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Cameco
(NYSE:CCO)
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Rating:64Neutral
Price Target:
C$129.00
▲(4.14% Upside)
Action:Reiterated
Date:08/04/26
The score is supported by solid financial quality led by a strong balance sheet and generally healthy cash generation, plus a constructive earnings-call outlook with maintained 2026 guidance and strong contracting visibility. Offsetting these strengths are clearly bearish technical signals (price below key moving averages with negative MACD) and a demanding valuation (very high P/E with minimal dividend yield), which reduce near-term risk-adjusted attractiveness.
Positive Factors
Strong balance sheet and financial resilience
Low leverage gives Cameco flexibility to fund mine development, sustain operations and pursue strategic opportunities while reducing vulnerability to uranium-market cycles and execution setbacks.
Negative Factors
Revenue and earnings growth have cooled
The recent step-down shows that stronger historical scale has not yet translated into consistently rising earnings. Continued weakness in volumes, realized pricing or margins could temper the financial benefit of long-term uranium demand.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong balance sheet and financial resilience
Low leverage gives Cameco flexibility to fund mine development, sustain operations and pursue strategic opportunities while reducing vulnerability to uranium-market cycles and execution setbacks.
Read all positive factors
Cameco (CCO) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$58.91B
Dividend Yield0.18%
Average Volume (3M)1.03M
Price to Earnings (P/E)161.2
Beta (1Y)1.99
Revenue Growth-2.68%
EPS Growth-33.51%
CountryCA
Employees730
SectorEnergy
Sector Strength52
IndustryUranium
Share Statistics
EPS (TTM)0.82
Shares Outstanding435,533,000
10 Day Avg. Volume1,240,065
30 Day Avg. Volume1,031,476
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$175.69Price Target Upside41.83% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering9
EPS Forecast (FY)1.48
Revenue Forecast (FY)C$3.47B
Cameco Business Overview & Revenue Model
Company Description
Saskatoon, Canada-headquartered Cameco Corporation, established in 1987, is a prominent player in the global uranium market, involved in both its production and sale. The company's operations are structured into two core divisions: Uranium and Fue...
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:Jul 31, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 30, 2026
Earnings Call Sentiment Positive
The call emphasized strong market fundamentals (strengthening long-term uranium prices, improving realized prices, large secured contracting base >28M lb/yr), clear strategic positioning (Tier 1 assets, increased Cigar Lake ownership, Westinghouse pipeline) and constructive momentum on AP1000 financing. These positive drivers were tempered by temporary operational disruptions in Northern Saskatchewan, a YoY comparison drag from a 2025 Westinghouse payment, and modest cost guidance adjustments driven by FX. Overall, management maintained its 2026 production outlook and highlighted disciplined contracting and balance sheet strength.Positive Updates
Strong Strategic Positioning Across the Nuclear Fuel Cycle
Cameco is positioned with Tier 1 uranium assets, fuel services capabilities, strategic investments in Westinghouse and global laser enrichment, and long-term customer relationships—supporting long-term value creation and exposure across the full nuclear fuel cycle.
Negative Updates
Quarterly Results Lower Year-over-Year (2026 vs 2025)
Financial results in Q2 and first half 2026 were lower than the strong prior-year periods largely because 2025 included a significant one-time contribution from Westinghouse related to the Dukovany reactor project; management emphasized the underlying fundamentals remain strong but did not quantify a YoY percentage decline.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Strategic Positioning Across the Nuclear Fuel Cycle
Cameco is positioned with Tier 1 uranium assets, fuel services capabilities, strategic investments in Westinghouse and global laser enrichment, and long-term customer relationships—supporting long-term value creation and exposure across the full nuclear fuel cycle.
Read all positive updates
Company Guidance
Cameco said its 2026 plan remains intact with an unchanged production outlook of 19.5–21.5 million lbs U3O8 (Cameco share) and contracts in place for average annual deliveries of >28 million lbs U3O8 over the next five years; long‑term uranium prices are in the mid‑$90s and trending toward triple digits, average realized uranium and fuel‑services prices improved, and a stronger USD drove an exchange‑rate adjustment that modestly raised cost guidance (primarily on purchases). Management noted temporary operational disruptions (spring‑road impacts at Key Lake and McArthur River and a multi‑week Cigar Lake suspension post‑quarter) with no change to the annual outlook, and closed an agreement to increase its interest in Cigar Lake. On Westinghouse, the DOE made a conditional US$17.5 billion commitment for AP1000 long‑lead items, the MD&A lists a 91‑reactor AP1000 pipeline, twin‑pack economics were shown in the MD&A roughly US$14–17 billion (end‑of‑kind) vs. total cash spend US$20–26 billion per twin‑pack, Westinghouse expects a ~40–45% share of project value, sees ~50% of initial project revenue in the first five years, targets ~20% corporate EBITDA margins, and identifies recurring fuel/refueling/upkeep revenue of roughly US$45–60 million per unit annually.Cameco Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
82
Very Positive
Cash Flow
70
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.47B | 3.48B | 3.14B | 2.59B | 1.87B | 1.47B |
| Gross Profit | 958.11M | 930.61M | 1.06B | 781.99M | 410.67M | 232.71M |
| EBITDA | 862.43M | 1.16B | 789.34M | 502.89M | 196.32M | 96.50M |
| Net Income | 354.89M | 589.58M | 171.85M | 360.85M | 89.38M | -102.58M |
Balance Sheet | ||||||
| Total Assets | 10.30B | 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 | 1.01B | 1.02B | 1.30B | 1.79B | 1.08B | 1.02B |
| Total Liabilities | 3.16B | 3.40B | 3.54B | 3.84B | 2.80B | 2.67B |
| Stockholders Equity | 7.13B | 6.90B | 6.36B | 6.09B | 5.84B | 4.85B |
Cash Flow | ||||||
| Free Cash Flow | 504.20M | 1.02B | 604.84M | 493.71M | 122.30M | 320.53M |
| Operating Cash Flow | 890.08M | 1.36B | 816.47M | 647.34M | 265.75M | 419.31M |
| Investing Cash Flow | -386.68M | -433.52M | -206.44M | -2.04B | -1.29B | -80.30M |
| Financing Cash Flow | -105.18M | -390.28M | -599.60M | 789.61M | 908.11M | -7.79M |
Cameco Technical Analysis
Negative
123.87
Price Trends
135.48
Negative
146.29
Negative
145.28
Negative
Market Momentum
0.52
Negative
48.02
Neutral
35.61
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 123.87 is below the 20-day moving average (MA) of 130.61, below the 50-day MA of 135.48, and below the 200-day MA of 145.28, indicating a neutral trend. The MACD of 0.52 indicates Negative momentum. The RSI at 48.02 is Neutral, neither overbought nor oversold. The STOCH value of 35.61 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 |
|---|---|---|---|---|---|---|---|
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
64 Neutral | C$58.91B | 161.17 | 5.09% | 0.19% | -2.68% | -33.51% | |
59 Neutral | C$390.88M | -26.00 | -5.53% | ― | ― | -17.72% | |
54 Neutral | C$9.76B | -32.77 | -16.11% | ― | ― | -23.38% | |
44 Neutral | C$4.03B | -14.06 | -83.49% | ― | -9.37% | -217.41% | |
42 Neutral | C$288.97M | -3.24 | -10.95% | ― | 21.99% | 5.66% |
* Energy Sector Average
TSE:CCO
Cameco
131.77
32.68
32.98%
TSE:DML
Denison Mines
4.34
1.63
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enCore Energy
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TSE:NXE
NexGen Energy
14.09
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54.33%
TSE:URC
Uranium Royalty Corp
―
―
―
TSE:SASK
Atha Energy Corp.
1.10
0.51
86.44%
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.