Frontierby eninvs

Language: EN · RU

← Region

Cameco (CCJ) USD

At a glance: strengths & risks
✓Revenue growing (+19%)✓Margins improving (19%→26%)✓Low leverage (0.8x EBITDA)✗Profit falling (-53%)✗Pricier than own history (EV/EBITDA 70.9 vs avg 45.4)

Sector: Uranium

Geography: Canada, Kazakhstan

COMM_CCJ

Price chart

97.74 USDDay -0.01%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
97.74 USD · -0.01%
Market cap
42.6 bn USD

Growth

Δ revenue y/y
-5.6%
Δ EBITDA y/y
-41.0%

Multiples

P/E (LTM)
166.3x
3y avg: 124.3x
P/B (FY)
9.2x
EV/EBITDA (LTM)
70.9x
3y avg: 45.4x
EV/EBITDA (ann.)
99.7x

Cash return

Dividend yield
0.2%
FCF yield (LTM)
0.9%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-83.9%
↓ details

Liquidity

Daily turnover (listing)
162.1 mln USD

Shares: yahoo_fundamentals_timeseries/CCJ

Financial results

Monetary columns are in M USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2026-06-30Q2 2026 (3M)OK592.7
y/y -5.6%
54.0
y/y -54.5%
52.6
y/y -15.1%
106.6
y/y -41.0%
18.4
y/y -92.0%
95.4-52.37499.1
y/y 9.4%
5196.1
y/y 7.7%
1.4%-84.5Link
2026-03-31Q1 2026 (3M)OK615.7
y/y 9.0%
119.6
y/y -11.1%
48.9
y/y 12.7%
168.4
y/y -5.3%
95.2
y/y 90.8%
-16.2-56.67360.7
y/y 9.6%
5145.7
y/y 10.8%
7.6%-57.2Link
2025-12-31Q4 2025 (3M)OK859.4
y/y —
146.2
y/y —
62.2
y/y —
208.4
y/y —
142.5
y/y —
484.7-78.17372.1
y/y —
4940.4
y/y —
11.6%-84.8Link
2025-09-30Q3 2025 (3M)OK439.8
y/y -16.4%
66.6
y/y -9.1%
49.7
y/y -4.3%
116.3
y/y -7.1%
-0.1
y/y -101.9%
111.4-66.26969.9
y/y 2.8%
4852.4
y/y 7.0%
-0.0%163.5Link
2025-06-30Q2 2025 (3M)OK627.6
y/y 43.6%
118.8
y/y 76.2%
61.9
y/y 37.0%
180.6
y/y 60.5%
229.6
y/y 773.5%
332.9-53.66857.0
y/y 0.1%
4824.5
y/y 6.7%
19.4%208.3Link
2025-03-31Q1 2025 (3M)OK565.0
y/y 22.1%
134.6
y/y -1.4%
43.4
y/y 69.4%
177.9
y/y 9.7%
49.9
y/y —
78.9-40.46715.8
y/y -3.2%
4645.8
y/y 4.1%
4.3%453.9Link
2024-12-31Q4 2024 (3M)OK863.5
y/y 38.1%
95.2
y/y 304.5%
106.9
y/y 212.7%
202.1
y/y 1729.3%
98.9
y/y 66.6%
386.7-48.17233.1
y/y -1.8%
4646.6
y/y 2.9%
2.7%499.4Link
2024-09-30Q3 2024 (3M)OK526.1
y/y 23.4%
73.3
y/y -27.1%
51.9
y/y 25.2%
125.2
y/y -11.8%
5.4
y/y -95.1%
38.2-44.06780.7
y/y 4.9%
4533.7
y/y 0.1%
0.2%805.3Link
2024-06-30Q2 2024 (3M)OK436.9
y/y 22.3%
67.4
y/y 157.9%
45.2
y/y 45.6%
112.6
y/y 97.0%
26.3
y/y 159.1%
189.9-34.26850.3
y/y 6.7%
4522.6
y/y 2.2%
2.3%884.1Link
2024-03-31Q1 2024 (3M)OK462.9
y/y -9.1%
136.5
y/y 5.3%
25.6
y/y -54.8%
162.1
y/y -12.9%
-5.2
y/y -105.8%
46.1-29.26938.2
y/y 8.8%
4462.3
y/y 1.1%
-0.5%998.3Link
2023-12-31Q4 2023 (3M)OK625.3
y/y —
-46.6
y/y —
34.2
y/y —
-12.4
y/y —
59.4
y/y —
149.2-32.37362.0
y/y —
4516.4
y/y —
5.9%902.2Link
2023-09-30Q3 2023 (3M)OK426.2
y/y —
100.4
y/y —
41.5
y/y —
141.9
y/y —
109.7
y/y —
136.9-32.06462.4
y/y —
4528.7
y/y —
3.3%-1237.7Link
2023-06-30Q2 2023 (3M)OK357.2
y/y —
26.1
y/y —
31.0
y/y —
57.2
y/y —
10.1
y/y —
64.4-29.66419.8
y/y —
4427.4
y/y —
0.9%-897.9Link
2023-03-31Q1 2023 (3M)OK509.1
y/y —
129.6
y/y —
56.6
y/y —
186.2
y/y —
88.2
y/y —
159.4-19.96376.3
y/y —
4414.2
y/y —
—-302.2Link

Net debt structure (leases included, IFRS 16) 2026-06-30

Long-term debt (incl. LT leases)726
− Cash & equivalents810
Net debt-84

Net debt / LTM EBITDA: -0.1x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

02004006008002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-50%0%50%100%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

FCF ($ mln)

-20002004006002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

-25002505007501 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Worth a look
In a typical year of 2020–2024 operating cash flow came to 3.41x of reported net profit; after capex, 1.80x. Loss years (2020, 2021) are left out of the ratio.
year20202021202220232024
cash flow / profit——3.41x1.91x5.27x
accruals, % of assets-0.6%-7.5%-2.5%-3.3%-7.4%
Last twelve months (to 2026-06-30): 2.64x of profit came back as operating cash flow.
net debt / EBITDA 0.8x · capex 0.6x of depreciation
● Capex is 59% of depreciation - the asset base is being consumed faster than replaced.
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Production & Reserves

Physical operating metrics — supplementary, not part of the financial statements

Proved reserves
395 million pounds U3O8
2024
Reserve life (R/P)
22.4 yrs
reserves ÷ annual output
Annual production
17.60 million pounds U3O8
2024
Production guidance
18 million pounds U3O8

Production, million pounds U3O8

10.20202011.50202113202215.10202317.602024

Proved reserves

YearReserves, million pounds U3O8
2024395

Production

YearProduction, million pounds U3O8
202417.60
+16.6%
202315.10
+16.2%
202213
+13.0%
202111.50
+12.7%
202010.20

SEC 10-K (CIK 1009001) via DeepSeek; CCJ primary-product production & reserves.

Key-commodity price — Uranium (Cameco)

Current 86spot vs LTM +5%

Commodity-player potential

Target market cap from conservative EBITDA and the historical EV/EBITDA

Upside: -83.9% → +0.0 pp 1d

Main driver: Uranium (Cameco) +5% vs LTM; revenue ×1.05 vs costs ×1.00; EBITDA 588→514; at 12.0× EV/EBITDA → -84%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $vs LTM, CAD3y vs LTM
Uranium (Cameco) (rev)+100%86.3882.2772.68+5%+5%-12%
Electricity Spot (cost)-10%57.8062.1952.40-7%-7%-16%

How it is calculated — revenue → costs → EBITDA → target market cap

1 · Reported baseline (LTM)
LTM revenue2 508
LTM EBITDA588
LTM cash costs (revenue − EBITDA)1 920
2 · Revenue projection
Revenue multiplier — spot×1.050 (+5%)
= Spot revenue2 633
Revenue multiplier — 3y price×0.883 (-12%)
= 3-year-price revenue2 215
3 · Costs projection
Cost multiplier — spot×0.999 (-0%)
= Spot cash costs1 918
Cost multiplier — 3y price×0.991 (-1%)
= 3-year-price cash costs1 902
4 · EBITDA projection (revenue − costs)
= Spot EBITDA715
= 3-year-price EBITDA314
Conservative EBITDA = min(spot, avg)514
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)12.0x
Target EV = EV/EBITDA × conservative EBITDA6 169
Net debt-57
Target market cap = EV − net debt6 276
Current market cap38 877

Upside = target market cap ÷ current − 1 = -83.9%

Spot model vs reported — what the spot model projected (trailing-LTM base brought to the period × the period's commodity-price move) against the actual report, per reported period (quarter, half-year or full year — per the filer's calendar); amounts in USD mln. green = reported above projection, pink = below.

PeriodAct. revModel revΔ revAct. EBITDAModel EBITDAΔ EBITDA
2023 Q3426445-4.2%142132+7.9%
2023 Q4625570+9.8%-12249-105.0%
2024 Q1463676-31.6%162292-44.5%
2024 Q2437622-29.7%113240-53.0%
2024 Q3526580-9.3%125194-35.3%
2024 Q4864525+64.4%202114+78.0%
2025 Q1565475+18.9%17864+178.7%
2025 Q2628518+21.1%18167+170.8%
2025 Q3440658-33.2%116173-32.8%
2025 Q4859684+25.7%208216-3.6%
2026 Q1616742-17.0%168277-39.2%
2026 Q2593701-15.5%95234-59.3%

Revenue growth & acceleration

Growth decelerating ▼
Last-year revenue growth +19% vs +34% the year before — a -14.2 pp move. 3-year CAGR +25%.
revenue growth by year: 2022 +22% · 2023 +34% · 2024 +19%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 41.5x · target 75th pct (3y) 46.9x · LTM avg 60.3x

EV/EBITDA (LTM)EV/EBITDA (projected)target 75th pct (projected, 3y)

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2025-12-010.172 USDEx-dividend: 0.172 USD per sharePaidYahoo Finance (ex-div)
2024-11-270.114 USDEx-dividend: 0.114 USD per sharePaidYahoo Finance (ex-div)
2023-11-290.088 USDEx-dividend: 0.088 USD per sharePaidYahoo Finance (ex-div)
2022-11-290.089 USDEx-dividend: 0.089 USD per sharePaidYahoo Finance (ex-div)
2021-11-290.063 USDEx-dividend: 0.063 USD per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Cameco (CCJ) — from primary filings.

Cameco Corporation is a Canadian company that mines and processes uranium, and provides nuclear fuel services and reactor technology to utilities for electricity generation.

Frequently asked questions

What is Cameco (CCJ)'s P/E ratio?
Cameco (CCJ) trades at a P/E of 166.3x (price to trailing 12-month earnings).
What is Cameco (CCJ)'s EV/EBITDA?
Cameco (CCJ) trades at 70.9x EV/EBITDA.
What is Cameco (CCJ)'s P/B ratio?
Cameco (CCJ) trades at a P/B of 9.2x.
What is Cameco (CCJ)'s dividend yield?
Cameco (CCJ)'s trailing 12-month dividend yield is 0.2%.
What is Cameco (CCJ)'s return on equity (ROE)?
Cameco (CCJ)'s ROE is 1.4%.
What is Cameco (CCJ)'s market capitalization?
Cameco (CCJ)'s market cap is 42.6 bn USD.

See also: The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map