Track market-moving stories before they get noisy

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.

Posted by Defense World Staff on Jul 24th, 2026

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.

Read More Five stocks we like better than Cameco Premium Retail’s Stress Test Is Separating Winners From Losers D-Wave Quantum or a Quantum ETF: Which Is the Better Bet? GE Vernova Just Sent a Mixed AI Signal to Investors Alphabet Crushed Earnings, But One Number Spooked the Market

Receive News & Ratings for Cameco Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cameco and related companies with MarketBeat.com's FREE daily email newsletter.

« PREVIOUS HEADLINEPortland General Electric (POR) to Post Earnings on Friday

NEXT HEADLINE »Lear (LEA) Expected to Post Earnings on Friday

This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.

© DanielPrudek / iStock via Getty Images

The Global X Uranium ETF (NYSEARCA:URA) has taken a sharp turn lower even as the underlying commodity refuses to break. URA trades near $39, down nearly 18% over the past month and roughly 10% over the past week, while spot uranium has held near $85 per pound. That gap between what mining equities are pricing and what utilities are actually paying for U3O8 is the story of URA right now, and it frames what holders should be watching next.

What URA Actually Owns and Why the Selloff Stings URA is the largest pure-play uranium ETF, giving investors exposure to miners, developers, and nuclear-fuel companies through a single ticker with a 0.69% expense ratio. The fund solves a real problem: retail investors cannot buy physical uranium easily, and single-stock miner risk is punishing. The tradeoff is that URA is heavily concentrated in a handful of names, with Cameco (NYSE:CCJ | CCJ Price Prediction) setting the tone.

Even after the recent drawdown, the longer-term thesis is intact. URA is still up roughly 144% over five years and 277% over ten, driven by the same AI data center power thesis that pushed Cameco up more than 415% over five years. The one-year return of less than 1% tells you the easy money already ran.

The Macro Factor: Utility Contracting, Not Spot Prices The single macro variable that matters most for URA over the next twelve months is the pace of long-term utility contracting, not the daily spot tick. Spot uranium prices only reflect roughly a fifth of global volume. The other 80% moves through multi-year contracts between miners and nuclear utilities, and those contract prices are what actually feed miner earnings.

Watch the UxC and TradeTech monthly reports for the long-term contract price. If that number crosses $90 per pound and stays there, expect URA’s miners to be aggressive with new mine restarts and off-take announcements. If it drifts back toward $75, the AI-data-center narrative starts losing its financial backing. Check monthly. The EIA’s Uranium Marketing Annual Report, which showed weighted-average delivery prices climbing steadily through 2024, is the free public benchmark most investors miss.

The historical parallel is 2007. Spot uranium blew past $130 that year, miners tripled, then long-term contract prices refused to follow and the entire complex collapsed. A repeat of that spot-versus-term divergence is the tail risk here.

The Fund-Specific Factor: Cameco Concentration URA’s top holding drives an outsized share of daily returns. Cameco alone typically accounts for roughly a fifth of the portfolio, and its 19% one-month decline is why URA looks worse than the underlying commodity. NexGen Energy (NYSE:NXE), another top-ten holding, is down about 16% over the same month despite being up 27% year-over-year.

What to monitor: Cameco’s next quarterly earnings and specifically its realized price per pound and its book of contracted deliveries. If realized prices lag spot by more than $20, that tells you legacy contracts are still capping upside and URA holders should temper their expectations regardless of where spot goes. Investors who want commodity exposure without the miner leverage can look at the Sprott Physical Uranium Trust as a cleaner proxy.

What URA Holders Should Track Next Watch the long-term contract price in the next UxC monthly report for the macro read, and watch Cameco’s realized price in its next earnings release for the fund-specific read. Both need to move higher together for URA to reclaim its recent highs.

Contact [email protected] for any questions or corrections.

More than a year after the federal government renewed a push toward nuclear energy, the industry is building momentum thanks to a streamlined process for reactor authorization, an ambitious goal of 300 additional gigawatts of capacity by 2050, and more. The timing is crucial, as AI electricity demand continues to grow and low-carbon energy generation via nuclear facilities is particularly appealing in these contexts.

To be sure, challenges remain: sourcing the high-assay low-enriched uranium (HALEU) necessary for some next-gen reactors is difficult, and supply chain and manufacturing capacity limitations, workforce shortages, and the licensing process can all hold up the industry's capabilities to deliver nuclear energy quickly. Still, as the industry continues to evolve and grow, a number of exchange-traded funds (ETFs) can expose investors to the many potential growth opportunities in the nuclear industry. Now may be a good time to explore these options, as a sell-off in the industry in 2026 after a previous successful run can present buy-in opportunities.

Get NLR alerts:

A Selective Basket of Global Nuclear StocksVanEck Uranium and Nuclear ETF Today

NLR

VanEck Uranium and Nuclear ETF

$104.20 -0.47 (-0.45%)

As of 07/17/2026 04:10 PM Eastern

52-Week Range$101.92▼

$168.12Dividend Yield3.03%

Assets Under Management$3.73 billion

The VanEck Uranium and Nuclear ETF NYSEARCA: NLR is one of the oldest nuclear industry ETFs on the market, having launched in the summer of 2007. The fund's staying power may be due to its broad strategy within the industry, allowing access to the full nuclear power generation process from the sourcing and production of input materials to companies operating power plants and more.

NLR achieves this mix despite its fairly small basket of 32 stocks. With a targeted portfolio like this, investors should expect that some names will receive sizable allocations, and indeed, the largest positions here do range up to 8% or more. Still, given its global focus, NLR is able to funnel its assets into the most stable, highest-performance nuclear stocks available worldwide, aiming for both breadth and quality.

Like many nuclear funds, NLR's year-to-date (YTD) performance is in the red: the ETF has declined by almost 12% in 2026. This valuation reset across the industry could provide an opportunity, although investors must be willing to accept NLR's 0.56% expense ratio while they wait for the momentum to build again.

A Unique Play on Uranium Miners With a Commodities TwistSprott Uranium Miners ETF Today

URNM

Sprott Uranium Miners ETF

$48.22 -0.55 (-1.13%)

As of 07/17/2026 04:10 PM Eastern

52-Week Range$43.10▼

$84.95Assets Under Management$1.73 billion

For a more targeted play on uranium itself, investors might consider the Sprott Uranium Miners ETF NYSEARCA: URNM. This fund invests primarily in companies involved in the uranium mining industry, including those that explore, develop, produce, or hold physical uranium. This industry is a niche one, and URNM has only 31 holdings based on a global screen. Given the significant overlap between URNM's portfolio and NRL's holdings, it's unlikely that investors would want to hold both funds at the same time.

Three positions in URNM's basket make up nearly half of the fund's total assets, collectively. These include uranium providers Cameco Corp. NYSE: CCJ and NexGen Energy NYSE: NXE, but the third stands out: it is a position in the Sprott Physical Uranium Trust, which holds physical uranium. Thus, URNM is in part a commodities play on uranium itself. This may help to explain why the fund is somewhat more expensive than several of its nuclear peers, with an expense ratio of 0.75%.

Despite its YTD decline, URNM offers a dividend yield of 2.59%, a passive income perk even as the nuclear industry is in the midst of a reset.

An Alternative Approach to Uranium With a Standout Dividend YieldGlobal X Uranium ETF Today

URA

Global X Uranium ETF

$38.73 -0.38 (-0.97%)

As of 07/17/2026 04:10 PM Eastern

52-Week Range$35.64▼

$62.28Dividend Yield5.37%

Assets Under Management$5.38 billion

A competitor of URNM, the Global X Uranium ETF NYSEARCA: URA also focuses on the material essential for nuclear power. However, URA accesses uranium via shares of companies involved in mining and production, rather than through any type of direct investment in the commodity itself. URA has the broadest portfolio of these three ETFs, with about 56 holdings from developed markets around the world. Still, it is, in some ways, also the most concentrated: Cameco shares make up nearly a quarter of the fund.

URA's expense ratio of 0.69% lies between the two funds' fees above, and it has a solid asset base of $5.7 billion and a hearty trading volume to match. This makes the fund appealing to investors seeking the flexibility to make frequent trades without worrying about liquidity. It may also reflect the ETF's strong dividend yield of 5.26%. While UFA has also slipped so far this year, it has held up better than the other uranium-focused funds on this list.

Should You Invest $1,000 in VanEck Uranium and Nuclear ETF Right Now?Before you consider VanEck Uranium and Nuclear ETF, you'll want to hear this.

MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and VanEck Uranium and Nuclear ETF wasn't on the list.

While VanEck Uranium and Nuclear ETF currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys.

View The Five Stocks Here

The AI boom is creating opportunities across semiconductors, cloud computing, enterprise software, infrastructure, cybersecurity, and automation.

Inside this report, you’ll find 10 companies positioned to benefit as artificial intelligence moves from hype to real-world deployment and becomes a core growth driver for corporate America.

Get This Free Report

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 Energy Fuels combines rising uranium output with expanding rare earth capabilities and lower expected costs.UUUU targets up to 2.5M pounds of uranium mining in 2026 and secured critical minerals financing.CCJ offers scale and contract visibility, but 2026 guidance reflects softer revenue expectations. Energy Fuels Inc. (UUUU - Free Report) and Cameco Corporation (CCJ - Free Report) are the leading players in the uranium space, positioned to benefit from a strengthening global nuclear energy cycle.

With nuclear power gaining traction as a reliable, low-carbon energy source, uranium demand fundamentals remain favorable. For investors seeking exposure to the sector, comparing Energy Fuels and Cameco’s operations, growth outlook and risk profiles will help determine which stock is the more attractive investment opportunity. 

The Case for UUUUEnergy Fuels has produced nearly two-thirds of all uranium in the United States since 2017 and continues to scale uranium production while developing rare earth element (REE) capabilities, backed by its debt-free balance sheet. 

UUUU’s first-quarter 2026 revenues surged 112% year over year to $35.8 million, driven by uranium sales. Costs applicable to revenues rose 18.5% due to higher uranium sales volumes and elevated production costs. Exploration, development and processing expenses climbed 24% year over year on increased activity at the White Mesa Mill and the Bahia Project. Standby costs jumped 79% as the company advanced permitting and development work at the Roca Honda Project. Selling, general and administrative expenses increased 8% due to higher headcount and compensation costs.

Despite higher costs, stronger uranium revenues and higher other income helped narrow the quarterly loss to four cents per share from 13 cents a year ago.

UUUU expects to mine 2-2.5 million pounds of uranium in 2026 and process between 1.5 million and 2.5 million pounds of finished uranium. Management recently indicated that White Mesa Mill had processed approximately 1.6 million pounds during the first half of the year, already exceeding the lower end of its full-year guidance.

The company commenced processing low-cost Pinyon Plain mine ores in the fourth quarter of 2025. This is expected to result in costs of goods sold declining to the $30-$40 per pound range during the remainder of 2026 and boosting its margins.

Energy Fuels plans to sell 1.5-2 million pounds of uranium in 2026 under existing contracts and spot market sales. It currently has six uranium supply contracts with U.S. nuclear utilities covering deliveries from 2026 to 2032, with 3.36 million pounds of committed base sales and potential total deliveries ranging from 2.92 million to 4.88 million pounds, depending on customer options. 

Energy Fuels’ growth is supported by standby projects like Nichols Ranch ISR and Whirlwind, which could collectively add up to 500,000 pounds of annual uranium output within six-12 months of a “go” decision. Other major projects, including Roca Honda, Bullfrog and Sheep Mountain, collectively contain nearly 70 million pounds of uranium resources.

Energy Fuels is also making significant progress in rare earths. During the first quarter, the company announced successful pilot-scale production of high-purity terbium oxide at the White Mesa Mill, the first U.S. primary production of this critical heavy REE in decades. Its proposed acquisition of Australian Strategic Materials is expected to strengthen its position as a fully integrated rare earth “mine-to-metal and alloy” producer outside China. UUUU outlined expansion plans for the White Mesa Mill to boost total NdPr production capacity from the current level of 1,000 tons per annum (tpa) to approximately 6,229 tpa, in addition to roughly 80 tpa of terbium and 288 tpa of dysprosium. 

The company recently secured a conditional commitment for up to $725 million in financing from the U.S. Office of Strategic Capital that will support the expansion of critical mineral processing capabilities at its White Mesa Mill in Utah and the development of a rare earth metals and alloys manufacturing facility. Energy Fuels has also announced the planned acquisition of VAC Group, which would strengthen its downstream magnet manufacturing capabilities. 

The Case for CCJCameco remains one of the largest and most established uranium producers globally. Its tier-one mining and milling operations are capable of producing more than 30 million pounds of uranium concentrates annually (its share). Cameco accounted for 15% of global uranium production in 2025.

Beyond mining, the company has a diversified presence across the nuclear fuel cycle, including refining, conversion and fuel services. Its strategic stakes in Westinghouse and Global Laser Enrichment add long-term optionality tied to reactor deployment and enrichment technologies.
In the first quarter of 2026, Cameco’s total revenues were up 7% to CAD 845 million ($616 million), supported by stronger uranium segment performance that offset weaker fuel services revenues. Adjusted earnings surged 194% year over year to CAD 0.47 (34 cents) per share, attributed to higher revenues and stronger equity earnings from its 49% interest in Westinghouse Electric Company.

For 2026, CCJ expects attributable 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. Cameco recently increased its ownership in Cigar Lake to 57.418% and is expected to update its attributable production outlook accordingly.

Earlier this year, flooding in northern Saskatchewan led to the suspension of operations at the Key Lake mill and McArthur River. Production resumed after alternative supply routes were established and the impact was not material to the company’s guidance. Recently, Cameco temporarily halted mining at Cigar Lake because of operational issues at the McClean Lake mill, where the ore is processed. While management does not currently expect any impact on 2026 guidance, a prolonged outage could require a reassessment.

For 2026, uranium deliveries are targeted at 29-32 million pounds, lower than the 33-million pounds delivered in 2025. Based on an average realized price of CAD 85.00-89.00 per pound, uranium revenues are projected at CAD 2.54-2.73 billion for 2026, suggesting a 7% year-over-year decline at the midpoint. For the fuel services segment, CCJ guides uranium hexafluoride production between 13 million and 14 million kgUs, and fuel services revenues at CAD 590-630 million. Overall, Cameco guides total 2026 revenues of CAD 3.13-3.37 billion, with the mid-point indicating a 7% year-over-year decline.

Despite softer near-term guidance, Cameco enjoys excellent 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).

Cameco could also benefit indirectly from the U.S. Department of Energy's conditional commitment of up to $17.5 billion for domestic nuclear reactor projects, given its 49% ownership stake in Westinghouse.

How do Estimates Compare for Energy Fuels & Cameco?The Zacks Consensus Estimate for Energy Fuel’s 2026 revenues indicates a year-over-year surge of 117%. The company is expected to incur a loss of 14 cents per share in 2026, suggesting a narrower loss than the 38 cents reported in 2025. The Zacks Consensus Estimate for UUUU’s revenues for 2027 indicates a year-over-year gain of 57% to around $225 million. Earnings estimates for 2027 are pegged at nine cents per share, indicating a turnaround performance.

The Zacks Consensus Estimate for Cameco’s 2026 revenues implies a year-over-year decline of 4.1%. The consensus mark for earnings of $1.20 per share indicates year-over-year growth of 16.5%. The Zacks Consensus Estimate for Cameco’s 2027 revenues suggests year-over-year growth of 12.7%, with EPS expected to rise 61.7% to $1.94 per share.

Image Source: Zacks Investment Research

Earnings estimates for 2026 for UUUU have remained unchanged over the past 60 days, while those for 2027 have moved up. Earnings estimates for 2026 for CCJ have moved down over the past 60 days, while those for 2027 have moved up. 

Image Source: Zacks Investment Research

UUUU & CCJ: Price Performance & ValuationEnergy Fuels’ stock has appreciated 68.2% in the past year, outperforming Cameco’s 19% gain.

Image Source: Zacks Investment Research

Energy Fuels is trading at a forward price-to-sales multiple of 17.47X, while Cameco’s forward sales multiple sits at 15.39X.

Image Source: Zacks Investment Research

ConclusionEnergy Fuels offers a compelling combination of accelerating uranium production, improving cost economics and an expanding rare earth business that broadens its long-term growth potential. Cameco offers scale, stability and deep integration across the nuclear fuel cycle and long-term contract visibility. However, its near-term outlook is tempered by softer revenue guidance and operational disruptions.

Energy Fuels presents the stronger case despite its higher valuation, supported by improving fundamentals and diversification. Energy Fuels currently carries a Zacks Rank #2 (Buy), while Cameco has a Zacks Rank #3 (Hold).

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

5.01K Followers

Analyst’s Disclosure: I/we have a beneficial long position in the shares of CCJ either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

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's premium valuation, strong Q1 uranium results, Cigar Lake stake boost and DOE-backed nuclear upside shape its case for waiting.

SASKATOON, Saskatchewan, Canada--(BUSINESS WIRE)---- $CCJ #cameco--Cameco (TSX: CCO; NYSE: CCJ) today announced our Cigar Lake mine in northern Saskatchewan has temporarily suspended operations due to challenges at Orano's McClean Lake mill, where Cigar Lake ore is processed. Orano's McClean Lake mill has encountered operational challenges with its sulfuric acid plant that caused it to shut down in order to repair the issue. Orano is currently working to bring the acid plant back online and is assessing options.

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%. 

Image Source: Zacks Investment Research

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.

Image Source: Zacks Investment Research

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%.

Image Source: Zacks Investment Research

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.

SASKATOON, Saskatchewan--(BUSINESS WIRE)--Cameco (TSX: CCO; NYSE: CCJ) released its 2025 Sustainability Report today, which communicates the initiatives and key metrics that demonstrate Cameco’s progress to date and the continual advancement of our sustainability reporting.

“As I reflect on the past year, I see our commitment to operating sustainably and with integrity embedded in everything we do. It’s evident in how we manage our environmental impacts, in the way we treat our people, and in how we invest in communities and people to build local capacity,” CEO Tim Gitzel says.

Sustainability highlights from 2025 include:

The development of nine site-specific climate adaptation plans; $292 million procured from northern-owned companies; A greater than 20% reduction in our combined Total Recordable Injury Rate since 2023; 49% of the workforce at our northern Saskatchewan operations self-identified as Indigenous; and, More than $1 million donated to charities through our employee giving campaign. Cameco is committed to transparency and accountability for quality reporting on sustainability matters to our providers of capital, customers, employees, regulators, local Indigenous Peoples, communities around our operations, and other stakeholders.

We are continuing our longstanding practice of disclosing our sustainability performance through an extensive range of environment, safety, social, economic, and governance indicators.

In this report, Cameco has incorporated relevant Sustainability Accounting Standards Board (SASB) performance indicators and continued our progress toward integrating the recommendations of the Task Force on Climate-Related Financial Disclosures (TCFD). The report can be downloaded or read online at www.cameco.com/about/sustainability.

Cameco’s board of directors and executive team oversee the company’s sustainability strategy, execution, and reporting. In addition to SASB and TCFD, the report contains other key performance indicators that we believe have an important bearing on Cameco’s long-term sustainability, some of which are unique to our company and some of which are based on the GRI Standards framework that we used as the basis of our sustainability reporting prior to 2020. We have obtained a third-party limited assurance report on selected performance indicators.

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.

Caution about forward-looking information

This news release includes statements considered to be forward-looking information or forward-looking statements under Canadian and U.S. securities laws (which we refer to as forward-looking information), including: our goal of continual advancement of our sustainability reporting, including transparency and accountability for quality reporting on sustainability matters; our commitment to operating sustainably and with integrity; and our goal of investing in communities and people to build local capacity. This forward-looking information is based on a number of assumptions, including assumptions regarding our ability to maintain quality reporting on sustainability matters; our ability to operate sustainably and with integrity; and our ability to invest in communities and people to build local capacity. This information is subject to a number of risks, including: the risk that we may be unable to achieve our goal of investing in communities and people to build local capacity; the risk that we may not be able to maintain quality reporting on sustainability matters; and the risk that we may face unexpected challenges or delays in advancing our climate, environmental and social-related goals or that they may not achieve the intended outcomes or results. Additional assumptions and risks are detailed in the Caution About Forward-Looking Information in our Sustainability Report and our most recent annual and quarterly Management’s Discussion and Analysis. The forward-looking information in this news release represents our current views, and actual results may differ significantly. Forward-looking information is designed to help you understand our current views and may not be appropriate for other purposes. We will not necessarily update this information unless we are required to by securities laws.

-

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.

More News From Cameco Corporation

Back to Newsroom

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. 

Image Source: Zacks Investment Research

CCJ stock is trading at a forward price-to-sales ratio of 19.31 compared with the industry’s 5.33.

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 58.7%.

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.

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%.

Image Source: Zacks Investment Research

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.

Image Source: Zacks Investment Research

CCJ & LEU: Price Performance & ValuationIn the past six months, Cameco stock has appreciated 23% while Centrus Energy shares have declined 18.4%.

Image Source: Zacks Investment Research

Cameco is trading at a forward price-to-earnings multiple of 63.08X. Centrus Energy’s forward sales multiple sits at 62.25X.

Image Source: Zacks Investment Research

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.) 

When deciding whether to buy, sell, or hold a stock, investors often rely on analyst recommendations. Media reports about rating changes by these brokerage-firm-employed (or sell-side) analysts often influence a stock's price, but are they really important?

Let's take a look at what these Wall Street heavyweights have to say about Cameco (CCJ - Free Report) before we discuss the reliability of brokerage recommendations and how to use them to your advantage.

Cameco currently has an average brokerage recommendation (ABR) of 1.53, on a scale of 1 to 5 (Strong Buy to Strong Sell), calculated based on the actual recommendations (Buy, Hold, Sell, etc.) made by 19 brokerage firms. An ABR of 1.53 approximates between Strong Buy and Buy.

Of the 19 recommendations that derive the current ABR, 12 are Strong Buy and four are Buy. Strong Buy and Buy respectively account for 63.2% and 21.1% of all recommendations.

Brokerage Recommendation Trends for CCJ

Check price target & stock forecast for Cameco here>>>

The ABR suggests buying Cameco, but making an investment decision solely on the basis of this information might not be a good idea. According to several studies, brokerage recommendations have little to no success guiding investors to choose stocks with the most potential for price appreciation.

Do you wonder why? As a result of the vested interest of brokerage firms in a stock they cover, their analysts tend to rate it with a strong positive bias. According to our research, brokerage firms assign five "Strong Buy" recommendations for every "Strong Sell" recommendation.

This means that the interests of these institutions are not always aligned with those of retail investors, giving little insight into the direction of a stock's future price movement. It would therefore be best to use this information to validate your own analysis or a tool that has proven to be highly effective at predicting stock price movements.

With an impressive externally audited track record, our proprietary stock rating tool, the Zacks Rank, which classifies stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), is a reliable indicator of a stock's near-term price performance. So, validating the Zacks Rank with ABR could go a long way in making a profitable investment decision.

Zacks Rank Should Not Be Confused With ABRIn spite of the fact that Zacks Rank and ABR both appear on a scale from 1 to 5, they are two completely different measures.

The ABR is calculated solely based on brokerage recommendations and is typically displayed with decimals (example: 1.28). In contrast, the Zacks Rank is a quantitative model allowing investors to harness the power of earnings estimate revisions. It is displayed in whole numbers -- 1 to 5.

Analysts employed by brokerage firms have been and continue to be overly optimistic with their recommendations. Since the ratings issued by these analysts are more favorable than their research would support because of the vested interest of their employers, they mislead investors far more often than they guide.

In contrast, the Zacks Rank is driven by earnings estimate revisions. And near-term stock price movements are strongly correlated with trends in earnings estimate revisions, according to empirical research.

Furthermore, the different grades of the Zacks Rank are applied proportionately across all stocks for which brokerage analysts provide earnings estimates for the current year. In other words, at all times, this tool maintains a balance among the five ranks it assigns.

There is also a key difference between the ABR and Zacks Rank when it comes to freshness. When you look at the ABR, it may not be up-to-date. Nonetheless, since brokerage analysts constantly revise their earnings estimates to reflect changing business trends, and their actions get reflected in the Zacks Rank quickly enough, it is always timely in predicting future stock prices.

Should You Invest in CCJ?Looking at the earnings estimate revisions for Cameco, the Zacks Consensus Estimate for the current year has remained unchanged over the past month at $1.32.

Analysts' steady views regarding the company's earnings prospects, as indicated by an unchanged consensus estimate, could be a legitimate reason for the stock to perform in line with the broader market in the near term.

The size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, has resulted in a Zacks Rank #3 (Hold) for Cameco. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>

It may therefore be prudent to be a little cautious with the Buy-equivalent ABR for Cameco.

Nuclear’s narrative shifted from theory to commitment this spring, and June is where capital flows show up in fundamentals. Thirty-eight countries have pledged to triple nuclear capacity by 2050, Meta has signed agreements for up to 6.6 GWe of nuclear, and the U.S. Department of Energy is offering up to $26.5 billion in loan guarantees to revive the domestic fuel cycle. Long-term uranium pricing sits near US$91.50 per pound, the highest reading since 2012, while spot has climbed 34% year over year to US$88.49.

The setup favors supply: producers and enrichers locked into multi-year utility contracts at rising realized prices. Here are three uranium-linked names worth watching in June.

This infographic details market context, key financial metrics, and bull cases for three uranium-related investments: Cameco (CCJ), Global X Uranium ETF (URA), and Centrus Energy (LEU) as of June 10, 2026. It highlights the growing nuclear sector and future outlook. Cameco (CCJ) Cameco (NYSE:CCJ | CCJ Price Prediction) is the cleanest large-cap proxy on the contract-coverage thesis. Shares trade at $101 after a sharp pullback, down more than 13% over the past month but still up 49% over the past year. That puts the stock well off the 52-week high of $135.24 and back into a range where the contract book looks attractive again.

Q1 results, reported May 5, told the operating story clearly. Uranium segment revenue rose to $510.46 million, sales volume climbed 13%, and adjusted net earnings nearly tripled to $145.59 million. Net income jumped 87% year over year to $93.77 million. Cameco maintained full-year 2026 guidance of $3.13 billion to $3.37 billion in revenue, with 29 to 32 million pounds of uranium delivered at a realized price of $85 to $89 per pound.

The forward case rests on the contract book: roughly 230 million pounds committed under long-term contracts, with average deliveries of 28-plus million pounds per year over the next five years. Add the 49% Westinghouse stake and the Brookfield/U.S. government partnership targeting at least $80 billion in aggregate investment for AP1000 reactor deployments, and you get a vertically integrated nuclear platform. Analyst consensus reflects it: 9 strong buys, 10 buys, 5 holds, no sells, with a $129.01 price target.

Risk: Q1 revenue of $606.30 million came in below expectations, the Key Lake mill bridge collapse and extended Q3 maintenance shutdown create near-term supply uncertainty, and a $559 million CRA transfer pricing dispute remains unresolved. The trailing P/E of 96 also leaves limited room for guidance disappointment.

Global X Uranium ETF (URA) For investors seeking broad-basket uranium exposure without single-mine operational risk, the Global X Uranium ETF (NYSEARCA:URA) offers diversified one-ticket access. The fund tracks the Solactive Global Uranium & Nuclear Components Total Return Index and carries a net expense ratio of 0.69%.

URA traded around $45.50 on Friday, June 12, up more than 26% over the past year despite a roughly 16% drawdown over the last month. Over five years, the basket returned more than 94%, reflecting the re-rating of uranium miners and fuel cycle names as the sector emerged from a decade-long bear market.

The bull case is structural rather than stock-specific. URA captures the same tailwinds powering Cameco and Centrus (long-term pricing, the 38-country tripling pledge, AI/data-center power-purchase agreements) while diversifying across geographies and the fuel cycle. For investors lacking conviction on which individual miner wins, the ETF smooths idiosyncratic risk.

Risk: URA’s holdings remain concentrated in commodity-price-sensitive miners, so it will track spot uranium volatility closely. The recent one-month drawdown reminds that broad-basket exposure does not insulate against sector-wide selloffs.

Centrus Energy (LEU) Centrus Energy (NYSE:LEU) is the cleanest play on U.S. energy independence in the fuel cycle. As the only U.S.-based commercial uranium enricher, Centrus sits at the center of the domestic HALEU mandate powering advanced reactors and the AI data-center buildout.

Q1 was a statement quarter. Adjusted diluted EPS came in at $1.05 versus the 27-cent consensus, a 289% surprise. Revenue of $76.70 million rose 5% year over year, with Technical Solutions segment revenue up 47% on HALEU contract expansion. Cash sits at $1.87 billion, and management raised full-year revenue guidance to $450 million to $500 million.

CEO Amir Vexler said the company has “switched to full execution mode to accelerate our build-out” and has “already identified approximately $300 million in cost reductions” through the Palantir partnership. Backlog stands at $3.8 billion extending to 2040, including a $900 million DOE HALEU task order, with NNSA notifying intent to sole-source certain enrichment activities.

Shares traded around $162 on Friday, June 12, with a 52-week low of $144.65 versus the $464.25 52-week high. Analyst consensus skews bullish: two Strong Buys, nine Buys and five Holds with a $278.64 price target.

Risk: GAAP net income fell to $10.00 million from $27.20 million on advanced technology spending, and diluted share count rose to 22.5 million from 16.8 million after convertible note issuance. Execution risk on the Piketon and Oak Ridge buildouts plus dependency on DOE appropriations and Russian LEU policy decisions keep the stock volatile.

What to Watch Next Cameco’s Q2 2026 results land July 31, and will offer the next read on realized pricing and Westinghouse contribution. For URA, monitor the stock relative to spot uranium. For Centrus, the next catalyst is the Certified for Construction package release and clarity on the NNSA sole-source award. Each name plays a different position on the same secular trade: utility contracts, energy independence, and a power grid that increasingly needs reliable baseload.

© metamorworks / Shutterstock.com

The narrative was irresistible. AI data centers need power, nuclear is the answer, and the Range Nuclear Renaissance Index ETF (NASDAQ:NUKZ) wears the trade right on the label. Launched in 2024, NUKZ has delivered, riding the restart story to a one-year gain of 53%.

The question is whether NUKZ deserves a spot in your portfolio when peer funds and a single uranium stock offer similar exposure with fewer structural problems.

What you are actually buying NUKZ tracks companies tied to the nuclear ecosystem: utilities running reactors, uranium miners, fuel processors, and engineering firms building next-generation small modular reactors. That is wider than a pure uranium play. The return engine is equity exposure to capital flowing into the restart and buildout cycle. You own operating businesses whose earnings should benefit if the AI power demand thesis holds. The expense ratio runs roughly 0.85%, which sits above cleaner alternatives in this corner of the market.

Compare that to Sprott Uranium Miners ETF (NYSEARCA:URNM), which charges 0.75% and concentrates on miners with Cameco (NYSE:CCJ | CCJ Price Prediction) at 21% of the portfolio and Sprott Physical Uranium Trust at 14%. URNM is a bet on the rock and the people pulling it out of the ground. NUKZ is a bet on everyone downstream too.

URNM vs NUKZ: the gap you should consider Year to date, NUKZ is up 11%, ahead of URNM at 6%. But zoom out one year and URNM gained 63% against NUKZ at 53%, and a direct position in Cameco (NYSE:CCJ) returned 101%. Cameco shares trade around $104 with and they cost you nothing in expense ratio.

Over the past month NUKZ is flat, while URNM dropped 13% and Cameco lost 10%. The diversified wrapper cushioned the drawdown. If you cannot stomach a 20% slide in your nuclear sleeve, the broader basket earned its fee that month.

Why sub-$1 billion AUM is the actual risk NUKZ holds $870 million in assets. That is operationally viable but thin against Global X Uranium ETF (NYSEARCA:URA), which carries about $6.86 billion. Small thematic ETFs trade fine on calm days.

The problem shows up in stress. Bid-ask spreads on smaller themed ETFs typically widen 50% to 200% during market sell-offs, which means the exit door narrows precisely when you most want to use it. Authorized participants who arbitrage NAV to price step back when underlying holdings get volatile, and the retail investor selling into a thin book pays the difference in real dollars.

Three tradeoffs worth weighing before you size a position:

Liquidity asymmetry. The fund prices cleanly today, but a sharp correction in nuclear equities will widen spreads faster in NUKZ than in URA or Cameco itself. If you trade in and out, this is a tax on every round trip. Theme valuation stretch. Nuclear utilities are pricing in continued AI capital expenditure at current run rates. Vanguard’s 2026 outlook flags AI investment buildout stalling as the key risk to U.S. growth. A capex pause hits NUKZ holdings before it hits the S&P 500. Fee drag against a free alternative. The 0.85% expense ratio compounds against zero for direct Cameco ownership and 0.75% for URNM. Over five years on a $10,000 position, that is real money for largely the same factor exposure. Who NUKZ actually fits NUKZ makes sense as a 3% to 5% thematic sleeve for an investor who wants nuclear exposure broader than uranium mining, accepts that the wrapper will lag a single winning stock, and plans to hold through the cycle rather than trade headlines.

Anyone who would sell during a 25% drawdown should buy Cameco or URA instead, where liquidity holds up under pressure. The fund caught the wave. The wave is what you are exposed to, and the boat is smaller than it looks.

-

All amounts in Canadian dollars unless specified otherwise

SASKATOON, Saskatchewan--(BUSINESS WIRE)--Cameco (TSX: CCO; NYSE: CCJ) today announced that the Key Lake mill and McArthur River mine have returned to full production activities following a disruption caused by flooding in northern Saskatchewan. Our 2026 consolidated production outlook remains unchanged.

On May 10, 2026, Cameco announced that Key Lake had temporarily halted production activities and McArthur River had reduced activities due to the impact of flooding in northern Saskatchewan. While our northern Saskatchewan sites were not directly impacted by flood waters, the Smoothstone River Bridge, which is on the primary route we use to transport supplies to the McArthur River and Key Lake sites, partially collapsed due to flood waters. There were also weight and traffic restrictions on the alternative roadway, which interrupted the delivery of critical operating materials.

We are in regular contact with the Saskatchewan Ministry of Highways, and while the timing to restore access to our primary supply route is still being confirmed, we have now been able to consistently deliver the volume of critical materials required to resume full operations at Key Lake and McArthur River using the secondary route. However, as is the case every spring season, there remains a risk that continued thawing and precipitation events could result in further road restrictions, which could cause delays in future deliveries of critical operating materials to our sites.

Our 2026 production plan for the McArthur River/Key Lake operation has not been impacted by this disruption. Cigar Lake mine was not impacted and continues to operate. Our consolidated 2026 production outlook remains unchanged at 19.5 million to 21.5 million pounds of U3O8 (our share).

Caution about forward-looking information

This news release includes statements and information about expectations for the future, which are referred to as forward-looking information. This forward-looking information is based on current views, which can change significantly, and actual results and events may be significantly different from what is currently expected. Examples of forward-looking information in this news release include: statements regarding our 2026 consolidated production outlook and production plan; the uncertainty of the timing to restore access to our primary supply route; and the possibility of further road restrictions resulting in delays in future deliveries of operating materials. Material risks that could lead to different results in our 2026 production plan and outlook include: the risk of delays in restoring access to our primary supply route; delays in future delivery of operating materials due to spring thawing and precipitation events, or for other reasons; or other factors that prevent us from achieving the expected production plan and outlook. In presenting the forward-looking information, we have made material assumptions which may prove incorrect about our supply routes and our ability to deliver operating materials, and otherwise about our ability to meet our production plan and outlook. Other material risks and assumptions which may impact our 2026 production plan and outlook are described in greater detail in Cameco’s current annual information form and its most recent annual and subsequent quarterly management’s discussion and analysis. Forward-looking information is designed to help you understand management’s current views of our near-term and longer-term prospects, and it may not be appropriate for other purposes. Cameco will not necessarily update this information unless required 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.

More News From Cameco

Back to Newsroom

Ready to reload your portfolio with something other than another overpriced AI technology stock? If so, you're not alone. The artificial intelligence opportunity is real, but stepping into its most obvious names here feels... uncomfortable.

Fortunately, there are safer, more affordably priced ways to plug into it. Nuclear power play Cameco (CCJ +2.00%) is one of them.

Image source: Getty Images.

What's Cameco? Simply put, Saskatchewan-based Cameco is one of the world's biggest providers of uranium used to generate nuclear power. It sold 33 million pounds of the stuff last year, preparing it for use after it was retrieved from several mines. The company is also a minority owner of Westinghouse, which builds and services nuclear power plants. Cameco did nearly $3.5 billion worth of business last year, up 11% year over year, turning $590 million of that revenue into net income.

That's a snapshot of the company's recent results, anyway. Why should investors be willing to take a shot on its stock here and now?

1. The nuclear power business is poised for prolonged growth For years, it appeared the nuclear power industry was simply going to fade away, displaced by seemingly safer and more flexible renewable energy options like solar and wind. Those alternatives are still coming into their own. But driven by the artificial intelligence data center industry's insatiable demand for electricity, the world is falling back in love with nuclear power.

An outlook from the International Atomic Energy Agency puts things in perspective. As of early this year, it expects the planet's nuclear power capacity to grow by 160% from 2024 levels by 2050, in line with a forecast from the World Nuclear Association.

For further perspective, the World Nuclear Association reports that 75 reactors are currently under construction and another 120 are planned, versus the 440 that are up and running right now.

2. Cameco is the biggest supplier on this side of the planet Cameco isn't the biggest name in the business. In some respects, however, it's the largest accessible source of enriched uranium used by a huge number of nuclear power facilities. The only supplier that's bigger is Russia's Rosatom, which has access to a massive source of raw uranium in the nearby country of Kazakhstan. This supply is largely locked up by logistical and geopolitical hurdles, however, leaving Cameco to serve as the chief supplier of enriched uranium in this half of the world.

3. The stock is undervalued Finally, buy Cameco stock like there's no tomorrow just because it's undervalued.

Today's Change

(

2.00

%) $

1.98

Current Price

$

100.95

Some investors might disagree with this assessment. Shares of this nuclear name are up nearly 80% over the past 12 months and up almost 300% over the past three years, as investors have gradually realized the immediate and massive power needs of artificial intelligence data centers. The stock's also suspiciously gone nowhere since early this year.

Just know that analysts aren't deterred. Most of them rate this ticker a buy (or better) right now, with a consensus price target of $131.78, which is nearly 20% above the stock's current price.

Key Takeaways CCJ will buy part of TEPCO's 5% Cigar Lake interest for $115.75M, lifting ownership to 57.418%.Cigar Lake holds 172.4M pounds of proven and probable uranium reserves and produced 19.1M pounds in 2025.Cameco gains more exposure to a key uranium asset as nuclear energy demand and energy security focus grow. Cameco Corporation (CCJ - Free Report) has announced plans to increase 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.

Under the agreement, Cameco will acquire a portion of TEPCO’s 5% interest in Cigar Lake for $115.75 million, subject to customary closing adjustments. The transaction is expected to close in the third quarter of 2026, subject to fulfillment of closing conditions. This will take Cameco’s ownership in the mine from the current 54.547% to 57.418%. The remaining TEPCO’s stake will be acquired by Orano, which will then hold the remaining 42.582% in Cigar Lake.

The additional stake will provide Cameco greater exposure to Cigar Lake’s substantial resource base, which currently includes 172.4 million pounds of proven and probable uranium reserves, along with additional measured, indicated and inferred resources. The mine has been in operation since 2014 and has produced approximately 174.5 million pounds of uranium concentrate through the end of 2025. 

In 2025, the mine produced 19.1 million pounds on 100% basis, with Cameco’s share at 10.4 million pounds. The mine is expected to produce between 17.5 million and 18 million pounds in 2026, on a 100% basis.

Operationally, the focus in 2026 will remain on mining activities within the current production area, known as CLMain, while advancing development work associated with the Cigar Lake Extension (CLExt) project. 

The move comes at a time when the uranium industry is benefiting from renewed global interest in nuclear energy. Governments worldwide are increasingly embracing nuclear power as a reliable source of low-carbon electricity and a critical component of long-term energy security strategies.

As one of the world's largest uranium fuel suppliers, Cameco is well-positioned to capitalize on this trend. Its competitive advantages include ownership in the world's largest high-grade uranium mine and mill (McArthur River mine and Key Lake mill) and world’s highest-grade uranium mine (Cigar Lake) and strategic investments throughout the nuclear fuel cycle. These include interests in Westinghouse Electric Company and Global Laser Enrichment, which broaden the company's exposure beyond uranium mining.

In this environment, increasing ownership of a high-quality, low-cost uranium asset such as Cigar Lake could provide meaningful long-term value as demand for nuclear fuel continues to rise.

Other companies that stand to benefit from the nuclear energy and uranium investment theme include Energy Fuels (UUUU - Free Report) and Centrus Energy (LEU - Free Report) . Energy Fuels has produced nearly two-thirds of all uranium in the United States since 2017. It also produces rare earth oxides and adds new products like titanium, zircon minerals and medical isotopes. 

Centrus Energy’s core offering is low-enriched uranium, or LEU, the fissile component used to fuel commercial nuclear reactors. The company also provides advanced uranium enrichment and technical, manufacturing and engineering services. It is pioneering the production of High Assay Low-Enriched Uranium (HALEU), a specialized fuel expected to support the next generation of advanced nuclear reactors and growing global demand for carbon-free power.

CCJ’s Price Performance, Valuation & EstimatesCameco shares have gained 88.6% in a year compared with the industry’s 24.6% growth. 

Image Source: Zacks Investment Research

CCJ stock is trading at a forward price-to-sales ratio of 19.31 compared with the industry’s 5.33.

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for Cameco’s earnings for fiscal 2026 indicates year-over-year growth of 28.2%. The same for 2027 implies growth of 59.2%.

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.

CCJ shares double in a year as uranium growth, strong Q1 results and prospects of a bigger Cigar Lake stake fuel gains despite valuation concerns.

Cameco (CCJ - Free Report) has been one of the most searched-for stocks on Zacks.com lately. So, you might want to look at some of the facts that could shape the stock's performance in the near term.

Shares of this uranium producer have returned -17.7% over the past month versus the Zacks S&P 500 composite's -1.6% change. The Zacks Alternative Energy - Other industry, to which Cameco belongs, has lost 10.3% over this period. Now the key question is: Where could the stock be headed in the near term?

Although media reports or rumors about a significant change in a company's business prospects usually cause its stock to trend and lead to an immediate price change, there are always certain fundamental factors that ultimately drive the buy-and-hold decision.

Earnings Estimate RevisionsHere at Zacks, we prioritize appraising the change in the projection of a company's future earnings over anything else. That's because we believe the present value of its future stream of earnings is what determines the fair value for its stock.

We essentially look at how sell-side analysts covering the stock are revising their earnings estimates to reflect the impact of the latest business trends. And if earnings estimates go up for a company, the fair value for its stock goes up. A higher fair value than the current market price drives investors' interest in buying the stock, leading to its price moving higher. This is why empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

Cameco is expected to post earnings of $0.36 per share for the current quarter, representing a year-over-year change of -29.4%. Over the last 30 days, the Zacks Consensus Estimate has changed +1.4%.

The consensus earnings estimate of $1.31 for the current fiscal year indicates a year-over-year change of +27.2%. This estimate has changed -0.4% over the last 30 days.

For the next fiscal year, the consensus earnings estimate of $2.1 indicates a change of +59.9% from what Cameco is expected to report a year ago. Over the past month, the estimate has changed -0.1%.

With an impressive externally audited track record, our proprietary stock rating tool -- the Zacks Rank -- is a more conclusive indicator of a stock's near-term price performance, as it effectively harnesses the power of earnings estimate revisions. The size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, has resulted in a Zacks Rank #3 (Hold) for Cameco.

The chart below shows the evolution of the company's forward 12-month consensus EPS estimate:

12 Month EPS

Projected Revenue GrowthWhile earnings growth is arguably the most superior indicator of a company's financial health, nothing happens as such if a business isn't able to grow its revenues. After all, it's nearly impossible for a company to increase its earnings for an extended period without increasing its revenues. So, it's important to know a company's potential revenue growth.

In the case of Cameco, the consensus sales estimate of $534.36 million for the current quarter points to a year-over-year change of -15.7%. The $2.39 billion and $2.69 billion estimates for the current and next fiscal years indicate changes of -4.1% and +12.7%, respectively.

Last Reported Results and Surprise HistoryCameco reported revenues of $616.01 million in the last reported quarter, representing a year-over-year change of +12.1%. EPS of $0.34 for the same period compares with $0.11 a year ago.

Compared to the Zacks Consensus Estimate of $494.94 million, the reported revenues represent a surprise of +24.46%. The EPS surprise was +17.24%.

Over the last four quarters, Cameco surpassed consensus EPS estimates three times. The company topped consensus revenue estimates two times over this period.

ValuationWithout considering a stock's valuation, no investment decision can be efficient. In predicting a stock's future price performance, it's crucial to determine whether its current price correctly reflects the intrinsic value of the underlying business and the company's growth prospects.

While comparing the current values of a company's valuation multiples, such as price-to-earnings (P/E), price-to-sales (P/S), and price-to-cash flow (P/CF), with its own historical values helps determine whether its stock is fairly valued, overvalued, or undervalued, comparing the company relative to its peers on these parameters gives a good sense of the reasonability of the stock's price.

The Zacks Value Style Score (part of the Zacks Style Scores system), which pays close attention to both traditional and unconventional valuation metrics to grade stocks from A to F (an A is better than a B; a B is better than a C; and so on), is pretty helpful in identifying whether a stock is overvalued, rightly valued, or temporarily undervalued.

Cameco is graded F on this front, indicating that it is trading at a premium to its peers. Click here to see the values of some of the valuation metrics that have driven this grade.

Bottom LineThe facts discussed here and much other information on Zacks.com might help determine whether or not it's worthwhile paying attention to the market buzz about Cameco. However, its Zacks Rank #3 does suggest that it may perform in line with the broader market in the near term.