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Cameco vs. Uranium Energy: Which Uranium Stock is the Better Buy?
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Key Takeaways
Cameco holds 15% of global uranium output and benefits from long-term contracts and fuel services growth.
Uranium Energy is expanding production capacity but reported lower sales, higher costs and wider losses.
CCJ shows stronger stock performance and valuation, with rising earnings estimates boosting outlook.
Cameco Corp. (CCJ - Free Report) and Uranium Energy Corp. (UEC - Free Report) are key players in the uranium sector and are expected to play a significant role in contributing to the global nuclear energy supply chain.
The long-term outlook for uranium remains favorable, supported by rising electricity demand and an accelerated global transition toward clean energy. In this context, which stock offers better long-term growth prospects, Cameco or Uranium 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 15% of global uranium production in 2025.
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.
In the fourth quarter of 2025, Cameco’s uranium production declined 2% to 6 million pounds, while sales volumes fell 12.8% year over year to 11.2 million pounds. However, a 13% increase in realized prices, supported by fixed-price contracts, partially offset lower volumes, resulting in a modest 1% decline in uranium revenues to CAD 1,027 million ($750 million).
Fuel Services revenues increased 18% year over year to CAD 174 million ($127 million), aided by a 6% rise in sales volumes and 11% increase in average realized prices. Cameco’s total revenues were up 1.5% year over year to CAD 1,201 million ($862 million). Adjusted earnings gained 38% year over year to 36 cents per share in the quarter.
At the end of the fourth quarter of 2025, CCJ had CAD1.2 billion ($0.88 billion) in cash and cash equivalents, and CAD1 billion ($0.73 billion) in long-term debt.
For 2026, CCJ expects uranium production of 19.5-21.5 million pounds compared with 21 million pounds of uranium in 2025. Uranium deliveries are targeted at 29–32 million pounds, lower than the 33 million pounds delivered in 2025.
Based on an average realized price of CAD 85.00-89.00 per pound, uranium revenues are projected at CAD 2.54–2.73 billion for 2026, suggesting a 7% decline at the midpoint. For the fuel services segment, CCJ guides uranium hexafluoride production between 13 million and 14 million kgUs and fuel services revenues at CAD 590-630 million.
Overall, Cameco guides total 2026 revenues of CAD 3.13–3.37 billion, with the midpoint indicating a 7% decline from 2025 levels.
In fourth-quarter 2025, Cameco, Brookfield and Westinghouse entered into a strategic partnership with the U.S. Government to accelerate the deployment of Westinghouse nuclear reactors in the United States and globally. This collaboration provides financing support as well as fast-tracking approvals for new Westinghouse nuclear reactors to be built in the United States, with an aggregate investment value of at least $80 billion.
The company has secured contracts to sell about 230 million pounds of uranium to 39 customers and roughly 83 million kilograms of UF6 conversion to 33 customers, ensuring strong long-term demand visibility. Cameco is investing to expand production and capture favorable market conditions, including extending Cigar Lake’s mine life to 2036 and ramping up output at McArthur River and Key Lake toward their licensed annual capacity of 25 million pounds (100% basis).
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 transition year as the company moved from development to production with the restart of the Christensen Ranch ISR mine in Wyoming. The company recently completed construction at Burke Hollow and is awaiting final regulatory approval for startup. It is also advancing the Roughrider Project and accelerating development at the Ludeman Project, while initiating drilling and engineering work at the Sweetwater Project. Other projects remain in a state of operational readiness.
Uranium Energy recently announced it has secured State regulatory approval and commenced operating three additional header houses in wellfield 11 at Christensen Ranch. One additional header house is awaiting regulatory approval, and three more are under construction in wellfield 12 and 10-extension. This, along with the Burke Hollow mine , is expected to drive significant production expansion.
The company’s newly formed United States Uranium Refining & Conversion Corp. recently received a Docket Number from the U.S. Nuclear Regulatory Commission for its planned uranium conversion facility. This marks a step toward UEC’s plan to become the only vertically integrated nuclear fuel supplier in the United States, from mining to conversion.
In the second quarter of fiscal 2026 (ended Jan. 31, 2026), the company produced 45,743 pounds of uranium concentrate. It sold 200,000 pounds of uranium from its inventory at $101 per pound (above the average uranium spot price of $80.76 per pound) during the quarter, leading to $20.2 million in revenues. This marked a 60% decline as the company sold 600,000 pounds of uranium in the year-ago quarter at $82.92 per pound, generating revenues of $49.8 million in the second quarter of fiscal 2025.
Operating costs surged 66% to $23.7 million, driven by exploration and development spending, as well as higher administrative costs linked to expansion and staffing. The company reported an adjusted loss of three cents per share in the second quarter of fiscal 2026 compared with the loss of one cent per share in the last year quarter.
UEC maintains a debt-free balance sheet and had $818 million in liquid assets, including cash of $486 million as of Jan. 31, 2026.
How do Estimates Compare for Cameco & UEC?
The Zacks Consensus Estimate for Cameco’s 2026 revenues implies year-over-year growth of 0.5%. The consensus mark for earnings indicates a year-over-year increase of 52.4%. The Zacks Consensus Estimate for Cameco’s 2027 revenues indicates a year-over-year rise of 15%, with EPS expected to climb 13.6%.
The Zacks Consensus Estimate for Uranium Energy’s fiscal 2026 revenues is $68.5 million, implying a 2.4% rise 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 indicates year-over-year growth of 96%. The company is expected to report break-even earnings in fiscal 2027.
Image Source: Zacks Investment Research
The EPS estimates for Cameco’s fiscal 2026 and 2027 have both moved up over the past 60 days.The estimates for Uranium Energy for fiscal 2026 remained unchanged, while the estimate for fiscal 2027 has moved down.
Image Source: Zacks Investment Research
CCJ & UEC: Price Performance & Valuation
In the past six months, Cameco stock has appreciated 26.2% while Uranium Energy shares have declined 3.5%.
Image Source: Zacks Investment Research
Cameco is trading at a forward price-to-sales multiple of 17.89X. Uranium Energy’s forward sales multiple sits higher at 58.19X.
Image Source: Zacks Investment Research
Conclusion
Both stocks currently carry a Zacks Rank #3 (Hold), so choosing one seems difficult. Uranium Energy faces near-term earnings pressure due to ongoing project development, and its premium valuation further limits its appeal.
Meanwhile, given its stronger recent share performance, more attractive valuation and superior near-term earnings visibility, Cameco seems to be a better investment choice currently.
View the Zacks #1 Rank List
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Cameco vs. Uranium Energy: Which Uranium Stock is the Better Buy?
Key Takeaways
Cameco Corp. (CCJ - Free Report) and Uranium Energy Corp. (UEC - Free Report) are key players in the uranium sector and are expected to play a significant role in contributing to the global nuclear energy supply chain.
The long-term outlook for uranium remains favorable, supported by rising electricity demand and an accelerated global transition toward clean energy. In this context, which stock offers better long-term growth prospects, Cameco or Uranium 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 15% of global uranium production in 2025.
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.
In the fourth quarter of 2025, Cameco’s uranium production declined 2% to 6 million pounds, while sales volumes fell 12.8% year over year to 11.2 million pounds. However, a 13% increase in realized prices, supported by fixed-price contracts, partially offset lower volumes, resulting in a modest 1% decline in uranium revenues to CAD 1,027 million ($750 million).
Fuel Services revenues increased 18% year over year to CAD 174 million ($127 million), aided by a 6% rise in sales volumes and 11% increase in average realized prices. Cameco’s total revenues were up 1.5% year over year to CAD 1,201 million ($862 million). Adjusted earnings gained 38% year over year to 36 cents per share in the quarter.
At the end of the fourth quarter of 2025, CCJ had CAD1.2 billion ($0.88 billion) in cash and cash equivalents, and CAD1 billion ($0.73 billion) in long-term debt.
For 2026, CCJ expects uranium production of 19.5-21.5 million pounds compared with 21 million pounds of uranium in 2025. Uranium deliveries are targeted at 29–32 million pounds, lower than the 33 million pounds delivered in 2025.
Based on an average realized price of CAD 85.00-89.00 per pound, uranium revenues are projected at CAD 2.54–2.73 billion for 2026, suggesting a 7% decline at the midpoint. For the fuel services segment, CCJ guides uranium hexafluoride production between 13 million and 14 million kgUs and fuel services revenues at CAD 590-630 million.
Overall, Cameco guides total 2026 revenues of CAD 3.13–3.37 billion, with the midpoint indicating a 7% decline from 2025 levels.
In fourth-quarter 2025, Cameco, Brookfield and Westinghouse entered into a strategic partnership with the U.S. Government to accelerate the deployment of Westinghouse nuclear reactors in the United States and globally. This collaboration provides financing support as well as fast-tracking approvals for new Westinghouse nuclear reactors to be built in the United States, with an aggregate investment value of at least $80 billion.
The company has secured contracts to sell about 230 million pounds of uranium to 39 customers and roughly 83 million kilograms of UF6 conversion to 33 customers, ensuring strong long-term demand visibility. Cameco is investing to expand production and capture favorable market conditions, including extending Cigar Lake’s mine life to 2036 and ramping up output at McArthur River and Key Lake toward their licensed annual capacity of 25 million pounds (100% basis).
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 transition year as the company moved from development to production with the restart of the Christensen Ranch ISR mine in Wyoming. The company recently completed construction at Burke Hollow and is awaiting final regulatory approval for startup. It is also advancing the Roughrider Project and accelerating development at the Ludeman Project, while initiating drilling and engineering work at the Sweetwater Project. Other projects remain in a state of operational readiness.
Uranium Energy recently announced it has secured State regulatory approval and commenced operating three additional header houses in wellfield 11 at Christensen Ranch. One additional header house is awaiting regulatory approval, and three more are under construction in wellfield 12 and 10-extension. This, along with the Burke Hollow mine , is expected to drive significant production expansion.
The company’s newly formed United States Uranium Refining & Conversion Corp. recently received a Docket Number from the U.S. Nuclear Regulatory Commission for its planned uranium conversion facility. This marks a step toward UEC’s plan to become the only vertically integrated nuclear fuel supplier in the United States, from mining to conversion.
In the second quarter of fiscal 2026 (ended Jan. 31, 2026), the company produced 45,743 pounds of uranium concentrate. It sold 200,000 pounds of uranium from its inventory at $101 per pound (above the average uranium spot price of $80.76 per pound) during the quarter, leading to $20.2 million in revenues. This marked a 60% decline as the company sold 600,000 pounds of uranium in the year-ago quarter at $82.92 per pound, generating revenues of $49.8 million in the second quarter of fiscal 2025.
Operating costs surged 66% to $23.7 million, driven by exploration and development spending, as well as higher administrative costs linked to expansion and staffing. The company reported an adjusted loss of three cents per share in the second quarter of fiscal 2026 compared with the loss of one cent per share in the last year quarter.
UEC maintains a debt-free balance sheet and had $818 million in liquid assets, including cash of $486 million as of Jan. 31, 2026.
How do Estimates Compare for Cameco & UEC?
The Zacks Consensus Estimate for Cameco’s 2026 revenues implies year-over-year growth of 0.5%. The consensus mark for earnings indicates a year-over-year increase of 52.4%. The Zacks Consensus Estimate for Cameco’s 2027 revenues indicates a year-over-year rise of 15%, with EPS expected to climb 13.6%.
The Zacks Consensus Estimate for Uranium Energy’s fiscal 2026 revenues is $68.5 million, implying a 2.4% rise 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 indicates year-over-year growth of 96%. The company is expected to report break-even earnings in fiscal 2027.
Image Source: Zacks Investment Research
The EPS estimates for Cameco’s fiscal 2026 and 2027 have both moved up over the past 60 days.The estimates for Uranium Energy for fiscal 2026 remained unchanged, while the estimate for fiscal 2027 has moved down.
Image Source: Zacks Investment Research
CCJ & UEC: Price Performance & Valuation
In the past six months, Cameco stock has appreciated 26.2% while Uranium Energy shares have declined 3.5%.
Image Source: Zacks Investment Research
Cameco is trading at a forward price-to-sales multiple of 17.89X. Uranium Energy’s forward sales multiple sits higher at 58.19X.
Image Source: Zacks Investment Research
Conclusion
Both stocks currently carry a Zacks Rank #3 (Hold), so choosing one seems difficult. Uranium Energy faces near-term earnings pressure due to ongoing project development, and its premium valuation further limits its appeal.
Meanwhile, given its stronger recent share performance, more attractive valuation and superior near-term earnings visibility, Cameco seems to be a better investment choice currently.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.