Latest Ratios: P/E Ratio 110.5x · EV/EBITDA 58.5x · ROE 8.9%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $31.1B | $39.9B | $22.4B | $18.8B | $9.2B | $8.7B | $5.3B | $3.5B | $4.5B | $3.7B | $4.1B |
| Enterprise Value | $31.0B | $39.8B | $23.1B | $20.0B | $9.1B | $8.4B | $5.4B | $3.5B | $5.3B | $4.6B | $5.3B |
| P/E Ratio → | 110.49 | 67.77 | 131.77 | 51.93 | 103.05 | — | — | 46.84 | 27.02 | — | — |
| P/S Ratio | 12.66 | 11.45 | 7.14 | 7.25 | 4.94 | 5.88 | 2.95 | 1.89 | 2.15 | 1.69 | 1.70 |
| P/B Ratio | 6.36 | 5.78 | 3.52 | 3.08 | 1.58 | 1.79 | 1.07 | 0.92 | 0.90 | 0.75 | 0.79 |
| P/FCF | 129.90 | 37.06 | 32.30 | 35.11 | 57.27 | 24.12 | — | 12.05 | 7.34 | 7.58 | 43.40 |
| P/OCF | 31.13 | 28.29 | 24.75 | 27.27 | 30.30 | 18.92 | — | 10.06 | 6.73 | 6.13 | 13.27 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 11.43 | 7.37 | 7.73 | 4.86 | 5.71 | 3.00 | 1.87 | 2.52 | 2.11 | 2.19 |
| EV / EBITDA | 58.53 | 45.52 | 29.21 | 39.73 | 47.20 | 155.36 | 41.52 | 8.84 | 13.26 | 22.49 | 23.13 |
| EV / EBIT | 75.37 | 46.72 | 48.64 | 34.52 | 59.05 | — | — | 15.91 | 38.63 | — | — |
| EV / FCF | — | 36.97 | 33.30 | 37.40 | 56.36 | 23.42 | — | 11.91 | 8.62 | 9.45 | 55.69 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 26.7% | 26.7% | 33.9% | 30.2% | 12.5% | 0.1% | 20.6% | 13.0% | 14.1% | 20.2% | 19.1% |
| Operating Margin | 16.7% | 16.7% | 16.3% | 10.9% | 0.8% | -9.2% | -4.4% | 5.0% | 3.4% | -5.9% | -5.8% |
| Net Profit Margin | 16.9% | 16.9% | 5.5% | 13.9% | 4.8% | -7.0% | -3.0% | 4.0% | 8.0% | -9.5% | -2.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 8.9% | 8.9% | 2.8% | 6.0% | 1.7% | -2.1% | -1.2% | 1.7% | 3.4% | -4.1% | -1.1% |
| ROA | 5.8% | 5.8% | 1.7% | 3.9% | 1.1% | -1.4% | -0.8% | 1.1% | 2.1% | -2.6% | -0.7% |
| ROIC | 6.3% | 6.3% | 5.3% | 3.3% | 0.2% | -2.1% | -1.3% | 1.4% | 0.9% | -1.6% | -1.6% |
| ROCE | 6.5% | 6.5% | 5.8% | 3.4% | 0.2% | -1.9% | -1.2% | 1.5% | 1.0% | -1.7% | -1.8% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.15 | 0.15 | 0.20 | 0.29 | 0.17 | 0.21 | 0.20 | 0.20 | 0.30 | 0.31 | 0.28 |
| Debt / EBITDA | 1.17 | 1.17 | 1.64 | 3.57 | 5.18 | 18.38 | 7.77 | 1.98 | 3.76 | 7.38 | 6.50 |
| Net Debt / Equity | — | -0.01 | 0.11 | 0.20 | -0.03 | -0.05 | 0.02 | -0.01 | 0.16 | 0.19 | 0.22 |
| Net Debt / EBITDA | -0.11 | -0.11 | 0.88 | 2.44 | -0.76 | -4.63 | 0.70 | -0.10 | 1.97 | 4.46 | 5.10 |
| Debt / FCF | — | -0.09 | 1.00 | 2.30 | -0.91 | -0.70 | — | -0.14 | 1.28 | 1.87 | 12.29 |
| Interest Coverage | 11.43 | 11.43 | 4.28 | 7.60 | 2.73 | -0.78 | -0.45 | 2.74 | 1.56 | -1.25 | -0.64 |
Net cash position: cash ($1.1B) exceeds total debt ($1.0B)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.47 | 2.47 | 1.62 | 1.55 | 5.92 | 5.18 | 6.40 | 6.51 | 2.38 | 5.20 | 4.35 |
| Quick Ratio | 1.68 | 1.68 | 0.80 | 0.84 | 4.46 | 3.96 | 3.87 | 5.36 | 1.74 | 2.52 | 1.25 |
| Cash Ratio | 1.13 | 1.13 | 0.51 | 0.48 | 4.07 | 3.22 | 3.11 | 3.83 | 1.26 | 1.44 | 0.68 |
| Asset Turnover | — | 0.34 | 0.32 | 0.26 | 0.22 | 0.20 | 0.24 | 0.33 | 0.26 | 0.28 | 0.29 |
| Inventory Turnover | 3.02 | 3.02 | 2.13 | 2.15 | 1.99 | 2.92 | 1.86 | 6.55 | 3.22 | 1.56 | 1.35 |
| Days Sales Outstanding | — | 39.03 | 36.03 | 61.14 | 42.44 | 75.31 | 33.67 | 50.12 | 73.84 | 75.19 | 39.71 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.2% | 0.3% | 0.3% | 0.3% | 0.6% | 0.4% | 0.5% | 0.7% | 1.6% | 4.3% | 3.8% |
| Payout Ratio | 17.7% | 17.7% | 40.5% | 14.4% | 58.1% | — | — | 32.9% | 42.8% | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 0.9% | 1.5% | 0.8% | 1.9% | 1.0% | — | — | 2.1% | 3.7% | — | — |
| FCF Yield | 0.8% | 2.7% | 3.1% | 2.8% | 1.7% | 4.1% | — | 8.3% | 13.6% | 13.2% | 2.3% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.2% | 0.3% | 0.3% | 0.3% | 0.6% | 0.4% | 0.5% | 0.7% | 1.6% | 4.3% | 3.8% |
| Shares Outstanding | — | $436M | $436M | $435M | $407M | $398M | $396M | $396M | $396M | $396M | $396M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying CCJ stock.
Cameco Corporation's current P/E ratio is 110.5x. The historical average is 39.9x. This places it at the 96th percentile of its historical range.
Cameco Corporation's current EV/EBITDA is 58.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 19.7x.
Cameco Corporation's return on equity (ROE) is 8.9%. The historical average is 5.6%.
Based on historical data, Cameco Corporation is trading at a P/E of 110.5x. This is at the 96th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Cameco Corporation's current dividend yield is 0.24% with a payout ratio of 17.7%.
Cameco Corporation has 26.7% gross margin and 16.7% operating margin. Operating margin between 10-20% is typical for established companies.
Cameco Corporation's Debt/EBITDA ratio is 1.2x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Uranium price and contracting volatility
Premium Multiples Pricing In Scarcity Thesis
Based on reported figures, Cameco trades at 74.56x trailing P/E and 49.42x EV/EBITDA, multiples that appear to embed substantial expectations for sustained uranium pricing and nuclear fuel demand growth well beyond current earnings levels. The 53.71x forward P/E suggests the market anticipates meaningful earnings recovery from the depressed recent quarters.
The gap between trailing and forward multiples suggests investors are pricing in a normalization of the lumpy quarterly earnings seen across the ten-quarter window rather than the 4.2% latest-quarter operating margin. Relative to a mature integrated producer, these multiples imply a growth-stock valuation, which may leave limited margin of safety if uranium contract pricing stalls. The 6.36x price-to-book and 12.60x price-to-sales further indicate the market is valuing the scarce Western-jurisdiction asset base and conversion capacity as a strategic premium rather than on current returns, which warrant monitoring against the 8.9% ROE.
Margins Swing With Purchased Versus Produced Pounds
According to reported quarterly figures, gross margin ranged from 16.1% to 37.3% across recent quarters while operating margin fell from 23.5% in 2025Q1 to 4.2% in 2026Q3, indicating that profitability is highly sensitive to delivery mix and spot exposure.
The reported 26.7% TTM gross margin appears to be compressed by spot-purchased uranium used to satisfy long-term contracts, suggesting that the produced-pound mix is the critical variable for underlying earning power. Net margin volatility, including near-zero results in 2025Q3 against positive operating income, points to equity-method and non-operating items distorting the bottom line. Investors should treat the 16.7% TTM operating margin as a more reliable indicator of earning power than net margin until the produced-versus-purchased split is clearer.
Low Returns Despite Conservative Leverage
Based on reported figures, ROE of 8.9% and ROIC generally between 1.0% and 2.1% across the ten quarters indicate that the expanding equity base has not yet translated into strong returns on invested capital.
The gap between ROE and ROIC suggests that low leverage, rather than operating efficiency, is driving whatever equity return exists, which implies capital is accumulating faster than it is being deployed productively. Quarterly ROA peaking at 3.4% in 2025Q2 before falling near zero indicates returns have been episodic rather than compounding. Declining ROIC relative to the growing asset base raises questions about whether recent capital outlays, including the Westinghouse commitment, will generate adequate returns.
Deleveraging Path Supports Debt Service Comfort
As reported in financial statements, debt-to-equity fell from 0.25 in 2024Q2 to 0.14 in 2026Q3 while total debt declined from $1.6B to $1.0B, suggesting debt service has become progressively more comfortable.
The reduction in D/E alongside an expanding equity base suggests a deliberate deleveraging strategy rather than passive debt amortization. However, interest coverage swung widely from 1.26x to 23.87x across quarters, indicating that coverage depends heavily on which quarter is measured and warrants monitoring. The equity-method treatment of the Westinghouse stake means its debt sits outside consolidated leverage, so reported D/E may understate total enterprise obligations.
Liquidity Adequate But Working Capital Dependent
Based on reported balance sheet figures, the current ratio held between 1.6 and 3.2 and the quick ratio between 0.8 and 2.1, indicating adequate near-term coverage that appears sensitive to inventory and receivable timing.
Quick ratios below 1.0 in 2024Q4 and 2025Q1 suggest that short-term obligations depended on inventory conversion during those periods, which appears to be a meaningful dependence given uranium inventory's lumpy value. Cash balances ranging from $160.5M to $1.1B reflect the working capital swings seen in cash flow data. Under a severe uranium price decline combined with delayed utility deliveries, the liquidity cushion would likely rely heavily on the current ratio rather than the quick ratio, which warrants further investigation.
Current Ratio Obscures Inventory Dependence
The current ratio is most commonly misapplied to uranium producers, as it can overstate liquidity when large inventory balances are held at cost while market prices fluctuate, which may be the case for Cameco.
A current ratio near 2.5 to 3.0 may appear comfortable, but if a material share of current assets consists of uranium inventory whose realizable value depends on volatile spot prices, the ratio overstates true liquidity. A more informative alternative is the cash-plus-receivables coverage of current liabilities, combined with inventory valued at market or contracted realizable prices. This adjustment would better reflect how the balance sheet holds under a sustained price downturn.