{"slug":"cameco","name":"Cameco","name_en":"Cameco","ticker":"CCJ","updated_at":"2026-07-12T03:46:43.252813+00:00","canonical":"https://valuechain.wiki/cameco","same_as":["https://finance.yahoo.com/quote/CCJ","https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1009001"],"citable":"밸류체인 그래프 기준 Cameco의 직접 연결 기업은 4곳(관계 기준 공급 0·매출 4)이고, 사슬을 2차까지 넓히면 8곳에 닿는다. 링크의 근거 출처는 4건이며 그중 1차공시가 1건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, Cameco is directly linked to 4 companies (0 supply, 4 revenue relationships) and reaches 8 companies within two hops; the links are backed by 4 dated sources, 1 of them primary filings (as of 2026-07-12).","kicker":"뉴욕증시 · 우라늄·원전 연료 · 웨스팅하우스(49%)","kicker_en":"NYSE · Uranium & nuclear fuel · Westinghouse (49%)","lead":"세계 최대급 우라늄 채굴·원전 연료 기업으로, 웨스팅하우스 49% 지분(원자로·서비스)까지 더해 채굴부터 원자로까지 원전 연료 사이클을 수직으로 아우른다. AI 데이터센터 전력 수요가 원전 재가동·신설을 밀어올리는 구조에서 우라늄·연료의 원자재 층에 위치하며, 미 정부가 웨스팅하우스 신규 원자로에 최소 $800억 금융·인허가를 지원(데이터센터 전력 포함)한 것이 장기 수요를 선확정한다. 2025년 웨스팅하우스 EBITDA $7.8억(+61%)·전사 매출 C$34.8억, 우라늄 실현가 C$91/lb(+9%)로 사이클 상승 초입에 있다.","lead_en":"A top-tier global uranium miner and nuclear-fuel firm that — adding a 49% Westinghouse stake (reactors, services) — spans the nuclear fuel cycle vertically from mining to reactors. It sits in the raw-material layer as AI-datacenter power demand pushes reactor restarts and new builds, and the US government's backing of $80B+ of new Westinghouse reactors (including for datacenter power) locks in long-term demand. In 2025 Westinghouse EBITDA was $780M (+61%), total revenue C$3.48B, and realized uranium price C$91/lb (+9%) — the early innings of an up-cycle.","segments":{"fy":2025,"parts":[{"desc":"원전 연료의 원자재 — 실현가 C$91/lb(+9%), 사이클 상승 초입.","name":"우라늄 채굴"},{"desc":"변환·농축 등 연료 가공 — 발전사에 완성 연료 공급.","name":"연료 서비스"},{"desc":"원자로·서비스 지분법(49%) — 2025 EBITDA $7.8억(+61%), 미 정부 $800억+ 신규 원자로 지원.","name":"웨스팅하우스(49%)"}],"total":"2025 매출 C$3.48B","concentration":"우라늄 C$91/lb. 웨스팅하우스 원자로."},"segments_en":{"fy":2025,"parts":[{"desc":"The raw material of nuclear fuel — realized price C$91/lb (+9%), early in an up-cycle.","name":"Uranium mining"},{"desc":"Fuel processing (conversion, enrichment) — supplying finished fuel to generators.","name":"Fuel services"},{"desc":"Reactors and services via a 49% equity stake — 2025 EBITDA $780M (+61%), US government backing $80B+ of new reactors.","name":"Westinghouse (49%)"}],"total":"2025 revenue C$3.48B","concentration":"Uranium C$91/lb; Westinghouse reactors."},"returns_yearly":{"2021":63.2,"2022":4.3,"2023":90.5,"2024":19.5,"2025":78.4,"2026":4.9},"return_asof":"2026-07-10","value_chain":{"leading":[{"slug":"datadog","name":"Datadog","name_en":"Datadog","tier":3,"returns_yearly":{"2021":80.9,"2022":-58.7,"2023":65.1,"2024":17.7,"2025":-4.8,"2026":89.4}},{"slug":"palo-alto-networks","name":"팔로알토 네트웍스","name_en":"Palo Alto Networks","tier":3,"returns_yearly":{"2021":56.7,"2022":-24.8,"2023":111.3,"2024":23.4,"2025":1.2,"2026":76.9}},{"slug":"crowdstrike","name":"CrowdStrike","name_en":"CrowdStrike","tier":3,"returns_yearly":{"2021":-3.3,"2022":-48.6,"2023":142.5,"2024":34,"2025":37,"2026":59.7}},{"slug":"illumina","name":"Illumina","name_en":"Illumina","tier":3,"returns_yearly":{"2021":2.8,"2022":-46.9,"2023":-31.1,"2024":-1.3,"2025":-1.8,"2026":45}},{"slug":"planet-labs","name":"플래닛랩스","name_en":"Planet Labs","tier":3,"returns_yearly":{"2022":-29.3,"2023":-43.2,"2024":63.6,"2025":388.1,"2026":32.1}},{"slug":"starbucks","name":"Starbucks Corp","name_en":"Starbucks Corp","tier":3,"returns_yearly":{"2021":11.1,"2022":-13.2,"2023":-1.2,"2024":-2.5,"2025":-5.3,"2026":27.4}},{"slug":"johnson-controls","name":"존슨 컨트롤스","name_en":"Johnson Controls","tier":3,"returns_yearly":{"2021":77.4,"2022":-19.3,"2023":-7.6,"2024":39.8,"2025":53,"2026":20}},{"slug":"snowflake","name":"Snowflake","name_en":"Snowflake","tier":3,"returns_yearly":{"2021":20.4,"2022":-57.6,"2023":38.6,"2024":-22.4,"2025":42.1,"2026":19.2}},{"slug":"airbnb","name":"Airbnb Inc","name_en":"Airbnb Inc","tier":3,"returns_yearly":{"2022":-48.6,"2023":59.2,"2024":-3.5,"2025":3.3,"2026":9.5}},{"slug":"costco","name":"Costco Wholesale","name_en":"Costco Wholesale","tier":3,"returns_yearly":{"2021":51.8,"2022":-19,"2023":49,"2024":39.6,"2025":-5.4,"2026":6.6}},{"slug":"procter-gamble","name":"Procter & Gamble","name_en":"Procter & Gamble","tier":3,"returns_yearly":{"2021":20.5,"2022":-5,"2023":-0.9,"2024":17.3,"2025":-12.3,"2026":4.1}},{"slug":"walmart","name":"Walmart Inc","name_en":"Walmart Inc","tier":3,"returns_yearly":{"2021":2,"2022":-0.5,"2023":12.9,"2024":74,"2025":24.5,"2026":2.6}},{"slug":"schrodinger","name":"Schrödinger","name_en":"Schrodinger","tier":3,"returns_yearly":{"2021":-56,"2022":-46.3,"2023":91.5,"2024":-46.1,"2025":-7.3,"2026":-7.8}},{"slug":"mercadolibre","name":"MercadoLibre","name_en":"MercadoLibre, Inc.","tier":3,"returns_yearly":{"2021":-19.5,"2022":-37.2,"2023":85.7,"2024":8.2,"2025":18.5,"2026":-8}},{"slug":"uber","name":"Uber","name_en":"Uber","tier":3,"returns_yearly":{"2021":-17.8,"2022":-41,"2023":149,"2024":-2,"2025":35.5,"2026":-8.8}},{"slug":"mcdonalds","name":"McDonald's","name_en":"McDonald's","tier":3,"returns_yearly":{"2021":27.8,"2022":0.5,"2023":15.1,"2024":0.1,"2025":7.9,"2026":-9}},{"slug":"lvmh","name":"LVMH","name_en":"LVMH Moet Hennessy Louis Vuitton","tier":3,"returns_yearly":{"2021":46.6,"2022":12.7,"2023":-1.8,"2024":-7.3,"2025":-20.4,"2026":-9}},{"slug":"recursion","name":"Recursion Pharmaceuticals","name_en":"Recursion Pharmaceuticals","tier":3,"returns_yearly":{"2022":-55,"2023":27.9,"2024":-31.4,"2025":-39.5,"2026":-13}},{"slug":"disney","name":"Disney","name_en":"The Walt Disney Company","tier":3,"returns_yearly":{"2021":-14.5,"2022":-43.9,"2023":4.3,"2024":24.4,"2025":3.3,"2026":-15.3}},{"slug":"coupang","name":"Coupang","name_en":"Coupang","tier":3,"returns_yearly":{"2022":-49.9,"2023":10.1,"2024":35.8,"2025":7.3,"2026":-20.3}},{"slug":"netflix","name":"Netflix","name_en":"Netflix","tier":3,"returns_yearly":{"2021":11.4,"2022":-51.1,"2023":65.1,"2024":83.1,"2025":5.2,"2026":-21.7}},{"slug":"shopify","name":"Shopify","name_en":"Shopify","tier":3,"returns_yearly":{"2021":21.7,"2022":-74.8,"2023":124.4,"2024":36.5,"2025":51.4,"2026":-23.9}},{"slug":"servicenow","name":"ServiceNow","name_en":"ServiceNow","tier":3,"returns_yearly":{"2021":17.9,"2022":-40.2,"2023":82,"2024":50.1,"2025":-27.7,"2026":-29.7}},{"slug":"anthropic","name":"Anthropic","name_en":"Anthropic","tier":3,"returns_yearly":null},{"slug":"openai","name":"OpenAI","name_en":"OpenAI","tier":3,"returns_yearly":null},{"slug":"alphabet","name":"알파벳 (구글)","name_en":"Alphabet (Google)","tier":2,"returns_yearly":{"2021":65.3,"2022":-39.1,"2023":58.3,"2024":36,"2025":66,"2026":14.3}},{"slug":"amazon","name":"아마존","name_en":"Amazon","tier":2,"returns_yearly":{"2021":2.4,"2022":-49.6,"2023":80.9,"2024":44.4,"2025":5.2,"2026":6.3}},{"slug":"meta","name":"메타 플랫폼스","name_en":"Meta Platforms","tier":2,"returns_yearly":{"2021":23.1,"2022":-64.2,"2023":194.1,"2024":66,"2025":13.1,"2026":1.6}},{"slug":"microsoft","name":"마이크로소프트","name_en":"Microsoft","tier":2,"returns_yearly":{"2021":52.5,"2022":-28,"2023":58.2,"2024":12.9,"2025":15.6,"2026":-20}},{"slug":"nextera-energy","name":"NextEra Energy","name_en":"NextEra Energy","tier":1,"returns_yearly":{"2021":23.4,"2022":-8.5,"2023":-25.3,"2024":21.5,"2025":15.5,"2026":11.1}},{"slug":"talen-energy","name":"Talen Energy","name_en":"Talen Energy","tier":1,"returns_yearly":{"2024":214.8,"2025":86.1,"2026":2.9}},{"slug":"vistra","name":"Vistra","name_en":"Vistra","tier":1,"returns_yearly":{"2021":19.6,"2022":5.1,"2023":70.7,"2024":261.5,"2025":17.7,"2026":-1.3}},{"slug":"constellation-energy","name":"Constellation Energy","name_en":"Constellation Energy","tier":1,"returns_yearly":{"2023":37.2,"2024":92.7,"2025":58.8,"2026":-28.6}}],"benefiting":[],"analysis":"우라늄 채굴부터 변환·농축, 웨스팅하우스 49% 지분의 원자로·서비스까지 원전 연료 사이클을 수직으로 아우르는 기업으로, AI 데이터센터 전력 수요가 원전으로 번지는 흐름의 원자재 층에 있다. 미 정부가 웨스팅하우스 신규 원자로에 최소 $800억을 지원(데이터센터 전력 포함)한 것이 향후 연료·원자로 수요를 선확정하는 구조적 트리거다. 2025년 웨스팅하우스 EBITDA +61%·우라늄 실현가 C$91/lb(+9%)는 사이클 상승 초입을 가리키나, 우라늄 가격 변동과 원전 정책이 실적 변수다. 그래프상 하류는 컨스텔레이션·비스트라·탈렌·넥스트에라 등 원전 발전사로, 이들의 재가동·증설이 이 노드로 수요를 전파한다.","analysis_en":"A firm spanning the nuclear fuel cycle vertically — from uranium mining through conversion/enrichment to the reactors and services of its 49% Westinghouse stake — sitting in the raw-material layer as AI-datacenter power demand spills into nuclear. The US government's backing of $80B+ of new Westinghouse reactors (including for datacenter power) is a structural trigger that locks in future fuel and reactor demand. Westinghouse EBITDA +61% and realized uranium of C$91/lb (+9%) in 2025 point to the early innings of an up-cycle, though uranium price swings and nuclear policy are the swing factors. Downstream on the graph are nuclear generators — Constellation, Vistra, Talen, NextEra — whose restarts and expansions propagate demand into this node.","analysis_asof":"2026-07-09"},"edges":[{"direction":"revenue","counterparty":"글로벌 원전·웨스팅하우스 (우라늄·연료서비스)","counterparty_slug":null,"confidence":"high","metric":null,"note":"전 세계 원전에 우라늄·변환·농축 연료 공급, 웨스팅하우스(49%)로 원자로·서비스.","note_en":"Uranium, conversion and enrichment fuel to nuclear plants worldwide, plus Westinghouse (49%) reactors and services.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-23","url":"https://www.sec.gov/Archives/edgar/data/0001009001/000119312525253372/d935274dex991.htm","title":"Cameco FY2025 실적(6-K)","title_en":"Cameco FY2025 results (6-K)","excerpt":"전 세계 원전에 우라늄·변환·농축 연료 공급, 웨스팅하우스(49%)로 원자로·서비스.","excerpt_en":"Uranium, conversion and enrichment fuel to nuclear plants worldwide, plus Westinghouse (49%) reactors and services."},{"stance":"confirms","publisher":"Carbon Credits","publisher_en":"Carbon Credits","kind":"research","lang":"en","published_at":"2026-02-23","url":"https://carboncredits.com/uranium-rally-lifts-cameco-stock-ccj-after-strong-2025-results/","title":"Cameco, 우라늄 랠리·웨스팅하우스 강세","title_en":"Uranium rally lifts Cameco after strong 2025","excerpt":"전 세계 원전에 우라늄·변환·농축 연료 공급, 웨스팅하우스(49%)로 원자로·서비스.","excerpt_en":"Uranium, conversion and enrichment fuel to nuclear plants worldwide, plus Westinghouse (49%) reactors and services."}]},{"direction":"revenue","counterparty":"Constellation Energy","counterparty_slug":"constellation-energy","confidence":"high","metric":null,"note":"컨스텔레이션 등 원전 발전사에 우라늄·연료 공급 — AI 전력 수요로 원전 재가동 시 수요가 늘어나는 하류.","note_en":"Supplies uranium and fuel to nuclear generators like Constellation — downstream demand that rises as AI power needs drive reactor restarts.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-23","url":"https://www.sec.gov/Archives/edgar/data/0001009001/000119312525253372/d935274dex991.htm","title":"Cameco FY2025 실적(6-K)","title_en":"Cameco FY2025 results (6-K)","excerpt":"Constellation Energy 등 원전 발전사에 우라늄·연료 공급.","excerpt_en":"Supplies uranium and fuel to nuclear generators like constellation-energy."},{"stance":"confirms","publisher":"Carbon Credits","publisher_en":"Carbon Credits","kind":"research","lang":"en","published_at":"2026-02-23","url":"https://carboncredits.com/uranium-rally-lifts-cameco-stock-ccj-after-strong-2025-results/","title":"Cameco, 우라늄 랠리·웨스팅하우스 강세","title_en":"Uranium rally lifts Cameco after strong 2025","excerpt":"Constellation Energy 등 원전 발전사에 우라늄·연료 공급.","excerpt_en":"Supplies uranium and fuel to nuclear generators like constellation-energy."}]},{"direction":"revenue","counterparty":"Vistra","counterparty_slug":"vistra","confidence":"mid","metric":null,"note":"Vistra 등 원전 발전사에 우라늄·연료 공급.","note_en":"Supplies uranium and fuel to nuclear generators like vistra.","sources":[{"stance":"confirms","publisher":"Carbon Credits","publisher_en":"Carbon Credits","kind":"research","lang":"en","published_at":"2026-02-23","url":"https://carboncredits.com/uranium-rally-lifts-cameco-stock-ccj-after-strong-2025-results/","title":"Cameco, 우라늄 랠리·웨스팅하우스 강세","title_en":"Uranium rally lifts Cameco after strong 2025","excerpt":"Vistra 등 원전 발전사에 우라늄·연료 공급.","excerpt_en":"Supplies uranium and fuel to nuclear generators like vistra."},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-23","url":"https://www.sec.gov/Archives/edgar/data/0001009001/000119312525253372/d935274dex991.htm","title":"Cameco FY2025 실적(6-K)","title_en":"Cameco FY2025 results (6-K)","excerpt":"Vistra 등 원전 발전사에 우라늄·연료 공급.","excerpt_en":"Supplies uranium and fuel to nuclear generators like vistra."},{"stance":"confirms","publisher":"The Deep Dive","publisher_en":"The Deep Dive","kind":"research","lang":"en","published_at":"2026-02-23","url":"https://thedeepdive.ca/cameco-2025-results-westinghouse-uranium/","title":"Cameco 2025 실적·웨스팅하우스","title_en":"Cameco 2025 results and Westinghouse","excerpt":"웨스팅하우스 EBITDA +61%, 우라늄 강세.","excerpt_en":"Westinghouse EBITDA +61%, uranium strength."}]},{"direction":"revenue","counterparty":"Talen Energy","counterparty_slug":"talen-energy","confidence":"mid","metric":null,"note":"Talen Energy 등 원전 발전사에 우라늄·연료 공급.","note_en":"Supplies uranium and fuel to nuclear generators like talen-energy.","sources":[{"stance":"confirms","publisher":"Carbon Credits","publisher_en":"Carbon Credits","kind":"research","lang":"en","published_at":"2026-02-23","url":"https://carboncredits.com/uranium-rally-lifts-cameco-stock-ccj-after-strong-2025-results/","title":"Cameco, 우라늄 랠리·웨스팅하우스 강세","title_en":"Uranium rally lifts Cameco after strong 2025","excerpt":"Talen Energy 등 원전 발전사에 우라늄·연료 공급.","excerpt_en":"Supplies uranium and fuel to nuclear generators like talen-energy."},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-23","url":"https://www.sec.gov/Archives/edgar/data/0001009001/000119312525253372/d935274dex991.htm","title":"Cameco FY2025 실적(6-K)","title_en":"Cameco FY2025 results (6-K)","excerpt":"Talen Energy 등 원전 발전사에 우라늄·연료 공급.","excerpt_en":"Supplies uranium and fuel to nuclear generators like talen-energy."}]},{"direction":"revenue","counterparty":"NextEra Energy","counterparty_slug":"nextera-energy","confidence":"mid","metric":null,"note":"넥스트에라 원전에 우라늄·연료 공급.","note_en":"Uranium and fuel to NextEra nuclear.","sources":[{"stance":"confirms","publisher":"BIC Magazine","publisher_en":"BIC Magazine","kind":"news","lang":"en","published_at":"2026-01-01","url":"https://www.bicmagazine.com/industry/powergen/nextera-eyes-nuclear-power-expansion/","title":"NextEra, 데이터센터 파이프라인·원전 확장","title_en":"NextEra eyes nuclear expansion as datacenter pipeline grows","excerpt":"넥스트에라 원전에 우라늄·연료 공급.","excerpt_en":"Uranium and fuel to NextEra nuclear."}]},{"direction":"cost","counterparty":"웨스팅하우스 투자·증설 (비공개)","counterparty_slug":null,"confidence":"low","metric":null,"note":"웨스팅하우스 신규 원자로 투자 — 미 정부 $800억+ 금융·인허가 지원으로 장기 수요를 선확정.","note_en":"Investment in new Westinghouse reactors — US government backing of $80B+ locks in long-term demand.","sources":[{"stance":"confirms","publisher":"Carbon Credits","publisher_en":"Carbon Credits","kind":"research","lang":"en","published_at":"2026-02-23","url":"https://carboncredits.com/uranium-rally-lifts-cameco-stock-ccj-after-strong-2025-results/","title":"Cameco, 우라늄 랠리·웨스팅하우스 강세","title_en":"Uranium rally lifts Cameco after strong 2025","excerpt":"웨스팅하우스 신규 원자로($800억+ 지원).","excerpt_en":"Westinghouse new reactors ($80B+ backed)."}]},{"direction":"cost","counterparty":"채굴·정련·연료 (비공개)","counterparty_slug":null,"confidence":"low","metric":null,"note":"우라늄 채굴·정련·연료 가공.","note_en":"Uranium mining, milling and fuel fabrication.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-23","url":"https://www.sec.gov/Archives/edgar/data/0001009001/000119312525253372/d935274dex991.htm","title":"Cameco FY2025 실적(6-K)","title_en":"Cameco FY2025 results (6-K)","excerpt":"우라늄 채굴·정련·연료 가공.","excerpt_en":"Uranium mining, milling and fuel fabrication."}]}]}