# Cameco (CCO.TO)

Canonical: https://gigainvestors.com/s/CCO.TO

Analysis as of: 2026-10-16T07:34:09.620Z. Financial observations: FY1996–FY2025.

Listing currency: CAD. Reporting currency: CAD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: CAD 118.12 per share; close as of 2026-10-15.

Estimated value: low CAD 10.56 per share, central CAD 11.69 per share, high CAD 13.19 per share. Buy at or below the central value CAD 11.69 per share. Valuation as of 2026-10-16T07:34:09.620Z; scenarios are not confidence intervals.

Expected annual return: 3.5% at the stated quote. About 3.5% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; CA 10-year bond 3.8% + 4 points).

## Checklist

### understandable: fail

- 6 revenue declines in the last 10 years

- more than 5 revenue declines in ten years

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 6

- Years with a net loss: 4

- Operating margin variation: 3.23×

Chart: Operating margin; fiscal year observations.

- FY2016: -0.06×

- FY2017: -0.06×

- FY2018: 0.03×

- FY2019: 0.05×

- FY2020: -0.04×

- FY2021: -0.09×

- FY2022: 0.01×

- FY2023: 0.11×

- FY2024: 0.16×

- FY2025: 0.17×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 5.3pp below the typical margin (limit 4pp)

- ROIC, median of available years: 0.7%

- ROIC, second-lowest year: -1.8%

- Typical minus recent gross margin: 5.3 pp

- Typical gross margin (annual median): 32.1%

- Recent gross margin (lower of latest and 3-year median): 26.7%

- Years with nonpositive capital: 0

- Capital spending / revenue: 6.3%

- ROIC including acquisitions, ten-year median: 3.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: -1.8%

- FY2017: -1.8%

- FY2018: 1.3%

- FY2019: 1.2%

- FY2020: -1.2%

- FY2021: -2.4%

- FY2022: 0.3%

- FY2023: 2.9%

- FY2024: 4.8%

- FY2025: 6.6%

### economics: pass

- Owner earnings / net income, 5-yr: 1.33×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CAD 1.5B

- Net income, five-year total: CAD 1.1B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -2.7 pp

- Working capital / revenue, change between three-year averages: -18.0 pp

- Working capital / revenue, final three-year average: 36.9%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: -0.08×

- FY2022: 1.96×

- FY2023: 1.27×

- FY2024: 1.40×

- FY2025: 1.00×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: -1.8% vs 4.8%

- Per-share earnings: -0.16 to 0.83 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 1.0%

- Ordinary dilution, 5-year annual growth: 1.9%

- Market cap gain: CAD 49B

- Cumulative retained earnings: CAD 589M

- Diluted shares, 10-year annual growth: 1.0%

- Diluted shares, 5-year annual growth: 1.9%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: CAD 0.99

- Per-share value, starting three-year median: CAD -0.16

- Per-share value, ending three-year median: CAD 0.83

- Average buyback yield: 3.2%

- Buyback history: 1 years

- Debt-funded buybacks: Yes

- Acquisition spending: CAD 0

- Cumulative net income, 10 years: CAD 1.0B

- ROIC, first three-year median: -1.8%

- ROIC, last three-year median: 4.8%

Chart: Earnings per share; fiscal year observations.

- FY2016: CAD -0.16

- FY2017: CAD -0.52

- FY2018: CAD 0.42

- FY2019: CAD 0.19

- FY2020: CAD -0.13

- FY2021: CAD -0.26

- FY2022: CAD 0.21

- FY2023: CAD 0.83

- FY2024: CAD 0.39

- FY2025: CAD 1.35

### accounting: pass

- Sloan accruals: -7.4%

- Receivables to sales index (DSRI): 1.08×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.7%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.30×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.01×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -3.7%

- FY2017: -9.4%

- FY2018: -5.3%

- FY2019: -5.1%

- FY2020: -0.6%

- FY2021: -6.9%

- FY2022: -2.0%

- FY2023: -2.9%

- FY2024: -6.5%

- FY2025: -7.4%

## Holders

- [Dan Davidowitz](https://gigainvestors.com/pcm): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 30% since Jan 2026 · "Cameco flags 2025 production hit amid McArthur River mine transition delays" (ca.finance.yahoo.com, Aug 2025) · sales +11%

Story as of 2026-10-16T09:59:59.373Z; price observation 2026-10-15.

Price needs cash profits to grow 34% a year for ten years

- 2025-08-28: Cameco flags 2025 production hit amid McArthur River mine transition delays ([ca.finance.yahoo.com](https://ca.finance.yahoo.com/news/cameco-flags-2025-production-hit-220940047.html))

- 2025-09-01: CCJ Cuts McArthur Rive Output Outlook: Can Cigar Lake Bridge the Gap? ([finance.yahoo.com](https://finance.yahoo.com/news/ccj-cuts-mcarthur-rive-output-145800140.html))

- 2025-10-28: U.S. Strikes $80 Billion Nuclear Deal With Brookfield, Cameco ([finance.yahoo.com](https://finance.yahoo.com/news/u-strikes-80-billion-nuclear-183023260.html))

- 2026-01-30: Cameco Taps Westinghouse Deal For US$80b Nuclear Reactor Pipeline ([finance.yahoo.com](https://finance.yahoo.com/news/cameco-taps-westinghouse-deal-us-021211493.html))

- 2026-02-06: Cameco Balances US Westinghouse Deal With Tightening 2025 Production Outlook ([finance.yahoo.com](https://finance.yahoo.com/news/cameco-balances-us-westinghouse-deal-090729033.html))

### Sales · FY2024–2025

sales +11%; source https://www.sec.gov/Archives/edgar/data/1009001/000119312526116229/d34605d40f.htm; observed 2026-03-19.

- FY2016: CAD 2.4B 

- FY2017: CAD 2.2B 

- FY2018: CAD 2.1B 

- FY2019: CAD 1.9B 

- FY2020: CAD 1.8B 

- FY2021: CAD 1.5B 

- FY2022: CAD 1.9B 

- FY2023: CAD 2.6B 

- FY2024: CAD 3.1B 

- FY2025: CAD 3.5B 

### Gross margin · FY2025

gross margin 26.7%; source https://www.sec.gov/Archives/edgar/data/1009001/000119312526116229/d34605d40f.htm; observed 2026-03-19.

- FY2016: 37.2% 

- FY2017: 37.3% 

- FY2018: 40.0% 

- FY2019: 36.0% 

- FY2020: 20.6% 

- FY2021: 15.8% 

- FY2022: 22.0% 

- FY2023: 30.2% 

- FY2024: 33.9% 

- FY2025: 26.7% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in uranium; annual sales are CAD 3.5 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1009001/000119312526116229/d34605d40f.htm (filed 2026-03-19); FY2025: revenue 3481933000; grossProfit 930612000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CCO.TO: Cameco Corporation provides uranium for the generation of electricity in the Americas, Europe, and Asia. It operates in three segments: Uranium, Fuel Services, and Westinghouse. The Uranium segment engages in the exploration for, mining, milling, purchase, and sale of uranium concentrate. Its Fuel Services segment is involved in the refining, conversion, and fabrication of uranium concentrate, as well as purchase and sale of conversion services. The Westinghouse segment operates as a nuclear reactor technology original equipment manufacturer and a provider of products and services to commercial utilities and government agencies. It also provides outage and maintenance, engineering support, instrumentation and controls equipment, and plant modification services, as well as components and parts to nuclear reactors. The company sells its uranium and fuel products and services to nuclear utilities. Cameco Corporation was incorporated in 1987 and is headquartered in Saskatoon, Canada.

### Why customers stay

Margins ranged from 26.7% to 33.9% during 2023–25; it earns 0.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-19); FY2023: grossProfit / revenue = 30.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-19); FY2024: grossProfit / revenue = 33.9%.

- Source: https://www.sec.gov/Archives/edgar/data/1009001/000119312526116229/d34605d40f.htm (filed 2026-03-19); FY2025: grossProfit / revenue = 26.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-19); 10-year return on capital observations [[2016,-0.01774346260175429],[2017,-0.017512569550994866],[2018,0.01303969256145843],[2019,0.011691652344183385],[2020,-0.0118809247223214],[2021,-0.023752454825188226],[2022,0.0032447381073686314],[2023,0.028611124596020904],[2024,0.048366840645304776],[2025,0.06564597796341823]]; median 0.0074681952257760085. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 4.7% of cash earnings on expansion; paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-19); FY2016: growth capex 0; upkeep 216908000; owner earnings 113903000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-19); FY2017: growth capex 0; upkeep 114028000; owner earnings 124441000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-19); FY2018: growth capex 0; upkeep 55362000; owner earnings 462615000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-19); FY2019: growth capex 0; upkeep 75211000; owner earnings 293349000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-19); FY2020: growth capex 0; upkeep 77462000; owner earnings 90660000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-19); FY2021: growth capex 0; upkeep 98784000; owner earnings 8629000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-19); FY2022: growth capex 0; upkeep 143448000; owner earnings 174935000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-19); FY2023: growth capex 0; upkeep 153631000; owner earnings 459127000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-19); FY2024: growth capex 0; upkeep 211635000; owner earnings 240920000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1009001/000119312526116229/d34605d40f.htm (filed 2026-03-19); FY2025: growth capex 27900000; upkeep 305125000; owner earnings 589577000. Growth capex / owner earnings = 0.04732206310626093.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-19); Dividend observations: [[2016,158310000],[2017,158297000],[2018,71224000],[2019,31613000],[2020,31638000],[2021,31839000],[2022,51895000],[2023,52079000],[2024,69641000],[2025,104480000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 0.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CCO.TO SharesStats.PercentInsiders = 0.14100000000000001 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 34% yearly over ten years; actual growth was 23.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-19); Ten-year compound average after fade. Initial solved rate 0.48903246408630163. Price 118.12; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.1649498601541715 → FY2025 1.3539239145910742. Closing-price date 2026-10-15.

## Monthly share-price history (CAD per share)

- 2016-10: CAD 10.33 per share

- 2016-11: CAD 12.36 per share

- 2016-12: CAD 14.04 per share

- 2017-01: CAD 16.57 per share

- 2017-02: CAD 14.70 per share

- 2017-03: CAD 14.72 per share

- 2017-04: CAD 13.09 per share

- 2017-05: CAD 12.45 per share

- 2017-06: CAD 11.81 per share

- 2017-07: CAD 12.77 per share

- 2017-08: CAD 12.52 per share

- 2017-09: CAD 12.05 per share

- 2017-10: CAD 10.48 per share

- 2017-11: CAD 12.10 per share

- 2017-12: CAD 11.61 per share

- 2018-01: CAD 11.32 per share

- 2018-02: CAD 11.32 per share

- 2018-03: CAD 11.71 per share

- 2018-04: CAD 13.52 per share

- 2018-05: CAD 13.41 per share

- 2018-06: CAD 14.79 per share

- 2018-07: CAD 14.06 per share

- 2018-08: CAD 13.56 per share

- 2018-09: CAD 14.73 per share

- 2018-10: CAD 14.10 per share

- 2018-11: CAD 15.77 per share

- 2018-12: CAD 15.48 per share

- 2019-01: CAD 15.92 per share

- 2019-02: CAD 15.27 per share

- 2019-03: CAD 15.75 per share

- 2019-04: CAD 14.78 per share

- 2019-05: CAD 13.64 per share

- 2019-06: CAD 14.04 per share

- 2019-07: CAD 12.12 per share

- 2019-08: CAD 11.68 per share

- 2019-09: CAD 12.58 per share

- 2019-10: CAD 11.76 per share

- 2019-11: CAD 12.10 per share

- 2019-12: CAD 11.54 per share

- 2020-01: CAD 10.67 per share

- 2020-02: CAD 11.61 per share

- 2020-03: CAD 10.73 per share

- 2020-04: CAD 13.84 per share

- 2020-05: CAD 14.96 per share

- 2020-06: CAD 13.92 per share

- 2020-07: CAD 13.62 per share

- 2020-08: CAD 15.11 per share

- 2020-09: CAD 13.45 per share

- 2020-10: CAD 12.66 per share

- 2020-11: CAD 12.99 per share

- 2020-12: CAD 17.05 per share

- 2021-01: CAD 15.91 per share

- 2021-02: CAD 19.97 per share

- 2021-03: CAD 20.84 per share

- 2021-04: CAD 20.66 per share

- 2021-05: CAD 23.75 per share

- 2021-06: CAD 23.76 per share

- 2021-07: CAD 22.19 per share

- 2021-08: CAD 23.31 per share

- 2021-09: CAD 27.52 per share

- 2021-10: CAD 30.07 per share

- 2021-11: CAD 29.79 per share

- 2021-12: CAD 27.58 per share

- 2022-01: CAD 24.71 per share

- 2022-02: CAD 31.17 per share

- 2022-03: CAD 36.41 per share

- 2022-04: CAD 33.17 per share

- 2022-05: CAD 30.99 per share

- 2022-06: CAD 27.06 per share

- 2022-07: CAD 32.98 per share

- 2022-08: CAD 38.28 per share

- 2022-09: CAD 36.66 per share

- 2022-10: CAD 32.31 per share

- 2022-11: CAD 32.77 per share

- 2022-12: CAD 30.69 per share

- 2023-01: CAD 37.23 per share

- 2023-02: CAD 37.30 per share

- 2023-03: CAD 35.39 per share

- 2023-04: CAD 37.25 per share

- 2023-05: CAD 37.79 per share

- 2023-06: CAD 41.49 per share

- 2023-07: CAD 46.36 per share

- 2023-08: CAD 50.00 per share

- 2023-09: CAD 53.89 per share

- 2023-10: CAD 56.73 per share

- 2023-11: CAD 62.31 per share

- 2023-12: CAD 57.13 per share

- 2024-01: CAD 64.19 per share

- 2024-02: CAD 55.00 per share

- 2024-03: CAD 58.64 per share

- 2024-04: CAD 62.81 per share

- 2024-05: CAD 75.63 per share

- 2024-06: CAD 67.31 per share

- 2024-07: CAD 62.84 per share

- 2024-08: CAD 54.99 per share

- 2024-09: CAD 64.61 per share

- 2024-10: CAD 72.76 per share

- 2024-11: CAD 83.85 per share

- 2024-12: CAD 73.91 per share

- 2025-01: CAD 71.87 per share

- 2025-02: CAD 63.70 per share

- 2025-03: CAD 59.24 per share

- 2025-04: CAD 62.23 per share

- 2025-05: CAD 80.34 per share

- 2025-06: CAD 101.13 per share

- 2025-07: CAD 104.03 per share

- 2025-08: CAD 106.24 per share

- 2025-09: CAD 116.80 per share

- 2025-10: CAD 143.34 per share

- 2025-11: CAD 123.95 per share

- 2025-12: CAD 125.68 per share

- 2026-01: CAD 168.41 per share

- 2026-02: CAD 161.38 per share

- 2026-03: CAD 151.28 per share

- 2026-04: CAD 166.98 per share

- 2026-05: CAD 154.91 per share

- 2026-06: CAD 144.56 per share

- 2026-07: CAD 120.98 per share

- 2026-08: CAD 136.82 per share

- 2026-09: CAD 123.38 per share

- 2026-10: CAD 122.57 per share

## Annual estimated value (CAD per share)

- FY2016: low CAD 2.28 per share, central CAD 2.50 per share, high CAD 2.79 per share

- FY2017: low CAD 4.18 per share, central CAD 4.56 per share, high CAD 5.07 per share

- FY2018: low CAD 5.38 per share, central CAD 5.75 per share, high CAD 6.25 per share

- FY2019: low CAD 5.06 per share, central CAD 5.47 per share, high CAD 6.02 per share

- FY2020: low CAD 4.67 per share, central CAD 5.06 per share, high CAD 5.58 per share

- FY2021: low CAD 5.59 per share, central CAD 5.91 per share, high CAD 6.33 per share

- FY2022: low CAD 9.61 per share, central CAD 10.22 per share, high CAD 11.03 per share

- FY2023: low CAD 7.29 per share, central CAD 8.13 per share, high CAD 9.25 per share

- FY2024: low CAD 7.28 per share, central CAD 8.12 per share, high CAD 9.23 per share

- FY2025: low CAD 10.81 per share, central CAD 11.94 per share, high CAD 13.44 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:39:54.223Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 40-F filing](https://www.sec.gov/Archives/edgar/data/1009001/000119312526116229/d34605d40f.htm); period 2025-12-31, filed 2026-03-19.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.