Cameco Corporation provides uranium for the generation of electricity. It operates through Uranium, Fuel Services, Westinghouse segments. The Uranium segment is involved in the exploration for, mining, and milling, purchase, and sale of uranium concentrate. The Fuel Services segment engages in the refining, conversion, and fabrication of uranium concentrate, as well as the purchase and sale of conversion services. This segment also produces CANDU reactor fuel bundles and other reactor components. The company offers nuclear fuel processing services. The Westinghouse segment engages in the manufacture of nuclear reactor technology original equipment. This segment provides products and services to commercial utilities and government agencies; and outage and maintenance services, engineering support, instrumentation and controls equipment, plant modification, and components and parts to nuclear reactors. It sells its uranium and fuel services to nuclear utilities in the Americas, Europe, and Asia. Cameco Corporation was incorporated in 1987 and is headquartered in Saskatoon, Canada.

Cameco looks like a high-quality but already very expensive asset: the market is pricing in strong growth, while the fundamentals have not yet confirmed such a high level of optimism. Valuation at a P/E of 80.47, P/S of 17.15, P/B of 8.35, and especially P/FCF of 106.33 is noticeably above the industry median, indicating a substantial premium to the sector and limiting the potential for further upside without an acceleration in earnings and free cash flow. At the same time, the multiple trend does not look convincingly improving: P/E and P/FCF remain volatile and at elevated levels, which usually means sensitivity to any disappointment in earnings reports. The company’s strong point is its very comfortable balance sheet: debt/equity of 0.14, current ratio of 3.08, and quick ratio of 2.10 point to low financial risk and good liquidity. However, profitability is noticeably weaker than the industry base: ROE of 5.04, ROI of 4.41, and return on tangible equity of 5.06 are below the median, while profit, operating, and gross margins also trail the sector. This is an important signal because for such a high valuation, investors need to see either higher profitability or more sustainable cash flow growth. On an absolute basis, the picture is mixed: revenue and assets remain large and are generally growing, but TTM net income is only 18 million, and EPS of 0.13 looks weak for the current market capitalization. EBITDA and net income in recent periods have been uneven, confirming the business’s dependence on pricing conditions and the operating cycle. The dividend yield of 0.28% is too low to materially support the investment case, and it has declined compared with earlier years. At the same time, equity is high and growing, which supports the business’s resilience and reduces the likelihood of stress scenarios. Overall, the fundamentals justify caution: the company is strong in terms of its balance sheet and scale, but the valuation already reflects a significant portion of positive expectations, while profitability still falls short of what is usually needed to support a premium multiple. For an investor, this means there is upside potential, but it requires confirmation through improvements in EPS, margins, and cash flow; otherwise, the stock may remain vulnerable to rerating.

Cameco Corporation

Сильный индекс, значительно упал. Оптимистичный взгляд на свои позиции резко сменился на неуверенность.

Strong index, significantly down. An optimistic view of his position suddenly changed to uncertainty.

Средний индекс, значительно упал. Рынок не поддерживает быков.

Medium index, significantly down. The market does not support the bulls.

Средний индекс, значительно упал. Увеличился отток средств из лонгов.

Medium index, significantly down. The outflow of funds from longs has increased.

CCJ is strong in terms of balance sheet and liquidity, but it trades at a very high premium to the sector despite weak profitability and uneven earnings.

Key Points
Cameco both mines for and processes uranium.
Nuclear reactors need the fuel that Cameco provides to operate.
Nuclear power is experiencing a renaissance thanks to surging electricity demand. While the highlight of the increase in demand is new technologies like artificial intelligence and electric cars, the truth is that countries rising up the socioeconomic ladder are also a key driver. Nuclear power, and the companies that support it, are likely to see huge demand. But don't just think about utilities because nuclear reactors can't run without the nuclear fuel that Cameco (NYSE: CCJ) produces. And, it owns an important asset in Canada that positions it well for the future.
Raw uranium isn't all that useful
Cameco has mined for uranium for a very long time, so it is well known in the industry. And, given its location in economically and politically stable Canada, it is a reliable supplier to the nuclear power industry. But there's something important to remember here, because just mining for uranium isn't really the end of the story. Raw uranium is actually pretty useless to a utility that owns a nuclear power plant. It has to be processed into a usable form.
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This is where Cameco's fuel services division comes into play. There are a number of different businesses that fall into this division, but one of the most notable is its Blind River refining operation. Blind River is the world's largest commercial uranium refinery. It is licensed to operate until 2032 and can produce up to 24 million kgU of vital nuclear power fuel.
This puts the company in a great position to service the 417 operating reactors worldwide. But that's just the starting point. There are 77 nuclear reactors currently under construction. That list only includes three in all of the Americas, so U.S. investors may not see much news about new nuclear reactor construction. But in Asia, where 57 reactors are being built in China, India, and other countries, nuclear power is a very big deal.
Cameco is way more than just a miner
Now add to Cameco's story that it owns half of Westinghouse, one of the world's largest service providers to the nuclear power industry. Cameco isn't just a big player in uranium production, where it has 14% of theglobal market it's fingers reach much deeper into the industry. As demand for electricity grows and the world increasingly looks to nuclear power to meet it, picks-and-shovel's focused Cameco could easily be one of the biggest nuclear winners.
Should you buy stock in Cameco right now?
Before you buy stock in Cameco, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Cameco wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $417,413!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,341,294!*
Now, it’s worth noting Stock Advisor’s total average return is 950% — a market-crushing outperformance compared to 210% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.
*Stock Advisor returns as of September 13, 2026.
Reuben Gregg Brewer has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Cameco. The Motley Fool has a disclosure policy.

Cameco Controls the Uranium Refinery That Puts Canada in the Driver's Seat

Key Points
Cameco owns the world’s largest commercial uranium refinery.
Its fuel services business gives it exposure to the energy industry beyond uranium mining.
Cameco offers a diversified way to invest in nuclear growth.
Cameco (NYSE: CCJ) owns the largest commercial uranium refinery in the world. And it's not in Kazakhstan, China, or Russia. It's in Blind River, Ontario, Canada.
The Blind River refinery takes uranium concentrate (commonly called yellowcake) and removes impurities to produce uranium trioxide, or UO3. That material is then shipped to Cameco's Port Hope facility, where it's converted into what ultimately becomes nuclear fuel. Blind River currently has a production capacity of 18 million kilograms of uranium annually and is licensed for up to 24 million kilograms. Indeed, Cameco is much more than just a uranium miner.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
Cameco controls more of the fuel cycle
Mining uranium is only the beginning of the nuclear fuel cycle. Before uranium can fuel most reactors, it has to be refined, converted, and, depending on the reactor, enriched and fabricated into fuel rods. Cameco participates in several of those steps.
After uranium is refined at Blind River, much of the UO3 travels to Cameco's Port Hope Conversion Facility. Port Hope converts it into either uranium hexafluoride, or UF6, which can be enriched for light-water reactors, or uranium dioxide (UO2), which is used to produce fuel for Canada's CANDU reactors, which are heavy water (deuterium oxide) reactors.
Now you have to understand that Port Hope would be particularly difficult to replace. It's Canada's only uranium conversion facility, one of only a handful of Western suppliers of UF6, and the world's only commercial supplier of natural UO2 used in CANDU reactors. That's a strategic position few nuclear companies can match. And demand is strong.
Cameco produced 6.3 million kilograms of fuel-services products during the first half of 2026 and still expects to produce between 13 million and 14 million kilograms for the full year. Those facilities aren't sitting around waiting for customers, either. Cameco entered 2026 with contracts covering roughly 83 million kilograms of UF6 conversion services for 33 utilities around the world.
A different way to invest in nuclear power
This is one of the reasons I continue to like Cameco as a long-term nuclear investment. You see, companies like Oklo (NYSE: OKLO) and NuScale (NYSE: SMR) need to successfully commercialize new reactor designs before they can generate substantial reactor-related revenue. Cameco doesn't need to predict which advanced reactor company will ultimately win the race to commercialize its designs.
Existing nuclear plants need fuel today. New reactors will need fuel tomorrow. Cameco can sell the uranium, refine it, convert it, manufacture CANDU fuel, and, through its stake in Westinghouse Electric Company, participate in the reactor business itself.
Understandably, the Blind River refinery and Port Hope conversion facility won't generate the excitement of a new small modular reactor. But they occupy critical positions in a Western nuclear fuel supply chain that's becoming increasingly valuable as electricity demand rises and utilities look to nuclear power for reliable, around-the-clock generation. And of course, more nuclear generation means more demand for uranium, conversion services, and nuclear fuel -- exactly the parts of the supply chain Cameco already controls.
Canada might not be literally unable to survive without these facilities. But replacing them would be extraordinarily difficult. And that gives Cameco a very real and strategic advantage as the global energy economy continues to rapidly expand.
Should you buy stock in Cameco right now?
Before you buy stock in Cameco, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Cameco wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $421,997!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,413,876!*
Now, it’s worth noting Stock Advisor’s total average return is 978% — a market-crushing outperformance compared to 213% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.
Jeff Siegel has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Cameco. The Motley Fool recommends NuScale Power. The Motley Fool has a disclosure policy.

Cameco Controls the Uranium Refinery That Canada Cannot Afford to Lose

Key Points
Cameco and BWX Technologies are two companies that stand to benefit from the nuclear renaissance.
Cameco owns high-grade uranium mines in North America and should get a boost from Westinghouse's IPO.
BWX Technologies is the sole provider of nuclear fuel for the U.S. Navy.
Cameco (NYSE: CCJ) and BWX Technologies (NYSE: BWXT) are two top nuclear energy stocks backed by long-term industry tailwinds, and both look like solid buys in September.
Nuclear energy is becoming a key driver of energy independence and is emerging as a top choice for technology companies to power their AI data centers. Nuclear energy appeals to hyperscalers because it is clean-burning and provides reliable baseload power when compared to intermittent solar or wind energy.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
Cameco and BWX Technologies have been solid performers in recent years, but both are down since the start of the year. Here's why the dip could be a buying opportunity for patient investors as we enter September.
Cameco's high-grade mines make it a top uranium producer in North America
According to GlobalData, Cameco's Cigar Lake and McArthur River mines were the world's two highest-production uranium mines as of 2023. These high-grade mines are a massive advantage for Cameco because they enable the company to extract uranium at a lower cost than competitors. Last year, Cameco mined 19 million pounds of uranium at Cigar Lake and 15 million pounds at McArthur River/Key Lake.
In addition to mining, Cameco's 49% stake in Westinghouse Electric provides additional exposure to the nuclear energy build-out. Westinghouse provides nuclear power technology and maintenance services globally. The company designs reactors such as the AP1000, a Generation III+ reactor with passive safety features, ready for large-scale deployment.
Westinghouse is a key player in the nuclear build-out. It currently has six operating AP1000 units worldwide, with 14 under construction in China and five more under contract in Poland and Bulgaria. On June 24, the U.S. Department of Energy committed $17.5 billion in loan facilities to finance long-lead equipment needed to build 10 large-scale AP1000 reactors in the United States.
Cameco stands to benefit from Westinghouse's initial public offering (IPO), which submitted a confidential Form S-1 with the Securities and Exchange Commission (SEC) on July 31. Westinghouse's public listing will provide Cameco with a transparent valuation of Westinghouse and enable Westinghouse to raise capital to fund the nuclear build-out.
Looking ahead, Cameco has annual deliveries of over 28 million pounds of uranium secured over the next five years. Analysts project earnings per share to jump 69% in 2027 and another 26% in 2028. For investors looking to capitalize on a long-term nuclear energy build-out, Cameco is well-positioned to benefit.
BWX Technologies is the sole provider of nuclear fuel for the U.S. Navy
BWX Technologies' stock surged to $241 per share on April 16 but has since declined 33% from that 52-week high, driven by valuation compression, shifting geopolitical expectations, and broader macro pressures. Its recent decline could prove a buying opportunity for investors seeking exposure to the growth in nuclear and national defense spending.
BWXT is the only provider of nuclear reactors and the fuel needed to power them for the U.S. Navy. It has delivered 420 nuclear reactor cores to the U.S. Naval Nuclear Propulsion Program over the last seven decades.
BWXT's reactors differ from today's small modular reactors in a few ways. For one, submarines require high-power density inside a narrow hull. BWXT builds naval cores using weapon-grade, highly enriched uranium. In the wrong hands, this could create a nuclear weapon. BWXT is the only commercial company approved by the Nuclear Regulatory Commission.
On May 7, BWXT secured naval propulsion contracts totaling $1.4 billion. Meanwhile, the U.S. Navy updated its 30-year shipbuilding plan to accelerate the construction of Ford-class aircraft carriers, eliminating manufacturing gaps and enabling consistent work across BWXT's plants. On July 6, BWXT closed its acquisition of Precision Components Group. The move adds 500,000 square feet of manufacturing capacity.
BWXT has a virtual monopoly on nuclear fuel and equipment for U.S. Navy ships and should benefit from the U.S.'s continued increases in defense and national security spending. With the stock trading down 33% from its 52-week high, BWXT looks like another solid nuclear stock to scoop up at the beginning of September.
Should you buy stock in Cameco right now?
Before you buy stock in Cameco, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Cameco wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $421,997!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,413,876!*
Now, it’s worth noting Stock Advisor’s total average return is 978% — a market-crushing outperformance compared to 213% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.
*Stock Advisor returns as of September 6, 2026.
Courtney Carlsen has positions in Cameco. The Motley Fool has positions in and recommends BWX Technologies and Cameco. The Motley Fool has a disclosure policy.
Founded in 1993 in Alexandria, VA., by brothers David and Tom Gardner, The Motley Fool is a multimedia financial-services company dedicated to building the world's greatest investment community. Reaching millions of people each month through its website, books, newspaper column, radio show, television appearances, and subscription newsletter services, The Motley Fool champions shareholder values and advocates tirelessly for the individual investor. The company's name was taken from Shakespeare, whose wise fools both instructed and amused, and could speak the truth to the king -- without getting their heads lopped off.

2 Nuclear Energy Stocks to Buy in September

Key Points
NuScale Power holds the only small modular reactor design certified by U.S. regulators, but its second-quarter revenue was just $75,000.
Cameco has contracts in place for average deliveries of more than 28 million pounds of uranium per year over the next five years.
Constellation Energy raised its 2026 earnings guidance after its nuclear fleet produced 44,160 gigawatt-hours in the second quarter.
Shares of NuScale Power (NYSE:SMR) trade around $9.63 as of this writing, down about 83% from their $57.42 52-week high.
But the demand that sent nuclear stocks soaring in the first place hasn't reversed. Constellation Energy (NASDAQ:CEG), for instance, reported an additional 920 megawatts of long-term power purchase agreements alongside its second-quarter results.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
In other words, the crash and the demand can both be true at once, because these companies do very different jobs. NuScale designs reactors, Cameco (NYSE:CCJ) sells the fuel, and Constellation already sells the power. A $2,000 investment split across the three buys three different claims on the same electricity demand.
Image source: The Motley Fool.
1. NuScale: approved designs, almost no revenue
NuScale's reactor is the first and only small modular reactor design certified by the U.S. Nuclear Regulatory Commission. Then in May 2025, the agency approved the company's uprated US460 plant design -- six modules of 77 megawatts each, or 462 megawatts in total.
What the approvals haven't produced yet is a paying customer base. Revenue went from $8.1 million in last year's second quarter to $565,000 in this year's first quarter to $75,000 in the second. The engineering work behind the older figures, on a project in Romania, wrapped up in late 2025, and nothing has replaced it. Meanwhile, the company's net loss widened to $50.1 million in the quarter, versus $37.6 million in the same period of 2025.
Buying the growth stock today is mostly a bet that the approvals turn into orders. The company does have a $1.9 billion war chest of cash and investments, which buys it time. And its partner ENTRA1 Energy is in discussions with the Tennessee Valley Authority about what management calls potentially the largest nuclear power deployment program in U.S. history -- though a definitive agreement hasn't been signed.
2. Cameco: the pounds are already sold
Cameco mines and refines uranium, and much of what it will deliver for years to come is already sold. The company has contracts in place for average annual deliveries of more than 28 million pounds of uranium over the next five years. Commitments run above that average from 2026 through 2028, and below it in 2029 and 2030. Notably, Cameco expects its own share of this year's production to total 19.5 million to 21.5 million pounds.
The company also said the long-term uranium price strengthened further, supported by contracting activity in the year's first half as customers increasingly focus on security of supply.
The second quarter itself was quieter. Cameco delivered 7.1 million pounds of uranium, and earnings fell from a year earlier, mostly because earnings from its stake in nuclear services company Westinghouse dropped after an unusually strong year-ago quarter.
Cameco's stock isn't the beaten-down one here. Shares trade about 25% off their 52-week high as of this writing, a far smaller discount than NuScale's. An investor buying today is paying for deliveries already under contract, not for a turnaround.
3. Constellation: the only one selling power today
Constellation is the largest nuclear energy company in the U.S. Its overall fleet has 55 gigawatts of generating capacity, a figure that includes Calpine, the natural gas and geothermal power producer it bought in January. Its nuclear fleet produced 44,160 gigawatt-hours of electricity in the second quarter.
Profits are rising, too. Second-quarter non-GAAP (adjusted) operating earnings climbed 34% year over year to $2.55 per share, and management now expects $11.50 to $12.50 in full-year adjusted earnings per share, a raised outlook. The new power purchase agreements run 15 to 20 years, and they include a 176-megawatt deal with Walmart supporting a capacity expansion at its Dresden plant in Illinois.
The stock isn't cheap, however. At about $292 per share, and using the midpoint of management's raised guidance, the stock's price-to-earnings multiple sits near 24.
But unlike NuScale, Constellation's valuation is measured against profits that already exist.
How I'd split the $2,000
Ultimately, all three stocks are claims on the same electricity demand. They just sit at different distances from the cash.
Constellation collects it today. Cameco has years of deliveries under contract. NuScale is still waiting for its first real order.
Sure, NuScale likely offers the most upside if orders finally land. But it's also the only one that could still be years away from meaningful revenue, and its losses are widening in the meantime.
So if I were putting $2,000 into nuclear power today, I think the split should favor proof: about half in Constellation, most of the rest in Cameco, and the smallest slice in NuScale. That way, most of the money sits with companies already getting paid.
Should you buy stock in NuScale Power right now?
Before you buy stock in NuScale Power, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and NuScale Power wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $421,997!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,413,876!*
Now, it’s worth noting Stock Advisor’s total average return is 978% — a market-crushing outperformance compared to 213% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.
*Stock Advisor returns as of September 5, 2026.
Daniel Sparks and his clients do not have positions in any of the stocks mentioned. The Motley Fool has positions in and recommends Cameco, Constellation Energy, and Walmart. The Motley Fool recommends NuScale Power. The Motley Fool has a disclosure policy.
Founded in 1993 in Alexandria, VA., by brothers David and Tom Gardner, The Motley Fool is a multimedia financial-services company dedicated to building the world's greatest investment community. Reaching millions of people each month through its website, books, newspaper column, radio show, television appearances, and subscription newsletter services, The Motley Fool champions shareholder values and advocates tirelessly for the individual investor. The company's name was taken from Shakespeare, whose wise fools both instructed and amused, and could speak the truth to the king -- without getting their heads lopped off.

3 Nuclear Stocks to Buy With $2,000 After One Fell 83%

Key Points
Nuclear fuel supplier Cameco reports that there are 77 nuclear reactors under construction worldwide.
Only three reactors are being built in the Americas, with 57 reactors being built in Asia.
New nuclear technologies, notably small modular reactors, aren't quite ready for prime time yet.
Between 2005 and 2025, electricity demand in the United States increased by 10%. Not 10% a year, 10% in total. But between 2025 and 2045, there's going to be a step change in demand, with electricity demand projected to increase by 60%. That's a very good backdrop for nuclear power, which provides reliable, baseload power that is "clean" because it doesn't produce greenhouse gases.
There's a nuclear renaissance on the way. However, it looks like the United States isn't quite ready to participate yet. Here's what you need to know and how you can play the growth of nuclear outside of the U.S. market.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
Where are new reactors getting built?
The problem for investors seeking to participate in a U.S. nuclear power renaissance is that it really isn't taking place just yet. Sure, some companies with existing nuclear power assets are benefiting from surging electricity demand. For example, utility Constellation Energy (NASDAQ: CEG) has inked deals with artificial intelligence data center owners and other companies that will keep nuclear reactors operating longer than planned, or allow for increased output from existing reactors. And Southern Company (NYSE: SO) recently completed construction of two new reactors, positioning it to provide decades of nuclear power to the market.
However, the real nuclear power story right now is taking shape outside of the U.S. market. Of the 77 nuclear reactors under construction worldwide, only three are being built in the broader "Americas", according to nuclear fuel supplier Cameco (NYSE: CCJ). Asia is the real hub for the industry, with a total of 57 reactors being built (37 in China, eight in India, and 12 throughout the rest of the region).
Nuclear industry service providers could be the best approach
It will be difficult for most U.S. investors to invest in the Asian nuclear power boom. However, that doesn't mean it is impossible; you just need to be a little creative. For example, Cameco is one of the most important suppliers of nuclear fuel worldwide. It also owns 50% of Westinghouse, a service provider to the nuclear power industry. Cameco should benefit from nuclear power growth, wherever it occurs. And that includes the opportunity to benefit from U.S. nuclear growth if, perhaps when, it occurs.
A less direct option is Brookfield Renewable (NYSE: BEP)(NYSE: BEPC). This company owns a globally diversified portfolio of clean energy assets, including hydroelectric, solar, wind, and storage. But it also owns a piece of Westinghouse. So it, too, should benefit, though less directly, from a global nuclear power renaissance. What's notable about Brookfield Renewable is that the partnership share class offers an attractive yield of 5%, with the corporate share class coming in at 4.9%. That will likely interest dividend investors far more than Cameco's miserly 0.2%.
New reactor technology is exciting, but still not being used
That said, the future of nuclear power could be small modular reactors (SMRs) like those being developed by Oklo (NYSE: OKLO) and NuScale Power (NYSE: SMR). There is a huge long-term opportunity if SMR technology gains traction, particularly in the U.S. market, where AI data centers could benefit from the availability of the nuclear technology. Only that hasn't happened yet. Oklo, for example, recently received bad news when it was dropped from a PJM Interconnection study. That could delay Oklo's development plans by 14 months or more, according to the company.
NuScale Power, meanwhile, has at least two potential customers lined up for its SMR technology. But neither one is at a point where a confirmed sale is on the table. So NuScale Power is still just a high-risk start-up that only the most aggressive growth investors should consider buying. And even after a deal is inked, it still needs to prove it can reliably manufacture its reactors.
Nuclear is happening, but you need to tread carefully
Nuclear power is definitely on the upswing globally. However, that really hasn't led to a massive increase in opportunity in the United States. So you need to be careful how you invest. Large stock price swings in Constellation Energy, NuScale Power, and Oklo are evidence that investor emotions can get ahead of actual long-term opportunities on Wall Street. That said, industry suppliers such as Cameco and Brookfield Renewable might offer investors a good entry point, given their ability to serve the global nuclear industry right now and in the future.
Should you buy stock in Oklo right now?
Before you buy stock in Oklo, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Oklo wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $421,997!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,413,876!*
Now, it’s worth noting Stock Advisor’s total average return is 978% — a market-crushing outperformance compared to 213% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.
*Stock Advisor returns as of September 5, 2026.
Reuben Gregg Brewer has positions in Brookfield Renewable Partners and Southern Company. The Motley Fool has positions in and recommends Cameco and Constellation Energy. The Motley Fool recommends Brookfield Renewable, Brookfield Renewable Partners, and NuScale Power. The Motley Fool has a disclosure policy.

The Nuclear Energy Boom: Where the Industry Really Stands Heading Into 4Q 2026

Key Points
A new wave of nuclear IPOs ranges from solid operators like Westinghouse to highly speculative start-ups.
Investors must weigh sponsor quality, cash runway, and revenue visibility before buying nuclear IPO shares.
Nuclear IPOs are heating up again, but not every deal offers the same balance of risk and opportunity. Discover how sponsor quality, commercialization timelines, and cash flow visibility shape this evolving space by watching the video below.
*This video was published on Aug. 6, 2026.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
Should you buy stock in Cameco right now?
Before you buy stock in Cameco, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Cameco wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $445,833!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,402,153!*
Now, it’s worth noting Stock Advisor’s total average return is 993% — a market-crushing outperformance compared to 214% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.
Jim Gillies has no position in any of the stocks mentioned. Lou Whiteman has no position in any of the stocks mentioned. Nicholas Sciple has positions in Cameco. The Motley Fool has positions in and recommends Alphabet and Cameco. The Motley Fool recommends Brookfield Renewable Partners. The Motley Fool has a disclosure policy.

The Nuclear IPO Boom Is Back: How Westinghouse and Its Rivals Stack Up for Long-Term Investors

Key Points
Projections indicate that data centers could account for up to 20% of U.S. electricity use by 2035, up from 5% currently.
Countries worldwide aim to drastically increase their nuclear energy capacity by 2050.
Fuel providers and nuclear technology companies stand to benefit from tailwinds related to the nuclear energy build-out.
Everyone is talking about hyperscalers, data centers, and chip shortages. But the real bottleneck is energy. Today's cutting-edge artificial intelligence (AI) models demand intense computation, gobbling up significantly more energy per server rack than ever before.
According to research from the Electric Power Research Institute (EPRI), data centers account for roughly 5% of electricity use in the United States. But that could increase to 20% by 2035. This massive increase in power consumption has hyperscalers searching high and low for reliable electricity solutions that reduce their carbon footprints.
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Enter nuclear energy. Countries worldwide are aiming to triple their nuclear energy capacity by 2050, and the U.S. has ambitious goals to quadruple its capacity over that same period. This is creating some powerful tailwinds for the nuclear industry and innovators in the space, and could mint some of the industrial sector's next big winners.
These established companies should ride the nuclear wave higher
Nuclear reactors need fuel, and Cameco (NYSE: CCJ) is one of the world's top uranium miners. Based in Canada, Cameco is a leading Western uranium miner with high-grade uranium mines in Saskatchewan. The company also holds a minority stake in Joint Venture Inkai in Kazakhstan, along with Westinghouse Electric, one of the world's top nuclear reactor manufacturers -- providing Cameco with upside from both raw fuel demand and the build-out of nuclear infrastructure.
Moving downstream, several companies are developing advanced nuclear reactors, also known as small modular reactors (SMRs), which could address major headaches associated with nuclear energy. SMRs are modular nuclear power solutions that are factory-fabricated and then shipped for on-site assembly. These units are flexible and could bring power to remote sites or for hyperscalers seeking "behind the grid" solutions.
GE Vernova (NYSE: GEV) is riding energy trends higher, driven by historic demand for its gas turbine equipment. That said, its offerings span a variety of power equipment. Regarding SMRs, GE Vernova is working with Hitachi to develop and commercialize the BWRX-300. This SMR is currently the only one under construction in North America, at Ontario Power Generation's Darlington site, which is slated to open by 2029.
In addition, the U.S. Department of Energy awarded the Tennessee Valley Authority a $400 million grant to accelerate the licensing and deployment of the BWRX-300. GE Vernova expects the BWRX-300 to begin commercial operations at Clinch River in the early 2030s, making it the first operating SMR in the U.S.
These speculative stocks are high-risk, high-reward opportunities
For more speculative investors, Oklo (NYSE: OKLO) and NuScale Power (NYSE: SMR) are two early-stage, pre-revenue SMR developers. These companies are still establishing themselves and are looking to lock in commercial agreements for their technology, which is set to be deployed in the 2030s. Oklo has an agreement with Meta Platforms, while NuScale has one project in Romania and hopes to secure another deal with the Tennessee Valley Authority.
Finally, these SMRs need fuel, and that's where Centrus Energy (NYSE: LEU) comes into play. Centrus is the only company approved by the Nuclear Regulatory Commission in the U.S. to manufacture high-assay low-enriched uranium (HALEU), the fuel used in many of the next-generation reactors, including SMRs, microreactors, and others under development.
Centrus also provides low-enriched uranium (LEU), the fuel used by traditional nuclear power plants. The company has traditionally sourced this uranium internationally, including from Russia. Under the Prohibiting Russian Uranium Imports Act, U.S. companies must replace their Russian-sourced nuclear fuel. Centrus received $900 million from the Department of Energy to expand its uranium enrichment facility in Piketon, Ohio, with new capacity coming online by 2029.
This unstoppable trend could persist for decades
Nuclear energy is set to enjoy tailwinds that could span the next couple of decades. Data centers have an insatiable appetite for power, while governments worldwide are significantly increasing nuclear capacity.
Meanwhile, the U.S. and others are investing heavily in next-generation reactors and the fuel needed to power them. This makes nuclear stocks appealing to investors seeking the industrial sector's biggest winners in the coming decade.
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Courtney Carlsen has positions in Cameco, Centrus Energy, GE Vernova, Meta Platforms, NuScale Power, and Oklo. The Motley Fool has positions in and recommends Cameco, GE Vernova, and Meta Platforms. The Motley Fool recommends Hitachi and NuScale Power. The Motley Fool has a disclosure policy.

This Unstoppable Trend Could Mint the Industrial Sector's Next Big Winners

Key Points
Ontario Premier Doug Ford said Monday that Canada should be ready to cut off U.S. access to electricity and critical minerals, including uranium refined in Ontario.
Cameco owns 100% of the Blind River refinery in Ontario, the world's largest commercial uranium refinery.
Canada was the origin of 32% of the uranium delivered to U.S. reactor operators in 2025, more than any other country.
Ontario Premier Doug Ford told The Associated Press on Monday that Canada should be ready to cut off U.S. access to electricity and critical minerals if the trade dispute continues to escalate. He named high-grade nickel and uranium refined in Ontario in particular, and he said Ontario powers 1.5 million U.S. homes and businesses.
Uranium refined in Ontario mostly means uranium refined by Cameco (NYSE:CCJ). The company owns the Blind River refinery (by its own description, the world's largest commercial uranium refinery), and Blind River sits in Ontario.
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Nuclear stocks jumped Tuesday, with the growth stock rising about 4.6% to about $107 as of this writing. Whether that jump had much to do with Ford is hard to say, and I don't think it matters much.
But what would a Canadian export restriction do to Cameco?
Image source: Getty Images.
Two steps in the fuel chain run through Cameco
Blind River opened in 1983, and Cameco owns 100% of it. The facility refines uranium concentrate from mines into uranium trioxide, a powder that sits partway between mined uranium and finished reactor fuel.
Its licensed production capacity is 18 million kilograms of uranium a year, with room to expand to 24 million once certain conditions are met.
From there, the refined uranium moves to Cameco's Port Hope conversion facility, which is also in Ontario. In other words, two consecutive steps in the nuclear fuel chain run through one company in one province, and Ontario's premier just named that province's output as leverage.
The business built on those plants is Cameco's smaller segment, fuel services. It produced 3.0 million kilograms of uranium in the second quarter, down 6% year over year, and the company expects production of 13 to 14 million kilograms this year.
Segment revenue was 152 million Canadian dollars in the quarter, next to 659 million Canadian dollars in the uranium segment. The segment's average realized price, however, rose 13% year over year.
How much U.S. fuel depends on Canada?
More than on any other country.
U.S. reactor operators purchased 46.9 million pounds of uranium in 2025, according to the U.S. Energy Information Administration. Canada was the origin of 32% of the uranium delivered -- the largest share of any country, ahead of Kazakhstan at 28%.
Meanwhile, uranium of U.S. origin covered just 7% of deliveries, down from 8% the year before.
And the trade backdrop worsened over the weekend. The U.S. imposed 50% tariffs on about $20 billion of Canadian goods on Saturday after talks between the two governments collapsed. Canada has said its retaliation will begin Sept. 8. Ford's comments landed in the middle of that escalation.
Cameco, notably, has been describing demand in similar terms all year. CEO Tim Gitzel said in the company's July earnings release that contracting activity has increased as customers focus on "security of supply."
The threat lands on Cameco's customers
An export restriction would be aimed at the U.S. government. But the buyers it would cut off are the American utilities Cameco has spent years signing.
The company has contracts in place for average annual deliveries of more than 28 million pounds of uranium over the next five years, with commitments above that average from 2026 through 2028. A restriction could push uranium prices higher. But it could also put Cameco's own deliveries, and its standing as the Western supplier utilities count on, at risk.
And prices are already moving Cameco's way without an embargo. The company's average realized uranium price was $67.79 per pound in U.S. dollars in the second quarter, up 18% from $57.35 a year earlier. Its first-half average of $66.96 was up 12% year over year. The direction is steady: as higher market prices feed through its market-related contracts, each period's average climbs.
So the threat itself is likely worth more to Cameco than an actual restriction would be. After all, every escalation reminds utilities that most of their fuel starts somewhere else, and long-term supply contracts are what Cameco has been patient about signing.
The stock, meanwhile, gives the company a lot of credit. Cameco's market value sits near $47 billion in U.S. dollars.
That heft comes against second-quarter net earnings of 25 million Canadian dollars and first-half net earnings of 156 million Canadian dollars. Those results were held down by weaker earnings from Westinghouse, the nuclear-technology company Cameco owns a stake in.
Even after Tuesday's gain, shares are about 21% below their 52-week high of $135.24. But this is not a value stock, and the price arguably assumes years of growth.
Of course, a restriction may never come. Ford's warning was a threat, not a policy. But it pointed at what Cameco owns -- and at why utilities keep signing long-term contracts with Cameco.
Should you buy stock in Cameco right now?
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Daniel Sparks and his clients do not have positions in any of the stocks mentioned. The Motley Fool has positions in and recommends Cameco. The Motley Fool has a disclosure policy.
Founded in 1993 in Alexandria, VA., by brothers David and Tom Gardner, The Motley Fool is a multimedia financial-services company dedicated to building the world's greatest investment community. Reaching millions of people each month through its website, books, newspaper column, radio show, television appearances, and subscription newsletter services, The Motley Fool champions shareholder values and advocates tirelessly for the individual investor. The company's name was taken from Shakespeare, whose wise fools both instructed and amused, and could speak the truth to the king -- without getting their heads lopped off.

Cameco Owns the Refinery at the Center of Canada's Uranium Threat

Key Points
Cameco, the world’s second-largest uranium miner, is finally growing again.
Uranium Energy’s cleaner, cheaper extraction methods are becoming more popular.
Uranium's price has always been pegged to the nuclear energy market. That's why many uranium stocks crumbled in the decade after the Fukushima disaster in 2011, which drove many countries to throttle the expansion of their nuclear programs.
From June 2007 to Nov. 2016, uranium's spot price plummeted from its peak of $136 per pound to a 12-year low of $18 per pound. That decline forced many uranium miners and companies to downsize their operations to stay solvent.
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But by the end of this July, uranium's spot price had risen back to $86.38 per pound. The rapid growth of the power-hungry cloud and AI markets, new decarbonization initiatives, and the adoption of safer nuclear technologies drove that recovery. If you want to profit from that trend, you should buy Cameco (NYSE: CCJ) and Uranium Energy (NYSEMKT: UEC).
Why will Cameco and Uranium Energy keep growing?
Cameco, a Canadian company, mined 15% of the world's uranium in 2025. It's the second-largest uranium miner after Kazakhstan's Kazatomprom (OTC:NATK.Y), and operates uranium mines and mills in Canada, the U.S., and Kazakhstan.
Cameco also partnered with Brookfield Asset Management (NYSE: BAM) to acquire Westinghouse Electric, one of the world's largest nuclear technology companies, in 2023. That takeover reduced Cameco's direct exposure to volatile uranium prices and made it a more diversified play on the nuclear energy infrastructure market.
Uranium Energy is a smaller Texas-based miner that pumps an oxygen-enriched solution into the earth to dissolve and extract uranium as a cheaper, greener alternative to underground and open-pit mining. It primarily operates in the U.S., Canada, and Paraguay.
Unlike Cameco, which locks its customers into long-term, fixed-price contracts as a hedge against uranium's volatile price swings, Uranium Energy sells its output entirely at prevailing spot prices. The bold strategy enables Uranium Energy to benefit more from soaring uranium prices than Cameco, but it also causes it greater pain when uranium prices decline.
Why are both stocks still worth buying?
Bank of America expects uranium's spot price to rise to $130 per pound in 2027 as the nuclear supercycle heats up. The AI market's expansion, production bottlenecks, and the U.S. ban on Russian uranium could all drive that acceleration.
Cameco and Uranium Energy aren't cheap at 16 times and 52 times next year's sales, respectively. But if you expect uranium's spot price to soar and set new record highs over the next few years, it might be smart to buy these two best-in-breed uranium stocks today.
Should you buy stock in Cameco right now?
Before you buy stock in Cameco, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Cameco wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $443,461!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,307,633!*
Now, it’s worth noting Stock Advisor’s total average return is 973% — a market-crushing outperformance compared to 213% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.
*Stock Advisor returns as of August 26, 2026.
Bank of America is an advertising partner of Motley Fool Money. Leo Sun has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Brookfield Asset Management and Cameco. The Motley Fool has a disclosure policy.
Founded in 1993 in Alexandria, VA., by brothers David and Tom Gardner, The Motley Fool is a multimedia financial-services company dedicated to building the world's greatest investment community. Reaching millions of people each month through its website, books, newspaper column, radio show, television appearances, and subscription newsletter services, The Motley Fool champions shareholder values and advocates tirelessly for the individual investor. The company's name was taken from Shakespeare, whose wise fools both instructed and amused, and could speak the truth to the king -- without getting their heads lopped off.

2 Uranium Stocks to Buy Before the Next Nuclear Supercycle

In trading on Tuesday, shares of Cameco Corp. (Symbol: CCJ) crossed above their 200 day moving average of $104.86, changing hands as high as $107.77 per share. Cameco Corp. shares are currently trading up about 4.3% on the day. The chart below shows the one year performance of CCJ shares, versus its 200 day moving average:
Looking at the chart above, CCJ's low point in its 52 week range is $73.20 per share, with $135.24 as the 52 week high point — that compares with a last trade of $106.72.
Click here to find out which 9 other stocks recently crossed above their 200 day moving average »
Further CCJ Research:

Indicator	TTM Median
P/E	80.47 14.07
Price/Sales	17.15 1.56
P/B	8.35 1.61
P/FCF	106.33 10.23

Indicator	TTM Median
ROE	5.04 15.38
ROA	6.51 6.88
ROI	4.41 8.75
Net Worth	37.63 1.66
Quick Ratio	2.10 1.08
Current Ratio	3.08 1.25

Indicator	TTM Median
Net Profit Margin	10.11 14.03
Operating Margin	14.89 19.14
Gross Margin	35.15 49.46
Return on tangible equity	5.06 17.48

Indicator	TTM Median
EPS	0.13 0.55
EPS Forecast	0.26 0.43
Revenue	616.00M 218.00M
Gross Profit	189.00M —
EBITDA	113.00M —

Cameco Corporation

Recent quarterly and TTM performance

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