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One of the world's largest uranium producers, mining and processing uranium fuel for nuclear power plants.
One of the world's largest uranium producers, mining and processing uranium fuel for nuclear power plants.
Sells uranium mostly under long-term contracts with utilities, so earnings depend on the mix of older fixed-price contracts and newer market-linked ones, as well as on buying uranium to fill commitments. It operates Cigar Lake and McArthur River in northern Saskatchewan and holds a minority share of Kazakhstan's Inkai mine. Since 2023 it has held a large stake in Westinghouse with Brookfield.
In one line: No direct US peer; closest is Freeport-McMoRan..
Moat: narrow (scale, installed base, regulatory licence). Owns some of the world's highest-grade uranium deposits and long-term utility supply contracts.
Headquarters: Saskatoon, Canada · Founded: 1988 · Employees: 3,082
Size Cameco (CCO.TO) is a Canada Energy company (Other Metals/Minerals) with a market value of $31.3B, the 35th largest of 420 Canada companies the cockpit tracks. Shares closed at C$100.65 on 6 Nov 2026.
Performance Over six months the shares fell 37.9%, against +1.4% for the median peer and +5.2% for the Canada market (cap-weighted) — lowest of 11 in its peer set.
Growth Revenue grew 0.4% over the last twelve months (peer median +14.8%); the operating margin is 12.3% (peer median 22.3%).
Valuation It trades at 48.8× forward earnings against a peer median of 11.2× (most expensive of 11).
Price implies For today's price to make sense, revenue must grow about 48% a year for seven years (Req g). Recent delivered growth is +14%, so the hurdle is +34 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 4.9 points below its cost of capital (9.2% WACC).
Next results Next results expected around 12 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | C$3.48B | C$3.48B | C$3.14B | C$2.59B | C$1.87B |
| Revenue growth | — | +11% | +21% | +39% | — |
| Gross profit | C$828M | C$931M | C$765M | C$513M | C$171M |
| EBITDA | C$743M | C$886M | C$754M | C$498M | C$217M |
| Net income | C$398M | C$590M | C$172M | C$361M | C$89.4M |
| Free cash flow | C$308M | C$1.02B | C$605M | C$494M | C$122M |
| Capital expenditure | C$431M | C$333M | C$212M | C$154M | C$143M |
| Total debt | C$1.01B | C$1.01B | C$1.29B | C$1.79B | C$1.01B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Cameco CCO.TO | $31.3B | -38% | 0% | 12% | 48.8× | 47.7% |
| NexGen Energy NXE.TO | $5.57B | -31% | n/a | n/a | n/a | n/a |
| Paladin Energy PDN.AX | $2.32B | -33% | +64% | 4% | 50.9× | n/a |
| Energy Fuels EFR.TO | $1.78B | -70% | +70% | -79% | 61.7× | n/a |
| Uranium Energy UEC | $3.43B | -54% | -44% | -358% | n/a | n/a |
| Boss Energy BOE.AX | $403M | 0% | +100% | 8% | 16.1× | 18.7% |
| Denison Mines DML.TO | $2.00B | -39% | -9% | -2,101% | n/a | n/a |
| Centrus Energy LEU | $2.14B | -50% | +8% | 2% | 34.5× | n/a |
Peer set: Sector in the same market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | CCO.TO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -20.7% | +0.9% | lowest of 11 |
| 6-month return | -37.9% | +1.4% | lowest of 11 |
| Distance from 52-week high | -44.9% | -13.4% | lowest of 11 |
| Revenue growth (TTM) | +0.4% | +14.8% | 3rd lowest of 11 |
| Operating margin | 12.3% | 22.3% | 3rd lowest of 11 |
| Forward P/E | 48.8× | 11.2× | most expensive of 11 |
| Growth the price implies (Req g, 7 yrs) | 47.7% | 1.3% | most demanding of 9 |
| Growth delivered (Del g) | +14.1% | +15.9% | 4th lowest of 9 |
| Hurdle (Req g minus delivered) | +33.6 pp | -16.3 pp | most demanding of 9 |
| ROIC minus cost of capital | -4.9 pp | +2.5 pp | 2nd lowest of 11 |
| EV / EBITDA | 59.2× | 8.5× | most expensive of 11 |
| Net debt / EBITDA | 0.2× | 0.6× | 2nd least indebted of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Cameco CCO.TO | Canada | $31.3B | -38% | 0% | 12% | 48.8× | 47.7% | +14.1% |
| Pembina Pipeline PPL.TO | Canada | $28.3B | +11% | 0% | 31% | 22.2× | 10.7% | +5.2% |
| Cenovus Energy CVE.TO | Canada | $50.2B | 0% | +12% | 21% | 6.7× | -14.4% | +29.7% |
| Tourmaline Oil TOU.TO | Canada | $17.5B | -3% | +4% | 1% | 11.9× | n/a | n/a |
| Imperial Oil IMO.TO | Canada | $59.5B | +3% | +19% | 14% | 10.5× | -0.2% | +17.1% |
| TC Energy TRP.TO | Canada | $65.1B | -1% | +6% | 46% | 23.0× | 11.4% | +3.4% |
| Whitecap Resources WCP.TO | Canada | $14.4B | +6% | +73% | 38% | 8.8× | -7.1% | +44.8% |
| Suncor Energy SU.TO | Canada | $81.0B | +12% | +27% | 24% | 8.6× | -11.7% | +14.7% |
| Keyera KEY.TO | Canada | $10.6B | 0% | 0% | 11% | 17.4× | n/a | n/a |
| Canadian Natural Resources CNQ.TO | Canada | $101B | +12% | +18% | 27% | 10.3× | 2.8% | +18.1% |
| Enbridge ENB.TO | Canada | $107B | -10% | +29% | 13% | 22.1× | 12.6% | +10.9% |