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 Corporation

Key Points
Data center power demand is projected to grow by 160% by 2030, creating unprecedented opportunities for energy infrastructure companies.
Nuclear power is experiencing a renaissance as hyperscalers seek 24/7 carbon-free electricity for AI workloads.
Natural gas pipelines and turbine manufacturers are critical bottlenecks in the race to power the AI era.
For decades, U.S. electricity demand was relatively flat. That era is over. The rise of artificial intelligence (AI) has triggered a paradigm shift in global energy demand comparable to the industrial revolution.
According to Goldman Sachs, data center power demand is projected to grow 160% by 2030. The International Energy Agency estimates that by 2030, data centers could consume as much electricity as Japan does today. The critical factor is baseload reliability. AI models require 24/7 uptime, meaning intermittent renewables alone will not suffice. That reality has sparked a nuclear renaissance and a massive resurgence in natural gas infrastructure.
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Here are 10 energy stocks building the backbone of this AI-powered future.
1. Nuclear's undisputed king
Constellation Energy (NASDAQ: CEG) owns the largest nuclear fleet in the U.S., producing 24/7 carbon-free energy -- the holy grail for hyperscalers with net-zero targets. The company signed a landmark power deal with Microsoft (NASDAQ: MSFT) that underpins the effort to restart the Three Mile Island Unit 1 reactor. A pending acquisition of Calpine (including debt) for roughly $26.6 billion would add a massive fleet of natural gas plants.
2. Renewables meet nuclear
NextEra Energy (NYSE: NEE) is the world's largest producer of wind and solar energy -- and now the company is making aggressive moves into nuclear. NextEra partnered with Alphabet (NASDAQ: GOOG)(NASDAQ: GOOGL) to restart the Duane Arnold nuclear plant in Iowa, with the 615-megawatt reactor targeted to come online by 2029 and the bulk of its output contracted to power Google's data centers.
3. The Southeast's data center landlord
Southern Company (NYSE: SO) is a regulated utility giant whose primary market, Georgia, has become the epicenter of data center growth in the American South. Southern has over 50 gigawatts (GW) of potential large-load growth in the pipeline, with roughly 40 GW concentrated in Georgia and a large portion tied to data centers.
4. Data Center Alley's incumbent
Dominion Energy (NYSE: D) serves Northern Virginia, where roughly 70% of the world's internet traffic flows. Dominion is in contract talks for roughly 40 GW to 47 GW of new data center capacity and expects peak electricity load in its territory to rise sharply over the next decade.
5. The hybrid power play
Vistra (NYSE: VST) combines a large nuclear fleet with efficient gas generation, making it one of the best-performing stocks in the sector. Vistra owns the Comanche Peak nuclear plant and has been in active discussions with hyperscalers about co-locating data centers with its nuclear and gas plants, including potential long-term supply deals.
6. Gulf Coast power broker
Entergy (NYSE: ETR) is the dominant utility in the Gulf Coast region, an area known for its affordable land and extensive energy infrastructure. Entergy has a pipeline of 7 GW to 12 GW of data center projects and has secured deals with Amazon, Alphabet, and Meta Platforms.
7. The natural gas gatekeeper
Williams Companies (NYSE: WMB) controls 30% of U.S. natural gas volume. In a strategic pivot, Williams is developing behind-the-meter and co-located gas-fired generation for data centers, aiming to relieve local grid bottlenecks and guarantee power availability.
8. Pipeline infrastructure giant
Kinder Morgan (NYSE: KMI) is one of the largest energy infrastructure companies in the S&P 500, with pipelines that move about 40% of U.S. natural gas. As AI demand outstrips renewable capacity, Kinder Morgan's network is crucial for supplying the gas-fired power plants that utilities are rapidly building.
9. The turbine maker
GE Vernova (NYSE: GEV) is the arms dealer of the energy transition -- whether the world chooses wind, gas, or nuclear, GE Vernova manufactures the turbines and generators needed to produce the electrons. The company is experiencing a surge in gas turbine orders, with multi-gigawatt deals explicitly tied to powering AI and data centers.
10. The uranium supplier
Cameco (NYSE: CCJ) is the Western world's premier uranium supplier. With Microsoft, Alphabet, and Amazon all signing deals to restart or build nuclear reactors, these commitments significantly tilt the odds in favor of higher long-term uranium demand. Cameco also owns a 49% stake in Westinghouse, the company that actually builds nuclear reactors.
Powering the revolution
These 10 companies span nuclear operators, regulated utilities, natural gas infrastructure, and equipment manufacturers. The AI energy supercycle is just beginning, and the companies controlling electrons are positioned to benefit for decades. For investors seeking AI exposure beyond the obvious tech names, the energy sector offers a compelling -- and often overlooked -- opportunity.
Should you invest $1,000 in Constellation Energy right now?
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George Budwell, PhD has positions in Microsoft and NextEra Energy. The Motley Fool has positions in and recommends Alphabet, Amazon, Cameco, Constellation Energy, Goldman Sachs Group, Kinder Morgan, Meta Platforms, Microsoft, and NextEra Energy. The Motley Fool recommends Dominion Energy and Ge Vernova and recommends the following options: long January 2026 $395 calls on Microsoft and short January 2026 $405 calls on Microsoft. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

10 Energy Stocks to Buy Right Now

Key Points
Cameco is a top provider of uranium and nuclear infrastructure in North America.
Centrus procures low-enriched uranium and has longer-term plans to produce high-assay, low-enriched uranium for advanced reactors.
Constellation Energy is the largest nuclear operator in the U.S. and has secured long-term power purchase agreements with major technology companies.
With energy demand surging globally, nuclear power is one energy source that checks all of the boxes. That's because it provides reliable, carbon-free power, providing consistent baseload energy around the clock -- making it an ideal solution to meet growing energy demand and carbon-neutral goals.
The industry is also riding a wave of political support. At COP 23, numerous countries pledged to triple their nuclear energy capacity by 2050. In the United States, nuclear capacity would need to grow to 200 gigawatts (GW) by then to meet this goal.
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Advanced technologies, such as small modular reactors, could forge a new path for the industry. Meanwhile, miners and other utility providers should benefit from the tailwinds of high demand and improving optics around nuclear. If you're intrigued by the story surrounding nuclear energy, here are three stocks to scoop up today.
Cameco
Cameco Corporation (NYSE: CCJ) is a top provider of uranium and nuclear infrastructure in North America. The company controls significant assets in key high-grade uranium mines in Canada, as well as ownership stakes in mines located in Kazakhstan and mining rights to uranium deposits in Australia.
In addition, Cameco offers processing services, refining uranium concentrates into uranium trioxide, the purified intermediate product, which is then converted into the final form required for reactor fuel. Cameco operates both a refinery and a conversion facility in Ontario, Canada.
In addition, Cameco owns 49% of Westinghouse, a nuclear reactor technology original equipment manufacturer (OEM) and provider of aftermarket products and services to commercial utilities. Brookfield Renewable Partners owns the other 51%.
Cameco is well diversified, with assets spanning the entire uranium value chain, from mining to refining and enrichment, as well as reactor design and services, making it a top nuclear stock to own today.
Centrus Energy
Centrus Energy (NYSEMKT: LEU) provides nuclear fuel components, including low-enriched uranium (LEU), the fissile component of most nuclear fuel used worldwide. Additionally, it offers enrichment and technical services to the industry and the U.S. government, encompassing manufacturing, engineering, and other specialized technical services.
Centrus currently sources its uranium from global suppliers, including the Russian entity TENEX. It currently has a waiver that allows it to import this LEU through 2027. However, the Russian LEU ban will be fully phased in by 2028, creating an immediate need to replace 25% of enriched uranium imported from Russia.
In the long term, Centrus aims to produce LEU and high-assay, low-enriched uranium (HALEU) in-house using its advanced centrifuge technology. LEU is commonly used today, but HALEU could be the nuclear fuel for tomorrow's advanced nuclear reactors. That's because it enables compact reactor cores, improved efficiency, longer refueling cycles, and greater design flexibility compared to today's standard LEU.
Centrus will need to expand the uranium enrichment capacity at its Piketon, Ohio plant. This hinges on Department of Energy funding, private investment, and long-term customer commitments. It enjoys a unique position as the only producer of HALEU for both commercial and national security applications licensed by the Nuclear Regulatory Commission (NRC).
Centrus is a top uranium procurer, but the real upside is in its transition to produce LEU and HALEU for tomorrow's advanced reactors.
Constellation Energy
Constellation Energy (NASDAQ: CEG) provides utilities and is the largest nuclear operator in the United States, with a fleet capacity of 22 GW. The company also operates its plants with an average nuclear capacity factor of 94.6% over the past few years, beating the industry average and resulting in higher revenue per reactor for Constellation.
What makes Constellation appealing is its energy assets across key regions in the U.S. This includes the western half of the PJM region (a major U.S. electricity market and transmission system covering 13 states and Washington, D.C., serving over 65 million people) and the MISO region (which spans the Midwest and Plains regions and parts of the South). It recently expanded its presence in California with its $27 billion acquisition of Calpine.
With its slew of assets, it's no surprise that hyperscalers are turning to Constellation to secure long-term power purchase agreements (PPAs). Last year, it locked in a 20-year PPA with Microsoft and is restarting Three Mile Island Unit 1 (renamed the Crane Clean Energy Center). It also agreed to a 20-year PPA with Meta Platforms for energy from its Clinton Clean Energy facility in Illinois.
Constellation has a diverse portfolio of energy assets, including the largest nuclear fleet in the United States, which positions the company to benefit from rising energy demand in the coming years.
Should you invest $1,000 in Cameco right now?
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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 $540,587!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,118,210!*
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Courtney Carlsen has positions in Cameco, Centrus Energy, Constellation Energy, and Microsoft. The Motley Fool has positions in and recommends Cameco, Constellation Energy, Meta Platforms, and Microsoft. The Motley Fool recommends the following options: long January 2026 $395 calls on Microsoft and short January 2026 $405 calls on Microsoft. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

3 Nuclear Energy Stocks to Buy Before 2026

Key Points
Nano Nuclear Energy is building microreactors, including one that can fit on a truck.
The company is in the process of obtaining a license to build and operate its reactors commercially.
The stock will likely be volatile as it tries to overcome this regulatory hurdle.
Nuclear energy stocks have had a monster year so far in 2025. The Global X Uranium ETF (NYSEMKT: URA) -- which has positions in some of the industry's biggest gainers, like Oklo , Cameco, and Centrus Energy -- is up over 62% on the year, a huge gain for an exchange-traded fund (ETF).
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One nuclear stock that's gotten a lot of press this year is Nano Nuclear Energy (NASDAQ: NNE). It's not hard to see why. The company is designing a small nuclear reactor that can be transported by truck. If you've ever seen a nuclear power plant in real life -- with its huge cooling towers -- you can how game-changing Nano's microreactor could be.
Emphasize there on "could." Nano is pre-revenue and still seeking regulatory approval for its designs. The nuclear energy stock has also been in free fall since the end of October, trading almost 50% lower than its October highs.
For aggressive investors looking for a window, the sell-off might offer you one. Before you bite, let's take a closer look at the company.
Why Nano is worth watching
Nano is at the center of a trifecta of megatrends: the global nuclear energy resurgence, a push for clean energy, and the growth of artificial intelligence (AI).
The company's pitch is pretty simple: Build small reactors and send them where power is scarce or unreliable. In practice, that could mean supplying electricity to data centers, mining sites, military camps, off-grid communities, and even outer space.
On the balance sheet, Nano looks pretty fortified. It had about $210 million in cash at the end of June, and it recently sold $400 million worth of stock to private investors.
Its trailing-12-month cash burn is about $30 million, which gives it more than enough runway.
Still, the big question is when Nano will pass the regulatory process. Until it does, the company's revenue will be essentially zilch.
Because of that uncertainty, this stock will likely be volatile. Conservative investors may be better served by a nuclear energy ETF.
Should you invest $1,000 in Nano Nuclear Energy right now?
Before you buy stock in Nano Nuclear 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 Nano Nuclear 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 $563,022!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,090,012!*
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Steven Porrello has positions in Centrus Energy and Oklo. The Motley Fool recommends Cameco. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

The Nuclear Stock Everyone's Talking About (and Why You Should Care)

Key Points
Cameco’s stock has soared over the past four years.
Higher uranium prices turned it into a strong growth stock again.
Its secular tailwinds could drive its stock a lot higher over the next few years.
Cameco (NYSE: CCJ), the world's second-largest uranium miner, was a dismal investment for more than a decade. From 2011 to 2021, its revenue plunged from $2.4 billion to $1.2 billion without a single year of growth. That decline was caused by the Fukushima disaster in 2011, which drove many countries to rein in their nuclear expansion projects; the COVID-19 pandemic, which forced many miners to suspend their operations; and a weak Canadian dollar.
But by 2024, Cameco's revenue had nearly doubled to $2.3 billion. The year-end spot price for uranium, which dropped from $62.25 in 2011 to $35.00 in 2020, jumped to $72.63 in 2024. That recovery was fueled by new low-carbon initiatives, the rapid growth of the power-hungry cloud and AI markets, and geopolitical conflicts in uranium-rich regions. The previous suspension of many uranium mines and mills exacerbated that shortage and further drove up those prices.
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Cameco's stock closed at a record high of $106.91 on Oct. 28, marking a 320% gain from its previous four years. It's pulled back to $79 as of this writing, but it's still up 55% for the year. Let's see if it can rally even higher over the next few years.
Cameco's business model is evolving
Cameco, which is based in Canada, operates its uranium mines across Canada, the U.S., and Kazakhstan. It mined approximately 17% of the world's uranium in 2024, putting it firmly in second place after Kazatomprom, Kazakhstan's national atomic company.
In 2021, Cameco increased its stake in Global Laser Enrichment (GLE) -- its uranium enrichment joint venture with Silex (OTC: SILXY) -- from 24% to 49%. It's integrating GLE's laser-based uranium enrichment capabilities into its core mining and conversion businesses, which marks a major step toward becoming a "one-stop shop" for selling enriched uranium. In 2022, Cameco restarted its mining operations in McArthur River and Key Lake as uranium's spot prices bounced back.
In 2023, it partnered with Brookfield Asset Management (NYSE: BAM) to acquire the nuclear power plant designer and builder Westinghouse Electric. Its new 49% stake in Westinghouse should offset the volatility of its core mining business. That transformation from a pure-play miner into a more diversified nuclear energy play should make Cameco a more stable way to profit from the nuclear energy market's long-term growth. From 2024 to 2050, the International Atomic Energy Agency (IAEA) expects the world's nuclear capacity to increase by up to 2.5 times as more countries ramp up their nuclear expansion plans again.
What are Cameco's near-term catalysts?
Cameco recently reduced its full-year output guidance for its McArthur River mine, citing delays caused by ground-freezing issues and other challenges. That might seem like a near-term headwind for Cameco, but it coincides with similar output cuts at Kazatomprom and other uranium miners.
That decreased production should actually drive up uranium's spot prices and boost Cameco's revenue and profits. For 2025, it expects its uranium revenue to rise 8% as it delivers 31 million pounds to 34 million pounds of uranium with an average realized price of approximately $87 per pound. That's higher than uranium's current spot price of about $80.
From 2024 to 2027, analysts expect Cameco's revenue and earnings per share (EPS) to grow at a compound annual growth rate (CAGR) of 8% and 90%, respectively. That growth should be driven by the expansion of the cloud and AI markets, a renewed interest in nuclear energy, the expansion of GLE's laser enrichment business, and its stake in Westinghouse. Newer nuclear reactor technologies -- including small modular reactors (SMRs) and microreactors -- could drive up that demand and make it easier to build nuclear plants in remote areas.
Cameco's stock isn't cheap at 52 times next year's earnings, but it has plenty of room to run as long as it isn't derailed by another nuclear disaster or global pandemic. Although it's a cyclical stock, it's still in the early stages of its current growth cycle. Its shares might remain volatile, but it could generate big long-term gains for patient investors.
Should you invest $1,000 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 $563,022!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,090,012!*
Now, it’s worth noting Stock Advisor’s total average return is 991% — a market-crushing outperformance compared to 192% for the S&P 500. Don’t miss out on the latest top 10 list, available when you join Stock Advisor.
*Stock Advisor returns as of November 24, 2025
Leo Sun has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Brookfield Asset Management. The Motley Fool recommends Cameco. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Up Over 55% in 2025, Is Cameco Stock the Next Big Thing?

Key Points
Cameco is the largest uranium miner in North America and is well positioned to benefit from America’s nuclear energy expansion.
The company's stake in Westinghouse exposes it to the whole nuclear fuel cycle, from uranium mine to reactor core.
The U.S.’s planned $80 billion purchase of reactors and a ban on Russian uranium give Cameco an opportunity to meet America’s growing uranium needs.
Cameco (NYSE: CCJ) is a Canadian uranium miner operating in a $10 billion industry. It is the second-largest in the world, and it's been on my radar for a while now.
The stock has had a fantastic 60% run this year, and it's a top performer in my own portfolio (even after the last few weeks) as I write this. And I think it's just getting started.
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So, what's Cameco's secret sauce?
The spiciest yellow rocks west of the Mississippi
Cameco's success comes down to the quality of its reserves and its 49% ownership stake in Westinghouse, the engineering and manufacturing company that currently manufactures the most advanced nuclear reactor on the market, the AP1000.
Of interest first is the uranium, the yellow rocks that make nuclear power possible. Cameco produces 17% of the world's uranium. The only company that produces more uranium each year than Cameco is Kazakhstan's National Atomic Company Kazatomprom JSC.
Now, Kazakhstan has larger total uranium reserves than Canada, but its ore is of a much lower quality (usually less than 1%) and requires more refining to turn into usable fuel.
However, Canada has some of the highest-grade uranium reserves in the world at its McArthur River/Key Lake and Cigar Lake mines, which have average grades of 6.55% and 15.87%, respectively. This positions Cameco as a major uranium supplier, and to grow its market share.
Cameco mines, refines, and converts uranium from its mines into yellow cake uranium, which is then enriched and converted into fuel by Westinghouse.
Westinghouse designs and builds the AP1000 nuclear reactor, as well as the AP300 Small Modular Reactor (SMR), and gives Cameco a presence through almost the entire nuclear fuel cycle.
And it's that presence from uranium mine to nuclear reactor that makes Cameco and Westinghouse such attractive partners for the U.S. government's nuclear efforts. However, I need to talk about the elephant in the room.
Even a brief meltdown can't break Cameco's momentum
Cameco's Q3 2025 results were released on Nov. 5, and while they weren't catastrophic, they certainly weren't great. Let's get the bad out of the way first.
Revenue dropped 15% to $441.7 million compared to Q3 2024, and the company reported a small loss per share and an earnings before interest, taxes, depreciation, and amortization (EBITDA) drop of 5%. This was mostly driven by some production difficulties at its Canadian mines, but Cameco is on track to meet its delivery commitments for 2025.
This looks to me like one bad quarter that won't buck the long-term trend of Cameco's growth. The long-term trends and FY 2025 estimates still look great for Cameco, as shown in the tables.
Metric
Q2 2024
Q3 2024
Q4 2024
Q1 2025
Q2 2025
Q3 2025
Revenue
$437 million
$533 million
$832 million
$549 million
$644 million
$442 million
YOY Change
24.2%
25.3%
40.2%
24.6%
47%
(15%)
Metric
2020
2021
2022
2023
2024
2025 (E)
Revenue
$1,415 million
$1,166 million
$1,380 million
$1,953 million
$2,181 million
$2,450 million
YOY Change
(3.4%)
(18.1%)
26.6%
38.5%
21.2%
12%
The good news is that for the first nine months of 2025, revenue was up 17%, EBITDA was up 33%, and EPS climbed 203% over the year-ago period. Uranium production was up 2% for the quarter as well. I expect the year-end 2025 results will look much better, especially given the planned $80 billion investment in Westinghouse reactors from the White House.
An $80 billion vote of confidence from Uncle Sam
The U.S. government might be about as bullish on Cameco as I am. In October, the Trump administration announced an $80 billion partnership to build several new Westinghouse AP1000 nuclear reactors across the country.
The AP1000 is the only Gen III+ nuclear reactor that has gotten past the presentation stage. China has four of them, with 14 under construction, and America has two, with another 10 in the works now because of the White House's investment. Poland, Bulgaria, Ukraine, and India all have contracts with Westinghouse for one or more AP1000 reactors to be used in the nuclear power stations each country has planned or under construction.
In all, the deal enhances Cameco's position to provide uranium and fuel services to the American energy market, especially considering the ban on Russian uranium imports that the U.S. has had since the war in Ukraine began. It also notably makes buying uranium from Kazakhstan difficult for the U.S., as the easiest export route from Kazakhstan to the U.S. is through Russia.
The United States has native uranium reserves, but they are largely untapped and small in the grand scheme of things. That leaves Canada as the obvious uranium partner, since it's uranium-rich, friendly, and with a vast amount of trade infrastructure set up between it and the U.S.
A profitable chain reaction
The U.S. government is already fostering a strong relationship with Westinghouse, Cameco's subsidiary, so it follows that a relationship with the parent company to supply those shiny new AP1000 reactors with fuel is likely.
And I doubt any such relationship would end there, seeing as President Donald Trump's Department of Energy has set a goal to quadruple America's nuclear output by the middle of the century. That's going to take a lot of uranium (and new reactors) to manage.
It's also worth noting that Canadian energy exports like uranium have a carveout in the president's tariffs. They're only taxed at a 10% rate, as opposed to the 25% every other Canadian export is.
So, taking all that into consideration, I think Cameco is worth a look.
Should you invest $1,000 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 $562,536!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,096,510!*
Now, it’s worth noting Stock Advisor’s total average return is 981% — a market-crushing outperformance compared to 187% for the S&P 500. Don’t miss out on the latest top 10 list, available when you join Stock Advisor.
*Stock Advisor returns as of November 17, 2025
James Hires has positions in Cameco. The Motley Fool recommends Cameco. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Why Cameco Could Be One of the Biggest Winners in America's Nuclear Renaissance

Key Points
Cameco is one of the largest uranium producers in the world.
Uranium supply is currently constrained, while demand is heating up.
Higher prices could make Cameco's mines more profitable than they already are.
After years of stagnation and false starts, nuclear energy is back in the spotlight. It's not hard to imagine why. Policymakers and utilities companies want reliable clean power, while data centers need round-the-clock electricity to keep their servers humming for artificial intelligence (AI).
The resurgence in nuclear power has been so momentous lately, it can be hard to decide which nuclear stock looks posed for massive growth. But if I had to choose one today, I'd go with the uranium producer Cameco (NYSE: CCJ). Here's why.
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Uranium scarcity in the West is a strong tailwind
Cameco is one of the world's largest uranium producers, which gives it a scarcity value that could grow even richer in the next half decade.
Demand for nuclear fuel is rising as more countries commit to building out their nuclear energy capacity. At the same time, supply has been lagging, at least outside of Russia, as decades of underinvestment in new mines has now left a gap between current production and what will be needed to power the future of nuclear energy.
That short supply of uranium has given producers like Cameco enormous pricing power. The company stated in its latest quarterly report, "As the market continues to improve, we expect to continue layering in volumes that capture greater future upside using market-related pricing mechanisms."
Cameco plans to add sales bit by bit, which means it knows demand for uranium is hot and wants to capitalize on a future of rising prices. Indeed, the company did capitalize on rising uranium prices in the third quarter. Although its third-quarter sales were lower, average realized prices were higher, which kept its net loss at a minimum.
If demand for uranium continues to outpace supply, Cameco's future deliveries could become even more profitable. Right now, its top assets -- the McArthur River and Cigar Lake mines -- have high-grade ore and low production costs. Higher prices would only make them more lucrative.
A parabolic trajectory isn't guaranteed, of course. But if the future is nuclear, Cameco seems poised to climb.
Should you invest $1,000 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 $562,536!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,096,510!*
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Steven Porrello has no position in any of the stocks mentioned. The Motley Fool recommends Cameco. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

This Nuclear Energy Company Could Be About to Go Absolutely Parabolic

Key Points
Cameco produced 17% of the world's uranium in 2024, second only to Kazatomprom.
Uranium demand is expected to surge over the next 25 years.
After decades of stagnation, nuclear energy stocks are riding a new wave of enthusiasm.
Startups like Oklo and NuScale Power, for instance, have shot up triple digits on the promise of supplying energy to AI data centers with small, modular reactors.
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One company that doesn't get nearly enough press isn't a start-up but a well-established supplier of uranium -- Cameco (NYSE: CCJ). The stock has already climbed over 60% on the year, but with uranium demands expected to surge, this stock might be just getting started.
The coming surge in uranium demand
Cameco is one of the largest providers of uranium fuel for nuclear energy in the world, with operations that stretch from mining to refining to actual fuel services.
In 2024, Cameco produced about 17% of the world's uranium, a figure second only to Kazakhstan company Kazatomprom (21%). The next closest company (Orano) produced about 11% of the world's uranium, which highlights the domination of the two companies on top.
Market control puts Cameco in a strong position to benefit off secular growth. Demand for uranium is expected to surge about 28% by 2030 and 100% by 2040, according to the World Nuclear Association (WNA), both of which could affect Cameco's top line.
Uranium demand is one reason to get excited, but so is the White House's current support of nuclear energy. At the end of October, the reactor producer Westinghouse, which Cameco co-owns with Brookfield Asset Management (NYSE: BAM), inked a $80 billion deal with the U.S. government to make new reactors. Again, Cameco could see significant growth from this initiative.
The backdrop is clearly favoring Cameco, but it's important to look at the full picture. At today's price, the stock trades at about 62 times next year's earnings, which is expensive. Meanwhile, revenue is expected to grow modestly over the next two years, but not explosively.
Still, with the White House bullish on nuclear power, Cameco is one to watch. Less aggressive investors who want to capitalize on this trend might go for a nuclear energy exchange-traded fund (ETF) instead.
Should you invest $1,000 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 $615,279!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,111,712!*
Now, it’s worth noting Stock Advisor’s total average return is 1,022% — a market-crushing outperformance compared to 188% for the S&P 500. Don’t miss out on the latest top 10 list, available when you join Stock Advisor.
*Stock Advisor returns as of November 17, 2025
Steven Porrello has positions in NuScale Power and Oklo. The Motley Fool has positions in and recommends Brookfield Asset Management. The Motley Fool recommends Cameco and NuScale Power. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

1 Reason I'm Excited About Cameco Stock in 2025

Key Points
Cameco’s uranium mines and mills are booming as the nuclear market perks up again.
Oklo’s microreactors are innovative but won’t be deployed until 2027 or 2028.
The miner is clearly a safer investment than the speculative microreactor builder.
Cameco (NYSE: CCJ) and Oklo (NYSE: OKLO) represent two different ways to invest in the growing demand for nuclear energy. Cameco is one of the world's largest uranium miners, and Oklo develops modular microreactors for remote areas.
Over the past 12 months, Cameco's stock price rallied more than 80% as Oklo's stock price surged nearly 360%. Both stocks were lifted higher by strong tailwinds for the nuclear energy market, but should investors buy either of these stocks as the S&P 500 hovers near its all-time highs?
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Cameco's recent changes will stabilize its long-term growth
Cameco, which is based in Canada, mined 17% of the world's uranium through its mines and mills across Canada, the U.S., and Kazakhstan in 2024. That made it the second-largest uranium miner after Kazatomprom, Kazakhstan's national atomic company.
Yet Cameco's annual revenue was more than halved from 2011 to 2021. Its growth was derailed by the Fukushima nuclear disaster in 2011, the subsequent pullback in nuclear spending across the world, the COVID-19 pandemic, and the weak Canadian dollar. As uranium's spot prices collapsed, it idled its biggest mines and mills to stay solvent.
But from January 2021 to October 2025, uranium's spot price surged from $29.63 to $80. From 2021 to 2024, Cameco's annual revenue grew at a compound annual growth rate (CAGR) of 29% as its gross margin expanded from 0.1% to 25%.
It also turned profitable again in 2022. That acceleration was driven by a growing acceptance of nuclear energy as a long-term solution to the world's energy crisis, the secular expansion of the power-hungry cloud and artificial intelligence (AI) markets, military conflicts in uranium-rich regions, and the reopening of its mines and mills.
In late 2023, Cameco partnered with Brookfield Asset Management to acquire the nuclear power-plant designer and builder Westinghouse Electric. Its new 49% stake in Westinghouse should gradually reduce its long-term exposure to uranium's volatile price swings.
From 2024 to 2027, analysts expect Cameco's revenue to grow at a CAGR of 8% as its earnings per share (EPS) rises at a CAGR of 88%. Its stock isn't cheap at 60 times next year's earnings, but its dominance in the uranium-mining market might justify that higher valuation.
Oklo still has a lot to prove
When Oklo went public by merging with a special purpose acquisition company (SPAC) last May, it attracted a lot of attention for two reasons. First, its former CEO and chairman was Sam Altman, the CEO of OpenAI. Second, its microreactor technology seemed impressive.
Oklo's Aurora microreactor only generates 1.5 megawatt electrical (MWe) power, while a traditional nuclear reactor generates around 1,000 MWe of power. But the Aurora microreactors can be chained together in smaller modular deployments to generate 15 MWe to 100 MWe of power -- so they're better suited for building off-grid systems in remote areas.
The Aurora is also powered by metallic uranium fuel pellets, which are denser, more resistant to high temperatures, and cheaper to produce than traditional uranium dioxide fuel pellets. Those metallic uranium pellets can be reprocessed and recycled within a closed loop -- so the Aurora only needs to refuel every one or two decades. Traditional nuclear reactors using uranium dioxide pellets still need to be refueled every one to two years.
That technology sounds like a major leap forward for nuclear energy, but Oklo doesn't plan to deploy its first reactors until late 2027 or early 2028. The U.S. government doesn't expect its first reactor in Idaho to be fully operational until 2030. That's why Oklo isn't expected to generate any revenue until 2027 (at the earliest) as it racks up steep losses.
With a market cap of $16.6 billion, Oklo is still a highly speculative stock. The Nuclear Regulatory Commission (NRC) hasn't even approved the combined license for operating the company's upcoming reactors yet, and it could eventually face competition from Westinghouse, which plans to start testing its own eVinci microreactor in 2029.
The better nuclear stock: Cameco
Cameco is a much safer play on the booming nuclear-energy market than Oklo. It's a top uranium miner that's firmly profitable and has a wide moat. Plus, its investment in Westinghouse should reduce its long-term volatility.
Oklo might have a bright future, but investors won't know how sustainable its business model is until it deploys its first microreactors. A bit too much growth has also been baked into Oklo's high-flying shares, so investors should avoid it until a few more green flags appear.
Should you invest $1,000 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 $624,230!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,187,967!*
Now, it’s worth noting Stock Advisor’s total average return is 1,069% — a market-crushing outperformance compared to 195% for the S&P 500. Don’t miss out on the latest top 10 list, available when you join Stock Advisor.
*Stock Advisor returns as of November 10, 2025
Leo Sun has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Brookfield Asset Management. The Motley Fool recommends Cameco. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Better Nuclear Energy Stock: Cameco vs. Oklo

Investors in Cameco Corp. (Symbol: CCJ) saw new options begin trading today, for the December 2026 expiration. One of the key data points that goes into the price an option buyer is willing to pay, is the time value, so with 403 days until expiration the newly trading contracts represent a possible opportunity for sellers of puts or calls to achieve a higher premium than would be available for the contracts with a closer expiration. At Stock Options Channel, our YieldBoost formula has looked up and down the CCJ options chain for the new December 2026 contracts and identified one put and one call contract of particular interest.
The put contract at the $90.00 strike price has a current bid of $14.50. If an investor was to sell-to-open that put contract, they are committing to purchase the stock at $90.00, but will also collect the premium, putting the cost basis of the shares at $75.50 (before broker commissions). To an investor already interested in purchasing shares of CCJ, that could represent an attractive alternative to paying $94.72/share today.
Because the $90.00 strike represents an approximate 5% discount to the current trading price of the stock (in other words it is out-of-the-money by that percentage), there is also the possibility that the put contract would expire worthless. The current analytical data (including greeks and implied greeks) suggest the current odds of that happening are 68%. Stock Options Channel will track those odds over time to see how they change, publishing a chart of those numbers on our website under the contract detail page for this contract. Should the contract expire worthless, the premium would represent a 16.11% return on the cash commitment, or 14.59% annualized — at Stock Options Channel we call this the YieldBoost.
Below is a chart showing the trailing twelve month trading history for Cameco Corp., and highlighting in green where the $90.00 strike is located relative to that history:
Turning to the calls side of the option chain, the call contract at the $110.00 strike price has a current bid of $16.00. If an investor was to purchase shares of CCJ stock at the current price level of $94.72/share, and then sell-to-open that call contract as a "covered call," they are committing to sell the stock at $110.00. Considering the call seller will also collect the premium, that would drive a total return (excluding dividends, if any) of 33.02% if the stock gets called away at the December 2026 expiration (before broker commissions). Of course, a lot of upside could potentially be left on the table if CCJ shares really soar, which is why looking at the trailing twelve month trading history for Cameco Corp., as well as studying the business fundamentals becomes important. Below is a chart showing CCJ's trailing twelve month trading history, with the $110.00 strike highlighted in red:
Considering the fact that the $110.00 strike represents an approximate 16% premium to the current trading price of the stock (in other words it is out-of-the-money by that percentage), there is also the possibility that the covered call contract would expire worthless, in which case the investor would keep both their shares of stock and the premium collected. The current analytical data (including greeks and implied greeks) suggest the current odds of that happening are 46%. On our website under the contract detail page for this contract, Stock Options Channel will track those odds over time to see how they change and publish a chart of those numbers (the trading history of the option contract will also be charted). Should the covered call contract expire worthless, the premium would represent a 16.89% boost of extra return to the investor, or 15.30% annualized, which we refer to as the YieldBoost.
The implied volatility in the put contract example is 56%, while the implied volatility in the call contract example is 55%.
Meanwhile, we calculate the actual trailing twelve month volatility (considering the last 249 trading day closing values as well as today's price of $94.72) to be 52%. For more put and call options contract ideas worth looking at, visit StockOptionsChannel.com.
Also see:
NURO shares outstanding history
MIDU Videos
BK RSI
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

December 2026 Options Now Available For Cameco (CCJ)

Key Points
Cameco is one of the world's largest uranium producers, with significant stakes in major mines and processing facilities in North America.
A renewed focus on nuclear power as a clean and reliable energy source is driving increased demand for uranium.
Cameco is involved in strategic partnerships with the U.S. government and Westinghouse to accelerate nuclear power deployment.
Nuclear energy is making a comeback, and the world is paying attention. Electrification across the grid is accelerating while data centers to support artificial intelligence (AI) systems are consuming vast amounts of energy and on track to demand even more, adding to the urgent need for fresh sources of reliable, and preferably clean, energy.
Enter Cameco (NYSE: CCJ), a leading uranium miner positioned to capitalize on the surging demand for nuclear power. With a plethora of assets and a boost from the Trump administration, Cameco's stock is on the rise. Could buying this stock before the AI boom gets much older help set you up for life?
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A key player in the nuclear space
Cameco is one of the world's largest uranium producers. It holds a 70% ownership stake in the high-grade McArthur River uranium mine. Its estimated reserves from that asset are 251 million pounds of uranium, and the mine is expected to run productively until 2044. It also has an 83% stake in the Key Lake uranium mill, which processes the ore to extract the metal.
Cigar Lake in Saskatchewan, Canada, is another high-grade uranium mine where Cameco has a 55% ownership stake. Its share of estimated uranium reserves here is 105.2 million pounds, and the mine's estimated lifespan runs until 2036. It also holds a 40% interest in Joint Venture Inkai in Kazakhstan, where its estimated share of reserves is 100.4 million pounds and the mine is expected to run until 2045.
Finally, the country owns a 49% interest in Westinghouse via a strategic partnership with Brookfield Renewable Partners. Westinghouse is an original equipment manufacturer (OEM) of nuclear reactor technology and a global provider of products and services to utilities and government agencies.
The buildout of new nuclear infrastructure should benefit Cameco
Cameco's investment in Westinghouse has been a pivotal driver of the stock's recent rise. Westinghouse provides a wide range of services to operators in the uranium and nuclear fuel services industries, including maintenance, engineering and design, components and parts, and other supplies for nuclear reactors. It is also the only fully European supplier of certified VVER fuel assemblies, which offer significant improvements in safety, efficiency, and operational stability compared to older reactor designs.
In a strategic partnership with the U.S. government, Cameco, Westinghouse, and Brookfield Asset Management have teamed up to accelerate the deployment of nuclear power domestically, in accordance with an executive order signed by President Donald Trump on May 23.
As part of this initiative, $80 billion will be invested in building new reactors across the United States, utilizing Westinghouse's AP1000 and AP300 nuclear reactor technology. These are new generations of advanced reactors that deliver carbon-free baseload power with enhanced safety, simpler architecture, and easier deployment than prior designs.
Analysts at RBC Capital say that this partnership between Cameco, Westinghouse, and Brookfield could pave the way for a major nuclear new-build program not only in the U.S. but also across Western-aligned countries.
The outlook for Cameco stock
Cameco will play a key role in the U.S. nuclear energy sector. Its extensive assets across mining and refining, along with its share in Westinghouse, position it well to benefit from the coming buildout of U.S. nuclear infrastructure.
The stock is priced at 67 times next year's earnings. That is expensive, but investors are paying up because they believe the long-term potential for Cameco is solid. Analysts project earnings per share to be $2.25 in 2028. Hitting that target would require it to achieve a 26.5% compound annual growth rate from this year's projected EPS of $1.11.
Cameco stock is pricey, but its future is bright, and more opportunities are on the way. I'm bullish on the outlook for nuclear infrastructure development in the U.S., which is why I believe, as part of a diversified investment portfolio, Cameco could be a long-term holding that could help set investors up for life.
Should you invest $1,000 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 $595,194!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,153,334!*
Now, it’s worth noting Stock Advisor’s total average return is 1,036% — a market-crushing outperformance compared to 191% for the S&P 500. Don’t miss out on the latest top 10 list, available when you join Stock Advisor.
*Stock Advisor returns as of November 3, 2025
Courtney Carlsen has positions in Cameco. The Motley Fool recommends Brookfield Renewable and Cameco. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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