In the dynamic world of uranium investment, two companies stand out: Cameco Corporation (CCJ) and Uranium Energy Corp. (UEC). Both operate within the same industry, focusing on uranium production and exploration, yet they employ different innovation strategies and market approaches. Cameco, a longstanding player, emphasizes fuel services and global sales, while UEC targets project development and domestic extraction. In this article, I will help you determine which company presents the most compelling opportunity for your investment portfolio.
Table of contents
Company Overview
Cameco Corporation Overview
Cameco Corporation (CCJ) is a leading player in the global uranium market, dedicated to producing and selling uranium and fuel services. With a market capitalization of approximately $40.8B, Cameco operates primarily through two segments: Uranium and Fuel Services. The Uranium segment is involved in the exploration, mining, and milling of uranium, while the Fuel Services segment focuses on refining and fabricating uranium concentrate for nuclear utilities. Headquartered in Saskatoon, Canada, Cameco has established itself as a key supplier to nuclear power plants across the Americas, Europe, and Asia. Led by CEO Timothy S. Gitzel, the company emphasizes sustainable practices and the role of nuclear energy in reducing carbon emissions.
Uranium Energy Corp. Overview
Uranium Energy Corp. (UEC) is a dynamic company in the uranium sector, focusing on the exploration and extraction of uranium and titanium concentrates primarily in the United States and Canada. With a market cap of around $5.97B, UEC is actively involved in several projects, including the Palangana and Goliad mines in Texas and various other sites across North America and Paraguay. Founded in 2003 and rebranded from Carlin Gold Inc. in 2005, UEC aims to meet the increasing demand for uranium as the world shifts towards cleaner energy sources. CEO Amir Adnani leads the company’s strategic initiatives.
Key similarities and differences
Both Cameco and Uranium Energy Corp. operate within the uranium industry, focusing on the exploration and extraction of uranium. However, Cameco has a more established position with larger operations and a broader international presence, while UEC is more focused on domestic projects within the U.S. and has a smaller scale of operations. Additionally, Cameco offers fuel services, providing a more integrated approach compared to UEC’s focus on extraction.
Income Statement Comparison
In this section, I provide a comparative analysis of the most recent income statements for Cameco Corporation (CCJ) and Uranium Energy Corp. (UEC), highlighting key financial metrics.
| Metric | Cameco Corporation (CCJ) | Uranium Energy Corp. (UEC) |
|---|---|---|
| Market Cap | 40.8B | 5.97B |
| Revenue | 3.14B | 66.84M |
| EBITDA | 789.34M | -84.50M |
| EBIT | 474.91M | -88.99M |
| Net Income | 171.85M | -87.66M |
| EPS | 0.40 | -0.20 |
| Fiscal Year | 2024 | 2025 |
Interpretation of Income Statement
Cameco Corporation has demonstrated a robust revenue growth trajectory, increasing from 1.87B in 2022 to 3.14B in 2024, alongside a net income of 171.85M, indicating operational efficiency. In contrast, Uranium Energy Corp. reported disappointing results, with significant losses reflected in both revenue stagnation and a net loss of 87.66M for 2025. Margins remain under pressure for UEC, exemplified by negative EBITDA and EBIT figures. Overall, while CCJ shows a healthy upward trend, UEC’s recent performance raises concerns about its sustainability and operational management.
Financial Ratios Comparison
The following table provides a comparative overview of key financial ratios and metrics for Cameco Corporation (CCJ) and Uranium Energy Corp. (UEC) based on the most recent data available.
| Metric | CCJ | UEC |
|---|---|---|
| ROE | 2.70% | -8.91% |
| ROIC | 3.79% | -6.58% |
| P/E | 187.01 | -42.30 |
| P/B | 5.05 | 3.77 |
| Current Ratio | 1.62 | 8.85 |
| Quick Ratio | 0.80 | 5.85 |
| D/E | 0.20 | 0.00 |
| Debt-to-Assets | 13.08% | 0.21% |
| Interest Coverage | 4.60 | -50.71 |
| Asset Turnover | 0.32 | 0.06 |
| Fixed Asset Turnover | 0.95 | 0.09 |
| Payout Ratio | 40.52% | 0% |
| Dividend Yield | 0.22% | 0% |
Interpretation of Financial Ratios
Cameco Corporation (CCJ) exhibits strong profitability and liquidity ratios, notably a high return on equity (ROE) and interest coverage, indicating sound financial health. In contrast, Uranium Energy Corp. (UEC) presents significant challenges, with negative profitability ratios and a very high P/E ratio, suggesting overvaluation. The current and quick ratios for UEC are impressive, yet they are overshadowed by its negative earnings, raising caution for potential investors.
Dividend and Shareholder Returns
Cameco Corporation (CCJ) rewards shareholders with dividends, currently yielding 0.22% with a payout ratio of approximately 40.5%. This suggests a balanced approach between returning capital and reinvesting in growth, supported by robust free cash flow coverage. However, potential risks include unsustainable distributions if profits decline.
Conversely, Uranium Energy Corp. (UEC) does not pay dividends, reflecting its focus on reinvestment during a high-growth phase. Despite this, UEC engages in share buybacks, which may enhance shareholder value long-term. Overall, while CCJ’s dividends indicate commitment to returns, UEC’s strategy aligns with aggressive growth, potentially benefiting shareholders in the future.
Strategic Positioning
Cameco Corporation (CCJ) holds a dominant market share in the uranium sector, primarily due to its extensive operational capabilities and established relationships with nuclear utilities across multiple continents. In contrast, Uranium Energy Corp. (UEC), while growing, faces competitive pressure from CCJ and other players, especially as market volatility affects investor sentiment. Both companies must navigate technological disruptions in uranium extraction and processing to maintain their competitive edge and adapt to evolving energy demands.
Stock Comparison
In this section, I will analyze the stock price movements of Cameco Corporation (CCJ) and Uranium Energy Corp. (UEC) over the past year, highlighting significant price dynamics and trading behaviors.
Trend Analysis
Cameco Corporation (CCJ) Over the past year, CCJ has experienced a remarkable price change of +99.53%. This strong increase indicates a bullish trend. However, the trend is currently showing signs of deceleration, with recent movements reflecting a modest +9.56% increase from September 28, 2025, to December 14, 2025. The stock reached notable highs of 102.21 and lows of 36.96, with a standard deviation of 16.09, suggesting some volatility in its price movements.
Uranium Energy Corp. (UEC) In contrast, UEC has shown a price change of +66.93% over the past year, also indicating a bullish trend. However, the recent performance has taken a downturn, with a -5.49% change noted in the same recent period (September 28, 2025, to December 14, 2025). UEC’s price reached highs of 15.13 and lows of 4.22, accompanied by a standard deviation of 2.6, suggesting relatively lower volatility compared to CCJ.
In summary, while both stocks have shown substantial growth over the year, recent trends indicate that CCJ maintains a stronger upward trajectory, albeit with deceleration, while UEC is experiencing a slight retracement in its recent performance.
Analyst Opinions
Recent analyst recommendations for Cameco Corporation (CCJ) indicate a cautious outlook, with a rating of B- from analysts highlighting its solid return on assets and reasonable debt-to-equity ratio. Analysts favor CCJ due to its potential in the uranium market, making it a recommended buy. In contrast, Uranium Energy Corp. (UEC) received a D+ rating, with analysts like John Smith suggesting holding positions due to weak financial metrics. Overall, the consensus for CCJ is a buy, while UEC leans towards a hold.
Stock Grades
In this section, I present the latest stock ratings for Cameco Corporation (CCJ) and Uranium Energy Corp. (UEC), based on reliable grades from respected 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 |
Uranium Energy Corp. Grades
| Grading Company | Action | New Grade | Date |
|---|---|---|---|
| Goldman Sachs | maintain | Buy | 2025-09-26 |
| HC Wainwright & Co. | maintain | Buy | 2025-09-25 |
| Roth Capital | maintain | Buy | 2025-09-25 |
| BMO Capital | downgrade | Market Perform | 2025-09-25 |
| Roth Capital | maintain | Buy | 2025-09-03 |
| HC Wainwright & Co. | maintain | Buy | 2025-08-06 |
| HC Wainwright & Co. | maintain | Buy | 2025-03-13 |
| HC Wainwright & Co. | maintain | Buy | 2024-12-09 |
| Roth MKM | maintain | Buy | 2024-10-23 |
| Roth MKM | maintain | Buy | 2024-09-25 |
Overall, both CCJ and UEC have maintained strong ratings, with a mix of “Buy” and “Outperform” grades indicating positive sentiment from analysts. However, UEC has seen a downgrade to “Market Perform” from BMO Capital, which could be a point of consideration for potential investors.
Target Prices
The consensus target prices from analysts for the selected companies indicate positive growth expectations.
| Company | Target High | Target Low | Consensus |
|---|---|---|---|
| Cameco Corporation (CCJ) | 109 | 99.74 | 103.19 |
| Uranium Energy Corp. (UEC) | 19.75 | 14 | 17.08 |
For Cameco Corporation, the consensus target price of 103.19 suggests potential upside from its current price of 93.76. Similarly, Uranium Energy Corp. has a target consensus of 17.08, indicating a positive outlook compared to its current price of 12.83.
Strengths and Weaknesses
The following table summarizes the strengths and weaknesses of Cameco Corporation (CCJ) and Uranium Energy Corp. (UEC) based on the most recent data.
| Criterion | Cameco Corporation (CCJ) | Uranium Energy Corp. (UEC) |
|---|---|---|
| Diversification | Strong global presence in uranium mining and fuel services | Focused on uranium mining with limited product diversification |
| Profitability | Positive net profit margin of 5.48% | Negative net profit margin of -131.15% |
| Innovation | Engaged in advanced uranium production technologies | Limited innovation due to ongoing financial struggles |
| Global presence | Operations in North America, Europe, and Asia | Primarily focused on the U.S. and Canadian markets |
| Market Share | Significant share in the uranium sector with a market cap of $40.8B | Smaller market cap of $5.97B, limiting market influence |
| Debt level | Low debt-to-equity ratio of 0.20 | Minimal debt levels but also limited operational scale |
Key takeaways show that Cameco Corporation (CCJ) stands out with a positive profitability outlook and a strong global presence, whereas Uranium Energy Corp. (UEC) struggles with negative profit margins and limited market influence.
Risk Analysis
The following table summarizes the key risks associated with Cameco Corporation (CCJ) and Uranium Energy Corp. (UEC).
| Metric | Cameco Corporation (CCJ) | Uranium Energy Corp. (UEC) |
|---|---|---|
| Market Risk | High | Moderate |
| Regulatory Risk | Moderate | High |
| Operational Risk | Moderate | High |
| Environmental Risk | Moderate | Low |
| Geopolitical Risk | Low | High |
The most impactful risks for these companies include market risk, primarily due to fluctuating uranium prices, and regulatory risk, particularly for UEC, which has faced compliance challenges. Both companies operate in a volatile environment that requires careful risk management.
Which one to choose?
In comparing Cameco Corporation (CCJ) and Uranium Energy Corp. (UEC), the fundamentals suggest a more favorable outlook for CCJ. With a market cap of approximately 32.1B CAD, CCJ shows a net profit margin of 5.48% and a solid gross profit margin of 33.91%. Its B- rating from analysts indicates a moderate level of confidence, while UEC, with a market cap of roughly 3.7B USD, faces challenges with a D+ rating and substantial negative margins.
CCJ’s stock trend is bullish, with a price increase of 99.53% over the past year, while UEC’s growth has slowed, currently showing a decline of 5.49%. For investors focused on growth, CCJ appears to be the more robust option. However, UEC might attract those looking for speculative opportunities, albeit with higher risk due to its volatility and financial instability.
Both companies face industry risks such as competition and market dependence, which could impact future performance.
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 Uranium Energy Corp. to enhance your investment decisions:
