Uranium & nuclear fuel services / Operating producer / Uranium & Nuclear
Cameco
TSXCCONYSECCJ
Cameco mines uranium in northern Saskatchewan, runs a fuel services segment, and owns 49% of Westinghouse Electric Company, the reactor-services and AP1000 technology business it bought with Brookfield in November 2023 [1]. The head office is in Saskatoon [2]. The shares trade on the Toronto Stock Exchange as CCO and on the New York Stock Exchange as CCJ, so a U.S. investor can buy the NYSE line in U.S. dollars without an over-the-counter quote [3]. Cameco reports in Canadian dollars; its uranium prices are quoted in both currencies.
The mining business is two tier-one operations in the Athabasca Basin. McArthur River and the Key Lake mill, which Cameco operates, are expected to produce 14.0 million to 16.5 million pounds of U₃O₈ in 2026, of which 10.0 million to 11.5 million pounds is Cameco's share [4]. Cigar Lake, whose ore is trucked 70 km to Orano's McClean Lake mill, is guided to 17.5 million to 18.0 million pounds on a 100% basis [5]. On July 2, 2026 Cameco closed the purchase of TEPCO Resources' 5% interest in the Cigar Lake joint venture, taking its stake to 57.418% (Orano holds 42.582%) [6]. Cameco also owns 40% of the Inkai joint venture in Kazakhstan [7].
What Cameco earns depends less on the spot price than on its contract book. In the quarter ended June 30, 2026 the uranium segment realized US$67.79 per pound (C$93.13) on 7.1 million pounds delivered, while the company's own industry-average spot price for June 2026 was US$85.00 and the long-term indicator US$95.50 [8][9]. The company says it has contracts in place for average annual deliveries of over 28 million pounds a year over the next five years, with more than that committed in 2026 through 2028 and less in 2029 and 2030 [8]. Its MD&A publishes a sensitivity table showing how slowly the realized price follows spot: at a US$100 spot price the expected 2026 realized price is about US$67 a pound, rising to about US$88 by 2030 as older contracts roll off [10].
Second-quarter 2026 results were weaker than a year earlier on lower volumes: revenue of C$814 million against C$877 million, net earnings of C$25 million against C$321 million, and adjusted EBITDA (management's non-IFRS measure) of C$391 million against C$673 million [8]. Production of 3.9 million pounds (Cameco's share) was down 15% because spring road conditions disrupted supply routes to the northern mines, but full-year production guidance of 19.5 million to 21.5 million pounds was left unchanged [8][16][10]. At June 30, 2026 Cameco held C$1.1 billion of cash and C$1.0 billion of total debt, with an undrawn C$1.0 billion credit facility [10]. For the full year 2025 it reported revenue of C$3,482 million and net earnings of C$590 million on 33.0 million pounds delivered at a realized US$62.11 per pound [11].
Two things beyond the mines matter for the shares. Westinghouse, which Cameco equity-accounts, confidentially submitted a draft S-1 registration statement to the SEC for a proposed initial public offering on July 31, 2026 [12], and on September 30, 2026 the United States and the Republic of Korea announced a framework under which Korea would commit US$120 billion toward deploying Westinghouse-technology reactors in the U.S. [13]. Cameco said it does not expect any equity participation under that framework to change its own ownership interest in Westinghouse [13]. A U.S. holder should also know that Cameco's governing legislation limits any non-resident to 15% of the votes that elect directors and caps non-residents collectively at 25% of votes cast [14].
Primary assets & business
- McArthur River mine and Key Lake mill · northern Saskatchewan (operating; Cameco operates; 2026 outlook 14.0–16.5M lb U₃O₈, 10.0–11.5M lb Cameco share; licensed to 2043) [4]
- Cigar Lake mine · northern Saskatchewan (operating; 57.418% Cameco after July 2, 2026 close, Orano 42.582%; ore milled at Orano's McClean Lake; 2026 outlook 17.5–18.0M lb 100% basis; 94.1M lb proven and probable reserves at 16.33% U₃O₈ as of Dec 31, 2025; licensed to 2031) [5][6]
- JV Inkai · Kazakhstan (40% Cameco; 2026 outlook 10.4M lb 100% basis, Cameco purchase allocation 4.2M lb) [7][10]
- Fuel services segment (2026 production outlook 13–14 million kgU; individual facilities not verified here) [16]
- Westinghouse Electric Company · 49% equity-accounted, Brookfield 51% (Q2 2026 adjusted EBITDA, Cameco share, C$163M; net loss C$10M) [1][16]
- Suspended: Rabbit Lake (Saskatchewan), Smith Ranch-Highland and Crow Butte (United States) [7]
Financial position
| Revenue (fiscal 2025) | C$3,482M2024: C$3,136M. | Year ended Dec 31, 2025 [11] |
|---|---|---|
| Revenue (latest quarter) | C$814MQ2 2025: C$877M. | Quarter ended Jun 30, 2026 [8] |
| Net earnings (latest quarter) | C$25MAdjusted net earnings (non-IFRS) C$77M; adjusted EBITDA C$391M. | Quarter ended Jun 30, 2026 [8] |
| Uranium average realized price | US$67.79/lbC$93.13/lb. Fiscal 2025: US$62.11/lb [11]. | Quarter ended Jun 30, 2026 [8] |
| Uranium production (Cameco share) | 21.0M lb2026 outlook 19.5–21.5M lb [10]. Q2 2026: 3.9M lb [8]. | Fiscal 2025 [11] |
| Uranium deliveries | 33.0M lb2026 outlook 29–32M lb [10]. Q2 2026: 7.1M lb [8]. | Fiscal 2025 [11] |
| Cash and cash equivalents | C$1.1BPlus an undrawn C$1.0B revolving credit facility. | Jun 30, 2026 [10] |
| Total debt | C$1.0B | Jun 30, 2026 [10] |
| Committed deliveries, next five years | >28M lb/yr averageHigher than the average in 2026–2028, lower in 2029–2030. Total long-term commitments about 230M lb as of Feb 2026 [11]. | Q2 2026 MD&A [8] |
| Market capitalization | Not yet verifiedNot verified against a dated close; the issuer's stock page shows a live figure only. |
Figures are in Canadian dollars unless marked US$. Quarterly figures are for the three months ended June 30, 2026 from the Q2 2026 news release and MD&A; annual figures are from the 2025 fourth-quarter release. Adjusted net earnings and adjusted EBITDA are management's non-IFRS measures. Blank means not yet verified, never zero.
Ownership & capital structure
| Common shares outstanding | 435,532,978Single class of common shares. | Mar 9, 2026 (proxy record date) [14] |
|---|---|---|
| Non-resident ownership limits | 15% individual · 25% aggregate of votes castA non-resident of Canada cannot hold more than 15% of the votes that elect directors; non-resident votes are pro-rated to 25% of the total cast. | 2026 proxy circular [14] |
| Significant shareholders | Not yet verifiedNot verified; see the latest proxy circular and EDGAR 13F/13G filings. | |
| Dividend | C$0.24 per shareCanadian withholding tax applies to U.S. holders outside a qualified retirement account. | 2025 annual [15] |
What has to happen next
- Third-quarter 2026 results and any change to the 2026 outlook (production 19.5–21.5M lb; revenue C$3,320–3,570M; realized price C$91.00–96.00/lb) [10].
- Westinghouse's proposed IPO: the draft S-1 was submitted confidentially on July 31, 2026; the number of shares and price range had not been set [12].
- Follow-through on the September 30, 2026 U.S.–Korea framework: up to eight large reactors, including six AP1000 units, with two on federal sites first [13].
- Reliability of Orano's McClean Lake mill, which processes all Cigar Lake ore; its acid plant failure shut Cigar Lake for about two weeks in July 2026 [5][6].
- Cigar Lake's operating licence runs to 2031 and McArthur River/Key Lake's to 2043 [4][5]; the Key Lake and McArthur River collective agreement expires in December 2028 [16].
- Realized-price progression as contracts roll off: the MD&A sensitivity table is the document to re-read each quarter [10].
Research checkpoints, not a dated event calendar or a promise of outcomes.
Valuation context
We publish no valuation conclusion. The relevant comparison for Cameco is not a spot-price multiple but the present value of a contract book that realizes well below spot today and converges toward it over 2027–2030, plus a 49% stake in Westinghouse whose value an IPO may soon make observable. A dated enterprise value would need the share count above, net debt at the latest balance-sheet date, and the sensitivity table applied to a stated price deck. Until Westinghouse has a public price, any sum-of-the-parts rests on management's adjusted EBITDA, which is a non-IFRS construction.
Mandatory reading
Key risks
- Term contracts reprice slowly: at a US$100 spot price the company's own table shows an expected 2026 realized price of about US$67 a pound, so a spot rally reaches revenue only as old contracts roll off [10].
- Cigar Lake depends on a mill Cameco does not operate; the McClean Lake acid-plant failure in July 2026 shows how a partner's outage stops Cameco's production [5][6].
- Northern supply routes: spring road conditions cut second-quarter 2026 production 15% year over year [8].
- Westinghouse is equity-accounted and reported a C$56 million net loss (Cameco share) for the first half of 2026; a delayed or repriced IPO would leave its value unobservable [16][12].
- JV Inkai sits in Kazakhstan; deliveries and dividends depend on transport routes and a partner Cameco does not control [10].
- Non-resident ownership limits cap what a U.S. holder can own and vote, and Canadian withholding tax reduces the cash dividend [14].
Source documents
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1
Westinghouse
49% equity-accounted interest; Brookfield 51%; acquisition closed November 7, 2023; description of the Operating Plants and New Plants businesses.
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2
About Cameco
Head office in Saskatoon, Saskatchewan.
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3
Stock information
TSX: CCO and NYSE: CCJ listings.
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4
McArthur River/Key Lake
2026 production outlook 14.0–16.5M lb (10.0–11.5M lb Cameco share); licensed to 2043.
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5
Cigar Lake
Ore processed 70 km away at Orano's McClean Lake mill; 2026 outlook 17.5–18.0M lb (100%); 94.1M lb proven and probable reserves at 16.33% U₃O₈; licensed to 2031.
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6
Cameco Closes Deal to Increase Ownership in Cigar Lake Mine
Purchase of TEPCO Resources' 5% interest; Cameco to 57.418%, Orano to 42.582%.
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7
Uranium operations
Inkai 40% owned; Rabbit Lake, Crow Butte and Smith Ranch-Highland listed as suspended.
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8
Cameco reports second quarter results: year-to-date performance on track; production outlook unchanged (news release PDF)
Q2 2026 revenue C$814M, net earnings C$25M, adjusted EBITDA C$391M; uranium production 3.9M lb, sales 7.1M lb, realized price US$67.79/lb (C$93.13/lb); fuel services outlook 13–14M kgU; contracts for over 28M lb/yr over five years; Westinghouse Q2 figures; collective agreement to December 2028.
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9
Uranium price
Industry average of UxC and TradeTech month-end prices: June 2026 spot US$85.00, long-term US$95.50; August 2026 spot US$89.68, long-term US$96.50.
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10
Management's discussion and analysis for the quarter ended June 30, 2026
2026 outlook: revenue C$3,320–3,570M, production 19.5–21.5M lb, deliveries 29–32M lb, realized price C$91.00–96.00/lb, unit cost C$63.00–67.50/lb; realized-price sensitivity table; UxC prices at June 30, 2026; cash C$1.1B and debt C$1.0B; Inkai 2026 outlook.
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11
Cameco announces 2025 results; solid fourth quarter and 2025 performance (news release)
2025 revenue C$3,482M, net earnings C$590M, adjusted EBITDA C$1,929M; production 21.0M lb, sales 33.0M lb, realized US$62.11/lb (C$87.00/lb); long-term commitments about 230M lb.
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12
Cameco Announces Westinghouse's Confidential Submission of Draft Registration Statement for Proposed Initial Public Offering
Draft Form S-1 submitted confidentially to the SEC; share count and price range not determined.
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13
Cameco Acknowledges United States and Republic of Korea Announcement of Framework for the Deployment of Nuclear Power
US$120 billion Korean investment framework; up to eight large reactors including six AP1000 units; Cameco does not expect its Westinghouse ownership to change.
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14
2026 Management Proxy Circular
435,532,978 common shares outstanding; non-resident 15% individual and 25% aggregate voting limits; head office 2121 11th Street West, Saskatoon.
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15
Quarterly Report – 2025 Q4
2025 annual dividend of C$0.24 per common share; cash and short-term investments C$1.2B and total debt C$1.0B at December 31, 2025.
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16
Cameco Reports 2026 Second Quarter Results
Web version of the Q2 release: Westinghouse net loss C$10M (Q2) and C$56M (first half), adjusted EBITDA C$163M and C$284M, Cameco's share; fuel services outlook 13–14M kgU; collective agreement at Key Lake and McArthur River expiring December 2028; US$124M JV Inkai dividend; 'challenging spring road conditions'.
