Cameco Corp Valuation
| CCJ Stock | USD 113.84 -9.27 -7.53% |
Above Model Estimate
Today
At the moment, Cameco Corp's price fluctuation remains Very Low. The intrinsic value model for Cameco Corp currently uses a 3 months horizon. A P/E of 116.1 implies the market is pricing in significant growth expectations, which can widen the gap if the model uses more conservative assumptions. A longer horizon usually makes the valuation estimate more stable.
Value Estimates Divergence
At $113.84 per share, Cameco Corp is priced at a meaningful distance from a model-derived intrinsic value estimate of $80.27, reading as above model estimate. For Cameco Corp, the key valuation inputs are a profit margin of 13% and current valuation of $53.29B, with those signals pressure-tested against technical indicators and risk profile.| Historical | Market 113.84 | Intrinsic 80.27 | Target 138.0 | Sentiment 123.28 | Naive 117.5 | DCF 41.72 |
Cameco Corp intrinsic value anchors the valuation to financial performance rather than market sentiment. The DCF-based estimate is most sensitive to assumptions about long-term growth rate and the weighted average cost of capital. Accurately valuing Cameco Corp's requires financial analysis using methods such as DCF and relative valuation. A combination of discounted cash flow and market-based multiples typically estimates Cameco Corp's intrinsic value.
Forecasting the upside and downside scenarios for Cameco Corp allows investors to calibrate position sizing. For Cameco, the width of the upside-downside range signals how much consensus disagrees about future operating performance. The range tightens as earnings visibility improves and widens when operating results become less predictable. The position of current price within the upside-downside range indicates whether the market is pricing risk or opportunity.
For Cameco Corp, DCF-based intrinsic value and relative multiples each answer a different valuation question. An intrinsic value estimate based on Cameco Corp's projected cash flows is cross-checked against peer multiples. Valuation is the starting point for investment decisions about Cameco Corp, not the ending point. Through-cycle cash flows provide a more reliable valuation basis than peak or trough multiples.
Main Profitability Drivers
On a profitability basis, Cameco Corp carries a 13.00% net margin and a 15.00% operating margin. The spread of 2.00 percentage points between the two margins reflects the impact of financing costs and tax obligations on Cameco Corp's earnings. From 3.48 Billion in revenue, Cameco Corp retained 1.26 Billion after cost of goods and reported 589.1 Million in net income. With ROE at 6.33% and ROA at 4.03%, these return measures help contextualize Cameco Corp's profitability relative to its balance sheet. Cameco Corp's profitability trends show broad deterioration, with the majority of key metrics declining year over year. For a deeper look, explore Cameco Corp's profitability breakdown.
Price Book 10.626 | Gross Profit | Price Sales 14.5485 | Profit Margin | Enterprise Value Revenue 20.9389 |
Cameco Corp Cash | 1.17 Billion |
Cash stood at 1.11 Billion as of December 31, 2025.
Cameco Corp operates as an energy business where revenue is driven by commodity prices, production volumes, and refining or extraction margins. Positioned as a growth-oriented stock within Oil, Gas & Consumable Fuels, its valuation multiples reflect expectations for forward earnings expansion. Below, the key valuation drivers are examined to determine what the market is pricing and whether the underlying data supports it.
Total Value Analysis
Cameco Corp currently shows enterprise value of 53.29 B, market capitalization of 50.66 B, debt of 1.02 B, and cash and equivalents of 336.97 M as of latest reporting. Reviewing Cameco Corp fundamentals clarifies whether the enterprise-value composition reflects durable capital structure or temporary balance-sheet effects.| Takeover Price | Market Cap | Debt Obligations | Cash & Equivalents |
53.29 B | 50.66 B | 1.02 B | 336.97 M |
Investor Information
About 68.0% of CCJ shares are held by institutions such as insurance companies. CCJ has Price/Earnings To Growth (PEG) ratio of 1.92. CCJ had its last dividend issued on the 1st of December 2025. CCJ completed a 2-for-1 stock split on 23rd of February 2006. Cameco Corp retains serviceable financial positioning across capital structure and cash-generation signals. Asset returns are positive but modest, indicating room for margin improvement.| Current Value | Last Year | Change From Last Year | 10 Year Trend | ||||||
|---|---|---|---|---|---|---|---|---|---|
| Total Cash From Operating Activities | 1.4 B | 1.4 B |
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Asset Utilization
The asset utilization indicator refers to the revenue earned for every dollar of assets a company currently reports. Cameco Corp has an asset utilization ratio of 33.8 percent. This denotes that the Company is making $0.34 for each dollar of assets. An increasing asset utilization means that Cameco Corp is more efficient with each dollar of assets it utilizes for everyday operations.Macro event markers
Discounted Cash Flow Analysis
Using the current custom levered DCF inputs, Cameco Corp is worth about 41.72 per share while the market is pricing it near 116.31. That leaves the shares trading about 64.1% above this model output. The model discounts levered cash flows at 8.69% and assumes terminal growth of 2.0%, while forward free cash flow is near 1.39 Billion. Discounted forecast cash flows sum to about 4.46 Billion before the terminal component, and present terminal value still represents roughly 75.4% of enterprise value.Model Value / Share
41.72
Equity value per share from the current custom levered DCF summary row.
Market Price
116.31
Current market price used by the same scenario.
Model Premium
64.1%
Market price sits above the model output.
WACC / LT Growth
8.69% / 2.0%
Forecast horizon: 2021 to 2030Terminal value share of EV: 75.4%
Cameco Market Price vs. Intrinsic Value
This chart compares observed market pricing with the model-derived equity value per share across forecast periods. It also illustrates the relative premium or discount, expressed as a percentage difference between market valuation and modeled intrinsic value.
Projected Revenue and Levered Free Cash Flow
Revenue and levered free cash flow projections are presented in billions, outlining the expected financial trajectory over the modeled horizon.
Key Model Assumptions
The inputs below reflect the core assumptions applied in the valuation model, including growth expectations, discount rates, and capital structure considerations.
| Input | Current Value |
|---|---|
| Weighted Average Cost of Capital | 8.69% |
| Long-Term Growth Rate | 2.0% |
| Cost of Equity | 8.73% |
| After-Tax Cost of Debt | 5.53% |
| Debt Weighting | 1.45% |
| Equity Weighting | 98.55% |
| Net Debt | -67.15 Million |
| Enterprise Value | 18.11 Billion |
| Present Terminal Value | 13.65 Billion |
| Terminal Value Share of EV | 75.4% |
Forecast Detail and Valuation Progression
This table presents the underlying forecast data used in the valuation, including revenue, cash flow generation, discounting effects, and the resulting per-share value across each projected period.
| Year | Revenue | Revenue Growth | Free Cash Flow | PV of LFCF | Equity Value / Share |
|---|---|---|---|---|---|
| 2021 | 1.08 Billion | 0.00% | 262.64 Million | 0.0 | 41.70 |
| 2022 | 1.36 Billion | 26.65% | 117.74 Million | 0.0 | 41.70 |
| 2023 | 1.89 Billion | 38.53% | 390.49 Million | 0.0 | 41.74 |
| 2024 | 2.29 Billion | 21.18% | 506.76 Million | 0.0 | 41.75 |
| 2025 | 2.54 Billion | 10.95% | 746.58 Million | 0.0 | 41.73 |
| 2026 | 2.74 Billion | 7.90% | 933.42 Million | 858.76 Million | 41.72 |
| 2027 | 2.9 Billion | 5.70% | 1.05 Billion | 892.19 Million | 41.72 |
| 2028 | 3.02 Billion | 4.11% | 1.16 Billion | 907.08 Million | 41.72 |
| 2029 | 3.11 Billion | 2.96% | 1.27 Billion | 907.05 Million | 41.72 |
| 2030 | 3.17 Billion | 2.14% | 1.36 Billion | 895.46 Million | 41.72 |
Profitability Analysis
Reviewing Cameco Corp's reported profitability metrics, Cameco Corp is profitable with a net margin of 13.0% and operating margin of 15.0%, reporting net income of 589.1 Million. Return on equity stands at 6.33%. Profitability metrics show broad-based margin compression, with multiple indicators contracting year over year.Net Income | First Reported 1993-03-31 | Previous Quarter -141 K | Current Value 198.9 M | Quarterly Volatility 89.8 M |
Macro event markers
| Current Value | Last Year | Change From Last Year | 10 Year Trend | ||||||
|---|---|---|---|---|---|---|---|---|---|
| Gross Profit Margin | 0.42 | 0.2673 |
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Cameco Corp profitability is assessed through margins, return on equity, and asset efficiency. Net margin of 13.0% is adequate, though not at levels that typically signal strong pricing power. Margin trends and return metrics below indicate whether the earnings profile is strengthening or deteriorating. Cameco Corp reports return on equity of 6.33%, positive but not at levels that signal strong capital efficiency.
Earnings per Share Projection vs Actual
EPS projections for Cameco Corp aggregate analyst models into a benchmark against which actual results are measured. Return on equity of 8.89% provides context for how efficiently Cameco Corp generates earnings from shareholder capital. The gap between Cameco Corp's EPS and free cash flow per share signals how much of reported earnings converts to cash. Cameco Corp's EPS estimates are updated as new analyst reports and company disclosures become available. Analyst EPS projections for Cameco Corp set the bar that actual results are measured against. The direction and magnitude of any miss or beat often matters more than the absolute number. Cameco Corp reported estimated earnings of 0.4071 in earnings per share on 30th of June 2026. Revisions to EPS estimates — direction and magnitude — often move valuation multiples before the actual report date.Macro event markers
Earnings Estimation Breakdown
23 analysts contribute to the current consensus. The last reported EPS was 0.00 as of 31st of March 2026.
Last Reported EPS
0.26
Lowest
0.41
Expected EPS
0.57
Highest
Analyst estimate range around the current expected EPS projection.
Earnings Projection Consensus
| Number of Analysts | Historical Accuracy | Last Reported EPS | Estimated EPS for 30th of June 2026 | Current EPS (TTM) | |
| 23 | 66.58% | 0.00 | 0.41 | 0.99 |
Ownership Allocation
Over half of Cameco Corp's outstanding shares are owned by institutions. When more than half of a company's float is held by institutions, ownership changes tracked through 13F filings can reflect broader shifts in professional investor sentiment. These filings are publicly available and updated each quarter.Revenue and Profit Overview
CCJ reported last year's revenue of 3.48 B. Total Income to common stockholders was 589.1 M with profit before taxes, overhead, and interest of 1.26 B.Historical Distributions to Stockholders
Cameco Corp dividend behavior can provide additional context when investors evaluate valuation and capital return policy. Investors frequently compare payout ratios with earnings growth in the context of analysis of dividend stability. Investors seeking more dividend information can also review Cameco Corp dividend history.
What the Data Shows
Historically, a P/E near 116.1 indicates the market is leaning heavily on growth expectations, which amplifies downside risk if earnings disappoint. For energy producers, the earnings multiple reflects operating economics and cost structure more than top-line growth alone. Cameco Corp earns 13.0% on revenue, a moderate level that depends on sustained volume to translate into meaningful bottom-line results. The profitability structure reflects how the business generates and retains revenue - distinct from many peers in Oil, Gas & Consumable Fuels. Conservative leverage at 0.22 gives Cameco Corp significant balance-sheet flexibility to support future investment or weather economic stress. Cameco Corp earns 6.33% on equity - positive but moderate, indicating productive capital deployment without the kind of returns that signal strong competitive advantages. The growth-oriented valuation profile means Cameco Corp responds more strongly to earnings surprises and forward guidance changes than to traditional value metrics. Current pricing embeds an expectation of sustained above-average earnings growth. A shift in production economics and viability under different commodity price scenarios would alter the balance between what the market has priced in and what ultimately materializes.
Big Picture Assessment
Cameco Corp fits the profile of a moderately profitable business where earnings are shaped by operating scale and the underlying cost structure, a positioning that shapes how energy producers are valued. The earnings and capital-return profile places the company within the mid-range of its peer group, with performance that supports but does not clearly exceed current valuation levels. The fundamentals support Cameco Corp's current valuation - the question is not whether the business justifies a premium, but how much further production economics and viability under different commodity price scenarios can extend it.
The analysis above provides a structured baseline for Cameco Corp that becomes more informative as new quarterly data arrives. At current multiples, the valuation is priced for continued growth, making earnings trajectory the key variable to watch.
Valuation Framework, Methodology & Assumptions
Cameco Corp is a large-cap equity in Oil, Gas & Consumable Fuels, Uranium, Energy categories. Peer comparison highlights relative pricing efficiency. Valuation context for Cameco Corp is currently framed by P/B of 10.63, P/S of 14.55, enterprise value (TTM) of 53.29 B.
Cameco Corp inputs come from periodic company reporting and market reference feeds and are mapped into a consistent reporting framework. Where analyst coverage exists, consensus estimates are factored in. Valuation outputs are model-derived and depend on published assumptions and reference inputs.
The analysis above is generated by quantitative models and is provided for informational and educational purposes only. It does not constitute financial advice, investment recommendations, or an endorsement to buy or sell any security. All investing involves risk, including the possible loss of principal. Consult a qualified financial advisor before making investment decisions. See our Terms of Use for full details.
Financial data referenced in this analysis is derived from publicly available SEC filings, audited financial statements, and third-party market data providers. The intrinsic value estimate is generated by Macroaxis quantitative models that incorporate fundamental analysis, technical indicators, and risk metrics.
The methodology combines multiple analytical inputs:
- Fundamental analysis - financial statements, profitability ratios, debt structure, and cash flow metrics sourced from SEC filings and public financial reports
- Technical indicators - historical price patterns, momentum signals, and volatility measures
- Risk assessment - probability of bankruptcy models, market risk metrics, and downside scenario analysis
- Peer comparison - relative valuation against industry peers using standardized multiples
Model outputs are refreshed periodically as new financial data becomes available. Past model performance is not indicative of future results. The intrinsic value estimate reflects a point-in-time calculation and should be considered alongside other research and professional advice.
Data sourced from SEC filings (EDGAR), public financial statements, and market data providers.
Editorial review and methodology oversight provided by: Gabriel Shpitalnik, Member of Macroaxis Editorial Board
Growth Indicators
When investors treat Cameco Corp as a growth opportunity, they are usually paying for future execution rather than only for current fundamentals. A disciplined growth review keeps upside potential and expectation risk visible at the same time.
| Common Stock Shares Outstanding | 435.6 M | |
| Quarterly Earnings Growth Y O Y | 45.30% | |
| Forward Price Earnings | 121.9512 |
Cameco Corp Current Valuation Indicators
The intrinsic value of Cameco Corp is estimated using multiple approaches, including discounted cash flow analysis, relative valuation multiples, and balance sheet-based methods, each reflecting different assumptions about earnings durability, capital structure, and future cash generation. Earnings multiples, cash-flow yields, and asset-based measures work best as a group rather than in isolation. Reported values are derived from company filings, audited financial statements, and market data, and are standardized within Macroaxis quantitative models for consistency. Model outputs reflect a point-in-time estimate based on available data and assumptions and should be interpreted alongside changes in operating performance, market conditions, and forward expectations.