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What we know about this company
Open this Idea →Cameco Corporation
View: price may rise
our belief 8/10 · confidence score 70/100
Our longer-term business view, not a prediction for this week.
May rise over the next year. Open for the simple explanation.
Why we are waiting
The latest research review is too old and needs an update.
Next check: Complete a new dated research review.
The idea was last reviewed 10 days ago. The limit is 5 days. Q3 mine performance, sustained term pricing, and Westinghouse IPO timing remain the next facts to watch. Then update the item listed below.
Cameco sold off on its Aug 7 Q2 2026 print because its 49% Westinghouse stake swung to a small loss — but that was purely lapping a one-time ~$170M Dukovany reactor-build benefit booked in Q2 2025, not any deterioration; Cameco's share of Westinghouse adjusted EBITDA was still $163M in the quarter. Uranium spot now sits at ~$86.80/lb (Aug 10, 2026) and the long-term price has risen to $94/lb (+~10% YTD), both well above the $75/lb invalidation trigger. Cameco has 28M+ lb/yr contracted over the next five years at locked-in high margins, and annual production outlook is unchanged at 19.5-21.5M lbs. The Westinghouse value unlock has accelerated materially: (1) Westinghouse filed a confidential S-1 with the SEC on July 31, 2026 for a proposed IPO amid ~$30B valuation chatter; (2) the U.S. DOE announced a conditional commitment of up to $17.5B to support procurement of long-lead components for up to 10 new Westinghouse AP1000 reactors in the U.S. — a structural demand signal that raises the IPO valuation floor well above what the equity-method carrying value on Cameco's balance sheet reflects. Additionally, Cameco signed a new long-term supply agreement with India's Department of Atomic Energy for ~22M lbs of U3O8 between 2027-2035 at market-related prices (estimated ~$1.9B). The Q2 'miss' was the one-time lapse the thesis anticipated; the underlying uranium business and the Westinghouse value unlock are tracking ahead of expectations. This is saved analyst research, not a ready conclusion.
The research view is strong at 8/10, but this Idea is still being checked. It is not a current opportunity until every required fact is complete.
$96.68
last session
Quarterly results in 48 days · Oct 30 · Confirmed date
Cameco digs uranium out of the ground in Canada and sells it to nuclear power plants around the world. It's the #2 uranium miner on Earth. It also owns 49% of Westinghouse, the company that builds and services nuclear reactors. It makes real money today — about $845 million in sales in the first three months of 2026, with $131 million in profit. The one thing that has to go right: uranium prices staying near their current 18-year highs (~$94/lb on long-term contracts) as AI data centers and new reactors in China, India and the US drive demand faster than mines can dig it up. The bonus prize is Westinghouse going public — the filing was just made in July 2026 and could value Cameco's stake at three to four times what it's carried at on the books. The one thing that could go wrong: uranium falls back below $75 if Kazakhstan floods the market or reactor construction gets delayed again.
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View unchanged Sep 2, 2026 · research strength 8/10 — full saved wording is in the research history
1 check left
Current active Idea · Record saved Aug 11, 2026 · check date unavailable. The original research wording and date checks stay available inside.
These events and risks belong to TickerYou’s current Idea.
An event can change what investors believe. A risk shows how our research could be wrong.
Watch the reported outcome and whether it changes the assumptions or risks below.
Company-confirmed by www.sec.gov · Jul 31, 2026
Changed since the 2026-08-30 company check: eligible Aug. 31 Westinghouse IPO coverage modestly reinforces, rather than changes, the next year Cameco stake-unlock thesis.
A company check updates what we know. It does not by itself turn this company into a current opportunity.
1 older quarterly-results date is hidden because a newer company check is shown above.
Computed by TickerYou from 1254 completed daily closing sessions supplied by Yahoo Finance, through Sep 10, 2026. The Sep 11, 2026 quote-session candle was excluded because a delayed feed cannot prove it was final. No company fundamentals enter this reading.
Shorter and longer price trends point in different directions, so there is no clear trend.
Price movement can help with timing and can warn when the market disagrees with our Idea. It does not tell us what the business is worth.
Watch whether the close and the 50-session average ($95.19) move to the same side of the 200-session average ($105.61).
Last closing price
$97.42
Sep 10, 2026
Average price over 20 trading days
$100.08
Close is 2.7% below this average
Average price over 50 trading days
$95.19
Close is 2.3% above this average
Average price over 200 trading days
$105.61
Close is 7.8% below this average
Recent price speed
47.5 · balanced
A 14-day speed reading; lower than 30 is low and higher than 70 is high
Is the trend speeding up?
Below signal
Shows whether the shorter trend is pulling ahead of or behind the longer one
The moving averages are simple averages over exactly 20, 50, and 200 daily trading sessions. RSI uses Wilder's 14-session smoothing; a flat series is neutral at 50. MACD uses 12- and 26-session exponential averages with a 9-session signal. A window is never shortened when history is missing. Every comparison uses the final dated daily close—not an intraday quote—so all figures share one observation boundary. A candle dated to an active delayed-quote session is excluded because it may still be changing. These are trend and momentum references, not a Buy/Sell score.
TickerYou has not saved a quarterly report for this company yet. We show nothing instead of guessing.
We do not have enough filed quarterly numbers to compare this company yet. We leave the section blank instead of guessing.
Three checks use SEC filings alone. The net-buyback check requires matching stated filing and quote currencies, a compatible single-ticker SEC share-unit receipt, and a dated provider quote; its row explains any refusal. One dated deep-review judgement is marked researched; missing checks are excluded, never treated as zero.
A score requires both core checks — what the share count did and pay in stock versus revenue — plus at least one other established check. Missing core check: pay in stock, vs revenue.
A company can grow while each shareholder owns a smaller slice. Share issuance and stock pay can offset part of the business gain.
Establish the missing core check first; other unestablished checks: buybacks net of new stock sold; will your slice survive the horizon; room left under the charter.
0.0% between the 2024-12-31 and 2025-12-31 filing cover pages.
could not be checked just now
neither side of the share ledger is tagged in this filer’s feed
Not researched yet — this appears after the next dossier run on this company.
the charter ceiling is not tagged in this filer’s feed
1M
3M
6M
1Y
Every figure comes from an SEC filing and carries the day it was measured. Nothing here is estimated.
The filed share count increased 0.03% over roughly a year. That is dilution: each existing share represents a smaller percentage ownership slice.
A growing business can still deliver weak per-share progress when the share count grows too. The count says what happened to ownership slices, not why the company issued shares.
Watch the next filing cover page and the cash-flow and stock-compensation disclosures to see whether issuance continues and what caused it.
435.46 M
total shares when last reported · Dec 31, 2025 · 8 months ago
Append-only company checks, newest evidence first. Evidence dates come from frozen research cutoffs; older rows without a cutoff are labelled by publication time instead. Multiple checks are preserved, never silently merged into one conclusion.
The SEC’s structured data establishes the total share count but carries no count of the shares structurally excluded from ordinary trading. Control and affiliate holdings, restricted stock and locked-up shares are disclosed publicly — in proxy statements, prospectuses and 8-Ks — as prose with no tag to read them from, and have not been researched into a figure this card can pair with the total above.
Share count increased 0.03% — dilution risk: each existing share owns a smaller percentage of the company.
Both counts in full, exactly as each cover page printed them, and both bars measured from zero against the larger — so a small move looks small.
Not researched yet. Release dates, tranche sizes, the shares issued at IPO and the insider breakdown are prose in the prospectus and in 8-Ks, with no XBRL tag to read them from. They appear here once TickerYou research can quote the source clause behind each figure—never estimated in the meantime.
Changed since the 2026-08-30 sweep: eligible Aug. 31 Westinghouse IPO coverage modestly reinforces, rather than changes, the 1y Cameco stake-unlock thesis. The 3m focus remains the confirmed Oct. 30 Q3 results release, with uranium contracting and production reliability still the main fundamentals.
2026-10-30 (company-confirmed) before markets open financial results release date was announced in Cameco's SEC-filed Q2 results exhibit.
Checked Cameco EDGAR Form 6-K package for recent quarterly filing activity and exhibits.
Checked current Westinghouse IPO coverage for Cameco stake and catalyst relevance.
Fundamental: Westinghouse is jointly owned by Cameco and Brookfield, and renewed reporting on the IPO path plus U.S. government support keeps the valuation-unlock thesis for Cameco's 49% stake alive. It does not contradict the prior 2026-08-30 sweep, but it is an incremental public-market validation of the same catalyst.
source ↗No change versus the 2026-08-28 prior sweep: no last-five-day fundamental item was found. The 3m focus remains the confirmed October 30 Q3 results release, and the 1y case still rests on uranium contract pricing plus Westinghouse value surfacing.
2026-10-30 (company-confirmed) before markets open financial results release date was announced in Cameco's SEC-filed Q2 results exhibit.
Checked Cameco EDGAR Form 6-K for July Q2 reporting documents and exhibits.
Checked Cameco EDGAR filing detail for the Westinghouse IPO-related Form 6-K.
Checked Cameco issuer media page for newer press releases after the July 31 items.
No new post-prior-sweep fundamental item was found. The 3m focus is the now issuer-confirmed October 30 Q3 results release; the 1y case still turns on uranium contracting execution and Westinghouse value surfacing.
2026-10-30 (company-confirmed) before markets open financial results release date was announced in Cameco's SEC-filed Q2 results exhibit.
Checked Cameco EDGAR filing detail for July 2026 foreign issuer reporting activity.
Evidence checked Aug 26, 2026 · 2 recorded assessments
No eligible new fundamental news item was found versus the newest prior sweep. The 3m setup still centers on Q3 results, while the 1y case remains uranium execution plus Westinghouse value surfacing.
2026-10-30 (expected, not company-confirmed) after close earnings reporting date was estimated by a third-party calendar based on past reporting schedules.
Checked Cameco July 31 EDGAR 6-K for Q2 financial filing exhibits.
Checked Cameco July 31 EDGAR 6-K for Westinghouse IPO filing disclosure.
No new fundamental item since the 2026-08-24 sweep. The 3m setup remains the expected Q3 print; the 1y case still rests on uranium pricing, production execution, and Westinghouse value surfacing.
2026-10-30 (expected, not company-confirmed) earnings date was estimated by a third-party calendar based on past reporting schedules.
Evidence checked Aug 24, 2026 · 2 recorded assessments
No new fundamental item versus the newest prior sweep. The 3m focus remains the Oct. 30 Q3 print; the 1y thesis still rests on uranium pricing, production delivery, and Westinghouse value surfacing.
Checked Cameco Q2 release for next earnings timing and operating update
Checked Cameco EDGAR filing for recent 6-K details
Checked Cameco company news archive for recent post-Q2 news
No new fundamental news found since the Aug. 20 sweep. The long-term uranium/Westinghouse thesis is intact, but Q2 still shows normal delivery variability and Westinghouse comparison noise that investors must look through on 3m and 1y horizons.
Checked Cameco Q2 release for next earnings date and operating update
Published Aug 19, 2026 · 2 recorded assessments
Fundamentals intact and improving: Q2 outlook unchanged, uranium contract prices at multi-year highs, and a potential Westinghouse IPO could surface hidden value in the 49% stake. Structurally constructive on a 1y horizon; the setup is fundamental, not a trade.
An IPO would put a public market value on Cameco's Westinghouse stake and potentially crystallize/monetize it; Westinghouse's AP1000 pipeline (91 reactors, conditional $17.5B DOE support) is a core part of the nuclear-fuel-cycle thesis.
source ↗Higher realized contract prices on 28M+ lbs/yr of committed deliveries directly raise Cameco's forward earnings power in the uranium segment.
source ↗Q2 EPS miss ($0.13 vs $0.26 est) is partly weather and maintenance-driven; the raised 2026 revenue guidance, firm spot uranium market, and Cigar Lake ownership increase to 57.4% all reinforce the long thesis. Operational disruptions appear transient. At ~$98/share, risk/reward favors holders with a 1-year horizon.
Published Aug 12, 2026 · 3 recorded assessments
Cameco's Q2 was operationally noisy — flooding at McArthur River, lower Westinghouse equity income, higher purchased-uranium costs — but the underlying uranium demand thesis is undamaged. Realized prices at $93.13/lb are well above breakeven, the India $2.6B supply contract (signed March 2026) underpins revenue through 2035, and the Cigar Lake ownership expansion to 57.4% (TEPCO deal closed July 2) adds long-term production rights. The EPS miss was volume-driven and management maintained full-year production guidance, suggesting the disruption is transient. The structural case — uranium supply discipline meeting AI-data-center-driven nuclear demand globally — is as strong as it has been. The Q2 miss may represent a better entry point than the stock offered a quarter ago.
Management confirms that the McArthur River flooding impact is fully resolved and that long-term demand tailwinds — particularly from hyperscaler nuclear power procurement — remain intact. The $2.6B India supply agreement (March 2026) anchors 2027–2035 revenue and is highlighted as a key differentiated contract.
source ↗Analyst revision reflects the $0.13 actual EPS vs $0.28 consensus due to lower planned sales volumes and reduced Westinghouse equity earnings; not a change in the underlying uranium demand thesis or production guidance.
source ↗CCJ's Q2 revenue miss (−7% YoY) is a timing artifact, not a demand signal — management maintained full production guidance and the contracted delivery book remains the strongest in the industry at >28M lbs/year average over five years. The Westinghouse confidential S-1 is a potentially transformative event: a public-market valuation on a business that generates ~25% of Cameco's EBITDA could unlock meaningful NAV recognition. McArthur River production restored removes the near-term operational overhang. The 3-month view depends on uranium spot price momentum and Q3 volume delivery timing; the 1-year view is constructive — the nuclear demand cycle and Westinghouse IPO optionality make CCJ one of the more asymmetric names in the universe.
The Q2 EPS miss is a timing artifact driven by Cameco's deliberate 2026 delivery phasing — not a structural deterioration. The Westinghouse S-1 filing is the dominant near-term catalyst: a public offering would place a verifiable market value on Cameco's 49% stake in a company with near-half-century of nuclear reactor relationships and an $80B government framework. Long-term uranium prices at decade highs validate the multi-year supply-demand thesis. Key upcoming events: Westinghouse IPO launch and Q3 delivery volume normalization in October.
Checked Cameco EDGAR filing detail for recent foreign issuer report activity.
Checked Cameco issuer news archive for post-Q2 and last-five-day company news.
Checked EDGAR filing package for recent Cameco 6-K filing
Minor analyst revision post-Q2; confirms continued bullish sell-side stance on the uranium market but the one-dollar magnitude change is negligible noise rather than a thesis shift.
source ↗Westinghouse generates ~25% of Cameco's EBITDA and was acquired for C$11B in 2023. A successful IPO would crystallize the value of Cameco's 49% stake, potentially delivering a significant balance-sheet gain and/or monetizable liquidity event. Almost $80B in US government-directed reactor projects underpin Westinghouse's growth story entering the IPO.
source ↗Revenue declined 7% YoY to CAD 814M on lower sales volumes — management attributed this to delivery timing rather than demand weakness. The 5-year average annual contracted delivery book of >28M lbs underpins revenue floor visibility and distinguishes CCJ from spot-price-exposed uranium juniors.
source ↗Production back on track after operational disruption confirms BWXT's ability to meet contracted delivery commitments; production guidance held is a material positive for near-term revenue delivery reliability.
source ↗Analyst PT reduction reflects the quarterly revenue miss but does not represent a rating downgrade; routine recalibration after an earnings beat-or-miss.
source ↗The market's positive reaction to an earnings miss confirms investors are pricing long-cycle uranium supply-demand dynamics rather than quarterly delivery noise; this is a healthy signal that the stock is held by thesis-driven long-term owners who understand Cameco's deliberately back-half-weighted 2026 delivery schedule.
source ↗An IPO would provide a public market reference price for Westinghouse — the world's largest nuclear fuel company, with an $80B U.S. government-directed reactor framework — potentially crystallizing enormous hidden value in Cameco's balance sheet and generating liquidity for redeployment into core uranium operations.
source ↗Complete SEC 13F filings only. These delayed reports show filed share amounts, not a manager’s full portfolio, intent, or a proven trade.
4 of 14 recent complete filings report ordinary shares. Compared with the prior report: 1 new positions and 3 with fewer shares.
A large, repeated position can support a research story, but these filings arrive late and do not show an investor’s full portfolio or reason for owning the stock.
Look for the same investor to keep a meaningful position across several reports.
No numeric score or recommendation is made from these delayed filings. They are one piece of background evidence, not a buy or sell signal.
14 current complete filings of 16 tracked managers. 2 investors have only an older filing and are left out of this current view. Current holding dates span Mar 31, 2026 to Jun 30, 2026.
CCJ is 0.24% of ARK Investment Management's disclosed portfolio ($36.83 M). Holdings as of Jun 30, 2026. Reported in all 6 quarters we can see.
CCJ is 0.09% of Renaissance Technologies's disclosed portfolio ($66.23 M). Holdings as of Jun 30, 2026. Reported in all 6 quarters we can see.
CCJ is 0.01% of Soros Fund Management's disclosed portfolio ($720.25 K). Holdings as of Jun 30, 2026. Reported in 1 consecutive quarter.
CCJ is 0.00% of Citadel Advisors's disclosed portfolio ($39.71 M). Holdings as of Jun 30, 2026. Reported in all 2 quarters we can see.
Market-neutral / multi-strategy: Citadel often reports shares, calls, and puts at the same time. These rows show reported exposure, not a simple bullish or bearish bet.
Citadel Advisors (Ken Griffin) reports a PUT option ($143.94 M). The filing does not prove whether it is a bet or a hedge, so options never count as ordinary shares above.
Citadel Advisors (Ken Griffin) reports a CALL option ($134.83 M). The filing does not prove whether it is a bet or a hedge, so options never count as ordinary shares above.
1 newly or higher reported, 3 lower reported. Reported amounts only; corporate actions are not normalized.
Reported by 4 of 14 managers with a current filing; at least 0.5% of disclosed 13F value for 0.
Largest reported position: ARK Investment Management (Cathie Wood) at 0.24% of disclosed 13F value ($36.83 M).
Across 6 quarters of stored filings: 5 newly or higher comparisons, 10 lower or absent, 0 unchanged, across 5 managers. Corporate actions are not normalized.
No numeric score is shown: filing comparisons are not adjusted for splits or other corporate actions, so reported changes cannot be treated as trades.
13Fs can arrive up to 45 days after quarter end. They omit short positions, cash, and securities outside the SEC's 13(f) list. Higher, lower, new, and absent describe filed share amounts, not proven purchases or sales; splits and other corporate actions are not normalized. This is context for a thesis, never a call by itself.