Core Viewpoint - Cameco reported solid financial and operational results for the fourth quarter and year ended December 31, 2025, highlighting a disciplined execution strategy across its uranium, fuel services, and Westinghouse segments, which positions the company to unlock value from growing demand in a strengthening market [1]. Financial Performance - For the fourth quarter of 2025, Cameco achieved revenue of $1.201 billion, a 1.5% increase from $1.183 billion in 2024. The annual revenue rose to $3.482 billion from $3.136 billion, marking an increase of 11% [1][2]. - Gross profit for the fourth quarter was $273 million, up from $250 million in 2024, while annual gross profit increased to $970 million from $783 million [1][2]. - Net earnings attributable to equity holders for the fourth quarter were $199 million, compared to $135 million in 2024, and for the year, net earnings rose to $590 million from $172 million [1][2]. - Adjusted EBITDA for the fourth quarter was $591 million, a significant increase from $524 million in 2024, and for the year, it rose to $1.929 billion from $1.531 billion [1][2]. Segment Performance - In the uranium segment, revenue for the fourth quarter was $1.027 billion, slightly down from $1.035 billion in 2024, but annual revenue increased to $2.874 billion from $2.677 billion, a 7% rise [2][3]. - The fuel services segment saw a 18% increase in fourth-quarter revenue to $174 million, with annual revenue rising to $562 million from $459 million, a 22% increase [2][3]. - Westinghouse's revenue for the fourth quarter was $958 million, up 14% from $841 million in 2024, and annual revenue increased to $3.458 billion from $2.892 billion, a 20% rise [2][3]. Operational Highlights - Uranium production volume for 2025 was 21 million pounds, exceeding the revised guidance of up to 20 million pounds, with Cigar Lake producing 19.1 million pounds [3]. - The average realized price for uranium increased by 12% to $65.53 per pound in the fourth quarter, and for the year, it rose by 6% to $62.11 per pound [3]. - Fuel services production reached a record of 14 million kgU, with an average realized price increasing by 11% to $39.39 per kgU [3]. Strategic Developments - Cameco entered a strategic partnership with the US Government, Brookfield, and Westinghouse to accelerate the deployment of nuclear reactors, with an expected investment of at least $80 billion [3][6]. - The company maintains a disciplined supply strategy, aligning production with long-term contracts, and holds approximately 230 million pounds of uranium committed under long-term contracts [1][2]. Future Outlook - The company anticipates continued growth in the nuclear fuel cycle driven by electrification, energy security, and decarbonization priorities, positioning Cameco to benefit from the global shift towards nuclear energy [1][3].

Core Viewpoint - Cameco Corporation is a significant player in the uranium industry, essential for supplying nuclear utilities globally, and is positioned to meet the increasing demand for nuclear energy as a cleaner alternative to fossil fuels [1] Group 1: Price Target Trends - The consensus price target for Cameco's stock has shown a positive trend, with the average price target last month at $139, reflecting strong analyst confidence in the company's performance and growth potential [2] - In the last quarter, the average price target for Cameco was $119.69, indicating a significant increase from the previous quarter and improved sentiment towards the company's operations [3][6] - A year ago, the average price target was $107.72, demonstrating a consistent upward trend in expectations regarding Cameco's prospects [4] Group 2: Competitive Positioning - Cameco is viewed as a stronger investment compared to Energy Fuels due to its advantages in production scale, earnings growth, and valuation, as highlighted by Zacks [4] - The potential for positive earnings momentum in the oils and energy sector contributes to favorable sentiment surrounding Cameco, making it an attractive option for investors [5]

Company Overview - Cameco Corporation (NYSE:CCJ) is a leading uranium producer in North America, recognized for its high-grade mines such as MacArthur River and Cigar Lake, and holds a stake in the Inkai joint venture in Kazakhstan [1] - The company provides refining and fuel manufacturing services, positioning itself to benefit from the growing adoption of nuclear energy as a low-carbon power source [1] Earnings Expectations - Cameco is set to release its quarterly earnings on February 13, 2026, with analysts expecting an earnings per share (EPS) of $0.28, which represents a 7.7% year-over-year increase [2] - The projected revenue for the company is around $809 million, with estimates remaining stable over the past two months, indicating confidence in its performance [2] Production and Market Dynamics - The company aims to deliver between 32 to 34 million pounds of uranium in 2025, supported by production from Cigar Lake and market purchases [3] - Rising uranium prices and guidance from Westinghouse's EBITDA may positively impact Cameco's earnings, although the company has experienced an average negative earnings surprise of 14.8% over the last four quarters [3] Industry Trends - The nuclear energy sector is experiencing growth due to increasing demand and tightening supplies, with U.S. plans to quadruple nuclear energy capacity by 2050 [4] - Geopolitical risks, particularly concerning Russia as a major uranium supplier, are influencing this shift towards nuclear energy [4] - Kazakhstan is nearing peak uranium production, which could lead to a structural supply shock, benefiting Cameco and Energy Fuels Inc [5] - Despite challenges such as limited exploration spending and slow permitting processes, the demand for uranium is rising as governments seek energy security and carbon reduction [5] Stock Performance - Cameco's stock has surged by 395% since 2023, reflecting its strong market position amidst the growing demand for nuclear energy and potential supply shocks from Kazakhstan [4][6]

Core Viewpoint - Cameco Corporation (CCJ) is expected to report a 7.7% year-over-year increase in fourth-quarter earnings per share, with the Zacks Consensus Estimate set at 28 cents [1][6]. Financial Performance - The earnings surprise history shows that Cameco has missed the Zacks Consensus Estimate twice and surpassed it twice over the last four quarters, with an average negative earnings surprise of 14.80% [3]. - The Earnings ESP for Cameco is +2.35%, indicating a potential earnings beat, supported by a Zacks Rank of 2 (Buy) [5]. Production and Deliveries - Cameco targets uranium deliveries of 32-34 million pounds for 2025, slightly down from 33.6 million pounds delivered in 2024 [10]. - The company has revised its production outlook from the McArthur River mine to 9.8-10.5 million pounds for 2025 due to development delays, while maintaining a target of 9.8 million pounds from the Cigar Lake mine [8][10]. - Through the first nine months of 2025, Cameco produced 15 million pounds and delivered 21.8 million pounds, with expectations to meet delivery targets in Q4 2025 [11]. Market Conditions - Uranium prices averaged approximately $79.12 per pound in Q4 2025, reflecting a 3% year-over-year increase, which is expected to support revenue growth despite lower sales volumes compared to the previous year [13]. - The average realized price of uranium was $58.45 per pound (CAD80.90 per pound) [12]. Cost Management and Financial Health - The company has been reducing debt levels, which is likely to lower interest expenses and boost earnings [15]. - Cameco has raised its share of adjusted EBITDA from Westinghouse to $525-$580 million for 2025, contributing positively to its fourth-quarter results [16]. Stock Performance and Valuation - Cameco shares have appreciated 27.6% over the past six months, outperforming the industry average of 4.2% [17]. - The stock is trading at a forward price-to-sales ratio of 20.48, which is higher than the industry average of 1.45 but lower than peers Energy Fuels and Uranium Energy [19][20]. Investment Thesis - The nuclear power sector is experiencing growth driven by energy security and low-carbon energy demand, positioning Cameco favorably due to its high-quality asset base and strategic involvement in the nuclear fuel supply chain [21]. - The company is expected to meet its 2025 production and delivery targets, with a reasonable probability of earnings growth in Q4 [24].

Summary of Cameco and Westinghouse Conference Call Company and Industry Overview - **Company**: Cameco Corporation - **Industry**: Nuclear Energy and Uranium Mining Key Points and Arguments 1. **Nuclear Power Renaissance**: The analysis indicates that the nuclear power sector is experiencing a renaissance, providing clean and green baseload electricity for future economies. This is expected to positively impact uranium prices and reactor announcements in 2026 [1][3]. 2. **Cameco's Valuation**: Cameco's share price has more than doubled in the last year, leading to discussions about justifying its current valuation. A bullish discounted cash flow (DCF) model supports the view that Cameco's valuation is reasonable [1][7]. 3. **Uranium Mining Segment**: Cameco's uranium mining segment is highlighted as having high certainty and low-cost, high-quality resources. Long-term contracted uranium prices have risen significantly, with January prices up over 20% annually since 2022 [3][4]. 4. **Westinghouse Contribution**: Westinghouse is a significant part of Cameco's valuation, contributing 45% in the base case and 50% in the bull case. The addressable market for Westinghouse is expected to grow, enhancing its long-term value [5][10]. 5. **Global Laser Enrichment (GLE)**: GLE is considered an underappreciated segment of Cameco, contributing 11% to the company's value. The analysis models GLE as a two-stage option, with potential for significant future contributions [6][11]. 6. **Target Price Increase**: The target price for Cameco has been raised to $147, reflecting a 23x EV/EBITDA multiple on projected 2030 EBITDA. This target is approximately 30% above consensus estimates, indicating a more optimistic long-term outlook [7][9]. 7. **Investment Implications**: The recommendation for Cameco is to outperform, with a valuation of $147 per share based on a 23x EV/EBITDA multiple. This reflects expectations of inflection in earnings power and long-term exposure to uranium prices [9][10]. 8. **Operating and Maintenance (O&M) Budget**: The global nuclear power industry's annual O&M budget is estimated at $116 billion, projected to grow to between $167 billion and $327 billion by 2040. Westinghouse is expected to capture a significant share of this market [19][32]. 9. **Future Reactor Growth**: The number of nuclear reactors is expected to grow significantly, with projections indicating a substantial increase in nuclear generation from 3,000 TWh to over 4,000 TWh by 2040 [28][49]. 10. **Financial Forecasts**: Cameco's EBITDA is projected to grow significantly, with a forecast of CAD$ 3.5 billion by 2030. The company is expected to maintain strong operational performance despite market fluctuations [55][57]. Additional Important Insights - **Market Dynamics**: The analysis suggests that while the uranium market is currently favorable, there are risks associated with the finite nature of uranium assets and the expertise required to operate in this sector [3][4]. - **Long-term Contracts**: The long-term contracted prices for uranium are seen as a more stable indicator of market conditions compared to spot prices, which can be volatile [3][4]. - **Westinghouse's Market Share**: Westinghouse's revenue is currently 11% of the total addressable spend in the nuclear sector, with potential for growth as the market expands [38][44]. - **Capex Opportunities**: The new build opportunity for Westinghouse is estimated to average $71 billion annually by 2040, indicating significant potential for revenue growth in the future [42][46]. This summary encapsulates the key insights and projections regarding Cameco and the nuclear energy sector, highlighting both opportunities and risks in the current market landscape.

Core Viewpoint - Uranium prices have surged over $100 per pound due to supply disruptions, but analysts have mixed opinions on its long-term prospects for 2026, with a structural deficit expected in the future [1][4]. Price Outlook - Spot prices for uranium are projected to peak in January 2026 after a rise of over 25% to above $100 per pound, with the market currently in a minor deficit supported by supply from Central Asia, Canada, and Namibia [2][3]. - Australia's Office of the Chief Economist forecasts spot prices to increase from $73 per pound in 2025 to an average of $91 in 2027 due to demand growth outpacing supply [3]. Supply Disruption - Supply disruptions in 2025 have led to a surge in spot prices, with major producers like Kazatomprom and Cameco reducing production guidance due to weak prices and operational challenges [4]. - The current trading price of uranium is $82 per pound, influenced by a recent increase in supply that has outpaced demand [3]. Market Sentiment - A $80 billion deal to build reactors in the US has positively influenced market sentiment, with prices rising to over $83 following a World Nuclear Association report predicting a tripling of global nuclear capacity by 2050 [8]. - The US plans to quadruple its domestic nuclear capacity, while China aims to add 150 nuclear reactors in the next 15 years, indicating a strategic shift towards nuclear energy [10]. Production Forecasts - Kazakhstan's uranium production is expected to increase by 5% in 2026, while Canada anticipates a 12% rise as development delays ease [12]. - Namibia's production is projected to grow by 15% year-on-year, contributing to the overall supply landscape [12]. Investment Dynamics - Investment vehicles like the Sprott Physical Uranium Trust have removed significant quantities of uranium from circulation, tightening availability amid geopolitical fragmentation [13]. - The demand for uranium is experiencing a genuine step-change, supported by both public and private investments [13]. Future Gains - Further price increases in 2026 are likely to stem from strong retail demand and policy support, with investment trusts stockpiling uranium that may not be used for nuclear energy [14]. - The US government may recognize uranium as a critical material, which could enhance market sentiment and increase contracting volumes [15][16].

Core Viewpoint - Cameco Corporation (CCJ.US) reported a net loss of approximately $10.24 thousand for the third quarter of 2025, with revenue of $446 million [1] Financial Performance - For the third quarter of 2025, Cameco's net profit was a loss of about $10.24 thousand [1] - The company's operating revenue for the same period was $446 million [1] Analyst Ratings - As of November 2025, the majority of brokerages have assigned a buy or hold rating to Cameco [2]

Industry Overview - Nuclear energy is experiencing a revival as countries seek to expand their nuclear power capabilities, with the U.S. aiming to quadruple its nuclear energy capacity by 2050 [1] - The demand for nuclear energy is increasing while supply is tightening due to geopolitical risks, particularly concerning uranium supplies from Russia [1] Company: Cameco - Cameco is a North American uranium miner with high-grade mines, including MacArthur River and Cigar Lake, which contribute significantly to the global high-quality uranium supply [5] - The stock of Cameco has surged by 395% since the beginning of 2023, driven by rising demand for nuclear energy and geopolitical factors affecting uranium imports [6] - Cameco holds a 49% stake in Westinghouse, which provides services to nuclear plants and is involved in new reactor technologies, supported by an $80 billion commitment from the U.S. government for nuclear reactor construction [7] Company: Centrus Energy - Centrus Energy specializes in providing nuclear fuel components, including low-enriched uranium (LEU) and natural uranium hexafluoride, essential for nuclear reactors [8] - The company currently sources uranium from global suppliers, including Orano in France and TENEX in Russia, and has a waiver to import LEU, highlighting the urgent need to replace Russian-sourced enriched uranium, which constitutes about 25% of U.S. imports [9]

Core Insights - Cameco has experienced a significant recovery in its business after a decade of struggles post-Fukushima, with revenue increasing from $1.5 billion in 2021 to $3.1 billion in 2024, and uranium's spot price rebounding to approximately $94 per pound [2][3] Group 1: Company Performance - From 2011 to 2021, Cameco's revenue fell from $2.4 billion to $1.5 billion due to reduced nuclear expansion plans globally [1] - The company has turned profitable again in 2022, 2023, and 2024 after years of net losses [2] - Cameco's stock surged over 620% in the past five years, reflecting the positive market dynamics for uranium [3] Group 2: Strategic Developments - In 2021, Cameco increased its stake in Global Laser Enrichment (GLE) from 24% to 49%, aiming to integrate laser-based uranium enrichment into its operations [4] - In 2023, Cameco partnered with Brookfield Asset Management to acquire a 49% stake in Westinghouse Electric, enhancing its position in the nuclear power infrastructure market [5] - The company is expected to pursue further acquisitions to diversify its business and reduce reliance on uranium mining [6] Group 3: Industry Outlook - The International Atomic Energy Agency (IAEA) projects that global nuclear capacity will increase by 2.6 times from 2024 to 2050, which is expected to drive uranium prices higher [6]

Core Insights - This year is expected to be significant for investors, particularly in the commodity markets, which have shown remarkable movements compared to previous years [1] Group 1 - The commodity bull markets of the past have been less impressive than the recent fluctuations observed in certain commodity sectors over the last year [1]