Cameco produced 164 million pounds of uranium in 2025, about 15% of global output, and remains the second-largest producer behind Kazatomprom, while also refining uranium, producing uranium fuel, and co-owning a 49% stake in Westinghouse for reactor engineering.

The article positions Cameco as a long-term, set-it-and-forget-it play on a coming nuclear renaissance, suggesting it as a top investment over the next decade.

Over the past five years, Cameco has shown profitable growth with revenue up 76%, dividends up 93%, ROIC up 628%, and free cash flow up 134%.

Cameco stands to benefit from a global electrification cycle, with electricity demand expected to rise 40% by 2035, boosting demand for nuclear fuel.

In 2025 Westinghouse generated $219 million in EBITDA for Cameco, up 51%, with involvement in building two reactors at the Dukovany site in the Czech Republic signaling higher future earnings.

Cameco is the world’s largest pure-play uranium producer with 230 million pounds of uranium under long-term contracts, signaling strong demand exposure.

Cameco’s integrated nuclear fuel business, expanded by the 2023 acquisition of a 49% stake in Westinghouse, enables revenue from ore extraction, fuel fabrication, and reactor services.

A Brookfield-Cameco-Westinghouse partnership announced in October aims to secure at least $80 billion in U.S. government investment to accelerate Westinghouse reactor construction.

Note: James Hires holds positions in Cameco, and The Motley Fool has positions in and recommends Cameco, with standard disclosures.

Cameco’s competitive moat includes high uranium mining costs, ownership of two Tier 1 mines in northern Saskatchewan, and minority stakes in other mines, which buffers cyclicality and deters new entrants.

Uranium prices have risen about 33% over the past year, staying in the mid-80s, which benefits Cameco.

Cameco (CCJ) is identified as one of the best ways to play the nuclear trend, being the world’s second-largest uranium miner and a diversified nuclear-energy company.