This is a Scorecard review, revisiting a past LF0 research call against what actually happened.
Ticker: NXE Rating: Sell Published: 2026-08-28 Checkpoint: 2026-09-28 Entry price: $10.40 Latest price: $9.19 as of 2026-09-25 Stock return since entry: -11.6% Signal return: +11.6% Verdict: Correct so far
This is the 1-month checkpoint for this call. LF0 publishes monthly Scorecard updates through month 6, using the closest available daily close on or before the checkpoint date.
Read the original LF0 analysis
What I Said
I rated NXE a Sell because I thought the company was still funding growth before it had durable cash generation, even though it had a large cash balance and a 1.5x current ratio. My core concern was that the TTM cash flow profile was still weak, with negative operating cash flow and levered free cash flow, and I said I would only get more constructive if free cash flow turned positive and stayed there.
Peer Comparison
| Company | Return Since Entry |
|---|---|
| NXE (this call) | -11.6% |
| DNN | -24.5% |
| SHEL | +6.9% |
| UEC | -26.8% |
Why It’s Working (Or Not)
So far, following my Sell has worked: NXE is down from my entry, which means a short would have been profitable over this review window. That outcome lines up with the specific thesis I emphasized, because the company still has not shown that positive EBITDA is converting into durable free cash flow. The peer set has been mixed, with some comparables also lower and others higher, so NXE has not simply moved with the group; it has still validated my concern that the cash story mattered more than the one-quarter earnings improvement. The valuation point also remains relevant, because the stock has not yet earned the richer multiple I thought it was being asked to justify.
What Could Still Prove Me Wrong
I would be wrong if NXE starts producing positive levered free cash flow and keeps it positive for at least two consecutive quarters, because that would directly undermine my main cash-conversion thesis. I would also have to reconsider if operating cash flow turns sustainably positive while EBITDA stays positive, showing that the Q2 2026 improvement was not just a temporary step-up. If cash flow stays negative and the company keeps relying on its balance sheet to fund growth, that would support my original Sell rather than disprove it.
The August 2026 Cohort
Other directional calls published the same month:
| Ticker | Rating | Entry | Latest | Stock Return | Signal Return | Verdict |
|---|---|---|---|---|---|---|
| SDGR | Sell | $17.40 | $28.85 | +65.8% | -65.8% | Incorrect so far |
| WGS | Sell | $77.88 | $88.40 | +13.5% | -13.5% | Incorrect so far |
| AES | Sell | $14.71 | $14.87 | +1.1% | -1.1% | Incorrect so far |
| VNOM | Sell | $41.67 | $40.93 | -1.8% | +1.8% | Correct so far |
| ALT | Sell | $3.15 | $3.06 | -2.9% | +2.9% | Correct so far |
| SPHR | Sell | $147.34 | $141.13 | -4.2% | +4.2% | Correct so far |
| NNDM | Sell | $1.65 | $1.57 | -4.8% | +4.8% | Correct so far |
| GTN | Sell | $4.83 | $4.58 | -5.2% | +5.2% | Correct so far |
| BA | Sell | $210.46 | $198.07 | -5.9% | +5.9% | Correct so far |
| STXS | Sell | $1.39 | $1.30 | -6.5% | +6.5% | Correct so far |
| ADTN | Sell | $7.76 | $7.13 | -8.1% | +8.1% | Correct so far |
| LRCX | Sell | $343.48 | $315.21 | -8.2% | +8.2% | Correct so far |
| LHX | Sell | $260.92 | $237.69 | -8.9% | +8.9% | Correct so far |
| OWLT | Sell | $5.81 | $5.04 | -13.3% | +13.3% | Correct so far |
| OI | Sell | $6.79 | $5.86 | -13.7% | +13.7% | Correct so far |
| PENN | Sell | $18.56 | $15.65 | -15.7% | +15.7% | Correct so far |
| NUTX | Buy | $188.41 | $220.11 | +16.8% | +16.8% | Correct so far |
| SRG | Strong Sell | $2.11 | $1.82 | -13.7% | +20.6% | Correct so far |
| RRGB | Sell | $9.51 | $7.25 | -23.8% | +23.8% | Correct so far |
Live LF0 scorecard: The Scorecard | Research Performance dashboard
Past performance does not guarantee future results. Nothing here is investment advice or a recommendation to buy or sell securities. Returns use LF0’s daily-close scorecard methodology.
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