Cameco (TSE:CCO)
NYSE:CCO
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Cameco
(NYSE:CCO)
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Rating:67Neutral
Price Target:
C$163.00
▲(8.23% Upside)
Action:ReiteratedDate:03/26/26
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).
Positive Factors
Strong free cash flow
Sustained free cash flow (~$1.0B in 2025) materially strengthens Cameco's ability to fund capital programs, sustain disciplined contracting, support Westinghouse and JV commitments, and absorb cyclic downturns without immediate external financing, improving long-term resilience.
Negative Factors
Cyclicality and earnings volatility
Uranium's commodity cyclicality has driven volatile earnings and uneven returns (negative results in 2020–21 and variable margins thereafter). That structural volatility makes forecasting cash flows and ROIC difficult, raising execution and capital allocation risk over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong free cash flow
Sustained free cash flow (~$1.0B in 2025) materially strengthens Cameco's ability to fund capital programs, sustain disciplined contracting, support Westinghouse and JV commitments, and absorb cyclic downturns without immediate external financing, improving long-term resilience.
Read all positive factors
Cameco (CCO) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$63.13B
Dividend Yield0.19%
Average Volume (3M)1.01M
Price to Earnings (P/E)92.8
Beta (1Y)1.96
Revenue Growth23.88%
EPS Growth350.69%
CountryCA
Employees730
SectorEnergy
Sector Strength52
IndustryUranium
Share Statistics
EPS (TTM)0.50
Shares Outstanding435,407,170
10 Day Avg. Volume1,100,069
30 Day Avg. Volume1,007,009
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$167.49Price Target Upside11.21% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering11
EPS Forecast (FY)1.8
Revenue Forecast (FY)C$3.50B
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 related nuclear fuel products and services to nuclear utilities under a mix of long-term contracts and spot/market-based sales. Its largest revenue stream is typically uranium sales: the company ...
Cameco Earnings Call Summary
Earnings Call Date:Feb 13, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 01, 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
82
Very Positive
Balance Sheet
78
Positive
Cash Flow
74
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 3.48B | 3.14B | 2.59B | 1.87B | 1.47B |
| Gross Profit | 930.61M | 1.06B | 781.99M | 410.67M | 232.71M |
| EBITDA | 886.02M | 789.34M | 502.89M | 196.32M | 96.50M |
| Net Income | 589.58M | 171.85M | 360.85M | 89.38M | -102.58M |
Balance Sheet | |||||
| Total Assets | 10.30B | 9.91B | 9.93B | 8.63B | 7.52B |
| Cash, Cash Equivalents and Short-Term Investments | 1.21B | 600.46M | 566.81M | 2.28B | 1.33B |
| Total Debt | 1.02B | 1.30B | 1.79B | 1.08B | 1.02B |
| Total Liabilities | 3.40B | 3.54B | 3.84B | 2.80B | 2.67B |
| Stockholders Equity | 6.90B | 6.36B | 6.09B | 5.84B | 4.85B |
Cash Flow | |||||
| Free Cash Flow | 1.02B | 604.84M | 493.71M | 122.30M | 320.53M |
| Operating Cash Flow | 1.36B | 816.47M | 647.34M | 265.75M | 419.31M |
| Investing Cash Flow | -433.52M | -206.44M | -2.04B | -1.29B | -80.30M |
| Financing Cash Flow | -390.28M | -599.60M | 789.61M | 908.11M | -7.79M |
Cameco Technical Analysis
Negative
150.61
Price Trends
159.70
Negative
144.24
Positive
126.69
Positive
Market Momentum
-3.54
Positive
43.06
Neutral
50.57
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:CCO, the sentiment is Negative. The current price of 150.61 is below the 20-day moving average (MA) of 153.81, below the 50-day MA of 159.70, and above the 200-day MA of 126.69, indicating a neutral trend. The MACD of -3.54 indicates Positive momentum. The RSI at 43.06 is Neutral, neither overbought nor oversold. The STOCH value of 50.57 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
67 Neutral | C$63.13B | 92.81 | 8.76% | 0.19% | 23.88% | 350.69% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
59 Neutral | C$10.13B | ― | -25.38% | ― | ― | -308.46% | |
56 Neutral | C$675.26M | 113.31 | 0.20% | ― | -0.90% | -93.94% | |
54 Neutral | C$237.41M | -35.27 | -5.03% | ― | ― | 52.63% | |
53 Neutral | C$462.51M | -44.16 | -25.17% | ― | 2.06% | 13.58% | |
48 Neutral | C$4.19B | -15.02 | -38.86% | ― | ― | ― |
* Energy Sector Average
TSE:CCO
Cameco
144.99
84.07
138.00%
TSE:DML
Denison Mines
4.64
2.63
130.85%
TSE:EU
enCore Energy
2.47
0.48
24.12%
TSE:NXE
NexGen Energy
15.33
8.42
121.85%
TSE:URC
Uranium Royalty Corp
4.61
2.03
78.68%
TSE:SASK
Atha Energy Corp.
0.75
0.28
59.57%
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...
Business Operations and Strategy
Cameco Secures $2.6 Billion Uranium Supply Deal with India
Positive
Mar 2, 2026
Cameco has signed a long-term agreement to supply nearly 22 million pounds of uranium ore concentrate to India’s Department of Atomic Energy for use in its nuclear reactor fleet over nine years, starting in 2027. The contract, estimated at a...
Business Operations and StrategyFinancial Disclosures
Cameco Posts Strong 2025 Results as Nuclear Momentum and Disciplined Supply Bolster Outlook
Positive
Feb 13, 2026
Cameco reported solid fourth-quarter and full-year 2025 results, highlighting disciplined execution across its uranium, fuel services and Westinghouse segments, and improved financial performance under its long-term supply strategy. Management str...
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.