Cameco has a credible nuclear-growth story. Its stock still has a damaged trend, and the pullback has not made the reported earnings multiple small.
CCJ closed October 8 at US$87.12. The supplied October 9, 06:46 ET premarket snapshot is US$88.50, a 1.6% increase calculated from those displayed prices. It remains below the US$94.78 50-day and US$105.69 200-day averages. A green premarket print is evidence of a bounce; it does not establish that buyers have repaired the decline.
Our Cameco–NexGen comparison separated an operating nuclear-fuel business from a development project. Today we go deeper into Cameco: the earnings denominator, eight financial quarters, and what the Westinghouse headlines actually represent.
The valuation needs the right currency—and the right denominator
Cameco reports earnings in Canadian dollars. CCJ trades in US dollars; its Toronto listing, CCO, trades in Canadian dollars. Dividing the US share price by Canadian-dollar EPS would understate the multiple.
Using CCO’s October 8 close of C$123.93 and the latest four reported quarterly diluted EPS figures gives:
| Earnings basis | Trailing EPS, C$ | Trailing P/E |
|---|---|---|
| Adjusted, non-IFRS | 1.22 | 101.6× |
| IFRS diluted | 0.82 | 151.1× |
These are rounded quarterly-EPS sums, not forward analyst estimates. The difference is material: adjusted earnings remove items that remain in statutory earnings. Neither measure is a full valuation of future nuclear opportunities. Both show that a large share-price decline can leave substantial growth expectations in the price. Cameco’s Q2 financial report.
The valuation-history graphic follows 549 daily closes. On July 30, CCO closed at C$123.56, with the then-disclosed rolling adjusted EPS of C$1.75: 70.6×. October 8's Toronto price was almost identical, but the multiple was 101.6×, because the rolling EPS denominator had fallen to C$1.22. The unusually strong Q2 2025 fell out of the four-quarter sum when Q2 2026 entered it. A stock does not necessarily become cheaper just because it has fallen from its high. Original Q1 report, Q2 report, CCO price history.
For historical P/E, each report's own four-quarter diluted EPS sum enters the next Toronto trading session, a conservative publication lag. Revisions enter only when disclosed. Cameco changed its adjusted-earnings definition with the 2024 annual report, so the February 2025 step includes a measurement change. The separate operating dashboard uses the latest restated comparisons. Neither chart applies today's earnings to all past prices. 2024 annual report.
Eight quarters explain more than one disappointing comparison
The dashboard follows revenue, diluted EPS and operating cash flow from Q3 2024 through Q2 2026. The swings matter. Reactor-related income and utility delivery schedules can make one quarter look unusually strong, then make the following year look weak against it.
In Q2 2026, consolidated revenue was C$814 million, versus C$877 million a year earlier. Adjusted net earnings fell to C$77 million from C$308 million, while adjusted EBITDA declined to C$391 million from C$673 million. That comparison includes the prior-year Dukovany contribution to Cameco’s share of Westinghouse results—approximately US$170 million of revenue and adjusted EBITDA. It is not a clean measure of recurring growth. Q2 results.
The first-half segment picture is more useful:
| Adjusted EBITDA, C$ millions | H1 2025 | H1 2026 | Change |
|---|---|---|---|
| Uranium | 641 | 676 | +5.5% |
| Westinghouse, Cameco’s share | 445 | 284 | −36.2% |
| Fuel services | 132 | 97 | −26.5% |
Westinghouse is equity-accounted; its share of EBITDA is not consolidated sales. The table shows why “nuclear demand is strong” and “Cameco’s reported earnings weakened” can both be true. Q2 MD&A, segment results.
The first quarter had already demonstrated the opposite side of that variability: uranium adjusted EBITDA rose to C$423 million from C$286 million, supported by higher deliveries and realized prices. A single quarter should not become the entire thesis. Q1 results.
Higher uranium prices do not flow straight through to profit
For H1 2026, the average US-dollar spot uranium price rose 25% from the prior year, while Cameco’s realized US-dollar price rose 12%. Contract ceilings limited participation in the spot-price move. Delivery volumes, purchases and costs also shape the result. That is why the stock is exposure to a business operating under contracts, rather than a simple uranium-price tracker. Q2 uranium discussion.
Cameco ended 2025 with roughly 230 million pounds in long-term uranium delivery commitments, including about 28 million pounds annually on average over the next five years. That supports business visibility, but the timing and profitability of those deliveries still determine shareholder earnings. 2025 annual results.
The cash chart deserves equal attention. H1 operating cash flow fell to C$109 million from C$575 million. Lower earnings, taxes and working-capital requirements contributed. This does not establish a liquidity crisis; it shows why EBITDA and cash available to the parent should be checked separately. Q2 financial report.
Westinghouse: valuable opportunities, unfinished transactions
On July 31, Cameco announced Westinghouse’s confidential submission of a draft registration statement for a proposed IPO. The number of shares and offering price range were undetermined. A filing can create a route to a market valuation; it does not establish completed proceeds, a confirmed valuation, or a distribution to Cameco shareholders. IPO announcement.
The September 30 US–Korea framework anticipates US$120 billion of investment to help finance up to eight US reactors: six AP1000s and up to two APR1400s. The terms are non-binding, with negotiations, agreements, financing and approvals still relevant. That investment headline is not Cameco revenue, and the projects should not be counted as already realized earnings. Framework announcement.
Our interpretation: these developments strengthen the range of possible future outcomes. They also increase the importance of watching signed terms, timing, economics and cash receipts rather than attaching a headline-sized valuation to them today.
What would change the chart reading?
At the supplied US$88.50 snapshot, CCJ is 6.6% below its 50-day and 16.3% below its 200-day. Reaching those fixed October 8 average levels would require approximately 7.1% and 19.4% increases, respectively. The averages will move; these are reference distances, not price targets. The completed close was approximately 36% below the 52-week high. CCJ daily history.
Sustained closes back above the moving averages, followed by a higher low, would provide better evidence of repair than one thin premarket print. On the business side, the useful checks are earnings beyond the Dukovany comparison, delivery margins, cash conversion and definitive Westinghouse terms.
Calling a stock undervalued does not make its chart healthy. A compressed multiple can help explain what has changed in expectations; it cannot demonstrate that selling pressure has ended. Cameco’s growth opportunities deserve analysis, and the broken trend still deserves respect.
Prices: October 8 completed sessions; supplied October 9, 06:46 ET premarket snapshot, independently unverified. Financials through June 30, 2026. Adjusted measures are non-IFRS. Educational commentary, not investment advice.