Cameco is evolving from a uranium miner into a vertically integrated, Western “nuclear infrastructure” franchise—levered to structural fuel deficits, Westinghouse services growth, and AI-driven baseload power demand.
Overview
Cameco is a Saskatoon-based leader in the Western nuclear fuel cycle, operating across uranium mining, fuel services (refining/conversion/fabrication), and, since late 2023, a transformative 49% investment in Westinghouse Electric. In 2025, the company benefited from improving nuclear fundamentals and long-term contracting discipline: revenue rose ~11% to ~C$3.5B and the uranium segment remained the core engine (~83% of revenue). Cameco delivered ~33M lbs to customers with ~21M lbs produced (company share), bridging the gap with inventory and purchases. Fuel Services capitalized on historically strong conversion pricing and a shift away from Russian-linked infrastructure, achieving record UF6 output. Westinghouse added a large technology/services profit stream and meaningful cash distributions (including a notable Dukovany-related payment), pushing adjusted EBITDA sharply higher. With ~230M lbs of contracted uranium and an investment-grade, highly liquid balance sheet, Cameco is positioned as a strategic supplier for decarbonization and energy security as nuclear demand expands.