Munger Mode rating: 2 out of 5 — Sell. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
We have spent the better part of a century buying businesses, not stock certificates. The distinction matters. A stock certificate is a piece of paper that goes up and down; a business is a stream of cash that flows to its owners across decades. When we look at Centrus Energy, we are asked a deceptively simple question: if we owned this entire enterprise, and the market closed for ten years, would we sleep soundly? We must tell you at the outset that this is one of those situations where the story is thrilling, the headlines are patriotic, the share price has been on a roller coaster that would make a Coney Island operator dizzy — and the underlying business is, when you strip the romance away, a commodity enterprise of uncertain moat, declining current profitability, enormous future capital appetite, and a valuation that has run far ahead of demonstrated earning power.
Recent filings analysed: 10-Q (2026-08-06), 8-K (2026-08-05), 8-K (2026-07-02), 8-K (2026-06-18).
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