Cameco Past Earnings Performance
Past criteria checks 5/6
Cameco has been growing earnings at an average annual rate of 58.5%, while the Oil and Gas industry saw earnings growing at 11.7% annually. Revenues have been growing at an average rate of 18.5% per year. Cameco's return on equity is 8.5%, and it has net margins of 16.9%.
Key information
58.45%
Earnings growth rate
57.86%
EPS growth rate
| Oil and Gas Industry Growth | 42.11% |
| Revenue growth rate | 18.52% |
| Return on equity | 8.54% |
| Net Margin | 16.93% |
| Next Earnings Update | 05 May 2026 |
Recent past performance 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.Revenue & Expenses Breakdown
Revenue & Expenses Breakdown
How Cameco makes and spends money. Based on latest reported earnings, on an LTM basis.
Earnings and Revenue History
| Date | Revenue | Earnings | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 31 Dec 25 | 3,482 | 590 | 339 | 38 |
| 30 Sep 25 | 3,464 | 526 | 325 | 34 |
| 30 Jun 25 | 3,570 | 534 | 306 | 33 |
| 31 Mar 25 | 3,292 | 249 | 272 | 41 |
| 31 Dec 24 | 3,136 | 172 | 273 | 37 |
| 30 Sep 24 | 2,796 | 116 | 254 | 30 |
| 30 Jun 24 | 2,651 | 257 | 267 | 29 |
| 31 Mar 24 | 2,534 | 235 | 260 | 26 |
| 31 Dec 23 | 2,588 | 361 | 263 | 21 |
| 30 Sep 23 | 2,268 | 265 | 233 | 20 |
| 30 Jun 23 | 2,081 | 98 | 227 | 15 |
| 31 Mar 23 | 2,157 | 168 | 191 | 14 |
| 31 Dec 22 | 1,868 | 89 | 177 | 12 |
| 30 Sep 22 | 1,809 | 116 | 158 | 11 |
| 30 Jun 22 | 1,781 | 63 | 136 | 10 |
| 31 Mar 22 | 1,583 | -57 | 152 | 9 |
| 31 Dec 21 | 1,475 | -103 | 136 | 7 |
| 30 Sep 21 | 1,561 | -34 | 171 | 8 |
| 30 Jun 21 | 1,578 | -23 | 161 | 6 |
| 31 Mar 21 | 1,745 | -39 | 158 | 4 |
| 31 Dec 20 | 1,800 | -53 | 156 | 4 |
| 30 Sep 20 | 2,124 | -5 | 146 | 3 |
| 30 Jun 20 | 2,048 | 43 | 141 | 5 |
| 31 Mar 20 | 1,911 | 73 | 136 | 5 |
| 31 Dec 19 | 1,863 | 74 | 139 | 6 |
| 30 Sep 19 | 1,820 | 106 | 138 | 7 |
| 30 Jun 19 | 2,004 | 147 | 143 | 6 |
| 31 Mar 19 | 1,950 | 93 | 145 | 2 |
| 31 Dec 18 | 2,092 | 166 | 148 | 2 |
| 30 Sep 18 | 2,069 | -55 | 154 | -1 |
| 30 Jun 18 | 2,067 | -207 | 171 | 0 |
| 31 Mar 18 | 2,204 | -132 | 185 | 5 |
| 31 Dec 17 | 2,157 | -205 | 193 | 6 |
| 30 Sep 17 | 2,235 | -288 | 210 | 6 |
| 30 Jun 17 | 2,419 | -22 | 210 | 7 |
| 31 Mar 17 | 2,416 | -158 | 233 | 6 |
| 31 Dec 16 | 2,431 | -62 | 249 | 5 |
| 30 Sep 16 | 2,519 | 73 | 250 | 6 |
| 30 Jun 16 | 2,499 | -73 | 252 | 6 |
| 31 Mar 16 | 2,597 | 152 | 241 | 6 |
| 31 Dec 15 | 2,754 | 65 | 227 | 7 |
| 30 Sep 15 | 2,669 | 148 | 231 | 7 |
| 30 Jun 15 | 2,607 | 6 | 233 | 7 |
Quality Earnings: CCO has high quality earnings.
Growing Profit Margin: CCO's current net profit margins (16.9%) are higher than last year (5.5%).
Free Cash Flow vs Earnings Analysis
Past Earnings Growth Analysis
Earnings Trend: CCO has become profitable over the past 5 years, growing earnings by 58.5% per year.
Accelerating Growth: CCO's earnings growth over the past year (243.1%) exceeds its 5-year average (58.5% per year).
Earnings vs Industry: CCO earnings growth over the past year (243.1%) exceeded the Oil and Gas industry -1.6%.
Return on Equity
High ROE: CCO's Return on Equity (8.5%) is considered low.
Return on Assets
Return on Capital Employed
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Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/05/01 04:24 |
| End of Day Share Price | 2026/05/01 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 |