YouTube · FY2026 · 2026-09-29
CCJ · NYSE
Cameco Corporation
Uranium · Canada
USD 73.38-4.6% daily changeQuote 2026-11-02 · USD
- Market cap (USD)
- US$31.96B
- Trailing P/E
- 116.48x
- Forward P/E
- 41.23x
- Quarterly revenue growth
- 0.7%
- Trailing net margin
- 11.4%
- Indicated dividend yield
- 0.2%
Snapshot 2026-11-03 · Latest financial period 2026-09-30 · Yahoo Finance. Quotes may be delayed; reporting periods can differ.
Company background
Cameco Corporation provides uranium for the generation of electricity in the Americas, Europe, and Asia. It operates in three segments: Uranium, Fuel Services, and Westinghouse. The Uranium segment engages in the exploration for, mining, milling, purchase, and sale of uranium concentrate. Its Fuel Services segment is involved in the refining, conversion, and fabrication of uranium concentrate, as well as purchase and sale of conversion services. The Westinghouse segment operates as a nuclear reactor technology original equipment manufacturer and a provider of products and services to commercial utilities and government agencies. It also provides outage and maintenance, engineering support, instrumentation and controls equipment, and plant modification services, as well as components and parts to nuclear reactors. The company sells its uranium and fuel products and services to nuclear utilities. Cameco Corporation was incorporated in 1987 and is headquartered in Saskatoon, Canada.
Company websiteQ3 2026
Go beyond the headline.
CCJ Stock: C$267M EBITDA, Just C$3M Operating Cash — Q3 2026
Published 2026-11-02
Short takes Q3 2026
CCJ Stock: Cameco Q3 2026 — The Cash Test #Shorts
Watch Short on YouTube
Q3 2026 REPORT HIGHLIGHTS
What’s changed for CCJ
Cameco generated C$3 million of quarterly operating cash while delivery concentration, rising unit costs and investee spending raise the bar for its nuclear growth valuation.
The cash test moved to Q4.
Nine-month operating cash was C$112M against C$322M of PP&E additions. Annual uranium sales guidance implies another 9–10M pounds of deliveries.
Planned downtime still costs money.
Key Lake’s extended maintenance outage began in Q3; annual uranium cost-of-sales guidance rose to C$67–70/lb from C$63–67.50.
The capex reduction is partly timing.
Consolidated guidance fell by C$50M at each end to C$440–490M, with projects deferred; Cameco’s Westinghouse capex share adds US$160–200M outside that total.
Westinghouse improved this quarter.
Cameco’s share of adjusted EBITDA rose to C$143M from C$124M. The year-to-date decline still reflects the prior Dukovany benefit; reported revenue does not consolidate Westinghouse.
The stock reset has not removed execution risk.
CCJ closed at US$76.91 on October 30, down 7.88%. Our source-based valuation is US$60; the FMP target average of US$133.60 is a differently dated opinion set.
Comparable businesses
CCJ peer comparison
Same business group first, then company size. Preferred market cap: 0.5–2x; extended range: one-third–3x. Outside that range, industry benchmarks are labeled separately and excluded from peer medians.
| Metric | CCJCameco CorporationSnapshot 2026-11-03Financial period: 2026-09-30 | UECUranium Energy Corp.Snapshot 2026-11-03Financial period: 2026-07-31 | UROYUranium Royalty Corp.Snapshot 2026-11-03Financial period: 2026-07-31 |
|---|---|---|---|
| Market capMarket value, converted to USD | US$31.96B | US$3.72B | US$1.24B |
| Forward P/EProvider forward earnings estimate | 41.23x | — | 326.01x |
| EV / EBITDAEnterprise value / trailing EBITDA | — | — | 29.50x |
| Revenue growthLatest quarter vs prior-year quarter | 0.7% | — | 112.9% |
| Operating marginLatest reported quarter | 9.2% | -228.6% | 31.7% |
| Free cash flow yieldTrailing cash flow / market cap | — | -1.9% | 16.4% |
| Net debt / EBITDANet debt / trailing EBITDA | 0.19x | — | 8.46x |
| Debt / equityTotal debt / positive book equity | 0.14x | 0.00x | 0.56x |
| Trailing P/ETrailing twelve-month earnings | 116.48x | — | 8.78x |
| Price / bookPrice / positive book equity per share | 6.20x | 2.71x | 1.29x |
| EV / salesEnterprise value / trailing revenue | — | 86.69x | 8.96x |
| Earnings growthLatest quarter vs prior-year quarter | — | — | 1,203.8% |
| Gross marginTrailing twelve months | 33.8% | -184.0% | 33.1% |
| Net marginTrailing twelve months | 11.4% | 0.0% | 25.9% |
| Return on equityProvider trailing return; positive equity only | 5.7% | -11.6% | 8.5% |
| Free cash flow marginTrailing free cash flow / revenue | 5.7% | -192.4% | 94.8% |
| Dividend yieldIndicated annual dividend / price | 0.2% | — | — |
| Earnings payoutProvider trailing dividend payout | 26.4% | 0.0% | 0.0% |
| Current ratioCurrent assets / current liabilities | 2.55x | 17.26x | 0.88x |
| BetaProvider historical market sensitivity | 1.13 | 1.37 | 1.47 |
YouTube · FY2026 · 2026-09-29
YouTube · Q1 FY2027 · 2026-09-17
Comparison methodology & limitations
Reviewed operating groups override broad sector classifications. Other companies are matched only within a sufficiently specific provider industry. Business mix, geography and accounting standards can still differ. Market caps are converted to USD using exchange rates captured during the snapshot refresh. Financial ratios that would mix currencies are omitted. Snapshots must be at most 14 days old and no more than seven days apart for automatic selection.
Peer medians require at least two valid similar-size peers for each metric. Negative earnings, nonpositive equity, missing data and irrelevant bank ratios are not presented as attractive valuations. A higher or lower number is not automatically a better investment. Financial statement periods are not calendar-aligned across companies.
Reported performance
Financial trends
Periods are grouped by their ending calendar year or quarter, not identical fiscal calendars. Exact period-end dates appear in tooltips and reported figures. When reporting currencies differ and a recent captured FX rate is available, money and EPS are normalized to USD for comparison. This is not a historical FX restatement. Gaps are not estimated.
Financial statements load separately from the research page.
Source: . Window ends at the latest available reporting period.
Revenue
Reported figures
Financial data & calculation notes
Standalone charts use the stated reporting currency. When a chart comparison spans currencies, money and EPS can be normalized to USD using a recent captured FX snapshot; this is for comparison only, not a historical FX restatement. Stock-based compensation is noncash. Free cash flow is operating cash flow less capital spending, which may include capitalized software. Missing metrics are not estimated or assumed to be zero. Banking and insurance ratios require industry-specific interpretation. Latest restatements may differ from figures in older episodes.
Market context
Valuation & price history
Adjusted closing price
Price history loads separately.
Price figures
Earnings-multiple scenario
Illustrative price = your earnings-per-share assumption × your P/E assumption. This is not a price target or a complete valuation model.
Starting assumptions, when available, use provider forward estimates as of 2026-11-03. Negative earnings require a different valuation method. This calculation omits balance-sheet, dilution and execution risks.
THE RESEARCH RECORD
Research history for CCJ
Q3 20262026-11-02
FREE RESEARCH PACKET · Q3 2026
CCJ: The nuclear backlog meets a fourth-quarter cash test
Cameco generated C$3 million of quarterly operating cash while delivery concentration, rising unit costs and investee spending raise the bar for its nuclear growth valuation.
Research published November 1, 2026 · Download original report
Read Research PacketCCJ Stock: C$267M EBITDA, Just C$3M Operating Cash — Q3 2026
Presentation · 2026-11-02 · YouTube
Short takes Q3 2026
CCJ Stock: Cameco Q3 2026 — The Cash Test #Shorts
Watch Short on YouTube
Q2 20262026-08-01
Cameco (CCJ): Earnings Fell 92% and Guidance Went UP — Is CCJ Stock Worth Buying?
Presentation · 2026-08-01 · YouTube
