CCJ·Nuclear — uranium mining (conventional + ISR) + nuclear fuel cycle / reactor technology (Westinghouse)

Cameco Corporation

ConvictionModerate

Vertically integrated nuclear fuel producer: mines and mills uranium (U3O8) sold under long-term utility contracts; provides conversion/fuel services (UF6, fuel fabrication); and holds 49% of Westinghouse (reactor tech, AP1000/AP300 SMR, fuel fabrication, plant services). Revenue is contract-anchored with embedded leverage to the uranium price.

Revenue

US$3.482BFY2025, +10.5% YoY

Rev growth

+10.5% FY2025+7% Q1 2026 YoY ($845M

Gross margin

~37%FY2025 consolidated; uranium segment gross profit ran higher

Op margin

Adj. EBITDA $1.9B FY2025+$398M YoY) and $509M Q1 2026 (+44%); GAAP net margin mid-teens, distorted by Westinghouse equity-accounting PPA amortization below the EBITDA line

Capex intensity

Low for a miner: capex ~$254M TTM~7% of revenue) — tier-one assets already built; growth is restart/expansion, not greenfield

Market cap

~US$46-50BJun 2026; 435.5M shares out

Price · 1-year trend

real · weekly

$104+43% 1yUSD

52-week range

$73 – $124

52w lowas of 2026-06-28 · Yahoo Finance52w high

The read

Where our coverage leans

Coverage leans bullish

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Full financial intelligence for Cameco Corporation

Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.

Income statement & margin structure
SWOT, moats & dependency map
Supplier–customer ecosystem graph
Signals, trends & valuation range

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Not investment advice — analyst work product for a qualified professional.· intel vintage Q2 2026· sign in (free) for the analyst summary; Pro unlocks full intelligence