Cameco
- Company typePublic
- Founded1988
- HeadquartersSaskatoon, Canada
- Headcount1,001–5,000
- GTM typeB2B
- OfferingHardware or Manufacturing
Cameco firmographics
Firmographics- Name
- Cameco
- Legal name
- Cameco Corporation
- Website
- https://cameco.com
- Company type
- Public
- Founded year
- 1988
- Operating status
- Operating
- Headcount range
- 1,001–5,000 employees
- Ownership category
- akta.pro rank
Cameco industry classification
Industry- Product category
- Uranium Mining and Nuclear Fuel
- NAICS
- Nuclear Electric Power Generation (221113)
- akta.pro primary industry
- Uranium Mining & Milling (Yellowcake/U3O8 Production) (EUAKACAB)
- akta.pro secondary industries
- Fuel Fabrication (UO2 Fuel Pellets, Rods & Assemblies) (EUAKACAF), Fuel Cycle Support Services (Engineering, licensing support, conversion/enrichment contracting) (EUAKACAL), Nuclear Fuel Cycle for Power Generation (Uranium, Conversion, Enrichment, Fuel Fabrication) (EUACADAK)
Keywords
Where Cameco is headquartered
LocationHeadquarters
- HQ city
- Saskatoon
- HQ country
- Canada
- HQ region
- North America
Offices1 record
Markets served
Cameco business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Operations, Personnel, Infrastructure, Supply Chain, Technology or R&D, Marketing or Sales
Revenue model
- Uranium Mining and Sales: Cameco's core business involves mining uranium concentrate (U3O8) from its tier-one operations in Canada (McArthur River, Cigar Lake) and Kazakhstan (JV Inkai), and selling it under long-term contracts and spot arrangements to electric utilities worldwide. The segment generated $510.5 million in Q1 2026 revenue alone. Uranium segment earnings before taxes were $358 million in Q1 2026, up 58% year-over-year.
- Fuel Services: Cameco provides nuclear fuel solutions including UF6 conversion, UO2 conversion, and heavy water reactor fuel bundles through its Fuel Services segment, operating facilities including the Port Hope Conversion Facility in Ontario. Production was 3.3 million kgU in Q1 2026, with annual guidance of 13-14 million kgU.
- Westinghouse (49% stake): Cameco holds a 49% ownership stake in Westinghouse Electric Company alongside Brookfield Renewable Partners (51%). Westinghouse provides reactor design, manufacturing, and services for nuclear power plants globally, and is a key beneficiary of the U.S. DOE's $17.5 billion loan program for AP1000 reactor deployment. Cameco's share of Westinghouse's adjusted EBITDA was $122 million in Q1 2026, up from $92 million in Q1 2025.
- JV Inkai (Kazatomprom partnership): Cameco operates the Inkai joint venture in Kazakhstan with state-owned Kazatomprom, producing uranium in-country. Production on a 100% basis was 2.5 million pounds of U3O8 in Q1 2026, with a 2026 target of 10.4 million pounds (100% basis) and Cameco's purchase allocation expected to be 4.2 million pounds.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Multi-year contract | Long-term uranium supply contracts with electric utilities |
Go-to-market motion1 record
Distribution channels1 record
Marketing channels5 records
Cameco product offering
Product offeringCore offering
Cameco is a vertically integrated nuclear fuel company that produces uranium concentrate (U3O8) from tier-one mines in Canada and Kazakhstan, provides uranium conversion and fuel fabrication services, and holds a 49% stake in Westinghouse Electric Company, which designs and manufactures the AP1000 nuclear reactor. The company sells uranium and fuel products to electric utilities and government nuclear programs under multi-year supply contracts, representing a substantial share of global uranium production.
Product overview
Cameco operates as a vertically integrated nuclear fuel company with three core business segments: Uranium Mining & Production (McArthur River, Key Lake, Cigar Lake mines in Saskatchewan), Fuel Services (uranium conversion and fuel fabrication), and strategic investments in Westinghouse Electric Company (49% stake, AP1000 reactor technology) and Global Laser Enrichment (laser enrichment technology). The company provides uranium fuel solutions for utilities generating carbon-free nuclear power globally.
Differentiator
Problem solved
Functional benefit
Products and services
- Uranium Mining and Production Production and sale of uranium concentrate (U3O8) from tier-one mining operations including McArthur River, Key Lake, Cigar Lake, and Rabbit Lake mines in northern Saskatchewan, Canada, and the Inkai joint venture in Kazakhstan. Sold to electric utilities and government nuclear programs worldwide for use in nuclear power generation.
- Fuel Services Nuclear fuel solutions including UF6 conversion, UO2 conversion, and heavy water reactor fuel bundle fabrication, supporting utilities worldwide with safe, reliable, carbon-free nuclear power generation. Production was 3.3 million kgU in Q1 2026, with annual guidance of 13-14 million kgU.
- Westinghouse Electric Company (49% stake) Cameco's 49% ownership interest in Westinghouse Electric Company, which designs, manufactures, and services nuclear power plants globally, including the AP1000 reactor — the only large-scale advanced commercial reactor currently licensed and operating in the United States. Cameco's share of Westinghouse's adjusted EBITDA was $122 million in Q1 2026.
- Global Laser Enrichment Cameco's ownership interest in Global Laser Enrichment, which is developing advanced laser-based uranium enrichment technology as part of Cameco's vertically integrated nuclear fuel cycle strategy.
- JV Inkai (Kazakhstan uranium joint venture) Joint venture with Kazakhstan's state-owned Kazatomprom producing uranium concentrate at the Inkai site. Production on a 100% basis was 2.5 million pounds of U3O8 in Q1 2026, with a 2026 target of 10.4 million pounds (100% basis) and Cameco's purchase allocation expected to be 4.2 million pounds.
Quantifiable outcome
- Cameco produced approximately 6.2 million pounds of U3O8 (its share) in Q1 2026, with full-year 2026 guidance of 19.5 to 21.5 million pounds.
- +3 more outcomes
Companies that use Cameco
Customer profileNamed customers1 record
Segments2 records
Ideal customer profiles2 records
Cameco technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
Cameco partnerships and signals
Strategic signalPartnerships
Four partnerships are on record, tiered core.
- Orano CanadacoreCameco and Orano Canada jointly agreed to acquire TEPCO Resources' entire 5% participating interest in the Cigar Lake Joint Venture. Cameco acquired a 2.871% interest for approximately C$115.75 million, raising its stake from approximately 54.547% to 57.418%. Orano Canada's stake increased to 42.582%, consolidating the joint venture as a bilateral arrangement between Cameco and Orano. This strengthens control over one of the world's highest-grade uranium mines, with closing expected in Q3 2026 pending regulatory approvals.
- Kazatomprom (JV Inkai)coreCameco operates the Inkai joint venture with Kazakhstan's state-owned uranium producer Kazatomprom. Production on a 100% basis was 2.5 million pounds of U3O8 in Q1 2026. JV Inkai targets 2026 production of 10.4 million pounds of U3O8 (100% basis), with Cameco's purchase allocation expected to be 4.2 million pounds. The majority of Cameco's share of 2026 production is expected to be delivered before the end of 2026.
- Brookfield Renewable PartnerscoreCameco and Brookfield Renewable Partners (an affiliate of Brookfield Asset Management) jointly acquired Westinghouse Electric Company in November 2023. The ownership structure is Brookfield 51% and Cameco 49%. Together they are positioned to benefit from Westinghouse's role as coordinator for the U.S. DOE's $17.5 billion loan program to support AP1000 reactor deployment, with up to 10 reactors in the United States potentially generating significant opportunities for both companies' energy systems segments.
- U.S. Department of Energy (DOE)coreThe U.S. DOE's Office of Energy Dominance Financing has conditionally committed up to $17.5 billion in loan facilities to support Westinghouse Electric Company in purchasing long-lead items for up to 10 AP1000 nuclear reactors in the United States. Westinghouse is co-owned by Cameco (49%) and Brookfield Renewable Partners (51%). The loan program aims to accelerate construction timelines by up to three years, with a target of having 10 reactors under construction by 2030. Cameco welcomed the announcement as creating significant opportunities to accelerate growth in Westinghouse's energy systems segment.
Scale indicators10 records
Recent moves5 records
Expansion highlights5 records
Cameco competitors and assessment
Company assessmentDirect peers
- Kazatomprom: Kazakhstan's state-owned uranium producer and the world's largest uranium miner (~40%+ global share). Direct peer to Cameco's uranium mining segment, competing for global utility contracts with low-cost in-situ recovery production. Cameco also operates JV Inkai with Kazatomprom.
- Orano: French state-owned nuclear fuel cycle company with uranium mining, conversion, enrichment, and fuel fabrication operations. Direct competitor across the entire nuclear fuel cycle and partner in the Cigar Lake Joint Venture (Orano holds ~42.582%). Comparable vertically integrated model.
- Uranium Energy Corp: U.S.-based uranium producer with ISR mining operations in Wyoming, Texas, and New Mexico, plus a recently commissioned Hobson uranium processing facility. Direct peer in uranium mining, though smaller scale and North America-focused versus Cameco's global footprint.
- Energy Fuels: U.S.-based uranium and rare earths producer operating the White Mesa Mill in Utah. Direct peer in uranium production with growing U.S. domestic production focus, benefiting from similar Western supply security themes as Cameco.
- Paladin Energy: Australia-based uranium producer that restarted production at Langer Heinrich Mine in Namibia. Direct peer in uranium mining with comparable tier-one asset positioning and global utility customer base.
Emerging players
- NexGen Energy: Canadian uranium developer with the Arrow deposit in Saskatchewan (Athabasca Basin). Emerging peer to Cameco's Saskatchewan operations, advancing through permitting and feasibility. Potential future competitor in tier-one uranium production.
- Denison Mines: Canadian uranium developer focused on the Wheeler River project in the Athabasca Basin. Emerging peer to Cameco in Saskatchewan uranium exploration and development, with potential to become a meaningful long-term competitor.
Broad incumbents
- Yellow Cake plc: UK-listed physical uranium holding company that buys and stores U3O8. Comparable exposure to uranium price dynamics, though Yellow Cake is a financial/investment vehicle rather than an active miner. Useful proxy for uranium price exposure.
- BWX Technologies: U.S.-based nuclear components and fuel manufacturer serving naval, government, and commercial markets. Comparable nuclear technology and fuel services exposure, including HALEU fuel production. Indirectly comparable through nuclear fuel cycle positioning.
Others
- Brookfield Renewable Partners: Brookfield holds 51% of Westinghouse alongside Cameco's 49% stake. As Cameco's partner in the Westinghouse acquisition and a major energy infrastructure investor, Brookfield is a strategic peer in nuclear ownership and provides comparability on capital allocation and nuclear energy exposure.
Market position
Strengths5 records
Weaknesses4 records
Competitive moat6 records
Key risks6 records
Key highlights7 records
Customer concentration
Cameco social profiles
Digital presenceCameco financial estimates
Financial estimateRevenue estimate
Valuation estimate
Cameco leadership team
Management profileNumber of profiles
Profiles11 records
Cameco subsidiaries and ownership
Company hierarchySubsidiaries4 records
Cameco funding detail
Funding detailFunding overview
Funding rounds1 record
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Cameco M&A and investment
M&A and investmentM&A1 record
Investments2 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Cameco
What does Cameco do?
Cameco is a vertically integrated nuclear fuel company that produces uranium concentrate (U3O8) from tier-one mines in Canada and Kazakhstan, provides uranium conversion and fuel fabrication services, and holds a 49% stake in Westinghouse Electric Company, which designs and manufactures the AP1000 nuclear reactor. The company sells uranium and fuel products to electric utilities and government nuclear programs under multi-year supply contracts, representing a substantial share of global uranium production.
Is Cameco a public or private company?
Cameco is a public company. It is classified as public and is currently operating.
When was Cameco founded?
Cameco was founded in 1988. It employs 1,001 to 5,000 people.
Where is Cameco based?
Cameco is headquartered in Saskatoon, Canada, in the North America region.
How does Cameco make money?
Four revenue lines are on record. Uranium Mining and Sales are the primary driver. The others are fuel Services, westinghouse (49% stake) and JV Inkai (Kazatomprom partnership).
Who are Cameco's main competitors?
Direct peers on record are Kazatomprom, Orano, Uranium Energy Corp, Energy Fuels and Paladin Energy. Emerging players are NexGen Energy and Denison Mines. Broad incumbents are Yellow Cake plc and BWX Technologies. Brookfield Renewable Partners is listed as an others.
Does Cameco have an API?
No public API is recorded for Cameco.
What industry is Cameco in?
Cameco's product category is Uranium Mining and Nuclear Fuel. Its primary akta.pro industry code is EUAKACAB, Uranium Mining & Milling (Yellowcake/U3O8 Production), with a secondary code of EUAKACAF, Fuel Fabrication (UO2 Fuel Pellets, Rods & Assemblies). Its NAICS code is 221113.