Cameco’s Uranium Revival: How the Nuclear Supercycle Is Repricing Cameco Shares

The quiet workhorse of the nuclear fuel cycle has turned into one of the TSX’s most closely watched momentum trades. Cameco’s share price has been pulled higher by a once?in?a?generation repricing of uranium, and the stock is again testing the kind of levels last seen in the pre?Fukushima era.

Cameco Corporation Aktie: uranium’s new supercycle proxy

One-Year Investment Performance

As of late December 2025, Cameco’s Toronto?listed shares trade around the mid?C$60s, up sharply from roughly the low?C$40s a year ago. That implies a one?year gain in the order of 50–60% for investors who bought in December 2024 and simply held through the volatility. Over the last five trading days the stock has chopped sideways to slightly higher, mirroring a uranium spot price that has paused after a strong autumn rally. The 90?day trend remains decisively higher: Cameco has stair?stepped up from the mid?C$50s, repeatedly buying dips as utilities and financial players continue to chase long?dated uranium supply. On a 52?week basis, the shares are hovering not far below their high, with the year’s low entrenched around the low?C$40s. Anyone who timed an entry near that trough is currently sitting on gains that stretch well beyond 50%.

Recent Catalysts and Market Momentum

The core driver behind Cameco’s resurgence is the structural squeeze in uranium. Spot and term prices have surged as Western utilities rush to diversify away from Russian enrichment and secure supply for a swelling pipeline of life?extension projects and new reactors. Each incremental headline about nuclear’s role in net?zero policy seems to tighten the screws: from U.S. and European plans to keep existing fleets running longer, to a growing list of countries considering small modular reactors as a baseload solution.

Operationally, Cameco has compounded that macro tailwind with a series of production and contracting updates over the past quarter. The company has been ramping output at its flagship Canadian assets while signalling discipline on how fast it will bring additional pounds to market. Recent disclosures pointed to a deeper, higher?priced contract book with utilities, locking in volumes at terms that reflect today’s much stronger uranium fundamentals. That message has resonated with investors who still remember the last boom?and?bust cycle and now see more measured supply behaviour across the industry.

Another subtle but important catalyst has been Cameco’s growing relevance as a quasi?integrated nuclear play following its move into nuclear services alongside partners. In a market hungry for pure?play exposure to the nuclear ecosystem, institutional flows have clustered in a handful of liquid names; Cameco is at the top of that list, and the share price has been behaving accordingly. Over the past 90 days, pullbacks tied to broader risk?off episodes or brief dips in uranium pricing have been shallow and quickly bought, a sign that long?only funds and sector ETFs are still building positions on weakness.

Financial Verdict & Wall Street Ratings

Bay Street’s verdict over the last month has largely validated that bullish tape. Research desks at the major Canadian dealers – including RBC Capital Markets, TD Securities, BMO Capital Markets and Scotiabank – continue to frame Cameco as the sector’s benchmark uranium exposure. In reports published within the past 30 days, RBC and TD have reiterated positive stances, keeping outperform?style recommendations in place and nudging target prices higher to reflect firmer uranium price decks. BMO’s mining team has likewise maintained an above?market rating, highlighting Cameco’s strong balance sheet, improving contract profile and leverage to any further upside in uranium prices. Scotiabank’s coverage remains constructive as well, though with the caveat that valuation is now demanding versus historical multiples and leaves less room for execution missteps. Across the street, the consensus rating remains in the buy/outperform camp, even as analysts acknowledge that the easy money was made by those who stepped in a year ago.

Future Prospects and Strategy

Looking ahead, Cameco’s strategy is calibrated to a market that it believes is only part?way through a structural reset. Management has been clear that it will not flood the market with new supply; instead, it intends to pace production increases in line with long?term contracts, preserving pricing power while avoiding the oversupply that crushed the last cycle. That approach, combined with a deep reserve base in a top?tier jurisdiction, gives Cameco considerable leverage to any incremental upside in uranium demand as more governments lock in nuclear as a pillar of their decarbonisation plans.

For investors, the key debate is no longer whether Cameco has turned the corner – the share price and the contract book already answer that – but how far this cycle can run before new greenfield projects, secondary supplies and policy risk begin to bite. If uranium prices consolidate near current levels and Western utilities continue to prioritise security of supply over spot opportunism, Cameco’s current valuation can arguably be sustained, especially with the prospect of rising free cash flow and potential capital returns. But in a commodity story this tightly bound to geopolitics and policy, bouts of volatility are almost guaranteed. Those who bought in a year ago are sitting on hefty double?digit gains; newcomers now have to balance the appeal of a long?duration nuclear growth story against the reality that Cameco has already priced in a good portion of the uranium renaissance.