WESTWATER RESOURCES, INC. (WWR) Stock Analysis
WESTWATER RESOURCES, INC.
▾ What's in the 42/100 risk score? (higher = riskier)
Contributions (weight × component score) sum to the total. This near-term score now includes fundamental health (leverage, FCF trend). See the Financial Health section for the full balance-sheet read.
How to read WWR (speculative micro-cap)
No model can pin a precise fair value on a company this small — but that does not mean there is nothing to learn. The useful questions are what the price is betting on, and whether the company can survive long enough to deliver it.
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1
Reverse-DCF — what growth the price assumes ↓
The single most useful number here: it backs out the growth the market is paying for. If that figure is "historically unprecedented," the price is running on hype, not fundamentals.
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2
Cash runway ↓
A pre-profit micro-cap lives or dies on whether it can fund itself to profitability before running out of money and diluting you.
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3
The raw financial statements + the 10-K ↓
At this scale, the actual numbers, insider ownership, and share-count trend tell you more than any ratio.
Standard DCF doesn't fit WWR well — but that's expected for this kind of business. The EV/Sales Peer Comparison below uses the metrics actually used by analysts who value metal mining. Reverse DCF + Football Field also work as cross-checks.
How to read a company this small
WWR is too small and/or too volatile for the valuation lenses we use on larger, more stable companies. The numbers shown below should be taken as rough orientation only.
- Market cap $48.3M — nano-cap territory (below $50M)
Growth percentages on tiny revenue bases (1000% going from $200K to $2M is not predictive). P/E and ROE swing wildly with small earnings changes. Peer comparisons fail because there often aren't comparable companies at this scale.
Start with the Reverse-DCF above — it backs out the growth the price is betting on; if that figure is "historically unprecedented," the price is running on hype, not fundamentals. Then the cash runway (can it fund itself to profitability before diluting you?). Then the raw Financials table and the 10-K on SEC EDGAR — at this scale, insider ownership and the share-count trend often matter more than any ratio.
Classified as Speculative Nano / Micro-cap (confidence 80%). Disagree? An admin can override via the post edit screen.
⚠ Genuine comparables are scarce at this size, so peer multiples are unreliable here. Treat as rough context only — see 📍 What to focus on above.
How does WWR stack up against its closest peers?
We take the 8 same-industry companies most similar to WWR (similar size) and check what investors are paying for each dollar of their revenue (or profits). If WWR is much more expensive on the same yardstick, that's a red flag — unless you have a specific reason it deserves a premium. For a leveraged business, EV/EBIT and FCF yield (both in the table) are usually more reliable than EV/Sales, because revenue multiples ignore differences in margins and debt.
▾ What's "EV / Sales" in plain English?
EV (Enterprise Value) = market cap + total debt − cash. It's "what you'd pay to buy the entire company outright" — you pay the market cap to shareholders and take over their debt, but you keep their cash. EV is fairer than market cap alone because it includes the debt the new owner inherits.
EV / Sales = EV ÷ annual revenue. So "2.5×" means investors pay $2.50 of enterprise value per $1 of yearly sales. Higher = market is paying more per dollar of sales (usually because they expect future growth or fat margins).
p25 / median / p75 are the 25th, 50th (middle), and 75th percentile of the peers' multiples. Half the peers fall between p25 and p75. The median (p50) is the typical peer — that's the benchmark we compare to.
Bold middle number = median peer. Half the peers trade above it, half below. Computed over 8 same-industry peers; implausible multiples excluded.
⚠️ Important caveat: peer multiples only work if the peers are genuinely comparable. Always check the peer list below — if the auto-picker grabbed micro-caps or unrelated businesses, the comparison is noise. A medical-device giant priced against tiny biotech startups won't produce a useful signal.
▾ View peer list (8)
| Ticker | Company | Industry | Mcap | EV/Sales | EV/GP | EV/EBIT | FCF Yield |
|---|---|---|---|---|---|---|---|
| JAGU | Jaguar Uranium Corp. | Metal Mining | $45M | — | — | — | 0.5% |
| ERO | Ero Copper Corp. | Metal Mining | $89M | — | 0.3x | — | — |
| NEXM | NexMetals Mining Corp. | Metal Mining | $102M | — | — | — | — |
| PZG | Paramount Gold Nevada Corp. | Metal Mining | $118M | — | — | — | 0.7% |
| TMCWW | TMC the metals Co Inc. | Metal Mining | $130M | — | — | — | 3.3% |
| BGL | Blue Gold Ltd | Metal Mining | $133M | — | — | 8.1x | 0.1% |
| CRMLW | Critical Metals Corp. | Metal Mining | $232M | — | — | — | 0.5% |
| USAU | U.S. GOLD CORP. | Metal Mining | $237M | — | — | — | 0.1% |
Quality & solvency checks
Cheap stocks can be cheap for a reason. These screens warn when a low valuation comes paired with structural fragility.
Why it matters: Cheap-looking stocks (low P/E or P/B) often have low Z-scores because the market knows the company is dying. Z-score warns you before you fall into a value trap.
Reference: > 3.0 = safe zone · 1.81–3.0 = grey zone · < 1.81 = distress zone
Full explanation →
The Z-score needs working capital, retained earnings, EBIT, sales and total assets from the latest balance sheet, and at least one of those isn't reported in machine-readable form here — common for foreign private issuers. We leave it blank rather than compute a distress verdict from an estimated input. It doesn't affect the reported figures in the financial tables below.
▾ The checks — what passed, what didn't (and what we couldn't measure)
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✗ Positive net incomeNet income -$27.3M in FY2025.Why this matters: Does the company actually earn a profit? Sustained losses eventually force it to raise money — diluting you — or take on debt.
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✗ Positive operating cash flowOperating cash flow -$9.9M (was -$5.8M the prior year).Why this matters: Profit can be an accounting figure; cash from running the business is harder to fake. Negative operating cash flow means the core business consumes cash and must be funded externally.
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✓ Cash flow backs up reported profitOperating cash flow -$9.9M vs net income -$27.3M.
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✗ Return on assets improvingReturn on assets -14.0% vs -8.6% a year ago.Why this matters: Is the company squeezing more profit out of each dollar of assets than last year? Rising = getting more efficient; falling = the opposite.
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✓ Debt load (vs assets)The filing reports no interest-bearing debt in either year (total assets $194.5M).
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✓ Short-term liquidity (current ratio)Current ratio 4.20x vs 0.41x a year ago.
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✗ Share count (dilution)Share count rose 47.0% (58.5M → 86.0M year-over-year).Why this matters: Issuing lots of new shares splits the pie into more pieces, shrinking your slice. Stable or falling share count protects existing owners.
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· Pricing power (gross margin) (n/a — data not reported; not scored)
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· Sales per asset (asset turnover) (n/a — data not reported; not scored)
Missing data is never counted as a pass or a fail — it's shown as n/a and excluded from the denominator. Each check compares the company against its own prior year.
Plain English: the company holds about $49M in cash and is burning roughly $10M/year in operations. At that pace, the cash lasts 4.9 yrs before it must raise capital (diluting shareholders), take on debt, or cut spending.
Assumes constant burn and ignores financing/asset sales. For pre-profit biotech and growth companies, this matters more than a DCF — a great drug pipeline is worthless if they run out of money before approval.
WESTWATER RESOURCES, INC. The market may be paying up for the potential future value of its mineral resource projects, which are not yet generating significant cash flows. The market may be assigning value to the successful development and commercialization of its graphite and lithium projects, which is not in the model. The biggest risk that our model's base assumptions prove too HIGH is that operating cash flow has been NEGATIVE latest and for 0/5 years, suggesting a continued cash burn rather than the modeled cash flow generation.
As of 42 days ago
Anatomy of a share
What you're buying per share. Bars are at the same scale so you can see the relative size of revenue, costs, cash flow, and debt — not just read them in a table.
What's free cash flow / what do these mean?
Revenue per share — how much the business earns from customers, divided by the number of shares outstanding. Top of the income statement.
Earnings per share — profit left after operating costs, interest, and taxes, per share. Two versions appear on this page and are not interchangeable: GAAP diluted EPS uses the company's weighted-average diluted share count during the reporting period (this is the "earnings" in "price-to-earnings"); net income per current share divides annual net income by today's share count. They differ whenever the share count has changed.
Owner-earnings free cash flow per share — the cash the business produces for shareholders. Savng's owner-earnings FCF subtracts capital expenditures and stock-based compensation from operating cash flow (SBC is a real dilution cost even though it's non-cash). This is deliberately more conservative than "standard" FCF, which subtracts only capital expenditures — so our figure is lower than the headline FCF you'll see elsewhere. FCF funds dividends, buybacks, debt repayment, and acquisitions; a company can report positive earnings yet negative FCF.
Debt per share — total interest-bearing borrowings divided by shares. High debt-per-share next to thin FCF-per-share is a fragility signal.
What you actually need to decide
Every stock price is a disagreement. Here's the single thing that must go right for the bulls, the single thing that breaks the thesis, and the concrete signposts to watch so you can update your view as real results arrive.
- Progress on the Coosa Graphite Project's production ramp-up
- Announcements regarding lithium project exploration and development
- Improvement in operating cash flow from its current negative level
The trend, in plain numbers (FY2024 → FY2025, latest reported)
Straight from the financial statements — no model, no opinion. For a small or unprofitable company, the direction of these numbers usually tells you more than any single valuation.
- Free cash flow is negative at -$25.5M — the cash burn widened vs last year.
- Still unprofitable at -$27.3M — loss widening.
Nothing was clearly improving year-over-year.
Management & Leadership
Chad M. Steveson serves as the President and CEO of Westwater Resources, Inc. since January 2023. He previously served as the company's Chief Operating Officer. Jeffrey L. Vigil is the Chief Financial Officer.
What They Make
Westwater Resources, Inc. is a mineral resources company focused on developing graphite and lithium projects. They primarily generate revenue from the potential future sales of these critical battery materials to industrial customers and battery manufacturers.
End Markets
Revenue Drivers
Why Is It Priced Like This?
Why Customers Pay
What we use instead: earnings (P/E, EV/EBIT), book value (P/B) — computed from the figures this company does report, shown in the sections below. Those numbers are unaffected by the missing cash-flow data.
The market prices WWR at a +404.5% premium, implying a 35.3% annual per-share cash-flow growth, significantly higher than the model's 5.0%. This optimism likely stems from the company's focus on critical battery materials, despite net income being NEGATIVE latest and operating cash flow also being NEGATIVE latest, indicating a speculative bet on future project success rather than current financial performance.
Business Model & Valuation
How They Make Money
The company funds itself primarily through equity raises and debt, as evidenced by its negative operating cash flow and net income, with no current dividend or buyback activity.
Normalized FCF
Cyclical/commodity sector (Metal Mining) with negative current FCF: normalized FCF uses multi-year median to smooth through the cycle.
Show advanced inputs
| Sector Default | 5.0% |
| Sector Default Source | Basic Materials sector default |
| Best Estimate | 5.0% |
| Method | sector_default |
| Growth Basis | total |
What this model does NOT do: this is a consolidated owner-earnings FCF model. Standalone segment assumptions: none. It does not project production volumes, realized commodity prices and unit cash costs independently; their combined effect is embedded in the historical revenue and cash-flow trend the model extrapolates. The calculator above can only approximate a segment's impact through the single consolidated growth rate — it cannot model any one line separately. For a true segment-level view, build a separate model from the company's segment disclosures.
Maturity & Competitive Position
Moat Signals
Net income has been NEGATIVE latest and for 0/5 years, indicating a lack of consistent profitability.
Geography & Markets
Westwater Resources, Inc. is headquartered in the US and primarily focuses its mineral resource development activities within the United States, specifically its Coosa Graphite Project in Alabama.
Geographic Risks
Market Signals
These are timing signals, not value signals — they describe the stock's recent price behavior, not what the business is worth. Use them for the "the thesis looks good, but is now the moment?" question. Each tile below explains what it's saying.
Why it matters: Short-term contrarian indicator. Extreme readings often precede mean reversion, though not always.
Reference: 30–70 normal · >70 overbought · <30 oversold
Full explanation → (14)45.0NeutralMomentum is balanced — neither overbought nor oversold.
Why it matters: When the fast line crosses above the slow line, short-term momentum is turning up; below, turning down. A timing cue, not a value signal.
Reference: Line above signal = bullish momentum · below = bearish
Full explanation →BullishLine above signalThe fast trend is above the slow trend — short-term momentum is currently upward.
Technicals describe price, not the business. A great company can have a "bearish" tape (a buying chance) and a weak one a "bullish" tape (a trap). Pair these with the valuation and health sections above.
QUALITY
Data Quality & Risk Flags (8 notes — click to expand/collapse)
Guardrail Notes (8)
- Cyclical sector: using normalized cash flow (median OCF minus estimated maintenance capex).
- Median OCF is negative — OCF-based normalization not applicable.
- Normalized OCF-capex was negative. Falling back to median raw FCF.
- No positive normalized FCF. Using EPS as proxy.
- Model implies no positive equity value under these assumptions. Valuation is speculative/low-confidence.
- Illiquidity discount 15% applied (small/micro-cap — harder to exit, demand a margin).
- Cyclical commodity producer: price is far above our modelled value. FCF-DCF structurally understates capital-intensive miners/energy — use the EV/Sales peer lens and the commodity-price outlook, not this single number.
- Extreme valuation gap (P/IV withheld — see the note above): result may be dominated by model assumptions, share count issues, or sector-specific dynamics. Treat as low confidence.
FINANCIALS
Financial Statements (5-year tables — click to expand)
From WESTWATER RESOURCES, INC.'s SEC filings (EDGAR).
Income (5yr)
| Year | Revenue | Net Income | EPS |
|---|---|---|---|
| 2025 | — | -27.3M | $-0.32 |
| 2024 | — | -12.7M | $-0.22 |
| 2023 | — | -7.8M | $-0.15 |
| 2022 | — | -11.1M | $-0.25 |
| 2021 | — | -16.1M | $-0.49 |
Cash Flow (5yr)
| Year | Operating CF | CapEx | − SBC | Free Cash Flow |
|---|---|---|---|---|
| 2025 | -9.9M | 11.7M | 3.9M | -25.5M |
| 2024 | -5.8M | 6.1M | 1.3M | -13.3M |
| 2023 | -11.4M | 58.3M | 837,000 | -70.6M |
| 2022 | -13.2M | 52.8M | 1.0M | -67.0M |
| 2021 | -16.9M | 3.4M | 879,000 | -21.1M |
How we define FCF: operating cash flow − capital expenditure − stock-based compensation (owner-earnings basis — SBC is a real cost to shareholders even though it's non-cash). Latest year: -9.9M − 11.7M − 3.9M (stock-based comp) = -25.5M. This is the same owner-earnings FCF definition the valuation model uses, though the DCF's starting value is a mid-cycle estimate (median operating cash flow less estimated maintenance capex and stock compensation — by design NOT the table's FCF, which deducts every year's full capex), not this single year.
Balance Sheet
| Total Assets | 194.5M |
| Total Liabilities | 13.0M |
| Equity | 181.5M |
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