Cameco Corporation
- Open
- 86.41
- Day high
- 86.73
- Day low
- 83.15
- Prev close
- 87.36
- Volume
- 4.7M
- Mkt cap
- $37.3B
- P/E (TTM)
- 80.1
- EPS (TTM)
- $1.07
- P/B
- 10.3
- P/S
- 14.8
- Yield
- 0.20%
- Per share
- $0.17
Cameco Corporation (CCJ) is a Energy company listed on NYSE. The stock is up 8% over the past year. Drillr has 1 published research article covering CCJ.
Cameco Corporation (CCJ) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 5 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
CCJ earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 5, 2026 | $0.29 | $0.34 | +17.2% | $607M | +1.5% |
| Feb 13, 2026 | $0.29 | $0.36 | +24.1% | $874M | +44.5% |
| Nov 5, 2025 | $0.14 | $0.05 | -64.6% | $441M | +13.2% |
| Jul 31, 2025 | $0.27 | $0.51 | +87.6% | $644M | +50.5% |
| May 1, 2025 | $0.09 | $0.11 | +18.0% | $554M | +39.9% |
| Feb 20, 2025 | $0.16 | $0.26 | +59.7% | $822M | +54.2% |
| Nov 7, 2024 | $0.14 | $-0.01 | -107.3% | $531M | +29.3% |
| Jul 31, 2024 | $0.13 | $0.10 | -23.1% | $438M | +10.8% |
| Apr 30, 2024 | $0.19 | $0.10 | -46.8% | $467M | +9.5% |
| Feb 8, 2024 | $0.21 | $0.15 | -28.6% | $635M | +4.0% |
| Oct 31, 2023 | $0.11 | $0.24 | +118.2% | $425M | -13.1% |
| Aug 2, 2023 | $0.16 | $-0.01 | -106.3% | $364M | +2.4% |
Cameco Corporation company profile
Overview
Cameco Corporation (NYSE:CCJ) is a Canadian multinational uranium mining and nuclear fuel services company founded in 1987 and headquartered in Saskatoon, Saskatchewan. The company emerged as one of the world's largest uranium producers following the privatization of Canada's government-owned uranium assets. Cameco has grown through strategic acquisitions and mine development to become a dominant player in the global nuclear fuel cycle, operating some of the world's highest-grade uranium mines and providing comprehensive nuclear fuel services to utilities worldwide.
Business
Cameco operates in the nuclear fuel industry, which supplies the raw materials and processed fuel components needed to power nuclear reactors that generate electricity. The nuclear fuel cycle is a complex, multi-stage process that transforms uranium ore into usable reactor fuel, and Cameco participates across multiple segments of this cycle. Uranium Segment (approximately 70% of revenue): This segment involves the exploration, mining, milling, and sale of uranium concentrate, also known as yellowcake (U3O8). Uranium is a naturally occurring radioactive element that serves as the primary fuel for nuclear power plants. Cameco operates several world-class uranium mines, including the McArthur River and Key Lake operations in Saskatchewan, Canada, which are among the highest-grade uranium deposits globally. The company also owns the Cigar Lake mine and has a joint venture interest in the Inkai mine in Kazakhstan. These facilities extract uranium ore from underground deposits, process it into uranium concentrate, and package it for sale to nuclear utilities. Fuel Services Segment (approximately 20% of revenue): This segment encompasses the conversion, refining, and fabrication of uranium concentrate into nuclear fuel assemblies. At Cameco's Port Hope facility in Ontario, uranium concentrate is converted into uranium hexafluoride (UF6), a gaseous compound that can be enriched to increase the concentration of fissile uranium-235. The company also produces fuel bundles specifically designed for CANDU (Canada Deuterium Uranium) reactors, which use natural uranium and heavy water as a moderator. Westinghouse Segment (approximately 10% of revenue): Through its 49% ownership stake in Westinghouse Electric Company, acquired in 2023, Cameco participates in nuclear reactor technology, fuel fabrication, and nuclear services. Westinghouse designs and manufactures nuclear reactors, provides reactor services, and produces fuel assemblies for light-water reactors used primarily in the United States and other international markets.
Revenue model
Cameco generates revenue primarily through long-term contracts with nuclear utilities worldwide, selling uranium concentrate and nuclear fuel services at negotiated prices. The company's business model centers on securing multi-year supply agreements with electric utilities that operate nuclear power plants, providing price stability and revenue predictability. The uranium segment operates on a cost-plus margin model, where Cameco sells uranium concentrate at prices that reflect market conditions, production costs, and long-term supply agreements. Revenue is generated through direct sales to utilities, with contracts typically spanning 3-10 years and including pricing mechanisms tied to spot uranium prices or escalation formulas. The company maintains a contract portfolio of approximately 220 million pounds of uranium commitments extending through the 2030s. The fuel services segment generates revenue through conversion services, where customers pay fees to convert their uranium concentrate into UF6, and through the sale of fabricated fuel bundles to CANDU reactor operators. This segment benefits from long-term contracts and the specialized nature of CANDU fuel manufacturing. Several factors influence Cameco's profitability margins. Positive margin drivers include rising uranium spot prices driven by supply constraints and growing nuclear energy demand, geopolitical tensions that increase demand for Western uranium sources, and the company's low-cost, high-grade ore deposits that provide competitive advantages. The global push toward clean energy and carbon neutrality has increased support for nuclear power, creating favorable long-term demand dynamics. Negative margin pressures include operational challenges such as sulfuric acid supply constraints at the Inkai mine, transportation logistics issues, potential taxation changes in Kazakhstan, and the cyclical nature of uranium pricing. Currency fluctuations between the Canadian dollar and US dollar also impact margins, as most revenue is denominated in US dollars while many costs are in Canadian dollars. Additionally, regulatory changes, environmental compliance costs, and the capital-intensive nature of mining operations can pressure profitability.
Competitive moat
Cameco possesses a strong competitive moat built on several key advantages that are difficult for competitors to replicate. The company's primary moat stems from its ownership of world-class, high-grade uranium deposits, particularly the McArthur River and Cigar Lake mines in Saskatchewan's Athabasca Basin, which contain some of the highest-grade uranium ore globally (averaging 10-20% uranium content compared to typical grades of 0.1-0.5% elsewhere). These exceptional ore grades provide significant cost advantages and longer mine lives. The company benefits from geographic advantages in politically stable Canada, offering supply security that is increasingly valued by utilities seeking alternatives to uranium from geopolitically unstable regions. Cameco's integrated position across the nuclear fuel cycle, from mining through fuel fabrication, creates operational synergies and customer stickiness through comprehensive fuel services. Regulatory barriers also strengthen the moat, as uranium mining requires extensive licensing, environmental approvals, and specialized expertise that take years to develop. The company's established relationships with nuclear utilities through long-term contracts (averaging 5-10 years) provide revenue stability and make customer switching costly. However, the moat faces potential challenges from geopolitical shifts that could alter uranium trade flows, technological developments in alternative nuclear fuel cycles, and the long-term uncertainty around nuclear power's role in the global energy transition. New uranium projects in stable jurisdictions, while requiring substantial capital and time to develop, could eventually increase competition. Additionally, the cyclical nature of uranium markets and the potential for government policy changes regarding nuclear energy could impact the durability of Cameco's competitive advantages.
Risks & safety
Cameco demonstrates a strong margin of safety with solid financial fundamentals and manageable risk factors. • Liquidity and Solvency: Strong balance sheet with $418 million in cash and short-term investments, current ratio of 1.62, and debt-to-equity ratio of 0.20, indicating low financial leverage and adequate liquidity • Cash Generation: Positive free cash flow of $483 million in 2024, demonstrating the business's ability to generate substantial cash from operations • Valuation Metrics: Trading at P/E ratio of 59.7x and EV/EBITDA of 29.2x, which appears elevated but reflects the cyclical nature of uranium markets and future growth expectations • Debt Management: Manageable debt levels with continued debt reduction efforts, having repaid $400 million in debt during 2024 • Other Considerations: Long-term contract portfolio of 220 million pounds provides revenue visibility, though exposure to operational risks in Kazakhstan and potential geopolitical disruptions remain concerns
Recent development
Over the past few years, Cameco has executed several strategic initiatives to strengthen its position across the nuclear fuel cycle. The most significant development was the acquisition of a 49% stake in Westinghouse Electric Company in 2023, expanding the company's presence into nuclear reactor technology and fuel fabrication services. This $7.9 billion investment positions Cameco to benefit from the growing interest in new nuclear reactor construction and provides access to additional revenue streams in reactor services and advanced nuclear technologies. The company has also focused on optimizing its uranium production operations, successfully restarting the McArthur River and Key Lake facilities after a multi-year care and maintenance period. These world-class assets achieved record production levels, with Key Lake processing 20.3 million packaged pounds in 2024. Cameco has been evaluating opportunities to expand production capacity at these facilities to potentially 25 million pounds annually without significant additional capital investment. Contract portfolio expansion has been another key strategic focus, with the company building long-term uranium supply commitments to approximately 220 million pounds across 37 customers worldwide. Management has maintained a disciplined contracting approach, seeking market-related pricing with floor prices around $70 per pound, escalated over time. The company has also been diversifying its fuel services capabilities, increasing UF6 conversion capacity at the Port Hope facility and maintaining its 49% interest in Global Laser Enrichment technology. Recent operational challenges at the Inkai joint venture in Kazakhstan, including sulfuric acid supply constraints and transportation logistics issues, have prompted the company to explore alternative supply arrangements and shipping routes to maintain production reliability.
CCJ company profile · for informational purposes only — not investment advice.
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