Screened 2026-09-03 · the tape above runs as of 17:00 UTC · two dates, stated on purpose · verdict and workings shown in full · never trimmed
The Label · The Season, Not the Day
This name holds its markdown label.
X-Energy Inc holds its Markdown at $17.88.
As held on the ledger · 2026-09-03
Phase
Markdown · caution
Price at the screen
$17.88
Valuation
N/A trailing · -33.05 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.
Fair value range in USD, drawn from the 2026-09-03 screen. The gold marker is the market price at the same screen. A 100.0% margin of safety to the base estimate.
Third-party analyst targets: 7 covering, consensus None. The average target sits +113% from the screen price.
Reading the gap · Both our model and the analysts see meaningful upside from here.
Price History & Projections
Where it has been, where the models see it going. History from market close data; projection points are our fair-value estimates and third-party analyst targets, dated to the 2026-09-03 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.
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
2026-08-28Accumulation$20.46Entry 1
The framework 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.