ValueScreener

ValueScreener company report

Cameco Corporation (CCJ)

NYSE / Energy / Uranium

Share price

83.23 USD Market dataClose of Oct 15, 2026

Market capitalisation

36.25B USD Market dataClose of Oct 15, 2026
Market data
Oct 15, 2026
Filed accounts
FY2025, filed Mar 19, 2026
Ratios computed
Oct 15, 2026
Filed years
10, FY2016 to FY2025
Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means
SEC filingFiled with the SEC
Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
Company statementCompany statement
What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
Market dataMarket data
Prices, market value and what analysts publish, with the date they are as of.
ComputedComputed by ValueScreener
Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.
Reading

1 of 10

Overview

What the business is, what it costs, and how it reads on four questions.

Market dataSEC filingComputed

Four questions, at a glance

Quality

Return on invested capital, after tax

6.9% Computed

From the FY2025 filing

Read quality

Valuation

Price to earnings

87.26x Computed

FY2025 accounts, priced at the latest close

Read valuation

Cash generation

Free cash flow yield

2.1% Computed

FY2025 accounts, priced at the latest close

Read cash generation

Revenue and net income, as filed

FY2016 Revenue: 2.43B CADFY2016 Net income: -61.6M CADFY2017 Revenue: 2.16B CADFY2017 Net income: -204.9M CADFY2018 Revenue: 2.09B CADFY2018 Net income: 166.3M CADFY2019 Revenue: 1.86B CADFY2019 Net income: 74.0M CADFY2020 Revenue: 1.80B CADFY2020 Net income: -53.2M CADFY2021 Revenue: 1.47B CADFY2021 Net income: -102.6M CADFY2022 Revenue: 1.87B CADFY2022 Net income: 89.4M CADFY2023 Revenue: 2.59B CADFY2023 Net income: 360.8M CADFY2024 Revenue: 3.14B CADFY2024 Net income: 171.9M CADFY2025 Revenue: 3.48B CADFY2025 Net income: 589.6M CAD
Revenue Net income10 filed fiscal years, from the annual reports; the table in Filings names each document.
Named tests met
2 of 30 Which tests
The business, and the score behind its five axes

The reading, in brief

Is it cheap

Price to earnings is 87.26x at the close of 2026-10-15 on FY2025 figures; the lines are 15.00x (Graham's defensive ceiling) and, by market convention, 10.00x, 25.00x and 40.00x, and this sits above the highest.

Today, against the Energy sector (163 companies), 87.26x sits at the 94th percentile; the middle half of that group runs from 12.02x to 29.24x.

Is it good

Return on invested capital was 6.9% in FY2025, in the band labelled "Likely below the cost of capital" (below 8.0%), on lines anchored on Damodaran's cost-of-capital data, suggesting returns below the usual cost of the capital employed.

Today, against the Energy sector (108 companies), 6.9% sits at the 46th percentile; the middle half of that group runs from 2.6% to 11.9%.

Is it safe

Interest coverage was 5.37x in FY2025, in the band labelled "Investment grade" (3.00x to 6.00x), on lines anchored on Damodaran's interest-coverage table.

Year by year against peers
Whether Cameco Corporation's return on invested capital stayed above the median of the Energy sector, year by year. (FY2023 to FY2025, 3 fiscal years of Cameco Corporation with a comparable figure)
The direction
Which way Cameco Corporation's return on equity has moved, and how steadily. (FY2016 to FY2025, 10 filed years of Cameco Corporation)
What could explain it
What in Cameco Corporation's filed statements could explain the movements. (6 readings drawn from the statement lines Cameco Corporation filed)
What to check next
What to check next on Cameco Corporation, and where in its filings. (2 questions for Cameco Corporation)
In one paragraph
One paragraph on Cameco Corporation's returns, cash, balance sheet and price. (15 of sixteen figures read for Cameco Corporation)

These are CCJ’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.

Research CCJPart of Serious. New accounts start with 30 days of Professional, free, no card.

2 of 10

What changed

The newest filing, what it moved, and when the next one is due.

SEC filingCompany statement

The newest accounts on file are the FY2025 annual report: 40-F, filed Mar 19, 2026, accession 0001193125-26-116229.

3 of 10

Quality

The returns the business earns on its capital, and the margins behind them.

SEC filingComputed

Cameco Corporation: returns on capital and margins, each with its source
FigureValue, source and document
Return on invested capital, after tax6.9% ComputedFY2025 40-F, filed Mar 19, 2026, 0001193125-26-116229
Return on equity8.5% ComputedFY2025 40-F, filed Mar 19, 2026, 0001193125-26-116229
Return on capital employed, pre-tax6.7% ComputedFY2025 40-F, filed Mar 19, 2026, 0001193125-26-116229
Return on assets5.7% ComputedFY2025 40-F, filed Mar 19, 2026, 0001193125-26-116229
Gross margin27.9% ComputedFY2025 40-F, filed Mar 19, 2026, 0001193125-26-116229
Operating margin17.8% ComputedFY2025 40-F, filed Mar 19, 2026, 0001193125-26-116229
Net margin16.9% ComputedFY2025 40-F, filed Mar 19, 2026, 0001193125-26-116229
CCJ 16.9%
TS 16.1%WDS 20.9%EC 10.4%BKR 9.3%FSLR 29.3%
9.3%29.3%
Net margin: CCJ against the 5 companies named under Valuation context, each as filed for its own latest year. Placement only: no average is drawn.

4 of 10

Financial strength

What it owes against what it owns, and whether it can meet what falls due.

SEC filingComputedCompany statement

Cameco Corporation: leverage, liquidity and distress, each with its source
FigureValue, source and document
Debt to equity0.15 ComputedFY2025 40-F, filed Mar 19, 2026, 0001193125-26-116229
Current ratio2.47 ComputedFY2025 40-F, filed Mar 19, 2026, 0001193125-26-116229
Quick ratio1.68 ComputedFY2025 40-F, filed Mar 19, 2026, 0001193125-26-116229
Interest coverage5.37x ComputedFY2025 40-F, filed Mar 19, 2026, 0001193125-26-116229
Altman Z-score10.29 ComputedClose of Oct 15, 2026 · FY2025 40-F, filed Mar 19, 2026, 0001193125-26-116229
Net debt-103.6M ComputedFY2025 40-F, filed Mar 19, 2026, 0001193125-26-116229
Total assets 10.30BTotal liabilities 3.40BShareholders' equity 6.90BOwnsOwes, and equity
Total assets Total liabilities Shareholders’ equity
The balance sheet, line by line

Financial health

What Cameco Corporation owned and owed at the end of fiscal 2025, from the balance sheet it filed (40-F, filed Mar 19, 2026, 0001193125-26-116229).

Cameco Corporation: balance sheet position
Total assets10.30B FiledFY2025 40-F, filed Mar 19, 2026
Total liabilities3.40B FiledFY2025 40-F, filed Mar 19, 2026
Shareholders' equity6.90B FiledFY2025 40-F, filed Mar 19, 2026
Cash1.11B FiledFY2025 40-F, filed Mar 19, 2026
Total debt1.01B FiledFY2025 40-F, filed Mar 19, 2026
Net debt-103.6M
Current ratio2.47
Debt to equity0.15

Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.

5 of 10

Valuation context

What the market charges for it, against its own record and companies like it.

Market dataSEC filingComputed

Cameco Corporation: what the market charges, each with its source
FigureValue, source and document
Price to earnings87.26x ComputedClose of Oct 15, 2026 · FY2025 40-F, filed Mar 19, 2026, 0001193125-26-116229
P/E on trailing twelve months
Why n/a

A trailing figure needs 4 filed quarters with the dates they were filed on, and we hold 0 for this company. Nothing is drawn rather than a line built from fewer.

n/a ComputedClose of Oct 15, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings
Price to book7.45x ComputedClose of Oct 15, 2026 · FY2025 40-F, filed Mar 19, 2026, 0001193125-26-116229
Price to sales14.77x ComputedClose of Oct 15, 2026 · FY2025 40-F, filed Mar 19, 2026, 0001193125-26-116229
Enterprise value to EBIT83.06x ComputedClose of Oct 15, 2026 · FY2025 40-F, filed Mar 19, 2026, 0001193125-26-116229
Enterprise value to EBITDA56.34x ComputedClose of Oct 15, 2026 · FY2025 40-F, filed Mar 19, 2026, 0001193125-26-116229
Price to earnings over growth
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2025 40-F, filed Mar 19, 2026, 0001193125-26-116229
Diluted earnings per share
Why n/a

The FY2025 filing carries no diluted earnings per share we could read.

n/a FiledFY2025 40-F, filed Mar 19, 2026, 0001193125-26-116229
Graham number
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedFY2025 40-F, filed Mar 19, 2026, 0001193125-26-116229

We publish no fair value or price target of our own. Value CCJ on your own assumptions in the DCF workbench, starting from the filed figures.

Its own record, and companies like it

Valuation

What the market charges for Cameco Corporation today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.

Cameco Corporation: valuation
Share price83.23 USD
Market capitalisation36.25B USD
Enterprise value to EBITDA56.34x
Graham numbern/a
Diluted earnings per sharen/a

Price to earnings on trailing twelve months: A trailing figure needs 4 filed quarters with the dates they were filed on, and we hold 0 for this company. Nothing is drawn rather than a line built from fewer.

Companies like Cameco Corporation

  1. Tenaris S.A. (TS)Market cap 30.72B USD
  2. Woodside Energy Group Ltd (WDS)Market cap 44.13B USD
  3. Ecopetrol S.A. (EC)Market cap 36.39B USD
  4. Baker Hughes Company (BKR)Market cap 54.00B USD
  5. First Solar, Inc. (FSLR)Market cap 19.22B USD

Same sector (Energy) and size band (Large, 10B to 200B), nearest in market value, net margin and current ratio. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.

6 of 10

Cash generation

Whether profit arrives as cash, and what is paid back to shareholders.

SEC filingComputed

Cameco Corporation: cash generation and what is paid out, each with its source
FigureValue, source and document
Free cash flow yield2.1% ComputedClose of Oct 15, 2026 · FY2025 40-F, filed Mar 19, 2026, 0001193125-26-116229
Free cash flow1.08B CAD ComputedFY2025 40-F, filed Mar 19, 2026, 0001193125-26-116229
Free cash flow margin30.9% ComputedFY2025 40-F, filed Mar 19, 2026, 0001193125-26-116229
Dividend yield
Why n/a

The latest year paid at least 1.5 times the year before, which reads as a special distribution rather than a run rate.

n/a ComputedClose of Oct 15, 2026 · FY2025 40-F, filed Mar 19, 2026, 0001193125-26-116229
Payout ratio17.7% ComputedFY2025 40-F, filed Mar 19, 2026, 0001193125-26-116229
FY2016 Free cash flow: 95.5M CADFY2016 Net income: -61.6M CADFY2017 Free cash flow: 482.0M CADFY2017 Net income: -204.9M CADFY2018 Free cash flow: 612.2M CADFY2018 Net income: 166.3M CADFY2019 Free cash flow: 451.8M CADFY2019 Net income: 74.0M CADFY2020 Free cash flow: -20.6M CADFY2020 Net income: -53.2M CADFY2021 Free cash flow: 359.5M CADFY2021 Net income: -102.6M CADFY2022 Free cash flow: 161.2M CADFY2022 Net income: 89.4M CADFY2023 Free cash flow: 534.5M CADFY2023 Net income: 360.8M CADFY2024 Free cash flow: 693.7M CADFY2024 Net income: 171.9M CADFY2025 Free cash flow: 1.08B CADFY2025 Net income: 589.6M CAD
Free cash flow Net incomeProfit that arrives as cash stands level with net income; a gap year after year is worth reading about.

7 of 10

Filings

Every figure, the year it is for and the document it was read from.

SEC filing

The filed figures

Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.

Cameco Corporation: the eight ratios, with the fiscal year and filing date behind each.
FigureValueYearAs of
87.26xFY2025Oct 15, 2026
7.45xFY2025Oct 15, 2026
83.06xFY2025Oct 15, 2026
2.1%FY2025Oct 15, 2026
6.9%FY2025Mar 19, 2026
n/aFY2025Oct 15, 2026
n/a The latest year paid at least 1.5 times the year before, which reads as a special distribution rather than a run rate.
0.15FY2025Mar 19, 2026
2.47FY2025Mar 19, 2026
14.77xFY2025Oct 15, 2026
n/aFY2025Oct 15, 2026
n/a The filed income statement reports no earnings per share.
10.29FY2025Oct 15, 2026
-2.50FY2025Mar 19, 2026
8/9FY2025Mar 19, 2026

The figures are computed from the accounts for fiscal 2025, the newest full year on file. 10 filed fiscal years on record, FY2016 to FY2025, from SEC EDGAR. Prices as of Oct 15, 2026. Ratios recomputed Oct 15, 2026. Two facts, because a recompute is not a fresh quote.

The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.

Ten years of filed figures, year by year

Ten years of filed figures

10 filed fiscal years, FY2016 to FY2025, read from the annual reports Cameco Corporation filed with the SEC. Each year names its filing. Amounts in CAD, as filed.

Cameco Corporation: revenue, earnings, free cash flow and returns, by fiscal year, with the filing each year was read from
YearRevenueOperating incomeNet incomeEPS, dilutedFree cash flowOperating marginReturn on equityFiling
FY20253.48B618.1M589.6Mn/a1.08B17.8%8.5%40-F, Mar 19, 20260001193125-26-116229
FY20243.14B510.1M171.9Mn/a693.7M16.3%2.7%40-F, Mar 21, 20250001193125-25-060350
FY20232.59B282.9M360.8Mn/a534.5M10.9%5.9%40-F, Mar 22, 20240001193125-24-075464
FY20221.87B15.1M89.4Mn/a161.2M0.8%1.5%40-F, Mar 29, 20230001193125-23-083565
FY20211.47B-136.2M-102.6Mn/a359.5M-9.2%-2.1%40-F, Mar 22, 20220001193125-22-081448
FY20201.80B-78.7M-53.2Mn/a-20.6M-4.4%-1.1%40-F, Mar 19, 20210001193125-21-087174
FY20191.86B92.4M74.0Mn/a451.8M5.0%1.5%40-F, Mar 27, 20200001193125-20-088317
FY20182.09B70.2M166.3Mn/a612.2M3.4%3.3%40-F, Mar 29, 20190001193125-19-092356
FY20172.16B-127.7M-204.9Mn/a482.0M-5.9%-4.2%40-F, Mar 28, 20180001193125-18-099445
FY20162.43B-141.8M-61.6Mn/a95.5M-5.8%-1.2%40-F, Mar 28, 20180001193125-18-099445
  • Revenue, compound annual growth FY2016 to FY2025: 4.1%
  • Earnings: Earnings was not positive in both 2016 and 2025, so a compound rate across the window is not defined. Both figures are in the table.
  • Earnings per share: Fewer than two filed years carry earnings per share.
  • Free cash flow, compound annual growth FY2016 to FY2025: 30.9%

Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.

8 of 10

Risks and guardrails

The accounting screens, the published tests, and the lines you can set to be told.

ComputedCompany statement

Cameco Corporation: accounting screens and published tests, each with its source
FigureValue, source and document
Beneish M-score-2.50 ComputedFY2025 40-F, filed Mar 19, 2026, 0001193125-26-116229
Piotroski F-score8/9 ComputedFY2025 40-F, filed Mar 19, 2026, 0001193125-26-116229
Named tests met2 of 30 Computed
Beta1.28 ComputedClose of Oct 15, 2026

The named tests

Of 30 tests value investors published: 2 met, 26 not met, 2 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.

Which tests, by name(all 30)
Meets
Three forensic scores; Cash-covered dividend
Does not
Defensive investor (Benjamin Graham); Deep value; Large cap, low P/E; Earnings yield and ROIC (Joel Greenblatt); High F-score, low P/B (Joseph Piotroski); High returns and growth; Gross margin, turnover (Robert Novy-Marx); EV/EBITDA and coverage; High yield, low payout; Dividends and buybacks; Low beta, profitable; ROIC at or above WACC; Near the 52-week low; Z-score and coverage (Edward Altman); Two thirds of NCAV (Benjamin Graham); High returns, low debt; Owner earnings yield; High return on tangibles; Low P/S, rising earnings (James O'Shaughnessy); Book or below, low debt (Walter Schloss); Tangible book or below; Cash-flow yield and ROIC; Clean books, high ROIC; Cheapest quarter on P/E (David Dreman); Cheapest quarter on P/B (David Dreman); Low P/E, growth, yield (John Neff)
Not measured
Low PEG, low debt (Peter Lynch); P/E times P/B (Benjamin Graham). A test with a figure we could not read is incomplete, never met and never failed.
Figures we could not read(6)
  • Positive Earnings Streak: The latest filed year has no per-share earnings we can read; the test needs 10.
  • PEG Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Eps Growth 5Y: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Yield: The latest year paid at least 1.5 times the year before, which reads as a special distribution rather than a run rate.
  • Share Count Change Yoy: We do not hold this figure for this company, so there is nothing to show.
  • Price To Graham: We do not hold this figure for this company, so there is nothing to show.

9 of 10

Declared positions

Whether anybody here owns this company.

Positions declared by Javier Sanz Alvarez: no holding in any company shown here, as of October 3, 2026.

10 of 10

Next step

What to do with what you have read.

A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.

More on this company

What this cannot tell you

  • 6 figures could not be read on this company, among them Positive Earnings Streak, PEG Ratio, Eps Growth 5Y. Each blank in the table above names the rest, with its reason. 2 named tests come back incomplete because of them, which is neither met nor missed.

And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.

Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.

Monitor my portfolioHow this is computed

No card. 30 free days, and nothing is charged unless you choose a plan.

Analyze your own portfolio

ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.

A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.

Margin Notes

Once a week, what changed in the filings of US-listed companies, why it can matter to a thesis, and what deserves a closer review. Grounded in filings, not market noise.

Site map

Apps

  • Android app coming soon
  • iPhone app coming soon
ValueScreener

Discover companies, research each one to its filings, track what matters, and take your work into your own spreadsheet.

ValueScreener is a trading name of Oliva Real Estate Technologies LLC, a Delaware limited liability company. Legal notices: legal@valuescreener.ai. © 2026 Oliva Real Estate Technologies LLC. All rights reserved.

Risk disclaimer. This service is provided for research and education only. Nothing on it is investment advice, a recommendation, or an offer to buy or sell any security. Capital is at risk, and past performance does not indicate future results. Figures come from filed accounts and may be incomplete, delayed or later restated, so verify a number against the filing before you act on it.

With your permission, Google Analytics, Microsoft Clarity and HubSpot set cookies to measure how this site and the product are used, including recordings of sessions. Nothing is set unless you allow it. Privacy policy