Cameco Corp. (0R35) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of Cameco Corp. C$25.19, price C$122, upside -79.4%, quality 69 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 29, 2026.
How to read this chart
60‑month range C$11.00 – C$178.99 · fair‑value band C$18.95 – C$31.49 · the C$121.99 price screens above the C$25.19 fair value. Dashed = 300-day average. As of Sep 29, 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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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. 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. (0R35) currently trades at C$121.99, while our model-based Fair Value estimate is C$25.19, 79.4% 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 C$37.46 per share, and 0 of the 26 models we run sit above the C$121.99 price.
Bear case: the Dividend Discount group reads lowest at C$4.25, and 26 of the 26 models stay below the price. Evidence for this calculation is medium.
Scenario range: C$18.95 (bear) to C$31.49 (bull), the price of C$121.99 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 69/100 (solid quality), in the Industrials 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 +24.0%/yr. Reported net income was C$590M in FY2025.
Key figures
Market cap C$66.0B (≈ $46.3B) · P/S ratio 19.0 · EPS (TTM) C$−0.1490 · Dividend yield 0.2% · Net margin 16.9% · Return on equity 5.1% · Return on assets (EBIT) 2.1% · Operating margin 9.1%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 52 out of 100 (low confidence).
What moves the price
The share trades about 32% below its 52-week high and 9% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −25% fair-value upside, at −79%, 0R35 screens richer than that median.
Fair Value models
The price assumes far more growth than our models allow for, so the models scatter widely (C$4.25 to C$51.90). Read the Fair Value as a cautious anchor, not a price target; the Growth Forecast section shows what the price assumes.
Bear C$18.95Fair Value C$25.19Bull C$31.49
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.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.Evidence ⓘEvidence = 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
+11.0%
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.
+23.1%
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.
+31.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year+31.2%
Dividend (yield on the price)0.2%
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.48.6% vs 24.1%, picking up
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.−5% → 17%
Start year 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).
+40.7%
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.
+9.6%
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 +37.8% a year for the price and +7.4% for the forecasts.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its sector: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median. (Industry “Electrical Equipment” was too small, so the broader sector is used.)Industrials · 5328 stocks
Beats the sector median on 4/13 measures
Overall it trails its sector peers.
Valuation
Quality Score69 · Top 25%
Fair Value upside−79.2% · Bottom 25%
Profitability
Return on equity (TTM)5.1% · Below median
Return on assets3.0% · Above median
Net margin (TTM)10.2% · Above median
Operating margin (TTM)9.1% · Above median
Growth and dividend
Revenue growth−7.2% · Bottom 25%
Dividend yield (TTM)0.2% · Bottom 25%
Balance sheet
Debt / equity0.14× · Above median
Valuation Multiplesvs Industrials median · lower = cheaper
P/B6.71× · Priciest 25%
P/S (TTM)13.34× · Priciest 25%
P/FCF45.3× · Priciest 25%
EV/EBITDA57.9× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 17
FUTURE (revenue growth)0· sector 36
PAST (return on equity)20· sector 29
HEALTH (low debt)93· sector 94
DIVIDEND (yield)4· sector 37
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/0R35
Frequently asked questions
Is Cameco Corp. (0R35) overvalued or undervalued?
As of Sep 29, 2026, our model estimates a fair value of C$25.19 versus a price of C$121.99, about −79% upside (overvalued).
What is the fair value of 0R35?
Our model-based fair value for Cameco Corp. is C$25.19 (as of Sep 29, 2026), built from audited fundamentals. The current price: C$121.99.
What is the quality score of 0R35?
Cameco Corp. has a Quality Score of 69/100. 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. (0R35)?
Our model-based price target is the fair value of C$25.19 (as of Sep 29, 2026) from 26 valuation models. Cautious scenario C$18.95, optimistic scenario C$31.49. 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 C$25.19, about −79% upside versus a price of C$121.99 (overvalued). Cautious scenario C$18.95, optimistic scenario C$31.49. The calculation is refreshed regularly with new filings.
What is the revenue of Cameco Corp. (0R35)?
Cameco Corp. reported trailing-twelve-month revenue of about C$3.5B (latest available figure, as of Sep 29, 2026).
Does Cameco Corp. pay a dividend?
Cameco Corp. currently shows a dividend yield of about 0.20% relative to its recent price (as of Sep 29, 2026).
What growth is priced into Cameco Corp. (0R35)?
For today's price to be fair in a discounted-cash-flow model, Cameco Corp. would have to grow free cash flow by +40.7 % per year for five years (discount rate 9.8 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +14.1 % per year. As of Sep 29, 2026.
What discount rate (WACC) does the fair value of 0R35 use?
Our models discount Cameco Corp. at 9.8 %: a base by market capitalisation (large), damped by beta 0.99, country premium for United Kingdom. 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 +40.7 % per year a year over ten years, using the same discount rate (9.8 %) and the same formula as our fair value.
How much growth has Cameco Corp. (0R35) delivered so far?
Over the past 5 years revenue at Cameco Corp. grew +14.1 % a year. The price currently implies +40.7 % 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. (0R35) growing?
The median revenue growth in the sector is +7.2 % a year. That is the yardstick for the growth priced into Cameco Corp. (+40.7 % 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. (0R35)?
The free-cash-flow yield on the price is 1.02 %: that much free cash flow Cameco Corp. produces per unit of market value. When it exceeds the discount rate of our models (9.8 %), 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. (0R35)?
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 C$25.19 per share (as of Sep 29, 2026), against a price of C$121.99. 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 Sep 29, 2026, 0R35 trades above its calculated fair value: price C$121.99, fair value C$25.19, a gap of about −79% (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 0R35?
No. The price is what the market pays today (C$121.99); the fair value is what the company's own numbers justify (C$25.19). For Cameco Corp. the two are C$96.80 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 C$66.0B (market capitalisation, as of Sep 29, 2026). Per share that is C$121.99; our models calculate a fair value of C$25.19 per share.
What do the bullish and bearish scenarios say about 0R35?
Our models span a range for Cameco Corp.: cautious scenario C$18.95, base C$25.19, optimistic C$31.49 per share (as of Sep 29, 2026, price C$121.99). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Cameco Corp. (0R35)?
Balance-sheet figures for Cameco Corp. (as of Sep 29, 2026): return on equity 5.1%, debt of 0.14 per unit of equity. They feed the Quality Score of 69/100, which measures business quality independently of the share price.
How far is 0R35 from its 52-week high?
Cameco Corp. trades at C$121.99, about 32% below its 52-week high of C$178.99 and 9% above the low of C$111.54 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of C$25.19 is for.
Which stocks are comparable to Cameco Corp.?
From the same area (Industrials) we also value AEPL, PANAENERG, LAKSELEC, REXNORD, 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 Sep 29, 2026: price C$121.99, calculated fair value C$25.19 (−79%), Quality Score 69/100, 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 0R35 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 C$25.19, 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 14.5 % 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. (0R35)?
The closing price on Oct 2, 2026 was C$121.99. Our model-based fair value is C$25.19, about −79% upside (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 (C$31.49). The favourable scenario is already priced in. Solid but not exceptional quality (69/100) and above fair value, neither a clear bargain nor a standout compounder.
Where does the earnings growth of Cameco Corp. (0R35) come from?
Earnings per share at Cameco Corp. grew +19.7 % a year from 2014 to 2025. Broken into its drivers: revenue per share +0.8 %, EBIT margin −1.4 %, tax rate −0.7 %, residual (interest, one-offs) +21.2 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Cameco Corp.
How large is the market capitalisation of Cameco Corp. (0R35)?
The market capitalisation of Cameco Corp. is C$66.0B (≈ $46.3B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Cameco Corp. (0R35)?
The price-to-sales ratio of Cameco Corp. is 19.0 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Cameco Corp. (0R35)?
Earnings per share at Cameco Corp. are C$−0.1490. Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Cameco Corp. (0R35)?
The dividend yield of Cameco Corp. is 0.2%. 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. (0R35)?
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. (0R35)?
The return on equity (ROE) of Cameco Corp. is 5.1% (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. (0R35)?
On an EBIT basis the return on assets of Cameco Corp. is 2.1% (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. (0R35)?
The operating margin of Cameco Corp. is 9.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Cameco Corp. (0R35)?
Revenue at Cameco Corp. is growing −7.2% versus a year earlier (3y avg +23.1%). 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. (0R35)?
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. (0R35) hold?
Cameco Corp. holds more cash than debt, C$92.0M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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