Cameco Corporation (CCJ) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-57.1%

$32.32

vs $75.32 price

Levered DCF

$37.75

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

10.08

Safe zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	92.99×	184.76×	68.75×	139.54×	-106.04×	-131.48×	60.78×	36.88×
P/B	7.92×	5.05×	4.06×	2.13×	2.26×	1.36×	1.19×	1.23×
P/S	15.71×	10.25×	9.56×	6.66×	7.43×	3.76×	2.45×	2.93×
EV / EBITDA	47.69×	43.45×	32.47×	37.14×	72.73×	39.96×	8.7×	14.88×
Gross margin	26.7%	33.9%	30.2%	12.5%	0.1%	20.6%	13.0%	14.1%
Operating margin	16.7%	16.3%	10.9%	0.8%	-9.2%	-4.4%	5.0%	3.4%
Net margin	16.9%	5.5%	13.9%	4.8%	-7.0%	-3.0%	4.0%	8.0%
Current ratio	2.47×	1.62×	1.55×	5.92×	5.18×	6.4×	6.51×	2.38×
Debt / equity	0.15×	0.2×	0.29×	0.17×	0.21×	0.2×	0.2×	0.3×
Interest coverage	7.8×	4.6×	3.71×	0.27×	-2.45×	-0.96×	1.16×	0.8×
Dividend yield	0.2%	0.2%	0.2%	0.4%	0.3%	0.4%	0.5%	1.2%
Payout ratio	17.7%	40.5%	14.4%	58.1%	-31.0%	-46.7%	32.9%	42.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	8.5%	2.7%	5.9%	1.5%	-2.1%	-1.1%	1.9%	3.3%
Return on invested capital	4.8%	3.8%	2.3%	0.2%	-1.9%	-1.1%	0.9%	0.9%
Return on assets	5.7%	1.7%	3.6%	1.0%	-1.4%	-0.7%	1.3%	2.1%
Free cash flow yield	2.0%	2.2%	2.2%	1.3%	3.3%	-1.0%	6.4%	10.0%
Earnings yield	1.1%	0.5%	1.5%	0.7%	-0.9%	-0.8%	1.6%	2.7%
Enterprise value	$54.6B	$32.8B	$26B	$12.3B	$10.7B	$6.9B	$4.5B	$6.9B
Net debt / EBITDA	-0.08×	0.92×	1.54×	-0.44×	-1.71×	0.53×	-0.08×	1.69×
Cash conversion cycle (days)	132	184	157	170	148	195	88	162