Why X-Energy (XE) Shares Just Moved, And What Is Drawing Attention?

X-Energy (XE) released its second quarter 2026 earnings on August 13, reporting revenue of US$54.6 million and a net loss of US$59.09 million, or US$0.21 per share.

The latest second quarter earnings release comes after a mixed run for X-Energy's stock, with a 30-day share price return of 31.25%, following a 90-day share price decline of 30.61% and a year-to-date share price return down 34.55%.

Compare X-Energy's nuclear story with other potential beneficiaries of the sector shift by scanning our hand picked 92 nuclear energy infrastructure stocks today.

After a sharp 30 day rebound and a share price near US$19.11 that sits far below analyst targets around US$38, X-Energy now trades at a steep apparent discount. Is the market being cautious for good reason?

Preferred Price-to-Sales Multiple of 36.6x: Is It Justified?

X-Energy trades at $19.11 while carrying a P/S ratio of 36.6x, compared with far lower benchmarks across both its industry and identified peers. That points to a rich valuation relative to current revenue.

The P/S multiple compares the company's market value with its revenue. For X-Energy, which is still loss making and does not yet have positive earnings or near term profitability forecasts, revenue is a key anchor for how the market is currently pricing the nuclear reactor and fuel business.

XE's P/S ratio of 36.6x is described as expensive versus the US Electrical industry average of 2.7x and a peer average of 5.7x. This places X-Energy at a much higher revenue multiple than both its sector and closer peers. It suggests investors are paying a premium for each dollar of sales compared with other electrical equipment companies, even though X-Energy remains unprofitable and is forecast to stay loss making over the next 3 years despite strong revenue growth forecasts.

Result: Price-to-Sales of 36.6x (OVERVALUED)

See what the numbers say about this price -- find out in our valuation breakdown.

However, investors in X-Energy still need to weigh the ongoing net loss of US$448.87 million and the very high 36.6x P/S multiple against future execution risks.

Find out about the key risks to this X-Energy narrative.

Another View on X-Energy's Valuation

While X-Energy looks expensive on a 36.6x P/S ratio, the SWS DCF model points in the same direction. It estimates the future cash flow value at about US$12.10 a share, compared with the current US$19.11 price. This implies the stock is trading above that cash flow based value. How much weight should you give to each method before making a call?