NYSE · CCJ

Cameco Corporation

Energy · Uranium

$91.62▼ 1.27% ($1.18)at close

After hours$92.21▲ 0.64%7:59 PM ET

52-week

$77.70$135.24

Market cap

$39.90B

P/E

157.14

EPS (TTM)

$0.58

Next earnings

Oct 30, 2026

What the market price implies · Reverse DCF

To support a price of $91.62, this model requires revenue to grow by 41.96%/yr over the next 10 years, compounded annually.

Historical revenue grew by 23.93%/yr over the past 4 years. The required annual growth rate is 18.03 percentage points higher.

Selected forecast · Base scenario

8.07%/yr · actual 10-year annualized revenue growth

Year 1 growth: 12.64%

Market-implied · Base operating assumptions + edited margins

41.96%/yr · flat 10-year annualized revenue growth

Reverse DCF solves revenue growth itself using Base operating assumptions and your edited margins. Changing forecast growth alone does not change the implied rate. This is a model-implied requirement, not an analyst forecast.

Valuation

Recommended · Revenue & margin DCF

Price used

$91.62

Estimated value / share

$10.59

Base scenario

This estimate is 88.44% below the price used.

USD · TTM ending 2026-06-30

Latest quarterly growth differs materially from the latest annual pace. It remains an observed growth input; review whether acceleration or a change in the business explains it.

Year 1 growth 12.64% · Ending margin 12.57% · Discount rate 10.75%

Assumption scenarios, not statistical confidence intervals.

Method, dates & sources

Estimated from future revenue, operating margins, and the investment needed to support them.

Price timestamp: Sep 18, 2026, 8:00 PM UTC
Financial statement period: TTM ending 2026-06-30
Data refreshed: Sep 20, 2026, 2:26 PM UTC · provider

Why this method?

FCFF is positive, but it is still too unstable and too short-lived to anchor even a normalized FCFF DCF. Use revenue and margin assumptions instead of compounding current FCFF.

Is FCFF positive and has it been for 3+ consecutive years? 3 consecutive positive FCFF years are available.

Is FCFF stable (not swinging >30% year to year)? The largest recent FCFF swing is 486.8%. Latest capex is 2.2x the prior median, which points to a capex supercycle that should be normalized first.

Do you have 5+ years of positive FCFF history? Only 3 consecutive positive FCFF years are available.

Price vs Fundamentals

Why The Stock Is Moving

Mixed / unclearLow confidence

1Y Price: 10.91%Revenue (TTM): -2.7%FCF (TTM): -40.7%P/FCF: 95th pct

What changed

The stock rose 10.91% over the last year. Revenue declined 2.7% over the trailing twelve months. Operating margin moved from 17.73% to 14.55%. Free cash flow declined 40.7% over the trailing twelve months.

What the market seems to be pricing

The stock has moved higher against modestly weakening underlying metrics. The operating data does not yet tell a clear story — the move may reflect sentiment, sector rotation, or macro factors rather than company-specific earnings power.

What would invalidate this read

Operating margin currently stands at 14.55%. A decisive move in revenue — currently down 2.7% — would be the clearest signal to resolve the ambiguity.

Performance

Return analysis

Company profile

Cameco Corporation is a prominent global enterprise specializing in the production and distribution of uranium.

CEOTimothy S. Gitzel

SectorEnergy

IndustryUranium

Employees3,082

IPO dateMar 14, 1996

https://www.cameco.com

Market multiples

Forward P/E—

EV/EBITDA47.20

Enterprise value$54.56B

Stock splits

Feb 23, 2006↑ Forward

Every 1 shares became 2

+100%

Jan 7, 2005↑ Forward

Every 1 shares became 3

+200%

Profitability & growth

Revenue growth-7.17%

Gross margin (FY2025)26.73%▼7.2ppvs FY2024

Operating margin (FY2025)16.68%▲0.4ppvs FY2024

ROE5.12%▼3.8ppvs FY2025

Analyst consensus

RatingBuy

Target price$135.00▲47.35%

Buy

Hold

Sell

Analyst ratings tend to be lagging indicators. Use as one signal among many.

Earnings

Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.

Next report

Oct 30, 2026

Q4 FY26 · EPS est $0.26 · Revenue est $535.85M

View

Dividends

$0.46/shareQuarterlySafe

CCJ pays a dividend with a 0.5% dividend yield, growing at 4.28% annually, covered 10.3× by free cash flow.

Dividend Yield

0.5%

Annual Div / Share

$0.46

TTM $0.24

5yr CAGR

+4.28%

Doubles every ~16.6yr

Payout Ratio

29.44%

Safe

Dividend Growth Rate

3yr CAGR

+17.03%

5yr CAGR

+4.28%

10yr CAGR

+3.54%

Dividend Safety

10/10Safe

Dividend History

Annualized dividend cycles per share

YearAnnual DivYoY

2025$0.46+87.6%

2021$0.25-25.5%

2017$0.33+9.6%

2016$0.30-7.6%

2015$0.33-18.4%

2014$0.40+0.0%

2013$0.40+0.0%

Income Projection

Invest

USD

Growth rate:

Reinvest dividends

Today

$5/yr

$0/mo

In 5 yrs

$6/yr+23%

$1/mo

In 10 yrs

$8/yr+52%

$1/mo

Today	In 5 yrs	In 10 yrs
$5/yr $0/mo	$6/yr+23% $1/mo	$8/yr+52% $1/mo

Yield-on-cost grows from 0.5% → 0.77% over 10yr

Analysis

Dividend Strengths

Well-covered by free cash flow

The dividend is covered 10.3× by free cash flow, indicating the company generates sufficient cash to sustain and potentially grow the payout without straining its finances.

Risks to Watch

No strong risk signal stands out from the latest period pair.

NYSE · CCJ

Cameco Corporation

Energy · Uranium

$91.62▼ 1.27% ($1.18)at close

After hours$92.21▲ 0.64%7:59 PM ET

52-week

$77.70$135.24

Market cap

$39.90B

P/E

157.14

EPS (TTM)

$0.58

Next earnings

Oct 30, 2026

What the market price implies · Reverse DCF

To support a price of $91.62, this model requires revenue to grow by 41.96%/yr over the next 10 years, compounded annually.

Historical revenue grew by 23.93%/yr over the past 4 years. The required annual growth rate is 18.03 percentage points higher.

Selected forecast · Base scenario

8.07%/yr · actual 10-year annualized revenue growth

Year 1 growth: 12.64%

Market-implied · Base operating assumptions + edited margins

41.96%/yr · flat 10-year annualized revenue growth

Valuation

Recommended · Revenue & margin DCF

Price used

$91.62

Estimated value / share

$10.59

Base scenario

This estimate is 88.44% below the price used.

USD · TTM ending 2026-06-30

Latest quarterly growth differs materially from the latest annual pace. It remains an observed growth input; review whether acceleration or a change in the business explains it.

Year 1 growth 12.64% · Ending margin 12.57% · Discount rate 10.75%

Assumption scenarios, not statistical confidence intervals.

Method, dates & sources

Estimated from future revenue, operating margins, and the investment needed to support them.

Price timestamp: Sep 18, 2026, 8:00 PM UTC
Financial statement period: TTM ending 2026-06-30
Data refreshed: Sep 20, 2026, 2:26 PM UTC · provider

Why this method?

FCFF is positive, but it is still too unstable and too short-lived to anchor even a normalized FCFF DCF. Use revenue and margin assumptions instead of compounding current FCFF.

Is FCFF positive and has it been for 3+ consecutive years? 3 consecutive positive FCFF years are available.

Is FCFF stable (not swinging >30% year to year)? The largest recent FCFF swing is 486.8%. Latest capex is 2.2x the prior median, which points to a capex supercycle that should be normalized first.

Do you have 5+ years of positive FCFF history? Only 3 consecutive positive FCFF years are available.

Price vs Fundamentals

Why The Stock Is Moving

Mixed / unclearLow confidence

1Y Price: 10.91%Revenue (TTM): -2.7%FCF (TTM): -40.7%P/FCF: 95th pct

What changed

What the market seems to be pricing

What would invalidate this read

Operating margin currently stands at 14.55%. A decisive move in revenue — currently down 2.7% — would be the clearest signal to resolve the ambiguity.

Performance

Return analysis

Company profile

Cameco Corporation is a prominent global enterprise specializing in the production and distribution of uranium.

CEOTimothy S. Gitzel

SectorEnergy

IndustryUranium

Employees3,082

IPO dateMar 14, 1996

https://www.cameco.com

Market multiples

Forward P/E—

EV/EBITDA47.20

Enterprise value$54.56B

Stock splits

Feb 23, 2006↑ Forward

Every 1 shares became 2

+100%

Jan 7, 2005↑ Forward

Every 1 shares became 3

+200%

Profitability & growth

Revenue growth-7.17%

Gross margin (FY2025)26.73%▼7.2ppvs FY2024

Operating margin (FY2025)16.68%▲0.4ppvs FY2024

ROE5.12%▼3.8ppvs FY2025

Analyst consensus

RatingBuy

Target price$135.00▲47.35%

Buy

Hold

Sell

Analyst ratings tend to be lagging indicators. Use as one signal among many.

Earnings

Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.

Next report

Oct 30, 2026

Q4 FY26 · EPS est $0.26 · Revenue est $535.85M

View

Dividends

$0.46/shareQuarterlySafe

CCJ pays a dividend with a 0.5% dividend yield, growing at 4.28% annually, covered 10.3× by free cash flow.

Dividend Yield

0.5%

Annual Div / Share

$0.46

TTM $0.24

5yr CAGR

+4.28%

Doubles every ~16.6yr

Payout Ratio

29.44%

Safe

Dividend Growth Rate

3yr CAGR

+17.03%

5yr CAGR

+4.28%

10yr CAGR

+3.54%

Dividend Safety

10/10Safe

Dividend History

Annualized dividend cycles per share

YearAnnual DivYoY

2025$0.46+87.6%

2021$0.25-25.5%

2017$0.33+9.6%

2016$0.30-7.6%

2015$0.33-18.4%

2014$0.40+0.0%

2013$0.40+0.0%

Income Projection

Invest

USD

Growth rate:

Reinvest dividends

Today

$5/yr

$0/mo

In 5 yrs

$6/yr+23%

$1/mo

In 10 yrs

$8/yr+52%

$1/mo

Today	In 5 yrs	In 10 yrs
$5/yr $0/mo	$6/yr+23% $1/mo	$8/yr+52% $1/mo

Yield-on-cost grows from 0.5% → 0.77% over 10yr

Analysis

Dividend Strengths

Well-covered by free cash flow

The dividend is covered 10.3× by free cash flow, indicating the company generates sufficient cash to sustain and potentially grow the payout without straining its finances.

Risks to Watch

No strong risk signal stands out from the latest period pair.