Upside case
Bull case
$229+84.9%
CCJ would need investors to value it at roughly 143x earnings — about 66x more generous than today's 77x forward P/E. That requires meaningful multiple expansion on top of continued earnings growth.
Analysis OverviewBuyUpdated May 1, 2026
Cameco Corporation (CCJ) Stock Analysis
Wall Street verdict, consensus price target, and analyst rating breakdown — everything needed to frame the risk/reward at today's price.
Analyst consensus
Buy
Covering
19
analysts
13 bullish · 2 bearish · 19 covering CCJ
Strong Buy
1
Buy
12
Hold
4
Sell
2
Strong Sell
0
Consensus Target
$126
+1.7% vs today
Scenario Range
— – $229
Model bear to bull value window
Coverage
19
Published analyst ratings
Valuation Context
77.2x
Forward P/E · Market cap $53.9B
CCJ price targets
Three scenarios for where CCJ stock could go
Current
~$124
Confidence
50 / 100
Updated
May 1, 2026
Where we are now
Current · $124
Base
$124
Bull
$229
Market caseClosest to today
Base case
$124+0.0%
This is close to how the market is already pricing CCJ — at roughly 77x forward earnings. No dramatic re-rating needed, just steady execution on the core business.
Stress case
Bear case
—
The bear case reflects a scenario where earnings shortfalls or multiple compression combine to materially reduce the stock from its current level.
Not financial advice. Model confidence reflects internal scenario assumptions, not a guarantee of returns. Past performance does not predict future results.
Cameco Corporation
CCJ · NYSEEnergyUraniumDecember year-end
Cameco Corporation is one of the world's largest uranium producers, mining and selling nuclear fuel for power generation. It generates revenue primarily from uranium sales — roughly 80% of total revenue — with the remainder coming from fuel services like conversion and fabrication. The company's competitive advantage lies in its ownership of high-grade uranium deposits in stable jurisdictions and its position as a reliable supplier to utilities with long-term contracts.
Market Cap
$53.9B
Revenue TTM
$3.5B
Net Income TTM
$589M
Net Margin
16.9%
CCJ Revenue and Earnings Performance
Quarterly beat-or-miss track record against analyst estimates, plus forward revenue and EPS outlook for the next two fiscal years.
EPS Beat Rate
50%Exceptional
12 quarters tracked
Revenue Beat Rate
92%Exceptional
vs consensus estimates
Avg EPS Surprise
-4.4%
above Street consensus
Beat / Miss Record
BeatMissLeft = EPS · Right = Revenue
Q3 2025
Q4 2025
Q1 2026
Q2 2026
Last 4 Quarters
EPS beats: 3 of 4Q3 2025
EPS
$0.51/$0.27
Revenue
$644M/$428M
Q4 2025
EPS
$0.05/$0.14
Revenue
$441M/$389M
Q1 2026
EPS
$0.36/$0.29
Revenue
$875M/$806M
Q2 2026
EPS
$0.34/$0.29
Revenue
$607M/$599M
| Quarter | EPS (Actual / Est) | EPS Surprise | Revenue (Actual / Est) | Rev Surprise |
|---|---|---|---|---|
| Q3 2025 | $0.51/$0.27 | +87.6% | $644M/$428M | +50.5% |
| Q4 2025 | $0.05/$0.14 | -64.6% | $441M/$389M | +13.2% |
| Q1 2026 | $0.36/$0.29 | +24.1% | $875M/$806M | +8.5% |
| Q2 2026 | $0.34/$0.29 | +16.5% | $607M/$599M | +1.5% |
FY1–FY2 Estimates
Revenue Outlook
FY1
$3.8B
+9.6% YoY
FY2
$4.4B
+15.9% YoY
EPS Outlook
FY1
$1.62
+19.3% YoY
FY2
$2.19
+35.3% YoY
Trailing FCF (TTM)$1.1B
FCF Margin: 30.3%
Next Earnings
May 7, 2026
Expected EPS
$0.26
Expected Revenue
$599M
CCJ beat EPS estimates in 3 of 4 tracked quarters. A strong delivery record supports forward estimate credibility.
CCJ Revenue Breakdown by Segment
Product and geographic revenue mix from the latest annual disclosure, with year-over-year growth by segment.
Latest disclosure
FY 2025
Total disclosed revenue $447M
Product Mix
Latest annual revenue by segment or product family
Segment breakdown not available for this company.
Geographic Mix
Latest annual revenue by reported region
United States
94.8%
-33.7% YoY
Tap, hover, or focus a slice to inspect segment detail.
United States is the largest reported region at 94.8%, down 33.7% YoY.
CCJ Valuation Snapshot
Current multiples compared to the S&P 500, the company's sector, and its own five-year average.
Relative Value Signal
Significantly Overvalued
Fair value est. $72 — implies -40.1% from today's price.
Premium to Fair Value
40.1%
above fair value
Deep DiscountFair ValueVery Expensive
vs S&P 500 Trailing P/E
CCJ
124.6x
vs
S&P 500
25.2x
+394% premium
vs Energy Trailing P/E
CCJ
124.6x
vs
Energy
16.9x
+638% premium
vs CCJ 5Y Avg P/E
Today
124.6x
vs
5Y Average
88.6x
+41% premium
Forward PE
77.2x
S&P 500
19.1x
+305%
Energy
13.2x
+484%
5Y Avg
—
—
Trailing PE
124.6x
S&P 500
25.2x
+394%
Energy
16.9x
+638%
5Y Avg
88.6x
+41%
PEG Ratio
—
S&P 500
1.75x
—
Energy
0.52x
—
5Y Avg
—
—
EV/EBITDA
82.6x
S&P 500
15.3x
+442%
Energy
8.1x
+914%
5Y Avg
40.0x
+107%
Price/FCF
71.7x
S&P 500
21.3x
+236%
Energy
14.1x
+407%
5Y Avg
37.6x
+91%
Price/Sales
21.0x
S&P 500
3.1x
+572%
Energy
1.6x
+1247%
5Y Avg
7.3x
+187%
Dividend Yield
0.14%
S&P 500
1.88%
-92%
Energy
2.97%
-95%
5Y Avg
0.36%
-60%
| Metric | CCJ | S&P 500 | Energy | 5Y Avg CCJ |
|---|---|---|---|---|
| Forward PE | 77.2x | 19.1x+305% | 13.2x+484% | — |
| Trailing PE | 124.6x | 25.2x+394% | 16.9x+638% | 88.6x+41% |
| PEG Ratio | — | 1.75x | 0.52x | — |
| EV/EBITDA | 82.6x | 15.3x+442% | 8.1x+914% | 40.0x+107% |
| Price/FCF | 71.7x | 21.3x+236% | 14.1x+407% | 37.6x+91% |
| Price/Sales | 21.0x | 3.1x+572% | 1.6x+1247% | 7.3x+187% |
| Dividend Yield | 0.14% | 1.88% | 2.97% | 0.36% |
CCJ trades above S&P 500 benchmarks on 5 of 5 measured multiples — commands a broad premium across most valuation dimensions.
Forward P/E and PEG reflect analyst consensus estimates. Historical averages use trailing ratios where forward data is unavailable.S&P 500 and sector benchmarks both use trailing median P/E — similar readings indicate the broader index and sector are priced alike.
Open valuation toolCCJ Financial Health
Verdict
Strong
CCJ generates $1.1B in free cash flow at a 30.3% margin.
Cash Engine
Revenue, margins, and cash generation
Revenue (TTM)
Trailing-twelve-month sales base
$3.5B
Revenue Growth
TTM vs prior year
+11.0%
Gross Margin
Gross profit as a share of revenue
29.4%
Operating Margin
Operating income divided by revenue
17.5%
Net Margin
Net income divided by revenue
16.9%
EPS (TTM)
Diluted earnings per share, trailing twelve months
$1.35
Free Cash Flow (TTM)
Cash generation after capex
$1.1B
FCF Margin
FCF as share of revenue — the primary cash quality signal
30.3%
Capital Quality
ROIC, leverage, and debt serviceability
ROIC
Return on invested capital — primary competitive quality signal
6.3%
ROA
Return on assets, trailing twelve months
6.0%
Cash & Equivalents
Liquid assets on the balance sheet
$1.1B
Net Cash
Cash exceeds total debt — no net leverage
$92M
Debt Serviceability
Net debt as a multiple of annual free cash flow
Net cash ✓
ROE
Return on equity, trailing twelve months
8.8%
Shareholder Returns
How capital is returned to owners
Total shareholder yield
0.1%
Dividend
0.1%
Buyback
0.0%
Share Repurchases
Trailing buyback outflow — dollar magnitude of capital returned
$0
Dividend / Share
Annualized trailing dividend per share
$0.24
Payout Ratio
Share of earnings distributed as dividends
17.7%
Shares Outstanding
Current diluted share count
435M
All figures from the trailing twelve months. ROIC uses invested capital (equity + net debt).
Open full ratios pageCCJ Stock Risk Factors
Key factors that could pressure the stock price, compress the multiple, or weigh on future results.
AI analysis · updated April 11, 2026
High Risk
Uranium Price Volatility
The company's revenue is heavily dependent on uranium prices, which can fluctuate significantly due to supply and demand dynamics, geopolitical events, and changes in nuclear energy policies. Lower‑than‑expected uranium prices are a critical risk factor.
High Risk
Valuation Overvaluation Risk
Cameco's stock may be considered overvalued by some analysts, with a high P/E ratio indicating that it is priced for near perfection. This makes it vulnerable to corrections if expectations are not met.
Medium
Execution & Permitting Delays
The large‑scale reactor build programs, such as the $80 billion U.S. government contract with Westinghouse, carry execution and regulatory risks, including potential permitting delays or shifting federal priorities. Delays could postpone revenue realization and increase sensitivity to cost overruns.
These are risk mechanisms, not predictions. The key question is which would force a cut to earnings estimates or a lower multiple than the market currently prices in.
Why CCJ Stock Could Outperform
Structural drivers behind the upside case and why the stock could outperform over the next 12 months.
AI analysis · updated April 11, 2026
Nuclear Energy Renaissance
Growing climate‑change concerns and the need for energy independence are prompting many countries to expand nuclear programs. The surge in power demand from AI and data centers further fuels this shift, positioning nuclear as a key clean‑energy source.
Uranium Demand Outstripping Supply
Analysts project that global uranium demand will exceed supply in the coming years, creating upward pressure on prices. This supply‑tight environment supports higher revenue potential for uranium producers.
Strategic Assets & Operations
Cameco is the second‑largest uranium miner worldwide, producing approximately 17% of the global supply. Its high‑grade production properties and leading refining, conversion, and fuel manufacturing services give it a competitive edge.
Westinghouse Investment
Cameco owns a 49% stake in Westinghouse Electric, a major nuclear equipment and services provider. Westinghouse has secured a substantial contract to help build new large‑scale reactors in the U.S., offering long‑term growth upside.
Strong Financial Performance
In 2025, Cameco’s revenues grew 11% year‑over‑year, while earnings surged 243.07%. The company reported a quarterly EPS of $0.36, surpassing market expectations.
A real bull case compounds — each driver matters most when it strengthens margins, supports capital returns, and keeps the company above the market's minimum growth bar simultaneously.
CCJ Stock Price Performance
52-week range context and price returns across multiple time horizons. Dividend contribution is shown separately in the Capital Return section.
Current Price
$123.76
52W Range Position
87%
52-Week Range
Current price plotted between the 52-week low and high.
52-Week Low
$45.42
+172.5% from the low
52-Week High
$135.24
-8.5% from the high
1 Month
+12.02%
3 Month
+8.91%
YTD
+25.6%
1 Year
+157.0%
3Y CAGR
+65.2%
5Y CAGR
+46.8%
10Y CAGR
+26.7%
Range context matters because valuation compression and earnings misses rarely hit from the same starting point. A stock already far below its high can still fall, but it is no longer carrying the same embedded optimism as one pressing a fresh peak.
CCJ vs Peers
Valuation, growth, and margin comparison against the closest publicly traded peers for this company.
Peer Set
Accurate peer set
Forward PE
77.2x
vs — median
Peer median unavailable
Revenue Growth
+9.6%
vs +57.0% median
-83% below peer median
Net Margin
16.9%
vs -275.3% median
+106% above peer median
| Company | Mkt Cap | Fwd PE | Rev Grw | Margin | Rating | Upside |
|---|---|---|---|---|---|---|
CCJ CCJ Cameco Corporation | $53.9B | 77.2x | +9.6% | 16.9% | Buy | +1.7% |
UEC UEC Uranium Energy Corp. | $7.7B | — | +57.0% | -403.6% | Buy | +18.4% |
URG URG Ur-Energy Inc. | $696M | — | +79.4% | -275.3% | Buy | +24.3% |
DNN DNN Denison Mines Corp. | $3.5B | — | +55.1% | -4418.3% | Buy | +9.8% |
UUU UUUU Energy Fuels Inc. | $5.8B | — | +48.2% | -82.7% | Buy | +2.5% |
EU EU enCore Energy Corp. | $361M | — | +57.6% | -152.1% | Buy | +119.1% |
This peer comparison reflects companies with similar business models, product lines, or market positioning, supplemented by industry grouping when direct matches are limited.
CCJ Dividend and Capital Return
CCJ returns 0.1% total yield, led by a 0.14% dividend, raised 6 consecutive years.
Dividend SustainableFCF Well Covered
Total Shareholder Yield
0.1%
Dividend + buyback return per year
Buyback Yield
0.0%
Dividend Yield
0.14%
Payout Ratio
17.7%
How CCJ Splits Its Return
Div 0.14%
Dividend 0.14%Buybacks 0.0%
Dividend Profile
Yield, cadence, and growth quality
Dividend / Share
Trailing annualized cash dividend
$0.24
Growth Streak
Consecutive years of dividend increases
6Y
3Y Div CAGR
25.0%
5Y Div CAGR
23.0%
Ex-Dividend Date
—
Payment Cadence
Annual
1 payments over the last 12 months
Buyback Engine
How much per-share support comes from repurchases
Repurchases (TTM)
Cash used for buybacks in the latest trailing period
$0
Estimated Shares Retired
0
Approx. Share Reduction
0.0%
Shares Outstanding
Current diluted share count from the screening snapshot
435M
| Year | Div / Share | YoY Grw | BB Yield | Total Yield |
|---|---|---|---|---|
| 2025 | $0.17 | +50.7% | 0.0% | 0.3% |
| 2024 | $0.11 | +29.3% | 0.0% | 0.3% |
| 2023 | $0.09 | +0.3% | 0.0% | 0.3% |
| 2022 | $0.09 | +35.4% | 0.0% | 0.6% |
| 2021 | $0.07 | +6.6% | 0.0% | 0.4% |
FAQ
7 questionsCCJ Investor Questions
Common questions answered from live analyst data and company financials.
01Is Cameco Corporation (CCJ) stock a buy or sell in 2026?
Cameco Corporation (CCJ) is rated Buy by Wall Street analysts as of 2026. Of 19 analysts covering the stock, 13 rate it Buy or Strong Buy, 4 rate it Hold, and 2 rate it Sell or Strong Sell. The consensus 12-month price target is $126, implying +1.7% from the current price of $124.
02What is the CCJ stock price target for 2026?
The Wall Street consensus price target for CCJ is $126 based on 19 analyst estimates. The high-end target is $147 (+18.8% from today), and the low-end target is $100 (-19.4%). The base case model target is $124.
03Is Cameco Corporation (CCJ) stock overvalued in 2026?
CCJ trades at 77.2x times forward earnings. The stock trades at a notable premium to the broad market, which is typical for businesses with strong free cash flow and above-average growth expectations. Based on current multiples versus the peer group, the relative model signals significantly overvalued. Whether the stock is over or undervalued ultimately depends on whether consensus earnings estimates are achievable.
04What are the main risks for Cameco Corporation (CCJ) stock in 2026?
The primary risks for CCJ in 2026 are: (1) Uranium Price Volatility — The company's revenue is heavily dependent on uranium prices, which can fluctuate significantly due to supply and demand dynamics, geopolitical events, and changes in nuclear energy policies. (2) Valuation Overvaluation Risk — Cameco's stock may be considered overvalued by some analysts, with a high P/E ratio indicating that it is priced for near perfection. (3) Execution & Permitting Delays — The large‑scale reactor build programs, such as the $80 billion U. Each factor has the potential to pressure earnings or compress the stock's valuation multiple.
05What is Cameco Corporation's revenue and earnings forecast?
Analyst consensus estimates CCJ will report consensus revenue of $3.8B (+9.6% year-over-year) and EPS of $1.62 (+19.3% year-over-year) for the upcoming fiscal year. The following year, analysts project $4.4B in revenue.
06When does Cameco Corporation (CCJ) report its next earnings?
Cameco Corporation is expected to report its next earnings on approximately 2026-05-07. Consensus expects EPS of $0.26 and revenue of $599M. Over recent quarters, CCJ has beaten EPS estimates 50% of the time.
07How much free cash flow does Cameco Corporation generate?
Cameco Corporation (CCJ) generated $1.1B in free cash flow over the trailing twelve months — a free cash flow margin of 30.3%. CCJ returns capital to shareholders through dividends (0.1% yield) and share repurchases ($0 TTM).