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Cameco ( (TSE:CCO) ) has shared an announcement.
Cameco reported that first-quarter 2026 results, released on May 5, 2026, were broadly in line with full-year expectations, with consolidated net earnings rising to $131 million and adjusted EBITDA to $509 million, supported by higher uranium and fuel services sales volumes and stronger realized uranium prices. The company highlighted a solid balance sheet with $1.1 billion in cash against $1.0 billion of debt, maintained its 2026 production and financial guidance, and pointed to sustained nuclear energy momentum as it executes an integrated uranium, fuel and Westinghouse strategy, including stable output from Canadian mines and JV Inkai, a new collective agreement at McArthur River and Key Lake, and multi-year uranium delivery contracts averaging over 28 million pounds annually through 2030.
Operationally, Cameco reported first-quarter uranium segment EBITDA of $423 million, up sharply from 2025, on on-track production at McArthur River, Key Lake, Cigar Lake and its Kazakh JV Inkai, while fuel services earnings softened on lower realized prices. The company said it is well positioned ahead of an extended third-quarter maintenance shutdown at the Key Lake mill to tie in new infrastructure, continues to see improved adjusted EBITDA at Westinghouse despite a net loss, and is leveraging strong contracted volumes and market-related pricing to benefit from tightening uranium markets and rising global interest in AP1000 reactor technology.
The most recent analyst rating on (TSE:CCO) stock is a Buy with a C$200.00 price target. To see the full list of analyst forecasts on Cameco stock, see the TSE:CCO Stock Forecast page.
Spark’s Take on CCO Stock
According to Spark, TipRanks’ AI Analyst, CCO is a Neutral.
The score is driven primarily by improved financial performance (strong 2025 profitability and cash flow with low leverage) and a supportive earnings outlook/strategic positioning from the latest call. Offsetting factors are weak near-term technical momentum and a demanding valuation (very high P/E with minimal dividend yield).
To see Spark’s full report on CCO stock, click here.
More about Cameco
Cameco Corporation is a Canada-based nuclear fuel company and one of the world’s largest uranium producers, with operations in Saskatchewan and interests in Kazakhstan. It supplies uranium, fuel services and, through its stake in Westinghouse, reactor technology and lifecycle services to utilities and nuclear operators as demand for low-carbon, baseload nuclear power grows globally.
Average Trading Volume: 931,591
Technical Sentiment Signal: Buy
Current Market Cap: C$70.2B
See more insights into CCO stock on TipRanks’ Stock Analysis page.