CCJ
Cameco
Summary
What they do:
Mine and sell uranium fuel and own 49% of Westinghouse Electric (nuclear fuel fabrication and reactor services), sitting in L21 (Power Generation) as the integrated nuclear fuel supply chain company that feeds every Western reactor.
Why they matter:
Cameco is the world's largest publicly traded uranium producer with Tier-1 mines (McArthur River, Cigar Lake) and a 49% stake in Westinghouse, giving it control over both the raw material and the manufactured fuel assemblies that nuclear reactors consume — including the reactors signing data center power purchase agreements.
Recent performance:
FY2025 revenue $3.48B (+11% YoY), net earnings $590M (3.4× prior year). Average uranium realized price $87/lb (+9% YoY). Westinghouse adjusted EBITDA grew $297M YoY. Stock at ~$119, market cap ~$50.5B.
Our Verdict
The dominant Western uranium producer with an integrated fuel chain through Westinghouse, riding a structural nuclear renaissance — but at $50B market cap and 85x trailing earnings, the uranium bull thesis is well-priced.
Structural trends
Structural
74
/ 100
Moat
7/10
Tier-1 mines with 10-15yr replacement, Westinghouse fuel lock-in, long-term contracts
AI Exp.AI Exposure
Stub~5% AI
Play Type
EstablishedAI Growth
~15%
Rel. Value
43
FAIRPriceLIVE
$116.06
-0.55%
Live via Yahoo Finance · refreshes every 5 min
Market Cap
$50.5B
P/E Ratio
119.6
P/S Ratio
14.5x
52W High
$135.24
52W Low
$38.98
52W Chg
197.7%
Beta
1.01
Every nuclear reactor in the Western world needs uranium fuel, and Cameco sits at the center of that supply chain. The company mines uranium from two of the world's highest-grade deposits — McArthur River and Cigar Lake in Saskatchewan, Canada — where ore grades run 10-20× the global average. These aren't open-pit mines; they're deep underground operations using specialized techniques (jet boring, freeze walls) to extract ore from deposits that sit below the water table in northern boreal forest.
Cameco operates through three segments. Uranium (~$2.5B revenue) mines, purchases, and sells uranium concentrate (U3O8) under long-term contracts and spot market sales. Fuel Services (~$500M) converts uranium concentrate into uranium dioxide and uranium hexafluoride — the intermediate products that feed into enrichment and fuel fabrication. And through its 49% stake in Westinghouse Electric (~$500M in Cameco's share of EBITDA), the company participates in nuclear fuel assembly manufacturing, reactor maintenance, and plant services for the global fleet of ~440 operating reactors.
FY2025 was a record year. Revenue rose 11% to $3.48B. Net earnings surged to $590M from $172M as uranium prices strengthened and Westinghouse swung to profitability (net earnings up $276M YoY). The balance sheet is clean: $1.2B in cash against $1.0B in debt. For 2026, Cameco guided 29-32M lbs of uranium deliveries at CAD 85-89/lb average realized price, with Westinghouse contributing $370-430M in adjusted EBITDA.
The AI connection is indirect but structural. Every nuclear PPA that Constellation, Vistra, or any utility signs with a hyperscaler requires uranium fuel for the life of the reactor (40-60 years). Every SMR that eventually gets built will need uranium. Cameco doesn't sell to data centers — it sells to the reactors that power them. As the nuclear fleet expands to meet AI demand, uranium consumption grows, and Cameco's mines are among the few in the world that can deliver at scale.
Supply Chain Dependencies
Upstream Suppliers
The Catch
Cameco is ultimately a commodity business with a premium valuation. Uranium prices have tripled from 2020 lows, and the stock has tripled with them. If uranium prices plateau or correct — because Kazatomprom increases production, government stockpiles are released, or nuclear expansion is slower than expected — Cameco's earnings compress and the 85x multiple is unsustainable. The Westinghouse stake adds value but is a minority position with limited control. And the AI connection is indirect: Cameco doesn't sell to data centers, it sells uranium that eventually fuels reactors that eventually power data centers. That's two degrees of separation, and each link in the chain has its own timeline and execution risk.
If They Win
If the nuclear renaissance accelerates and uranium prices reach $100-120/lb sustained, Cameco becomes a $100B+ company. The Tier-1 mines print cash at those prices — McArthur River's cost of production is well below $40/lb, meaning every dollar above that flows nearly straight to earnings. Westinghouse grows its fuel fabrication business as the global reactor fleet expands by 30-50% over the next two decades. HALEU fuel demand from advanced reactors (SMRs, microreactors) creates a new revenue stream. Cameco's integrated position — mine to fuel assembly — makes it the one-stop-shop for nuclear utilities building the power infrastructure that keeps AI data centers running. In a world where power is the binding constraint on AI and nuclear is the answer, Cameco owns the fuel supply.
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Not financial advice. All scores generated via AI algorithms using public data.