Energy Fuels Inc. (UUUU Quick QuoteUUUU - Free Report) and Cameco Corporation (CCJ Quick QuoteCCJ - Free Report) are two prominent players in the uranium industry, both well-positioned to benefit from the strengthening global nuclear energy supply chain. 

Uranium futures have climbed to $89 per pound, marking a 31.7% year-over-year increase and the highest level in nearly 20 months. Supported by the global push for clean and reliable energy, the long-term outlook for uranium remains constructive.

For investors looking to gain exposure from this, a comparison of Energy Fuels and Cameco across fundamentals, growth drivers and risks helps clarify which stock may offer the more compelling upside.

The Case for Energy Fuels

Energy Fuels has been the leading U.S. producer of natural uranium concentrate in recent years, accounting for roughly two-thirds of domestic production since 2017. Its White Mesa Mill in Utah is the only fully licensed and operating conventional uranium processing facility in the United States, providing a significant strategic advantage.

In 2025, Energy Fuels’ Pinyon Plain Mine in Arizona and La Sal Complex in Utah produced more than 1.6 million pounds of uranium, exceeding the upper end of its guidance by approximately 11%. Current operations are running at an annualized rate of about 2 million pounds of recoverable uranium, a level management expects to sustain through 2026. Additional exploration drilling is planned in the Juniper Zone at Pinyon Plain in 2026 to further delineate and potentially expand the resource base.

The company has also improved its long-term sales visibility by securing two uranium supply contracts with U.S. nuclear utilities covering deliveries from 2027 through 2032. With these agreements, Energy Fuels expects to sell 780,000–880,000 pounds of uranium under long-term contracts in 2026, while retaining flexibility to sell into the spot market. As lower-cost Pinyon Plain uranium enters inventory, the cost of goods sold is expected to begin declining in the first quarter of 2026.

Beyond uranium, Energy Fuels is building a diversified growth platform anchored by rare earth elements (REEs). The company expects to commence commercial-scale production of heavy rare earths such as dysprosium (Dy) and terbium (Tb) this year. Its planned acquisition of Australian Strategic Materials Limited further strengthens this strategy by combining ASM’s Korean Metals Plant, one of the few REE metal and alloy producers outside China, with Energy Fuels’ existing REE oxide production at White Mesa.

Additionally, the feasibility study for the Vara Mada project in Madagascar confirms strong project economics, world-class reserves of rare earths, titanium and zircon, and an initial mine life of 38 years with significant expansion potential. Energy Fuels is planning a Phase 2 expansion of REE processing at White Mesa, increasing NdPr oxide capacity from roughly 1,000 tons per year to more than 6,000 tons annually. With an estimated capital cost of $410 million and projected all-in production costs of $29.39/kg NdPr equivalent, the company expects its REE operations to rank among the lowest-cost producers globally.

The Case for Cameco

Cameco, based in Canada, accounts for around 16% of global uranium output annually and operates across the entire nuclear fuel cycle, from exploration to fuel services.

Cameco holds a 69.805% stake in the McArthur River mine and 83.33% in the Key Lake mill. McArthur River is known as the largest high-grade uranium mine globally and Key Lake is the world’s largest uranium mill. CCJ also holds a 54.547% stake in Cigar Lake, the world’s highest-grade uranium mine.

Cameco had earlier revised its 2025 production outlook 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. Its share of production from the operation is projected at 9.8-10.5 million pounds. CCJ’s expected share from the Cigar Lake mine is maintained at 9.8 million pounds. 

Backed by Cigar Lake’s upbeat performance, Cameco expects it to help set off up to 1 million pounds (100% basis) of the production shortfall at the McArthur River.
Cameco maintains 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).

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.

How do Estimates Compare for Energy Fuels & Cameco?

The Zacks Consensus Estimate for Energy Fuel’s 2026 revenues indicates a year-over-year drop of 28.3%. The company is expected to incur a loss of 34 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 62.8% to $91.2 million. The estimate for earnings for 2026 is at a loss of 13 cents per share.  

Both the earnings estimates for fiscal 2025 and fiscal 2026 for UUUU have moved down over the past 60 days.

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The Zacks Consensus Estimate for Cameco’s 2025 revenues implies year-over-year growth of 4%. The consensus mark for earnings of 98 cents per share indicates a year-over-year upsurge of 100%. The Zacks Consensus Estimate for Cameco’s 2026 revenues indicates year-over-year growth of 4.3%, with EPS expected to gain 54.3% to $1.51 per share. 

Both the EPS estimates for fiscal 2025 and fiscal 2026 have been revised upward in the past 60 days. 

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UUUU & CCJ: Price Performance & Valuation

So far this year, Energy Fuels stock has appreciated 358.5%, outperforming Cameco, which has gained 159.2%. 

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Energy Fuels is trading at a forward price-to-sales multiple of 58.11X, while CCJ’s forward sales multiple sits at 21.95X.

Image Source: Zacks Investment Research

Conclusion

Both Energy Fuels and Cameco are well-positioned to benefit from favorable long-term trends in uranium demand driven by nuclear power’s growing role in the global energy transition. Energy Fuels stands out for its strategic importance to U.S. uranium supply and its diversification into rare earths and heavy mineral sands, which could unlock meaningful long-term optionality.

However, Energy Fuels faces expected losses, downward estimate revisions and a significantly expensive valuation. Cameco, on the other hand, offers scale, asset quality, improving earnings visibility and stronger estimate momentum at a more reasonable valuation.

CCJ appears better positioned at current levels for investors seeking exposure to uranium with a more balanced risk-reward profile. This view is reinforced by Cameco’s Zacks Rank #1 (Strong Buy), compared with Energy Fuels’ Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank stocks here.