Cameco Corp.
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+ FollowMarket Cap$31.22B
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Earnings Call Q4 2025
February 13, 2026 - AI Summary
Strong Financial Performance: Cameco reported a 2025 annual revenue of approximately $3.5 billion, an 11% increase from 2024. Adjusted EBITDA rose 26% to about $1.9 billion, and net earnings increased by 115% to just under $630 million. This strong performance reflects the company's disciplined execution and long-term contracting strategy, which is positioning the company well for future market conditions.
Uranium Production Outlook: For 2026, Cameco expects uranium production to be between 19.5 million to 21.5 million pounds. While this is below the design capacity of 25 million pounds for McArthur River, the company emphasizes a disciplined approach to production, aligning it with market demand and not rushing into production ahead of contract commitments.
Westinghouse Investment & Market Opportunities: Cameco's investment in Westinghouse is viewed positively, with expectations of Westinghouse contributing adjusted EBITDA of $370 million to $430 million in 2026. The partnership with the U.S. government and other entities underlines the growing demand for nuclear technology, with opportunities to build more reactors in the U.S. and other regions, potentially exceeding initial expectations if projects advance beyond current assessments.
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$37.74
47.4% downside
Current Fair Value
47.4% downsideOvervalued by 47.4% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $31.22 Billion |
|---|---|
| Enterprise Value | $31.12 Billion |
| Annual dividend | $0.17 |
| Dividend yield | 0.22% |
| Earnings per Share | $1.35 |
| Beta | 1.06 |
| Outstanding Shares | 435,533,000 |
Return
| Return on Equity | 4.98% |
|---|---|
| Return on Assets | 3.45% |
| Return on Invested Capital | 5.44% |
Valuation & Multiples
| P/E Ratio | 131.6 |
|---|---|
| PEG | -142.84 |
| Price to Sales | 10.24 |
| Price to Book Ratio | 4.48 |
| Enterprise Value to Revenue | 8.96 |
| Enterprise Value to EBIT | 60.25 |
| Enterprise Value to Net Income | 87 |
| Total Debt to Enterprise | 0.03 |
| Debt to Equity | 0.14 |
Revenue Sources
No data
Last Earnings Call
Report Date
November 4, 2026
EPS Estimate
$0.22
Consensus analyst estimateRevenue Estimate
$529.29 M
Consensus analyst estimateNext Earnings Call
Expected Date
February 12, 2027
EPS Estimate
$0.30
Consensus analyst estimateRevenue Estimate
$795.93 M
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.13, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.1290▼ 203.91% |
|---|---|
| Total Calls | 3,100▼ 99.96% |
| Total Puts | 400▼ 100.00% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 2.84%▼ 60.51% |
|---|---|
| Total Invested | $1.09B▼ 96.13% |
| Investors Holding | 325▼ 789.00% |
About Cameco Corp.
3,082 employees
CEO: Timothy Gitzel
Cameco Corporation is a leading entity in the uranium sector, focusing on its production and distribution. The company operates primarily through two distinct divisions: Uranium and Fuel Services. The Uranium division covers the entire p...