# Paladin Energy (PDN.AU)

Canonical: https://gigainvestors.com/s/PDN.AU

Analysis as of: 2026-10-16T07:40:35.861Z. Financial observations: FY2019–FY2026.

Listing currency: AUD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: AUD 6.91 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 1 revenue decline in the last 10 years (informational)

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 8 years

- Years with declining revenue: 1

- Years with a net loss: 6

- Operating margin variation: 1.10×

Chart: Operating margin; fiscal year observations.

- FY2019: -1.25×

- FY2020: -15.24×

- FY2021: -8.01×

- FY2022: -5.00×

- FY2025: -0.22×

- FY2026: 0.05×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: -5.6%

- ROIC, second-lowest year: -7.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 26.3%

- ROIC including acquisitions, ten-year median: -4.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2019: -7.9%

- FY2020: -8.3%

- FY2021: -6.6%

- FY2022: -7.1%

- FY2023: -3.7%

- FY2024: -4.6%

- FY2025: -3.4%

- FY2026: 1.1%

### economics: fail

- owner earnings cash conversion below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: -$51M

- Net income, five-year total: -$23M

- Return on incremental invested capital: 35.3%

- Working capital / revenue, annual change: -7.0 pp

Chart: Owner earnings · five years; fiscal year observations.

- FY2022: -$13M

- FY2023: -$47M

- FY2024: $49M

- FY2025: -$45M

- FY2026: $5.3M

### management: pass

- Historical market-dollar context (not the management verdict): 2019 to 2026 (7 years)

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: -7.9% vs -3.4%

- Per-share earnings: -0.24 to 0.01 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 10.5%

- Market cap gain: $2.7B

- Cumulative retained earnings: -$121M

- Diluted shares, 5-year annual growth: 10.5%

- $1 test, starting fiscal year: FY2019

- $1 test, ending fiscal year: FY2026

- Per-share value change: $0.25

- Per-share value, starting three-year median: -$0.24

- Per-share value, ending three-year median: $0.01

- Buybacks concentrated in cheaper years (correlation): -0.90

- Average buyback yield: 0.6%

- Buyback history: 5 years

- Debt-funded buybacks: Yes

- ROIC, first three-year median: -7.9%

- ROIC, last three-year median: -3.4%

Chart: Earnings per share; fiscal year observations.

- FY2019: -$0.24

- FY2020: -$0.56

- FY2021: -$0.16

- FY2022: -$0.09

- FY2023: -$0.04

- FY2024: $0.18

- FY2025: -$0.13

- FY2026: $0.01

### accounting: pass

- Sloan accruals: -2.4%

- Receivables to sales index (DSRI): 0.31×

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 7.23×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.01×

Chart: Sloan accruals; fiscal year observations.

- FY2019: -5.7%

- FY2020: -19.8%

- FY2021: -10.6%

- FY2022: -4.1%

- FY2023: -0.3%

- FY2024: 16.4%

- FY2025: -3.6%

- FY2026: -2.4%

## Holders

## Price story

Down 57% since May 2024 · "Paladin Uranium Output Falls 19% as Costs Rise in Namibia" (finance.yahoo.com, Oct 2026) · sales +71.3%

Story as of 2026-10-16T10:00:11.538Z; price observation 2026-10-15.

- 2026-04-16: LHM Guidance Revision - Increase FY2026 Production Range ([finance.yahoo.com](https://finance.yahoo.com/sectors/energy/articles/lhm-guidance-revision-increase-fy2026-235400149.html))

- 2026-10-14: Paladin Uranium Output Falls 19% as Costs Rise in Namibia ([finance.yahoo.com](https://finance.yahoo.com/energy/articles/paladin-uranium-output-falls-19-031605862.html))

### Sales · FY2025–2026

sales +71.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2019: $31M 

- FY2020: $3.0M 

- FY2021: $3.0M 

- FY2022: $4.7M 

- FY2024: $0 

- FY2025: $178M 

- FY2026: $304M 

### Gross margin · FY2026

gross margin 32.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2019: 21.1% 

- FY2021: 0.4% 

- FY2022: 0.1% 

- FY2025: 2.3% 

- FY2026: 32.4% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in uranium; annual sales are USD 304.3 million.

- Source: https://eodhd.com/api/fundamentals/PALAF.US.json#2026-06-30 (filed 2026-10-16T07:40:35.861Z); FY2026: revenue 304320000; grossProfit 98461000; margin = grossProfit / revenue.

### Why customers stay

It lost 5.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:35.861Z); 8-year return on capital observations [[2019,-0.0791088979535721],[2020,-0.08329709569274205],[2021,-0.06613965066327764],[2022,-0.07149977486058674],[2023,-0.03720854972847962],[2024,-0.04577449875907401],[2025,-0.034253233831939685],[2026,0.010643405645542952]]; median -0.05595707471117582. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 80.1% of cash earnings on expansion; earns 35.3% on new investment.

- Source: https://eodhd.com/api/fundamentals/PALAF.US.json#2024-06-30 (filed 2026-10-16T07:40:35.861Z); FY2024: growth capex 0; upkeep 17304000; owner earnings 49077000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/PALAF.US.json#2026-06-30 (filed 2026-10-16T07:40:35.861Z); FY2026: growth capex 4276000; upkeep 44808000; owner earnings 5336000. Growth capex / owner earnings = 0.8013493253373314.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:35.861Z); Incremental return on capital 0.3534980149520385, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:35.861Z); Dividend observations: [[2019,0],[2020,157765000],[2021,1198000],[2022,0],[2023,0],[2024,0],[2025,0],[2026,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/PALAF.US.json#2026-06-30 (filed 2026-10-16T07:40:35.861Z); FY2026: cash repurchases 7983000 USD.

### Are managers owners

Insiders own 2.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); PDN.AU SharesStats.PercentInsiders = 2.796 percentage points; cache date 2026-10-16.

### What the price says

The price is 6.9 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:35.861Z); Closing price 6.91 AUD; reporting-to-trading FX 1.4454626926079037; FY2026 annual sales per share 0.6900809587960169; price multiple 6.9274135723734345. FY2026 cash earnings/share 0.012099999987301348. Closing-price date 2026-10-15.

## Monthly share-price history (AUD per share)

- 2016-11: AUD 0.81 per share

- 2016-12: AUD 0.84 per share

- 2017-01: AUD 1.22 per share

- 2017-02: AUD 1.13 per share

- 2017-03: AUD 1.03 per share

- 2017-04: AUD 1.03 per share

- 2017-05: AUD 0.54 per share

- 2017-06: AUD 0.46 per share

- 2017-07: AUD 0.46 per share

- 2017-08: AUD 0.46 per share

- 2017-09: AUD 0.46 per share

- 2017-10: AUD 0.46 per share

- 2017-11: AUD 0.46 per share

- 2017-12: AUD 0.46 per share

- 2018-01: AUD 0.46 per share

- 2018-02: AUD 1.52 per share

- 2018-03: AUD 1.66 per share

- 2018-04: AUD 1.22 per share

- 2018-05: AUD 1.52 per share

- 2018-06: AUD 1.71 per share

- 2018-07: AUD 1.96 per share

- 2018-08: AUD 1.91 per share

- 2018-09: AUD 1.96 per share

- 2018-10: AUD 1.66 per share

- 2018-11: AUD 1.96 per share

- 2018-12: AUD 1.76 per share

- 2019-01: AUD 1.66 per share

- 2019-02: AUD 1.71 per share

- 2019-03: AUD 1.27 per share

- 2019-04: AUD 1.27 per share

- 2019-05: AUD 1.17 per share

- 2019-06: AUD 1.22 per share

- 2019-07: AUD 1.57 per share

- 2019-08: AUD 1.42 per share

- 2019-09: AUD 1.08 per share

- 2019-10: AUD 0.81 per share

- 2019-11: AUD 0.85 per share

- 2019-12: AUD 0.97 per share

- 2020-01: AUD 0.83 per share

- 2020-02: AUD 0.80 per share

- 2020-03: AUD 0.48 per share

- 2020-04: AUD 1.03 per share

- 2020-05: AUD 1.13 per share

- 2020-06: AUD 0.98 per share

- 2020-07: AUD 1.22 per share

- 2020-08: AUD 1.61 per share

- 2020-09: AUD 1.22 per share

- 2020-10: AUD 1.27 per share

- 2020-11: AUD 1.47 per share

- 2020-12: AUD 2.45 per share

- 2021-01: AUD 2.64 per share

- 2021-02: AUD 3.91 per share

- 2021-03: AUD 3.70 per share

- 2021-04: AUD 4.10 per share

- 2021-05: AUD 4.95 per share

- 2021-06: AUD 5.15 per share

- 2021-07: AUD 5.35 per share

- 2021-08: AUD 5.10 per share

- 2021-09: AUD 6.90 per share

- 2021-10: AUD 8.80 per share

- 2021-11: AUD 9.45 per share

- 2021-12: AUD 8.80 per share

- 2022-01: AUD 7.20 per share

- 2022-02: AUD 7.70 per share

- 2022-03: AUD 7.90 per share

- 2022-04: AUD 8.20 per share

- 2022-05: AUD 7.95 per share

- 2022-06: AUD 5.80 per share

- 2022-07: AUD 7.40 per share

- 2022-08: AUD 8.50 per share

- 2022-09: AUD 7.55 per share

- 2022-10: AUD 8.50 per share

- 2022-11: AUD 7.90 per share

- 2022-12: AUD 7.00 per share

- 2023-01: AUD 8.50 per share

- 2023-02: AUD 6.95 per share

- 2023-03: AUD 6.50 per share

- 2023-04: AUD 6.55 per share

- 2023-05: AUD 5.45 per share

- 2023-06: AUD 7.30 per share

- 2023-07: AUD 7.35 per share

- 2023-08: AUD 8.45 per share

- 2023-09: AUD 11.00 per share

- 2023-10: AUD 9.45 per share

- 2023-11: AUD 9.75 per share

- 2023-12: AUD 9.85 per share

- 2024-01: AUD 12.95 per share

- 2024-02: AUD 12.40 per share

- 2024-03: AUD 13.70 per share

- 2024-04: AUD 13.97 per share

- 2024-05: AUD 15.93 per share

- 2024-06: AUD 12.48 per share

- 2024-07: AUD 11.41 per share

- 2024-08: AUD 9.79 per share

- 2024-09: AUD 11.55 per share

- 2024-10: AUD 10.20 per share

- 2024-11: AUD 7.60 per share

- 2024-12: AUD 7.56 per share

- 2025-01: AUD 8.92 per share

- 2025-02: AUD 6.88 per share

- 2025-03: AUD 5.11 per share

- 2025-04: AUD 5.86 per share

- 2025-05: AUD 6.24 per share

- 2025-06: AUD 8.07 per share

- 2025-07: AUD 6.21 per share

- 2025-08: AUD 7.85 per share

- 2025-09: AUD 8.32 per share

- 2025-10: AUD 9.65 per share

- 2025-11: AUD 8.12 per share

- 2025-12: AUD 9.59 per share

- 2026-01: AUD 13.84 per share

- 2026-02: AUD 13.39 per share

- 2026-03: AUD 11.05 per share

- 2026-04: AUD 11.52 per share

- 2026-05: AUD 11.32 per share

- 2026-06: AUD 9.30 per share

- 2026-07: AUD 9.42 per share

- 2026-08: AUD 11.61 per share

- 2026-09: AUD 9.49 per share

- 2026-10: AUD 7.47 per share

## Annual estimated value (AUD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.