CCJ
Cameco Corporation

Cameco CorporationCCJ

Energy · Uranium
71.30USD
+4.35%
Nov 08, 2026
CCJ overview ready
Western Uranium Mining and Nuclear Fuel Services Supplier
Cameco is a major Western uranium producer and nuclear-fuel-services supplier, with uranium mining, refining/conversion operations and an ownership stake in Westinghouse that adds reactor technology and services exposure across the nuclear value chain.
Primary theme is lagging
Nuclear / Uranium is lagging (-13.7pp vs SPY over 21 sessions; 2 of 14 members ahead of SPY).
Price trend is broken
Longer-term context reads trend under pressure, with a near-term setup of distribution pressure.
The tactical setup reads distribution pressure, but the weekly structure is broken.
Demanding valuation
The price embeds expectations that run ahead of what comparable businesses command.
Fundamentals under pressure
Ev / sales is weak.
Primary risk
Volatility in uranium prices and demand.
Market Nov 6Price action Nov 7Research Oct 2

Conviction Level

PriceAction1.4BusinessPerformance—BusinessQuality—Valuation3.4ThemeMomentum1.0Business Performance not yet available.

Conviction uses Price Action, Business Performance, Business Quality, Valuation. Theme Momentum is research context, not an input.

Theme momentumPrimary theme · group context, not entry timing
vs SPY
−13.7pp
Theme return
−18.6%
Beating SPY
2 of 14
21 sessions to Nov 6, 2026 · Theme Leadership V2
Price
Loading price history…

Price Action

Price trend is broken
Longer-term context reads trend under pressure, with a near-term setup of distribution pressure.
The tactical setup reads distribution pressure, but the weekly structure is broken.
EntryDamaged / breakdown

The technical structure itself is broken across timeframes — the weakest entry profile.

Key Financials

Market Cap
$31.1B
Avg Volume (60D)
3.6M
60 sessions
Revenue Growth YoY
+1.3%
Trailing twelve months
Gross Margin
+23.8%
Trailing twelve months
Operating Margin
+12.3%
Trailing twelve months
Distance from 200DMA
-30.9%
P/E
108.0x
EV / Sales
12.4x
Market metrics as of Nov 7, 2026

Business Performance

Business Quality

Not assessed

Not assessed — the company files under a regime the financial record does not cover yet.

Fundamentals & Valuation

Cameco Corporation has an Expensive valuation stance because the price embeds expectations that run ahead of what comparable businesses command. It trades at 13.4x revenue, which requires sustained delivery to be justified.

Company Research

Thesis
Cameco is a major Western uranium producer and nuclear-fuel-services supplier, with uranium mining, refining/conversion operations and an ownership stake in Westinghouse that adds reactor technology and services exposure across the nuclear value chain.
Opportunity
High opportunity
Utility and government procurement for secure, non-Russian uranium feedstock and Western front-end nuclear-fuel services, supported by energy-security policy and reactor-life-extension/new-build demand.
Key risk
Volatility in uranium prices and demand.

Economic classification

Loading the economic classification…

Business & Markets

Energy · Uranium
What they do

Cameco Corporation mines, mills, refines, converts, and sells uranium concentrate and nuclear fuel products, and provides nuclear reactor technology and services through its Westinghouse ownership.

How it earns

The company generates revenue primarily through transactional sales of uranium concentrate, fuel services, and nuclear reactor products and services.

Products & services
Uranium concentrate mining and sales
Uranium refining and conversion services
Nuclear reactor technology and services via Westinghouse
Customers & end markets
Electric utilities generating nuclear power
Government entities procuring secure uranium supply
Nuclear reactor operators
Market position

Major Western uranium producer and nuclear-fuel-services supplier with integrated operations across the nuclear fuel cycle.

Demand drivers
High cyclicality

Uranium demand and prices are influenced by nuclear power plant construction cycles, government procurement policies, and geopolitical factors affecting supply security.

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