Cameco Corporation (CCO.TO) 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

-33.6%

CA$68.10

vs CA$102.50 price

Levered DCF

CA$68.84

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

9.71

Safe zone

Rating

B-

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	93.1×	184.77×	68.83×	139.5×	-106.08×	-131.15×	60.74×	36.86×
P/B	7.93×	5.05×	4.08×	2.13×	2.26×	1.36×	0.91×	1.23×
P/S	15.71×	10.25×	9.6×	6.66×	7.44×	3.75×	2.45×	2.93×
EV / EBITDA	47.22×	43.46×	52.41×	56.02×	119.48×	32.59×	8.57×	10.07×
Gross margin	26.7%	33.9%	30.2%	22.0%	15.8%	20.6%	36.0%	40.0%
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×	0.19×	0.21×	0.2×	0.2×	0.3×
Interest coverage	7.8×	4.6×	3.71×	0.27×	-2.47×	-0.96×	1.19×	0.8×
Dividend yield	0.2%	0.2%	0.2%	0.4%	0.3%	0.5%	0.7%	1.2%
Payout ratio	17.7%	40.5%	14.4%	58.1%	-31.0%	-59.5%	42.7%	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%	1.5%	3.3%
Return on invested capital	4.8%	3.8%	2.3%	0.2%	-1.9%	-1.1%	0.7%	0.9%
Return on assets	5.7%	1.7%	3.6%	1.0%	-1.4%	-0.7%	1.0%	2.1%
Free cash flow yield	1.9%	1.9%	2.0%	1.0%	2.9%	-1.3%	8.3%	8.8%
Earnings yield	1.1%	0.5%	1.5%	0.7%	-0.9%	-0.8%	1.6%	2.7%
Enterprise value	CA$54.6B	CA$32.8B	CA$26.1B	CA$12.4B	CA$10.7B	CA$6.8B	CA$4.5B	CA$6.9B
Net debt / EBITDA	-0.08×	0.92×	2.47×	-0.27×	-2.57×	0.43×	-0.1×	1.14×
Cash conversion cycle (days)	132	184	208	176	153	195	157	195