CCJNYSEMiscellaneous Metal OresFiscal year ends December 31
CAMECO CORP
Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 40-F on Mar 19, 2026
$80.70−0.82 (-1.01%)
Close on Oct 19, 2026
Margins
Share of revenue, fiscal years 2015 to 2025
Gross margin
27.9%+22.0 pts over 5 years
Operating margin
17.8%+22.1 pts over 5 years
Net margin
16.9%+19.9 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +11.0% | +23.1% | +14.1% | – | |
| Gross profit | +24.0% | +60.8% | +55.6% | – | |
| Operating income | +21.2% | +245.0% | – | – | |
| Net income | +243.1% | +87.5% | – | – | |
| EPS, diluted | +246.2% | +83.1% | – | – | |
| Free cash flow | +55.0% | +88.3% | – | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | -1.1% | 8.9% | |
| Return on assets | – | -0.7% | 5.8% | |
| Current ratio | 4.35 | 6.40 | 2.47 | |
| Debt to equity | 0.28 | 0.20 | 0.14 | |
| Net debt to EBITDA | 5.10× | 0.59× | -0.13× | |
| Interest coverage | -1.3× | -0.8× | 5.4× | |
| Inventory turnover | – | 3.4× | 3.0× | |
| Capex to revenue | 8.9% | 4.3% | 9.6% | |
| Diluted shares | 396M | 396M | 436M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Cameco generated C$3.76B from operations and spent C$1.25B on capital expenditure, dividends and share buybacks. 75% of that went back into the business.
Generated
C$3.76B
Used
C$1.25B
Capital expenditureC$940.52M75%DividendsC$309.93M25%Share buybacksC$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin16.9%
×Asset turnover0.34×
×Equity multiplier1.52×
=Return on equity, FY20258.9%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 16.9% | 0.34× | 1.52× | 8.9% |
| FY2024 | 5.5% | 0.32× | 1.59× | 2.8% |
| FY2023 | 13.9% | 0.28× | 1.56× | 6.0% |
| FY2022 | 4.8% | 0.23× | 1.51× | 1.7% |
| FY2021 | -7.0% | 0.20× | 1.54× | -2.1% |
| FY2020 | -3.0% | 0.24× | 1.51× | -1.1% |
| FY2019 | 4.0% | 0.24× | 1.55× | 1.5% |
| FY2018 | 8.0% | 0.26× | 1.60× | 3.4% |
| FY2017 | -9.5% | 0.27× | 1.58× | -4.1% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
9of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zeroC$589.58M
- Cash generatingOperating cash flow above zeroC$1.41B
- Return on assets improvedROA up on the prior year1.7% → 6.0%
- Earnings backed by cashOperating cash flow above net incomeC$1.41B vs C$589.58M
- Less leverageLong-term debt to assets fell10.0% → 9.7%
- Better liquidityCurrent ratio rose1.62 → 2.47
- No dilutionShare count did not rise436M → 436M
- Gross margin improvedGross margin up on the prior year24.96% → 27.87%
- More efficientAsset turnover rose0.32 → 0.35