All-Time Highs Reached: Are Energy Fuel Stocks Still a Buy in 2026?

Buying a Canadian stock after it has risen sharply from its highs can feel like catching a falling knife. Yet it can also give you the best setup: a strong company that gains momentum. So let’s see if this Canadian stock fits the bill.

EFR

Energy fuels (TSX:EFR) fits into the “story stock with real assets” category. It sits at the intersection of uranium, rare earths and the West’s drive to build supply chains that don’t rely on China. That theme is important in 2026, as governments and major customers continue to talk about energy security, defense and domestic production. Energy Fuels owns the White Mesa Mill in Utah, giving it a strategic footprint that many peers lack.

Canadian stocks are also accompanied by mood swings. Things can move quickly when headlines about uranium or rare earths run high, and they can cool down just as quickly when traders take profits. At the end of January 2026, shares were trading around $35, up 375% over the past year.

This gives you a clear story without pretending that you can time the bottom. It also keeps expectations in check. Even after a decline from recent highs, the EFR may still be well above where it was trading earlier in the cycle, so you don’t get a classic ‘cheap and ignore’ setup. You get ‘hot theme, lower price, then prove it’.

Revenue support

Now for the numbers. In the third quarter of 2025, Energy Fuels reported total revenue of approximately $17.7 million, and still posted a net loss of approximately $16.7 million, or $0.07 per share. That indicates the company is still in investment mode and the market values ​​it for what it can become, not what it earns today.

The near-term business picture looks more encouraging for uranium. The Canadian stock said it sold 240,000 pounds of U3O8 in the third quarter at a weighted average realized price of $72.38 per pound, for gross proceeds of about $17.4 million. It then led to stronger uranium sales in the fourth quarter, with expected sales of 360,000 pounds and approximately $27 million in gross uranium sales revenue of approximately $74.93 per pound. Those kinds of updates help investors track real momentum, not just stories.

The next part of the story relies heavily on rare earths and scale. In January 2026, Energy Fuels highlighted a renewed feasibility view of its Toliara project in Madagascar, including an NPV of $1.8 billion and a catastrophe profile indicating more than $500 million in expected annual earnings before interest, taxes, depreciation and amortization (EBITDA) in the model. Those are big numbers, which can quickly impact sentiment, but also pose a “show me” risk when it comes to execution, timelines and country conditions.

In short

Can the EFR turn around in 2026 while it is below its recent highs? That’s possible because Canadian stocks have tangible operational updates in uranium, plus high upside potential in rare earths. The market tends to reward evidence, and EFR continues to provide investors with measurable checkpoints such as sales volumes, realized prices and expansion plans. Still, you have to respect the risks.

The company is still making losses, is dependent on commodity prices and could slow or finance growth as it pursues big projects. If you can handle volatility and you want one TSX name attached to uranium and rare earths with real assets behind it, EFR could make sense as a “buy while unaware” reversal bet for 2026.