CCJ
Cameco Corp
NYSE: CCJ · ENERGY · URANIUM
$100.96
+2.01% today
Updated 2026-06-12
Market cap
$52.49B
P/E ratio
111.58
P/S ratio
14.84x
EPS (TTM)
$1.08
Dividend yield
0.21%
52W range
$59 – $135
Volume
3.1M
Cameco Corp (CCJ) Financial Forecast & Price Target 2030
Research-backed projections from analyst consensus, management guidance, and sector analysis.
Research-backed CCJ price target 2030 projection accounting for share dilution, balance sheet debt, and time value of money.
Current price
$100.96
Today
Analyst consensus
$137.86
+36.55% · 12M
2030 Base
$157.51
+56.01% future
NPV today
$100.66
@ 10% WACC
23 analysts:
11 Buy4 Hold0 Sell
Management guidance
Cameco has not issued specific multi-year revenue guidance through 2030, but management affirmed FY2026 consolidated annual production guidance unchanged despite Q1 operational challenges. The company signed a $1.9B long-term uranium supply agreement with India (March 2026) and secured major contracted volumes. CEO Tim Gitzel has emphasized positioning for 'long-term growth in support of global demand' driven by 20+ new US reactor projects and AI-driven power demand, implying 15-25% annual growth in contracted capacity through 2028.
Sources: Management guidance, analyst consensus, sector analysishigh confidence
CCJ · Cameco Corp · Revenue & price projection · 2023–2030E
Actual / 2030 target Projected revenue Base case price Bull to bear range
Bear case (2030)
$75.40
NPV today: $48.19
Base case (2030)
$157.51
NPV today: $100.66
Bull case (2030)
$305.33
NPV today: $195.12
WallStSmart.com
CCJ financial forecast · Research-backed projections
| Metric | 2025 | 2026 (E) | 2027 (E) | 2028 (E) | 2029 (E) | 2030 (E) ★ |
|---|---|---|---|---|---|---|
| Revenue | $3.5B | $3.9B | $4.6B | $5.5B | $6.3B | $7.2B |
| Revenue growth | 10.9% | 10.6% | 20.0% | 18.3% | 15.5% | 13.3% |
| Net margin | — | 21.7% | 27.1% | 29.3% | 31.2% | 32.9% |
| EPS | $1.44 | $1.92 | $2.87 | $3.68 | $4.52 | $5.41 |
| Diluted shares | — | 436M | 436M | 436M | 436M | 436M |
| Net debt | — | $-758.19M | $-1.44B | $-2.24B | $-3.17B | $-4.23B |
| P/S multiple | — | 9.0x | 9.0x | 9.0x | 9.0x | 9.0x |
| Implied price (base) | — | $81.30 | $98.77 | $118.12 | $137.76 | $157.51 |
★ 2030E is the model's terminal target year. Implied price = (Revenue × P/S − Net debt) ÷ Diluted shares.
Scenario detail · Three drivers, three outcomes
| 2030E driver | Bear | Base | Bull |
|---|---|---|---|
| Revenue | $7.2B | $7.2B | $7.2B |
| P/S multiple | 4.0x | 9.0x | 18.0x |
| Diluted shares | 436M | 436M | 436M |
| Net debt | $-4.23B | $-4.23B | $-4.23B |
| Implied P/E † | 14x | 29x | 56x |
| 2030 Price | $75.40 | $157.51 | $305.33 |
| NPV @ 10% | $48.19 | $100.66 | $195.12 |
† Implied P/E: Multiples remain elevated across all three scenarios because CCJ is valued primarily on revenue scale during its growth phase, not near-term earnings power. Lower P/E in the bear case reflects multiple compression, but the absolute level stays high since 2030E still represents a hypergrowth-to-mature transition year.
EV to per-share bridge · How we get to $157.51 base case
CCJ catalysts and risks
Growth catalysts
+ Global nuclear expansion: 78 GW under construction + 20 new US large-scale reactor projects requiring long-term fuel contracts
+ AI data center power demand driving reactor restarts and new builds (Microsoft, Meta capex commitments)
+ India uranium supply deal ($1.9B) + potential additional government offtake agreements
+ Cigar Lake expansion + McArthur River/Key Lake recovery post-Saskatchewan flooding; upstream acquisition opportunities
+ Spot uranium price strength ($100+ per pound) supporting contract renegotiations and premium pricing
Key risks
- Operational disruptions: Key Lake mill halt + McArthur River production cuts due to May 2026 Saskatchewan flooding; timing of bridge restoration unclear
- Contracted revenue ceiling: ~75% of 2027 production already sold; growth limited by conversion capacity bottlenecks unless capex accelerates
- Uranium spot price volatility: current projections assume $85-$110/lb; sharp declines would compress realized pricing vs. long-term contracts
- Geopolitical/regulatory: US-China tensions, Canadian export restrictions, Indigenous consultation delays could slow expansion timelines
- Valuation risk: P/E of 96.8x and P/S of 17.7x imply significant upside pricing already; multiple compression if growth decelerates below 15%
Methodology · Cameco Corp 2030 stock forecast model
Cameco Corp 2030 price target is calculated using WallStSmart's research model. Revenue projections are derived from analyst consensus across 23 Wall Street analysts, management guidance from the latest earnings call, and sector growth forecasts. The model is built on five core components:
| 1. Share dilution | Projected from per-ticker schedule of SBC + equity raise activity, compounding year by year (0% cumulative for CCJ by 2030) |
| 2. Net debt | EV minus net debt yields equity value; debt projected from capex cycle trajectory ($-4.23B by 2030) |
| 3. Time value | NPV calculated using 10% WACC (CAPM: beta 1.03) |
| 4. Multiple framework | P/S compresses with scale: bear 4.0x / base 9.0x / bull 18.0x |
| 5. Scenario design | Bull/Base/Bear vary revenue, margin, shares, debt, and multiple independently |
WallStSmart research model · Not financial advice · Past performance is not indicative of future results · Last researched: May 20, 2026.
CCJ price target FAQ
What is the CCJ price target for 2030?
WallStSmart's Cameco Corp 2030 base case is $157.51 per share, with a bull case of $305.33 and bear case of $75.40. The NPV of the base case discounted to today at 10% WACC is $100.66.
How is the Cameco Corp 2030 stock forecast calculated?
The CCJ 2030 projection multiplies projected revenue by a growth-adjusted P/S multiple to derive enterprise value, subtracts projected net debt to get equity value, then divides by diluted shares outstanding accounting for dilution from stock-based compensation and equity raises.
Why does the CCJ price target account for dilution?
Cameco Corp is projected to grow diluted share count from 436M to 436M by 2030 (a 0% increase) through stock-based compensation and capital raises. Ignoring this would inflate the price target by approximately 0%.
What is the analyst consensus on CCJ stock?
23 analysts cover CCJ with an average 12-month price target of $137.86. The 2030 projection extends this framework with longer-horizon assumptions including dilution and time value of money.