In the dynamic uranium industry, Cameco Corporation (CCJ) and Ur-Energy Inc. (URG) stand out as key players with distinct strategies and market positions. Cameco, a global leader with extensive operations across continents, contrasts with Ur-Energy’s focused approach on U.S. mineral properties. This comparison explores their market overlap, innovation prospects, and growth potential, helping investors identify which company aligns best with their portfolio goals. Let’s dive into the analysis to find the most compelling investment opportunity.
Table of contents
Companies Overview
I will begin the comparison between Cameco Corporation and Ur-Energy Inc. by providing an overview of these two companies and their main differences.
Cameco Corporation Overview
Cameco Corporation focuses on producing and selling uranium, operating through two segments: Uranium and Fuel Services. It engages in exploration, mining, milling, refining, conversion, and fabrication of uranium products. The company serves nuclear utilities across the Americas, Europe, and Asia, positioning itself as a major integrated player in the uranium energy sector since its incorporation in 1987 and headquarters in Saskatoon, Canada.
Ur-Energy Inc. Overview
Ur-Energy Inc. specializes in acquiring, exploring, developing, and operating uranium mineral properties, with interests in 12 projects primarily in the United States. Its flagship Lost Creek project in Wyoming covers approximately 48,000 acres. Founded in 2004 and headquartered in Littleton, Colorado, Ur-Energy focuses on domestic uranium production with a smaller scale and project-based business model compared to larger industry players.
Key similarities and differences
Both Cameco and Ur-Energy operate in the uranium industry within the energy sector and are publicly traded on U.S. stock exchanges. Cameco has a broader integrated business model, including fuel services and international sales, while Ur-Energy focuses primarily on exploration and mining within the U.S. Cameco’s market cap is significantly larger at 46.8B USD versus Ur-Energy’s 598M USD, reflecting their differing scales and operational scopes.
Income Statement Comparison
Below is a comparison of key income statement metrics for Cameco Corporation and Ur-Energy Inc. based on their most recent fiscal year data from 2024.
| Metric | Cameco Corporation (CCJ) | Ur-Energy Inc. (URG) |
|---|---|---|
| Market Cap | 46.8B CAD | 598M USD |
| Revenue | 3.14B CAD | 33.7M USD |
| EBITDA | 789M CAD | -60M USD |
| EBIT | 475M CAD | -63M USD |
| Net Income | 172M CAD | -53M USD |
| EPS | 0.40 CAD | -0.17 USD |
| Fiscal Year | 2024 | 2024 |
Income Statement Interpretations
Cameco Corporation
Cameco has experienced strong revenue growth over 2020-2024, increasing by 74.2%, with net income surging 423.22%. Margins have generally improved, notably gross margin at 33.91% and net margin at 5.48%, both favorable. However, in 2024, despite a 21.18% revenue increase, net income and EPS declined sharply, indicating margin pressure and reduced profitability.
Ur-Energy Inc.
Ur-Energy’s revenue rose significantly by 305.32% over five years, with a 90.66% jump in 2024 alone. Yet the company remains unprofitable, with negative gross and net margins (-26.62% and -157.8%). Net income has deteriorated overall, and EPS growth is sharply negative, reflecting ongoing operating losses and weak earnings despite top-line gains.
Which one has the stronger fundamentals?
Cameco shows stronger fundamentals with sustained revenue and net income growth, positive margins, and a favorable overall income statement. Ur-Energy, while growing revenue rapidly, continues to suffer losses and negative margins, with an unfavorable income profile. Cameco’s stable profitability contrasts with Ur-Energy’s ongoing operating challenges over the period.
Financial Ratios Comparison
The table below compares the most recent financial ratios of Cameco Corporation (CCJ) and Ur-Energy Inc. (URG) for the fiscal year 2024, providing an overview of their profitability, liquidity, leverage, and market valuation metrics.
| Ratios | Cameco Corporation (CCJ) | Ur-Energy Inc. (URG) |
|---|---|---|
| ROE | 2.70% | -40.05% |
| ROIC | 3.79% | -36.01% |
| P/E | 187.0 | -6.87 |
| P/B | 5.05 | 2.75 |
| Current Ratio | 1.62 | 5.99 |
| Quick Ratio | 0.80 | 4.91 |
| D/E | 0.20 | 0.01 |
| Debt-to-Assets | 13.1% | 0.64% |
| Interest Coverage | 4.60 | 0 |
| Asset Turnover | 0.32 | 0.17 |
| Fixed Asset Turnover | 0.95 | 0 |
| Payout Ratio | 40.5% | 0% |
| Dividend Yield | 0.22% | 0% |
Interpretation of the Ratios
Cameco Corporation
Cameco shows a mixed ratio profile with a strong current ratio of 1.62 and low debt-to-equity of 0.2, reflecting good liquidity and manageable leverage. However, its return on equity at 2.7% and return on invested capital at 3.79% are unfavorable, alongside a high PE ratio of 187.01. The dividend yield is low at 0.22%, indicating modest shareholder returns.
Ur-Energy Inc.
Ur-Energy’s financial ratios reveal several weaknesses, including negative net margin (-157.8%) and poor returns with ROE at -40.05% and ROIC at -36.01%. The company maintains very low leverage with a debt-to-equity ratio of 0.01 and a strong quick ratio of 4.91, but it pays no dividends, likely due to ongoing losses and reinvestment priorities in exploration.
Which one has the best ratios?
Cameco’s ratios are slightly unfavorable but demonstrate better profitability and dividend returns compared to Ur-Energy, which faces significant losses and negative returns despite stronger liquidity and lower leverage. Overall, Cameco’s financial profile appears more balanced, while Ur-Energy exhibits higher risk with ongoing operational challenges.
Strategic Positioning
This section compares the strategic positioning of Cameco Corporation and Ur-Energy Inc., focusing on market position, key segments, and exposure to technological disruption:
Cameco Corporation
- Leading uranium producer with significant market cap and global competitive pressure.
- Operates in Uranium and Fuel Services segments with global sales to utilities.
- No explicit mention of exposure to technological disruption in available data.
Ur-Energy Inc.
- Smaller uranium producer focused on US projects facing moderate competitive pressure.
- Concentrated on acquisition and operation of uranium mineral properties in the US.
- No explicit mention of exposure to technological disruption in available data.
Cameco Corporation vs Ur-Energy Inc. Positioning
Cameco shows a diversified business with global reach across uranium and fuel services, while Ur-Energy is more concentrated geographically and operationally in the US uranium mining segment. Cameco’s scale offers broader market access; Ur-Energy focuses on development projects within a niche area.
Which has the best competitive advantage?
Based on MOAT evaluation, Cameco’s slightly unfavorable rating with growing ROIC indicates some improving profitability despite value destruction. Ur-Energy’s very unfavorable rating with declining ROIC signals worsening profitability, suggesting Cameco holds a relatively stronger competitive advantage.
Stock Comparison
The stock price chart highlights significant movements over the past 12 months, with Cameco Corporation showing a marked bullish acceleration while Ur-Energy Inc. presents a modest bearish trend with recent signs of stabilization.
Trend Analysis
Cameco Corporation (CCJ) experienced a 155.0% price increase over the past year, indicating a strong bullish trend with accelerating gains, a high volatility level (std dev 17.73), and a price range from 36.96 to 107.56.
Ur-Energy Inc. (URG) showed a 3.53% decline over the same period, reflecting a bearish trend with acceleration despite low volatility (std dev 0.31), and price fluctuations between 0.6 and 1.95.
Comparing both, Cameco Corporation delivered the highest market performance with a substantial positive price change, whereas Ur-Energy Inc. underperformed with a modest negative return.
Target Prices
Analysts present a clear target price consensus for Cameco Corporation and Ur-Energy Inc.
| Company | Target High | Target Low | Consensus |
|---|---|---|---|
| Cameco Corporation | 109 | 99.74 | 102.75 |
| Ur-Energy Inc. | 2.6 | 2.15 | 2.38 |
The consensus target prices suggest moderate upside for both stocks compared to their current prices: Cameco at $107.56 is near the consensus, while Ur-Energy at $1.64 shows significant potential upside.
Analyst Opinions Comparison
This section compares analysts’ ratings and grades for Cameco Corporation (CCJ) and Ur-Energy Inc. (URG):
Rating Comparison
CCJ Rating
- Rating: B, categorized as Very Favorable by analysts.
- Discounted Cash Flow Score: 3, indicating a Moderate valuation assessment.
- ROE Score: 4, showing Favorable efficiency in generating profit from equity.
- ROA Score: 4, reflecting Favorable asset utilization to generate earnings.
- Debt To Equity Score: 3, suggesting Moderate financial risk exposure.
- Overall Score: 3, a Moderate overall financial standing assessment.
URG Rating
- Rating: D+, also noted as Very Favorable in status but with a lower letter grade.
- Discounted Cash Flow Score: 1, viewed as Very Unfavorable in valuation.
- ROE Score: 1, considered Very Unfavorable for equity profitability.
- ROA Score: 1, rated Very Unfavorable for asset efficiency.
- Debt To Equity Score: 2, indicating Moderate but slightly better debt profile.
- Overall Score: 1, signaling a Very Unfavorable overall financial position.
Which one is the best rated?
Based strictly on the provided data, CCJ holds clearly higher scores across discounted cash flow, ROE, ROA, and overall ratings compared to URG. Despite both having a “Very Favorable” status label, CCJ’s letter rating and financial scores demonstrate a stronger analyst rating than URG.
Scores Comparison
The scores comparison between Cameco Corporation and Ur-Energy Inc. is as follows:
CCJ Scores
- Altman Z-Score: 10.76, indicating a safe zone, low bankruptcy risk.
- Piotroski Score: 8, classified as very strong financial health.
URG Scores
- Altman Z-Score: 0.60, indicating distress zone, high bankruptcy risk.
- Piotroski Score: 2, classified as very weak financial health.
Which company has the best scores?
Based on the provided data, Cameco Corporation has significantly stronger scores, with a safe zone Altman Z-Score and a very strong Piotroski Score. Ur-Energy Inc. shows financial distress and very weak Piotroski performance.
Grades Comparison
The following tables present the recent grades assigned by reputable grading companies for Cameco Corporation and Ur-Energy Inc.:
Cameco Corporation Grades
This table shows recent grades from established firms for Cameco Corporation:
| 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 |
Cameco’s grades predominantly indicate a strong positive outlook, consistently rated as Outperform or Buy by major financial institutions.
Ur-Energy Inc. Grades
This table presents the latest reliable grades from respected firms for Ur-Energy Inc.:
| 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 |
Ur-Energy’s grades consistently show a Buy rating, reflecting a positive but somewhat less varied consensus than Cameco.
Which company has the best grades?
Both companies hold a “Buy” consensus, but Cameco has a broader mix of Outperform and Buy ratings from multiple reputable firms, suggesting a slightly stronger endorsement. This wider support may imply more confidence from analysts, potentially impacting investor sentiment and perceived stability.
Strengths and Weaknesses
Below is a comparative overview of key strengths and weaknesses for Cameco Corporation (CCJ) and Ur-Energy Inc. (URG) based on their recent financial performance and strategic positioning.
| Criterion | Cameco Corporation (CCJ) | Ur-Energy Inc. (URG) |
|---|---|---|
| Diversification | Moderate; primarily focused on uranium production | Limited; highly focused on uranium extraction |
| Profitability | Slightly unfavorable; ROIC at 3.79%, net margin 5.48% | Unfavorable; negative net margin -157.8%, negative ROIC -36% |
| Innovation | Moderate; gradual ROIC growth indicates improving efficiency | Low; declining ROIC and profitability suggest innovation challenges |
| Global presence | Established global player in uranium mining | Smaller scale with limited global footprint |
| Market Share | Significant in uranium market | Small market share, niche player |
Key takeaways: Cameco shows signs of improving profitability and efficiency despite current value destruction, benefiting from a solid market position. Ur-Energy struggles with profitability and efficiency, facing challenges in sustaining competitive advantage and innovation. Investors should weigh Cameco’s gradual recovery against Ur-Energy’s continued financial difficulties.
Risk Analysis
Below is a table summarizing key risks for Cameco Corporation (CCJ) and Ur-Energy Inc. (URG) based on the most recent 2024 data.
| Metric | Cameco Corporation (CCJ) | Ur-Energy Inc. (URG) |
|---|---|---|
| Market Risk | Moderate (Beta 1.22) | Moderate (Beta 1.04) |
| Debt level | Low (Debt/Equity 0.2, favorable) | Very Low (Debt/Equity 0.01, favorable) |
| Regulatory Risk | Moderate (Nuclear industry sensitive) | Moderate (U.S. mining regulations) |
| Operational Risk | Medium (Complex fuel services) | High (Smaller scale, exploration stage) |
| Environmental Risk | Medium (Uranium mining impact) | Medium (Mining projects in sensitive areas) |
| Geopolitical Risk | Medium (Global uranium markets) | Medium (U.S. focused but commodity sensitive) |
Cameco’s most impactful risks stem from market volatility and regulatory complexities in the nuclear sector, though its low debt and strong financial stability mitigate bankruptcy risk. Ur-Energy faces higher operational and financial distress risks, indicated by a very weak Altman Z-score and negative profitability, making it more vulnerable despite low leverage.
Which Stock to Choose?
Cameco Corporation (CCJ) shows a favorable income evolution with strong revenue and net income growth over 2020-2024, though recent EBIT and EPS declined. Its financial ratios are slightly unfavorable overall, yet it maintains low debt and a favorable current ratio. The company’s profitability is modest, and its rating is very favorable, supported by strong Altman Z and Piotroski scores indicating financial stability.
Ur-Energy Inc. (URG) presents an unfavorable income statement with negative margins and declining profitability, despite strong revenue growth. Its financial ratios are predominantly unfavorable, but it benefits from low debt levels and a favorable quick ratio. The rating is very unfavorable, with concerning Altman Z and Piotroski scores suggesting financial distress and weak financial health.
Considering rating and overall financial evaluations, CCJ might appear more attractive for investors seeking quality and stability, while URG’s profile could be more relevant for those with a higher risk tolerance focused on potential turnaround opportunities. The choice could depend on an investor’s risk appetite and investment strategy, balancing growth potential against financial solidity.
Disclaimer: Investment carries a risk of loss of initial capital. The past performance is not a reliable indicator of future results. Be sure to understand risks before making an investment decision.
Go Further
I encourage you to read the complete analyses of Cameco Corporation and Ur-Energy Inc. to enhance your investment decisions:
