Cameco Corporation CCJ had reported 26% year-over-year increase in its adjusted EBITDA to CAD 1.93 billion ($1.41 billion) in 2025. This was driven mainly by the uranium segment and higher earnings from Westinghouse. Cameco has delivered a significant expansion in profitability over the past few years, with adjusted EBITDA rising from more than fourfold from CAD 431 million in 2022 to CAD 1.93 billion in 2025.
The uranium business remains Cameco’s core earnings engine, generating CAD 1.26 billion ($0.92 billion) in adjusted EBITDA, up 6% year over year. Revenues rose 7%, supported by a 9% increase in average realized uranium prices in Canadian dollar terms, partially offset by a 2% decline in sales volumes. Total cost of sales (including depreciation and amortization) increased 3% due to higher unit costs, though lower volumes helped limit the impact. Despite this, gross profit in uranium rose 18%, highlighting strong pricing leverage in a tightening global supply environment.
The fuel services segment also posted robust growth, with adjusted EBITDA increasing 51% to CAD 219 million. Revenues grew 22%, primarily driven by a 14% increase in realized pricing. Total cost of products and services sold (including D&A) increased 10% primarily due to an increase in sales volume of 8% and a 2% increase in average unit cost of sales owing to higher input costs.
Westinghouse was another key contributor, with adjusted EBITDA increasing 61% to CAD 780 million. This reflects the increase in Cameco’s share of Westinghouse’s second-quarter revenues tied to the Dukovany construction project. Management expects continued momentum, with 2026 guidance indicating Cameco’s share of Westinghouse adjusted EBITDA between $370 million and $430 million.
Looking ahead, Cameco’s EBITDA growth is expected to be supported by several structural drivers. The most important is sustained strength in uranium pricing, underpinned by tight global supply, long-term contracting discipline and rising nuclear energy demand as countries prioritize energy security and decarbonization. The fuel services business is expected to remain a stable contributor, supported by consistent conversion demand and improving pricing dynamics. Finally, Westinghouse represents a key growth lever, with exposure to global nuclear restarts and reactor construction pipelines providing long-term earnings visibility.
CCJ’s Price Performance, Valuation & Estimates
In the past year, Cameco shares have gained 192.1% compared with the industry’s 54.3% growth. Uranium peers Energy Fuels UUUU and Centrus Energy LEU have gained 322.8% and 200.5%, respectively.
CCJ stock is trading at a forward price-to-sales ratio of 19.77 compared with the industry’s 5.52. Energy Fuels is trading higher at 29.31 and Centrus Energy at 8.32.
The Zacks Consensus Estimate for Cameco’s earnings for fiscal 2026 of $1.57 indicates year-over-year growth of 52%. The same for 2026 implies growth of 13.6%.
Image Source: Zacks Investment Research
The consensus estimate for Cameco’s earnings for 2026 has moved down over the past 60 days, while the same for 2027 has moved up as shown in the chart below.
Image Source: Zacks Investment Research
The company currently carries a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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This article originally published on Zacks Investment Research (zacks.com).