Cameco Corporation research snapshot
CCJ AI stock analysis as of the August 2, 2026 data cutoff reads Cameco as a strategically important nuclear-fuel supplier with scarce tier-one uranium assets, fuel-services capacity, and a 49% interest in Westinghouse. The Q2 2026 report, released July 31, 2026, showed revenue of C$814 million, down 7% year over year, net earnings of C$25 million, down 92%, and adjusted EBITDA of C$391 million, with the decline driven mainly by a one-time Westinghouse benefit in the prior-year quarter and lower planned delivery volumes. The stock closed at $86.38 on July 31, 2026, its verified market cap is about $37.56 billion, and it trades below both the 50-day and 200-day moving averages after a sharp pullback from the May 2026 high. Management kept its 2026 production outlook of 19.5 to 21.5 million pounds unchanged, long-term uranium prices reached decade highs in the mid-$90s per pound, and Westinghouse confidentially filed for a U.S. IPO on July 31, 2026. The CCJ AI stock forecast is therefore scenario-based rather than a single price target and depends on uranium contract pricing, production execution, Westinghouse, policy, and valuation.
Current price
$86.38
Market cap
$37.56 billion verified market cap
AI score
62 / 100
Rating
High-quality nuclear fuel franchise with decade-high long-term uranium prices, unchanged production guidance, and a Westinghouse IPO catalyst, offset by a sharp selloff, weaker near-term results, and elevated valuation
Trend status
Downtrend, below the 50-day and 200-day moving averages with negative momentum
Data cutoff (updated monthly)
August 4, 2026
Informational use only. This page is not investment advice.
| Dimension | Conclusion | Confidence |
|---|---|---|
| Business quality | Cameco sells uranium, conversion and fuel services, while its Westinghouse investment adds reactor technology, services, and nuclear-plant exposure. | High |
| Moat | Scarce high-grade Canadian deposits, long-lived utility relationships, licensed fuel-cycle assets, operating expertise, and the Westinghouse interest create meaningful barriers to entry. | Medium-high |
| Management | Management kept the 2026 production outlook unchanged despite mine disruptions, closed a higher Cigar Lake ownership stake, stayed selective on contracts, and is preparing a Westinghouse IPO. The open question is converting a strong cycle into returns without overextending. | Medium-high |
| Financial trend | Q2 2026 revenue was C$814 million, net earnings were C$25 million, and adjusted EBITDA was C$391 million. The decline versus 2025 reflects a one-time Westinghouse benefit and lower planned deliveries, while realized prices keep improving. | High |
| Valuation | At $86.38, the trailing PE is about 150x, forward PE near 59.6x, price-to-book near 7.5x, and price-to-free-cash-flow near 95x, an expensive level that assumes strong earnings recovery. | High |
| Technical trend | Price is below the 50-day reference near $99.58 and the 200-day reference near $104.58, with RSI near 38.9, a one-month return near negative 15%, and a three-month return near negative 30%. Barchart technical opinion is a strong sell. | Medium |
| Risk level | Key risks are uranium-price and contract timing, mine and mill disruptions, geopolitical supply issues, regulatory or project delays, Westinghouse IPO execution, currency, and valuation compression. | Medium-high |
| AI confidence | Descriptive confidence is high because company disclosures and independent financial datasets broadly agree. Return confidence is lower because this is a cyclical, policy-sensitive commodity and nuclear-services equity. | High data confidence |
| Investment certainty | The franchise is differentiated and long-term uranium prices support the thesis, but the price already embeds strong expectations, so the margin of safety is thinner than at lower levels. | Medium |
CCJ AI stock forecast
The CCJ AI stock forecast is scenario-based and is not a price promise. Using the $86.38 reference price, a forward EPS anchor of about $1.45 implied by the 59.6x forward multiple, and a three-year exact-arithmetic model, the bullish case is about $122, the base case is about $71, and the bearish case is about $26. These are conditional valuation outputs that illustrate how both earnings growth and the earnings multiple drive the CCJ outcome.
$115 to $130
More likely if long-term uranium prices keep strengthening, Cameco meets or beats the 19.5 to 21.5 million pound production outlook, realized prices keep rising, Westinghouse executes on its 91 AP1000 pipeline and a successful IPO, and investors keep a premium multiple for nuclear exposure.
$65 to $80
More likely if uranium prices hold near current levels, production and deliveries meet guidance, cash flow stays solid, Westinghouse contributes steadily, and investors accept solid earnings growth but moderate the valuation multiple.
$25 to $35
More likely if uranium prices or contract terms disappoint, mine disruptions require costly purchases, new supply or policy changes weaken the cycle, the Westinghouse IPO stalls, and investors de-rate CCJ toward a commodity-equity multiple.
CCJ AI technical analysis
CCJ AI technical analysis is weak as of the August 2, 2026 data cutoff. The $86.38 close on July 31, 2026 is below the 50-day moving-average reference near $99.58 and the 200-day reference near $104.58. RSI is near 38.9, the one-month return is about negative 15%, and the three-month return is about negative 30%. Barchart technical opinion is a strong sell, with support near $83 and $80 and resistance near $91 and $95. Volume, uranium-price news, mine operations, and Westinghouse IPO updates should be monitored with the levels below.
| Level | Value | Why it matters |
|---|---|---|
| Current price | $86.38 | Reference price at the July 31, 2026 close, used for market-cap and valuation checks. |
| Immediate support | $83 to $84 | Barchart places first support near $83.07. A close below this band would test the next support zone. |
| Deeper support | $79 to $80 | Barchart places second support near $79.76. A move into this zone would require a new review of uranium pricing, operations, and the earnings outlook. |
| Lower support | $75 to $76 | Barchart places third support near $75.59. A break here would call for a full fundamental reassessment. |
| Near resistance | $90 to $91 | Barchart places first resistance near $90.55. This is the first test of any bounce attempt. |
| Upper resistance | $94 to $95 | Barchart places second resistance near $94.72, close to the 38.2% Fibonacci retracement near $94.28. |
| Third resistance | $98 | Barchart places third resistance near $98.03. A reclaim of this zone would still face the 50-day moving average near $99.58. |
| Moving averages | 50-day near $99.58, 200-day near $104.58 | Trading below both references keeps the tactical trend cautious until price recovers them with confirmation. |
| Momentum | RSI near 38.9 | Momentum is soft. RSI alone cannot establish a bottom without price stabilization and better volume. |
| Volume | 20-day average volume near 3.76 million shares | A recovery through resistance is more credible when it is accompanied by above-average turnover and supportive news. |
| Volatility | Options implied volatility near 50%, historical near 38% | The expected 5-day range near $82 to $91 and the July 31 earnings reaction show how fast CCJ can move on uranium and Westinghouse news. |
| Invalidation | Close below $83, then below $80 | A sustained break below $83 weakens the setup. A break below $80 calls for a full fundamental reassessment rather than an automatic dip buy. |
CCJ AI trading strategy
The CCJ AI trading strategy below is a rules-based research framework, not personal advice. It links chart levels to uranium contract pricing, delivered volumes, mine performance, Westinghouse IPO progress and results, cash and debt, and nuclear-policy developments.
Watch for CCJ to reclaim $90 to $91 and then $94 to $95 with improving volume, stable or improved operating guidance, and evidence that higher contract economics are reaching reported results.
A failed reclaim followed by a close below $83 should reduce trend confidence, particularly if uranium pricing, delivery volumes, or operational updates weaken.
If CCJ tests $79 to $80 without a material change in production, contracting, Westinghouse economics, or the balance sheet, compare the lower price with the base-case valuation range and updated earnings facts.
Do not treat every decline as value. Recheck realized uranium prices, market purchases, production guidance, cash, debt, and whether the market is repricing the nuclear cycle.
Track uranium production and deliveries, contract volumes and realized prices, Cigar Lake and McArthur River performance, fuel-services volumes, Westinghouse earnings, distributions, and IPO progress, cash, debt, and regulatory developments.
Position sizing should reflect commodity, operational, currency, and policy risk. CCJ is not a guaranteed AI or clean-energy return.
Investment research summary
Utilities pay Cameco for reliable uranium and fuel-cycle supply, and its Westinghouse investment extends that relationship into reactor technology and services. The value proposition is dependable nuclear fuel and expertise within a security-sensitive supply chain.
The moat rests on scarce high-grade deposits, licensed conversion and fuel capabilities, long operating experience, qualification with utilities, and Westinghouse. The moat can be narrowed by production interruptions, competing supply, or a weaker contracting cycle.
The thesis fails if uranium demand disappoints, long-term contract economics lag spot enthusiasm, mines or mills underperform, replacement purchases compress margins, the Westinghouse IPO or execution is weaker than expected, or the valuation multiple contracts.
Management kept the 2026 production outlook unchanged through disruptions, closed a higher Cigar Lake ownership stake, stayed selective on contracts, and is preparing a Westinghouse IPO. The key test is capital allocation across mine reliability, growth options, dividends, and the joint venture without sacrificing balance-sheet resilience.
Energy security, decarbonization, reactor life extensions, Western supply-chain diversification, and new-reactor interest support nuclear demand, with long-term uranium prices at decade highs. The route from policy interest to profitable deliveries remains slow, capital intensive, and politically exposed.
At $86.38, CCJ embeds ambitious expectations relative to trailing earnings and free cash flow. Margin of safety improves only if operating and contract evidence supports the earnings path, or if price declines without deterioration in the underlying facts.
Source-backed data
Every metric below includes a source and last verification date.
| Metric | Value | Source | Last verified |
|---|---|---|---|
| CCJ quote and share count | $86.38 reference price at the July 31, 2026 close and 435.53 million shares outstanding | StockAnalysis CCJ overview | August 2, 2026 |
| Market capitalization verification | $37.56 billion reported; $37.62 billion calculated from $86.38 x 435.53 million shares, a 0.16% deviation | Pineify financial_rigor.py and StockAnalysis | August 2, 2026 |
| Q2 2026 revenue | C$814 million for the three months ended June 30, 2026, down 7% from C$877 million in Q2 2025 | Cameco Q2 2026 press release | August 2, 2026 |
| Q2 2026 net earnings and adjusted EBITDA | Net earnings of C$25 million, adjusted net earnings of C$77 million, and adjusted EBITDA of C$391 million | Cameco Q2 2026 press release | August 2, 2026 |
| H1 2026 results | Revenue of C$1,659 million, net earnings of C$156 million, and adjusted EBITDA of C$899 million | Cameco Q2 2026 press release | August 2, 2026 |
| FY2025 revenue and net earnings | C$3.482 billion revenue and C$589.58 million net earnings, cross-checked against StockAnalysis | Cameco 2025 annual report and StockAnalysis | August 2, 2026 |
| June 30, 2026 balance sheet | Cash and equivalents of C$1.1 billion, total debt of C$1.0 billion, and a C$1.0 billion undrawn revolving credit facility | Cameco Q2 2026 press release | August 2, 2026 |
| 2026 production outlook | Unchanged at 19.5 to 21.5 million pounds of U3O8 (Cameco share), with temporary disruptions at Key Lake, McArthur River, and Cigar Lake | Cameco Q2 2026 press release | August 2, 2026 |
| Q2 2026 uranium realized price | US$67.79 per pound (C$93.13), up 18% year over year, with fuel services at C$41.67 per kgU, up 13% | Cameco Q2 2026 press release | August 2, 2026 |
| Long-term uranium price and contracting | Long-term price at decade highs in the mid-$90s per pound, with new contract floors commonly in the high-$70s and ceilings up to $160, and more than 28 million pounds of average annual deliveries contracted over five years | Cameco Q2 2026 earnings call via MarketBeat | August 2, 2026 |
| Westinghouse position | Pipeline of up to 91 AP1000 reactor opportunities, a US$17.5 billion DOE conditional commitment, and a confidential U.S. IPO filing on July 31, 2026, with Cameco and Brookfield retaining control | Cameco Q2 2026 press release and earnings call via MarketBeat | August 2, 2026 |
| Valuation ratios | Trailing PE near 150x, forward PE near 59.6x, price-to-sales near 15.4x, price-to-book near 7.5x, and price-to-free-cash-flow near 95x | StockAnalysis CCJ statistics | August 2, 2026 |
| Technical snapshot | 50-day moving average near $99.58, 200-day near $104.58, RSI near 38.9, and 20-day average volume near 3.76 million shares | StockAnalysis CCJ statistics and Barchart | August 2, 2026 |
| Analyst consensus | Buy consensus from 24 analysts with an average 12-month price target of $133.35, about 54% above the $86.38 close | StockAnalysis CCJ forecast | August 2, 2026 |
This CCJ page is an informational research tool, not investment advice or a solicitation. Forecast scenarios are based on available data and explicit assumptions, can be wrong, and are not promises of future prices or returns. Verify current filings, market data, and your own suitability before making an investment decision.
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