Cameco (TSE:CCO)
NYSE:CCO
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Cameco
(NYSE:CCO)
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Rating:69Neutral
Price Target:
C$174.00
▲(5.30% Upside)
Action:Downgraded
Date:06/04/26
The score is driven primarily by strong financial performance (revenue and profitability improvement, low leverage, solid cash generation). This is tempered by mixed technical momentum (negative MACD and only modestly bullish trend vs key moving averages) and weak valuation support due to a very high P/E and low dividend yield.
Positive Factors
Conservative balance sheet
Low leverage (debt-to-equity ~0.14) and steady equity growth provide durable financial flexibility. This conservatism helps Cameco fund operations, opportunistic M&A and capital spending through commodity cycles, preserving liquidity and lowering refinancing risk over the medium term.
Negative Factors
Margin volatility
Year-to-year swings in margins and profitability reflect sensitivity to uranium pricing and contract mix. That persistent volatility undermines predictability of earnings and cash flow, complicating multi-quarter planning, capital allocation and stable shareholder returns.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet
Low leverage (debt-to-equity ~0.14) and steady equity growth provide durable financial flexibility. This conservatism helps Cameco fund operations, opportunistic M&A and capital spending through commodity cycles, preserving liquidity and lowering refinancing risk over the medium term.
Read all positive factors
Cameco (CCO) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$69.48B
Dividend Yield0.19%
Average Volume (3M)922.63K
Price to Earnings (P/E)106.1
Beta (1Y)1.97
Revenue Growth7.48%
EPS Growth161.48%
CountryCA
Employees730
SectorEnergy
Sector Strength52
IndustryUranium
Share Statistics
EPS (TTM)1.50
Shares Outstanding435,533,000
10 Day Avg. Volume966,866
30 Day Avg. Volume922,627
Financial Highlights & Ratios
PEG Ratio0.39
Price to Book (P/B)7.93
Price to Sales (P/S)15.71
P/FCF Ratio53.50
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$178.83Price Target Upside8.22% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering11
EPS Forecast (FY)1.59
Revenue Forecast (FY)C$3.46B
Cameco Business Overview & Revenue Model
Company Description
Cameco Corporation produces and sells uranium. It operates through two segments, Uranium and Fuel Services. The Uranium segment is involved in the exploration for, mining, and milling, as well as purchase and sale of uranium concentrate. The Fuel ...
How the Company Makes Money
Cameco makes money primarily by selling uranium and providing fuel-cycle services to utilities and other nuclear fuel market participants. Its main revenue streams include: (1) Uranium sales: Cameco markets uranium production (and may also source ...
Cameco Earnings Call Summary
Earnings Call Date:Feb 13, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Jul 31, 2026
Earnings Call Sentiment Positive
The call presents a predominantly positive outlook: Cameco reported strong 2025 financial results (revenue +11%, EBITDA +26%, adjusted net earnings +115%), solid operational delivery (21M lbs produced), a healthy balance sheet, and meaningful strategic upside from its Westinghouse investment and U.S. partnership. Management emphasized disciplined contracting and production pacing to capture long-term value. Key near-term risks include McArthur River development timing, industry-wide term contracting remaining below replacement rates (116M lbs in 2025), flat near-term realized uranium price guidance, conversion contracting nuances, and some inflationary cost pressure in Fuel Services. Overall, the positives (robust financial performance, strategic positioning, and operational execution) outweigh the operational and market headwinds described.Positive Updates
Strong Financial Performance
2025 revenue ~CAD 3.5B (up 11% vs 2024); adjusted EBITDA ~CAD 1.9B (up 26%); adjusted net earnings ≈CAD 630M (up 115% vs 2024).
Negative Updates
McArthur River Development Delays and Production Pacing
McArthur River encountered technical issues (clay zone affecting freeze installation) that led to rephased development and slower ramp; 2026 guidance reflects a paced approach with potential production materially below historical design rates in the near term (management emphasizes timing linked to market demand).
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Financial Performance
2025 revenue ~CAD 3.5B (up 11% vs 2024); adjusted EBITDA ~CAD 1.9B (up 26%); adjusted net earnings ≈CAD 630M (up 115% vs 2024).
Read all positive updates
Company Guidance
Cameco’s 2026 guidance calls for uranium production of 19.5–21.5 million pounds, Fuel Services production and deliveries of 13–14 million kgU (with Fuel Services deliveries expected to match production), and total uranium deliveries of 29–32 million pounds at an average realized price of CAD 85–89/lb; JV Inkai is expected to ramp to 10.4 million lb (Cameco share 4.2 million lb), Cameco may purchase up to 3 million lb, and the company has committed to deliver roughly 28 million lb/year on average over the next five years with about 230 million lb already under long‑term contract; Cameco’s share of Westinghouse adjusted EBITDA is guided to ~USD 370–430 million in 2026.Cameco Financial Statement Overview
Summary
Income Statement
84
Very Positive
Balance Sheet
88
Very Positive
Cash Flow
76
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.54B | 3.48B | 3.14B | 2.59B | 1.87B | 1.47B |
| Gross Profit | 1.13B | 930.61M | 1.06B | 781.99M | 410.67M | 232.71M |
| EBITDA | 818.74M | 886.02M | 789.34M | 502.89M | 196.32M | 96.50M |
| Net Income | 650.56M | 589.58M | 171.85M | 360.85M | 89.38M | -102.58M |
Balance Sheet | ||||||
| Total Assets | 10.11B | 10.30B | 9.91B | 9.93B | 8.63B | 7.52B |
| Cash, Cash Equivalents and Short-Term Investments | 1.11B | 1.21B | 600.46M | 566.81M | 2.28B | 1.33B |
| Total Debt | 996.55M | 1.02B | 1.30B | 1.79B | 1.08B | 1.02B |
| Total Liabilities | 3.04B | 3.40B | 3.54B | 3.84B | 2.80B | 2.67B |
| Stockholders Equity | 7.06B | 6.90B | 6.36B | 6.09B | 5.84B | 4.85B |
Cash Flow | ||||||
| Free Cash Flow | 870.05M | 1.02B | 604.84M | 493.71M | 122.30M | 320.53M |
| Operating Cash Flow | 1.22B | 1.36B | 816.47M | 647.34M | 265.75M | 419.31M |
| Investing Cash Flow | -388.87M | -433.52M | -206.44M | -2.04B | -1.29B | -80.30M |
| Financing Cash Flow | -104.05M | -390.28M | -599.60M | 789.61M | 908.11M | -7.79M |
Cameco Technical Analysis
Positive
165.24
Price Trends
157.23
Positive
158.56
Negative
140.25
Positive
Market Momentum
-0.05
Negative
52.67
Neutral
69.88
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:CCO, the sentiment is Positive. The current price of 165.24 is above the 20-day moving average (MA) of 153.82, above the 50-day MA of 157.23, and above the 200-day MA of 140.25, indicating a bullish trend. The MACD of -0.05 indicates Negative momentum. The RSI at 52.67 is Neutral, neither overbought nor oversold. The STOCH value of 69.88 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:CCO.
Cameco Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | C$69.48B | 106.07 | 9.47% | 0.19% | 7.48% | 161.48% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
59 Neutral | C$373.52M | -30.39 | -5.53% | ― | ― | -17.72% | |
56 Neutral | C$736.78M | 159.92 | 1.35% | ― | 136.01% | 209.71% | |
45 Neutral | C$10.46B | -25.30 | -30.30% | ― | ― | -316.64% | |
43 Neutral | C$4.29B | -14.80 | -73.67% | ― | 1.82% | -149.96% | |
42 Neutral | C$426.71M | -11.04 | -10.95% | ― | -7.88% | 65.90% |
* Energy Sector Average
TSE:CCO
Cameco
158.44
76.53
93.43%
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Cameco Corporate Events
Financial DisclosuresRegulatory Filings and ComplianceShareholder Meetings
Cameco Files 2025 Annual Documents and Prepares Governance Disclosures Ahead of AGM
Neutral
Mar 19, 2026
Cameco has filed its annual report on Form 40-F with the U.S. Securities and Exchange Commission, containing its audited 2025 financial statements, management’s discussion and analysis, and Canadian annual information form, and has also comp...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.