Cameco

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

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

• Uranium mining
• Nuclear fuel services
• Uranium conversion
• Fuel fabrication
• Nuclear reactors

Headquarters

HQ city

Saskatoon

HQ country

Canada

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Personnel, Infrastructure, Supply Chain, Technology or R&D, Marketing or Sales

Revenue model

1. 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.
2. 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.
3. 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.
4. 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

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core 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

Named customers1 record

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Four partnerships are on record, tiered core.

• Orano CanadacoreStrategic or Co-development Partner · 1 June 2026Cameco 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)coreStrategic or Co-development Partner · 1 January 2026Cameco 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 PartnerscoreStrategic or Co-development Partner · 1 November 2023Cameco 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)coreOthersThe 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

Direct 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

• Xx.com/cameconews
• YouTubeyoutube.com/user/CamecoCorporation
• Facebookfacebook.com/cameco.careers
• LinkedInlinkedin.com/company/cameco-corporation
• Instagraminstagram.com/camecocommunity

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries4 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments2 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Cameco