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Cameco
(TSX:CCO)
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Rating:65Neutral
Price Target:
C$125.00
▼(-15.44% Downside)
Action:Reiterated
Date:10/30/26
The score is driven primarily by solid underlying financial performance—especially a strong, conservatively financed balance sheet and generally positive operating cash flow—tempered by softer TTM momentum in revenue/margins and weaker free-cash-flow trajectory. Technicals also weigh on the score given the clear downtrend versus key moving averages and negative MACD. Valuation is a major constraint (very high P/E and low yield), while the latest earnings call was constructive on long-term demand and contracting but included tightened guidance and higher cost expectations.
Positive Factors
Conservative balance sheet
A conservatively financed balance sheet gives Cameco resilience through uranium and fuel-cycle cycles. Low leverage preserves liquidity for mine, conversion, and reactor-related investments, while also supporting dividends and strategic flexibility without relying heavily on external financing.
Negative Factors
Cooling revenue and margins
The step-down from 2025 to TTM indicates that recent earnings momentum has weakened despite solid absolute profitability. Negative revenue growth and lower margins could limit internal funding for expansion and make results more sensitive to pricing, volume, and cost changes.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet
A conservatively financed balance sheet gives Cameco resilience through uranium and fuel-cycle cycles. Low leverage preserves liquidity for mine, conversion, and reactor-related investments, while also supporting dividends and strategic flexibility without relying heavily on external financing.
Read all positive factors
Cameco (CCO) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$50.80B
Dividend Yield0.21%
Average Volume (3M)1.11M
Price to Earnings (P/E)142.6
Beta (1Y)1.78
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. Volume1,222,263
30 Day Avg. Volume1,106,436
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$178.21Price Target Upside20.56% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering9
EPS Forecast (FY)1.46
Revenue Forecast (FY)C$3.48B
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 nuclear fuel services to utility customers that operate nuclear power plants. Its key revenue streams include: (1) Uranium sales: Cameco generates revenue from producing and selling ura...
Cameco Earnings Call Summary
Earnings Call Date:Oct 30, 2026
(Q3-2026)
| Next Earnings Date:Feb 10, 2027
Earnings Call Sentiment Positive
The call was predominantly positive. Management acknowledged lower year-over-year results, the Key Lake outage, higher costs, tightened operating guidance, below-replacement uranium contracting, and execution risks across new supply and nuclear construction. However, these issues were presented as expected or manageable within a disciplined strategy, while management emphasized strong nuclear demand fundamentals, favorable uranium and conversion-market pricing, a diversified operating platform, substantial financial flexibility, and significant long-term nuclear new-build opportunities.Positive Updates
Nuclear Demand Fundamentals Remain Strong
Management said the nuclear investment thesis is underpinned by the existing reactor fleet, long-term utility fuel requirements, tight Western fuel-cycle capacity, energy-security priorities, and the need to replace depleting and geopolitically constrained supply. Life extensions, restarts, uprates, and new reactors under construction are adding requirements to the established demand base.
Negative Updates
Year-over-Year Results Declined
Management said third-quarter and nine-month 2026 results were lower than the same periods last year. The comparison was affected by the longer planned Key Lake maintenance outage and, for the first nine months, a significant payment Westinghouse received last year related to the Korean Dukovany nuclear project.
Read all updates
Q3-2026 Updates
Positive
Negative
Nuclear Demand Fundamentals Remain Strong
Management said the nuclear investment thesis is underpinned by the existing reactor fleet, long-term utility fuel requirements, tight Western fuel-cycle capacity, energy-security priorities, and the need to replace depleting and geopolitically constrained supply. Life extensions, restarts, uprates, and new reactors under construction are adding requirements to the established demand base.
Read all positive updates
Company Guidance
Cameco narrowed its 2026 guidance for its share of uranium production from Cigar Lake and McArthur River/Key Lake to between 19.5 million and 20.5 million pounds and tightened expected annual uranium deliveries to between 29.5 million and 30.5 million pounds; financial guidance included increased direct admin costs, higher average unit costs of sales, and lowered expected CapEx spend for the year due to certain mining and fuel services projects and work being pushed beyond the end of the 2026 calendar year. The Board declared a 2026 annual dividend of CAD 0.24 per common share, while management said the company is still about 30% below its full licensed permitted production levels if all of its assets were running at full production, does not have a plan yet to flex JV Inkai 20% above its subsoil use, and its Rabbit Lake mine and mill and U.S. mines remain in care and maintenance.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 | 852.11M | 1.16B | 755.62M | 497.34M | 221.08M | 89.86M |
| 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
147.82
Price Trends
127.79
Negative
131.86
Negative
145.17
Negative
Market Momentum
-3.77
Negative
44.60
Neutral
80.29
Negative
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 147.82 is above the 20-day moving average (MA) of 118.61, above the 50-day MA of 127.79, and above the 200-day MA of 145.17, indicating a bearish trend. The MACD of -3.77 indicates Negative momentum. The RSI at 44.60 is Neutral, neither overbought nor oversold. The STOCH value of 80.29 is Negative, 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% | |
65 Neutral | C$50.80B | 142.65 | 5.09% | 0.21% | -2.68% | -33.51% | |
54 Neutral | C$8.09B | -28.05 | -16.11% | ― | ― | -23.38% | |
45 Neutral | C$213.79M | -2.40 | -25.71% | ― | 21.99% | 5.66% | |
43 Neutral | C$307.09M | -14.73 | -8.52% | ― | ― | -63.38% | |
41 Neutral | C$2.98B | -10.66 | -83.49% | ― | -9.37% | -217.41% |
* Energy Sector Average
TSE:CCO
Cameco
116.63
-29.58
-20.23%
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Cameco Corporate Events
Business Operations and StrategyDividendsFinancial Disclosures
Cameco Q3 Profit Dips on Maintenance and Westinghouse Impact, But Nuclear Outlook Strengthens
Neutral
Oct 30, 2026
Cameco reported third-quarter consolidated net earnings of $43 million, an adjusted net loss of $2 million and adjusted EBITDA of $267 million, with year-to-date net earnings of $199 million and adjusted EBITDA of $1.2 billion. Results were lower ...
Business Operations and StrategyPrivate Placements and Financing
Cameco Backs U.S.–Korea Nuclear Investment Framework for Westinghouse Reactors
Positive
Oct 1, 2026
Cameco Corporation, a Canadian uranium producer and nuclear fuel supplier listed in Toronto and New York, operates at the heart of the global nuclear energy value chain. Through its partnership with Brookfield Asset Management and links to Westing...
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.