Detailed financial statements for Cameco Corporation (CCJ): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Cameco Corporation is a prominent global enterprise specializing in the production and distribution of uranium. Its operations are structured into two core divisions: Uranium and Fuel Services. The Uranium division manages the full upstream process, encompassing the exploration, extraction, and initial processing (milling) of uranium ore, as well as the procurement and sale of uranium concentrate.
Analysis Summary
Cameco Corporation reported revenue of 3.48B CAD in the most recent fiscal year, growing at a 5-year CAGR of 14.1%.
Trailing-twelve-month margins: gross margin 27.6%, operating margin 14.3%, net margin 10.2%.
At $83.84 (closing price, October 28, 2026), CCJ trades at a P/E of 151.04 and an ROE of 5.09%. Market capitalisation stands at $36.5B, placing it among large-cap names.
Balance sheet quality for CCJ: current ratio of 2.5, net cash position of 191.4M CAD. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of 1.08B CAD represents 183% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 2.43B CAD | 2.16B CAD | 2.09B CAD | 1.86B CAD | 1.80B CAD | 1.47B CAD | 1.87B CAD | 2.59B CAD | 3.14B CAD | 3.48B CAD |
| Cost of Revenue | 1.97B CAD | 1.72B CAD | 1.80B CAD | 1.62B CAD | 1.43B CAD | 1.47B CAD | 1.63B CAD | 1.81B CAD | 2.07B CAD | 2.55B CAD |
| Gross Profit | 463.5M CAD | 436.3M CAD | 295.7M CAD | 241.6M CAD | 370.1M CAD | 1.9M CAD | 233.3M CAD | 782.0M CAD | 1.06B CAD | 929.9M CAD |
| Research & Development | 5.0M CAD | 5.7M CAD | 1.8M CAD | 6.1M CAD | 4.0M CAD | 7.2M CAD | 12.2M CAD | 21.0M CAD | 36.5M CAD | 38.4M CAD |
| Selling, General & Admin | 206.7M CAD | 163.1M CAD | 141.6M CAD | 124.9M CAD | 156.2M CAD | 127.6M CAD | 172.0M CAD | 245.5M CAD | 272.6M CAD | 311.0M CAD |
| Operating Expenses | 220.1M CAD | 198.7M CAD | 223.2M CAD | 149.2M CAD | 448.8M CAD | 138.1M CAD | 218.2M CAD | 499.1M CAD | 553.2M CAD | 349.4M CAD |
| Operating Income | -141.8M CAD | -127.7M CAD | 70.2M CAD | 92.4M CAD | -78.7M CAD | -136.2M CAD | 15.1M CAD | 282.9M CAD | 510.1M CAD | 580.4M CAD |
| EBITDA | 312.5M CAD | 218.3M CAD | 464.6M CAD | 494.7M CAD | 184.2M CAD | 147.3M CAD | 331.2M CAD | 799.5M CAD | 789.3M CAD | 1.16B CAD |
| Interest Expense | 91.8M CAD | 89.9M CAD | 87.8M CAD | 80.0M CAD | 81.9M CAD | 55.6M CAD | 56.2M CAD | 76.3M CAD | 110.9M CAD | 74.5M CAD |
| Pre-tax Income | -154.2M CAD | -207.2M CAD | 39.9M CAD | 135.0M CAD | -39.5M CAD | -103.9M CAD | 84.8M CAD | 487.2M CAD | 256.7M CAD | 776.6M CAD |
| Income Tax | -94.4M CAD | -2.5M CAD | -126.3M CAD | 61.1M CAD | 13.7M CAD | -1.2M CAD | -4.5M CAD | 126.3M CAD | 84.9M CAD | 187.6M CAD |
| Net Income | -61.6M CAD | -204.9M CAD | 166.3M CAD | 74.0M CAD | -53.2M CAD | -102.6M CAD | 89.4M CAD | 360.8M CAD | 171.9M CAD | 589.1M CAD |
| EPS | $-0.16 | $-0.52 | $0.42 | $0.19 | $-0.13 | $-0.26 | $0.22 | $0.83 | $0.40 | $1.35 |
| EPS (Diluted) | $-0.16 | $-0.52 | $0.42 | $0.19 | $-0.13 | $-0.26 | $0.22 | $0.83 | $0.39 | $1.35 |
| Shares Outstanding (Diluted) | 395.8 M | 395.8 M | 396.1 M | 396.1 M | 395.8 M | 397.6 M | 407.1 M | 435.4 M | 436.0 M | 435.6 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | 614.6M CAD | 1.20B CAD | 845.4M CAD | 814.1M CAD |
| Gross Profit | 229.4M CAD | 266.9M CAD | 301.6M CAD | 171.5M CAD |
| Operating Income | 93.0M CAD | 163.6M CAD | 164.1M CAD | 84.7M CAD |
| EBITDA | 80.9M CAD | 352.4M CAD | 252.8M CAD | 167.5M CAD |
| Net Income | -141,000 CAD | 198.9M CAD | 131.1M CAD | 25.2M CAD |
| EPS | $-0.00 | $0.45 | $0.31 | $0.06 |
| EPS (Diluted) | $-0.00 | $0.45 | $0.31 | $0.06 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | 320.3M CAD | 591.6M CAD | 711.5M CAD | 819.3M CAD | 918.4M CAD | 1.25B CAD | 1.14B CAD | 566.8M CAD | 600.5M CAD | 1.11B CAD |
| Short-term Investments | 0 | 0 | 391.0M CAD | 0 | 25.0M CAD | 84.9M CAD | 1.14B CAD | 0 | 0 | 99.5M CAD |
| Receivables | 264.5M CAD | 444.3M CAD | 423.2M CAD | 255.8M CAD | 166.1M CAD | 304.3M CAD | 217.2M CAD | 433.5M CAD | 309.6M CAD | 372.0M CAD |
| Inventory | 1.46B CAD | 1.10B CAD | 557.0M CAD | 247.4M CAD | 769.8M CAD | 504.9M CAD | 822.6M CAD | 841.6M CAD | 972.3M CAD | 843.3M CAD |
| Total Current Assets | 2.04B CAD | 2.14B CAD | 2.08B CAD | 1.39B CAD | 1.95B CAD | 2.14B CAD | 3.32B CAD | 1.84B CAD | 1.92B CAD | 2.64B CAD |
| Property, Plant & Equipment | 4.66B CAD | 4.19B CAD | 3.88B CAD | 2.87B CAD | 3.77B CAD | 3.58B CAD | 3.47B CAD | 3.37B CAD | 3.29B CAD | 3.32B CAD |
| Goodwill | 118.7M CAD | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 84.6M CAD | 70.0M CAD | 65.6M CAD | 46.6M CAD | 55.8M CAD | 51.2M CAD | 47.1M CAD | 43.6M CAD | 39.8M CAD | 36.1M CAD |
| Total Assets | 8.25B CAD | 7.78B CAD | 8.02B CAD | 5.73B CAD | 7.58B CAD | 7.52B CAD | 8.63B CAD | 9.93B CAD | 9.91B CAD | 10.29B CAD |
| Accounts Payable | 213.5M CAD | 177.0M CAD | 123.2M CAD | 77.4M CAD | 137.2M CAD | 213.4M CAD | 250.0M CAD | 368.8M CAD | 129.8M CAD | 190.6M CAD |
| Short-term Debt | 0 | 0 | 499.6M CAD | 3.1M CAD | 0 | 0 | 0 | 499.8M CAD | 287.0M CAD | 3.3M CAD |
| Total Current Liabilities | 469.3M CAD | 411.0M CAD | 875.9M CAD | 213.9M CAD | 303.8M CAD | 413.7M CAD | 560.8M CAD | 1.19B CAD | 1.19B CAD | 1.07B CAD |
| Long-term Debt | 1.49B CAD | 1.49B CAD | 996.1M CAD | 768.6M CAD | 1.00B CAD | 996.2M CAD | 997.0M CAD | 1.28B CAD | 997.4M CAD | 1.01B CAD |
| Total Liabilities | 2.99B CAD | 2.92B CAD | 3.03B CAD | 1.88B CAD | 2.62B CAD | 2.67B CAD | 2.80B CAD | 3.84B CAD | 3.54B CAD | 3.40B CAD |
| Retained Earnings | 3.02B CAD | 2.65B CAD | 2.79B CAD | 2.18B CAD | 2.74B CAD | 2.64B CAD | 2.70B CAD | 2.98B CAD | 3.10B CAD | 3.61B CAD |
| Total Equity | 5.26B CAD | 4.86B CAD | 4.99B CAD | 3.85B CAD | 4.96B CAD | 4.85B CAD | 5.84B CAD | 6.09B CAD | 6.36B CAD | 6.90B CAD |
| Total Debt | 1.49B CAD | 1.49B CAD | 1.50B CAD | 778.6M CAD | 1.01B CAD | 996.2M CAD | 997.0M CAD | 1.79B CAD | 1.30B CAD | 1.02B CAD |
| Net Debt | 1.17B CAD | 902.9M CAD | 393.1M CAD | -40.8M CAD | 66.2M CAD | -336.1M CAD | -1.28B CAD | 1.23B CAD | 695.5M CAD | -191.4M CAD |
| Working Capital | 1.57B CAD | 1.72B CAD | 1.21B CAD | 1.18B CAD | 1.64B CAD | 1.73B CAD | 2.76B CAD | 652.8M CAD | 737.4M CAD | 1.57B CAD |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | 778.7M CAD | 1.11B CAD | 772.9M CAD | 1.11B CAD |
| Total Assets | 9.74B CAD | 10.29B CAD | 7.27B CAD | 10.30B CAD |
| Total Liabilities | 2.96B CAD | 3.40B CAD | 2.19B CAD | 3.16B CAD |
| Total Equity | 6.78B CAD | 6.90B CAD | 5.08B CAD | 7.14B CAD |
| Total Debt | 1.01B CAD | 1.02B CAD | 716.4M CAD | 1.01B CAD |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -59.9M CAD | -204.7M CAD | 166.2M CAD | 57.1M CAD | -41.7M CAD | -102.7M CAD | 89.3M CAD | 360.8M CAD | 171.8M CAD | 589.1M CAD |
| Depreciation & Amortization | 371.7M CAD | 330.3M CAD | 328.0M CAD | 230.7M CAD | 193.8M CAD | 190.4M CAD | 177.4M CAD | 220.3M CAD | 280.7M CAD | 293.1M CAD |
| Stock-based Compensation | 14.1M CAD | 14.0M CAD | 15.0M CAD | 0 | 0 | 4.5M CAD | 3.3M CAD | 3.7M CAD | 6.8M CAD | 9.7M CAD |
| Change in Working Capital | -79.4M CAD | 76.1M CAD | 209.7M CAD | 74.4M CAD | -151.4M CAD | 310.5M CAD | -110.4M CAD | -26.6M CAD | -11.6M CAD | 237.0M CAD |
| Operating Cash Flow | 312.4M CAD | 596.0M CAD | 667.5M CAD | 350.5M CAD | -6.8M CAD | 458.3M CAD | 304.6M CAD | 688.1M CAD | 905.3M CAD | 1.41B CAD |
| Capital Expenditure | -216.9M CAD | -114.0M CAD | -55.4M CAD | -58.0M CAD | -60.8M CAD | -98.8M CAD | -143.4M CAD | -153.6M CAD | -211.6M CAD | -333.0M CAD |
| Acquisitions | 2.2M CAD | 2.0M CAD | 1.2M CAD | 523,616 CAD | 401,098 CAD | 0 | -101.7M CAD | -3.03B CAD | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | -158.3M CAD | -158.3M CAD | -71.2M CAD | -24.4M CAD | -24.8M CAD | -31.8M CAD | -51.9M CAD | -52.1M CAD | -69.6M CAD | -104.5M CAD |
| Free Cash Flow | 95.5M CAD | 482.0M CAD | 612.2M CAD | 292.5M CAD | -67.6M CAD | 359.5M CAD | 161.2M CAD | 534.5M CAD | 693.7M CAD | 1.08B CAD |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | 155.7M CAD | 677.3M CAD | -22.3M CAD | 109.6M CAD |
| Capital Expenditure | -92.5M CAD | -109.1M CAD | -77.7M CAD | -106.5M CAD |
| Free Cash Flow | 63.2M CAD | 568.2M CAD | -100.0M CAD | 3.1M CAD |
| Dividends Paid | 0 | -104.5M CAD | 0 | 0 |
| Stock-based Compensation | 2.4M CAD | 2.8M CAD | 2.9M CAD | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | -11.3% | -3.0% | -10.9% | -3.4% | -18.1% | +26.6% | +38.5% | +21.2% | +10.9% | |
| Net Income Growth (YoY) | -232.6% | +181.2% | -55.5% | -171.8% | -92.9% | +187.1% | +303.7% | -52.4% | +242.8% | |
| EPS Growth (YoY) | -225.0% | +180.8% | -54.8% | -168.4% | -100.0% | +184.6% | +277.3% | -51.8% | +237.5% | |
| Shares Change (YoY) | +0.0% | +0.1% | +0.0% | -0.1% | +0.5% | +2.4% | +6.9% | +0.1% | -0.1% | |
| FCF Growth (YoY) | +404.9% | +27.0% | -52.2% | -123.1% | +631.8% | -55.2% | +231.7% | +29.8% | +55.0% | |
| Gross Margin | 19.1% | 20.2% | 14.1% | 13.0% | 20.6% | 0.1% | 12.5% | 30.2% | 33.9% | 26.7% |
| Operating Margin | -5.8% | -5.9% | 3.4% | 5.0% | -4.4% | -9.2% | 0.8% | 10.9% | 16.3% | 16.7% |
| EBITDA Margin | 12.9% | 10.1% | 22.2% | 26.6% | 10.2% | 10.0% | 17.7% | 30.9% | 25.2% | 33.2% |
| Net Margin | -2.5% | -9.5% | 8.0% | 4.0% | -3.0% | -7.0% | 4.8% | 13.9% | 5.5% | 16.9% |
| FCF Margin | 3.9% | 22.3% | 29.3% | 15.7% | -3.8% | 24.4% | 8.6% | 20.7% | 22.1% | 30.9% |
| Effective Tax Rate | 61.2% | 1.2% | -316.3% | 45.2% | -34.6% | 1.2% | -5.3% | 25.9% | 33.1% | 24.2% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $0.24 | $1.22 | $1.55 | $0.74 | $-0.17 | $0.90 | $0.40 | $1.23 | $1.59 | $2.47 |
| Dividends Per Share | $0.40 | $0.40 | $0.18 | $0.06 | $0.06 | $0.08 | $0.13 | $0.12 | $0.16 | $0.24 |
| Shares Outstanding (Basic) | 385.1 M | 394.1 M | 395.8 M | 395.8 M | 395.8 M | 397.6 M | 405.5 M | 433.4 M | 434.9 M | 435.4 M |
What to look at in Energy companies
- FCF yield (>8%) — Cash generated / market cap. In energy FCF beats EPS.
- ROIC 5y avg (>=10%) — Include good and bad years to filter the truly disciplined.
- Positive FCF in 8 of last 10y (>=8/10) — Disciplined names (XOM, CVX, EOG) survive 2014-16 and 2020 crashes.
- Dividend coverage (FCF / div) (>=1.2x) — Dividend covered by FCF, not borrowed. <1x = likely cut.
- Net Debt / EBITDA (<2x at peak) — Look at it with trough EBITDA, not the peak.
- Capex / Revenue (10-20% healthy) — Energy needs aggressive reinvestment to maintain reserves.
Profitability
| Return on Equity | 5.09% |
| Return on Invested Capital | 3.93% |
| Return on Assets | 3.45% |
| Gross Margin | 27.57% |
| Operating Margin | 14.26% |
| Net Margin | 10.21% |
Financial Health
| Debt / Equity | 0.14 |
| Current Ratio | 3.06 |
| Piotroski F-Score | 7 |
| Altman Z-Score | 10.86 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -87.91 | -23.44 | 36.88 | 60.78 | -131.48 | -106.04 | 139.54 | 68.75 | 184.76 | 92.99 |
| P/B | 1.03 | 0.99 | 1.23 | 1.19 | 1.36 | 2.26 | 2.13 | 4.06 | 5.05 | 7.92 |
| P/S | 2.23 | 2.23 | 2.93 | 2.45 | 3.76 | 7.43 | 6.66 | 9.56 | 10.25 | 15.71 |
| Gross Margin | 19.1% | 20.2% | 14.1% | 13.0% | 20.6% | 0.1% | 12.5% | 30.2% | 33.9% | 26.7% |
| Operating Margin | -5.8% | -5.9% | 3.4% | 5.0% | -4.4% | -9.2% | 0.8% | 10.9% | 16.3% | 16.7% |
| Net Margin | -2.5% | -9.5% | 8.0% | 4.0% | -3.0% | -7.0% | 4.8% | 13.9% | 5.5% | 16.9% |
Related companies: NXE.TO · DML.TO · CCO.TO · 0R35.L · KAP.L · 0V9D.L · NXE · UEC
Explore sector: Energy · Uranium
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