NYSE · Uranium & nuclear fuel · Westinghouse (49%)
Cameco
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.
CCJ Updated Jul 12, 2026 4 AI consumers· 1 recurring
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).
Financials & Segments
- Total revenue · 2025 revenue C$3.48B
- Customer concentration · Uranium C$91/lb; Westinghouse reactors.
- Segments · Uranium mining · Fuel services · Westinghouse (49%)
Revenue from
- Global nuclear power · Westinghouse (uranium · fuel services) High confidence
Uranium, conversion and enrichment fuel to nuclear plants worldwide, plus Westinghouse (49%) reactors and services. - Constellation Energy High confidence
Supplies uranium and fuel to nuclear generators like Constellation — downstream demand that rises as AI power needs drive reactor restarts. - Vistra Medium confidence
Supplies uranium and fuel to nuclear generators like vistra. - Talen Energy Medium confidence
Supplies uranium and fuel to nuclear generators like talen-energy. - NextEra Energy Medium confidence
Uranium and fuel to NextEra nuclear.Confirms EN BIC Magazine Published Jan 1, 2026: NextEra eyes nuclear expansion as datacenter pipeline grows
Pays to
- Westinghouse investment · capacity expansion (undisclosed) Low confidence
Investment in new Westinghouse reactors — US government backing of $80B+ locks in long-term demand. - Mining · refining · fuel (undisclosed) Low confidence
Uranium mining, milling and fuel fabrication.
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Alphabet (Google) | lead2 | +65.3 | -39.1 | +58.3 | +36 | +66 | +14.3 |
| Amazon | lead2 | +2.4 | -49.6 | +80.9 | +44.4 | +5.2 | +6.3 |
| Meta Platforms | lead2 | +23.1 | -64.2 | +194.1 | +66 | +13.1 | +1.6 |
| Microsoft | lead2 | +52.5 | -28 | +58.2 | +12.9 | +15.6 | -20 |
| NextEra Energy | lead1 | +23.4 | -8.5 | -25.3 | +21.5 | +15.5 | +11.1 |
| Talen Energy | lead1 | · | · | · | +214.8 | +86.1 | +2.9 |
| Vistra | lead1 | +19.6 | +5.1 | +70.7 | +261.5 | +17.7 | -1.3 |
| Constellation Energy | lead1 | · | · | +37.2 | +92.7 | +58.8 | -28.6 |
| Cameco | node | +63.2 | +4.3 | +90.5 | +19.5 | +78.4 | +4.9 |
YTD as of 2026-07-10 · source: Yahoo Finance
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 generated from returns as of 2026-07-09Analyst ratings
Consensus: Buy 2 · Hold 1 · Sell 0 · Avg. target $125 · Price $95.25 (07-11) · Upside +31%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| Goldman Sachs · Brian K. Lee | Buy | $133 | Jul 1, 2026 | Report ↗ |
| RBC Capital Markets · Andrew Wong | Outperform | $124 | Jun 29, 2026 | Report ↗ |
| UBS · George Eadie | Neutral | $117 | Jun 18, 2026 | Report ↗ |
Goldman Sachs and RBC keep raising targets on Western nuclear expansion and the uranium long-term contracting cycle, keeping the Buy consensus firm, while UBS holds Neutral with a modest target bump.
Analyses covering this node
- Power is the next bottleneck: where the chain crosses into the clock of generation, transmission and cooling Jun 23, 2026