0
Acquisitions: -CA$1.01M
Net debt issued: CA$459M
Stock-based compensation: CA$1.13M
Free cash flow: -CA$167M
Returned to shareholders / FCF: 0.0%

Share count and EPS

quarterly, diluted

Balance sheet

Liquidity, investments and debt at each quarter end.

Cash, investments and debt

quarter ends

Valuation & returns

Today's multiples against the company's own last five fiscal years; analyst targets and ratings.

Multiples and returns

TTM vs 5 fiscal years

	Now	5y average	Where today sits in the 5-year range
P/E (TTM)	-9.9×	60.6× 3 of 5 years	21.3× – 89.0×
EV / EBITDA	-11.8×	43.5× 3 of 5 years	19.2× – 64.3×
EV / Sales	733.2×	488.9×	64.7× – 1,000.6×
Price / FCF	-16.6×	–	–
Price / Book	9.6×	4.5×	2.9× – 8.9×
FCF yield	-6.0%	-2.4%	-3.6% – -1.7%
Return on invested capital	-8.0%	-7.3%	-10.0% – -4.7%
Return on equity	-83.5%	-10.6%	-59.0% – 14.1%

Analysts

Consensus target $4.25 (+92.3%)
range $4.25 – $4.25 · rating Buy

Strong buy0

Buy7

Hold0

Sell1

Strong sell0

Outlook

Analyst consensus for the coming fiscal years and what it implies at today's price.

Consensus estimates

Fiscal year	Revenue	Growth	EPS	Growth	P/E at today's price	Analysts (EPS)
FY2026	CA$13.2M	+167.7%	-CA$0.08	+66.2%	–	6
FY2027	CA$18.5M	+40.5%	-CA$0.03	+58.5%	–	6
FY2028	CA$172M	+829.3%	CA$0.09	+359.9%	–	3
FY2029	CA$704M	+309.3%	CA$0.29	+231.3%	–	3
FY2030	CA$955M	+35.6%	CA$0.33	+13.2%	–	2

Financial statements

Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.

Income statementRevenue, costs, operating income, net income and EPSOpen Balance sheetCash, investments, assets, debt, liabilities and equityOpen Cash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Sources

Statements, segment revenue, metrics and estimates are standardised from the company's filings.

Data as of 2026-11-02 · Amounts in CAD as reported; price and market cap in USD.