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Energy Fuels vs. Cameco: Which Uranium Stock Has More Upside Today?
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Key Takeaways
UUUU boosts uranium output, posts surging revenues and advances REE projects despite a quarterly loss.
Energy Fuels holds strong liquidity with no debt and expects to meet or exceed its 2025 production guidance.
Energy Fuels stock has soared 157.5% this year, far outpacing CCJ while trading at a higher sales multiple.
Energy Fuels Inc. (UUUU - Free Report) and Cameco Corporation (CCJ - Free Report) are major players in the uranium industry, each well-positioned to support the global nuclear energy supply chain.
Uranium prices recently pulled back to $77 per pound after touching a 14-month high of $84 last month, as earlier supply concerns eased. Prices are down 3% over the past year. The long-term outlook for uranium, however, remains strong, driven by the growing push for clean energy. The U.S. Geological Survey’s addition of uranium to its 2025 Critical Minerals List further highlights its strategic importance for national security and domestic supply chains.
For investors interested in this space, lets analyze which uranium stock is better positioned for upside, Energy Fuels or Cameco. A closer look at their fundamentals, growth drivers and key risks can offer clarity.
The Case for Energy Fuels
Energy Fuels has been the leading U.S. producer of natural uranium concentrate in recent years, accounting for two-thirds of domestic production since 2017. Its White Mesa Mill in Utah is the country’s only fully licensed and operating conventional uranium processing facility.
The Pinyon Plain mine in Arizona continues to shine, delivering ore with an average grade of 1.27% uranium in the third quarter. Per the company, it is one of the highest-grade uranium mines in U.S. history.
During the quarter, the company mined ore containing approximately 465,000 pounds of uranium from its Pinyon Plain and La Sal mines, leading to a total of approximately 1,245,000 pounds of contained uranium so far this year. Pinyon has considerable exploration upside, with Energy Fuels currently extracting ore from only about 25% of the vertical extent of the target zone.
For full-year 2025, Energy Fuels expects to mine 55,000–80,000 tons of ore containing 875,000–1,435,000 pounds of uranium from Pinyon Plain, Pandora and La Sal. Backed by the solid numbers so far and additional ore expected in the fourth quarter, the company is positioned to meet or exceed the high end of this guidance. Finished uranium production may reach up to 1,000,000 pounds for the year.
During the third quarter, Energy Fuels sold 240,000 pounds of uranium at an average price of $72.38 per pound, generating $17.4 million in revenues. Total revenues were up 337.6% year over year, driven by higher uranium sales, which offset the decline in prices. Despite the revenue surge, elevated expenses resulted in a loss of seven cents per share, unchanged from last year’s third quarter.
Energy Fuels ended the third quarter with $298.5 million of working capital, including $94 million of cash and cash equivalents, $141.3 million of marketable securities, $12.1 million of trade and other receivables, $74.4 million of inventory and no debt.
The company expects to sell 160,000 pounds of uranium in the fourth quarter under its existing portfolio of long-term utility contracts. In 2026, the company expects to sell between 620,000 and 880,000 pounds of uranium under its existing long-term contracts.
Energy Fuels is also advancing heavy rare earth element (HREE) separation at White Mesa, where it is piloting production of Dy, Tb and other HREE oxides, with commercial output expected in 2026. Its Donald Project in Australia is one of the richest deposits of HREEs in the world and is expected to start production in the second half of 2027. The Toliara Project in Madagascar and the Bahia Project in Brazil contain significant quantities of light and heavy REE oxides.
Backed by a debt-free balance sheet, Energy Fuels is ramping up uranium production while developing significant REE capabilities. Taking current production levels and its development pipeline into account, the company has the potential to produce 4-6 million pounds of uranium per year.
The Case for Cameco
Cameco, based in Canada, accounted for 16% of global uranium output in 2024 and operates across the entire nuclear fuel cycle, from exploration to fuel services. Cameco reported a 2% increase in uranium production to 4.4 million pounds in the third quarter of 2025. The company sold 6.1 million pounds of uranium, 16% lower than in the third quarter of 2024. This decline, somewhat offset by 4% uptick in the Canadian dollar average realized price due to the impact of fixed-price contracts on the portfolio, led to a 12.8% drop in uranium revenues to CAD 523 million ($379 million). The Fuel Services segment witnessed a 24% drop in revenues to CAD 91 million (CAD 66 million), as gains from a 42% increase in average realized prices were offset by lower volumes.
Overall, Cameco’s total revenues were down 14.7% year over year to CAD 615 million ($446 million) due to the volume declines in both segments. Cameco’s adjusted earnings gained 17% year over year to five cents per share in the third quarter.
The company’s share of uranium production is up to 20 million pounds of uranium (100% basis) from McArthur River/Key Lake and Cigar Lake in 2025. It had lowered its expectations for the McArthur River mine due to development delays. However, backed by the solid performance of the Cigar Lake mine and the McClean Lake mill so far, the company expects to exceed its target by up to 1 million pounds and help offset some of the production shortfall at McArthur River. Cameco revised its full-year target of uranium deliveries to 32–34 million pounds, from its prior stated 31-34 million pounds. In 2024, CCJ delivered 33.6 million pounds of uranium. The company has delivered 21.8 million pounds of uranium so far in 2025. CCJ plans to produce between 13 million and 14 million kgU in its fuel services segment in 2025.
At the end of the third quarter, CCJ had C$779 million ($565 million) in cash and cash equivalents, and C$1 billion ($725 million) in long-term debt and a $1 billion ($725 million) undrawn revolving credit facility. The company’s total debt to total capital was 0.13 as of Sept. 30, 2025.
Cameco plans to maintain the financial strength and flexibility necessary to boost production and capitalize on market opportunities. Work is underway to extend the mine life at Cigar Lake to 2036. CCJ is also increasing production at McArthur River and Key Lake to its licensed annual capacity of 25 million pounds (100% basis).
How do Estimates Compare for Energy Fuels & Cameco?
The Zacks Consensus Estimate for Energy Fuel’s 2025 revenues indicate a year-over-year drop of 39.8%. The company is expected to incur a loss of 35 cents per share in 2025, narrower than the loss of 28 cents reported in 2024. The Zacks Consensus Estimate for UUUU’s revenues for 2026 indicates a year-over-year gain of 85% to $87 million. The estimate for earnings for 2026 is at a loss of six cents per share.
Both the earnings estimates for fiscal 2025 and fiscal 2026 for UUUU have moved down over the past 60 days.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for Cameco’s 2025 revenues implies year-over-year growth of 6.2%. The consensus mark for earnings of $1.00 per share indicates a year-over-year upsurge of 104%. The Zacks Consensus Estimate for Cameco’s 2026 revenues indicates year-over-year growth of 6.5%, with EPS expected to gain 38% to $1.38 per share.
Both the EPS estimates for fiscal 2025 and fiscal 2026 have been revised downward in the past 60 days.
Image Source: Zacks Investment Research
UUUU & CCJ: Price Performance & Valuation
So far this year, Energy Fuels stock has appreciated 157.5% outperforming Cameco, which has gained 59.6%.
Image Source: Zacks Investment Research
Energy Fuels is trading at a forward price-to-sales multiple of 36.86X, while CCJ’s forward sales multiple sits at 14.29X.
Image Source: Zacks Investment Research
Conclusion
Both companies face short-term revenue headwinds from volatile uranium prices. While Cameco benefits from its robust fuel services business and long-term contracts, Energy Fuels offers diversification through heavy mineral sands and rare earths.
With a debt-free balance sheet, strong liquidity and exceptional share-price momentum, Energy Fuels appears better positioned for growth despite its premium valuation. Its diversified asset base and advancing REE projects enhance its long-term potential.
Based on current fundamentals and outlook, Energy Fuels, a Zacks Rank #3 (Hold) offers a more compelling risk-reward profile than Cameco, which carries a Zacks Rank #4 (Sell).
Image: Bigstock
Energy Fuels vs. Cameco: Which Uranium Stock Has More Upside Today?
Key Takeaways
Energy Fuels Inc. (UUUU - Free Report) and Cameco Corporation (CCJ - Free Report) are major players in the uranium industry, each well-positioned to support the global nuclear energy supply chain.
Uranium prices recently pulled back to $77 per pound after touching a 14-month high of $84 last month, as earlier supply concerns eased. Prices are down 3% over the past year. The long-term outlook for uranium, however, remains strong, driven by the growing push for clean energy. The U.S. Geological Survey’s addition of uranium to its 2025 Critical Minerals List further highlights its strategic importance for national security and domestic supply chains.
For investors interested in this space, lets analyze which uranium stock is better positioned for upside, Energy Fuels or Cameco. A closer look at their fundamentals, growth drivers and key risks can offer clarity.
The Case for Energy Fuels
Energy Fuels has been the leading U.S. producer of natural uranium concentrate in recent years, accounting for two-thirds of domestic production since 2017. Its White Mesa Mill in Utah is the country’s only fully licensed and operating conventional uranium processing facility.
The Pinyon Plain mine in Arizona continues to shine, delivering ore with an average grade of 1.27% uranium in the third quarter. Per the company, it is one of the highest-grade uranium mines in U.S. history.
During the quarter, the company mined ore containing approximately 465,000 pounds of uranium from its Pinyon Plain and La Sal mines, leading to a total of approximately 1,245,000 pounds of contained uranium so far this year. Pinyon has considerable exploration upside, with Energy Fuels currently extracting ore from only about 25% of the vertical extent of the target zone.
For full-year 2025, Energy Fuels expects to mine 55,000–80,000 tons of ore containing 875,000–1,435,000 pounds of uranium from Pinyon Plain, Pandora and La Sal. Backed by the solid numbers so far and additional ore expected in the fourth quarter, the company is positioned to meet or exceed the high end of this guidance. Finished uranium production may reach up to 1,000,000 pounds for the year.
During the third quarter, Energy Fuels sold 240,000 pounds of uranium at an average price of $72.38 per pound, generating $17.4 million in revenues. Total revenues were up 337.6% year over year, driven by higher uranium sales, which offset the decline in prices. Despite the revenue surge, elevated expenses resulted in a loss of seven cents per share, unchanged from last year’s third quarter.
Energy Fuels ended the third quarter with $298.5 million of working capital, including $94 million of cash and cash equivalents, $141.3 million of marketable securities, $12.1 million of trade and other receivables, $74.4 million of inventory and no debt.
The company expects to sell 160,000 pounds of uranium in the fourth quarter under its existing portfolio of long-term utility contracts. In 2026, the company expects to sell between 620,000 and 880,000 pounds of uranium under its existing long-term contracts.
Energy Fuels is also advancing heavy rare earth element (HREE) separation at White Mesa, where it is piloting production of Dy, Tb and other HREE oxides, with commercial output expected in 2026. Its Donald Project in Australia is one of the richest deposits of HREEs in the world and is expected to start production in the second half of 2027. The Toliara Project in Madagascar and the Bahia Project in Brazil contain significant quantities of light and heavy REE oxides.
Backed by a debt-free balance sheet, Energy Fuels is ramping up uranium production while developing significant REE capabilities. Taking current production levels and its development pipeline into account, the company has the potential to produce 4-6 million pounds of uranium per year.
The Case for Cameco
Cameco, based in Canada, accounted for 16% of global uranium output in 2024 and operates across the entire nuclear fuel cycle, from exploration to fuel services.
Cameco reported a 2% increase in uranium production to 4.4 million pounds in the third quarter of 2025. The company sold 6.1 million pounds of uranium, 16% lower than in the third quarter of 2024. This decline, somewhat offset by 4% uptick in the Canadian dollar average realized price due to the impact of fixed-price contracts on the portfolio, led to a 12.8% drop in uranium revenues to CAD 523 million ($379 million). The Fuel Services segment witnessed a 24% drop in revenues to CAD 91 million (CAD 66 million), as gains from a 42% increase in average realized prices were offset by lower volumes.
Overall, Cameco’s total revenues were down 14.7% year over year to CAD 615 million ($446 million) due to the volume declines in both segments. Cameco’s adjusted earnings gained 17% year over year to five cents per share in the third quarter.
The company’s share of uranium production is up to 20 million pounds of uranium (100% basis) from McArthur River/Key Lake and Cigar Lake in 2025. It had lowered its expectations for the McArthur River mine due to development delays. However, backed by the solid performance of the Cigar Lake mine and the McClean Lake mill so far, the company expects to exceed its target by up to 1 million pounds and help offset some of the production shortfall at McArthur River.
Cameco revised its full-year target of uranium deliveries to 32–34 million pounds, from its prior stated 31-34 million pounds. In 2024, CCJ delivered 33.6 million pounds of uranium. The company has delivered 21.8 million pounds of uranium so far in 2025. CCJ plans to produce between 13 million and 14 million kgU in its fuel services segment in 2025.
At the end of the third quarter, CCJ had C$779 million ($565 million) in cash and cash equivalents, and C$1 billion ($725 million) in long-term debt and a $1 billion ($725 million) undrawn revolving credit facility. The company’s total debt to total capital was 0.13 as of Sept. 30, 2025.
Cameco plans to maintain the financial strength and flexibility necessary to boost production and capitalize on market opportunities. Work is underway to extend the mine life at Cigar Lake to 2036. CCJ is also increasing production at McArthur River and Key Lake to its licensed annual capacity of 25 million pounds (100% basis).
How do Estimates Compare for Energy Fuels & Cameco?
The Zacks Consensus Estimate for Energy Fuel’s 2025 revenues indicate a year-over-year drop of 39.8%. The company is expected to incur a loss of 35 cents per share in 2025, narrower than the loss of 28 cents reported in 2024. The Zacks Consensus Estimate for UUUU’s revenues for 2026 indicates a year-over-year gain of 85% to $87 million. The estimate for earnings for 2026 is at a loss of six cents per share.
Both the earnings estimates for fiscal 2025 and fiscal 2026 for UUUU have moved down over the past 60 days.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for Cameco’s 2025 revenues implies year-over-year growth of 6.2%. The consensus mark for earnings of $1.00 per share indicates a year-over-year upsurge of 104%. The Zacks Consensus Estimate for Cameco’s 2026 revenues indicates year-over-year growth of 6.5%, with EPS expected to gain 38% to $1.38 per share.
Both the EPS estimates for fiscal 2025 and fiscal 2026 have been revised downward in the past 60 days.
Image Source: Zacks Investment Research
UUUU & CCJ: Price Performance & Valuation
So far this year, Energy Fuels stock has appreciated 157.5% outperforming Cameco, which has gained 59.6%.
Image Source: Zacks Investment Research
Energy Fuels is trading at a forward price-to-sales multiple of 36.86X, while CCJ’s forward sales multiple sits at 14.29X.
Image Source: Zacks Investment Research
Conclusion
Both companies face short-term revenue headwinds from volatile uranium prices. While Cameco benefits from its robust fuel services business and long-term contracts, Energy Fuels offers diversification through heavy mineral sands and rare earths.
With a debt-free balance sheet, strong liquidity and exceptional share-price momentum, Energy Fuels appears better positioned for growth despite its premium valuation. Its diversified asset base and advancing REE projects enhance its long-term potential.
Based on current fundamentals and outlook, Energy Fuels, a Zacks Rank #3 (Hold) offers a more compelling risk-reward profile than Cameco, which carries a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.