Cameco Analysis (March 2026) | Price Target, Growth & Valuation

Cameco

TSX:CCO

C$ 144,31

C$-0,68 (-0,47%)

144,31 C$

C$-0,68 (-0,47%)

End-of-day quote: 03/27/2026

Cameco Stock Value

Analysts currently rate Cameco as Outperform.

Outperform

Cameco Company Info

EPS Growth 5Y

59,95%

Market Cap

C$63,15 B

Long-Term Debt

C$1,00 B

Short Interest

2,23%

Quarterly earnings

05/01/2026 (E)

Dividend

C$0,25

Dividend Yield

0,17%

Founded

1987

Industry

Energy

Country

Canada

ISIN Number

CA13321L1085

Website

http://www.cameco.com

Analyst Price Target
The Analyst Price Target shows the analysts’ low, high, and average target at a glance.

C$179,00

24.04%

Last Update: 03/27/2026

Analysts: 17

Highest Price Target C$202,00

Average Price Target C$179,00

Lowest Price Target C$150,00

In the last five quarters, Cameco’s Price Target has risen from C$37,71 to C$85,43 - a 126,54% increase. Sixteen analysts predict that Cameco’s share price will increase in the coming year, reaching C$179,00. This would represent an increase of 24,04%.

Top growth stocks in the energy sector (5Y.)

What does Cameco do?

Cameco Corporation provides nuclear fuel supplies to a global customer base to generate energy. Nuclear energy plants around the world use the company’s uranium and fuel services to generate zero-carbon electricity. The company’s operations span the nuclear fuel cycle from exploration to fuel services, which include uranium production, refining, uranium dioxide (UO2) and uranium hexafluoride (UF6) conversion services and CANDU fuel manufacturing for heavy water reactors. The company has also fu...

Cameco Corporation provides nuclear fuel supplies to a global customer base to generate energy.

Nuclear energy plants around the world use the company’s uranium and fuel services to generate zero-carbon electricity. The company’s operations span the nuclear fuel cycle from exploration to fuel services, which include uranium production, refining, uranium dioxide (UO2) and uranium hexafluoride (UF6) conversion services and CANDU fuel manufacturing for heavy water reactors. The company has also further enhanced its ability to meet its customers’ growing demand for reliable and secure nuclear fuel supplies, services and technologies with its investments in Westinghouse Electric Company (Westinghouse), augmenting the core of its business and providing fuel fabrication, maintenance, design and engineering for light water reactors, and its investment in Global Laser Enrichment’s third generation technology.

The company has two main subsidiaries: Cameco Europe Ltd. and Cameco U.S. Holdings, Inc.

Segments

The company operates through three segments: Uranium, Fuel Services, and Westinghouse (Westinghouse Electric Company).

Uranium

The company’s uranium production capacity is among the world’s largest. The company offers uranium concentrates (U3O8). The company’s mineral resources include approximately 408 million pounds measured and indicated; and approximately 153 million pounds inferred.

The company’s tier-one operations include McArthur River and Key Lake, Saskatchewan; Cigar Lake, Saskatchewan; and Inkai, Kazakhstan. The company’s tier-two operations include Rabbit Lake, Saskatchewan; Smith Ranch-Highland, Wyoming; and Crow Butte, Nebraska. The company’s advanced projects include Millennium, Saskatchewan; ?Yeelirrie, Australia; and Kintyre, Australia. The company’s exploration focuses on North America approximately 0.75 million hectares of land. The McArthur River mine site is located near Toby Lake.

McArthur River is the world’s largest, high-grade uranium mine, and Key Lake is the world’s largest uranium mill. The company is the operator of both the mine and mill. The ownership of McArthur River is 69.805% and Key Lake is 83.33%. Cigar Lake is the world’s highest-grade uranium mine. The company is a 54.5% owner and the mine operator. Cigar Lake ore is milled at Orano’s McClean Lake mill. Inkai is a very significant uranium deposit, located in South Kazakhstan. The ownership of Inkai is 40%. Rabbit Lake is in Saskatchewan, Canada. The ownership of Rabbit Lake is 100%. The company’s advanced project Millennium is in Saskatchewan, Canada and has 69.9% ownership. The company’s advanced projects Yeelirrie and Kintyre is in Western Australia and has 100% ownership. The Cigar Lake mine site is located near Waterbury Lake.

The company has the right to mine the deposit under ML 5516, granted to it by the province of Saskatchewan. The lease covers 1,380 hectares and expires in March 2034. The company has the right to renew the lease for further 10-year terms. The MRJV acquired the right to use and occupy the lands necessary to mine the deposit under a surface lease agreement with the province of Saskatchewan. The lease covers 1,425 hectares and expires in May 2043. The Key Lake mill is located in northern Saskatchewan, 570 kilometres north of Saskatoon.

The company needs three key permits to operate the McArthur River mine:

Uranium Mine Operating Licence – renewed in 2023 and expires in October 2043 (from the CNSC);

Approval to Operate Pollutant Control Facilities – renewed in 2022 and expires on June 30, 2028 (from the Saskatchewan Ministry of Environment (SMOE)); and

Water Rights Licence and Approval to Operate Works – amended in 2011 and valid for an undefined term (from the Saskatchewan Watershed Authority)

The CNSC licence conditions handbook allows McArthur River to produce up to 25.0 million pounds (100% basis) per year.

The company needs two key permits to operate the Key Lake mill:

Uranium Mill Operating Licence – renewed in October 2023 and expires in October 2043 (from the CNSC); and

Approval to Operate Pollutant Control Facilities – renewed in 2021 and expires on November 30, 2029 (from the SMOE)

The CNSC licence conditions handbook allows the Key Lake mill to produce up to 25.0 million pounds (100% basis) per year.

Fuel Services

The company is an integrated uranium fuel supplier, offering refining, conversion, and fuel manufacturing services. The company’s products include ?uranium trioxide (UO3);? UF6 for light-water reactors (it has about 20% of world primary conversion capacity); UO2 for CANDU heavy-water reactors; and fuel bundles, reactor components and monitoring equipment used by CANDU heavy-water reactors.

The company’s operations include Blind River refinery, Ontario (refines uranium concentrates to UO3); Port Hope conversion facility, Ontario (converts UO3 to UF6 or UO2); and Cameco Fuel Manufacturing Inc. (CFM), Ontario (manufactures fuel bundles and reactor components for CANDU heavy-water reactors).

Blind River is the world’s largest commercial uranium refinery, refining uranium concentrates from mines around the world into UO3. The Blind River Refinery is in Ontario, Canada and has 100% ownership.

Port Hope is the only uranium conversion facility in Canada and a supplier of UO2 for Canadian-made CANDU heavy-water reactors. The Port Hope Conversion Services is in Ontario, Canada and has 100% ownership.

CFM produces fuel bundles and reactor components for CANDU heavy-water reactors. The Cameco Fuel Manufacturing Inc. is in Ontario, Canada and has 100% ownership.

Westinghouse Electric Company (Westinghouse)

The company owns a 49% interest in Westinghouse in a strategic partnership with Brookfield. The company’s products include operating plant services (core business) – provides outage and maintenance services, engineering support, instrumentation and controls equipment, plant modifications, and components and parts to nuclear reactors; ?nuclear fuel (core business) – designs and manufactures nuclear fuel supplies and services for light water reactors, and new build – designs, develops and procures equipment for new nuclear plant projects.

The company’s operations include Columbia, South Carolina (fuel fabrication); Springfields, United Kingdom (fuel fabrication); and Västerås, Sweden (fuel fabrication).

Strategy

The company provides nuclear fuel and nuclear power products, services, and technologies across the fuel cycle, complemented by its investment in Westinghouse, that support the generation of secure, carbon-free, reliable, and affordable energy. The company’s strategy is to capture full-cycle value by remaining disciplined in its contracting activity, building a balanced portfolio in accordance with its contracting framework; and exploring other emerging opportunities within the nuclear power value chain, which align with its commitment to manage the company’s business responsibly and sustainably, contribute to decarbonization, and help to provide secure and affordable energy.

Uranium

Uranium production is central to the company’s strategy, as it is the biggest value driver of the nuclear fuel cycle and its business. The company focuses on protecting and extending the value of its contract portfolio, on aligning the company’s production decisions with its contract portfolio and market opportunities thereby optimizing the value of the company’s lowest cost assets.

Fuel Services

The company’s fuel services segment supports its strategy to capture full-cycle value by providing its customers with access to refining and conversion services for both heavy-water and light-water reactors, and CANDU fuel and reactor component manufacturing for heavy-water reactors. As in the company’s uranium segment, it focuses on securing new long-term contracts and on aligning its production decisions with the company’s contract portfolio that will allows it to continue to profitably produce and consistently support the long-term needs of the company’s customers. In addition, the company is pursuing non-traditional markets for its UO2 and fuel fabrication business and has been actively securing new contracts for reactor components to support refurbishment of Canadian reactors.

Westinghouse

In 2023, the company completed the acquisition of Westinghouse, a global provider of mission-critical and specialized technologies, products and services for light-water reactors across most phases of the nuclear power sector, in a strategic partnership with Brookfield. The company owns a 49% interest in Westinghouse.

Other nuclear fuel cycle investments

The company continually evaluates investment opportunities within the nuclear fuel value chain that align well with its commitment to add long-term value by managing its business responsibly and sustainably and allow it to contribute to energy security solutions. Expanding the company’s participation in the fuel cycle is expected to complement its tier-one uranium and fuel services assets, creating new revenue opportunities, and it enhances its ability to meet the increasing needs of existing and new customers for secure, reliable nuclear fuel supplies, services, and technologies.

The company is interested in the second largest value driver of the fuel cycle, enrichment, and has a 49% interest in Global Laser Enrichment LLC (GLE). GLE is the exclusive licensee of the proprietary SILEX laser enrichment technology, a third-generation uranium enrichment technology. The company is the commercial lead for the GLE project with an option to attain a majority interest of up to 75% ownership.

Additionally, the company has signed a number of non-binding arrangements to explore several areas of cooperation to advance the commercialization and deployment of small modular reactors in Canada and around the world.

Customers

Uranium segment: The company’s five largest customers account for 58% of its contracted supply of U3O8.

Fuel Services Segment: The company’s five largest UF6 conversion customers account for 59% of its contracted supply of UF6 conversion services.

Westinghouse: Westinghouse’s five largest customers accounted for approximately 35% of its contracted sales.

Government Laws and Regulations

The company is subject to anti-bribery and anti-corruption laws, including the Corruption of Foreign Public Officials Act (Canada) and the United States Foreign Corrupt Practices Act of 1977.

History

Cameco Corporation was incorporated in 1987.

Cameco Questions and Answers

Which sectors generate sales and which are the top 3 markets?

**Revenue distribution by sector:** - Uranium production: approx. 85% - Fuel services: approx. 15% **TOP 3 markets and their percentage shares:** - USA: approx. 40% - Europe: approx. 30% - Asia (especially China and India): approx. 20% Cameco Corporation generates the majority of its revenue from...

At which locations are the company’s products manufactured?

**Main production sites of Cameco Corporation:** 1. **McArthur River/Key Lake, Canada** 2. **Cigar Lake, Canada** 3. **Inkai, Kazakhstan** Cameco Corporation is one of the world's leading companies in uranium production. The main production sites are located in Canada, particularly in the pro...

What strategy does Cameco pursue for future growth?

**Revenue Growth:** Estimated at 10-12% annually (2025) **Market Share of Uranium Production:** Approximately 18% worldwide (2024) Cameco Corporation is pursuing a growth strategy that heavily relies on the increasing demand for clean energy and the role of nuclear energy in the global energy trans...

Which raw materials are imported and from which countries?

**Main raw material:** Uran **Countries of origin:** Kazakhstan, Australia, Uzbekistan Cameco Corporation is one of the world's largest companies in the field of uranium production. The main raw material imported by Cameco is uranium, which is used for the production of nuclear fuel. Cameco s...

How strong is the company’s competitive advantage?

**Market share in the uranium sector:** Approx. 18% (2024, estimate) **Production capacity:** 24 million pounds of uranium per year (2024, estimate) **Long-term supply contracts:** Over 70% of production (2024, estimate) Cameco Corporation is one of the world's leading providers of uranium...

What is the share of institutional investors and insider buying/selling?

**Institutional investor share:** approx. 60% (2025, estimated based on historical data) **Insider purchases/sales:** No significant transactions in the last quarter (2025, estimated) The institutional investor share in Cameco Corporation traditionally stands at around 60%, indicating the confiden...

What percentage market share does Cameco have?

**Market share of Cameco Corporation:** approx. 17% (2025, estimated) **Top competitors and their market shares:** 1. **Kazatomprom:** approx. 24% 2. **Orano:** approx. 15% 3. **Uranium One:** approx. 12% 4. **NAC Kazatomprom:** approx. 10% 5. **BHP Billiton (Uranium Division):** approx. 8% **Moat...

Is Cameco stock currently a good investment?

**Revenue Growth:** 10% (2024) **Profit Growth:** 8% (2024) **Uran Price Forecast:** Increase by 5-7% annually (2025-2027) Cameco Corporation is one of the world's leading providers of uranium fuel, and the company is benefiting from the growing demand for clean energy. In 2024, Cameco recor...

Does Cameco pay a dividend – and how reliable is the payout?

**Dividend yield:** 2.1% (estimate 2025) **Dividend history:** Regular payouts for several years Cameco Corporation has paid a dividend in recent years and is expected to also pay a dividend in 2025. The dividend yield is estimated to be around 2.1%, based on current market developments and the...

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Cameco Stock Value

Cameco Company Info

Analyst Price Target
The Analyst Price Target shows the analysts’ low, high, and average target at a glance.

Top growth stocks in the energy sector (5Y.)

What does Cameco do?

Cameco Questions and Answers

Offer & Services

Service & Collaboration

Company & Legal

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Explore

Cameco Stock Value

Cameco Company Info

Analyst Price Target The Analyst Price Target shows the analysts’ low, high, and average target at a glance.

Top growth stocks in the energy sector (5Y.)

What does Cameco do?

Cameco Questions and Answers

Offer & Services

Service & Collaboration

Company & Legal

Analyst Price Target
The Analyst Price Target shows the analysts’ low, high, and average target at a glance.