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National Atomic Company (KAP) Fair Value & Analysis

Energy · GB · Market cap $764B · ISIN US63253R2013

What is National Atomic Company really worth?

NA National Atomic Company KAP · LSE
Price$76.00
Fair Value$65.89
Upside−13.3%
Quality61/100

A solid business, but trading 15% above our fair value of $65.89.

Strengths

Highly profitable · 30.8% net margin
Low debt · generates free cash flow
Wide moat 80/100

Risks

!Mixed Growth (revenue 5y +24.4 %/yr)
!Evidence only low, so the estimate is less certain
!The models disagree: range $49.41 to $137.84
Evidence: Low Range $49.41 – $137.84

Fair value as of: Aug 30, 2026

From 26 valuation models · updated 6 days ago

Share price +9.7% over the past month.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The model range is unusually wide ($49.41 to $137.84). The outcome hinges heavily on assumptions, so read the point estimate with caution.
  • Solid but not exceptional quality (61/100) and above fair value, neither a clear bargain nor a standout compounder.
  • Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.

Price vs Fair Value (5 years)

$91.20 $17.99 Fair Value $65.89 Jun 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 30, 2026.

How to read this chart

60‑month range $17.99 – $91.20 · fair‑value band $49.41 – $137.84 · the $76.00 price screens above the $65.89 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 30, 2026.

Full chart & analysis →

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Analysis

National Atomic Company (KAP) currently trades at $76.00, while our model-based Fair Value estimate is $65.89, implying the stock looks roughly 15.3% overvalued today. The Quality Score stands at 61/100 (solid quality), in the Energy sector. Bull case: the Dividend Discount group reads highest at a median of $545.97 per share, and 26 of the 26 models we run sit above the $76.00 price. Bear case: the Asset-Based group reads lowest at $155.15, and 0 of the 26 models stay below the price. Evidence for this calculation is low.

Over the trailing twelve months, National Atomic Company generated revenue of $1.8T at a net margin of 31.6%. Revenue declined 9.5% year over year. It earns a return on equity of 25.9%. The balance sheet holds a net cash position of $139B. Fundamentals as of Aug 30, 2026

Our scenario range runs from $49.41 (bear case) to $137.84 (bull case); at $76.00, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 18% below its 52-week high and 104% above its 52-week low, currently above its 200-day average. For context, the median of 10 Energy peers we cover trades at −66% fair-value upside, at −13%, KAP screens cheaper than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly $3.17 per share, which is 4.8 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
FCF DCF $1,152 $2,021 $4,494 74
EPV $600.46 $701.23 $790.80 74
5Y EBITDA Exit $625.16 $1,045 $1,718 73
All 26 models by family
DCF Models
FCF DCF $1,152 $2,021 $4,494 74
Owner Earnings $815.48 $1,819 $3,971 70
5Y Revenue Exit $448.20 $655.67 $990.14 72
5Y EBITDA Exit $625.16 $1,045 $1,718 73
5Y P/E Exit $748.27 $1,383 $2,172 69
10Y Revenue Exit $642.78 $978.19 $1,350 67
10Y EBITDA Exit $775.34 $1,311 $2,201 66
10Y P/E Exit $863.30 $1,542 $2,641 62
Earnings-Based
Graham-Dodd $375.51 $2,509 $3,514 63
Lynch FV $733.69 $1,048 $1,363 61
PEG = 1.0 $733.69 $1,048 $1,363 57
EPV $600.46 $701.23 $790.80 74
Dividend Discount
Gordon GGM $305.29 $666.49 $1,121 65
DDM Multi-Stage $305.29 $545.97 $694.59 66
Multiples
P/E Multiple $579.84 $773.12 $966.39 63
P/S Multiple $157.09 $209.45 $261.81 58
P/B Multiple $312.62 $416.83 $521.03 55
EV/EBIT $594.89 $783.38 $971.87 66
EV/EBITDA $435.82 $571.29 $706.76 67
EV/Revenue $176.04 $238.87 $301.71 54
Asset-Based
NCAV (Graham) $115.79 $155.15 $231.57 54
Growth DCF
Growth DCF $1,108 $2,282 $4,575 73
Rev-Margin DCF $448.20 $686.50 $1,031 72
Economic Profit
Residual Income $366.95 $457.82 $1,807 64
ROIC Compounder $733.92 $1,050 $1,495 71
Growth Earnings
Growth-Adj P/E $870.92 $1,244 $1,617 67

Widest divergence: DCF Models ($1,311) versus Asset-Based ($155.15). Highest evidence: FCF DCF (74).

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Key figures & financial health

P/E ratio 0.1 as of Jul 19, 2026
P/S ratio 0.02 P/E × margin
EPS (TTM) $4.13 price ÷ EPS = P/E 0.1
Net margin 31.6% FY2025
Return on equity 25.8% TTM
Return on assets (EBIT) 21.4% avg 5y
More key figures
Growth
Revenue (TTM) $1.8T TTM
Revenue growth (YoY) −28.1% 3y avg +20.5%
EPS growth (YoY) −42.8%
Balance sheet & cash flow
Free cash flow $695B FY2025
Net cash $139B FY2025

Figures from reported company fundamentals · as of Aug 30, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 61/100

Of which business quality 62 · Market factors (momentum, volatility) 67

Profitability 65
Margins and returns on capital today
Quality Growth 15
Are margins and returns improving?
Cashflow 86
Earnings quality: real cash, not paper profit
Fin. Strength 80
Balance sheet, leverage, solvency risk
Investment 14
Disciplined investing over empire-building
Low Volatility 63
Calm price path (market factor)
Momentum 60
Price trend over the last 3–12 months (market factor)
52W Momentum 84
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

National Atomic Company Kazatomprom JSC explores for, produces, processes, markets, and sells uranium and uranium related products. The company operates through two segments, Uranium and Ulba Metallurgical Plan. It also processes rare metals; and manufactures and sells beryllium, tantalum, and niobium products.

Full company description

National Atomic Company Kazatomprom JSC explores for, produces, processes, markets, and sells uranium and uranium related products. The company operates through two segments, Uranium and Ulba Metallurgical Plan. It also processes rare metals; and manufactures and sells beryllium, tantalum, and niobium products. In addition, the company provides communication and security services, and semiconductor materials. Further, it offers research, project, development, and engineering consulting services; scientific support; and procurement and transportation services, as well as monitors radiation level and environment conditions. Additionally, the company is involved in the commercial, investment, and administration of finances, goods, and rights; and provision of research, project, development, and engineering consulting services. It operates in Kazakhstan, China, the Russian Federation, Canada, France, the United Kingdom, the United States, Jersey, Cayman Islands, the United Arab Emirates, and internationally. National Atomic Company Kazatomprom JSC was founded in 1997 and is headquartered in Astana, Kazakhstan.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

National Atomic Company reported revenue of 1.8T KZT in FY2025 versus 691B KZT in FY2021, a compound +26.2%/yr. Reported net income was 555B KZT in FY2025, compounding +26.0%/yr from FY2021.

Growth Quality 94/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
$1.8T
Latest YoY
−3.3%
Avg. revenue growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+20.5%
Avg. revenue growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+24.4%
Avg. revenue growth/yr (12Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+16.2%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
+23.9% (23.9 + 0.0)
Revenue +26.2%/yr
FY21 691B KZT
FY22 1.0T KZT
FY23 1.4T KZT
FY24 1.8T KZT
FY25 1.8T KZT
Net income +26.0%/yr
FY21 220B KZT
FY22 473B KZT
FY23 419B KZT
FY24 872B KZT
FY25 555B KZT
Character of growth · EPS growth decomposed (2014-2025) +30.9 % p.a.
Revenue per share +18.3 %

of which total revenue +18.3 % · buybacks/dilution +0.0 %

EBIT margin +11.8 %
Tax rate −0.8 %
Residual (interest, one-offs) −0.1 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

KAP screens 15% overvalued. Compare with China National Uranium Co →

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Cite: Fair Value Calculator (2026). "National Atomic Company Fair Value". https://www.fairvalue-calculator.com/stock/KAP

Peer Group

Uranium · 26 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 61 · Top 25%
Return on equity (TTM) 26% · Top 25%
Return on assets 12% · Top 25%
Net margin (TTM) 31% · Top 25%
Operating margin (TTM) 0% · Above median
Revenue growth −28% · Below median
Dividend yield (TTM) 0.0% · Bottom 25%
Debt / equity 0.02× · Lower than median

Valuation Multiples vs Uranium median · lower = cheaper

P/E (TTM) 0.1× · Cheaper than 75% of peers

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

Oil & gas

Similar stocks

10 more Uranium stocks, each showing price versus our Fair Value estimate (as of Aug 30, 2026).

Stock Price Fair Value vs Fair Value
China National Uranium Co 001280 ¥63.29 ¥16.71 −74%
NexGen Energy Ltd NXE $9.93 $1.03 −90%
Sprott Physical Uranium Trust Fund UU $18.61 $29.76 +60%
Centrus Energy Corp LEU $170.46 $58.25 −66%
CGN Mining Company 1164 HK$2.87 HK$1.01 −65%
Deep Yellow Limited DYL A$1.75 A$0.3000 −83%
IsoEnergy Ltd ISO C$15.59 C$1.59 −90%
Bannerman Energy Ltd BMN A$3.63 A$3.63 +0%
Uranium Royalty Corp UROY $4.44 $1.62 −64%
Boss Energy Limited BOE A$1.53 A$0.3600 −76%

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Frequently asked questions

Is National Atomic Company (KAP) overvalued or undervalued?
As of Aug 30, 2026, our model estimates a fair value of $65.89 versus a price of $76.00, about −13% upside (overvalued).
What is the fair value of KAP?
Our model-based fair value for National Atomic Company is $65.89 (as of Aug 30, 2026), built from audited fundamentals. The current price: $76.00.
What is the quality score of KAP?
National Atomic Company has a Quality Score of 61/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of National Atomic Company (KAP)?
National Atomic Company reported trailing-twelve-month revenue of about $1.8T (latest available figure, as of Aug 30, 2026).
What is the net profit margin of KAP?
The net profit margin of National Atomic Company is about 31.6%, meaning it keeps roughly 31.6% of revenue as net income. Based on the latest reported figures.
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