CCJ Energy

Cameco Corporation

$72.56-1.12%

Price as of close on Nov 3, 2026 · Financials updated Nov 2, 2026

Basics

Sector: Energy
Industry: Uranium
Country: Canada
Market cap: 31.6B USD
Enterprise value: 35.3B USD

Overall health

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback: its share price swings more than most peers’ (beta 1.13 vs a peer median of 0.57)bigger price swings (beta 1.13 vs peers 0.57)
About average: profitability and risk (debt, liquidity and share-price swings)profitability and risk

Ranks #150 of 363 energy companies (top 42%)

See how it ranks against its peers

Worth knowing

Operating margin at a 6-year high. 18% in 2025, the best of the last 6 years.
Cameco kept 18% of revenue as operating profit in 2025, its highest in the 6 years of filings we have.
Profit recovered from an unusually weak 2022. Since 2022 (an unusually weak year for operating profit): revenue +86%, operating profit +4007%.Since 2022: revenue +86%, operating profit +4007%.
Since 2022, Cameco's revenue grew 86% while operating profit grew 4007%: each extra dollar of sales is adding more profit.
Financials may be out of date. Latest financial period ended 10 months ago.
The latest financial period we have ended 10 months ago, so the scores may not reflect recent results.
Profit is backed by cash. Free cash flow is 182% of reported profit.
Cameco's free cash flow is 182% of its reported profit, so its earnings are turning into cash it can reinvest, pay out or use to reduce debt.

StockQuotient Score

56/ 100▼ 1 since Oct 27 close

Oct 5 56 → Nov 4 56

Valuation

Is the price right?

9/100

Weak

3/3 inputs reported · High confidence

Since last year: No major changeValuation also moves with the share price every day.

Why

Weaker than most peers on:

▼ EBITDA yield
▼ Earnings yield
▼ FCF yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield1.3%

SEC filings (IFRS mapped) · 12 months to Dec 2025 · CAD→USD at the current rateReported value30% base weight · Z-score -1.11Sector median: 0.0522 · MAD: 0.0351

EBITDA yield2.1%

SEC filings (IFRS mapped) · 12 months to Dec 2025 · CAD→USD at the current rateReported value50% base weight · Z-score -1.94Sector median: 0.1209 · MAD: 0.0518

Free cash flow yield2.4%

SEC filings (IFRS mapped) · 12 months to Dec 2025 · CAD→USD at the current rate · operating cash flow − capital spendingReported value20% base weight · Z-score -0.77Sector median: 0.0618 · MAD: 0.0491

Other data (not scored)

Book yield15.5%

SEC filings (IFRS mapped) · latest balance sheet · CAD→USD at the current rateReported valueInformational · 0% composite weightSector median: 0.5851 · MAD: 0.2677

Growth

Is it growing?

96/100

Strong

3/3 inputs reported · High confidence

Since last year: ▲ Stronger

12-month revenue up 11.0%

Why

Stronger than most peers on:

▲ EPS growth
▲ 3-yr revenue
▲ Revenue growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growth243.0%

SEC filings (IFRS mapped) · 12 months to Dec 2025Outlier capped at sector 5th/95th percentile33% base weight · Z-score 6.76Sector median: 0.0107 · MAD: 0.3431

3-year revenue growth23.1%

SEC filings (IFRS mapped) · 3 years to Dec 2025Reported value33% base weight · Z-score 3.03Sector median: -0.0135 · MAD: 0.0807

Revenue growth11.0%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported value33% base weight · Z-score 0.96Sector median: 0.0050 · MAD: 0.1101

Profitability

Does it earn well?

51/100

Moderate

3/3 inputs reported · High confidence

Since last year: No major change

Why

Helped by:

▲ Operating margin
▲ ROA

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin17.8%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported value33% base weight · Z-score 0.65Sector median: 0.1169 · MAD: 0.0936

Return on assets5.7%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported value33% base weight · Z-score 0.42Sector median: 0.0444 · MAD: 0.0302

Return on invested capital7.2%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported value33% base weight · Z-score -0.32Sector median: 0.0929 · MAD: 0.0648

Other data (not scored)

Gross margin27.9%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported valueInformational · 0% composite weightSector median: 0.3310 · MAD: 0.1935

Return on equity8.5%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported valueInformational · 0% composite weightSector median: 0.1014 · MAD: 0.0743

Risk

Debt, liquidity, price swings

Moderate

Moderate relative risk▲ 1 since Oct 27 close

3/3 inputs reported · High confidence

Since last year: ▲ Stronger

Debt down 22%

Why it changed since the Oct 27, 2026 close: Safety percentile 72 → 67

Company's reported figures updated-5

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Mixed versus peers:

▲ Debt / equity
▲ Current ratio
▼ Beta

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta1.13

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -2.31Sector median: 0.5680 · MAD: 0.2415

Current ratio2.47×

SEC filings (IFRS mapped) · latest balance sheetReported value33% base weight · Z-score 2.16Sector median: 1.3710 · MAD: 0.5060

Debt / equity0.14×

SEC filings (IFRS mapped) · latest balance sheetReported value33% base weight · Z-score 1.01Sector median: 0.4659 · MAD: 0.3175

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Cameco

Is Cameco getting weaker?: Its latest SEC filing (Mar 19, 2026) got stronger: debt down 22%. Its overall score is 56/100, down 1 since Oct 28, 2026.
How is Cameco valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 9/100 against 404 energy peers. EBITDA yield 2.1% vs a peer median of 12.1% (weaker than 92% of peers).EBITDA yield 2.1% vs peers 12.1% (weaker than 92% of peers).
Is Cameco growing?: Yes, faster than most of its peers. Growth scores 96/100 against 404 energy peers. Earnings per share growth 243.0% vs a peer median of 1.1% (stronger than 96% of peers).Earnings per share growth 243.0% vs peers 1.1% (stronger than 96% of peers).
How profitable is Cameco?: About as profitable as its peers. Profitability scores 51/100 against 404 energy peers. Operating margin 17.8% vs a peer median of 11.7% (stronger than 62% of peers).Operating margin 17.8% vs peers 11.7% (stronger than 62% of peers).
How risky is Cameco?: Moderate risk relative to 404 energy peers, judged on debt, liquidity and share-price swings. Debt / equity 0.14× vs a peer median of 0.47× (stronger than 83% of peers).Debt / equity 0.14× vs peers 0.47× (stronger than 83% of peers). Beta 1.13 vs a peer median of 0.57 (weaker than 89% of peers).Beta 1.13 vs peers 0.57 (weaker than 89% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Year ended Dec 31, 2025 · filed Mar 19, 2026 · compared with the year ended Dec 31, 2024

Got stronger

Debt down 22%

	Previous year	Latest year	Change
Revenue (12 months)	3.1B CAD	3.5B CAD	+11.0%
Net income (12 months)	171.9M CAD	589.6M CAD	+243.1%
Operating margin	16.3%	17.8%	+1.5 pts
Free cash flow (12 months)	693.7M CAD	1.1B CAD	+55.0%
Debt	1.3B CAD	996.3M CAD	−22.2%
Cash	600.5M CAD	1.1B CAD	+85.7%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one year at a time.

Financials

Fiscal years from SEC annual filings · change vs the prior year · amounts in CAD, as reported

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Gross margin	0.1%	12.5%	21.7%	25.0%	27.9%	▲ 2.9 pts
Operating margin	-9.2%	0.8%	10.9%	16.3%	17.8%	▲ 1.5 pts
Net margin	-7.0%	4.8%	13.9%	5.5%	16.9%	▲ 11 pts
Return on assets (ROA)	-1.4%	1.0%	3.6%	1.7%	5.7%	▲ 4.0 pts
Return on equity (ROE)	-2.1%	1.5%	5.9%	2.7%	8.5%	▲ 5.8 pts
Free cash flow margin	24.4%	8.6%	20.7%	22.1%	30.9%	▲ 8.8 pts
Current ratio	5.18×	5.92×	1.55×	1.62×	2.47×	▲ 52%
Quick ratio	4.19×	4.74×	0.97×	0.92×	1.68×	▲ 81%
Debt to equity	0.21×	0.17×	0.29×	0.20×	0.14×	▼ 28%
Interest coverage	-3.53×	0.38×	5.54×	6.03×	11.81×	▲ 96%

CCJ price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Drawback: its share price swings more than most peers’ (beta 1.13 vs a peer median of 0.57)bigger price swings (beta 1.13 vs peers 0.57)

About average: profitability and risk (debt, liquidity and share-price swings)profitability and risk

Ranks #150 of 363 energy companies (top 42%)

See how it ranks against its peers

Worth knowing

Operating margin at a 6-year high. 18% in 2025, the best of the last 6 years.

Cameco kept 18% of revenue as operating profit in 2025, its highest in the 6 years of filings we have.

Profit recovered from an unusually weak 2022. Since 2022 (an unusually weak year for operating profit): revenue +86%, operating profit +4007%.Since 2022: revenue +86%, operating profit +4007%.

Since 2022, Cameco's revenue grew 86% while operating profit grew 4007%: each extra dollar of sales is adding more profit.

Financials may be out of date. Latest financial period ended 10 months ago.

The latest financial period we have ended 10 months ago, so the scores may not reflect recent results.

Profit is backed by cash. Free cash flow is 182% of reported profit.

Cameco's free cash flow is 182% of its reported profit, so its earnings are turning into cash it can reinvest, pay out or use to reduce debt.

Questions investors ask about Cameco

Is Cameco getting weaker?

Its latest SEC filing (Mar 19, 2026) got stronger: debt down 22%. Its overall score is 56/100, down 1 since Oct 28, 2026.

How is Cameco valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 9/100 against 404 energy peers. EBITDA yield 2.1% vs a peer median of 12.1% (weaker than 92% of peers).EBITDA yield 2.1% vs peers 12.1% (weaker than 92% of peers).

Is Cameco growing?

Yes, faster than most of its peers. Growth scores 96/100 against 404 energy peers. Earnings per share growth 243.0% vs a peer median of 1.1% (stronger than 96% of peers).Earnings per share growth 243.0% vs peers 1.1% (stronger than 96% of peers).

How profitable is Cameco?

About as profitable as its peers. Profitability scores 51/100 against 404 energy peers. Operating margin 17.8% vs a peer median of 11.7% (stronger than 62% of peers).Operating margin 17.8% vs peers 11.7% (stronger than 62% of peers).

How risky is Cameco?

Moderate risk relative to 404 energy peers, judged on debt, liquidity and share-price swings. Debt / equity 0.14× vs a peer median of 0.47× (stronger than 83% of peers).Debt / equity 0.14× vs peers 0.47× (stronger than 83% of peers). Beta 1.13 vs a peer median of 0.57 (weaker than 89% of peers).Beta 1.13 vs peers 0.57 (weaker than 89% of peers). A relative measure, not a bankruptcy probability.

Previous year

Latest year

Change

Revenue (12 months)

3.1B CAD

3.5B CAD

+11.0%

Net income (12 months)

171.9M CAD

589.6M CAD

+243.1%

Operating margin

16.3%

17.8%

+1.5 pts

Free cash flow (12 months)

693.7M CAD

1.1B CAD

+55.0%

Debt

1.3B CAD

996.3M CAD

−22.2%

Cash

600.5M CAD

1.1B CAD

+85.7%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

0.1%

12.5%

21.7%

25.0%

27.9%

▲ 2.9 pts

Operating margin

-9.2%

0.8%

10.9%

16.3%

17.8%

▲ 1.5 pts

Net margin

-7.0%

4.8%

13.9%

5.5%

16.9%

▲ 11 pts

Return on assets (ROA)

-1.4%

1.0%

3.6%

1.7%

5.7%

▲ 4.0 pts

Return on equity (ROE)

-2.1%

1.5%

5.9%

2.7%

8.5%

▲ 5.8 pts

Free cash flow margin

24.4%

8.6%

20.7%

22.1%

30.9%

▲ 8.8 pts

Current ratio

5.18×

5.92×

1.55×

1.62×

2.47×

▲ 52%

Quick ratio

4.19×

4.74×

0.97×

0.92×

1.68×

▲ 81%

Debt to equity

0.21×

0.17×

0.29×

0.20×

0.14×

▼ 28%

Interest coverage

-3.53×

0.38×

5.54×

6.03×

11.81×

▲ 96%