Coal & Uranium

Coal producers, uranium miners and nuclear-fuel suppliers.

Companies

With a moat

Average quality

0 wide moat · 2 narrow moat · 21 no moat · Open in screener →

Updated 27 Sep 2026

Coal & Uranium covers coal producers, uranium miners and developers, and nuclear-fuel suppliers. MoatScope covers 23 companies here. None has a wide moat; two have a narrow moat and 21 none.

How the industry makes money

Both are mined fuels sold into long supply chains. Uranium producers sign long-term contracts with nuclear utilities, while coal producers supply steelmakers with metallurgical coal and power plants with thermal coal, mostly at market prices.

Where the moats are

Cameco, a uranium producer and fuel-services company, and Centrus Energy, a nuclear-fuel enrichment supplier, are the only moat-rated companies, both narrow. Developers such as NexGen Energy and coal producers such as Warrior Met Coal and Core Natural Resources carry no moat.

What wears moats down

Commodity prices set results, mines deplete, and policy decides long-term demand: coal faces a shrinking role in power generation, while nuclear depends on reactor construction and life extensions.

What to watch

Uranium contract prices and new reactor plans.
Steel and power demand for coal.
Permitting and mine development timelines.

Moat ratings and quality scores on this page update as companies report. Price versus fair value for every company in the industry is in the screener.

Markets

MoatScope splits Coal & Uranium into 2 markets. Each table ranks the businesses in one market by revenue and shows each one's share of the market's total: companies filed under this industry, the segments of companies filed elsewhere that compete in it, and the largest companies MoatScope doesn't cover, such as private companies and companies listed outside the US. Each market's total comes from a cited source and covers the geography its businesses compete in (a national market counts only US revenue). A company that runs several businesses is split by the segments it reports.

Coal miners

Metallurgical and thermal coal producers.

US market · $27.7B total revenue in 2025 · source: EIA Short-Term Energy Outlook Oct 2026, Table 6. Shares are of the whole market, including companies MoatScope doesn't cover; company revenue is for the fiscal year closest to 2025. US coal output at the mine (EIA, 2024 prices).

#	Business	Market share	Revenue
1	CNR · Core Natural Resources, Inc.	15.0%	$4.2B
2	BTU · PEABODY ENERGY CORP	13.9%	$3.9B
3	ARLP · ALLIANCE RESOURCE PARTNERS LP	7.9%	$2.2B
4	AMR · Alpha Metallurgical Resources, Inc.	7.7%	$2.1B
5	HCC · WARRIOR MET COAL, INC.	4.7%	$1.3B
6	METC · Ramaco Resources, Inc.	1.9%	$537M
7	NC · NACCO INDUSTRIES INC	1.0%	$277M
8	NRP · NATURAL RESOURCE PARTNERS LP	0.8%	$232M
	All other companies	47.0%	$13.0B

Uranium & nuclear fuel

Uranium miners, enrichment and nuclear-fuel suppliers.

Global market · $12.5B total revenue in 2025 · source: Australian Resources & Energy Quarterly Sep 2026 · rough estimate. Shares are of the whole market, including companies MoatScope doesn't cover; company revenue is for the fiscal year closest to 2025. World uranium consumption at 2025 prices; Cameco's revenue also includes fuel services.

#	Business	Market share	Revenue
1	CCJ · CAMECO CORP	20.6%	$2.6B
2	LEU · CENTRUS ENERGY CORP	3.6%	$449M
3	UEC · URANIUM ENERGY CORP	0.5%	$67M
4	UUUU · ENERGY FUELS INC	0.5%	$66M
5	EU · enCore Energy Corp.	0.3%	$43M
6	URG · UR-ENERGY INC	0.2%	$27M
7	DNN · DENISON MINES CORP.	<0.1%	$4M
8	ISOU · IsoEnergy Ltd.	<0.1%	$1M
9	WSTRF · Western Uranium & Vanadium Corp.	<0.1%	$1M
	All other companies	74.1%	$9.3B

Companies

Company	Moat	Quality	Market
CCJ CAMECO CORP	Narrow	55	Uranium & nuclear fuel	20.6%	$42.5B
NXE NexGen Energy Ltd.	None	21	Uranium & nuclear fuel	—	$5.6B
HCC WARRIOR MET COAL, INC.	None	35	Coal miners	4.7%	$4.5B
CNR Core Natural Resources, Inc.	None	24	Coal miners	15.0%	$4.5B
UEC URANIUM ENERGY CORP	None	21	Uranium & nuclear fuel	0.5%	$3.9B
ARLP ALLIANCE RESOURCE PARTNERS LP	None	52	Coal miners	7.9%	$3.3B
BTU PEABODY ENERGY CORP	None	21	Coal miners	13.9%	$2.9B
LEU CENTRUS ENERGY CORP	Narrow	38	Uranium & nuclear fuel	3.6%	$2.2B
DNN DENISON MINES CORP.	None	17	Uranium & nuclear fuel	<0.1%	$2.0B
UUUU ENERGY FUELS INC	None	18	Uranium & nuclear fuel	0.5%	$2.0B
AMR Alpha Metallurgical Resources, Inc.	None	31	Coal miners	7.7%	$2.0B
NRP NATURAL RESOURCE PARTNERS LP	None	49	Coal miners	0.8%	$1.5B
ISOU IsoEnergy Ltd.	None	10	Uranium & nuclear fuel	<0.1%	$591M
METC Ramaco Resources, Inc.	None	25	Coal miners	1.9%	$484M
URG UR-ENERGY INC	None	13	Uranium & nuclear fuel	0.2%	$330M
NC NACCO INDUSTRIES INC	None	31	Coal miners	1.0%	$246M
LTBR LIGHTBRIDGE Corp	None	26	Uranium & nuclear fuel	—	$203M
EU enCore Energy Corp.	None	15	Uranium & nuclear fuel	0.3%	$155M
AREC American Resources Corp	None	18	Coal miners	—	$121M
AEC ANFIELD ENERGY INC.	None	9	Uranium & nuclear fuel	—	$103M
WSTRF Western Uranium & Vanadium Corp.	None	24	Uranium & nuclear fuel	<0.1%	$50M
LBSR LIBERTY STAR URANIUM & METALS CORP.	None	9	Coal miners	—	$2M
JAGU Jaguar Uranium Corp.	None	7	Coal miners	—	—

23 companies.

Market share is a company's revenue in its main market (Market column) as a share of that market's total: every company in it, including private companies and companies listed outside the US (sources under each market above). Revenue is for the fiscal year closest to 2025, and a market that is national (such as US banking) counts only US revenue. Companies that run several businesses are split by the segments they report, and each segment counts in its own market. A dash means the market has no reliable total yet, or no revenue was reported for that year.

Price versus fair value for every company is in the screener.

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