Cameco Corp (CCJ) fair value: what the stock is really worth
As of Nov 5, 2026: fair value (intrinsic value) of Cameco Corp stock $10.14, price $68.33, that is 85.2% below the price, quality 68 out of 100. Rating: strongly overvalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Our calculation puts a fair price 85% below what the stock costs today.
Quality 68/100
Healthy Growth(revenue 5y +14.1 %/yr in CAD)
Solidly profitable · 11.4% net margin (TTM)
Low debt
Generates free cash flow
0.3% dividend yield · Well covered
Upbeat coverage
Mixed vs. peers(6/11)
Moderate moat51/100
Costs 104 times its yearly profit.
Fair value $10.14 · Strongly overvalued (−85.2%)
Thin data
Extreme value
Risks from the AI analysis
🚩Price drop: Broader market concerns over interest rates driving recent pullback across nuclear names🚩Cheaper Kazakh uranium from Kazatomprom🚩Fiscal or political changes for Inkai JV🚩Depletion of Cigar Lake mine by 2036
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 3, 2026.
How to read this chart
60‑month range $15.44 – $134.09 · fair‑value band $8.66 – $12.06 · the $68.33 price screens above the $10.14 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. As of Nov 3, 2026.
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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.
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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.
Stock analysis
Cameco Corp (CCJ) currently trades at $68.33, while our model-based Fair Value estimate is $10.14, 85% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of $17.70 per share, and 0 of the 26 models we run sit above the $68.33 price.
Bear case: the Dividend Discount group reads lowest at $2.39, and 26 of the 26 models stay below the price. Data coverage for this calculation is low.
Scenario range: $8.66 (bear) to $12.06 (bull), the price of $68.33 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 68/100 (solid quality), in the Energy sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Cameco Corp reported revenue of C$3.5B in FY2025 versus C$1.5B in FY2021, a compound +23.9%/yr. Reported net income was C$589M in FY2025.
Key figures
Market cap $29.8B Large · P/E ratio 103.5 · P/S ratio 17.5 · EPS (TTM) $0.6600 · Dividend yield 0.3% · Net margin 16.9% · Return on equity 5.7% · Return on assets (EBIT) 2.4%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 51 out of 100 (medium confidence).
What moves the price
The last reported earnings sit well below what analysts expect (earnings in transition, for example after write-downs or an earnings dip); whether the stock is cheap or expensive hinges on the expected recovery actually arriving. Read the fair value with that caveat.
The share trades about 49% below its 52-week high and at its 52-week low, currently below its 200-day average.
For context, the median of 10 Energy peers we cover trades at −50% fair-value upside, at −85%, CCJ screens richer than that median.
Fair Value models
The price assumes far more growth than our models allow for, so the models scatter widely ($2.39 to $28.37). Read the Fair Value as a cautious anchor, not a price target; the Growth Forecast section shows what the price assumes.
Bear$8.66Fair Value $10.14Bull$12.06
Price $68.33 · Downside -85.2%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then ($0.4152 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.95/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+10.9%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+23.0%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+14.1%
Start year 2020 (pandemic). Over 10 years: +2.4% a year
Revenue growth 32 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+7.9%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: adjusted.
+31.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year+31.2%
Dividend (yield on the price)0.3%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.base effect: 48.6% / 15.6%
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.−4% → 17%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+22.5%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+9.3%
Yearly sales growth analysts expect, extended to five years.
After inflation (figures in CAD, Canada: IMF forecast 2.1% a year to 2030, 2.6% from 2016 to 2025) that is about +20.0% a year for the price and +7.0% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (91 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Hype
Recent news coverage is unusually upbeat, far more positive than stocks are typically covered.
AI conclusion: The business maintains a moderate moat through production scale, yet commodity exposure and average returns remain its key limitations.
Main risk: Lower-cost in-situ recovery production by Kazatomprom could allow it to undercut Cameco on price or win more utility contracts, squeezing margins on uranium deliveries.
Bull case: Cameco could leverage its Western location and Westinghouse stake to secure premium contracts from utilities preferring secure non-Kazakh supply while extending mine lives through exploration success.
Bear case: If Kazakh fiscal pressures intensify or Cigar Lake depletes without timely replacements, Cameco might face constrained production volumes and higher costs, eroding its ability to meet contract commitments profitably.
Cameco benefits from rising long-term uranium demand tied to nuclear expansion, but its earnings still draw heavily from older contracts that trail today's higher spot prices. Broader market concerns over interest rates have driven the recent pullback across nuclear names even as fundamentals hold firm. Our models currently see it as overvalued. Will new contracts close the gap to spot prices before sentiment recovers, or will the lag persist?
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Uranium · 24 stocks
Beats the industry median on 6/11 measures
A mixed picture versus its industry peers.
Valuation
Quality Score68 · Top 25%
Fair Value upside−85.2% · Bottom 25%
Profitability
Return on equity (12 months)5.7% · Top 25%
Return on assets5.7% · Top 25%
Net margin (12 months)11.4% · Above median
Operating margin (12 months)9.2% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)0.7% · Above median
Balance sheet
Debt / equity0.14× · Above median
Valuation Multiplesvs Uranium median · lower = cheaper
P/E (12 months)103.5× · Priciest 25%
P/B6.05× · Priciest 25%
P/S (12 months)12.00× · Pricier than median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 0
FUTURE (revenue growth)4· sector 0
PAST (return on equity)23· sector 0
HEALTH (low debt)93· sector 98
DIVIDEND (yield)5· sector 0
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Cameco Corp Fair Value". https://www.fairvalue-calculator.com/stock/CCJ
Frequently asked questions
Is Cameco Corp (CCJ) overvalued or undervalued?
As of Nov 3, 2026, our model estimates a fair value of $10.14 versus a price of $68.33, about 85% lower (overvalued).
What is the fair value of CCJ?
Our model-based fair value for Cameco Corp is $10.14 (as of Nov 3, 2026), built from audited fundamentals. The current price: $68.33.
What is the quality score of CCJ?
Cameco Corp has a Quality Score of 68/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Cameco Corp (CCJ)?
Our model-based price target is the fair value of $10.14 (as of Nov 3, 2026) from 26 valuation models. Cautious scenario $8.66, optimistic scenario $12.06. It is a calculation from audited fundamentals, not an analyst target.
What is the Cameco Corp stock forecast for 2026?
Our models put fair value at $10.14, about 85% lower versus a price of $68.33 (overvalued). Cautious scenario $8.66, optimistic scenario $12.06. The calculation is refreshed regularly with new filings.
What is the revenue of Cameco Corp (CCJ)?
Cameco Corp reported trailing-twelve-month revenue of about C$3.5B (latest available figure, as of Nov 3, 2026).
Does Cameco Corp pay a dividend?
Cameco Corp currently shows a dividend yield of 0.25% relative to its recent price (as of Nov 3, 2026).
What growth is priced into Cameco Corp (CCJ)?
For today's price to be fair in a discounted-cash-flow model, Cameco Corp would have to grow free cash flow by +22.5 % per year for five years (discount rate 9.5 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +14.1 % per year. As of Nov 3, 2026.
What discount rate (WACC) does the fair value of CCJ use?
Our models discount Cameco Corp at 9.5 %: a base by market capitalisation (large), damped by beta 1.13, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Cameco Corp that is +22.5 % per year a year over ten years, using the same discount rate (9.5 %) and the same formula as our fair value.
How much growth has Cameco Corp (CCJ) delivered so far?
Over the past 5 years revenue at Cameco Corp grew +14.1 % a year. The price currently implies +22.5 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Cameco Corp (CCJ) growing?
The median revenue growth in the sector is +14.2 % a year. That is the yardstick for the growth priced into Cameco Corp (+22.5 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Cameco Corp (CCJ)?
The free-cash-flow yield on the price is 2.45 %: that much free cash flow Cameco Corp produces per unit of market value. When it exceeds the discount rate of our models (9.5 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Cameco Corp (CCJ)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Cameco Corp it is $10.14 per share (as of Nov 3, 2026), against a price of $68.33. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Cameco Corp stock overvalued or undervalued in 2026?
As of Nov 3, 2026, CCJ trades above its calculated fair value: price $68.33, fair value $10.14, a gap of about −85% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of CCJ?
No. The price is what the market pays today ($68.33); the fair value is what the company's own numbers justify ($10.14). For Cameco Corp the two are $58.19 per share apart. That gap is exactly why we show both numbers side by side.
How much is Cameco Corp worth?
The market values Cameco Corp at about $29.8B (market capitalisation, as of Nov 3, 2026). Per share that is $68.33; our models calculate a fair value of $10.14 per share.
What do the bullish and bearish scenarios say about CCJ?
Our models span a range for Cameco Corp: cautious scenario $8.66, base $10.14, optimistic $12.06 per share (as of Nov 3, 2026, price $68.33). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of CCJ?
Cameco Corp trades at a price-to-earnings ratio of 103.5 (as of Nov 3, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $10.14 is built from several models across several years. Median P/E at fiscal year-end, 7 fiscal years (2016 to 2025), reported earnings, FY2016, FY2023 ex one-offs: 92.8. Other multiples: PEG 1.9, P/B 6.1, P/S 12.0, EV/EBITDA 53.5.
What is the PEG ratio of CCJ?
The PEG ratio of Cameco Corp is 1.92 (P/E divided by earnings growth, as of Nov 3, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Cameco Corp (CCJ)?
Balance-sheet figures for Cameco Corp (as of Nov 3, 2026): return on equity 5.7%, debt of 0.14 per unit of equity. They feed the Quality Score of 68/100, which measures business quality independently of the share price.
How far is CCJ from its 52-week high?
Cameco Corp trades at $68.33, about 49% below its 52-week high of $134.09 and at the low of $68.33 (as of Nov 5, 2026). Distance from the high says nothing about value: that is what the fair value of $10.14 is for.
Which stocks are comparable to Cameco Corp?
From the same area (Energy) we also value CGN Mining Company, Centrus Energy Corp, Uranium Royalty Corp, Deep Yellow Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Cameco Corp stock attractive at the current price?
The data as of Nov 3, 2026: price $68.33, calculated fair value $10.14 (−85%), Quality Score 68/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of CCJ calculated?
We run Cameco Corp through 26 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $10.14, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.5% above its aggregate fair value. Cameco Corp itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Cameco Corp (CCJ)?
The closing price on Nov 5, 2026 was $68.33. Our model-based fair value is $10.14, about 85% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Cameco Corp right now?
The price sits above even our optimistic bull case ($12.06). The favourable scenario is already priced in. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid but not exceptional quality (68/100) and above fair value, neither a clear bargain nor a standout compounder.
Key figures of Cameco Corp
How large is the market capitalisation of Cameco Corp (CCJ)?
The market capitalisation of Cameco Corp is $29.8B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Cameco Corp (CCJ)?
The price-to-sales ratio of Cameco Corp is 17.5 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Cameco Corp (CCJ)?
Earnings per share at Cameco Corp are $0.6600 (price ÷ EPS = P/E 103.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Cameco Corp (CCJ)?
The dividend yield of Cameco Corp is 0.3% (payout 25.9%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Cameco Corp (CCJ)?
The net margin of Cameco Corp is 16.9% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Cameco Corp (CCJ)?
The return on equity (ROE) of Cameco Corp is 5.7% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Cameco Corp (CCJ)?
On an EBIT basis the return on assets of Cameco Corp is 2.4% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Cameco Corp (CCJ)?
The operating margin of Cameco Corp is 9.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Cameco Corp (CCJ)?
Revenue at Cameco Corp is growing +0.7% versus a year earlier (3y avg +23.0%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Cameco Corp (CCJ)?
Earnings per share at Cameco Corp are growing −92.1% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Cameco Corp (CCJ) hold?
Cameco Corp holds more cash than debt, C$91.9M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Thin data
Nov 3, 2026