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NYSE · CCJ
Cameco Corporation
Uranium Mining & Fuel Services · World's Largest Listed Uranium Producer
Price (Nov 4, 2026)
$88.12
Market Cap ~$36.8B · 21 Analysts BUY
76% · BUY
📅 Last updated: Nov 4, 2026
Market Cap
~$36.8B
P/E (Trailing)
—
P/E (Forward)
—
Revenue (TTM)
$3.48B
Div Yield
—
Next Earnings
Feb 12, 2027 (est.)
PennyCheck™
76% BUY
Business Overview
  • What They Do: Cameco is the world's largest publicly traded uranium producer, with operations in Canada (Cigar Lake, McArthur River — the richest uranium mines on Earth) and a 49% stake in Westinghouse Electric's nuclear fuel services business.
  • Vertically Integrated: Mining → conversion → fuel services. The Westinghouse partnership adds nuclear technology, services, and fuel fabrication to the pure-mining business — a full fuel cycle play.
  • Revenue Mix: ~65% uranium supply, ~20% fuel services, ~15% Westinghouse JV contribution. FY25 revenue $3.48B with $589M net income shows healthy profitability.
  • Contract Book: Long-term uranium supply contracts locking in prices above $70–80/lb provide revenue visibility through 2030+. Spot uranium prices trading around $80–90/lb in 2026 are supportive.
  • Sentiment: 21 of 24 analysts rate CCJ BUY with an average target of $123.99 — implying ~41% upside from current levels.
Investment Thesis
  • Nuclear Renaissance: AI data centers, decarbonization mandates, and energy security concerns are driving the first genuine nuclear renaissance in 40 years. Utilities are extending reactor life and new builds are accelerating globally.
  • Supply Deficit Structural: Global uranium supply has been chronically under-invested since Fukushima. Even with Cameco's mines at full output, the market is structurally short uranium for years.
  • Westinghouse Optionality: The 49% stake in Westinghouse gives CCJ exposure to reactor services, life extensions, and new AP1000 builds globally — a high-margin recurring revenue stream.
  • Premium Valuation Justified: P/E of 45x forward is high but reflects genuine scarcity of large-cap uranium exposure with Cameco's operational track record and balance sheet quality.
Key Metrics
Stock Price
$88.12
Nov 4, 2026
Market Cap
~$36.8B
Large-cap
FY25 Revenue
$3.48B
Strong YoY growth
FY25 Net Income
$589M
16.9% net margin
P/E Trailing
118x
Fwd 45x — premium
Analyst Target
$123.99
21 BUY / 3 HOLD
Financial Character
  • High-Quality Revenue: Long-term contracts at fixed prices well above cost of production — Cameco mines uranium at ~$25–30/lb and contracts at $70–80/lb.
  • Capex-Light Growth: McArthur River and Cigar Lake are already built — incremental volume from ramp-up requires minimal new capex vs. greenfield competitors.
  • Westinghouse Contribution: The JV is a high-margin services business — repair, maintenance, fuel fabrication, decommissioning — with predictable recurring cash flows.
  • Dividend: Small but growing CAD dividend; primary capital return mode is debt reduction and reinvestment in Westinghouse integration.
Competitive Advantages
  • World-Class Ore Bodies: Cigar Lake (grade 15–20% U₃O₈) and McArthur River are the two highest-grade uranium deposits ever mined commercially. Replicating them is impossible — they don't exist elsewhere.
  • Operational Track Record: 40+ years of uranium production without a major safety incident. Utilities won't risk fuel supply on unproven producers — Cameco's reputation is a revenue moat.
  • Westinghouse Partnership: Westinghouse has 50%+ of the global light-water reactor services market. This is a durable oligopoly position reinforced by decades of proprietary technology and regulatory approvals.
  • Contract Book: Multi-year contracts locking in above-market prices through 2030+ make CCJ's near-term revenue nearly immune to spot uranium price volatility.
  • Scale: At ~15% of global primary uranium supply, Cameco effectively co-sets the market price alongside Kazatomprom. No new entrant can reach this scale.
Risk Factors
HIGH
Valuation Premium118x trailing P/E leaves no room for execution miss or demand disappointment. If nuclear buildout delays extend 3+ more years, the multiple will compress significantly.
HIGH
Kazatomprom Supply SurgeKazakhstan (world's #1 producer via Kazatomprom) could flood the market. Though constrained by acid/reagent shortages and geopolitical risk, any supply surge depresses uranium prices and hurts CCJ's spot exposure.
MED
Westinghouse Integration ComplexityThe $7.9B Westinghouse acquisition was financed with debt. Integration risk and capital allocation between mining and services creates execution complexity.
LOW
Saskatchewan Mining RiskOperational risks in underground mining (flooding, labor, equipment). Cigar Lake and McArthur River have robust safety records but underground mining is inherently risky.
Upcoming Catalysts
  • McArthur River Ramp-Up: Continuing to ramp back toward full 25M lb/yr production — each incremental pound sold at $70+ contract price directly boosts margins.
  • New Reactor Contracts: AP1000 builds globally (Poland, Czech Republic, India) through Westinghouse create multi-decade service revenue streams as reactors come online.
  • Uranium Spot Price: Any sustained move above $100/lb on spot contracts would trigger material earnings upside on CCJ's uncontracted production.
  • US Policy: Prohibiting Russian Uranium Imports Act execution creates structural domestic demand for CCJ's uranium — the US can't get it anywhere else at scale.
  • AI Nuclear PPAs: Tech company nuclear commitments (Microsoft Three Mile Island restart, Google Kairos, Amazon X-energy) continue to tighten the uranium market.
PennyCheck™ Scorecard
Business Model Clarity
5/5
Revenue Quality
4/5
Competitive Moat
5/5
Management & Execution
4/5
Balance Sheet Health
3/5
Sector Tailwinds
5/5
Valuation vs. Potential
3/5
Catalyst Pipeline
5/5
⚠ Score check: the 8 criteria above add to 34/40 = 85% (STRONG BUY), but this page shows 76%. The dashboard uses the criteria math. This gets reconciled in the next refresh. Fix with Claude →
76%
BUY — 38/50 · World-class asset base, strong analyst consensus, premium valuation is the main caution
BUY
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