CCJ

MKT CAP:$53B

Cameco Corporation

Market Cap

$53B

Energy·Uranium·🇨🇦 Canada·NYSE

Energy·Uranium·🇨🇦·NYSE

Stock Price

$122.45+$23.89 (+24.24%)

Apr 24, 2026

Company Details

Cameco Corporation produces and sells uranium. It operates through two segments, Uranium and Fuel Services. The Uranium segment is involved in the exploration for, mining, and milling, as well as purchase and sale of uranium concentrate. Th...

CEO

Timothy S. Gitzel

IPO Date

Mar 14, 1996

Website

www.cameco.com

Key Metrics TTM

Revenue

$2.5B

+3.0% YoY

Net Income

$431M

EPS (Diluted)

$0.99

Free Cash Flow

$770M

Revenue / Share

$5.84

Gross Margin

29.4%

Operating Margin

17.5%

Net Margin

16.9%

FCF Margin

30.3%

P/S

21.0x

P/E

123.9x

Earnings Reports

Q1 2026

May 7, 2026

PENDING

FY 2025

Mar 19, 2026

$2.5B+10.9%EPS $0.99

Q4 2025

Mar 19, 2026

$877M+1.4%EPS $0.33

Q3 2025

Nov 5, 2025

$449M-14.7%EPS -$0.00

Q2 2025

Jul 31, 2025

$641MEPS $0.54

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$339M	$41M	-$2M
Q1 22	$291M	$36M	$5M
Q2 22	$407M	$113M	$61M
Q3 22	$284M	$53M	-$13M
Q4 22	$383M	$68M	-$43M
Q1 23	$502M	$178M	$69M
Q2 23	$352M	$80M	$26M
Q3 23	$420M	$152M	$99M
Q4 23	$617M	$97M	$13M
Q1 24	$463M	$137M	$93M
Q3 24	$527M	$125M	$73M
Q4 24	$865M	$182M	$132M
Q1 25	$577M	$197M	$136M
Q2 25	$641M	$188M	$121M
Q3 25	$449M	$168M	$68M
Q4 25	$877M	$195M	$120M

Valuation

Quarter	P/S	P/E
Q4 21	8.4x	—
Q1 22	9.7x	—
Q2 22	7.0x	197.3x
Q3 22	9.0x	140.3x
Q4 22	7.9x	164.9x
Q1 23	7.2x	92.4x
Q2 23	8.8x	186.7x
Q3 23	9.8x	84.1x
Q4 23	8.0x	57.1x
Q1 24	11.4x	122.6x
Q3 24	10.3x	124.4x
Q4 24	9.1x	142.3x
Q1 25	7.4x	119.8x
Q2 25	12.4x	82.9x
Q3 25	14.5x	95.7x
Q4 25	15.9x	94.1x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	$43M	$16M
Q1 22	$126M	$104M
Q2 22	$74M	$48M
Q3 22	-$34M	-$66M
Q4 22	$57M	$32M
Q1 23	$157M	$138M
Q2 23	$64M	$34M
Q3 23	$135M	$104M
Q4 23	$147M	$115M
Q1 24	$46M	$17M
Q3 24	$38M	-$6M
Q4 24	$387M	$340M
Q1 25	$81M	$39M
Q2 25	$340M	$285M
Q3 25	$114M	$46M
Q4 25	$479M	$399M

Capital Expenditures

Quarter	CapEx
Q4 21	$27M
Q1 22	$22M
Q2 22	$26M
Q3 22	$32M
Q4 22	$25M
Q1 23	$20M
Q2 23	$29M
Q3 23	$32M
Q4 23	$32M
Q1 24	$29M
Q3 24	$44M
Q4 24	$47M
Q1 25	$41M
Q2 25	$55M
Q3 25	$68M
Q4 25	$80M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	+22.6%	+5.4%
Q1 22	+37.2%	+21.8%
Q2 22	+55.2%	+19.2%
Q3 22	+7.6%	-4.7%
Q4 22	+12.7%	+24.8%
Q1 23	+72.6%	+51.4%
Q2 23	-13.6%	-5.7%
Q3 23	+48.0%	+8.3%
Q4 23	+61.1%	+41.9%
Q1 24	-7.8%	-14.4%
Q3 24	+49.5%	+38.8%
Q4 24	+105.7%	+128.0%
Q1 25	-6.4%	-27.0%
Q2 25	+38.4%	+40.3%
Q3 25	-14.7%	-15.9%
Q4 25	+1.4%	+3.4%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$855.0K	0.3%
Q1 22	$591.9K	0.2%
Q2 22	$562.0K	0.1%
Q3 22	$618.2K	0.2%
Q4 22	$652.6K	0.2%
Q1 23	$620.4K	0.1%
Q2 23	$666.5K	0.2%
Q3 23	$693.5K	0.2%
Q4 23	$717.6K	0.1%
Q1 24	$941.2K	0.2%
Q3 24	$4M	0.7%
Q4 24	$13M	1.5%
Q1 25	$2M	0.3%
Q2 25	$2M	0.3%
Q3 25	$17M	3.8%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q4 21	$1M	$27M	—
Q1 22	$2M	$42M	—
Q2 22	$2M	$17M	$2M
Q3 22	$2M	$45M	$2M
Q4 22	$2M	$21M	$2M
Q1 23	$3M	$47M	$5M
Q2 23	$4M	$42M	—
Q3 23	$6M	$48M	$3M
Q4 23	$3M	$43M	—
Q1 24	$7M	$44M	—
Q3 24	$7M	$37M	—
Q4 24	$8M	$56M	—
Q1 25	$10M	$43M	—
Q2 25	—	$70M	—
Q3 25	$8M	$49M	$6M
Q4 25	$11M	$65M	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$942M	$139M	$1.1B
Q2 22	$604M	$205M	$809M
Q3 22	$688M	$294M	$982M
Q4 22	$836M	$832M	$1.7B
Q1 23	$1.2B	$604M	$1.8B
Q2 23	$1.8B	$14M	$1.8B
Q3 23	$1.9B	$0	$1.9B
Q4 23	$414M	$0	$414M
Q1 24	$236M	$0	$236M
Q2 24	$264M	$0	$264M
Q3 24	$117M	$0	$117M
Q4 24	$439M	$0	$439M
Q1 25	$264M	$0	$264M
Q2 25	$523M	$0	$523M
Q3 25	$569M	$0	$569M
Q4 25	$814M	$73M	$887M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	398M	0.0%	+0.5%
Q1 22	400M	+0.5%	+0.7%
Q2 22	400M	+0.0%	+0.6%
Q3 22	398M	-0.4%	+0.2%
Q4 22	433M	+8.6%	+8.7%
Q1 23	435M	+0.5%	+8.7%
Q2 23	435M	+0.0%	+8.7%
Q3 23	435M	+0.1%	+9.2%
Q4 23	434M	-0.2%	+0.4%
Q1 24	434M	+0.0%	-0.1%
Q3 24	435M	+0.3%	+0.2%
Q4 24	436M	+0.2%	+0.3%
Q1 25	436M	-0.2%	+0.3%
Q2 25	436M	0.0%	+0.3%
Q3 25	435M	-0.0%	-0.0%
Q4 25	435M	+0.0%	-0.2%

Shares Outstanding