In the dynamic world of uranium investment, two companies stand out: Cameco Corporation (CCJ) and Ur-Energy Inc. (URG). Both operate within the uranium sector but differ significantly in scale, market presence, and strategic focus. Cameco, a giant in uranium production, contrasts with the more agile Ur-Energy, which emphasizes exploration and development. This article will explore these intriguing companies to help you determine which one may be the more compelling investment opportunity for your portfolio.
Table of contents
Company Overview
Cameco Corporation Overview
Cameco Corporation (CCJ), headquartered in Saskatoon, Canada, is a leading player in the uranium industry, focusing on the production and sale of uranium. Established in 1987, the company operates through two primary segments: Uranium and Fuel Services. The Uranium segment covers exploration, mining, and milling activities, while the Fuel Services segment specializes in refining and fabricating uranium into fuel bundles for nuclear reactors. With a market capitalization of approximately $38.5B, Cameco serves nuclear utilities across the Americas, Europe, and Asia. The company is known for its commitment to sustainability and safety in nuclear energy production.
Ur-Energy Inc. Overview
Ur-Energy Inc. (URG), based in Littleton, Colorado, is focused on the acquisition, exploration, and development of uranium properties in the United States. Founded in 2004, the company operates its flagship Lost Creek project, which comprises around 1,800 mining claims and three mineral leases across 48,000 acres in the Great Divide Basin, Wyoming. Despite its smaller market cap of about $480M, Ur-Energy is actively involved in the uranium market and is known for its environmentally responsible mining practices and commitment to local communities.
Key similarities and differences
Both Cameco Corporation and Ur-Energy Inc. operate within the uranium industry, focusing on uranium production and services. However, Cameco has a broader operational scope with significant market presence and higher capital, while Ur-Energy is concentrated on exploration and development projects primarily in the U.S. This distinction highlights Cameco’s established market position versus Ur-Energy’s growth-oriented strategy in a niche segment.
Income Statement Comparison
In this section, I present a comparative income statement for Cameco Corporation (CCJ) and Ur-Energy Inc. (URG) based on the most recent fiscal year data, highlighting key financial metrics.
| Metric | Cameco Corporation (CCJ) | Ur-Energy Inc. (URG) |
|---|---|---|
| Market Cap | 38.54B | 0.48B |
| Revenue | 3.14B | 33.71M |
| EBITDA | 789.34M | -59.97M |
| EBIT | 474.91M | -63.09M |
| Net Income | 171.85M | -53.19M |
| EPS | 0.40 | -0.17 |
| Fiscal Year | 2024 | 2024 |
Interpretation of Income Statement
Cameco Corporation has demonstrated substantial revenue growth, increasing from 2.59B in 2023 to 3.14B in 2024, reflecting a strong demand for uranium. However, Ur-Energy continues to struggle, posting a slight increase in revenue compared to prior years, yet remains unprofitable with a negative net income. The gross and operating margins for CCJ have improved, indicating efficient management of costs, while URG’s margins remain negative, reflecting operational challenges. Overall, CCJ’s performance in the most recent year showcases stability and growth potential, while URG must address its ongoing losses to regain investor confidence.
Financial Ratios Comparison
The following table presents a comparative analysis of the most recent financial ratios for Cameco Corporation (CCJ) and Ur-Energy Inc. (URG):
| Metric | Cameco Corporation (CCJ) | Ur-Energy Inc. (URG) |
|---|---|---|
| ROE | 2.70% | -40.05% |
| ROIC | 3.79% | -36.01% |
| P/E | 187.01 | -13.06 |
| P/B | 5.05 | 2.75 |
| Current Ratio | 1.62 | 5.99 |
| Quick Ratio | 0.80 | 4.91 |
| D/E | 0.20 | 0.09 |
| Debt-to-Assets | 13.08% | 5.10% |
| Interest Coverage | 3.98 | N/A |
| Asset Turnover | 0.32 | 0.17 |
| Fixed Asset Turnover | 0.95 | 0.00 |
| Payout ratio | 40.52% | N/A |
| Dividend yield | 0.22% | 0% |
Interpretation of Financial Ratios
In comparing the financial ratios, Cameco Corporation demonstrates stronger profitability metrics, such as ROE and ROIC, indicating effective management of equity and investments. However, Ur-Energy’s higher current and quick ratios suggest stronger short-term liquidity despite its negative margins. The high P/E ratio for Cameco raises concerns about overvaluation, while Ur-Energy’s negative metrics highlight significant operational challenges. Investors should weigh these factors carefully when considering investments in either company.
Dividend and Shareholder Returns
Cameco Corporation (CCJ) pays dividends, with a current dividend yield of 0.22% and a payout ratio of approximately 40.5%. This suggests a balanced approach to returning value to shareholders while maintaining cash flow for growth. However, the high price-to-earnings ratio (187.01) raises concerns about sustainability.
Ur-Energy Inc. (URG) does not pay dividends, focusing instead on reinvestment during its growth phase. The absence of dividends aligns with its strategy to prioritize research and development, but it also raises questions about long-term shareholder value, especially given its negative profitability margins.
Overall, CCJ’s dividend strategy appears more supportive of sustainable long-term value, while URG’s approach may need closer scrutiny regarding its effectiveness.
Strategic Positioning
Cameco Corporation (CCJ) holds a dominant position in the uranium market, with a market cap of $38.5B and significant production capabilities, focusing on both uranium extraction and fuel services. In contrast, Ur-Energy Inc. (URG), with a market cap of $480M, operates smaller-scale projects primarily in the U.S. The competitive landscape is marked by pressure from technological advancements and fluctuating demand for nuclear energy, which necessitates strategic innovation from both companies to maintain their market shares.
Stock Comparison
In reviewing the stock performance of Cameco Corporation (CCJ) and Ur-Energy Inc. (URG) over the past year, we can observe significant price movements and trading dynamics that reflect distinct market behaviors for each company.
Trend Analysis
Cameco Corporation (CCJ) has demonstrated a strong bullish trend, with a remarkable price change of +109.49% over the past year. This substantial increase highlights an acceleration in price movements, characterized by notable highs at 102.21 and lows at 36.96. The stock’s standard deviation of 15.36 indicates a moderate level of volatility, suggesting some fluctuations in price but with overall upward momentum.
In the recent period from September 14, 2025, to November 30, 2025, CCJ experienced a price increase of +13.31%, with a standard deviation of 5.88, indicating consistent upward performance during this timeframe.
Ur-Energy Inc. (URG), on the other hand, has faced a bearish trend, with a price decrease of -10.27% over the past year. This decline reflects deceleration in price actions, with the stock reaching a high of 2.01 and a low of 0.60. The standard deviation of 0.33 suggests limited volatility, indicating that the stock’s price movements have been relatively stable despite the downward trend.
In the most recent analysis period from September 14, 2025, to November 30, 2025, URG maintained its bearish stance with a consistent decline of -10.27%. This trend is supported by a standard deviation of 0.24, indicating minor fluctuations in price but a clear downward trajectory.
In summary, while CCJ is exhibiting strong bullish characteristics with significant growth, URG is showing a concerning bearish trend that warrants careful consideration for potential investors.
Analyst Opinions
Recent analyst recommendations indicate a cautious outlook for Cameco Corporation (CCJ) and Ur-Energy Inc. (URG). Analysts have assigned CCJ a rating of B-, suggesting a hold position due to its solid return on assets and equity scores. However, concerns with its price-to-earnings and price-to-book ratios persist. In contrast, URG received a C- rating, indicating a sell recommendation, primarily due to low overall scores across key metrics. The consensus for CCJ leans towards a hold, while URG is generally viewed as a sell for the current year.
Stock Grades
Let’s take a look at the current stock ratings for Cameco Corporation (CCJ) and Ur-Energy Inc. (URG), provided by reputable grading companies.
Cameco Corporation Grades
| Grading Company | Action | New Grade | Date |
|---|---|---|---|
| RBC Capital | Maintain | Outperform | 2025-11-13 |
| RBC Capital | Maintain | Outperform | 2025-10-31 |
| Goldman Sachs | Maintain | Buy | 2025-10-29 |
| RBC Capital | Maintain | Outperform | 2025-08-01 |
| RBC Capital | Maintain | Outperform | 2025-06-20 |
| GLJ Research | Maintain | Buy | 2025-06-12 |
| Goldman Sachs | Maintain | Buy | 2025-06-11 |
| GLJ Research | Maintain | Buy | 2025-03-12 |
| RBC Capital | Maintain | Outperform | 2025-03-04 |
| Scotiabank | Maintain | Outperform | 2024-08-19 |
Ur-Energy Inc. Grades
| Grading Company | Action | New Grade | Date |
|---|---|---|---|
| HC Wainwright & Co. | Maintain | Buy | 2025-11-04 |
| B. Riley Securities | Maintain | Buy | 2025-09-25 |
| Roth Capital | Maintain | Buy | 2025-09-23 |
| HC Wainwright & Co. | Maintain | Buy | 2025-04-15 |
| HC Wainwright & Co. | Maintain | Buy | 2025-02-11 |
| Roth MKM | Maintain | Buy | 2024-10-23 |
| B. Riley Securities | Maintain | Buy | 2024-08-20 |
| HC Wainwright & Co. | Maintain | Buy | 2024-08-14 |
| HC Wainwright & Co. | Maintain | Buy | 2024-07-17 |
| Roth MKM | Maintain | Buy | 2024-05-09 |
Overall, both CCJ and URG are receiving consistent grades of “Buy” and “Outperform” from various analysts, indicating a positive outlook for these stocks. The trend suggests a stable confidence in their performance within the market.
Target Prices
The consensus target prices for Cameco Corporation (CCJ) and Ur-Energy Inc. (URG) reflect positive expectations from analysts.
| Company | Target High | Target Low | Consensus |
|---|---|---|---|
| Cameco Corporation | 109 | 70 | 95.75 |
| Ur-Energy Inc. | 2.6 | 2.15 | 2.38 |
Analysts expect Cameco Corporation’s stock to reach a consensus of 95.75, significantly above its current price of 88.51, while Ur-Energy’s consensus of 2.38 is also above its current price of 1.315. Both companies show promising potential for growth according to analyst forecasts.
Strengths and Weaknesses
The following table outlines the strengths and weaknesses of Cameco Corporation (CCJ) and Ur-Energy Inc. (URG) based on recent financial data and operational insights.
| Criterion | Cameco Corporation (CCJ) | Ur-Energy Inc. (URG) |
|---|---|---|
| Diversification | Strong uranium portfolio; operations in multiple countries | Limited to U.S. operations |
| Profitability | Positive profit margins | Negative profit margins |
| Innovation | Advanced mining technologies | Limited R&D investment |
| Global presence | Strong global presence | Primarily U.S. focused |
| Market Share | Significant market share | Small market presence |
| Debt level | Low debt-to-equity ratio (0.20) | Very low debt (0.01) |
Key takeaways reveal that while Cameco Corporation boasts strong profitability and a significant global presence, Ur-Energy remains constrained by its limited operations and ongoing profitability challenges. Careful consideration of these factors is crucial for potential investors.
Risk Analysis
The following table outlines the key risks associated with Cameco Corporation (CCJ) and Ur-Energy Inc. (URG) based on the most recent data available.
| Metric | Cameco Corporation (CCJ) | Ur-Energy Inc. (URG) |
|---|---|---|
| Market Risk | High | Medium |
| Regulatory Risk | Medium | High |
| Operational Risk | Medium | High |
| Environmental Risk | Low | Medium |
| Geopolitical Risk | Medium | High |
In summary, both companies face significant market and regulatory risks, especially Ur-Energy, which is impacted by its operational challenges and higher regulatory scrutiny. Recent trends in uranium prices and geopolitical tensions in mining regions could significantly affect their performance.
Which one to choose?
When comparing Cameco Corporation (CCJ) and Ur-Energy Inc. (URG), the fundamentals clearly favor CCJ. With a market cap of approximately 32.14B CAD, CCJ shows a robust gross profit margin of 33.9% and a net profit margin of 5.5%. In contrast, URG, with a market cap of around 365M USD, struggles with negative margins and a bearish stock trend, showcasing a price change of -10.3% over the past year. Analysts rate CCJ as a B- with a target score that indicates potential growth, while URG holds a C- rating, reflecting considerable risks.
Investors focused on growth may prefer CCJ for its strong financials and bullish trend, while those prioritizing value may find URG’s lower price appealing despite its volatility. Specific risks for URG include high competition and reliance on market demand for uranium.
Disclaimer: This article is not financial advice. Each investor is responsible for their own investment decisions.
Go further
I encourage you to read the complete analyses of Cameco Corporation and Ur-Energy Inc. to enhance your investment decisions:
