Latest Ratios: P/E Ratio 102.8x · EV/EBITDA 68.1x · ROE 8.9%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $42.5B | $39.9B | $22.4B | $18.8B | $9.2B | $8.7B | $5.3B | $3.5B | $4.5B | $3.7B | $4.1B |
| Enterprise Value | $42.4B | $39.8B | $23.1B | $20.0B | $9.1B | $8.4B | $5.4B | $3.5B | $5.3B | $4.6B | $5.3B |
| P/E Ratio → | 102.76 | 67.77 | 131.77 | 51.93 | 103.05 | — | — | 46.84 | 27.02 | — | — |
| P/S Ratio | 17.36 | 11.45 | 7.14 | 7.25 | 4.94 | 5.88 | 2.95 | 1.89 | 2.15 | 1.69 | 1.70 |
| P/B Ratio | 8.76 | 5.78 | 3.52 | 3.08 | 1.58 | 1.79 | 1.07 | 0.92 | 0.90 | 0.75 | 0.79 |
| P/FCF | 59.12 | 39.00 | 32.30 | 35.11 | 57.27 | 24.12 | — | 12.05 | 7.34 | 7.58 | 43.40 |
| P/OCF | 44.59 | 29.42 | 24.75 | 27.27 | 30.30 | 18.92 | — | 10.06 | 6.73 | 6.13 | 13.27 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 11.43 | 7.37 | 7.72 | 4.86 | 5.71 | 3.00 | 1.87 | 2.52 | 2.11 | 2.19 |
| EV / EBITDA | 68.13 | 44.91 | 28.01 | 39.71 | 47.20 | 155.36 | 37.84 | 9.46 | 10.97 | 20.29 | 21.22 |
| EV / EBIT | 103.92 | 68.50 | 48.64 | 34.50 | 59.05 | — | — | 15.91 | 38.63 | — | — |
| EV / FCF | — | 38.91 | 33.30 | 37.38 | 56.36 | 23.42 | — | 11.91 | 8.62 | 9.45 | 55.69 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 26.7% | 26.7% | 33.9% | 30.2% | 12.5% | 0.1% | 20.6% | 13.0% | 14.1% | 20.2% | 19.1% |
| Operating Margin | 16.7% | 16.7% | 16.3% | 10.9% | 0.8% | -9.2% | -4.4% | 5.0% | 3.4% | -5.9% | -5.8% |
| Net Profit Margin | 16.9% | 16.9% | 5.5% | 13.9% | 4.8% | -7.0% | -3.0% | 4.0% | 8.0% | -9.5% | -2.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 8.9% | 8.9% | 2.8% | 6.0% | 1.7% | -2.1% | -1.2% | 1.7% | 3.4% | -4.1% | -1.1% |
| ROA | 5.8% | 5.8% | 1.7% | 3.9% | 1.1% | -1.4% | -0.8% | 1.1% | 2.1% | -2.6% | -0.7% |
| ROIC | 6.3% | 6.3% | 5.3% | 3.3% | 0.2% | -2.1% | -1.3% | 1.4% | 0.9% | -1.6% | -1.6% |
| ROCE | 6.5% | 6.5% | 5.8% | 3.4% | 0.2% | -1.9% | -1.2% | 1.5% | 1.0% | -1.7% | -1.8% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.15 | 0.15 | 0.20 | 0.29 | 0.17 | 0.21 | 0.20 | 0.20 | 0.30 | 0.31 | 0.28 |
| Debt / EBITDA | 1.15 | 1.15 | 1.57 | 3.55 | 5.18 | 18.38 | 7.08 | 2.11 | 3.11 | 6.66 | 5.96 |
| Net Debt / Equity | — | -0.01 | 0.11 | 0.20 | -0.03 | -0.05 | 0.02 | -0.01 | 0.16 | 0.19 | 0.22 |
| Net Debt / EBITDA | -0.10 | -0.10 | 0.84 | 2.42 | -0.76 | -4.63 | 0.64 | -0.11 | 1.63 | 4.02 | 4.68 |
| Debt / FCF | — | -0.09 | 1.00 | 2.28 | -0.91 | -0.70 | — | -0.14 | 1.28 | 1.87 | 12.29 |
| Interest Coverage | 7.80 | 7.80 | 4.28 | 7.60 | 2.73 | -0.78 | -0.45 | 2.74 | 1.56 | -1.25 | -0.64 |
Net cash position: cash ($1.1B) exceeds total debt ($1.0B)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.47 | 2.47 | 1.62 | 1.55 | 5.92 | 5.18 | 6.40 | 6.51 | 2.38 | 5.20 | 4.35 |
| Quick Ratio | 1.68 | 1.68 | 0.80 | 0.84 | 4.46 | 3.96 | 3.87 | 5.36 | 1.74 | 2.52 | 1.25 |
| Cash Ratio | 1.13 | 1.13 | 0.51 | 0.48 | 4.07 | 3.22 | 3.11 | 3.83 | 1.26 | 1.44 | 0.68 |
| Asset Turnover | — | 0.34 | 0.32 | 0.26 | 0.22 | 0.20 | 0.24 | 0.33 | 0.26 | 0.28 | 0.29 |
| Inventory Turnover | 3.02 | 3.02 | 2.13 | 2.15 | 1.99 | 2.92 | 1.86 | 6.55 | 3.22 | 1.56 | 1.35 |
| Days Sales Outstanding | — | 39.03 | 36.03 | 61.14 | 42.44 | 75.31 | 33.67 | 50.12 | 73.84 | 75.19 | 39.71 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.2% | 0.3% | 0.3% | 0.3% | 0.6% | 0.4% | 0.5% | 0.7% | 1.6% | 4.3% | 3.8% |
| Payout Ratio | 17.7% | 17.7% | 40.5% | 14.4% | 58.1% | — | — | 32.9% | 42.8% | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.0% | 1.5% | 0.8% | 1.9% | 1.0% | — | — | 2.1% | 3.7% | — | — |
| FCF Yield | 1.7% | 2.6% | 3.1% | 2.8% | 1.7% | 4.1% | — | 8.3% | 13.6% | 13.2% | 2.3% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.2% | 0.3% | 0.3% | 0.3% | 0.6% | 0.4% | 0.5% | 0.7% | 1.6% | 4.3% | 3.8% |
| Shares Outstanding | — | $436M | $436M | $435M | $407M | $398M | $396M | $396M | $396M | $396M | $396M |
Operational ramp-up execution risk
Based on current market data, CCJ trades at a forward P/E of 66.02, a valuation multiple that appears to price in significant long-term growth and a scarcity premium for Western-origin nuclear fuel supply that is not currently captured by the broader, loss-making uranium peer group.
The elevated P/E and EV/EBITDA multiples suggest that investors are paying for the security of supply provided by the company's tier-one assets rather than immediate earnings yield. This valuation gap relative to peers like UEC or DNN indicates that the market views Cameco as a strategic infrastructure play rather than a speculative commodity producer.
As reported in financial statements, ROIC has remained in a narrow range between 0.2% and 2.2% over the last ten quarters, suggesting that the company's massive capital deployment into mine restarts and the Westinghouse acquisition has yet to generate a meaningful return on invested capital.
The low ROIC figures imply that the company is currently in a heavy investment phase where capital is being consumed to secure future production capacity. Investors should monitor whether these returns improve as the McArthur River and Key Lake operations reach full, steady-state production levels.
According to quarterly data, the cash conversion cycle has fluctuated wildly, reaching 157 days in 2023Q3 before tightening to 45 days in 2025Q4, which highlights the inherent volatility in managing inventory levels for long-term utility contracts and the associated logistical complexities of the nuclear fuel cycle.
The significant variance in the cash conversion cycle suggests that the company's working capital efficiency is highly sensitive to the timing of uranium deliveries and inventory procurement. This volatility warrants further investigation into whether the recent tightening of the cycle is a sustainable improvement or merely a temporary artifact of delivery scheduling.
Based on reported figures, the debt-to-equity ratio has successfully compressed to 0.15% as of 2025Q4, indicating that the company maintains a fortress-like balance sheet that provides significant insulation against the cyclical nature of uranium prices and the high fixed costs of mining operations.
The low debt burden relative to peers suggests that Cameco possesses the financial flexibility to navigate potential operational delays without resorting to dilutive financing. This conservative capital structure appears to be a deliberate management strategy to preserve optionality in a volatile energy market.
The P/E ratio is frequently misapplied to this business model because it fails to account for the lumpy nature of long-term contract revenue and the non-cash accounting impacts of the Westinghouse equity-method investment, which can significantly distort the reported bottom line in any given quarter.
Analysts should instead focus on EV/EBITDA or free cash flow yield, as these metrics better capture the underlying cash-generating potential of the mining and conversion assets. Relying on P/E in this context may lead to an inaccurate assessment of the company's true valuation relative to its long-term contract book.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying CCJ stock.
Cameco Corporation's current P/E ratio is 102.8x. The historical average is 39.9x. This places it at the 91th percentile of its historical range.
Cameco Corporation's current EV/EBITDA is 68.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 19.3x.
Cameco Corporation's return on equity (ROE) is 8.9%. The historical average is 5.6%.
Based on historical data, Cameco Corporation is trading at a P/E of 102.8x. This is at the 91th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Cameco Corporation's current dividend yield is 0.17% with a payout ratio of 17.7%.
Cameco Corporation has 26.7% gross margin and 16.7% operating margin. Operating margin between 10-20% is typical for established companies.
Cameco Corporation's Debt/EBITDA ratio is 1.2x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.