Cameco Corp
- Industry
- Nuclear Fuel & Power
- Exchange
- US
- Country
- USA
- IPO date
- Mar 14, 1996
- Website
- www.cameco.com
Composite valuation range · conservative $65–$85 / fair $95–$120 / optimistic $140–$175. At $106.49, Within the fair intrinsic-value range.
At publication $105.95 (Jun 9, 2026)
Cameco is the largest uranium producer in the Western world, with roughly 18% global share, and owns a strategic 49% stake in Westinghouse, the leading U.S. nuclear equipment company. The core thesis is a full nuclear-fuel-cycle position spanning upstream uranium mining, midstream conversion, and downstream reactor OEM exposure, supported by FY2024 revenue of CAD 3.14 billion, adjusted EBITDA of CAD 1.395 billion, and Q1 2026 net income growth of 87%. Report rating Watch: a high-quality nuclear-cycle asset, but the current price already embeds optimistic assumptions for uranium, Westinghouse, and SMR optionality.
Cameco is the world's largest publicly listed uranium producer and a pillar of the Western nuclear fuel cycle, squarely exposed to the AI-driven nuclear revival. The business quality is high, but a PE of about 107x, EV/EBITDA of about 50-78x, and third-party fair-value estimates of $47-87 suggest the market has already priced in a great deal while uranium remains highly cyclical. Research rating Watch: wait for a stronger margin of safety, likely around $80.
Cameco Corporation provides uranium for the generation of electricity in the Americas, Europe, and Asia. It operates in three segments: Uranium, Fuel Services, and Westinghouse. The Uranium segment engages in the exploration for, mining, milling, purchase, and sale of uranium concentrate. Its Fuel Services segment is involved in the refining, conversion, and fabrication of uranium concentrate, as well as purchase and sale of conversion services. The Westinghouse segment operates as a nuclear reactor technology original equipment manufacturer and a provider of products and services to commercial utilities and government agencies. It also provides outage and maintenance, engineering support, instrumentation and controls equipment, and plant modification services, as well as components and parts to nuclear reactors. The company sells its uranium and fuel products and services to nuclear utilities. Cameco Corporation was incorporated in 1987 and is headquartered in Saskatoon, Canada.
Data from EODHD, shown in the reporting currency; for reference only, not investment advice.
History
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