Cameco Management
Management criteria checks 2/4
Cameco's CEO is Tim Gitzel, appointed in Jul 2011, has a tenure of 14.75 years. total yearly compensation is CA$10.96M, comprised of 11.6% salary and 88.4% bonuses, including company stock and options. directly owns 0.12% of the company’s shares, worth CA$83.20M. The average tenure of the management team and the board of directors is 0.6 years and 7.5 years respectively.
Key information
Tim Gitzel
Chief executive officer
CA$11.0m
Total compensation
| CEO salary percentage | 11.64% |
| CEO tenure | 14.8yrs |
| CEO ownership | 0.1% |
| Management average tenure | less than a year |
| Board average tenure | 7.5yrs |
Recent management updates
Recent updates
CCO: The largest Uranium Miner at the Dawn of the Nuclear Renaissance—and an $80 Billion Deal Changing the Nuclear Game.
From Saskatchewan's Athabasca Basin to the Centre of the Global Energy Transition Cameco Corporation (TSX: CCO) is a Saskatoon, Saskatchewan-based uranium mining, refining, and nuclear services company that has spent 38 years building what is today the most strategically valuable nuclear fuel supply chain in the Western world. The company operates through three segments: Uranium, which encompasses exploration, mining, milling, purchasing, and sale of uranium concentrate across its flagship Canadian operations at McArthur River and Key Lake and the Cigar Lake mine in Saskatchewan's Athabasca Basin—the highest-grade uranium mining district on earth; Fuel Services, which handles the refining, conversion, and fabrication of uranium concentrate into nuclear fuel intermediates at the Port Hope and Blind River facilities in Ontario; and Westinghouse, the nuclear reactor technology and services company that Cameco acquired a 49% stake in through a partnership with Brookfield Renewable Partners in November 2023, positioning Cameco at the precise intersection of uranium fuel supply and reactor construction that defines the entire nuclear value chain from ore body to operating power plant.
CCO: Future Earnings Profile Will Reflect Contracted Volumes And Premium P E Multiple
Cameco’s updated analyst price target now stands at about CA$176.12, compared with CA$174.76 previously, as analysts factor in slightly higher revenue growth assumptions, a lower projected profit margin, and a higher future P/E multiple. Analyst Commentary Analysts’ latest target of about CA$176.12 reflects a mix of optimism on Cameco’s revenue outlook and some caution around profitability and valuation multiples.CCO: Future Earnings Profile Will Reflect Premium Margins And Restrained P E Multiple
Analysts have lifted their CA$ price target for Cameco, citing slightly higher assumptions for revenue growth and profit margin, along with a modestly lower future P/E multiple in their updated models. Analyst Commentary Analysts have refreshed their models for Cameco and are using slightly revised assumptions for growth, profitability and valuation multiples to frame where the shares could trade over time.CCO: Future Earnings Profile Will Reflect Premium Margins And Elevated P E Expectations
Narrative update on Cameco Analysts have made a small upward adjustment to Cameco's fair value estimate, lifting their price target by about CA$0.18 to CA$174.76 as they factor in updated assumptions on revenue growth, profit margins, and future P/E expectations. Analyst Commentary Recent research commentary around Cameco’s updated fair value estimate focuses on how realistic the new revenue, margin, and P/E assumptions are compared with current execution.CCO: Future Earnings Profile Will Reflect Premium Margins And Elevated P E Expectations
Analysts have slightly increased their fair value estimate for Cameco, raising the target from about CA$172.56 to around CA$174.59 as they refine assumptions on long term revenue growth, profit margins, discount rate, and future P/E. Analyst Commentary Analysts adjusting their models for Cameco are fine tuning expectations around long term growth, profitability, and the appropriate valuation multiple.CCO: Future Earnings Profile Will Be Defined By Premium Margins And P E Expectations
Narrative Update: Cameco Analyst Price Target Shift The analyst price target for Cameco has been adjusted to CA$172.56 from CA$168.18. Analysts point to updated views on fair value, long term margin assumptions and P/E expectations as key drivers of the revised estimate.CCO: Future Earnings Profile Will Be Shaped By Premium Margin Assumptions
Analysts have nudged their fair value estimate for Cameco higher from $156.12 to $168.18, citing slightly adjusted revenue growth assumptions, a modestly higher discount rate, stronger projected profit margins at 36.78%, and a richer assumed future P/E of 56.06x. Analyst Commentary Analysts updating their models on Cameco are focusing on how the revised fair value, higher projected profit margins, and richer assumed future P/E fit with the company’s ability to execute and sustain its earnings profile over time.
Future U S Nuclear Spending And Supply Discipline Will Constrain Long Term Upside
Catalysts About Cameco Cameco produces and supplies uranium and related fuel services for nuclear power generation and holds a significant ownership stake in Westinghouse. What are the underlying business or industry changes driving this perspective?CCO: Future Shareholder Value Will Be Shaped By Sector-Aligned Expectations
Analysts have raised their price target on Cameco from $151.63 to $156.12, citing updated assumptions around fair value, discount rate, revenue growth, profit margin, and future P/E that are broadly in line with recent Street research trends on target revisions elsewhere in the sector. Analyst Commentary Recent Street research across related names, including a price target adjustment for Clear Channel Outdoor, lines up with how analysts are thinking about Cameco.CCO: Shareholder Value Will Be Shaped By Takeover Interest And Asset Sales
Analysts have raised their price target on Cameco to US$151.63 from US$150.81, citing updated assumptions related to fair value, discount rate, revenue growth, profit margins, and future P/E expectations. Analyst Commentary Recent Street research activity in the wider equity space, including a price target adjustment on another mid-cap name, helps give some context to how analysts are thinking about valuation and execution risk.CCO: Shareholder Value Will Rise On Takeover Momentum And Completed Asset Sales
Analysts have nudged their price target on Cameco modestly higher to reflect a slightly faster projected revenue growth rate and only marginally lower long term margin and valuation assumptions, which together support a fair value estimate of about $150.81 per share. Analyst Commentary Recent research updates reflect a generally constructive stance on Cameco, with analysts modestly increasing their price targets as they recalibrate assumptions for revenue growth, long term margins, and the broader uranium cycle.CCO: Shareholder Value Will Rise On Takeover Momentum And Asset Sale Progress
Analysts have trimmed their price target on Cameco slightly to about $150.81 from $151.75, reflecting expectations for stronger long term revenue growth, but a modestly lower profit margin and still elevated valuation multiples. Analyst Commentary Analysts covering Cameco have been reassessing their views in light of the recent price target trim, balancing the company’s strong long term growth drivers against execution and valuation risks.CCO: Shareholder Value Will Rise With Possible Takeover And Asset Sale Momentum
Cameco's analyst price target has been raised from $146.44 to $151.75, with analysts pointing to improved revenue growth forecasts and margin expectations as key drivers of the increased valuation. Analyst Commentary Analyst reactions to Cameco's revised price target reflect a blend of optimism and caution, with most emphasizing the implications for the company’s growth trajectory, profitability, and market positioning.CCO: Recent Asset Sales And M&A Activity Will Drive Shareholder Value
Analysts have raised their price target for Cameco to $146.44 from $124.81. They cite accelerating revenue growth and improving profit margins as key drivers behind the upward revision.Subdued Growth No Barrier To Cameco Corporation (TSE:CCO) With Shares Advancing 27%
Oct 30
Long-Term Profit Margins And Contracts Will Drive Future Value
Cameco's fair value price target has been raised from $119.88 to $124.81, as analysts cited improved profit margins, which are expected to support a higher valuation despite expectations for modestly lower revenue growth. Analyst Commentary Analysts provided a mix of positive and cautious insights regarding Cameco's outlook, highlighting both the drivers supporting a higher valuation and factors that could temper growth expectations.Global Nuclear Demand Will Secure Long-Term Value
The analyst price target for Cameco has been raised from $116.94 to $119.88 per share. Analysts cite improved revenue growth forecasts, increased profit margins, and a slightly lower discount rate as key drivers for the upward adjustment.Global Nuclear Demand Will Secure Long-Term Value
Cameco’s consensus revenue growth forecast has markedly increased from 2.6% to 3.4% per annum, supporting a modest upward revision in the analyst price target from CA$114.75 to CA$116.94. What's in the News Cameco finalized a multi-year agreement to supply natural uranium hexafluoride (UF6) to Slovenske elektrarne, ensuring a secure uranium source for Slovakia’s Bohunice and Mochovce nuclear plants through 2036 (Key Developments, 2025-09-12).Global Nuclear Demand Will Secure Long-Term Value
Cameco’s consensus revenue growth forecast has edged down from 2.8% to 2.6% per annum while net profit margin remains steady, resulting in a marginal increase in its analyst price target from CA$112.69 to CA$114.75. What's in the News Cameco and Orano Canada signed a 15-year, $500 million workforce transportation agreement with Indigenous-owned Rise Air to support northern Saskatchewan operations, marking the largest and longest partnership with the airline.Cameco Corporation's (TSE:CCO) P/S Is Still On The Mark Following 26% Share Price Bounce
Jul 01Cameco Corporation's (TSE:CCO) Intrinsic Value Is Potentially 22% Below Its Share Price
Jun 21After Leaping 30% Cameco Corporation (TSE:CCO) Shares Are Not Flying Under The Radar
May 08
Nuclear Industry Growth Fuels Optimism For Enhanced Profitability And Revenue Potential
Increased long-term contract backlog and higher uranium prices suggest revenue growth potential from committed volumes.CEO Compensation Analysis
| Date | Total Compensation | Salary | Company Earnings |
|---|---|---|---|
| Dec 31 2025 | CA$11m | CA$1m | CA$590m |
| Sep 30 2025 | n/a | n/a | CA$526m |
| Jun 30 2025 | n/a | n/a | CA$534m |
| Mar 31 2025 | n/a | n/a | CA$249m |
| Dec 31 2024 | CA$8m | CA$1m | CA$172m |
| Sep 30 2024 | n/a | n/a | CA$116m |
| Jun 30 2024 | n/a | n/a | CA$257m |
| Mar 31 2024 | n/a | n/a | CA$235m |
| Dec 31 2023 | CA$8m | CA$1m | CA$361m |
| Sep 30 2023 | n/a | n/a | CA$265m |
| Jun 30 2023 | n/a | n/a | CA$98m |
| Mar 31 2023 | n/a | n/a | CA$168m |
| Dec 31 2022 | CA$7m | CA$1m | CA$89m |
| Sep 30 2022 | n/a | n/a | CA$116m |
| Jun 30 2022 | n/a | n/a | CA$63m |
| Mar 31 2022 | n/a | n/a | -CA$57m |
| Dec 31 2021 | CA$7m | CA$1m | -CA$103m |
| Sep 30 2021 | n/a | n/a | -CA$34m |
| Jun 30 2021 | n/a | n/a | -CA$23m |
| Mar 31 2021 | n/a | n/a | -CA$39m |
| Dec 31 2020 | CA$7m | CA$1m | -CA$53m |
| Sep 30 2020 | n/a | n/a | -CA$5m |
| Jun 30 2020 | n/a | n/a | CA$43m |
| Mar 31 2020 | n/a | n/a | CA$73m |
| Dec 31 2019 | CA$7m | CA$1m | CA$74m |
Compensation vs Market: Tim's total compensation ($USD8.07M) is about average for companies of similar size in the Canadian market ($USD7.51M).
Compensation vs Earnings: Tim's compensation has increased by more than 20% in the past year.
CEO
Tim Gitzel (62 yo)
14.8yrs
Tenure
CA$10,955,770
Compensation
Mr. Timothy S. Gitzel, also known as Tim, has been the Chief Executive Officer at Cameco Corporation since July 1, 2011 and had been its President from May 14, 2010 to September 1, 2025. Mr. Gitzel serves...
Leadership Team
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| CEO & Director | 14.8yrs | CA$10.96m | 0.12% CA$ 83.2m | |
| President & COO | less than a year | CA$5.86m | 0.020% CA$ 13.6m | |
| Senior VP & CFO | less than a year | CA$2.55m | 0.0056% CA$ 3.8m | |
| Senior VP & Chief Corporate Officer | 1.8yrs | CA$2.21m | 0.0017% CA$ 1.1m | |
| Director of Technical Services | no data | no data | no data | |
| Vice-President of Investor Relations | no data | no data | 0.00032% CA$ 217.9k | |
| Senior VP & Chief Legal Officer | less than a year | no data | 0.0025% CA$ 1.7m | |
| Senior VP & Chief Marketing Officer | less than a year | no data | 0.0014% CA$ 987.3k | |
| Global Managing Director for Cameco UK Ltd | 2.4yrs | no data | no data | |
| Manager of Treasury & Insurance | no data | no data | 0.000010% CA$ 6.8k |
0.6yrs
Average Tenure
Experienced Management: CCO's management team is not considered experienced ( 0.6 years average tenure), which suggests a new team.
Board Members
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| CEO & Director | 15.3yrs | CA$10.96m | 0.12% CA$ 83.2m | |
| Independent Director | less than a year | CA$196.68k | 0.0018% CA$ 1.2m | |
| Independent Director | 15.3yrs | CA$338.00k | no data | |
| Independent Director | 9.3yrs | CA$434.20k | no data | |
| Independent Director | 10.3yrs | CA$338.00k | no data | |
| Independent Director | less than a year | CA$199.91k | 0.00034% CA$ 231.5k | |
| Independent Chairman | 12.3yrs | CA$536.00k | 0.0056% CA$ 3.8m | |
| Director | 2.6yrs | CA$309.00k | no data | |
| Independent Director | 2.6yrs | CA$331.00k | no data | |
| Independent Director | 5.7yrs | CA$334.00k | no data |
7.5yrs
Average Tenure
65yo
Average Age
Experienced Board: CCO's board of directors are considered experienced (7.5 years average tenure).
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/04/30 22:58 |
| End of Day Share Price | 2026/04/30 00:00 |
| Earnings | 2025/12/31 |
| Annual Earnings | 2025/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
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Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
Cameco Corporation is covered by 39 analysts. 14 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Harriet Li | Accountability Research Corporation |
| Michael Kozak | ATB Cormark Historical (Cormark Securities) |
| Robert Brackett | Bernstein |