Denison Mines Corp. engages in the acquisition, exploration, development, extraction, processing, selling of, and investing in uranium properties in Canada. Its flagship project is the 95% interest owned Wheeler River uranium project located in the Athabasca Basin region in northern Saskatchewan. The company was formerly known as International Uranium Corporation and changed its name to Denison Mines Corp. in December 2006. Denison Mines Corp. was founded in 1997 and is headquartered in Toronto,
2-Year Price History
Quarterly Financials & Projections
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Est | 2027-Q4 | 1.1 | -55.0 | -- | -66.0 | -- | -71.5 | -38.5 | 73.9 | -- | -- | -- | -- | -- |
| Est | 2027-Q3 | 1.0 | -55.0 | -- | -70.0 | -- | -70.0 | -40.0 | 145.4 | -- | -- | -- | -- | -- |
| Est | 2027-Q2 | 1.2 | -54.0 | -- | -66.0 | -- | -72.0 | -38.4 | 215.4 | -- | -- | -- | -- | -- |
| Est | 2027-Q1 | 1.0 | -50.0 | -- | -65.0 | -- | -65.0 | -35.0 | 287.4 | -- | -- | -- | -- | -- |
| Est | 2026-Q4 | 1.1 | -49.5 | -- | -60.5 | -- | -60.5 | -30.8 | 352.4 | -- | -- | -- | -- | -- |
| Est | 2026-Q3 | 1.0 | -40.0 | -- | -60.0 | -- | -50.0 | -25.0 | 412.9 | -- | -- | -- | -- | -- |
| Est | 2026-Q2 | 1.2 | -38.4 | -- | -54.0 | -- | -50.4 | -21.6 | 462.9 | -- | -- | -- | -- | -- |
| Est | 2026-Q1 | 1.1 | -38.5 | -- | -55.0 | -- | -49.5 | -22.0 | 513.3 | -- | -- | -- | -- | -- |
| Act | 2026-Q1 | 0.8 | -12.3 | -16.4 | -82.6 | -35.6 | -49.9 | -14.2 | 562.8 | 731.9 | 903.1 | -7.1% | -1.7x | -- |
| Act | 2025-Q4 | 1.2 | -34.1 | -23.0 | -51.3 | -8.4 | -39.9 | -31.4 | 539.0 | 613.9 | 901.6 | -13.2% | -3.3x | -- |
| Act | 2025-Q3 | 1.0 | -124.9 | -22.1 | -135.0 | -19.9 | -27.7 | -7.8 | 482.8 | 294.8 | 896.6 | -21.3% | -24.9x | -- |
| Act | 2025-Q2 | 1.3 | 15.9 | -18.8 | 12.5 | -23.0 | -28.3 | -5.2 | 94.2 | 0.0 | 903.2 | -29.9% | 20.6x | -- |
| Act | 2025-Q1 | 1.4 | -46.4 | -22.1 | -43.5 | -16.9 | -23.0 | -6.1 | 90.7 | 0.0 | 895.8 | -26.8% | -68.2x | -- |
| Act | 2024-Q4 | 1.2 | -27.0 | -19.3 | -29.5 | -8.0 | -10.6 | -2.5 | 114.8 | 0.0 | 892.2 | -26.9% | -262.1x | -- |
| Act | 2024-Q3 | 0.7 | -23.6 | -15.8 | -25.8 | -12.4 | -14.6 | -2.2 | 116.4 | 0.0 | 892.2 | -20.0% | -11811.0x | -- |
| Act | 2024-Q2 | 1.3 | -13.8 | -12.7 | -16.0 | -12.3 | -13.3 | -0.9 | 128.2 | 0.0 | 892.2 | -14.8% | -18.0x | 37.1x |
| Act | 2024-Q1 | 0.8 | -16.5 | -15.6 | -19.9 | -7.7 | -9.8 | -2.1 | 141.7 | 0.4 | 891.2 | -17.2% | -20.1x | 23.0x |
| Act | 2023-Q4 | -5.5 | 32.6 | -18.3 | 34.5 | -4.9 | -6.6 | -1.7 | 141.5 | 0.0 | 848.6 | -18.3% | 16.9x | 17.8x |
| Act | 2023-Q3 | 0.8 | 58.9 | 0.0 | 58.2 | -8.6 | -8.8 | -0.2 | 61.6 | 0.3 | 843.3 | 0.0% | 6159.7x | 23.3x |
| Act | 2023-Q2 | 0.7 | 4.1 | -7.6 | 0.1 | -9.4 | -10.1 | -0.7 | 41.5 | 0.4 | 845.4 | -33.5% | 388.2x | -- |
| Act | 2023-Q1 | -0.7 | -0.7 | -9.0 | -1.8 | -7.8 | -8.5 | -0.7 | 49.3 | 0.4 | 832.8 | -42.3% | -0.6x | -- |
| Act | 2022-Q4 | 3.0 | -2.8 | -7.7 | -5.7 | -5.8 | -6.5 | -0.6 | 58.9 | 0.0 | 826.3 | -15.6% | -414.1x | 74.8x |
| Act | 2022-Q3 | 2.2 | -3.8 | -7.8 | -4.6 | -5.0 | -6.9 | -1.8 | 65.1 | 0.6 | 819.2 | -14.8% | -650.9x | -- |
| Act | 2022-Q2 | 5.3 | -11.0 | -5.9 | -12.5 | -9.9 | -10.7 | -0.7 | 51.5 | 0.4 | 817.9 | -24.4% | -1284.5x | -- |
| Act | 2022-Q1 | 3.3 | 35.0 | -7.8 | 34.1 | -3.5 | -6.6 | -3.0 | 67.1 | 0.5 | 825.2 | -25.1% | 76.5x | -- |
AI Analysis
LLM Evaluations
Denison Mines is a speculative pre-production uranium developer trading at a ~CAD 5B enterprise value with zero economic revenue, accelerating cash burn (~CAD 70-120M/year), a massive US$345M convertible debt overhang, 900M+ diluted shares, and critical execution risk on the Wheeler River ISR project which faces both an unproven extraction method in Athabasca Basin geology and an active Indigenous legal challenge. The CEO departure in early 2026 adds leadership uncertainty at the worst possible time—right before construction decisions. While the secular uranium bull case is real and the company's physical uranium inventory and Wheeler River resource are genuinely valuable, the current market cap prices in near-flawless execution of a multi-year construction timeline that has not yet begun. NAV-based analysis suggests the stock is pricing Wheeler River at a significant premium to risked NPV. The convertible note conversion price of US$2.92 creates a dilution overhang, and the debt-to-equity spike from 0.19 to 1.67 fundamentally changes the risk profile. This is a sell or avoid at current levels—the risk/reward is poor given execution, legal, and dilution risks relative to what's already priced in.
Valuation & Metrics
Market Stats
TTM Financial Snapshot
DCF Fair Value Estimate
Forward Outlook & Risk
Short Interest
Options
| Strike | Call Bid/Ask | Call OI | Put Bid/Ask | Put OI |
|---|---|---|---|---|
| $1.50 | $1.50/$2.00 | 71 | --/$0.25 | 102 |
| $2.00 | $1.00/$1.50 | 208 | --/$0.20 | 267 |
| $2.50 | $0.75/$0.95 | 491 | --/$0.15 | 749 |
| $3.00 | $0.40/$0.55 | 523 | $0.15/$0.30 | 1,762 |
| $3.50 | $0.20/$0.30 | 3,682 | $0.35/$0.60 | 527 |
| $4.00 | $0.10/$0.15 | 26,048 | $0.75/$0.95 | 873 |
| $4.50 | $0.05/$0.10 | 3,243 | $1.15/$1.45 | 98 |
| $5.00 | --/$0.10 | 11,906 | $1.65/$1.90 | 243 |
Forward Projections & Estimates
Employees
Cash Runway
Institutional Ownership
Headline & net flow
In Q1 2026 so far (quarter still filing), institutions are net buyers — bought 9.6% of float, sold 4.4%. 2 filers moved >1% of shares (2 buying, 0 selling).
Ownership composition
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| VAN ECK ASSOCIATES CORP | $252M | $1.98 | −$15.5M | +$133M | +0.8% | $133.17B |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $226M | $2.16 | +$18.3M | +$20.9M | +1.7% | $73.71B |
| ALPS ADVISORS INC | $162M | $1.33 | −$6.5M | −$41.6M | +0.2% | $21.23B |
| Hood River Capital Management LLC | $94.7M | $1.63 | −$649K | −$245K | -1.1% | $9.97B |
| T. Rowe Price Investment Management, Inc. | $51.1M | $3.53 | +$51.1M | +$51.1M | -1.3% | $145.22B |
| Capital Research Global Investors | $48.4M | $2.12 | +$20.1M | +$17.3M | +0.4% | $644.55B |
| TWO SIGMA INVESTMENTS, LP | $39.9M | $2.66 | −$12.7M | +$39.9M | -0.7% | $117.03B |
| MORGAN STANLEY | $38.8M | $2.12 | +$4.3M | +$10.5M | -0.3% | $1.65T |
| JANE STREET GROUP, LLCMM | $37.3M | $2.39 | +$9.6M | +$20.2M | -0.1% | $92.10B |
| RENAISSANCE TECHNOLOGIES LLC | $33.4M | $2.30 | +$24.5M | −$9.3M | +1.2% | $63.91B |
| TD ASSET MANAGEMENT INC | $32.9M | $2.00 | +$2.5M | +$2.4M | -0.1% | $123.19B |
| UBS Group AG | $29.2M | $2.04 | +$1.9M | +$15.9M | -0.3% | $562.11B |
| CITADEL ADVISORS LLC | $27.8M | $2.07 | +$5.9M | −$6.0M | -0.4% | $138.22B |
| SCOPUS ASSET MANAGEMENT, L.P. | $26.6M | $1.86 | +$0 | −$725K | +1.1% | $3.19B |
| Vident Advisory, LLC | $26.4M | $1.83 | +$1.2M | +$2.1M | -2.3% | $11.74B |
| Connor, Clark & Lunn Investment Management Ltd. | $21.0M | $1.95 | −$12.0M | −$2.4M | -0.2% | $43.38B |
| MILLENNIUM MANAGEMENT LLC | $20.5M | $2.41 | +$12.6M | +$392K | -0.5% | $127.40B |
| ROYAL BANK OF CANADA | $20.5M | $2.17 | −$62K | +$5.2M | -0.2% | $526.36B |
| Goehring & Rozencwajg Associates, LLC | $16.7M | $1.77 | +$2.7M | +$3.3M | +2.2% | $1.86B |
| Merewether Investment Management, LP | $14.9M | $2.75 | −$6.0M | +$14.9M | +3.8% | $5.15B |
Trading behavior
▸ Compare to holder-profile behavior (across all their stocks)
Biggest decreases this quarter
New buyers this quarter
Top-5 holders · 48.2%
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
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Analyst Coverage
Corporate
Order Flow (FINRA, ~3w lag)
Filing Risk Analysis
Filing Risk Scores
Denison Mines Corp.: Derivative Volatility and Synthetic Revenue Masking Accelerated Cash Burn
Counter-Thesis
Counter-Thesis & Recent News
Denison Mines has faced significant leadership and legal turbulence in the first half of 2026. A major 'red flag' occurred on March 3, 2026, when the stock tumbled 7.44% following the sudden announcement of a CEO exit (StockToTrade). Furthermore, the company is currently navigating a pending legal challenge from the Peter Ballantyne Cree Nation regarding provincial environmental assessment approvals for the Wheeler River project, which threatens to delay the 2026 construction timeline (FinancialContent, Nov 2025).
The bear case centers on extreme valuation and execution risk. DNN is currently a non-producer with a staggering price-to-sales ratio exceeding 500x and a net profit margin of -1,911% as of late 2025 (FinancialContent). The company’s total debt has exploded by over 25,000% in the last year to approximately $444.5 million to fund its transition to construction (FinanceCharts). As a development-stage company, its valuation is entirely speculative, tied to the Phoenix deposit's In-Situ Recovery (ISR) method, which remains a high-stakes, unproven application in the specific geology of the Athabasca Basin.
Financial metrics are abysmal for a short-term investor: Return on Assets (ROA) is -25.20% and Return on Equity (ROE) is -58.99%, both in the bottom 10% of the industry (FinanceCharts). Despite the 'Buy' consensus among 12 analysts, the stock is technically overvalued by almost every traditional fundamental metric, and the recent massive debt-to-equity ratio spike to 1.67 (up from a 3-year average of 0.19) signals a high-risk leverage profile that could lead to further dilution if construction costs oversubscribe (FinanceCharts).
Denison faces stiff competition for capital and future utility contracts from more advanced peers like NexGen Energy (NXE) and established giants like Cameco. While DNN fell 3.23% in March 2026, sector-wide declines in peers like Uranium Energy Corp (UEC) and Energy Fuels (UUUU) suggest that any cooling in the 'AI-driven energy' hype could disproportionately crush high-leverage developers like Denison first (StockTitan).
Utility sentiment—the actual 'customers' for uranium—remains cautious regarding new supply timelines. Market reactions to Denison’s construction licensing have been mixed; while the long-term narrative is bullish, immediate investor anxiety is high, as evidenced by the 2.71% drop in the month leading up to November 2025 and subsequent volatility in early 2026 following executive turnover (FinancialContent, StockToTrade).