Cameco

L'entreprise

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.

Les avantages concurrentiels

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.

Aperçu financier

Période déclarée la plus récente : Q1 FY2026 (ended Mar 31, 2026). Les chiffres reflètent la date de révision — confirmez les chiffres actuels avant d'agir.

Rendement du flux de trésorerie disponible et croissance durable

Rendement du flux de trésorerie disponible : ≈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.

Voir le classement complet du rendement du flux de trésorerie disponible →

Valorisation et points à surveiller

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.

Dividende

Pays a small dividend (about C$0.24/share annually, ~0.2% yield); the priority is reinvestment and Westinghouse rather than income.

Risques et scénario baissier

• 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.

Faits récents

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.