Fact Summary
Cameco reported Q2 2026 (quarter ended 2026-06-30) revenue of $573.46 million, below the market consensus of $592.27 million, and adjusted EPS of $0.1268, below the consensus of $0.28. The uranium segment's average realized price was $93.13/lb, up 15% year-over-year, while production (Cameco's share) was 3.9 million lb, down 15% year-over-year. On the same day as its earnings release, the company raised its 2026 consolidated revenue guidance range to $3,320-3,570 million, and Westinghouse (49% owned by Cameco) confidentially submitted a draft Form S-1 to the SEC for an initial public offering on 2026-07-31.
Price-Change Context Note
The reference-date (2026-07-31) closing price was 86.38 USD, down -2.10% from the previous close, and trading volume of 5,599,296 shares was about 1.6x the 3-month average (approx. 3.48 million shares), higher than usual. Coinciding with the same-day Q2 earnings release, in which revenue and adjusted EPS came in below consensus, a broad pullback across uranium-related stocks was reported (citing secondary commentary articles).
Business Overview
Cameco is a uranium producer headquartered in Saskatchewan, Canada, dual-listed on the New York Stock Exchange (NYSE:CCJ) and the Toronto Stock Exchange (TSX:CCO). The business comprises three segments: the Uranium segment (mining, refining, and sales of uranium), the Fuel Services segment (refining, conversion, and fuel fabrication), and the Westinghouse equity investment segment (reactor maintenance, engineering support, and parts supply; 49% owned, co-held with Brookfield Renewable and others) (Company IR, as of 2026-08-03).
Q2 2026 Results
| Metric | 2026 Q2 | 2025 Q2 |
|---|---|---|
| Revenue | $573.46 million | — |
| Adjusted EBITDA | $391 million | $673 million |
| Adjusted Net Earnings | $77 million | $308 million |
| Adjusted EPS | $0.1268 | — |
| Average Realized Uranium Price | $93.13/lb | — |
| Uranium Production (Cameco's share) | 3.9 million lb | -15% YoY |
5-Year Revenue Trend
Over the same period, net income turned from a loss of -102.58 million CAD in 2021 to a profit of 589.58 million CAD in 2025, with a temporary slowdown to 171.85 million CAD in 2024 followed by a sharp rebound in 2025 (stockanalysis.com compilation, C). As of 2026-06-30, cash and cash equivalents were $1.1 billion and total debt was $1.0 billion, maintaining a net cash position (A).
Valuation (Factual Multiples)
Trailing and forward P/E ratios vary by data vendor (gurufocus forward 86.17x, finbox 99.5x, etc.) — the figures above are as queried from stockanalysis.com on 2026-08-02 and have not been settled as a single authoritative figure. Relative to the industry (Other Energy Sources), multiple sources consistently confirm a premium-valuation trend (+646.1% vs. industry median per gurufocus, C).
Peer Comparison
Cameco holds a market cap far larger than development-stage growth companies (NexGen, Denison, Uranium Energy Corp). Its multiple relative to net asset value (NAV) is 2.3x, trading at a premium compared to similarly sized Kazatomprom (1.0x) and mid-tier developers (1.3-1.6x) (S&P Global, 2026-02, E).
Supply & Demand (Short Interest, Institutional Ownership, ETF Flows)
Short Interest Declining Short interest has declined sharply to the current 1.5-1.7% level from the 2023-2024 peak (6.1%). The 2026-07-31 trading volume (5,599,296 shares) was about 1.6x the 3-month average (approx. 3.48 million shares) and about 1.37x the 10-day average (approx. 4.10 million shares), higher than usual (stockanalysis.com, secondary). Q2 2026 (as of 2026-06-30) 13F filings, due by 2026-08-15, have not yet been made public.
Governance & Shareholder Structure
According to the 2026 proxy circular (record date 2026-03-09), the company is not aware of any single shareholder holding 5% or more. However, per the original SEC Schedule 13G filing, BlackRock, Inc. newly reported holding 5.02% (21,875,115 shares) as of 2026-06-30, filed on 2026-07-27 (A). Seven of the board's nine directors (78%) are independent, and the roles of Chair and CEO have been separated since 2003 (A). Cameco has not missed a dividend since its 1991 listing, and the 2025 annual dividend per share was $0.24, three times the 2021 level ($0.08) (A). Under the company's charter, Canadian residents are prohibited from holding or controlling more than 25% of voting rights, and non-residents more than 15%, with aggregate non-resident voting rights proportionally reduced to 25% of total votes.
Macro & Industry Environment
The U.S. ban on Russian enriched uranium imports is set to become a full prohibition when the waiver expires on 2028-01-01, sustaining pressure on Western utilities to shift procurement away from Russian sources (Federal Register, A). Kazakhstan's Kazatomprom set its 2026 production plan roughly 9-10% lower than the prior year, a factor keeping the supply picture tight (World Nuclear News, secondary). Reports in H1 2026 noted major tech companies signing nuclear-related agreements totaling approximately 10GW, reflecting expanding data-center-driven power demand (Carbon Credits/Forbes, secondary).
Risk Factors
- Operational: Spring 2026 flooding damaged access roads to McArthur River and Key Lake, disrupting production, and an equipment fault at the McClean Lake mill (operated by Orano) on 2026-06-29 halted Cigar Lake production for approximately two weeks (2026-07-01 to 15, A).
- Geopolitical/Policy: The company's own SEC disclosures identify the possibility of tariffs on Canadian energy products as a risk factor (A). JV Inkai (Kazakhstan, 40% owned by Cameco) has a history of temporary production halts due to local licensing/permitting delays.
- Financial/Valuation: The stock trades at a forward P/E of 59.6-99.5x (varies by source), a substantial premium to the industry median, and Q2 2026 adjusted EPS came in below consensus (A).
- Westinghouse: Cameco's equity share recorded a net loss of -$10 million in Q2 2026 (a swing to loss from net income in the prior-year period), and its confidential draft Form S-1 submission to the SEC for an IPO on 2026-07-31 raises the possibility of a future re-rating event for the equity stake (A).
Theme Relevance
Fact Highlights
Generated by FomoLog Agent · Data sources: KRX · NASDAQ · DART · SEC EDGAR