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CCJ vs. UEC: Which Uranium Stock is the Smarter Bet Now?
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Key Takeaways
Cameco produced about 16% of global uranium in 2024 and expects up to 20 million pounds from mines in 2025.
CCJ's Q3 2025 revenues fell on lower volumes, but adjusted EPS rose 17% year over year to 5 cents.
UEC restarted Christensen Ranch, stayed debt-free with $698M in assets, but posted no revenues in Q126.
Cameco Corp. (CCJ - Free Report) and Uranium Energy Corp. (UEC - Free Report) are prominent names in the uranium sector and are expected to play a significant role in contributing to the global nuclear energy supply chain.
Uranium prices came under pressure earlier this year amid ample supply and uneven demand conditions. More recently, prices have rebounded to around $80 per pound, driven by renewed buying from major physical funds and expanding nuclear ambitions across key economies. Adding further support, uranium was included in the U.S. Geological Survey’s Final 2025 Critical Minerals List, highlighting its growing importance to U.S. energy security and national defense.
The long-term outlook for uranium remains constructive, supported by rising electricity demand and an accelerated global transition toward clean energy. Against this backdrop, investors are weighing which uranium stock is better positioned for sustained growth: Cameco or Uranium Energy? To make an informed decision, let us analyze their fundamentals, growth potential and key challenges.
The Case for Cameco
Canada-based Cameco accounted for approximately 16% of global uranium production in 2024 and operates across the entire nuclear fuel cycle, from exploration and mining 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, however, rose 17% year over year to five cents per share in the third quarter.
The company’s share of uranium production is projected at up to 20 million pounds of uranium (100% basis) from McArthur River/Key Lake and Cigar Lake for 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 2025 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).
Recently, Cameco, along with Brookfield, entered into a strategic partnership with the U.S. Government to accelerate the deployment of Westinghouse Electric Company’s nuclear reactor technologies and reinvigorate supply chains and the nuclear power industrial base in the United States and abroad. The U.S. Government’s aggregate investment of at least $80 billion will create significant growth opportunities for both Westinghouse and Cameco.
The Case for Uranium Energy
Uranium Energy has a combined 12.1 million pounds of US-licensed uranium production capacity from three central processing plants. The company also boasts the largest resource portfolio in the United States and one of the largest in North America. Fiscal 2025 marked a turning point as Uranium Energy transitioned from developer to producer with the successful restart of the Christensen Ranch ISR mine in Wyoming’s Powder River Basin. Production ramp-ups are expected to continue through 2026, alongside the anticipated startup of the Burke Hollow project, driving higher output into fiscal 2026.
In the first quarter of fiscal 2026 (ended Oct. 31, 2025) the company produced 68,612 pounds of precipitated uranium and dried and drummed uranium concentrate was produced. The company, however, did not recognize any revenues in the quarter as it did not engage in any uranium sales. In the year-ago quarter, UEC had recorded revenues of $17.09 million, which stemmed from sales of purchased uranium inventory.
Operating costs surged 55% to $20.9 million. This was driven by higher development spending on the Burke Hollow Project and the Christensen Ranch Mine. General and administrative expenses were also higher.
The absence of revenues and higher expenses led to an adjusted loss of two cents per share in the first quarter of fiscal 2026 compared with the loss of three cents per share in the last year quarter.
UEC maintained a debt-free balance sheet and had more than $698 million in cash, uranium inventory and equities at market prices as of Oct. 31, 2025.
The company is investing in building the next generation of low-cost uranium projects that will be competitive on a global basis and utilize the ISR (in-situ recovery) mining process, which is expected to reduce environmental impact compared with conventional mining.
The company recently launched United States Uranium Refining & Conversion Corp. to position itself as the only vertically integrated U.S. company with uranium mining, processing and planned refining and conversion capabilities.
How do Estimates Compare for Cameco & UEC?
The Zacks Consensus Estimate for Cameco’s 2025 revenues implies year-over-year growth of 4%. The consensus mark for earnings indicates a year-over-year upsurge of 95.9%. The Zacks Consensus Estimate for Cameco’s 2026 revenues indicates year-over-year rise of 4.3%, with EPS expected to climb 55%.
The EPS estimates for Cameco’s fiscal 2025 and fiscal 2026 have both moved down over the past 60 days.
The Zacks Consensus Estimate for Uranium Energy’s fiscal 2026 revenues is $59.7 million, implying a 10.7% decline year over year. The company is, however, anticipated to report a loss of 10 cents per share in fiscal 2026, wider than the loss of 17 cents in fiscal 2025.
The Zacks Consensus Estimate for Uranium Energy’s fiscal 2027 revenues of $135 million indicates year-over-year growth of 126%. The company is expected to report earnings of six cents per share.
Over the past 60 days, the estimates for Uranium Energy for both fiscal 2025 and 2026 have remained unchanged.
Image Source: Zacks Investment Research
CCJ & UEC: Price Performance & Valuation
In the past three months, Cameco stock has appreciated 10.4% while Uranium Energy shares have declined 8.8%.
Image Source: Zacks Investment Research
Cameco is trading at a forward price-to-sales multiple of 16.15X. Uranium Energy’s forward sales multiple sits higher at 67.34X.
Image Source: Zacks Investment Research
Conclusion
Both stocks currently carry a Zacks Rank #3 (Hold), so choosing one seems difficult. Both companies face short-term revenue headwinds from volatile uranium prices. However, Cameco fares better on this front given its fixed price contracts and support from fuel services business. Meanwhile Uranium Energy’s revenues tend to be more volatile due to its strategy to withhold sales amid low prices.
Cameco has an edge due to its stronger recent share performance, more attractive valuation and superior near-term earnings visibility and seems to be a better investment choice currently.
Image: Bigstock
CCJ vs. UEC: Which Uranium Stock is the Smarter Bet Now?
Key Takeaways
Cameco Corp. (CCJ - Free Report) and Uranium Energy Corp. (UEC - Free Report) are prominent names in the uranium sector and are expected to play a significant role in contributing to the global nuclear energy supply chain.
Uranium prices came under pressure earlier this year amid ample supply and uneven demand conditions. More recently, prices have rebounded to around $80 per pound, driven by renewed buying from major physical funds and expanding nuclear ambitions across key economies. Adding further support, uranium was included in the U.S. Geological Survey’s Final 2025 Critical Minerals List, highlighting its growing importance to U.S. energy security and national defense.
The long-term outlook for uranium remains constructive, supported by rising electricity demand and an accelerated global transition toward clean energy. Against this backdrop, investors are weighing which uranium stock is better positioned for sustained growth: Cameco or Uranium Energy? To make an informed decision, let us analyze their fundamentals, growth potential and key challenges.
The Case for Cameco
Canada-based Cameco accounted for approximately 16% of global uranium production in 2024 and operates across the entire nuclear fuel cycle, from exploration and mining 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, however, rose 17% year over year to five cents per share in the third quarter.
The company’s share of uranium production is projected at up to 20 million pounds of uranium (100% basis) from McArthur River/Key Lake and Cigar Lake for 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 2025 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).
Recently, Cameco, along with Brookfield, entered into a strategic partnership with the U.S. Government to accelerate the deployment of Westinghouse Electric Company’s nuclear reactor technologies and reinvigorate supply chains and the nuclear power industrial base in the United States and abroad. The U.S. Government’s aggregate investment of at least $80 billion will create significant growth opportunities for both Westinghouse and Cameco.
The Case for Uranium Energy
Uranium Energy has a combined 12.1 million pounds of US-licensed uranium production capacity from three central processing plants. The company also boasts the largest resource portfolio in the United States and one of the largest in North America. Fiscal 2025 marked a turning point as Uranium Energy transitioned from developer to producer with the successful restart of the Christensen Ranch ISR mine in Wyoming’s Powder River Basin. Production ramp-ups are expected to continue through 2026, alongside the anticipated startup of the Burke Hollow project, driving higher output into fiscal 2026.
In the first quarter of fiscal 2026 (ended Oct. 31, 2025) the company produced 68,612 pounds of precipitated uranium and dried and drummed uranium concentrate was produced. The company, however, did not recognize any revenues in the quarter as it did not engage in any uranium sales. In the year-ago quarter, UEC had recorded revenues of $17.09 million, which stemmed from sales of purchased uranium inventory.
Operating costs surged 55% to $20.9 million. This was driven by higher development spending on the Burke Hollow Project and the Christensen Ranch Mine. General and administrative expenses were also higher.
The absence of revenues and higher expenses led to an adjusted loss of two cents per share in the first quarter of fiscal 2026 compared with the loss of three cents per share in the last year quarter.
UEC maintained a debt-free balance sheet and had more than $698 million in cash, uranium inventory and equities at market prices as of Oct. 31, 2025.
The company is investing in building the next generation of low-cost uranium projects that will be competitive on a global basis and utilize the ISR (in-situ recovery) mining process, which is expected to reduce environmental impact compared with conventional mining.
The company recently launched United States Uranium Refining & Conversion Corp. to position itself as the only vertically integrated U.S. company with uranium mining, processing and planned refining and conversion capabilities.
How do Estimates Compare for Cameco & UEC?
The Zacks Consensus Estimate for Cameco’s 2025 revenues implies year-over-year growth of 4%. The consensus mark for earnings indicates a year-over-year upsurge of 95.9%. The Zacks Consensus Estimate for Cameco’s 2026 revenues indicates year-over-year rise of 4.3%, with EPS expected to climb 55%.
The EPS estimates for Cameco’s fiscal 2025 and fiscal 2026 have both moved down over the past 60 days.
The Zacks Consensus Estimate for Uranium Energy’s fiscal 2026 revenues is $59.7 million, implying a 10.7% decline year over year. The company is, however, anticipated to report a loss of 10 cents per share in fiscal 2026, wider than the loss of 17 cents in fiscal 2025.
The Zacks Consensus Estimate for Uranium Energy’s fiscal 2027 revenues of $135 million indicates year-over-year growth of 126%. The company is expected to report earnings of six cents per share.
Over the past 60 days, the estimates for Uranium Energy for both fiscal 2025 and 2026 have remained unchanged.
Image Source: Zacks Investment Research
CCJ & UEC: Price Performance & Valuation
In the past three months, Cameco stock has appreciated 10.4% while Uranium Energy shares have declined 8.8%.
Image Source: Zacks Investment Research
Cameco is trading at a forward price-to-sales multiple of 16.15X. Uranium Energy’s forward sales multiple sits higher at 67.34X.
Image Source: Zacks Investment Research
Conclusion
Both stocks currently carry a Zacks Rank #3 (Hold), so choosing one seems difficult. Both companies face short-term revenue headwinds from volatile uranium prices. However, Cameco fares better on this front given its fixed price contracts and support from fuel services business. Meanwhile Uranium Energy’s revenues tend to be more volatile due to its strategy to withhold sales amid low prices.
Cameco has an edge due to its stronger recent share performance, more attractive valuation and superior near-term earnings visibility and seems to be a better investment choice currently.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.