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% YoYRev growth
+10.5% FY2025+7% Q1 2026 YoY ($845MGross margin
~37%FY2025 consolidated; uranium segment gross profit ran higherOp 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 lineCapex intensity
Low for a miner: capex ~$254M TTM~7% of revenue) — tier-one assets already built; growth is restart/expansion, not greenfieldMarket cap
~US$46-50BJun 2026; 435.5M shares outThe 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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