Latest Ratios: P/E Ratio 94.9x · EV/EBITDA 62.9x · 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 | $39.5B | $39.9B | $22.4B | $18.8B | $9.2B | $8.7B | $5.3B | $3.5B | $4.5B | $3.7B | $4.1B |
| Enterprise Value | $39.5B | $39.8B | $23.1B | $20.0B | $9.1B | $8.4B | $5.4B | $3.5B | $5.3B | $4.6B | $5.3B |
| P/E Ratio → | 94.91 | 67.77 | 131.77 | 51.93 | 103.05 | — | — | 46.84 | 27.02 | — | — |
| P/S Ratio | 16.04 | 11.45 | 7.14 | 7.25 | 4.94 | 5.88 | 2.95 | 1.89 | 2.15 | 1.69 | 1.70 |
| P/B Ratio | 8.09 | 5.78 | 3.52 | 3.08 | 1.58 | 1.79 | 1.07 | 0.92 | 0.90 | 0.75 | 0.79 |
| P/FCF | 54.60 | 39.00 | 32.30 | 35.11 | 57.27 | 24.12 | — | 12.05 | 7.34 | 7.58 | 43.40 |
| P/OCF | 41.19 | 29.42 | 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 | 62.93 | 44.91 | 28.01 | 39.73 | 47.20 | 155.36 | 37.84 | 9.46 | 10.97 | 20.29 | 21.22 |
| EV / EBIT | 95.98 | 46.72 | 48.64 | 34.52 | 59.05 | — | — | 15.91 | 38.63 | — | — |
| EV / FCF | — | 38.91 | 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 | 1.15 | 1.15 | 1.57 | 3.57 | 5.18 | 18.38 | 7.08 | 2.11 | 3.11 | 6.66 | 5.96 |
| 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 | -0.10 | -0.10 | 0.84 | 2.44 | -0.76 | -4.63 | 0.64 | -0.11 | 1.63 | 4.02 | 4.68 |
| 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 | 1.1% | 1.5% | 0.8% | 1.9% | 1.0% | — | — | 2.1% | 3.7% | — | — |
| FCF Yield | 1.8% | 2.6% | 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 94.9x. The historical average is 39.9x. This places it at the 91th percentile of its historical range.
Cameco Corporation's current EV/EBITDA is 62.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 19.3x.
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 94.9x. This is at the 91th 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 0.19% 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 volatility
Premium Pricing for Security of Supply
Cameco trades at 93.4x trailing earnings and 61.9x EV/EBITDA, far above peers, reflecting a security-of-supply premium. According to recent market data, forward multiples (54.6x P/E, 21.1x EV/EBITDA) suggest investors expect substantial earnings growth.
The valuation implies the market is pricing in a sustained uranium bull market and successful execution of the Westinghouse integration. Compared to its own history, the current multiples are at the high end, indicating that much of the anticipated growth is already reflected in the share price. Investors should monitor whether contract prices and production ramp-up can justify these levels, as any disappointment could lead to multiple compression.
Margin Volatility Masks Underlying Strength
Gross margin averaged 26.7% over the TTM, but quarterly swings from 21.1% to 37.3% highlight the impact of purchased uranium. As reported in financial statements, operating margin of 16.7% suggests core profitability is solid, though net margin is distorted by non-operating items.
The wide quarterly margin fluctuations are largely due to the mix of self-produced versus purchased uranium, which can temporarily depress gross margins when spot prices are high. The 2026Q2 gross margin of 21.1% likely reflects higher-cost spot purchases to fulfill contracts, a practice that may continue if production ramp-up lags. Excluding these effects, the underlying mining margins appear robust, supported by high-grade assets and a favorable long-term contract book.
Returns Trapped by Ramp-Up Phase
ROIC has hovered around 1-2% over the past ten quarters, with ROE averaging 1.4% in 2026, despite strong margins. Based on reported figures, this suggests capital employed is growing faster than earnings, likely due to heavy investment in mine restarts and the Westinghouse stake.
The low returns on capital are not indicative of the company's long-term earning power but reflect the current phase of heavy capital expenditure and asset base expansion. As production ramps up and the Westinghouse investment matures, returns should improve, but investors should monitor whether the company can achieve returns above its cost of capital. The gap between operating margin (16.7%) and ROIC (1.1%) underscores the capital intensity of the business.
Working Capital Swings Signal Delivery Timing
Cash conversion cycle averaged 108 days over the last ten quarters, with DIO spiking to 203 days in 2024Q2. According to recent filings, these swings reflect lumpy delivery schedules and inventory build-ups ahead of contract shipments, not operational inefficiency.
The high inventory days are a function of the uranium fuel cycle, where material is often stockpiled for future deliveries. The CCC improved to 61 days in 2026Q2 from 149 days in 2024Q1, indicating better alignment between production and deliveries. However, the volatility in DSO and DPO suggests that working capital management is secondary to meeting contractual obligations, which can distort quarterly cash flow.
Conservative Leverage Provides Flexibility
Debt-to-equity fell to 0.14 in 2026Q2 from 0.28 in 2024Q1, with interest coverage improving to 4.5x. As reported in balance sheet data, total debt declined to $1.0B, indicating a strong capacity to fund growth without straining the balance sheet.
The low leverage is a strategic advantage, especially in a capital-intensive industry with volatile commodity prices. The improvement in interest coverage from 1.94x in 2024Q1 to 4.5x in 2026Q2 reflects both lower debt and higher operating income. This conservative posture suggests the company can weather uranium price downturns and pursue strategic investments, such as the Westinghouse stake, without resorting to equity dilution.
Liquidity Buffer Shields Against Price Shocks
Current ratio improved to 3.06 in 2026Q2 from 1.42 in 2024Q1, with cash at $1.1B. Based on reported figures, the quick ratio of 2.10 indicates ample coverage of short-term obligations, even if inventory becomes illiquid.
The strong liquidity position provides a cushion against uranium price volatility and potential production disruptions. The improvement in the current ratio is partly due to the consolidation of Westinghouse, which brought additional current assets. However, the quick ratio's reliance on receivables and cash suggests that the company can meet its near-term liabilities without needing to sell inventory at depressed prices, which is crucial in a downturn.
P/E Misleads in Cyclical Uranium Market
The trailing P/E of 93.4x is often misapplied to Cameco, as it fails to capture the cyclicality of uranium prices and the impact of purchased uranium on earnings. According to financial statements, a more appropriate metric is EV/EBITDA, which normalizes for non-cash items and capital structure.
The P/E ratio is distorted by the company's practice of purchasing uranium to fulfill contracts, which can depress net income in periods of rising spot prices. Additionally, the equity method accounting for Westinghouse means that its earnings are not fully reflected in net income, making P/E less comparable. EV/EBITDA, on the other hand, provides a clearer picture of the underlying business value, though it still requires adjustment for the produced vs. purchased mix. Investors should focus on forward EV/EBITDA and cash flow metrics to assess valuation.