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 expectations, while the fundamentals have not yet fully justified such a premium. A P/E of 80.47, P/S of 17.15, P/B of 7.33, and especially a P/FCF of 95.74 are substantially above industry medians, indicating notable overvaluation relative to the sector. At the same time, the multiples have generally declined from more extreme levels in recent periods, but they remain high, so the effect of valuation normalization is still present. The company has a strong balance sheet: a debt/equity ratio of just 0.14, a current ratio of 3.08, and a quick ratio of 2.10 point to comfortable liquidity and low leverage. This is an important plus for an energy business, where cyclicality and price volatility can quickly weaken cash flows. However, profitability is noticeably weaker than the industry’s: ROE of 5.04, ROI of 4.41, and return on tangible equity of 5.06 are significantly below medians, while a net profit margin of 10.11, operating margin of 14.89, and gross margin of 35.15 also lag the sector. Earnings momentum looks uneven: net income fell to 18 million, EBITDA to 113 million, and operating income to 61 million, which is worse than the stronger levels seen in previous periods. Revenue remains substantial and above the industry median, but its year-to-year fluctuations show that there is still no sustained acceleration. EPS of 0.13 and the weak forecast EPS of 0.26 confirm that current profitability does not match the high market valuation. The dividend yield of 0.28% is too low to meaningfully support the investment case through cash return. The company’s strengths are its solid balance sheet, high liquidity, and significant scale of assets and equity. Its weaknesses are very expensive valuation multiples and capital efficiency and margins that are weaker than the industry’s. Overall, this is more a story of a high-quality but overvalued business, where further upside appears limited without a clear improvement in earnings and free cash flow.

Cameco Corporation

Сильный индекс, без изменений. Быки в растерянности.

Strong index, flat. The bulls are confused.

Средний индекс, значительно вырос. Рынок на стороне быков.

Medium index, significantly up. The market is on the bulls' side.

Слабый индекс, незначительно вырос. Приток средств в лонги остается на невысоком уровне.

Weak index, slightly up. The inflow of funds into longs remains at a low level.

Cameco has a strong balance sheet and liquidity, but its valuation multiples are extremely high, while its efficiency and profitability are noticeably weaker than the industry average.

Key Points
Nuclear energy is experiencing a global revival, driven by energy security, decarbonization efforts, and soaring electricity demand.
Uranium supplies are struggling to keep pace as inventories shrink and utilities compete to secure long-term fuel contracts.
Uranium prices could remain near $100 per pound, benefiting producers such as Cameco and Uranium Energy.
The nuclear revival is gaining momentum. Governments worldwide are turning to nuclear energy to strengthen energy security. Meanwhile, hyperscalers need reliable, around-the-clock power to support surging electricity demand. Nuclear energy stands out for its emission-free, 24/7 baseload power, unlike intermittent renewables.
That combination is strengthening the outlook for nuclear energy and its essential fuel, benefiting uranium miners like Cameco (NYSE: CCJ) and Uranium Energy (NYSEMKT: UEC). With spot prices near $90 per pound and approaching historic highs, investors are asking a crucial question: Where does uranium go from here? Here's what I predict will happen to uranium next.
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 »
New nuclear reactors are coming online at a rapid rate
In the mid-2000s, nuclear energy was enjoying a resurgence. However, economic shifts, project delays, and the 2011 Fukushima disaster derailed this momentum and delivered a final blow to the industry for a decade.
However, things have shifted recently. At COP28 in 2023, over 20 nations, including the U.S., U.K., Japan, Canada, South Korea, and France, pledged to triple global nuclear energy capacity by 2050. The driving force behind this pledge was net-zero carbon-emission goals, which would be nearly impossible without nuclear energy.
China is leading the charge, with 38 commercial reactors under construction. The country aims to approve 10 to 15 gigawatts (GW) of new capacity annually and hopes to surpass the U.S. in nuclear generation by the end of the decade. In Japan, reactor restarts are working through regulatory approval. Meanwhile, in the U.S., power purchase agreements are bringing decommissioned plants, such as Three Mile Island Unit 1 and Palisades, back online.
In addition, President Donald Trump's administration wants to quadruple nuclear energy capacity by 2050. As part of this, policymakers want to have 10 new large-scale commercial nuclear reactors under construction by 2030. The Department of Energy is also fast-tracking testing of advanced nuclear reactors through its Reactor Pilot Program.
Uranium faces structural shortages as demand surges
Nuclear fuel procurement differs from oil and gas. Nuclear fuel accounts for no more than 10% of a plant's operating expense, so utility fuel buyers are price-insensitive and lock in long-term supplies. After Fukushima, utilities could secure cheap secondary supplies and rely on the spot market for uranium. However, buyers are now looking to secure fuel commitments for the next decade.
Uranium markets are reaching an inflection point. Inventories have dwindled, so buyers must rely on the primary mine supply. The market is facing bottlenecks. For example, in Kazakhstan, which accounts for 40% of global output, in situ recovery (ISR) mining operations have been hampered by shortages of sulfuric acid.
On top of that, energy demand is booming. Rising artificial intelligence (AI) workloads and growing data center infrastructure are driving incredibly strong demand for power. Total data center power consumption is projected to double by 2030, while total U.S. electricity demand is estimated to expand 25% by 2030.
Technology companies are making deals left and right to secure energy. Constellation Energy (NASDAQ: CEG), which owns and operates the largest nuclear energy fleet in the U.S., has signed long-term power purchase agreements with Alphabet, Amazon, Microsoft, and Walmart.
As part of this, Constellation, Vistra, and other power providers are using power uprates to extend the life of their nuclear plants and bring decommissioned plants back online.
What's next for uranium prices
Uranium prices are around $90 per pound, but supplies are likely to remain tight over the next decade. Utilities face a widening uncommitted supply gap, with cumulative uncommitted uranium requirements estimated to exceed 800 million pounds of triuranium octoxide, also called yellowcake, through 2035.
Spot uranium prices will likely remain elevated around $100 per pound for the next few years, as demand surges amid the deficit, with some experts arguing this is necessary to justify the investments needed to finance the next generation of underground and open-pit mines. Bank of America projects uranium could jump to $130 per pound by next year, a nearly 44% increase over today's spot price.
Global energy demand is growing, and nuclear energy is poised to play a crucial role in filling those gaps, benefiting uranium miners. Cameco uses long-term contracts and has agreements to deliver 28 million pounds of yellowcake annually over the next five years. Meanwhile, Uranium Energy is completely unhedged, giving investors exposure to rising spot prices but also adding volatility if spot prices decline meaningfully.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again
In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. If you’d invested $5,000 then, you’d be sitting on $2,885,382 today.*
Now, for the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. It’s a key player in the $1.8 trillion space race, and with the stock recently sitting 20% off its highs, the window to get in early is closing fast.
*Stock Advisor returns as of October 22, 2026.
Courtney Carlsen has positions in Alphabet, Cameco, Constellation Energy, Microsoft, and Vistra. The Motley Fool has positions in and recommends Alphabet, Amazon, Cameco, Constellation Energy, Microsoft, Vistra, and Walmart. The Motley Fool has a disclosure policy.

Uranium Is Near $90 a Pound. Here's My Prediction for What's Ahead for the Fuel.

Key Points
The Canadian uranium miner has several mines with high-grade deposits.
The company has a 49% stake in Westinghouse.
Cameco is the largest uranium miner in North America.
If you had bought $10,000 worth of Cameco (NYSE: CCJ) 10 years ago and reinvested its dividends, you would have $107,627.06 today. That's an amazing 26% annual return rate that aligns with high-growth tech stocks over the same period.
Cameco, however, is not a tech stock but a uranium miner that also provides uranium production and refining services.
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 »
The stock, despite its decade-long rise, is down more than 5% this year. Still, the next five years could see another surge in the stock. Here's why.
The high demand for uranium
Analysts see the company's revenue and earnings per share rising at a mid- to high-double-digit compound annual growth rate (CAGR) over the next five years as the company's long-term contracts convert higher market prices into cash flow.
The average price target for the stock is $126.88, compared to its current price of around $86.67.
Cameco has locked in commitments requiring average deliveries of more than 28 million pounds of yellowcake uranium per year. That number is expected to rise as more data centers use nuclear power to deliver consistent, continuous power.
The Canadian company is the largest uranium miner in North America and has two high-grade uranium deposits in Saskatchewan, Canada: McArthur River/Key Lake and Cigar Lake. These deposits have relatively low production costs, thanks to innovative, low-labor-intensive methods such as jet boring and raise boring.
Westinghouse's IPO will help Cameco
When Westinghouse Electric Company completes an initial public offering (IPO), possibly as early as October, the market valuation and transaction structure will unlock significant strategic, financial, and balance sheet benefits for Cameco. It owns 49% of Westinghouse, alongside Brookfield Renewable Partners, which has a 51% stake in Westinghouse.
Bloomberg News estimated that Westinghouse's IPO could be worth more than $50 million, which some are saying could be worth CA$24 billion to Cameco, which is a great return for its original $2.1 billion investment in 2023.
It will be hard to repeat the past five years' performance
There are a lot of tailwinds for the company's revenue. Despite that, it will be difficult for the company to repeat its performance of the past 10 years.
However, if the company can achieve mid-to-high double-digit returns, including reinvested dividends, $10,000 invested in the stock today could easily be worth $17,000 to $22,000 in five years.
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 $361,650!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,437,517!*
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James Halley has positions in Brookfield Renewable. The Motley Fool has positions in and recommends Cameco. The Motley Fool recommends Brookfield Renewable. The Motley Fool has a disclosure policy.

Here's What a $10,000 Investment in Cameco 5 Years Ago Is Worth Today -- and What the Next 5 Years Could Look Like

Key Points
GE Vernova’s nuclear business will benefit from Georgia Power’s upgrades.
Brookfield, through Westinghouse, will also profit from that expansion.
Alphabet's (NASDAQ: GOOG) (NASDAQ: GOOGL) Google recently struck a deal with The Southern Company's (NYSE: SO) Georgia Power to boost its capacity at two nuclear plants. Google will finance "uprates" (upgrades for a reactor's power output) at Georgia Power's Vogtle and Hatch nuclear plants to add 96 MW of new capacity to its electric grid.
Those upgrades will support the construction of new data centers, while Google's funding will shield Georgia Power's residential and industrial customers from those expenses. That's a win-win for both companies, and two other industrial stocks that could benefit from the deal are GE Vernova (NYSE: GEV) and Brookfield Renewable Corporation (NYSE: BEPC).
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 »
GE Vernova
GE Vernova, the former energy division of General Electric (NYSE: GE), was spun off as a stand-alone company in 2024. Its Power business, which accounted for 55% of its orders last year, produces gas turbines for combined-cycle plants and steam turbines for coal, gas, and nuclear plants. It also provides services for nuclear power plants. Its Electrification business, which accounted for another 33% of its orders, upgrades electrical grids. Both of these businesses have benefited from the rapid construction of power-hungry data centers.
GE Vernova, through its nuclear business and nuclear joint venture with Hitachi, has a massive presence at Georgia Power's Hatch plant. The plant's Unit 1 and Unit 2 sites both use GE's Mark I Boiling Water Reactors (BWRs), and it still relies on GE Vernova's reactor services, engineering support, and nuclear fuel advancements.
Therefore, any major upgrades at Hatch will likely rely on GE Vernova's equipment and services, thereby boosting the Power segment's orders. The plant's increased electricity transmission to the grid could also generate tailwinds for its Electrification business.
The growth of those two businesses should offset the slower growth of its Wind business, which grappled with operational, macroeconomic, and demand-related challenges in recent years. GE Vernova's backlog already grew 37% year over year to $176.3 billion in its latest quarter, and it should grow even bigger as the cloud and AI markets continue to expand.
Brookfield Renewable Corporation
Brookfield Renewable builds hydroelectric dams, wind farms, solar power plants, and other green energy projects, with a total operational capacity of 47.3 GW. On its own, Brookfield might not seem to have that much exposure to Google's deal with Georgia Power.
But three years ago, a consortium led by Brookfield Renewable (along with its institutional affiliates) and the uranium miner Cameco (NYSE: CCJ) acquired Westinghouse Electric Company, one of the world's leading nuclear technology companies. Brookfield and its affiliates took a 51% stake in the company, while Cameco controlled the remaining 49%.
Westinghouse built the pressurized water reactors (PWRs) used across all four units at Georgia Power's Vogtle plant, and it still provides the utility with specialized engineering services, regulatory compliance support, and proprietary nuclear fuel assemblies. Therefore, any major upgrades at Vogtle should generate tailwinds for Westinghouse and boost Brookfield's earnings.
But investors shouldn't jump to conclusions
GE Vernova and Westinghouse could benefit from Google's deal with Georgia Power, but investors shouldn't count their eggs before they hatch. Georgia's state regulators still need to approve the massive deal amid swelling protests against AI and data centers, and it will take at least a few years to uprate both plants.
Instead of assuming Google's deal with Georgia Power will drive more investors toward GE Vernova or Brookfield Renewable, investors should just view the deal as another positive sign for the AI power market. That's why Meta struck a similar deal with Constellation Energy last year. We'll likely see more of these deals as the AI market's breakneck expansion drives demand for nuclear power beyond its available supply.
Should you buy stock in GE Vernova right now?
Before you buy stock in GE Vernova, 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 GE Vernova 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 $375,240!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,403,292!*
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Leo Sun has positions in Brookfield Renewable and Meta Platforms. The Motley Fool has positions in and recommends Alphabet, Cameco, Constellation Energy, GE Aerospace, GE Vernova, and Meta Platforms. The Motley Fool recommends Brookfield Renewable and Hitachi. The Motley Fool has a disclosure policy.

Google Just Went Nuclear in Georgia. These 2 Industrial Stocks Get Paid to Build It.

Key Points
Technological advances enable nuclear power to be used in ways that weren’t possible when it first became a major source of electricity.
This revolution is particularly slow-moving, but it will also last a particularly long time.
Some of the rekindled industry’s best opportunities may not be obvious or currently highlighted.
Most investors are likely aware that nuclear energy -- once expected to be displaced by renewables -- is making a comeback. A recent outlook from the World Nuclear Association suggests that the industry's power production is expected to triple between now and 2050. This awareness is why some of these investors may even hold stakes in enriched uranium fuel providers like Cameco (NYSE: CCJ) or Centrus Energy (NYSE: LEU), or own nuclear reactor developers such as NuScale Power (NYSE: SMR) or Oklo (NYSE: OKLO). Or perhaps they take a broader industry approach by holding the VanEck Uranium and Nuclear ETF (NYSEMKT: NLR).
However they play it, there are three facts that smart investors should know about nuclear power's resurgence.
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 »
1. Much of it will be privately owned, geographically localized, and small in scale
Certainly, a number of the nuclear power plants planned for construction over the next few years will look much like those already built by public utility companies that serve millions of customers. A sizable swath of future reactors, however, will also look considerably different than the ones currently up and running.
They're called small modular reactors, or SMRs, for short. As the name implies, these power plants are largely fabricated off-site in pieces by companies such as the aforementioned NuScale or Oklo, and then assembled/installed on a relatively small footprint of only a few acres.
And that's what makes them so compelling to individual companies that might want to take power production into their own hands, but don't need a full-sized traditional nuclear power facility. NuScale's modular reactor design, for instance, can generate up to 77 megawatts per module. That's enough to power a desalination plant, a smelting facility, an artificial intelligence (AI) data center, or a factory.
Small modular reactors will probably never account for the lion's share of the world's total nuclear power production, to be clear. The International Atomic Energy Agency (IAEA) estimates that only about one-fourth of new nuclear power production capacity established between now and 2060 will come from SMRs.
Still, numbers from the World Nuclear Association indicate there are already more than 70 small modular reactors currently planned for construction, if not already underway, versus essentially none commercialized right now. In this same vein, the International Energy Agency, or IEA, expects worldwide SMR power production capacity to swell from less than 1 gigawatt by 2030 to on the order of 100 gigawatts by 2050.
2. It's going to take a while to start paying off
Small modular reactors aren't the only opportunity here. The world's still building utility-scale nuclear power plants as well. The IEA adds that over 60 nuclear reactors are currently under construction, bringing the global total to more than 400 nuclear power facilities already in operation.
Like all the SMRs currently being planned, however, it will be years before most of them generate any tangible revenue. Not only does it take years to build something as complex as a nuclear power facility, but it can also take years just to obtain the necessary permits. The IEA's expectation for nearly 900 gigawatts of nuclear power by 2050? The growth won't even start materializing in earnest until 2030, from roughly half that figure.
And while the buzz surrounding small modular reactors is plenty bullish, the BWRX-300 SMRs made by GE Vernova's (NYSE: GEV) joint venture with Hitachi, currently being installed in Ontario, Canada, for Ontario Power Generation, will be North America's first grid-connected SMRs. But this facility won't become operational until 2030 (and that assumes everything proceeds according to plan).
Investing in nuclear power's revival will require incredible patience. That's not a bad thing, though. It means you'll have time to do plenty of research and hold out for pullbacks.
3. The best investment opportunities may be ancillary
Last but not least, enriched uranium suppliers like Cameco and Centrus, and nuclear reactor makers like GE Vernova, Oklo, or Cameco's Westinghouse are the revitalized industry's obvious winners. But they may not be investors' best opportunities from here. They're already fully priced with respect to their risk and reward, specifically because they're obvious.
The best investment opportunities stemming from nuclear power's resurgence may, rather, be in companies that don't so obviously benefit from the renewed movement.
Clearly, GE Vernova is one of these names, but hardly the only one. Construction companies like Fluor Corp. (NYSE: FLR) and Jacobs Solutions (NYSE: J) are well-positioned for growth too, leveraging their extensive experience with such complex projects.
Then there's Amentum Holdings (NYSE: AMTM), which doesn't build nuclear reactor power plants or supply fuel for them. Instead, Amentum helps the nuclear power industry manage its spent fuel and other waste, and monitor for dangerous radiation levels. That's not all it does. But if nuclear power production is going to triple between now and 2050, the need for the proper disposal of nuclear waste is going to triple as well.
That's just a small sampling of all the unnamed and overlooked stocks that could thrive thanks to the rekindled growth of the nuclear power industry, of course.
Where to invest $1,000 right now
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James Brumley has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Amentum, Cameco, and GE Vernova. 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 Things Smart Investors Know About the Nuclear Power Comeback

Cameco (NYSE: CCJ) offers scale, diversification, and exposure across the nuclear fuel cycle, while Centrus Energy (NYSE: LEU) targets the increasingly important U.S. uranium enrichment market. Both could benefit from nuclear growth, but the choice comes down to a sharp trade-off between resilience and the upside of concentrated scarcity.
Stock prices used were the market prices of Sept. 12, 2026. The video was published on Sept. 28, 2026.
Missed AI’s "Act 1"? Act 2 Could Be 15x Bigger. Most investors think they missed the AI boat because they didn't buy Nvidia in 2005. But according to our analysts, we’re only at the end of "Act 1"—the R&D phase. "Act 2" is the global rollout. 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 $383,680!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,382,954!*
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*Stock Advisor returns as of September 28, 2026.
Rick Orford 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. Rick Orford is an affiliate of The Motley Fool and may be compensated for promoting its services. If you choose to subscribe through their link, they will earn some extra money that supports their channel. Their opinions remain their own and are unaffected by The Motley Fool.
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 vs. Centrus Energy: Which Is the Better Nuclear Stock?

Key Points
Nuclear power offers baseload power from a clean energy source.
Electricity demand is rapidly increasing.
Investor sentiment has shifted, but nuclear still doesn't look cheap, and new technology is still largely untested.
NextEra Energy (NYSE: NEE) recently agreed to buy Dominion Energy (NYSE: D), at least partly to gain access to fast-growing data center demand. The deal will also give the combined company material scale in the U.S. nuclear power sector. NextEra is leaning into what it sees as key long-term trends, with demand for electricity in the United States expected to increase by 60% between 2025 and 2045.​​
If you are an investor, nuclear power presents a huge opportunity. But all opportunities come with risk, as highlighted by the pullback in the nuclear power sector in 2026. Here are two green flags to consider and two red flags to contemplate before you jump into the nuclear power sector.
Missed AI’s "Act 1"? Act 2 Could Be 15x Bigger. Most investors think they missed the AI boat because they didn't buy Nvidia in 2005. But according to our analysts, we’re only at the end of "Act 1"—the R&D phase. "Act 2" is the global rollout. Continue »
2 green flags
Electricity demand is the primary reason for favoring nuclear power stocks as investments. As noted above, electricity demand in the United States is expected to rise 60% between 2025 and 2045. The key to understanding that figure, however, is that demand rose by only 10% in the previous 20-year period. This is a step change in demand, and renewable energy sources like solar and wind simply won't be able to meet it all because they are intermittent. Nuclear is always on baseload power.
A significant portion of the expected demand is coming from new technologies, such as electric cars and artificial intelligence. There are early signs of demand for nuclear power, as companies like Constellation Energy (NASDAQ: CEG) ink deals with AI companies to reopen shuttered nuclear power plants or keep ones slated for closure open. That said, there are currently 438 operable reactors in the world, with 417 actually operating, according to nuclear fuel supplier Cameco (NYSE: CCJ).
So there are only a limited number of opportunities for growth within the existing nuclear power fleet. The big opportunity, and the second green flag, is new construction. There are currently 77 reactors under construction, most of which are in Asia. But companies like Oklo (NYSE: OKLO) and NuScale Power (NYSE: SMR) are looking to push nuclear technology to new levels, with small modular nuclear reactors (SMRs). And government support for SMRs and nuclear power, more broadly, could help initiate a new building boom.
2 red flags
As with any new technology, however, investors need to watch the cash. For example, Oklo and NuScale are both money-losing start-ups. The idea of SMRs is exciting, but much more work remains before they become a significant factor in the industry. And while these two stocks rose dramatically on news that the U.S. government was providing funding to nuclear start-ups, they each fell back to earth when it became clear that neither company was on the verge of profitability.
That's really two red flags in one example, since new technology and funding are both issues that need monitoring. However, funding isn't just an issue for start-ups. Building a large-scale nuclear power plant is an expensive endeavor (it is also time-consuming and difficult, but put that aside for now). So money is a very big problem for any company that wants to build out its nuclear power fleet. This is part of the reason why NextEra is buying Dominion. The combined company will not only be number two in U.S. nuclear but also the largest publicly traded utility in the United States and the world. That is likely to provide it with advantaged access to capital markets.
That said, investors are always making trade-offs between risk and reward. And something that investors need to watch carefully, making it red flag number two, is valuations. Money-losing start-ups are notoriously difficult to value, but Constellation Energy, even after a sell-off, has a price-to-earnings ratio of 25x. The average utility's P/E is roughly 19x. Nuclear fuel supplier Cameco has a P/E of 157x, but it operates a commodity-driven business, which can lead to outlandish valuation figures at times. NextEra's P/E, notably, is roughly 17x, making it look relatively cheap, but it is far from a pure-play in the nuclear power space.
Even a good business can be a bad investment if you pay too much for it. And mercurial investors have proven that moods can swing quickly in the nuclear power sector. You need to tread with caution and make sure you are comfortable with what you are paying to own a nuclear power stock.
Huge opportunities and huge risks
Nuclear power has a lot going for it, but there are always risks that you have to consider when buying a stock. Right now, growing electricity demand and nuclear power plant construction are two green flags to watch. But red flags like funding for hugely expensive reactors and new technology development, as well as sector valuations, need to be watched as well, as they may temper your enthusiasm for a particular stock.
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 $386,781!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,379,943!*
Now, it’s worth noting Stock Advisor’s total average return is 936% — 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 25, 2026.
Reuben Gregg Brewer has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Cameco, Constellation Energy, and NextEra Energy. The Motley Fool recommends Dominion Energy and NuScale Power. The Motley Fool has a disclosure policy.

2 Green Flags and 2 Red Flags for Nuclear Stocks After This Year's Sell-Off

Key Points
Cameco’s uranium mining business is booming.
Constellation’s nuclear fleet is firing on all cylinders.
Vistra is a balanced play on nuclear energy, natural gas, and other power sources.
The nuclear energy market stalled out for about a decade after the 2011 Fukushima disaster. Many countries paused their nuclear expansion plans, and uranium prices plummeted.
But over the past few years, the nuclear market warmed up again. New decarbonization initiatives, safer nuclear technologies, and the soaring energy demands of the cloud infrastructure and artificial intelligence (AI) markets fueled that recovery. The International Atomic Energy Agency (IAEA) now expects the world's nuclear capacity to triple by 2060.
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 »
The nuclear market's AI-fueled resurgence is generating a lot of buzz for developers of smaller, next-gen reactors like NuScale and Oklo. However, those companies haven't even deployed their first commercial reactors yet. So today, let's focus on three reliable, lower-risk nuclear stocks that powered the electrical grid long before the recent AI boom: Cameco (NYSE: CCJ), Constellation Energy (NASDAQ: CEG), and Vistra (NYSE: VST).
Cameco, based in Canada, is the world's second-largest uranium miner after Kazakhstan's Kazatomprom. In 2025, it mined 15% of the world's uranium from its mines in Canada, the U.S., and Kazakhstan.
Back in 2023, Cameco partnered with Brookfield Asset Management to acquire Westinghouse Electric, one of the world's largest nuclear technology companies. That acquisition diversified its business and reduced its direct exposure to volatile uranium prices.
Cameco, like most other uranium miners, suffered a severe slowdown after the Fukushima disaster. To stay solvent, it temporarily shut down its largest mines and mills.
But from the end of 2020 to the end of this August, the spot price of uranium surged from $35.00 to $89.68 per pound. As uranium prices soared, Cameco reopened its mines to ramp up production, but global demand continues to outstrip supply.
That's why analysts expect Cameco's revenue and adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) to grow at CAGRs of 8% and 15%, respectively, from 2025 to 2028. It still looks reasonably valued at 21 times next year's adjusted EBITDA, and it should remain a linchpin of the nuclear market for the foreseeable future.
Constellation Energy
Constellation Energy is one of the top independent power producers in the United States, with a total capacity of 55 GW across its nuclear, natural gas, oil, geothermal, hydro, wind, and solar plants. It owns the largest fleet of nuclear plants in the U.S. with a combined capacity of 22 GW.
Constellation's nuclear power plants already serve 80% of the Fortune 100, including the top hyperscalers, and drive most of its earnings growth. It directly benefits from the Zero-Emission Nuclear Production Tax Credit (PTC), which subsidizes nuclear power plants when energy prices are lower and boosts their profits when energy prices are higher.
Constellation has plenty of irons in the fire. It's secured a 20-year power purchasing agreement (PPA) with Microsoft to restart Unit 1 at Three Mile Island (rebranded as Crane Clean Energy Center), it's scaling its PPAs with Meta and Walmart, it's upgrading the capacity of its existing plants, and it's integrating Calpine, the natural gas and geothermal energy giant it acquired for $26.6 billion this January.
From 2025 to 2028, analysts expect its revenue and adjusted EBITDA to grow at CAGRs of 15% and 38%, respectively. Yet it trades at just 12 times next year's adjusted EBITDA.
Vistra
Vistra is another leading independent power producer in the U.S., with a total capacity of 44 GW across its natural gas, nuclear, coal, solar, and battery energy storage facilities. It sells electricity through TXU Energy, Dynegy, Homefield Energy, Ambit, and its other regional subsidiaries. Natural gas accounts for most of that capacity, but its nuclear business is booming.
In 2024, Vistra acquired Energy Harbor to significantly expand its nuclear generation business. It's also upgrading its existing nuclear plants to generate more energy. Only 15% of Vistra's capacity comes from its nuclear plants today, but that percentage should continue to rise.
Vistra suffered a few setbacks over the past two years, including the permanent closure of its Moss Landing battery storage facilities (after a series of fires) and new caps on electricity capacity prices in the Mid-Atlantic and the Midwest. But it's weathered plenty of regulatory challenges and plant closures in the past, and it's still locked into the booming AI market through its PPAs with Meta and Amazon.
From 2025 to 2028, analysts expect Vistra's revenue and adjusted EBITDA to grow at CAGRs of 13% and 15%, respectively. It trades at just eight times next year's adjusted EBITDA, making it an undervalued way to profit from the insatiable demand for more electricity.
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 $386,781!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,379,943!*
Now, it’s worth noting Stock Advisor’s total average return is 936% — 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 25, 2026.
Leo Sun has positions in Amazon and Meta Platforms. The Motley Fool has positions in and recommends Amazon, Brookfield Asset Management Ulc, Cameco, Constellation Energy, Meta Platforms, Microsoft, Vistra, and Walmart. The Motley Fool recommends NuScale Power. The Motley Fool has a disclosure policy.

3 Nuclear Stocks Powering the Grid Long Before AI Made Them Trendy

The rapid expansion of artificial intelligence (AI) data centers is fundamentally reshaping global electricity demand. To this end, Gartner projected last year that global data center electricity consumption would rise from 448 terawatt-hours in 2025 to 980 TWh by 2030, with the share of AI-optimized servers in data center power consumption expected to double during that period.
This unprecedented power demand surge is reviving nuclear energy as a critical solution, with BloombergNEF projecting global nuclear capacity to climb 44% over the next decade, reaching as much as 535 gigawatts by 2036.
For investors seeking to capitalize on this structural shift, nuclear exchange-traded funds (ETFs) offer a diversified gateway to the companies at the heart of this renaissance.
But before we jump into the specifics of these ETFs, it is crucial to understand how the connection between the AI data center boom and surging nuclear power demand is becoming increasingly direct and tangible, as well as why investors may consider ETFs over individual nuclear stocks.
How Is the AI Data Center Boom Accelerating Nuclear?
With AI data centers driving an unprecedented surge in electricity demand, nuclear energy has emerged as one of its most critical power sources because it provides reliable, 24/7 baseload power — unlike intermittent renewables.
This reliability is driving massive corporate commitments from hyperscalers, the funding lords of AI infrastructure. For instance, Meta secured 6.6 gigawatts of nuclear power through deals with Vistra VST, TerraPower and Oklo earlier this year.
On the other hand, Constellation Energy CEG is restarting Three Mile Island's Unit 1 under a 20-year agreement with Microsoft, with an aim to restore 835 megawatts to the grid by 2027.
Meanwhile, regulatory support is accelerating the trend of robust nuclear energy expansion across the United States, with the Trump administration actively pushing for new reactor construction. A prime example of such regulatory backing is the signing of a landmark 30-year, multi-billion-dollar civilian nuclear agreement between the United States and Saudi Arabia this July, which opened the door for U.S. companies to build Saudi Arabia’s nuclear infrastructure, including potential uranium enrichment capabilities.
The AI data center boom is transforming the nuclear energy industry from a stagnant sector into one attracting billions of dollars in investment, supported by long-term contracts and growing political backing, potentially making it one of the defining energy stories of the decade.
Why ETFs May Be the More Prudent Path
While companies like Constellation Energy, Cameco CCJ, and Oklo Inc. OKLO are gaining prominence due to the AI boom, concentrating investments in a handful of individual nuclear stocks exposes investors to significant single-company risks.
A single regulatory setback, construction delay, or operational disruption at one plant can devastate an individual stock.
Nuclear ETFs mitigate this risk by providing instant diversification across the entire nuclear value chain — from uranium miners and fuel suppliers to utility operators and reactor technology providers. An ETF holding dozens of companies ensures that exposure to the industry’s growth is not derailed by the inevitable volatility of any single player.
Nuclear ETFs to Bet on
Considering the aforementioned discussion, investors may consider adding the following nuclear ETFs to their portfolios today:
VanEck Uranium and Nuclear ETF NLR
This fund, with net assets worth $3.74 billion, offers exposure to 28 companies involved in uranium mining; the construction, engineering and maintenance of nuclear power facilities and nuclear reactors; the production of electricity from nuclear sources; or providing equipment, technology and/or services to the nuclear power industry. CCJ (with 8.20% weightage), CEJ (7.79%) and Public Service Enterprise Group Inc (7.56%) hold the first three spots in this fund.
Oklo holds the seventh spot in this fund, with 5.01% weightage. NLR charges 52 basis points (bps) in fees and traded at a volume of 0.27 million shares in the last trading session.
Range Nuclear Renaissance Index ETF NUKZ
This fund, with net assets worth $715.3 million, offers exposure to 52 companies that are involved in the following segments: advanced reactor, utilities, construction & services, and fuel. CCJ (9.31%), OKLO (3.38%) and GE Vernova (3.13%) hold the first three spots in this fund.
VST holds the ninth spot in this fund, with 2.83% weightage. NUKZ charges 85 bps in fees and traded at a volume of 0.14 million shares in the last trading session.
First Trust Bloomberg Nuclear Power ETF RCTR
This fund, with net assets worth $29.8 million, offers exposure to 52 companies engaged in nuclear-related activities. Hitachi Ltd (5.67%), Doosan Enerbility (5.04%) and CEG (4.92%) hold the first three spots in this fund.
CCJ holds the seventh spot in this fund, while VST holds the eighth spot, both with 4.30% weightage. RCTR charges 70 bps in fees and traded at a volume of 0.001 million shares in the last trading session.
Themes Uranium & Nuclear ETF URAN
This fund, with a net asset value of $36.25, offers exposure to companies that derive their revenues from uranium mining, explorations, refining, processing, and royalties, as well as nuclear energy, equipment, technology, and infrastructure. CCJ (8.51%), CEG (7.70%) and NAC Kazatomprom JSC (4.32%) hold the first three spots in this fund.
OKLO holds the eighth spot with a 2.88% weightage. URAN charges 35 bps in fees and traded at a volume of 0.003 million shares in the last trading session.
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Bet on These Nuclear ETFs to Ride the AI Data Center Boom Now

Key Points
The International Energy Agency recently released a report about AI, noting that "there is no AI without energy."
Power demand from AI is expected to double by 2030 and continue to grow.
The International Energy Agency (IEA) monitors the world's energy needs, and it recently provided an important update on artificial intelligence (AI). The number that matters most is that electricity demand from AI data centers is projected to more than double between 2024 and 2030, rising from 415 terawatt-hours (TWh) to 945 TWh. The projection for 2035 is 1,200 TWh, nearly triple the 2024 figure. This is a potentially huge opportunity for power providers.
The scale is enormous, and so is the opportunity
It is hard to put 945 TWh into perspective without a reference point. To that end, the IEA noted that electricity demand from AI in 2030 will exceed Japan's current power use. To be fair, AI is a global phenomenon, so this electricity demand isn't coming from a single place. But data center electricity use has been growing at 12% per year since 2017, more than four times the overall rate of consumption growth. AI data center construction is a major driving force in the power sector that you simply can't ignore.
Missed AI’s "Act 1"? Act 2 Could Be 15x Bigger. Most investors think they missed the AI boat because they didn't buy Nvidia in 2005. But according to our analysts, we’re only at the end of "Act 1"—the R&D phase. "Act 2" is the global rollout. Continue »
There are many ways for investors to play the demand trends the IEA is highlighting. For example, demand is growing so quickly today that regulated electric utilities are struggling to keep up. Bloom Energy (NYSE: BE) has been a huge beneficiary, as its hydrogen fuel cells can provide off-grid power. It entered 2026 with a product backlog of $6 billion, up 140% over 2025's starting backlog. The company only reports backlog once per year, but that $6 billion figure is likely higher today. However, that's not the full picture, because each fuel cell sold comes with a service contract. Bloom Energy's service backlog started 2026 at $14 billion, and will provide annuity-like income for years to come.
There's also an increasing focus on nuclear power, which provides reliable, clean energy. Constellation Energy (NASDAQ: CEG) is one of the largest operators of nuclear power plants in the United States. It is already working with AI companies like Meta (NASDAQ: META) and Microsoft (NASDAQ: MSFT). Notably, it is not a regulated utility, so it can charge market rates for the electricity it produces.
Nuclear power plants can't operate without fuel, which is what Cameco (NYSE: CCJ) produces. Operating out of politically and economically stable Canada, it is one of the world's largest producers of uranium. The company expects demand for nuclear fuel to outstrip supply by the mid-2030s, which could increase pricing power for this picks-and-shovels nuclear stock.
And if you have a more conservative bent, a regulated utility like NextEra Energy (NYSE: NEE) might be a solid pick. It is doubling down on AI and data centers with its pending acquisition of Dominion Energy (NYSE: D), which has a monopoly in one of the world's largest data center markets. With over three decades of annual dividend hikes behind it, even conservative investors will probably find NextEra and its 3% yield a compelling opportunity.
There are plenty of AI power opportunities to pick from
It is highly unlikely that the same investors who find Bloom Energy attractive will also find NextEra Energy attractive. But that's the point. The AI story for electricity providers is both broad and large, allowing all types of investors to get involved. Don't ignore what the IEA is telling the world about AI. Take some time to dig in, and you'll likely find an investment opportunity that fits well with your portfolio.
Should you buy stock in Bloom Energy right now?
Before you buy stock in Bloom Energy, 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 Bloom Energy 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 $387,158!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,365,749!*
Now, it’s worth noting Stock Advisor’s total average return is 932% — a market-crushing outperformance compared to 211% 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 20, 2026.
Reuben Gregg Brewer has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Bloom Energy, Cameco, Constellation Energy, Meta Platforms, Microsoft, and NextEra Energy. The Motley Fool recommends Dominion Energy. The Motley Fool has a disclosure policy.

The World's Top Energy Watchdog Made the Bull Case for AI Power Stocks. Here's the Number That Matters.

Key Points
The world is embracing nuclear energy, and these tailwinds should benefit uranium miners Cameco and Uranium Energy.
Cameco has a massive uranium mining business and exposure to other parts of the nuclear value chain.
Uranium Energy operates primarily in the U.S. and sells its uranium unhedged, providing upside if uranium spot prices remain high.
As energy demand grows, the global perspective on nuclear energy has shifted. Worldwide, countries are committing to tripling their nuclear energy capacity by 2050, creating powerful tailwinds over the next decade and beyond for uranium miners like Uranium Energy (NYSEMKT: UEC) and Cameco (NYSE: CCJ).
Both companies benefit from growing uranium demand, but each has a different risk profile that investors should understand. If I had to pick one stock for the next decade, Cameco gets the slight edge. Here's why.
Missed AI’s "Act 1"? Act 2 Could Be 15x Bigger. Most investors think they missed the AI boat because they didn't buy Nvidia in 2005. But according to our analysts, we’re only at the end of "Act 1"—the R&D phase. "Act 2" is the global rollout. Continue »
Cameco and Uranium Energy are efficient uranium miners
Cameco is one of the world's largest uranium miners and the largest in North America. What sets it apart is its investment in high-grade uranium deposits at McArthur River/Key Lake and Cigar Lake, both in Saskatchewan, Canada. These deposits have low production costs of roughly $21.72 and $23.94 per pound of uranium extracted and processed, respectively, among the lowest for conventional mines worldwide.
In comparison, Uranium Energy relies heavily on in-situ recovery (ISR). Using ISR, Uranium Energy pumps oxygenated water into underground sandstone aquifers to dissolve uranium, then pumps the uranium-rich liquid back to the surface.
Unlike conventional underground or open-pit mines, ISR is less disruptive to the environment and has significantly lower reclamation costs. In the third quarter, Uranium Energy produced 32,195 lbs of concentrate at a total cash cost of $46.69 per pound. Since commissioning, its cumulative average cash cost per pound is around $32.40.
Cameco's integrated business provides more exposure to the nuclear industry
One stark difference between Cameco and Uranium Energy is their business models and exposure to the nuclear value chain. Cameco is a massive miner, but it also has exposure across nuclear fuel and nuclear equipment sales.
Cameco operates the world's largest commercial uranium refinery in Ontario. Cameco also owns 49% of Westinghouse Electric, one of the world's largest nuclear reactor developers, which plans to go public soon. Westinghouse develops the AP1000 reactor, and the U.S. intends to have at least 10 of these under construction by 2030.
Uranium Energy doesn't have similar investments across the value chain. Instead, it is focused on mining projects in the U.S. and Canada. For Uranium Energy investors, its U.S. footprint could prove a competitive advantage as policymakers move aggressively to reshore the domestic nuclear fuel supply chain and eliminate reliance on adversarial foreign suppliers.
With fully licensed, producing In-Situ Recovery (ISR) processing hubs in Wyoming and South Texas, Uranium Energy is one of the few domestic players that can sell "made in the USA" yellowcake to intermediaries.
Which uranium mining stock is right for you?
Uranium Energy is a higher-risk uranium miner stock because it sells unhedged uranium, giving it greater upside if uranium spot prices continue to climb higher. This, along with its U.S. assets, makes Uranium Energy a stock for aggressive investors who are bullish on uranium's long-term outlook.
Cameco is a more stable investment. That's because its long-term contracts lock in revenue for years to come and offer greater stability than Uranium Energy's if spot market prices fall. Cameco also has exposure across the nuclear value chain, which is why I think it's the better stock over the next decade for investors seeking exposure to the nuclear industry's growing tailwinds.
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 $387,158!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,365,749!*
Now, it’s worth noting Stock Advisor’s total average return is 932% — a market-crushing outperformance compared to 211% 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 20, 2026.
Courtney Carlsen has positions in Cameco. The Motley Fool has positions in and recommends Cameco. The Motley Fool has a disclosure policy.

Indicator	Dec 25	Mar 26	Jun 26	TTM
Net Income	RUB 141.00M	RUB 95.00M	RUB 18.00M	RUB 18.00M
Operating Income	RUB 126.00M	RUB 120.00M	RUB 61.00M	RUB 61.00M

Indicator	Dec 25	Mar 26	Jun 26	TTM
Total Assets	RUB 7.37B	RUB 7.37B	RUB 7.44B	RUB 7.44B
Cash on Hand	RUB 869.00M	RUB 809.00M	RUB 804.00M	RUB 804.00M
Total share holder equity	RUB 4.94B	RUB 5.15B	RUB 5.15B	RUB 5.15B

Indicator	Dec 25	Mar 26	Jun 26	TTM
Long Term Debt	RUB 713.00M	RUB 726.00M	RUB 720.00M	RUB 720.00M
Total liabilities	RUB 2.43B	RUB 2.22B	RUB 2.28B	RUB 2.28B

Cameco Corporation

Recent quarterly and TTM performance

Growth

Assets

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