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CCJ

Cameco Corporation

CCJ

Cameco Corporation • NYSE
$88.51 ▼ -0.34% (-0.30)
Market Cap $38.54 B
52w High $110.16
52w Low $35.00
Dividend Yield 0.17%
P/E 102.92
Volume 1.75M
Outstanding Shares 435.41M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $614.555M ▼ $136.318M ▲ $-141K ▼ -0.023% ▼ $-0 ▼ $91.189M ▼
Q2-2025 $877.016M ▲ $91.139M ▲ $320.888M ▲ 36.589% ▲ $0.74 ▲ $500.83M ▲
Q1-2025 $789.432M ▼ $84.326M ▲ $69.764M ▼ 8.837% ▼ $0.16 ▼ $209.232M ▼
Q4-2024 $1.183B ▲ $68.566M ▼ $135.473M ▲ 11.45% ▲ $0.31 ▲ $263.826M ▲
Q3-2024 $720.596M $70.502M $7.427M 1.031% $0.017 $146.98M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $778.651M ▲ $9.739B ▲ $2.959B ▲ $6.781B ▲
Q2-2025 $716.292M ▲ $9.582B ▲ $2.84B ▼ $6.741B ▲
Q1-2025 $361.469M ▼ $9.384B ▼ $2.892B ▼ $6.492B ▲
Q4-2024 $600.462M ▲ $9.907B ▲ $3.543B ▲ $6.364B ▲
Q3-2024 $160.544M $9.287B $3.078B $6.21B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-141K ▼ $155.716M ▼ $-93.592M ▼ $-4.239M ▲ $62.359M ▼ $63.206M ▼
Q2-2025 $320.885M ▲ $465.2M ▲ $-73.936M ▼ $-21.456M ▲ $354.84M ▲ $390.277M ▲
Q1-2025 $69.752M ▼ $110.191M ▼ $-57.389M ▲ $-291.643M ▼ $-238.993M ▼ $53.733M ▼
Q4-2024 $135.473M ▲ $529.713M ▲ $-66.343M ▼ $-94.483M ▲ $403.322M ▲ $465.31M ▲
Q3-2024 $7.427M $52.342M $-60.251M $-149.307M $-164.477M $-7.991M

Five-Year Company Overview

Income Statement

Income Statement Revenue has been climbing steadily over the past several years, showing that demand for Cameco’s products and services is strengthening. Profitability has improved meaningfully from earlier loss-making years, with operating results moving from roughly break-even to clearly positive. That said, bottom-line profit has been a bit uneven, with a recent year where earnings softened despite higher sales, suggesting one-off factors, mix shifts, or higher costs. Overall, the trend is toward a healthier and more scalable income base, but results can still swing with uranium prices, contract timing, and integration of new ventures like Westinghouse.

Balance Sheet

Balance Sheet The balance sheet looks generally solid and more substantial than a few years ago. Total assets and shareholders’ equity have grown, reflecting reinvestment and the addition of new businesses. Debt stepped up recently, likely tied to strategic investments, but has already been nudged down and still appears reasonable relative to the company’s size. Cash on hand is steady but not excessive, indicating some cushion without hoarding idle funds. In simple terms, Cameco appears to be funding growth with a balanced mix of equity and debt while keeping its financial foundation fairly robust.

Cash Flow

Cash Flow Cash generation has improved markedly. Operating cash flow has grown from very thin levels to a much more comfortable range, signaling that the core business is now consistently throwing off cash. After capital spending, free cash flow has turned positive in most recent years and is trending upward, even as investment in assets has inched higher. This combination—rising cash inflows and still-disciplined spending—suggests Cameco is now better able to self-fund growth, support its balance sheet, and absorb volatility in the uranium market.

Competitive Edge

Competitive Edge Cameco holds a strong position in the uranium world. It controls some of the highest-grade, lowest-cost mines globally, which gives it a key cost advantage in both strong and weak price environments. The company is more than just a miner: it is vertically integrated into refining, conversion, and fuel services, making it a critical partner for nuclear utilities looking for secure, long-term supply. Long-duration contracts help stabilize revenue in a volatile commodity market. The stake in Westinghouse further extends Cameco’s reach into reactor technology and services, tying the company more closely to the entire nuclear power ecosystem. The main ongoing risks are exposure to uranium price cycles, regulatory shifts in nuclear power, and execution risks as it integrates and scales these broader activities.

Innovation and R&D

Innovation and R&D Innovation at Cameco is focused on making operations safer, cheaper, and more reliable while opening new profit pools across the nuclear fuel cycle. In its mines, the company invests in automation and digital tools to improve efficiency and reduce costs. The stake in Global Laser Enrichment is a potentially transformative bet on next-generation enrichment technology, which could reshape part of the fuel market if it proves commercially viable. Through Westinghouse, Cameco is plugged into advanced reactor designs and small modular reactors, giving it exposure to future nuclear technologies as they move from concept to deployment. These initiatives carry technical and regulatory risk and may take years to fully pay off, but they position Cameco as one of the more forward-looking players in the nuclear energy space.

Summary

Cameco has evolved from a more cyclical, margin-pressured uranium miner into a broader nuclear energy company with improving profitability, stronger cash flows, and a deeper role in the global fuel chain. Financial performance has moved in the right direction, though not in a perfectly straight line, and the balance sheet looks capable of supporting its growth strategy. Its competitive edge rests on world-class, low-cost resources, vertical integration, and long-term contracts, now reinforced by its exposure to enrichment technology and reactor services through GLE and Westinghouse. The main uncertainties lie in uranium price volatility, nuclear policy shifts, and the execution of complex, long-dated projects. Overall, Cameco appears to be building a more diversified, resilient platform tied to the long-term expansion of nuclear energy, while still operating in an industry where conditions can change quickly.

NEWS

November 5, 2025 · 6:45 AM UTC

Cameco announces third quarter results: financial performance on track for strong finish to the year; nuclear fundamentals strengthened by transformational partnership to deploy Westinghouse reactors in the US; annual dividend declared

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October 28, 2025 · 5:21 AM UTC

United States Government, Brookfield and Cameco announce transformational partnership to deliver long-term value using Westinghouse nuclear reactor technology

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October 28, 2025 · 5:15 AM UTC

Cameco and Brookfield Establish Transformational Partnership With United States Government to Accelerate Deployment of Westinghouse Nuclear Reactors

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September 12, 2025 · 5:57 PM UTC

Cameco Signs Long-Term UF6 Supply Agreement with Slovenské elektrárne

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