An investment of $1,000 in Cameco stock a decade ago would now be worth approximately $11,000, reflecting a ten-year total return of roughly 1,000%. After an initial 80% decline through 2010 following the Fukushima Daiichi accident, Cameco shares rallied over 750% from 2011 through 2020. This performance ranks the company among the rare ‘multibagger’ stocks of the past decade, outpacing broader commodity and energy benchmarks despite a period of prolonged weakness in the uranium market.

Cameco’s acquisition of a 49% interest in Westinghouse Electric Company in 2023 has positioned the firm at the center of a landmark U.S. reactor initiative. In October 2025, Cameco joined with Brookfield Asset Management and Westinghouse in a federal partnership to construct a new fleet of AP1000 reactors valued at $80 billion. The AP1000 design, noted for its passive safety systems and modular construction, is slated for multiple sites nationwide under a program designed to quadruple U.S. nuclear capacity by 2050.

Cameco forecasts that utilities will need over 3 billion pounds of uranium through 2045, with nearly 65% of that demand still uncontracted. Spot uranium prices recently reached 17-month highs, driven by renewed demand for clean baseload power and strategic inventory restocking by utilities. As existing mines face depletion and new projects experience permitting delays, the widening supply gap suggests potential for further price appreciation, underpinning Cameco’s long-term revenue outlook.

Beyond near-term reactor deals, Cameco’s integrated business model—spanning mining, processing and fuel fabrication—supports robust margins and cash flow generation. The company’s dividend yield, while modest, provides incremental income. Coupled with accelerating global decarbonization policies and rising electricity demand from AI data centers, Cameco’s leadership in uranium production and reactor technology positions it as a compelling long-term investment in the clean-energy transition.