Cameco Corporation’s CCJ adjusted EBITDA in the first quarter of 2026 rose 44% year over year to CAD 509 million ($372 million), primarily supported by stronger uranium segment performance and higher contributions from Westinghouse.
Within the core uranium segment, adjusted EBITDA was CAD423 million ($306 million), indicating a 48% increase year over year. This was attributed to higher volumes and prices, which helped offset a 9% increase in total cost of sales (including depreciation and amortization). Cameco’s share of Westinghouse’s adjusted EBITDA was $122 million compared with $92 million in the first quarter of 2025.
These performances helped offset the 28% decline in the Fuel Services segment’s adjusted EBITDA in the quarter, which was pressured by lower average realized pricing during the quarter.
Over the past few years, Cameco has delivered a sharp expansion in profitability, with adjusted EBITDA rising more than fourfold from CAD 431 million in 2022 to CAD 1.93 billion in 2025. The uranium business has been Cameco’s primary driver, generating CAD 1.26 billion ($0.92 billion) in adjusted EBITDA in 2025, up 6% year over year. This was supported by higher average realized uranium prices in Canadian dollar terms, which offset lower sales volumes and higher total cost of sales.
The fuel services segment had posted robust growth in 2025, with adjusted EBITDA increasing 51% to CAD 219 million ($158 million). This was attributed to higher realized pricing and volumes, which offset the increase in total cost of products and services sold.
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 its contracted volumes and expected increase in uranium prices, 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 73.2% compared with the industry’s 30.4% growth. Uranium peers Energy Fuels UUUU and Centrus Energy LEU have gained 231.1% and 40.3%, respectively.
CCJ stock is trading at a forward price-to-sales ratio of 18.01 compared with the industry’s 5.33. Energy Fuels is trading higher at 25.60 while Centrus Energy is trading lower at 7.42.
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The Zacks Consensus Estimate for Cameco’s earnings for fiscal 2026 of $1.32 indicates year-over-year growth of 28%. The same for 2027 implies growth of 59.2%.
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 #3 (Hold).
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This article originally published on Zacks Investment Research (zacks.com).