Positioning no disclosures inside 60 days, left as found
Options put/call open interest 0.70, read 2026-11-02
Ethical does not pass the values gate
Price10.43 USD
Fair value26.16Our model only; the analyst targets sit too far from the price to cross-check it.
Ethical score70.0/100
Value readUndervaluedas of 7 Nov 2026
Our investment reviews on this name
2026-10-02Read Markdown16.36-36.2% to today ✓Accumulation gives way to Markdown after a 20% slide in 5 weeks
2026-08-28Read Accumulation20.46-49.0% to today First review on file: Accumulation
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
X-Energy Inc holds its Markdown at $10.43. Consolidating, no directional conviction, held for 1 days.
As held on the ledger · 2026-11-07
Phase
Markdown · caution
Quantitative state
Consolidating, no directional conviction, held for 1 days
Price at the screen
$10.43
Valuation
N/A trailing · -16.50 forward price to earnings
Values screen
FAIL· score 70.0
The Workings
Five Screens, Shown in Full
Does not pass. Accounts receivable
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
0.97%
Below 33%
Interest-bearing debt is just 1.0% of its assets, well under the one-third ceiling: it does not run on borrowed money.
Pass
Interest-bearing cash
14.13%
Below 33%
Cash held in interest-bearing accounts and securities is 14.1% of assets, under the one-third limit.
Pass
Receivables
66.82%
Below 49%
Money owed to the company is 66.8% of assets, above the 49% limit.
Fail
Revenue purity
21.53%
Below 5%
21.5% of revenue comes from non-compliant sources, over the 5% line.
Fail
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Falls Short, in Plain English
X-Energy's business is fine, but its receivables are about 67% of its assets, well over the ~49% line, so it does not pass on the financial screens.
Read as at 2026-11-07. It updates when the underlying figures move, and past reads are kept below.
Follow this verdict
Get an email when XE's ethical verdict changes
Today XE does not pass the screen. If new figures move it to a pass, we send you one short email with the before and after. Verdicts change rarely, so you may not hear from us for a long time.
Free, no account needed. Every email has a link to stop.
What the Numbers Say It Is Worth
The Fair Value Range
Our model only; the analyst targets sit too far from the price to cross-check it.
Our analysis reads Undervalued vs our fair value, as of 7 Nov 2026: it trades at roughly a 50% discount to our $26.16 fair value, narrow competitive moat, 196.20% revenue growth.
Fair value range in USD, drawn from the 2026-11-07 screen. The gold marker is the market price at the same screen. A 60.1% discount to the base estimate.
Where our models see it going: fair-value estimate $26.16, with a range of $9.00 to $26.16, dated to the 2026-11-07 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Nuclear Reactors Promise Clean Power Yet No Profits
Picture a future where small reactors power remote grids without the delays of big nuclear plants. X-Energy is building exactly that with its Xe-100 design and TRISO-X fuel, and revenue has jumped 134 percent as orders arrive. The shares trade at half our fair value estimate, yet the opportunity rating stays at none because the business still posts zero profit margins and a deeply negative forward P/E of minus 27.8 times.
The narrow moat leaves little pricing power once larger rivals enter the same advanced reactor race. Seven analysts see a median target of thirty eight dollars, but that optimism rests on execution that has not yet turned into cash. Ethical screens clear the name, yet the absence of earnings means any valuation edge stays theoretical until the company proves it can scale beyond early contracts.
Risk sits high around development timelines, regulatory approvals and the capital demands of nuclear fuel production. A single delay or cost overrun could wipe out the apparent discount quickly. Analysis, not advice.
Another profit measure, before interest, tax and non-cash costs: EBITDA.
The risks · The main risks here are ordinary market swings and the chance our fair-value read proves too optimistic.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
XE trades on NASDAQ. As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-11-07Markdown$10.43+15.9%Entry 8
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved up 15.9% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it D. Technically it is momentum reading oversold. The street (7 analysts) rates it buy, with a mean price target of $40. It reported earnings in this window, a natural checkpoint for the thesis.
2026-11-06Markdown$9.00-10.4%Entry 7
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 10.4% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it D. Technically it is momentum reading oversold. The street (7 analysts) rates it buy, with a mean price target of $40. It reported earnings in this window, a natural checkpoint for the thesis.
2026-11-05Markdown$10.05-8.1%Entry 6
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 8.1% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it D. Technically it is momentum reading oversold. The street (7 analysts) rates it buy, with a mean price target of $40. It reported earnings in this window, a natural checkpoint for the thesis.
2026-11-01Markdown$10.93-6.1%Entry 5
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 6.1% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it D. Technically it is momentum reading oversold. The street (7 analysts) rates it buy, with a mean price target of $40.
2026-10-25Markdown$11.64+0.0%Entry 4
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it D. Technically it is momentum reading oversold. The street (7 analysts) rates it buy, with a mean price target of $40.
2026-10-18Markdown$11.64-28.9%Entry 3
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 28.9% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it D. Technically it is momentum reading overbought. The street (7 analysts) rates it buy, with a mean price target of $40.
2026-10-02Markdown · changed$16.36-20.0%Entry 2
The framework has shifted from accumulation to markdown since the last review. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 20.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it D. Technically it is momentum reading overbought. The street (7 analysts) rates it buy, with a mean price target of $40.
2026-08-28Accumulation$20.46Entry 1
Our analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it C. Technically it is momentum reading overbought. The street (7 analysts) rates it buy, with a mean price target of $40.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.