Cameco provozuje největší komerční uranovou rafinerii na světě v Ontariu a jedinou kanadskou konverzní továrnu v Port Hope. Firma má smlouvy na zhruba 83 milionů kilogramů UF6 pro 33 utilit.
Cameco (CCJ +1.22%) owns the largest commercial uranium refinery in the world. And it's not in Kazakhstan, China, or Russia. It's in Blind River, Ontario, Canada.
The Blind River refinery takes uranium concentrate (commonly called yellowcake) and removes impurities to produce uranium trioxide, or UO3. That material is then shipped to Cameco's Port Hope facility, where it's converted into what ultimately becomes nuclear fuel. Blind River currently has a production capacity of 18 million kilograms of uranium annually and is licensed for up to 24 million kilograms. Indeed, Cameco is much more than just a uranium miner.
Cameco controls more of the fuel cycle Mining uranium is only the beginning of the nuclear fuel cycle. Before uranium can fuel most reactors, it has to be refined, converted, and, depending on the reactor, enriched and fabricated into fuel rods. Cameco participates in several of those steps.
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After uranium is refined at Blind River, much of the UO3 travels to Cameco's Port Hope Conversion Facility. Port Hope converts it into either uranium hexafluoride, or UF6, which can be enriched for light-water reactors, or uranium dioxide (UO2), which is used to produce fuel for Canada's CANDU reactors, which are heavy water (deuterium oxide) reactors.
Now you have to understand that Port Hope would be particularly difficult to replace. It's Canada's only uranium conversion facility, one of only a handful of Western suppliers of UF6, and the world's only commercial supplier of natural UO2 used in CANDU reactors. That's a strategic position few nuclear companies can match. And demand is strong.
Cameco produced 6.3 million kilograms of fuel-services products during the first half of 2026 and still expects to produce between 13 million and 14 million kilograms for the full year. Those facilities aren't sitting around waiting for customers, either. Cameco entered 2026 with contracts covering roughly 83 million kilograms of UF6 conversion services for 33 utilities around the world.
Image source: Getty Images.
A different way to invest in nuclear power This is one of the reasons I continue to like Cameco as a long-term nuclear investment. You see, companies like Oklo (OKLO +4.94%) and NuScale (SMR +15.26%) need to successfully commercialize new reactor designs before they can generate substantial reactor-related revenue. Cameco doesn't need to predict which advanced reactor company will ultimately win the race to commercialize its designs.
Existing nuclear plants need fuel today. New reactors will need fuel tomorrow. Cameco can sell the uranium, refine it, convert it, manufacture CANDU fuel, and, through its stake in Westinghouse Electric Company, participate in the reactor business itself.
Understandably, the Blind River refinery and Port Hope conversion facility won't generate the excitement of a new small modular reactor. But they occupy critical positions in a Western nuclear fuel supply chain that's becoming increasingly valuable as electricity demand rises and utilities look to nuclear power for reliable, around-the-clock generation. And of course, more nuclear generation means more demand for uranium, conversion services, and nuclear fuel -- exactly the parts of the supply chain Cameco already controls.
Canada might not be literally unable to survive without these facilities. But replacing them would be extraordinarily difficult. And that gives Cameco a very real and strategic advantage as the global energy economy continues to rapidly expand.
Ontario pohrozilo omezením vývozu uranu do USA, což upozornilo na společnost Cameco, která vlastní klíčovou rafinerii Blind River v Ontariu. Kanada v roce 2025 tvořila 32 % dodávek uranu pro americké elektrárny.
Ontario Premier Doug Ford told The Associated Press on Monday that Canada should be ready to cut off U.S. access to electricity and critical minerals if the trade dispute continues to escalate. He named high-grade nickel and uranium refined in Ontario in particular, and he said Ontario powers 1.5 million U.S. homes and businesses.
Uranium refined in Ontario mostly means uranium refined by Cameco (CCJ -5.94%). The company owns the Blind River refinery (by its own description, the world's largest commercial uranium refinery), and Blind River sits in Ontario.
Nuclear stocks jumped Tuesday, with the growth stock rising about 4.6% to about $107 as of this writing. Whether that jump had much to do with Ford is hard to say, and I don't think it matters much.
But what would a Canadian export restriction do to Cameco?
Image source: Getty Images.
Two steps in the fuel chain run through CamecoBlind River opened in 1983, and Cameco owns 100% of it. The facility refines uranium concentrate from mines into uranium trioxide, a powder that sits partway between mined uranium and finished reactor fuel.
Its licensed production capacity is 18 million kilograms of uranium a year, with room to expand to 24 million once certain conditions are met.
From there, the refined uranium moves to Cameco's Port Hope conversion facility, which is also in Ontario. In other words, two consecutive steps in the nuclear fuel chain run through one company in one province, and Ontario's premier just named that province's output as leverage.
The business built on those plants is Cameco's smaller segment, fuel services. It produced 3.0 million kilograms of uranium in the second quarter, down 6% year over year, and the company expects production of 13 to 14 million kilograms this year.
Segment revenue was 152 million Canadian dollars in the quarter, next to 659 million Canadian dollars in the uranium segment. The segment's average realized price, however, rose 13% year over year.
How much U.S. fuel depends on Canada?More than on any other country.
U.S. reactor operators purchased 46.9 million pounds of uranium in 2025, according to the U.S. Energy Information Administration. Canada was the origin of 32% of the uranium delivered -- the largest share of any country, ahead of Kazakhstan at 28%.
Meanwhile, uranium of U.S. origin covered just 7% of deliveries, down from 8% the year before.
And the trade backdrop worsened over the weekend. The U.S. imposed 50% tariffs on about $20 billion of Canadian goods on Saturday after talks between the two governments collapsed. Canada has said its retaliation will begin Sept. 8. Ford's comments landed in the middle of that escalation.
Cameco, notably, has been describing demand in similar terms all year. CEO Tim Gitzel said in the company's July earnings release that contracting activity has increased as customers focus on "security of supply."
The threat lands on Cameco's customersAn export restriction would be aimed at the U.S. government. But the buyers it would cut off are the American utilities Cameco has spent years signing.
The company has contracts in place for average annual deliveries of more than 28 million pounds of uranium over the next five years, with commitments above that average from 2026 through 2028. A restriction could push uranium prices higher. But it could also put Cameco's own deliveries, and its standing as the Western supplier utilities count on, at risk.
And prices are already moving Cameco's way without an embargo. The company's average realized uranium price was $67.79 per pound in U.S. dollars in the second quarter, up 18% from $57.35 a year earlier. Its first-half average of $66.96 was up 12% year over year. The direction is steady: as higher market prices feed through its market-related contracts, each period's average climbs.
So the threat itself is likely worth more to Cameco than an actual restriction would be. After all, every escalation reminds utilities that most of their fuel starts somewhere else, and long-term supply contracts are what Cameco has been patient about signing.
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The stock, meanwhile, gives the company a lot of credit. Cameco's market value sits near $47 billion in U.S. dollars.
That heft comes against second-quarter net earnings of 25 million Canadian dollars and first-half net earnings of 156 million Canadian dollars. Those results were held down by weaker earnings from Westinghouse, the nuclear-technology company Cameco owns a stake in.
Even after Tuesday's gain, shares are about 21% below their 52-week high of $135.24. But this is not a value stock, and the price arguably assumes years of growth.
Of course, a restriction may never come. Ford's warning was a threat, not a policy. But it pointed at what Cameco owns -- and at why utilities keep signing long-term contracts with Cameco.
Cameco v 1. pololetí 2026 snížila podíl na produkci uranu o 5 % na 10,1 milionu liber. Roční výhled na 19,5–21,5 milionu liber ponechala beze změny navzdory výpadkům v provozu.
Key Takeaways Cameco's H1 uranium production fell 5%, with McArthur River/Key Lake gains offset by lower Cigar Lake output.Key Lake faces a longer-than-normal Q3 maintenance outage, while Cigar Lake halted for two weeks in July.Cameco kept 2026 production guidance at 19.5-21.5M pounds despite operational disruptions. Cameco Corporation (CCJ - Free Report) reported a 5% decline in its share of uranium production to 10.1 million pounds in the first half of 2026. Performance across key operations was mixed, with higher production at McArthur River/Key Lake offset by lower output at Cigar Lake.
Cameco’s share of packaged production from McArthur River and Key Lake rose 14% year over year to 5.8 million pounds. Production has been higher in 2026 due to differences in the mine plan.
However, operations faced temporary disruptions in May when flooding in northern Saskatchewan affected the primary transportation route to supply the McArthur River and Key Lake operations. Although the sites had not been impacted, the disruption to the delivery of critical operating materials and reagents led to a temporary suspension of production at Key Lake and reduced mining activity at McArthur River for around two weeks.
The annual maintenance outage at the Key Lake mill is scheduled for the third quarter. The shutdown is expected to last longer than normal due to the nature of the work being performed. Cameco cautioned that production could be affected if the restart encountered challenges or there are delays in commissioning new equipment. The company, however, maintained its share of production from McArthur River/Key Lake at 10.0-11.5 million pounds for 2026. Cameco’s share from the operations was 10.5 million pounds in 2025.
Cameco’s share of packaged production from Cigar Lake declined to 4.3 million pounds in the first six months of 2026 from 5.5 million pounds in the prior year period. The decline mainly reflected the impact of the annual maintenance outage, which was carried out in the second quarter this year, as opposed to the third quarter last year.
In July, Cigar Lake temporarily suspended production for two weeks due to operational challenges at Orano’s McClean Lake mill. The mine’s production outlook for 2026, however, remains unchanged and Cameco’s share remains at 9.5-10.0 million pounds. The company’s share of production from Cigar Lake was 9.2 million pounds.
In July 2026, Cameco increased its ownership stake to 57.4% in Cigar Lake. Its share of 2026 expected production from the operation remains unchanged based on the new ownership structure.
Cameco’s expected total production for 2026 is at 19.5-21.5 million pounds compared with 23.4 million pounds in 2025.
Peer Energy Fuels Inc. (UUUU - Free Report) mined ore containing 315,000 pounds of uranium in the second quarter, bringing first-half mined production to 740,000 pounds. Finished uranium production totaled 865,000 pounds in the second quarter and 1.7 million pounds in the first half.
With first-half finished production already above the low end of its full-year guidance, Energy Fuels has made solid progress toward its 2026 target of 1.5-2.5 million pounds of finished uranium. The company expects to mine 2.0-2.5 million pounds of contained uranium during 2026.
CCJ’s Price Performance, Valuation & EstimatesIn the past year, Cameco shares have gained 36.5% against the industry’s 1% dip. Energy Fuels gained 34.4% while Centrus Energy (LEU - Free Report) declined 10.4% in the same timeframe.
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CCJ stock is trading at a forward price-to-sales ratio of 18.06 compared with the industry’s 4.83. Energy Fuels is trading higher at 19.67, while Centrus Energy is trading lower at 8.18.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for Cameco’s earnings for 2026 of $1.27 per share indicates year-over-year growth of 23.3%. The same for 2027 implies growth of 69.4%.
Image Source: Zacks Investment Research
The consensus estimate for Cameco’s earnings for 2026 has moved down over the past 60 days, while the same for 2027 has moved up, as shown in the chart below.
Image Source: Zacks Investment Research
The company currently carries a Zacks Rank #3 (Hold).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Cameco ve 2. čtvrtletí meziročně snížila upravenou EBITDA o 42 % na 391 mil. CAD kvůli slabším prodejům uranu a nižším ziskům z Westinghouse. Tržby klesly o 7 % na 814 mil. CAD.
Key Takeaways Cameco's Q2 adjusted EBITDA fell 42% as uranium sales and Westinghouse earnings declined.Uranium sales volumes dropped 18%, while higher realized prices partly offset weaker deliveries.Westinghouse has 91 potential AP1000 reactor opportunities, offering significant upside for Cameco. Cameco Corporation’s (CCJ - Free Report) second-quarter 2026 results reflected a significant slowdown from the strong growth reported in the first quarter, with adjusted EBITDA falling 42% year over year to CAD 391 million ($282 million). This reversed the 44% increase to CAD 509 million reported in the first quarter. The decline primarily stemmed from lower uranium sales volumes and a sharp reduction in equity earnings from Westinghouse.
Cameco’s second-quarter revenues decreased 7% year over year to CAD 814 million ($588 million), as both its Uranium and Fuel Services segments reported weaker results.
Uranium revenues fell 7% to CAD 659 million ($469 million), as sales volumes declined 18% to 7.1 million pounds. The decrease reflected normal quarterly delivery timing and the company’s disciplined contracting strategy, which calls for lower planned deliveries in 2026. The impact was partly offset by a 15% increase in the average realized price to CAD 93.13 per pound, supported by market-priced contracts.
Segment costs increased around 3%, as a 26% rise in the average unit cost of sales was partly offset by lower sales volumes. Higher costs reflected increased purchased material expenses, product loan impacts and the Cigar Lake maintenance shutdown. Consequently, adjusted EBITDA declined 28% year over year to CAD 252 million ($181 million).
Fuel Services revenues declined 6% to CAD 152 million ($108 million), as an 18% drop in sales volumes more than offset higher realized prices. Costs increased 1%, with a 21% rise in the average unit cost of sales, driven by product and service mix, largely offset by lower volumes. Adjusted EBITDA fell 26% to CAD 42 million ($30 million).
Westinghouse was another drag in the quarter. Cameco’s share of Westinghouse’s adjusted EBITDA was $163 million in the second quarter of 2026, a 54% plunge year over year. The comparison was impacted by a $170 million increase in Cameco’s share of Westinghouse’s second-quarter 2025 revenues related to its participation in the construction of two nuclear reactors at the Dukovany power plant in the Czech Republic. The impact was partly offset by higher fuel volumes in Westinghouse’s core business and increased AP1000 project activity compared with the prior-year quarter.
For 2026, Cameco expects total revenues of CAD $3.32-$3.57 billion, implying a roughly 1% decline from 2025. Uranium deliveries are projected at 29-32 million pounds, while uranium revenues are expected at CAD $2.7-$2.9 billion, based on a higher realized price assumption of CAD $91-$96 per pound. At the midpoint, uranium revenues would decline about 2% year over year, primarily due to lower delivery volumes. Fuel Services revenues are projected at CAD $610-$650 million, implying roughly 12% growth.
Despite near-term weakness, Cameco’s longer-term outlook remains supported by firm uranium prices amid structurally tight supply and rising nuclear energy demand. Fuel Services should provide stable growth, while Westinghouse offers significant upside through its pipeline of 91 potential AP1000 reactor opportunities totaling 105 GWe globally. A potential Westinghouse IPO could further unlock shareholder value, strengthen financial flexibility and improve business visibility, providing an additional catalyst for Cameco investors.
CCJ’s Price Performance, Valuation & EstimatesIn the past year, Cameco shares have gained 27.7% compared with the industry’s 7.5% growth. Uranium peers Energy Fuels (UUUU - Free Report) gained 43.5% while Centrus Energy (LEU - Free Report) rose 4.7%.
Image Source: Zacks Investment Research
CCJ stock is trading at a forward price-to-sales ratio of 16.49 compared with the industry’s 5.13. Energy Fuels is trading higher at 19.67, while Centrus Energy is trading lower at 8.18.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for Cameco’s earnings for 2026 of $1.27 per share indicates year-over-year growth of 23.3%. The same for 2027 implies growth of 69.4%.
Image Source: Zacks Investment Research
The consensus estimate for Cameco’s earnings for 2026 has moved down over the past 60 days, while the same for 2027 has moved up, as shown in the chart below.
Image Source: Zacks Investment Research
The company currently carries a Zacks Rank #3 (Hold).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Cameco po zveřejnění výsledků za 2. čtvrtletí vzrostla o 7 %, i když upravený zisk meziročně klesl o 75 % a tržby o 7 % na 814 milionů CAD. Firma zároveň oznámila, že Westinghouse důvěrně podal návrh na draft Form S-1 k SEC pro navrhované IPO kmenových akcií.
Key Takeaways Cameco rose 7% after Q2 results, even as adjusted earnings fell 75% and revenues declined 7%.Lower uranium and fuel-services volumes outweighed higher realized prices, pressuring quarterly results.Westinghouse's proposed IPO adds a catalyst, but Cameco's premium valuation may limit near-term upside. Cameco (CCJ - Free Report) reported second-quarter 2026 results on Friday. Total revenues were down 7% year over year to CAD 814 million ($588 million) on lower sales volumes despite higher prices. Adjusted earnings plunged 75% year over year to CAD 0.18 per share or 13 cents. While revenues beat the Zacks Consensus Estimate, earnings fell short.
Alongside its earnings release, Cameco announced that Westinghouse Electric Company, jointly owned with Brookfield Renewable Partners, has confidentially submitted a draft Form S-1 registration statement to the U.S. Securities and Exchange Commission for a proposed initial public offering of its common stock.
Investors looked past the earnings miss, sending Cameco shares up 7% following the results. In the past six months, Cameco shares have declined 21.9% compared with the industry’s 3.2% dip. Meanwhile, the broader Oils-Energy sector has moved up 7.1%, while the S&P 500 has climbed 10.8%.
Cameco has outperformed peers like Ur-Energy Inc. (URG - Free Report) and Energy Fuels (UUUU - Free Report) , which have declined 22.6% and 46.1%, respectively.
Cameco’s 6-Month Price Performance vs. Industry, Sector & Peers
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Let us delve deeper into the company’s second-quarter results and long-term prospects before assessing whether to buy, hold or sell the stock.
Lower Volumes Weigh on Cameco's Q2 PerformanceUranium production declined 15% year over year to 3.9 million pounds. Output at McArthur River/Key Lake increased 28% to 2.3 million pounds, but this was more than offset by a 43% decline at Cigar Lake to 1.6 million pounds following its scheduled annual maintenance outage.
Uranium sales volumes fell 18% to 7.1 million pounds, reflecting normal quarterly delivery timing and Cameco's disciplined contracting strategy, which calls for lower planned deliveries in 2026.
Cameco’s uranium revenues were down 7% to CAD 659 million ($469 million). The 18% decline in sales volumes was offset by a 15% increase in the Canadian dollar average realized price to CAD 93.13 per pound due to the impact of market-priced contracts on its portfolio.
Fuel Services also posted weaker results. Production decreased 6% to 3 million kgU, while sales volumes fell 18% to 3.6 million kgU. Segment revenues declined 6% to CAD 152 million ($108 million), as higher realized prices were unable to offset lower deliveries.
Overall, Cameco’s revenues were down 7% to CAD 814 million ($588 million) due to weaker performance in both segments.
Total cost of sales inched up 1% to around CAD 624 million ($446 million). In the uranium segment, costs climbed around 3% due to a 26% increase in the average unit cost of sales, partially offset by lower sales volume. Costs were higher due to higher purchased material costs, product loan impacts and the Cigar Lake maintenance shutdown. Costs in the Fuel Services segment rose 1% as a 21% increase in the average unit cost of sales due to mix of products and services was offset by lower sales volume.
Adjusted EBITDA was down 42% year over year to CAD 391 million ($279 million). Adjusted earnings declined 75% year over year to CAD 0.18 per share or 13 cents. The decline was due to lower uranium sales volumes and a sharp reduction in equity earnings from Westinghouse. In the prior-year quarter, Westinghouse recognized significant revenues from its participation in the Czech Republic's Dukovany nuclear project, contributing roughly $170 million to Cameco's share of Westinghouse's revenues and adjusted EBITDA.
Cameco Expects Slightly Lower Revenues in 2026Cameco maintained its uranium production projection between 19.5 million pounds and 21.5 million pounds for 2026 despite temporary operational disruptions at Key Lake and McArthur River in May, and at Cigar Lake in July. Production guidance for the fuel services segment is 13 million to 14 million kgUs.
Cameco expects uranium deliveries of 29–32 million pounds for 2026. Uranium revenue guidance now stands at CAD 2.7-2.9 billion, based on a higher realized price assumption of CAD 91-96 per pound. At the midpoint, uranium revenues would decline about 2% from 2025 due to lower delivery volumes. Fuel Services revenues are projected at CAD 610-650 million, implying roughly 12% year-over-year growth.
Overall, Cameco expects total 2026 revenues of CAD 3.32-3.57 billion. The midpoint represents about a 1% decline from 2025.
CCJ’s Earnings Estimates See Upward Revision ActivityThe Zacks Consensus Estimate for Cameco’s earnings for both 2026 and 2027 has moved up over the past 60 days, as shown in the chart below.
Image Source: Zacks Investment Research
The consensus estimate for Cameco’s earnings for 2026 indicates year-over-year growth of 27.2%. The same for 2027 implies growth of 55.8%.
Image Source: Zacks Investment Research
Cameco’s Valuation Looks StretchedCCJ stock is trading at a forward price-to-sales ratio of 15.97 compared with the industry’s 4.99. CCJ’s Value Score of F suggests that the stock is not so cheap and a stretched valuation at this moment.
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Energy Fuels is trading higher at 16.20 while Ur-Energy is a cheaper option, trading at 4.70.
Westinghouse IPO Plans Add Another Long-Term Growth LeverCameco continues to benefit from its strategic investment in Westinghouse, which helps broaden its exposure beyond uranium mining into nuclear technology and reactor services. In June, the U.S. Department of Energy announced a conditional commitment of up to $17.5 billion through its Office of Energy Dominance Financing to support procurement of long-lead components for up to 10 new Westinghouse AP1000 reactors in the United States.
Westinghouse has a pipeline of 91 potential AP1000 reactor opportunities (105 GWe) globally, providing a significant long-term growth runway. Westinghouse’s proposed IPO, if completed, could unlock shareholder value, improve financial flexibility and increase visibility into the business, creating another potential catalyst for Cameco investors.
CCJ’s Long-Term Fundamentals Remain StrongCameco continues to strengthen its long-term portfolio. It has long-term obligations to deliver an average 28 million pounds of uranium annually over the next five years. These agreements provide strong revenue visibility, stable cash flows and support future investment plans.
Cameco’s uranium production capacity accounts for nearly 15% of global output and it is further investing to expand production to capture favorable market conditions. This includes extending Cigar Lake’s mine life to 2036 and ramping up output at McArthur River and Key Lake toward their licensed annual capacity of 25 million pounds (100% basis). The company recently increased ownership interest in Cigar Lake to 57.418%, which further supports its focus on proven tier-one assets.
Growing energy security concerns, geopolitical uncertainty and the global transition toward low-carbon electricity continue to support long-term uranium demand. Combined with its exposure to Westinghouse's reactor business, Cameco remains well-positioned to benefit from the ongoing nuclear power renaissance.
Should You Buy Cameco Stock Now?Cameco remains one of the strongest long-term investment opportunities in the uranium space, supported by world-class mining assets, long-term contracts and increasing exposure to nuclear technology through Westinghouse. However, new investors can wait for a better entry point, considering the premium valuation and the lower revenue expectations for the year. The stock currently carries a Zacks Rank #3 (Hold).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Cameco vykázala zisk 0,13 USD na akcii, což je pod odhadem 0,26 USD a meziročně méně než 0,51 USD. Tržby dosáhly 588,02 milionu USD a překonaly odhad o 10,04 %.
Cameco (CCJ - Free Report) came out with quarterly earnings of $0.13 per share, missing the Zacks Consensus Estimate of $0.26 per share. This compares to earnings of $0.51 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of -50.00%. A quarter ago, it was expected that this uranium producer would post earnings of $0.29 per share when it actually produced earnings of $0.34, delivering a surprise of +17.24%.
Over the last four quarters, the company has surpassed consensus EPS estimates two times.
Cameco, which belongs to the Zacks Alternative Energy - Other industry, posted revenues of $588.02 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 10.04%. This compares to year-ago revenues of $633.83 million. The company has topped consensus revenue estimates two times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Cameco shares have lost about 3.6% since the beginning of the year versus the S&P 500's gain of 8.7%.
What's Next for Cameco?While Cameco has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Cameco was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.22 on $494.94 million in revenues for the coming quarter and $1.34 on $2.39 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Alternative Energy - Other is currently in the bottom 42% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
One other stock from the same industry, BKV (BKV - Free Report) , is yet to report results for the quarter ended June 2026. The results are expected to be released on August 6.
This natural gas producer is expected to post quarterly earnings of $0.32 per share in its upcoming report, which represents a year-over-year change of -18%. The consensus EPS estimate for the quarter has been revised 1.6% lower over the last 30 days to the current level.
BKV's revenues are expected to be $319.25 million, down 0.9% from the year-ago quarter.
Cameco čeká za 2. čtvrtletí pokles tržeb i zisku, protože vyšší cena uranu jen částečně kompenzuje slabší objemy prodejů. Odhad tržeb je 534,4 mil. USD a EPS 26 centů.
Key Takeaways Cameco is expected to report lower Q2 revenues and earnings year over year when it reports on July 31.Stronger year-over-year uranium pricing to partly offset the impact of lower uranium sales volumes in Q2.Cameco's long-term contracts support growth, but premium valuation may favor waiting before buying. Cameco Corporation (CCJ - Free Report) is scheduled to report second-quarter 2026 results on July 31, before the opening bell.
The Zacks Consensus Estimate for Cameco’s second-quarter revenues is currently pegged at $534.4 million, implying a 15.7% year-over-year decline. The estimate for earnings per share has remained unchanged at 26 cents over the past 60 days. It suggests a 49% decline from the prior-year quarter.
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Cameco’s Earnings Surprise HistoryOver the trailing four quarters, Cameco’s earnings beat the Zacks Consensus Estimate thrice but missed once. CCJ has an average trailing four-quarter earnings surprise of 2.01%. The trend is shown in the chart below.
Image Source: Zacks Investment Research
What the Zacks Model Unveils for CCJ StockOur proven model does not conclusively predict an earnings beat for Cameco this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. But that is not the case here.
Earnings ESP: The Earnings ESP for Cameco is 0.00%. You can uncover the best stocks before they are reported with our Earnings ESP Filter.
Zacks Rank: CCJ currently carries a Zacks Rank of 3. You can see the complete list of today’s Zacks #1 Rank stocks here.
Factors Likely to Have Shaped Cameco’s Q2 PerformanceCCJ holds a 69.8% stake in the McArthur River mine and 83% in the Key Lake mill. It also held a 54.5% interest in Cigar Lake. In July, Cameco raised its stake in the Cigar Lake joint venture to 57.418%.
During May, the company temporarily suspended operations at the McArthur River mine and Key Lake mill after severe flooding in northern Saskatchewan caused a partial collapse of the Smoothstone River Bridge, a key transportation route. However, Cameco quickly established an alternate logistics route, enabling both facilities to resume full production within a short period. The disruption did not alter the company's production guidance for 2026, which stands at 19.5-21.5 million pounds. The midpoint indicates a roughly 2% year-over-year decline. The guidance includes 9.5-10 million pounds from Cigar Lake and 10.0-11.5 million pounds from McArthur River. We expect the Cigar Lake production outlook to be revised following the ownership increase, though this should not have any bearing on the second-quarter results.
The company has guided uranium deliveries of 29-32 million pounds for 2026, down from 33 million pounds in 2025. Based on the full-year guidance, Cameco would need to produce roughly 4.8 million pounds and deliver about 7.6 million pounds of uranium, on average, in each of the remaining quarters. Accordingly, we expect second-quarter uranium production to be modestly higher than the 4.6 million pounds produced in the year-ago quarter, while sales volumes are likely to be below the 8.7 million pounds delivered in the second quarter of 2025.
Uranium prices remained supportive during the quarter, averaging approximately $85.18 per pound, up 17% from $72.59 a year earlier. Consequently, stronger realized pricing is likely to have partly offset the impact of lower uranium sales volumes, supporting uranium segment revenues.
In the Fuel Services segment, Cameco expects 2026 production and deliveries of 13-14 million kgU compared with 13.1 million kgU delivered in 2025. During the first quarter, production declined 15% year over year to 3.3 million kgU, while sales volumes increased 17% to 2.8 million kgU.
Based on full-year guidance, the company would need to produce approximately 3.4 million kgU and deliver around 3.6 million kgU, on average, in each of the remaining quarters. We therefore expect second-quarter fuel services production to be slightly above the 3.2 million kgU produced in the year-ago quarter but deliveries to remain below the 4.4 million kgU sold in the second quarter of 2025. Lower fuel services volumes, along with softer pricing, are expected to have weighed on segment revenues.
Overall, Cameco's second-quarter revenues are likely to have declined modestly, as stronger uranium revenues were offset by weaker performance in the Fuel Services business.
On the cost front, cost of sales is expected to have increased year over year. However, the company's ongoing debt reduction efforts are likely to have lowered interest expenses, providing some offset. Cameco is also expected to have continued incurring care-and-maintenance costs related to its curtailed tier-two assets. Overall, lower revenues combined with elevated operating costs are expected to have resulted in weaker earnings for the quarter.
CCJ’s Price Performance & ValuationCameco shares have declined 21.8% in the past three months compared with the industry’s 12.3% fall. Meanwhile, the company’s peers Energy Fuels (UUUU - Free Report) and Uranium Energy (UEC - Free Report) have fallen 40.2% and 26.1%, respectively, in the same timeframe.
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Cameco stock is trading at a forward price-to-sales ratio of 15.18 compared with the industry’s 5.05. The company is, however, cheaper than peer Energy Fuels’ and Uranium Energy’s price-to-sales ratios of 15.41 and 54.01, respectively.
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Investment Thesis on CamecoCameco is well-positioned to benefit from the long-term growth in nuclear energy, thanks to its high-quality, low-cost asset base and its strategic involvement across the entire nuclear fuel supply chain. The company is also investing to expand production by extending Cigar Lake’s mine life to 2036 and ramping up output at McArthur River and Key Lake toward their licensed annual capacity of 25 million pounds (100% basis). Despite softer near-term guidance, Cameco has strong earnings visibility through long-term contracts. As of March 31, 2026, Cameco had secured contracts requiring average annual uranium deliveries of more than 28 million pounds per year over the next five years. The company also has sale contracts for roughly 83 million kilograms of UF6 conversion to 33 customers.
Should You Buy CCJ Stock Now?Cameco's strong portfolio of long-term contracts and strategic presence across the nuclear fuel cycle continue to support its attractive long-term growth prospects. The company is expected to report year-over-year declines in second-quarter revenues and earnings, and an earnings beat appears unlikely. Regardless of the near-term results, existing shareholders should consider holding the stock, given its solid long-term fundamentals and favorable industry outlook. However, with the stock trading at a premium valuation, prospective investors may be better served waiting for a more attractive entry point before initiating a position.
Cameco Corporation (TSX:CCO) has been upgraded to Buy by UBS on a strengthened uranium bull case that analysts believe is not reflected in the producer's share price.
The upgrade follows a pullback in the stock of 18% over the past month and 27% over the past six months, which UBS said reflects broader market and AI-related sentiment rather than any change in the company's fundamentals.
UBS said the uranium bull case has strengthened this year, pointing to long-term contract prices at record highs, accelerating utility contracting and requests for proposals, and continued government support for nuclear power.
The bank also cited recent momentum behind AP1000 reactor deployment and the prospect of further reactor announcements as reinforcing its view that the nuclear cycle remains in its early innings, with demand growth exceeding a 3.5% compound annual growth rate.
UBS kept its price target unchanged at C$166 per share, based on a 45x multiple on 2028 estimated earnings.
Heightened geopolitical risk further underscores the strategic value of uranium supply, according to UBS, which described Cameco as the clearest and most liquid global exposure to the nuclear thematic. The bank expects the stock to stay structurally crowded given its scarcity value, industry leadership and leverage to a multi-decade growth story.
Catalysts UBS is watching this year include further contract price upside, meaningful AP1000 announcements or government support, plans for physical uranium futures, and continued supply challenges among incumbent producers.
Contract prices near record highs Term contract prices have risen in nearly every month this year, reaching $96 per pound, up 20% year-over-year. UBS said recent tenders have reportedly attracted large volumes, with contract structures typically incorporating price floors of $75 to $77 per pound and ceilings as high as $155 per pound. UBS's own real price estimate sits at $100 per pound.
Contracting activity is now concentrated on deliveries between 2031 and 2035, with some utilities already extending procurement plans into the 2040s, a trend UBS said highlights growing concern over long-term supply availability. The bank believes utilities are increasingly prioritizing security of supply amid persistent production delivery risks, geopolitical uncertainty and an expanding reactor pipeline.
Demand visibility continues to improve through reactor life extensions, new-build momentum, AP1000 deployment and potential small modular reactor announcements, UBS said, while the long lead times required to bring new mine supply online limit the industry's ability to respond quickly. The bank views record term prices and accelerating utility procurement as further evidence of a structurally tightening uranium market, even as spot prices and equities have shown weakness.
Westinghouse seen as underappreciated growth driver UBS argued the market is not fully valuing Cameco's stake in Westinghouse, which combines a highly recurring services and fuel business tied to its large installed reactor base with significant growth optionality from new reactor construction.
The AP1000 reactor design is well positioned to benefit from accelerating global nuclear deployment, UBS said, with each new reactor generating upfront engineering and procurement revenue as well as decades of high-margin fuel and services income. The bank believes the market largely reflects only currently contracted projects while assigning limited value to the future incremental pipeline, which it sees as a source of meaningful, if delayed, upside in the coming years.
The market expects Cameco (CCJ - Free Report) to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended June 2026. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.
The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on July 31. On the other hand, if they miss, the stock may move lower.
While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on the earnings call, it's worth handicapping the probability of a positive EPS surprise.
Zacks Consensus EstimateThis uranium producer is expected to post quarterly earnings of $0.26 per share in its upcoming report, which represents a year-over-year change of -49%.
Revenues are expected to be $534.36 million, down 15.7% from the year-ago quarter.
Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 62.96% higher over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.
Investors should keep in mind that the direction of estimate revisions by each of the covering analysts may not always get reflected in the aggregate change.
Price, Consensus and EPS Surprise
Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction) -- has this insight at its core.
The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.
Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.
A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.
Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).
How Have the Numbers Shaped Up for Cameco?For Cameco, the Most Accurate Estimate is the same as the Zacks Consensus Estimate, suggesting that there are no recent analyst views which differ from what have been considered to derive the consensus estimate. This has resulted in an Earnings ESP of 0%.
On the other hand, the stock currently carries a Zacks Rank of #3.
So, this combination makes it difficult to conclusively predict that Cameco will beat the consensus EPS estimate.
Does Earnings Surprise History Hold Any Clue?While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.
For the last reported quarter, it was expected that Cameco would post earnings of $0.29 per share when it actually produced earnings of $0.34, delivering a surprise of +17.24%.
Over the last four quarters, the company has beaten consensus EPS estimates three times.
Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.
That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
Cameco doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.
Expected Results of an Industry PlayerAnother stock from the Zacks Alternative Energy - Other industry, TC Energy (TRP - Free Report) , is soon expected to post earnings of $0.59 per share for the quarter ended June 2026. This estimate indicates no change from the year-ago quarter. Revenues for the quarter are expected to be $2.74 billion, up 1.5% from the year-ago quarter.
The consensus EPS estimate for TC Energy has been revised 0.5% higher over the last 30 days to the current level. However, a higher Most Accurate Estimate has resulted in an Earnings ESP of +3.80%.
When combined with a Zacks Rank of #3 (Hold), this Earnings ESP indicates that TC Energy will most likely beat the consensus EPS estimate. Over the last four quarters, the company surpassed consensus EPS estimates three times.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
Cameco (NYSE:CCJ – Get Free Report) (TSE:CCO) is expected to post its Q2 2026 results before the market opens on Friday, July 31st. Analysts expect Cameco to announce earnings of $0.31 per share and revenue of $573.7270 million for the quarter. Parties can find conference call details on the company’s upcoming Q2 2026 earning report for the latest details on the call scheduled for Friday, July 31, 2026 at 8:00 AM ET.
Cameco (NYSE:CCJ – Get Free Report) (TSE:CCO) last issued its earnings results on Tuesday, May 5th. The basic materials company reported $0.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.29 by $0.05. Cameco had a net margin of 18.38% and a return on equity of 11.05%. The company had revenue of $607.49 million during the quarter, compared to analyst estimates of $598.63 million. During the same quarter last year, the business posted $0.16 EPS. The company’s revenue for the quarter was up 7.1% on a year-over-year basis. On average, analysts expect Cameco to post $1 EPS for the current fiscal year and $2 EPS for the next fiscal year.
Cameco Trading Down 1.0% NYSE CCJ opened at $89.47 on Friday. The company has a current ratio of 3.08, a quick ratio of 2.09 and a debt-to-equity ratio of 0.14. Cameco has a 1-year low of $68.96 and a 1-year high of $135.24. The firm’s fifty day simple moving average is $101.60 and its 200-day simple moving average is $110.66. The company has a market capitalization of $38.97 billion, a PE ratio of 82.85, a price-to-earnings-growth ratio of 1.43 and a beta of 1.02.
Institutional Investors Weigh In On Cameco Several institutional investors and hedge funds have recently made changes to their positions in the company. Mcguire Capital Advisors Inc. bought a new position in Cameco during the 4th quarter valued at about $28,000. Corient Private Wealth LLC increased its holdings in shares of Cameco by 1,339.8% during the fourth quarter. Corient Private Wealth LLC now owns 964,552 shares of the basic materials company’s stock worth $88,247,000 after buying an additional 897,558 shares in the last quarter. Alpine Woods Capital Investors LLC raised its stake in shares of Cameco by 57.6% in the fourth quarter. Alpine Woods Capital Investors LLC now owns 9,766 shares of the basic materials company’s stock valued at $893,000 after acquiring an additional 3,568 shares during the last quarter. Mercer Global Advisors Inc. ADV boosted its holdings in shares of Cameco by 9.1% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 11,208 shares of the basic materials company’s stock worth $1,025,000 after acquiring an additional 939 shares in the last quarter. Finally, Vident Advisory LLC grew its position in Cameco by 5.5% during the 4th quarter. Vident Advisory LLC now owns 511,768 shares of the basic materials company’s stock worth $46,822,000 after acquiring an additional 26,699 shares during the last quarter. Institutional investors and hedge funds own 70.21% of the company’s stock.
Analyst Ratings Changes CCJ has been the subject of a number of recent research reports. Royal Bank Of Canada raised their price target on Cameco from $160.00 to $175.00 and gave the stock an “outperform” rating in a research note on Monday, June 29th. Sanford C. Bernstein restated an “outperform” rating and issued a $135.00 price objective on shares of Cameco in a research note on Monday, June 15th. Barclays decreased their target price on Cameco from $108.00 to $104.00 and set an “equal weight” rating for the company in a research note on Wednesday, July 15th. Weiss Ratings lowered shares of Cameco from a “hold (c+)” rating to a “hold (c)” rating in a research report on Thursday, June 4th. Finally, TD Securities downgraded shares of Cameco from a “strong-buy” rating to a “hold” rating in a research note on Thursday, March 26th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Cameco currently has a consensus rating of “Moderate Buy” and a consensus target price of $146.18.
Read Our Latest Analysis on Cameco
Cameco Company Profile (Get Free Report)
Cameco Corporation (NYSE: CCJ) is a leading producer of uranium and a supplier to the global nuclear power industry. Headquartered in Saskatoon, Saskatchewan, Canada, the company is engaged in the exploration, mining, milling and sale of uranium concentrate, commonly known as yellowcake, which is used as fuel for nuclear reactors. Cameco also participates in services and activities that support the front end of the nuclear fuel cycle, including processing and marketing of uranium to utilities under long‑term and spot contracts.
The company’s operations have historically centered in Canada and the United States, where it operates and develops uranium mining and processing properties.
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Cameco obnovila těžbu v Cigar Lake po dvoutýdenním přerušení a ponechává roční produkční výhled 17,5–18,0 milionu liber beze změny. Firma také zvýšila podíl v dole na 57,418 %.
Key Takeaways Cameco resumed Cigar Lake production after a two-week disruption, with 2026 output guidance intact.CCJ increased its Cigar Lake stake to 57.418% and expects an updated attributable production outlook.Cameco overcame operational setbacks at Cigar Lake and McArthur River, supporting production plans. Cameco Corporation (CCJ - Free Report) has confirmed that operations at the Cigar Lake uranium mine and Orano’s McClean Lake mill have resumed and reinforced confidence in its 2026 output targets. The restart follows a temporary suspension announced earlier this month due to operational issues at the McClean Lake mill, where all Cigar Lake ore is processed.
The disruption stemmed from problems at the mill's sulfuric acid plant, which was forced to be shut down for repairs. The McClean Lake mill has now resumed operations. Cigar Lake has begun shipping stockpiled ore to the mill and has restarted production at the mine.
Despite the roughly two-week interruption, Cameco expects no impact on the mine's annual production guidance of 17.5-18.0 million pounds on a 100% basis.
Cigar Lake remains one of Cameco's most strategic assets. Located in northern Saskatchewan, Canada, the mine is renowned for its exceptionally high-grade uranium ore and long reserve life, making it one of the world's premier uranium operations. Cameco recently strengthened its position by increasing its ownership stake in the mine by 2.871 percentage points to 57.418%.
In 2025, the mine produced 19.1 million pounds, with Cameco’s attributable share at 10.4 million pounds. Under its previous 54.547% ownership, the company had projected attributable 2026 production of 9.5-10.0 million pounds. Following the recent increase in ownership, the company is expected to update its attributable production outlook to reflect the same.
The Cigar Lake restart marks the second operational challenge Cameco has successfully navigated this year. In May, the company temporarily suspended operations at its McArthur River mine and Key Lake mill after severe flooding in northern Saskatchewan caused a partial collapse of the Smoothstone River Bridge, a critical transportation route used to deliver supplies to the sites. Cameco quickly established an alternative logistics route, restoring the flow of essential materials and enabling both operations to return to full production within a short period.
Importantly, that disruption also left Cameco's production outlook unchanged. Uranium production is expected to be 14.0-16.5 million pounds from the McArthur River and Key Lake operations, with CCJ’s attributable share at 10-11.5 million pounds. Across its portfolio, Cameco still expects consolidated attributable uranium production of 19.5-21.5 million pounds this year, highlighting the resilience of its operating model despite temporary setbacks.
Peer Energy Fuels (UUUU - Free Report) has demonstrated strong production momentum. Energy Fuels has produced more than 1.5 million pounds of uranium in the first half of 2026, already surpassing the lower end of its full-year production guidance of 1.5-2.5 million pounds.
Achieving this level of output within the first six months of the year reflects the strength of Energy Fuels’ operating performance and positions it well to meet, or potentially exceed, its annual targets. Energy Fuels had mined 1.7 million pounds of uranium in 2025.
Uranium Energy (UEC - Free Report) produced 32,195 pounds of uranium concentrate at Christensen Ranch in the third quarter of fiscal 2026 ended April 30, 2026. Operationally, Uranium Energy reached a milestone by commencing production at its Burke Hollow project in April. Burke Hollow is the largest greenfield in-situ recovery (ISR) uranium project to enter production in the United States in more than a decade. Uranium Energy expects production to increase in the fourth quarter of fiscal 2026 as Christensen Ranch header houses and Burke Hollow contribute for the full quarter.
CCJ’s Price Performance, Valuation & EstimatesCameco shares have gained 20.2% in a year compared with the industry’s 14.8% growth.
Image Source: Zacks Investment Research
CCJ stock is trading at a forward price-to-sales multiple of 15.62X compared with the industry’s 5.16X.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for Cameco’s earnings for fiscal 2026 indicates year-over-year growth of 16.5%. The same for 2027 implies growth of 61.7%.
Image Source: Zacks Investment Research
While the consensus estimate for 2026 earnings has moved down over the past 60 days, the same for 2027 has moved up, as shown in the chart below.
Image Source: Zacks Investment Research
The company currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Key Takeaways Cameco halted Cigar Lake mining after Orano's McClean Lake mill's sulfuric acid plant shut down.Operations at McClean Lake are expected to resume in two weeks, with no current impact on 2026 guidance.Cigar Lake produced 19.1 million pounds in 2025, with Cameco's share at 10.4 million pounds. Cameco Corporation (CCJ - Free Report) has temporarily suspended operations at Cigar Lake mine, citing operational issues at Orano’s McClean Lake mill, where Cigar Lake ore is processed. The mill is expected to resume operations in two weeks, and the company does not currently anticipate any impact on its 2026 production guidance for Cigar Lake. However, any prolonged outage at the McClean Lake mill could prompt a reassessment of that outlook.
The disruption stems from problems at the mill's sulfuric acid plant, which was forced to shut down for repairs. Orano is working to restore the acid plant and is also evaluating alternative sources of sulfuric acid while it awaits replacement parts. With limited ore storage capacity at Cigar Lake, mining activities had to be stalled until sufficient acid was available to allow milling to resume at McClean Lake.
Cameco increased its ownership stake in Cigar Lake to 57.418%. Located in northern Saskatchewan, Canada, Cigar Lake is widely recognized for its exceptionally high-grade ore body and long reserve life, making it one of the most valuable uranium mines globally.
In 2025, the mine produced 19.1 million pounds, with Cameco’s attributable share at 10.4 million pounds. For 2026, Cigar Lake is expected to produce between 17.5 million and 18.0 million pounds on a 100% basis. Based on Cameco's previous ownership interest of 54.547%, its attributable production was projected at 9.5-10.0 million pounds. Following the recent increase in ownership, the company is expected to update its attributable production outlook to reflect the same.
This is the second operational disruption Cameco has faced this year. In May, the company temporarily suspended operations at its McArthur River mine and Key Lake mill after severe flooding in northern Saskatchewan caused a partial collapse of the Smoothstone River Bridge, a critical transportation route used to deliver supplies to the sites. Cameco quickly established an alternative logistics route, restoring the flow of essential materials and enabling both operations to return to full production within a short period.
Despite the interruption, Cameco maintained the 2026 guidance for uranium production of 14.0-16.5 million pounds from the McArthur River and Key Lake operations, with its attributable share at 10-11.5 million pounds. The company expects consolidated attributable uranium production of 19.5-21.5 million pounds in 2026.
CCJ’s Price Performance, Valuation & EstimatesCameco shares have gained 30% in a year compared with the industry’s 22.6% growth. Uranium peers Energy Fuels Inc. (UUUU - Free Report) and Uranium Energy (UEC - Free Report) have gained 120.4% and 57%, respectively.
Image Source: Zacks Investment Research
CCJ stock is trading at a forward price-to-sales multiple of 16.67X compared with the industry’s 5.42X. Energy Fuels is currently trading at a forward price-to-sales ratio of 18.59X and Uranium Energy is trading at a loftier 59.76X.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for Cameco’s earnings for fiscal 2026 indicates year-over-year growth of 17.5%. The same for 2027 implies growth of 58.8%.
Image Source: Zacks Investment Research
While the consensus estimate for 2026 earnings has moved down over the past 60 days, the same for 2027 has remianed unchanged, as shown in the chart below.
Image Source: Zacks Investment Research
The company currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Cameco uzavřela na 101,86 USD, což je pokles o 1,56 % a zaostání za růstem širšího trhu. Před zveřejněním výsledků trh čeká EPS 0,36 USD a výnosy 534,36 mil. USD.
In the latest trading session, Cameco (CCJ - Free Report) closed at $101.86, marking a -1.56% move from the previous day. This change lagged the S&P 500's 0.79% gain on the day. On the other hand, the Dow registered a gain of 0.26%, and the technology-centric Nasdaq increased by 1.52%.
Heading into today, shares of the uranium producer had lost 8.1% over the past month, lagging the Oils-Energy sector's loss of 4.84% and the S&P 500's loss of 1.82%.
Market participants will be closely following the financial results of Cameco in its upcoming release. The company's upcoming EPS is projected at $0.36, signifying a 29.41% drop compared to the same quarter of the previous year. Simultaneously, our latest consensus estimate expects the revenue to be $534.36 million, showing a 15.69% drop compared to the year-ago quarter.
For the full year, the Zacks Consensus Estimates are projecting earnings of $1.21 per share and revenue of $2.39 billion, which would represent changes of +17.48% and -4.07%, respectively, from the prior year.
It's also important for investors to be aware of any recent modifications to analyst estimates for Cameco. These revisions help to show the ever-changing nature of near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the business health and profitability.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 0.69% downward. Currently, Cameco is carrying a Zacks Rank of #3 (Hold).
Investors should also note Cameco's current valuation metrics, including its Forward P/E ratio of 85.75. This valuation marks a premium compared to its industry average Forward P/E of 17.88.
One should further note that CCJ currently holds a PEG ratio of 1.89. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. The Alternative Energy - Other industry had an average PEG ratio of 2.1 as trading concluded yesterday.
The Alternative Energy - Other industry is part of the Oils-Energy sector. This industry, currently bearing a Zacks Industry Rank of 164, finds itself in the bottom 33% echelons of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
Cameco v 1. čtvrtletí 2026 zvýšila upravenou EBITDA o 44 % na CAD 509 milionů, hlavně díky silnějším cenám uranu a společnosti Westinghouse. U segmentu fuel services EBITDA klesla o 28 % na CAD 54 milionů.
Key Takeaways CCJ Q1 2026 adjusted EBITDA rose 44% YoY to CAD 509M ($372M).CCJ EBITDA growth driven by uranium price strength and Westinghouse, with 2025 EBITDA up 26% to CAD 1.93B.CCJ fuel services EBITDA fell 28% in Q1 2026 as prices dropped; Westinghouse 2026 EBITDA seen $370-$430M. Cameco Corporation’s (CCJ - Free Report) adjusted EBITDA has shown a strong and sustained upward trajectory over the past few years, driven primarily by uranium price strength and contributions from Westinghouse.
In the first quarter of 2026, adjusted EBITDA rose 44% year over year to CAD 509 million ($372 million). This follows a strong 2025 performance, during which adjusted EBITDA rose 26% year over year to CAD 1.93 billion ($1.41 billion). Over a longer horizon, profitability has expanded materially, with adjusted EBITDA rising more than fourfold from CAD 431 million in 2022 to CAD 1.93 billion in 2025.
The uranium segment remains the primary engine of EBITDA growth. In 2025, adjusted EBITDA increased 6% year over year to CAD 1.26 billion ($ 0.92 billion). This was supported by a 7% rise in revenues driven by a 9% increase in average realized uranium prices in Canadian dollar terms, somewhat offset by a 2% dip in sales volumes. Total cost of sales (including depreciation and amortization) increased 3%.
Momentum strengthened further in the first quarter of 2026, when uranium revenues rose 15% to CAD 712 ($520 million) on higher volumes and prices. Cost of sales (including D&A) increased 9%. Adjusted EBITDA for the segment rose 48% year over year to CAD 423 million ($309 million).
The fuel services segment delivered strong growth in 2025 but showed some normalization in early 2026. In 2025, adjusted EBITDA increased 51% to CAD 219 million ($160 million). Revenues were up 22% for the year, attributed to a 14% increase in realized pricing. Total cost of products and services sold (including D&A) increased 10%.
However, in the first quarter of 2026, adjusted EBITDA declined 28% to CAD 54 million ($39 million). Revenues dipped 1% with higher volumes being offset by a 17% decline in average realized prices. Total cost of products and services sold (including D&A) increased 35%, weighing on the profitability in the quarter.
Westinghouse has emerged as a rapidly growing contributor to Cameco’s overall EBITDA profile. In 2025, adjusted EBITDA from Westinghouse increased 61% to CAD 780 million ($572 million) in 2025. This reflects the increase in Cameco’s share of Westinghouse’s second-quarter revenues tied to the Dukovany construction project. In the first quarter of 2026, adjusted EBITDA was CAD 122 million ($89 million), up 33% year over year. Management expects continued momentum, with 2026 guidance indicating Cameco’s share of Westinghouse’s adjusted EBITDA between $370 million and $430 million.
Looking ahead, Cameco’s EBITDA growth is expected to remain supported by sustained strength in uranium pricing, driven by structurally tight supply conditions and rising nuclear energy demand tied to energy security and decarbonization goals. The fuel services segment is expected to remain a stable contributor, supported by consistent conversion demand and improving pricing dynamics.
Westinghouse represents an increasingly important long-term growth driver, offering exposure to global reactor restarts and nuclear construction pipelines. The Department of Energy’s (DOE) Office of Energy Dominance Financing (EDF) recently announced a conditional commitment of up to $17.5 billion in loan facilities to support investment in U.S. nuclear reactors. This is expected to provide the majority of the financing for Westinghouse to purchase the long-lead time items for up to 10 AP1000 nuclear reactors in the United States. The DOE financing package, combined with previous U.S. government initiatives supporting nuclear power, could create substantial opportunities for both Westinghouse and Cameco.
CCJ’s Price Performance, Valuation & EstimatesIn the past year, Cameco shares have gained 40.7% compared with the industry’s 21.3% growth. Uranium peers Energy Fuels (UUUU - Free Report) gained 154.2% while Centrus Energy (LEU - Free Report) dipped 9.7%.
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CCJ stock is trading at a forward price-to-sales ratio of 17.92 compared with the industry’s 5.21. Energy Fuels is trading higher at 19.93, while Centrus Energy is trading lower at 6.76.
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The Zacks Consensus Estimate for Cameco’s earnings for 2026 of $1.21 per share indicates year-over-year growth of 17.5%. The same for 2027 implies growth of 58.7%.
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The consensus estimate for Cameco’s earnings for 2026 has moved up over the past 60 days, while the same for 2027 has moved down, as shown in the chart below.
Image Source: Zacks Investment Research
The company currently carries a Zacks Rank #3 (Hold).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Cameco uvedla, že americké ministerstvo energetiky podmíněně přislíbilo až 17,5 miliardy USD na rozjezd dodavatelského řetězce a urychlení nasazení reaktorů AP1000. Financování má pokrýt nákup dlouhodobých položek až pro 10 reaktorů.
All amounts in Canadian dollars unless specified otherwise.
This news release constitutes a “designated news release” for the purposes of Cameco’s prospectus supplement dated November 12, 2024, to its short form base shelf prospectus dated November 12, 2024.
SASKATOON, Saskatchewan--(BUSINESS WIRE)--Cameco Corporation (TSX: CCO; NYSE: CCJ) welcomes today’s announcement by the US Department of Energy’s (DOE) Office of Energy Dominance Financing (EDF) regarding its conditional commitment for the American Nuclear Supply Chain Loans to reenergize the large-scale nuclear reactor supply chain, drive down costs and accelerate the deployment of AP1000 reactors in the US and globally. The DOE’s conditional commitment for a loan package of up to US$17.5 billion is expected to provide the majority of the financing for Westinghouse Electric Company (Westinghouse) to purchase the long-lead time items for up to 10 AP1000 nuclear reactors in the United States.
“We are pleased to see the US government make this additional commitment to expanding nuclear power capacity using the proven AP1000 reactor technology,” said Tim Gitzel, CEO of Cameco. “When combined with the May 23, 2025 Executive Orders and other US government initiatives, we believe the right incentives are being created to advance the rapid deployment of AP1000 reactors in the US. The expansion of nuclear power in the United States is expected to create significant opportunities for Westinghouse and Cameco, accelerating growth in Westinghouse’s energy systems segment during the procurement and subsequent construction phase.”
While this conditional commitment indicates the DOE’s intent to provide a loan to finance these projects, Westinghouse, its owners, and its partners must satisfy certain technical, legal, environmental, and financial conditions before DOE enters into definitive financing documents and funds the loan.
Background
Brookfield Renewable Partners (Brookfield) and Cameco acquired Westinghouse in November 2023. The partnership brought together Cameco’s expertise in the nuclear fuel supply chain with Brookfield’s recognized position as one of the world’s largest investors in energy generation technologies.
We expect the DOE loan arrangement to be implemented through a special purpose vehicle of Westinghouse (SPV) that will administer the loan funding for up to five project funding vehicles jointly owned by Westinghouse and the applicable partner for the procurement of the long-lead items at a fixed price for two reactors per project. Both the SPV and the approved partner are required to fully commit their project equity totaling approximately $500 million each or $1 billion per project upfront prior to accessing DOE loan funds. As approved partners reach final investment decisions for the applicable projects, the DOE loan is expected to be repaid from the proceeds of the sale of the long-lead items.
The loan package arrangements contemplated by the conditional commitment are subject to, among other risks, the factors discussed below under “Caution about Forward Looking Information” and remain subject to Westinghouse, its owners, and its partners satisfying certain technical, legal, environmental, and financial conditions with DOE, negotiation and completion of definitive agreements, any required approvals, and other customary conditions. There can be no assurance that definitive agreements will be entered into or that the proposed loan package will be completed on the terms currently contemplated, or at all.
We are separately advancing discussions on the strategic partnership entered into among Brookfield, Cameco and the US Department of Commerce in October 2025.
Caution about Forward-Looking Information
This news release includes statements and information about Cameco’s expectations for the future, which we refer to as forward-looking information. Forward-looking information is information that is not a historical fact. Words such as “guidance,” “expect,” “will,” “may,” “anticipate,” “plan,” “estimate,” “project,” “intend,” “should,” “can,” “likely,” “could,” “outlook” and similar expressions are intended to identify forward-looking information. Forward-looking information is based on Cameco’s current views, which can change significantly, and actual results and events may be significantly different from what we currently expect. Examples of forward-looking information in this news release include: the entering into the loan package of up to US$17.5 billion, the expected initiation of orders for long-lead items, the commitment of project equity, the expected repayment of the DOE loan from the proceeds of the sale of long-lead items, and the negotiation and execution of definitive agreements, satisfaction of closing conditions and any required approvals.
Material risks that could lead to different results include: the risk that definitive agreements are not entered into, that required approvals are not obtained, that conditions to completion including required technical, legal, environmental and financial conditions are not satisfied, that the proposed financing terms change materially, or that the proposed transaction is not completed.
In presenting the forward-looking information, Cameco has made material assumptions which may prove incorrect about the ability of the parties to negotiate and execute definitive agreements, obtain any required approvals, satisfy closing conditions, and complete the proposed transaction on acceptable terms or at all.
Please also review the discussion in Cameco’s 2025 annual MD&A, 2026 first quarter MD&A and most recent annual information form for other material risks that could cause actual results to differ significantly from Cameco’s current expectations, and other material assumptions we have made. We will not necessarily update this information unless we are required to by securities laws.
Profile
Cameco is one of the largest global providers of the uranium fuel needed to power a secure energy future. Our competitive position is based on our controlling ownership of the world’s largest high-grade reserves and low-cost operations, as well as significant investments across the nuclear fuel cycle, including ownership interests in Westinghouse Electric Company and Global Laser Enrichment. Utilities around the world rely on Cameco to provide global nuclear fuel solutions for the generation of safe, reliable, carbon-free nuclear power. Our shares trade on the Toronto and New York stock exchanges. Our head office is in Saskatoon, Saskatchewan, Canada.
As used in this news release, the terms we, us, our, the Company and Cameco mean Cameco Corporation and its subsidiaries unless otherwise indicated.
Cameco má zajištěné kontrakty na průměrné roční dodávky uranu přes 28 milionů liber na příštích pět let. Většina smluv je navázána na tržní ceny, což firmě dává prostor těžit z růstu trhu.
Key Takeaways Cameco secured contracts for average annual uranium deliveries above 28M pounds over five years.Cameco uses market-linked pricing, enabling upside from stronger uranium market conditions.Cameco has 39 uranium customers; its top five represent about 56% of commitments. One of the most important indicators of Cameco Corporation’s (CCJ - Free Report) long-term growth potential is the strength of its uranium contract portfolio. As of March 31, 2026, Cameco had secured contracts requiring average annual uranium deliveries of more than 28 million pounds per year over the next five years. This provides revenue visibility, cash-flow stability and the ability to support future mine investments. Management has indicated that, as market conditions continue to improve, the company intends to add additional contracted volumes while capturing greater upside through market-linked pricing mechanisms.
The importance of Cameco’s contract book is underscored by the evolving dynamics of the global nuclear fuel market. Demand for uranium continues to rise as countries increasingly rely on nuclear power to meet energy security and decarbonization goals. However, supply is not keeping pace due to growing geopolitical uncertainty, shrinking secondary supplies and a lack of investment in new capacity over the past decade. These factors have heightened concerns among utilities regarding the security of their fuel supply chains, prompting many operators to enter into long-term contracts to lock in reliable uranium deliveries for years ahead.
As a result, Cameco has been able to secure long-duration agreements with utilities that extend well into the next decade. According to management, contractual commitments are expected to remain above the portfolio average during the 2026-2028 period before moderating somewhat in 2029 and 2030. Such a contract profile provides the company with significant revenue certainty while supporting production planning at its major mining operations.
Importantly, these contracts are not traditional fixed-price agreements. Most contain market-related pricing mechanisms, including exposure to uranium spot prices and long-term market reference prices. This pricing approach allows the company to participate in rising uranium markets while still maintaining downside protection during weaker pricing environments.
In the management’s discussion and analysis (MD&A), the company stated it has executed contracts with 39 customers worldwide in the uranium segment, with its five largest customers accounting for approximately 56% of total contractual commitments. The breadth of this customer base highlights the company’s strong position within the global nuclear fuel supply chain.
Peer Energy Fuels (UUUU - Free Report) has six uranium sales contracts in place, which cover deliveries from 2026 to 2032. As of March 31, 2026, Energy Fuels had 3.36 million pounds of committed base sales and potential total deliveries in the range of 2.92-4.88 million pounds, depending on customer options.
Meanwhile, Denison Mines (DNN - Free Report) is building its sales pipeline ahead of expected production from its flagship uranium project. At the end of the first quarter of 2026, Denison had committed 1.35 million pounds of uranium for delivery between the second quarter of 2026 and the second quarter of 2027. Approximately 950,000 pounds are covered by fixed pricing, while the remaining 400,000 pounds are linked to market-based pricing mechanisms that could benefit from future uranium price appreciation.
Apart from this, Denison has secured firm sales commitments for nearly 8 million pounds of uranium from its physical uranium holdings and expected future uranium production. Management also disclosed that discussions are underway for an additional 8 million pounds.
CCJ’s Price Performance, Valuation & EstimatesCameco shares have gained 54.9% in a year compared with the industry’s 23.5% growth.
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CCJ stock is trading at a forward price-to-sales ratio of 19.31 compared with the industry’s 5.33.
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The Zacks Consensus Estimate for Cameco’s earnings for fiscal 2026 indicates year-over-year growth of 17.5%. The same for 2027 implies growth of 58.7%.
While the consensus estimate for 2026 earnings has moved down over the past 60 days, the same for 2027 has moved up, as shown in the chart below.
Image Source: Zacks Investment Research
The company currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Cameco v 1. čtvrtletí zvýšila tržby o 7 % a upravený zisk vyskočil meziročně o 194 %. Centrus Energy zvýšila výhled tržeb na rok 2026 na 450–500 milionů USD a má backlog 3,9 miliardy USD až do roku 2040.
Key Takeaways Cameco posted 7% Q1 revenue growth and adjusted earnings jumped 194% year over year.Centrus raised 2026 revenue guidance and reported a $3.9 billion backlog extending to 2040.CCJ's 2026 and 2027 earnings outlook outpaces LEU, whose estimates point to declines. Cameco Corp. (CCJ - Free Report) and Centrus Energy (LEU - Free Report) are two prominent names positioned to benefit from the growing global demand for nuclear power.
Cameco is one of the world’s largest uranium producers with an integrated business spanning mining, milling and fuel services. The company owns interests in world-class assets such as McArthur River and Cigar Lake and benefits from established production, long-term contracts and strong operating cash flows. Centrus Energy supplies nuclear fuel and services for the nuclear power industry, and is pioneering the production of High-Assay, Low-Enriched Uranium (HALEU).
As governments increasingly embrace nuclear energy to meet rising electricity demand and decarbonization goals, both companies appear well-placed for long-term growth. In this context, which stock offers better long-term growth prospects, Cameco or Centrus Energy? To make an informed decision, let us analyze their fundamentals, growth potential and key challenges.
The Case for CCJIn the first quarter of 2026, Cameco’s total revenues were up 7% to CAD 845 million ($616 million), reflecting improved performance of the uranium segment, which helped offset lower revenues in Fuel services. Uranium revenues increased 15% to CAD712 million ($520 million) on higher volumes and prices. Fuel Services revenues were down 1% year over year to CAD 134 million ($98 million), with higher volumes being offset by a 17% decline in average realized prices.
Cameco’s adjusted earnings surged 194% year over year to CAD 0.47 (34 cents) per share in the quarter. This was mainly attributed to higher revenues and stronger equity earnings from its 49% interest in Westinghouse Electric Company.
For 2026, CCJ expects its share of uranium production from McArthur River mine/Key Lake and Cigar Lake to range between 19.5 million and 21.5 million pounds compared with 21 million pounds of uranium in 2025. Although flooding in northern Saskatchewan temporarily disrupted operations at the Key Lake mill and McArthur River earlier this year, management has established a reliable flow of critical supplies through a secondary transportation route, restoring operations.
Cameco’s share of uranium from Cigar Lake is currently expected to be 9.5-10 million pounds and McArthur River’s contribution is anticipated at 10.0-11.5 million pounds for 2026. Cameco recently announced plans to increase its stake in Cigar Lake to 57.418%. Following the closure of the deal, which is expected in the third quarter of 2026, the guidance from the mine is expected to be revised subsequently.
Uranium deliveries are targeted at 29-32 million pounds for 2026, below the 33 million pounds delivered in 2025. Uranium revenues are projected at CAD 2.54–2.73 billion for 2026, which implies a 7% year-over-year decline at the midpoint due to lower volumes. The fuel services segment is expected to fare better, with revenues projected at CAD 590-630 million, suggesting a 9% increase from 2025 levels. Cameco’s total revenue guidance for the year is CAD 3.13-3.37 billion, indicating a 7% decline at the midpoint from 2025.
Cameco also benefits from excellent long-term contract visibility. As of March 31, 2026, Cameco had secured contracts requiring average annual uranium deliveries of more than 28 million pounds per year over the next five years. The company also has sale contracts for roughly 83 million kilograms of UF6 conversion to 33 customers.
Cameco is investing to expand production and capture favorable market conditions, including extending Cigar Lake’s mine life to 2036 and ramping up output at McArthur River and Key Lake toward their licensed annual capacity of 25 million pounds (100% basis).
The Case for Centrus EnergyFor the first quarter of 2026, Centrus Energy reported revenue growth of 5% year over year to $76.7 million. Revenues from the Low-Enriched Uranium segment decreased 13% year over year to $44.6 million. Management noted that SWU revenues slid 19% to $41.6 million as the volume of SWU sold fell 47%, partly offset by a 52% jump in the average selling price. Uranium sales added $3 million in the quarter.
The Technical Solutions segment generated revenues of $32.1 million, up 47% from the year-ago quarter. The lift was primarily tied to a $9.8 million increase from the HALEU Operation Contract with the Department of Energy.
Centrus Energy raised its full-year 2026 revenue guidance to a range of $450-$500 million from the prior range of $425-$475 million. As of March 31, 2026, the total company backlog was $3.9 billion, which extends to 2040, providing significant long-term revenue visibility.
The company is pursuing a multi-billion-dollar expansion of its Piketon, OH, facility to increase LEU and HALEU output and support more than $2.4 billion of contingent LEU sales commitments that are under definitive agreements as of March 31, 2026. The company continues to expect total capital deployment of $350-$500 million in 2026, driven by increased investment tied to its industrial buildout.
To improve operational efficiency, Centrus Energy has partnered with Palantir Technologies (PLTR - Free Report) and identified nearly $300 million in potential cost savings tied to its expansion initiatives.
The company is targeting annual HALEU production of 12 metric tons sometime after 2030, with initial production expected before the end of the decade.
Importantly, Centrus Energy remains the only licensed producer of HALEU in the Western world, giving it a unique strategic advantage as demand for advanced reactor fuel grows. Management estimates the HALEU market opportunity could reach $8 billion annually by 2035.
The company recently signed an agreement with Oklo Inc. (OKLO - Free Report) under which Centrus Energy will supply enough HALEU to power up to five Aurora powerhouses for multiple years, with deliveries to Oklo scheduled to begin in 2029. Centrus Energy will supply HALEU from the American Centrifuge Plant in Ohio to support Oklo’s planned 1.2 GW power campus in the region.
How do Estimates Compare for Cameco & Centrus Energy?The Zacks Consensus Estimate for Cameco’s 2026 earnings indicate a year-over-year increase of 17.5%. The estimate for 2027 indicates a year-over-year rise of 58.7%.
The consensus estimate for Centrus Energy’s 2026 earnings is pegged at $2.74 per share, which indicates a year-over-year decline of 29.7%. The estimate for 2027 earnings is pinned at $2.73 per share, indicating a year-over-year dip of 0.14%.
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Over the past 90 days, the EPS estimates for Cameco’s fiscal 2026 have moved down, while the estimates for 2027 have moved up. The estimates for Centrus Energy for both fiscal 2026 and fiscal 2027 have moved down in the same timeframe.
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CCJ & LEU: Price Performance & ValuationIn the past six months, Cameco stock has appreciated 23% while Centrus Energy shares have declined 18.4%.
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Cameco is trading at a forward price-to-earnings multiple of 63.08X. Centrus Energy’s forward sales multiple sits at 62.25X.
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ConclusionBoth Centrus Energy and Cameco are poised to thrive as nuclear energy gains global traction. Cameco offers scale, diversification and steady earnings visibility through its integrated fuel cycle and Westinghouse investment. Centrus Energy is uniquely positioned to drive the next phase of nuclear innovation through HALEU production.
Both stocks currently have a Zacks Rank #3 (Hold) each, which makes choosing one a difficult task. From a price performance standpoint and earnings growth projections, Cameco is the more appealing option at the moment, albeit at a slightly higher valuation.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
(We are reissuing this article to correct a mistake. The original article, issued on June 18, 2026, should no longer be relied upon.)
