Cameco
One of the world's largest uranium producers, riding a structural bull market in nuclear fuel.
The business
Cameco is a leading global uranium producer with tier-one assets including Cirus/Key Lake and MacArthur River-Key Lake in Saskatchewan's Athabasca Basin, plus interests in fuel-cycle services.
It also owns a 49% stake in Westinghouse (with Brookfield), extending its reach into nuclear reactor technology and services and diversifying beyond raw uranium.
Revenue comes from long-term uranium supply contracts with utilities plus fuel-services and its Westinghouse equity earnings.
The moat
Scarce, high-grade, licensed uranium production in a stable jurisdiction; new supply is extremely hard to permit and build.
Long-term contract book and the Westinghouse platform deepen the moat, giving customer stickiness across the nuclear fuel cycle.
Related on CoinCompass: Materials & mining · FCF yield ranking. For the underlying numbers, see stockanalysis.com - CCO financials.
Financial snapshot
Most recent reported period : Q1 FY2026 (ended Mar 31, 2026). Figures reflect the review date — confirm current numbers before acting.
| Revenue (TTM, Mar 2026) | C$3,538M |
| FY2025 revenue | C$3,482M |
| Net income (TTM) | C$651M |
| Operating cash flow (TTM) | C$1,276M |
| Free cash flow (TTM) | C$922M |
| Market cap | C$57.0B |
| Share price (Aug 4, 2026) | C$130.98 (52-wk C$95.60-182.72) |
Free cash flow yield & sustainable growth
Free cash flow yield : ≈1.6% (est.)Trailing free cash flow of about C$922M against a market cap near C$57.0B implies an FCF yield of roughly 1.6%.
Free cash flow (about C$922M trailing) is strong and rising as contracted volumes and realized prices improve.
Sustainable growth looks well underpinned: a structural nuclear-demand upcycle, a long contract book and Westinghouse should compound cash flow, though the current multiple already anticipates much of it.
Valuation & what to watch
At about C$57B and a very high trailing P/E (~160), Cameco is priced for years of uranium-price strength and Westinghouse earnings growth, not current profits.
Trailing free cash flow of about C$922M implies an FCF yield near only 1.6%, so the shares embed substantial future growth; the valuation is demanding on today's numbers.
Dividend
Pays a small dividend (about C$0.24/share annually, ~0.2% yield); the priority is reinvestment and Westinghouse rather than income.
Risks & the bear case
- Uranium prices are volatile and sentiment-driven; a cooling of the nuclear theme would compress the rich multiple.
- Operational and geological risk at Athabasca Basin mines.
- The very high valuation leaves little margin for disappointment in production or Westinghouse earnings.
Recent developments
Trailing revenue held near C$3.5B with net income around C$651M, and free cash flow stayed robust at roughly C$922M.
The stock has been highly volatile, trading near C$131 on Aug 4, 2026 after ranging from C$95.60 to C$182.72 over the past year.
Verdict
Cameco is the blue-chip way to own the nuclear-fuel upcycle, with scarce licensed production and an optionality kicker from Westinghouse. The business quality is high and cash flow is growing, but at a ~1.6% FCF yield and a triple-digit P/E, the market is pricing years of good news. It fits investors bullish on nuclear who accept paying a premium for quality and scarcity. Publisher, not an adviser.
Sources
CoinCompass is a publisher, not a registered investment adviser. This is factual information and opinion for a general audience — not a recommendation to buy or sell any security, and not individualized advice. Figures are the most recent reported at the review date and will change. The author, John Wilson, has disclosed long-term holdings in Canadian equities (including Boyd Group, Constellation Software and MTY Food Group) and may hold positions in securities discussed. Do your own research or consult a licensed professional. See our disclosures. John Wilson → · disclosures →