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CCJ vs. URG: Which Uranium Stock is the Better Buy Today?
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Key Takeaways
Cameco posted 35% revenue growth in H1 2025, fueled by strong uranium and fuel services sales.
Ur-Energy's revenues jumped 124% in H1 2025, but it still reported a net loss of seven cents per share.
CCJ shares are up 69% in 2025, while URG has risen 46%, reflecting uranium's sharp price rebound.
Cameco Corporation (CCJ - Free Report) and Ur-Energy (URG - Free Report) are uranium producers that are expected to play a vital role in meeting the rising demand for the growing global nuclear power industry. Headquartered in Saskatoon, Canada, Cameco is one of the world’s largest uranium suppliers with operations spanning mining and fuel services. Littleton, CO-based Ur-Energy is currently operating the Lost Creek in-situ recovery uranium facility in south-central Wyoming and is advancing Shirley Basin construction and development.
After facing pressure earlier this year due to oversupply and uncertain demand, uranium prices have rebounded sharply to above $80 per pound. This has been fueled by growing expectations of expanded nuclear power capacity, fresh purchases by physical uranium funds and policy initiatives. The United States has announced it would boost its strategic uranium reserve. India aims to boost nuclear capacity to at least 100 GW by 2047 and the United States plans to quadruple its nuclear capacity to 400 GW by 2050. The U.S. and U.K. governments recently signed the Technology Prosperity Deal, which seeks to accelerate reactor approvals and aid the United Kingdom in achieving full independence from Russian nuclear fuel by the end of 2028.
Thus, the long-term outlook for uranium remains strong. Against this backdrop, investors are evaluating which uranium stock is better positioned for growth: Cameco or Ur-Energy? To make an informed decision, let us analyze their fundamentals, growth potential and key challenges.
The Case for Cameco
Cameco's tier-one mining and milling operations have the licensed capacity to produce more than 30 million pounds (its share) of uranium concentrates annually. It holds some of the world's most promising uranium projects and continues to invest in ongoing exploration activities. Cameco accounted for 16% of global uranium production in 2024.
CCJ is also a leading supplier of uranium refining, conversion and fuel manufacturing services. Its ownership stakes in Westinghouse and Global Laser Enrichment (GLE) further strengthen opportunities across the nuclear fuel cycle.
Cameco’s results have been impressive so far in 2025, despite the weakness in uranium prices. Total revenues in the first half of 2025 increased 35% year over year to CAD 1,666 million ($1,184 million). Uranium revenues were up 27% to CAD 1,324 million ($941 million) driven by a 16% rise in sales volume and an increase of 10% in the Canadian dollar average realized price, which benefited from fixed-price contracts, even though U.S. dollar spot prices fell 24%.
Fuel services’ revenues surged 56% year over year to CAD297 million ($211 million) due to a 2% increase in average realized price and a 55% increase in sales volume.
The company’s adjusted earnings per share soared 248% year over year to CAD 0.87 ($0.62). The earnings improvement was also attributed to stronger equity earnings reflecting Cameco’s 49% investment in Westinghouse Electric Company in the second quarter.
Cameco recently revised its share of production expectation at 9.8-10.5 million pounds from the McArthur River mine due to development delays in transitioning the mine to new mining areas, as well as slower-than-anticipated ground freezing. However, the expected share from the Cigar Lake mine is maintained at 9.8 million pounds. Backed by Cigar Lake’s upbeat performance in the first half and expecting the momentum to continue, Cameco expects it will likely help set off up to 1 million pounds (100% basis) of the production shortfall at the McArthur River.
Cameco has delivered 15.6 million pounds of uranium so far in 2025, reaching the halfway mark of its full-year target of 31–34 million pounds. Prior to lowering the outlook for the Mc Arthur River mine, the company had provided uranium revenues projection for 2025 at CAD 2.8–3.0 billion, with average prices at $87 per pound. Fuel services revenues are projected at CAD 500-550 million for 2025. This takes the total revenue guidance for 2025 to CAD 3.3-3.550 billion. The company had reported CAD 3.136 billion in revenues in 2024.
Cameco expects its share of adjusted EBITDA from Westinghouse to be higher, at $525-$580 million, for 2025. The improvement stems from Westinghouse’s participation in the construction project for two nuclear reactors at the Dukovany power plant in the Czech Republic. Over the next five years, Cameco’s share of adjusted EBITDA is projected to witness a compound annual growth rate of 6-10%. CCJ continues to invest in increasing production and capitalizing on market opportunities. Work is underway to extend the mine life at Cigar Lake to 2036.
Cameco is also increasing production at McArthur River and Key Lake from 18 million pounds to its licensed annual capacity of 25 million pounds (100% basis).
Cameco recently inked a long-term agreement to supply natural uranium hexafluoride (UF6) to Slovenské elektrárne, Slovakia’s largest electricity producer. This agreement, running through 2036, marks Cameco’s entry into the Slovakia market and underscores its strategy of expanding its global commercial footprint in nuclear fuel.
The Case for Ur-Energy
Ur-Energy is currently operating the flagship Lost Creek project in south-central Wyoming, which has produced 3 million pounds of uranium since it started operations in 2013. Lost Creek has a licensed plant capacity of 2.2 million pounds per year, with an annual production capacity of 1.2 million pounds. The company is also progressing with construction at Shirley Basin, which will transform it into a two-mine operation. Shirley Basin has a licensed annual mine capacity of 1 million pounds, with production expected to start in early 2026.
The company has identified several targets for exploration within the Great Divide Basin aimed at expanding its resource base and discovering new uranium roll front deposits. Its planned exploration program will focus on North Hadsell, LC South and Lost Soldier. Exploration drilling will begin at the North Hadsell and LC South Projects
The ramp up at Lost Creek continues. During the first half of 2025, the company dried and packaged 195,099 pounds of uranium, representing an 89% increase year over year.
Ur-Energy’s revenues were $10.4 million in the first half of 2025, 124% higher than the $4.65 million reported in the year-ago quarter. Ur-Energy sold 165,000 pounds of uranium in the second quarter at an average price of $63.20 per pound compared with no sales in the first quarter due to low prices. This resulted in second quarter revenues of $10.4 million and nil revenues in the first quarter. URG reported a loss of seven cents per share in the first half of 2025 compared with a loss of 10 cents in the prior-year period.
The company’s total sales in 2025 are projected at 440,000 pounds of uranium at an average price per pound of $61.56, leading to revenues of $27.1 million. The deliveries are under contracts negotiated in 2022 and 2023.
Ur-Energy currently has eight multi-year sales agreements in place with major nuclear and utility companies. The annual delivery base amount ranges from 440,000 to 1,300,000 pounds of uranium from 2025 through 2033, with potential additional deliveries of 100,000 pounds in 2032 and 2033. The eight agreements total sales of 6 million pounds of uranium with delivery timeline flexibility.
How do Estimates Compare for Cameco & Ur-Energy?
The Zacks Consensus Estimate for Cameco’s 2025 revenues implies year-over-year growth of 11.3%. The consensus mark for earnings indicates a year-over-year upsurge of 132.6%.
The consensus estimate for Cameco’s 2026 revenues indicates year-over-year dip of 0.95%, with EPS expected to climb 29.5%.
The Zacks Consensus Estimate for Ur-Energy’s fiscal 2025 revenues is $31.2 million, implying a 7.5% decline year over year. The company is, however, anticipated to report a loss of 13 cents per share in fiscal 2025, narrower than the loss of 18 cents in fiscal 2024.
The consensus estimate for Ur-Energy’s 2026 revenues of $136 million indicates year-over-year growth of 336.5%. The company is expected to report earnings of three cents per share, projecting a solid improvement of 123%.
The EPS estimate for Cameco’s fiscal 2025 has moved up over the past 60 days, while the same for fiscal 2026 has been revised downward in the same time frame. Meanwhille, over the past 60 days, the estimates for Ur-Energy for both fiscal 2025 and 2026 have been revised downward.
Image Source: Zacks Investment Research
CCJ & URG: Price Performance & Valuation
So far this year, Cameco stock has appreciated 69% while Ur-Energy shares have risen 46%.
Image Source: Zacks Investment Research
Cameco is trading at a forward price-to-sales multiple of 15.00X, above its median of 6.74X over the last five years and also above the industry average of 1.15X. Ur-Energy’s forward sales multiple sits at 5.72X, below its median of 7.70X over the last five years.
Image Source: Zacks Investment Research
Conclusion
Both Cameco and Ur-Energy are positioned to benefit from a bullish long-term uranium outlook driven by nuclear expansion plans worldwide. However, their near-term profiles differ significantly. Cameco, with its tier-one assets, diversified operations across the nuclear fuel cycle and equity stake in Westinghouse, offers stronger earnings visibility even in periods of price volatility. Its fixed-price contracts and fuel services segment provide stability. Ur-Energy is a smaller, pure-play uranium producer with meaningful long-term upside potential, especially as Shirley Basin comes online and its multi-year contracts begin to scale.
However, Ur-Energy’s revenues tend to be more volatile due to its strategy to withhold sales amid low prices. Considering the downward estimate revision activity for earnings and projected loss for this fiscal, it will be wise to steer clear of URG stock as of now. Cameco appears better positioned for investors seeking stability, scale and earnings growth, even at a premium valuation.
Cameco currently carries a Zacks Rank #3 (Hold), while Ur-Energy has a Zacks Rank #4 (Sell).
Image: Bigstock
CCJ vs. URG: Which Uranium Stock is the Better Buy Today?
Key Takeaways
Cameco Corporation (CCJ - Free Report) and Ur-Energy (URG - Free Report) are uranium producers that are expected to play a vital role in meeting the rising demand for the growing global nuclear power industry. Headquartered in Saskatoon, Canada, Cameco is one of the world’s largest uranium suppliers with operations spanning mining and fuel services. Littleton, CO-based Ur-Energy is currently operating the Lost Creek in-situ recovery uranium facility in south-central Wyoming and is advancing Shirley Basin construction and development.
After facing pressure earlier this year due to oversupply and uncertain demand, uranium prices have rebounded sharply to above $80 per pound. This has been fueled by growing expectations of expanded nuclear power capacity, fresh purchases by physical uranium funds and policy initiatives. The United States has announced it would boost its strategic uranium reserve. India aims to boost nuclear capacity to at least 100 GW by 2047 and the United States plans to quadruple its nuclear capacity to 400 GW by 2050. The U.S. and U.K. governments recently signed the Technology Prosperity Deal, which seeks to accelerate reactor approvals and aid the United Kingdom in achieving full independence from Russian nuclear fuel by the end of 2028.
Thus, the long-term outlook for uranium remains strong. Against this backdrop, investors are evaluating which uranium stock is better positioned for growth: Cameco or Ur-Energy? To make an informed decision, let us analyze their fundamentals, growth potential and key challenges.
The Case for Cameco
Cameco's tier-one mining and milling operations have the licensed capacity to produce more than 30 million pounds (its share) of uranium concentrates annually. It holds some of the world's most promising uranium projects and continues to invest in ongoing exploration activities. Cameco accounted for 16% of global uranium production in 2024.
CCJ is also a leading supplier of uranium refining, conversion and fuel manufacturing services. Its ownership stakes in Westinghouse and Global Laser Enrichment (GLE) further strengthen opportunities across the nuclear fuel cycle.
Cameco’s results have been impressive so far in 2025, despite the weakness in uranium prices. Total revenues in the first half of 2025 increased 35% year over year to CAD 1,666 million ($1,184 million). Uranium revenues were up 27% to CAD 1,324 million ($941 million) driven by a 16% rise in sales volume and an increase of 10% in the Canadian dollar average realized price, which benefited from fixed-price contracts, even though U.S. dollar spot prices fell 24%.
Fuel services’ revenues surged 56% year over year to CAD297 million ($211 million) due to a 2% increase in average realized price and a 55% increase in sales volume.
The company’s adjusted earnings per share soared 248% year over year to CAD 0.87 ($0.62). The earnings improvement was also attributed to stronger equity earnings reflecting Cameco’s 49% investment in Westinghouse Electric Company in the second quarter.
Cameco recently revised its share of production expectation at 9.8-10.5 million pounds from the McArthur River mine due to development delays in transitioning the mine to new mining areas, as well as slower-than-anticipated ground freezing. However, the expected share from the Cigar Lake mine is maintained at 9.8 million pounds. Backed by Cigar Lake’s upbeat performance in the first half and expecting the momentum to continue, Cameco expects it will likely help set off up to 1 million pounds (100% basis) of the production shortfall at the McArthur River.
Cameco has delivered 15.6 million pounds of uranium so far in 2025, reaching the halfway mark of its full-year target of 31–34 million pounds. Prior to lowering the outlook for the Mc Arthur River mine, the company had provided uranium revenues projection for 2025 at CAD 2.8–3.0 billion, with average prices at $87 per pound. Fuel services revenues are projected at CAD 500-550 million for 2025. This takes the total revenue guidance for 2025 to CAD 3.3-3.550 billion. The company had reported CAD 3.136 billion in revenues in 2024.
Cameco expects its share of adjusted EBITDA from Westinghouse to be higher, at $525-$580 million, for 2025. The improvement stems from Westinghouse’s participation in the construction project for two nuclear reactors at the Dukovany power plant in the Czech Republic. Over the next five years, Cameco’s share of adjusted EBITDA is projected to witness a compound annual growth rate of 6-10%.
CCJ continues to invest in increasing production and capitalizing on market opportunities. Work is underway to extend the mine life at Cigar Lake to 2036.
Cameco is also increasing production at McArthur River and Key Lake from 18 million pounds to its licensed annual capacity of 25 million pounds (100% basis).
Cameco recently inked a long-term agreement to supply natural uranium hexafluoride (UF6) to Slovenské elektrárne, Slovakia’s largest electricity producer. This agreement, running through 2036, marks Cameco’s entry into the Slovakia market and underscores its strategy of expanding its global commercial footprint in nuclear fuel.
The Case for Ur-Energy
Ur-Energy is currently operating the flagship Lost Creek project in south-central Wyoming, which has produced 3 million pounds of uranium since it started operations in 2013. Lost Creek has a licensed plant capacity of 2.2 million pounds per year, with an annual production capacity of 1.2 million pounds. The company is also progressing with construction at Shirley Basin, which will transform it into a two-mine operation. Shirley Basin has a licensed annual mine capacity of 1 million pounds, with production expected to start in early 2026.
The company has identified several targets for exploration within the Great Divide Basin aimed at expanding its resource base and discovering new uranium roll front deposits. Its planned exploration program will focus on North Hadsell, LC South and Lost Soldier. Exploration drilling will begin at the North Hadsell and LC South Projects
The ramp up at Lost Creek continues. During the first half of 2025, the company dried and packaged 195,099 pounds of uranium, representing an 89% increase year over year.
Ur-Energy’s revenues were $10.4 million in the first half of 2025, 124% higher than the $4.65 million reported in the year-ago quarter. Ur-Energy sold 165,000 pounds of uranium in the second quarter at an average price of $63.20 per pound compared with no sales in the first quarter due to low prices. This resulted in second quarter revenues of $10.4 million and nil revenues in the first quarter. URG reported a loss of seven cents per share in the first half of 2025 compared with a loss of 10 cents in the prior-year period.
The company’s total sales in 2025 are projected at 440,000 pounds of uranium at an average price per pound of $61.56, leading to revenues of $27.1 million. The deliveries are under contracts negotiated in 2022 and 2023.
Ur-Energy currently has eight multi-year sales agreements in place with major nuclear and utility companies. The annual delivery base amount ranges from 440,000 to 1,300,000 pounds of uranium from 2025 through 2033, with potential additional deliveries of 100,000 pounds in 2032 and 2033. The eight agreements total sales of 6 million pounds of uranium with delivery timeline flexibility.
How do Estimates Compare for Cameco & Ur-Energy?
The Zacks Consensus Estimate for Cameco’s 2025 revenues implies year-over-year growth of 11.3%. The consensus mark for earnings indicates a year-over-year upsurge of 132.6%.
The consensus estimate for Cameco’s 2026 revenues indicates year-over-year dip of 0.95%, with EPS expected to climb 29.5%.
The Zacks Consensus Estimate for Ur-Energy’s fiscal 2025 revenues is $31.2 million, implying a 7.5% decline year over year. The company is, however, anticipated to report a loss of 13 cents per share in fiscal 2025, narrower than the loss of 18 cents in fiscal 2024.
The consensus estimate for Ur-Energy’s 2026 revenues of $136 million indicates year-over-year growth of 336.5%. The company is expected to report earnings of three cents per share, projecting a solid improvement of 123%.
The EPS estimate for Cameco’s fiscal 2025 has moved up over the past 60 days, while the same for fiscal 2026 has been revised downward in the same time frame. Meanwhille, over the past 60 days, the estimates for Ur-Energy for both fiscal 2025 and 2026 have been revised downward.
Image Source: Zacks Investment Research
CCJ & URG: Price Performance & Valuation
So far this year, Cameco stock has appreciated 69% while Ur-Energy shares have risen 46%.
Image Source: Zacks Investment Research
Cameco is trading at a forward price-to-sales multiple of 15.00X, above its median of 6.74X over the last five years and also above the industry average of 1.15X. Ur-Energy’s forward sales multiple sits at 5.72X, below its median of 7.70X over the last five years.
Image Source: Zacks Investment Research
Conclusion
Both Cameco and Ur-Energy are positioned to benefit from a bullish long-term uranium outlook driven by nuclear expansion plans worldwide. However, their near-term profiles differ significantly. Cameco, with its tier-one assets, diversified operations across the nuclear fuel cycle and equity stake in Westinghouse, offers stronger earnings visibility even in periods of price volatility. Its fixed-price contracts and fuel services segment provide stability. Ur-Energy is a smaller, pure-play uranium producer with meaningful long-term upside potential, especially as Shirley Basin comes online and its multi-year contracts begin to scale.
However, Ur-Energy’s revenues tend to be more volatile due to its strategy to withhold sales amid low prices. Considering the downward estimate revision activity for earnings and projected loss for this fiscal, it will be wise to steer clear of URG stock as of now. Cameco appears better positioned for investors seeking stability, scale and earnings growth, even at a premium valuation.
Cameco currently carries a Zacks Rank #3 (Hold), while Ur-Energy has a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.