Cameco Gains 618% in Five Years as Westinghouse Stake Drives $80B Reactor Deal
Cameco stock has rallied over 326% in three years and 618% in five years as uranium prices tripled to $100 per pound following a 2024 U.S. ban on Russian imports. Its 49% Westinghouse stake acquired in November 2023 underpins an $80 billion U.S. reactor financing partnership announced in October 2025.
1. Stellar Historical Returns
Cameco has delivered extraordinary returns for long-term investors, generating over 300% in three years and more than 600% in five years, significantly outpacing the S&P 500’s respective 88.4% and 101.4% gains. This performance reflects a dramatic turnaround from the post-Fukushima oversupply era, rewarding shareholders who remained invested through the commodity downturn and volatility that persisted throughout the 2010s.
2. Strategic Vertical Integration
In November 2023, Cameco acquired a 49% stake in Westinghouse Electric, partnering with Brookfield Renewable Partners and its institutional investors. This move extends Cameco’s reach beyond uranium mining into reactor design, component manufacturing and maintenance services, positioning the company as a fully integrated nuclear energy infrastructure provider. The strategic stake has already supported an $80 billion U.S. government partnership to finance new Westinghouse reactors and aligns Cameco with national plans to quadruple domestic nuclear capacity by 2050.
3. Market Dynamics Driving Uranium Demand
Global uranium prices have more than tripled since 2021, surpassing $100 per pound, driven by sustained underinvestment in new production, supply restrictions following a U.S. ban on Russian imports in 2024, and accelerating demand from decarbonization initiatives and AI data-center growth. Utilities worldwide are signaling a significant gap between fuel requirements and current mine output, creating a multi-year deficit that underpins Cameco’s growth outlook and supports higher realized pricing.
4. Robust Financial Performance and Outlook
Cameco’s latest financial results underscore its transition to high-margin infrastructure earnings, with year-over-year revenue growth of 23.88%, a net income margin of 15.18% and EBITDA up 64.48%. The company maintains a consistent dividend track record and strong balance sheet flexibility, enabling disciplined capital allocation across mining, downstream services and strategic expansion. Consensus estimates project further earnings acceleration in 2026 as reactor build-out and fuel contracting ramp up, justifying a premium valuation relative to peers.