Energy Fuels Inc. UUUU and Cameco Corporation CCJ are the leading players in the uranium space, positioned to benefit from a strengthening global nuclear energy cycle.
With nuclear power gaining traction as a reliable, low-carbon energy source, uranium demand fundamentals remain favorable. For investors seeking exposure to the sector, comparing Energy Fuels and Cameco’s operations, growth outlook and risk profiles will help determine which stock is the more attractive investment opportunity.
The Case for UUUU
Energy Fuels has produced nearly two-thirds of all uranium in the United States since 2017 and continues to scale uranium production while developing rare earth element (REE) capabilities, backed by its debt-free balance sheet.
UUUU’s first-quarter 2026 revenues surged 112% year over year to $35.8 million, driven by uranium sales. Costs applicable to revenues rose 18.5% due to higher uranium sales volumes and elevated production costs. Exploration, development and processing expenses climbed 24% year over year on increased activity at the White Mesa Mill and the Bahia Project. Standby costs jumped 79% as the company advanced permitting and development work at the Roca Honda Project. Selling, general and administrative expenses increased 8% due to higher headcount and compensation costs.
Despite higher costs, stronger uranium revenues and higher other income helped narrow the quarterly loss to four cents per share from 13 cents a year ago.
UUUU expects to mine 2-2.5 million pounds of uranium in 2026 and process between 1.5 million and 2.5 million pounds of finished uranium. Management recently indicated that White Mesa Mill had processed approximately 1.6 million pounds during the first half of the year, already exceeding the lower end of its full-year guidance.
The company commenced processing low-cost Pinyon Plain mine ores in the fourth quarter of 2025. This is expected to result in costs of goods sold declining to the $30-$40 per pound range during the remainder of 2026 and boosting its margins.
Energy Fuels plans to sell 1.5-2 million pounds of uranium in 2026 under existing contracts and spot market sales. It currently has six uranium supply contracts with U.S. nuclear utilities covering deliveries from 2026 to 2032, with 3.36 million pounds of committed base sales and potential total deliveries ranging from 2.92 million to 4.88 million pounds, depending on customer options.
Energy Fuels’ growth is supported by standby projects like Nichols Ranch ISR and Whirlwind, which could collectively add up to 500,000 pounds of annual uranium output within six-12 months of a “go” decision. Other major projects, including Roca Honda, Bullfrog and Sheep Mountain, collectively contain nearly 70 million pounds of uranium resources.
Energy Fuels is also making significant progress in rare earths. During the first quarter, the company announced successful pilot-scale production of high-purity terbium oxide at the White Mesa Mill, the first U.S. primary production of this critical heavy REE in decades. Its proposed acquisition of Australian Strategic Materials is expected to strengthen its position as a fully integrated rare earth “mine-to-metal and alloy” producer outside China. UUUU outlined expansion plans for the White Mesa Mill to boost total NdPr production capacity from the current level of 1,000 tons per annum (tpa) to approximately 6,229 tpa, in addition to roughly 80 tpa of terbium and 288 tpa of dysprosium.
The company recently secured a conditional commitment for up to $725 million in financing from the U.S. Office of Strategic Capital that will support the expansion of critical mineral processing capabilities at its White Mesa Mill in Utah and the development of a rare earth metals and alloys manufacturing facility. Energy Fuels has also announced the planned acquisition of VAC Group, which would strengthen its downstream magnet manufacturing capabilities.
The Case for CCJ
Cameco remains one of the largest and most established uranium producers globally. Its tier-one mining and milling operations are capable of producing more than 30 million pounds of uranium concentrates annually (its share). Cameco accounted for 15% of global uranium production in 2025.
Beyond mining, the company has a diversified presence across the nuclear fuel cycle, including refining, conversion and fuel services. Its strategic stakes in Westinghouse and Global Laser Enrichment add long-term optionality tied to reactor deployment and enrichment technologies.In the first quarter of 2026, Cameco’s total revenues were up 7% to CAD 845 million ($616 million), supported by stronger uranium segment performance that offset weaker fuel services revenues. Adjusted earnings surged 194% year over year to CAD 0.47 (34 cents) per share, attributed to higher revenues and stronger equity earnings from its 49% interest in Westinghouse Electric Company.
For 2026, CCJ expects attributable uranium production from McArthur River mine/Key Lake and Cigar Lake to range between 19.5 million and 21.5 million pounds compared with 21 million pounds of uranium in 2025. Cameco recently increased its ownership in Cigar Lake to 57.418% and is expected to update its attributable production outlook accordingly.
Earlier this year, flooding in northern Saskatchewan led to the suspension of operations at the Key Lake mill and McArthur River. Production resumed after alternative supply routes were established and the impact was not material to the company’s guidance. Recently, Cameco temporarily halted mining at Cigar Lake because of operational issues at the McClean Lake mill, where the ore is processed. While management does not currently expect any impact on 2026 guidance, a prolonged outage could require a reassessment.
For 2026, uranium deliveries are targeted at 29-32 million pounds, lower than the 33-million pounds delivered in 2025. Based on an average realized price of CAD 85.00-89.00 per pound, uranium revenues are projected at CAD 2.54-2.73 billion for 2026, suggesting a 7% year-over-year decline at the midpoint. For the fuel services segment, CCJ guides uranium hexafluoride production between 13 million and 14 million kgUs, and fuel services revenues at CAD 590-630 million. Overall, Cameco guides total 2026 revenues of CAD 3.13-3.37 billion, with the mid-point indicating a 7% year-over-year decline.
Despite softer near-term guidance, Cameco enjoys excellent contract visibility. As of March 31, 2026, Cameco had secured contracts requiring average annual uranium deliveries of more than 28 million pounds per year over the next five years. The company also has sale contracts for roughly 83 million kilograms of UF6 conversion to 33 customers.
Cameco is investing to expand production and capture favorable market conditions, including extending Cigar Lake’s mine life to 2036 and ramping up output at McArthur River and Key Lake toward their licensed annual capacity of 25 million pounds (100% basis).
Cameco could also benefit indirectly from the U.S. Department of Energy’s conditional commitment of up to $17.5 billion for domestic nuclear reactor projects, given its 49% ownership stake in Westinghouse.
How do Estimates Compare for Energy Fuels & Cameco?
The Zacks Consensus Estimate for Energy Fuel’s 2026 revenues indicates a year-over-year surge of 117%. The company is expected to incur a loss of 14 cents per share in 2026, suggesting a narrower loss than the 38 cents reported in 2025. The Zacks Consensus Estimate for UUUU’s revenues for 2027 indicates a year-over-year gain of 57% to around $225 million. Earnings estimates for 2027 are pegged at nine cents per share, indicating a turnaround performance.
The Zacks Consensus Estimate for Cameco’s 2026 revenues implies a year-over-year decline of 4.1%. The consensus mark for earnings of $1.20 per share indicates year-over-year growth of 16.5%. The Zacks Consensus Estimate for Cameco’s 2027 revenues suggests year-over-year growth of 12.7%, with EPS expected to rise 61.7% to $1.94 per share.
Earnings estimates for 2026 for UUUU have remained unchanged over the past 60 days, while those for 2027 have moved up. Earnings estimates for 2026 for CCJ have moved down over the past 60 days, while those for 2027 have moved up.
UUUU & CCJ: Price Performance & Valuation
Energy Fuels’ stock has appreciated 68.2% in the past year, outperforming Cameco’s 19% gain.
Energy Fuels is trading at a forward price-to-sales multiple of 17.47X, while Cameco’s forward sales multiple sits at 15.39X.
Conclusion
Energy Fuels offers a compelling combination of accelerating uranium production, improving cost economics and an expanding rare earth business that broadens its long-term growth potential. Cameco offers scale, stability and deep integration across the nuclear fuel cycle and long-term contract visibility. However, its near-term outlook is tempered by softer revenue guidance and operational disruptions.
Energy Fuels presents the stronger case despite its higher valuation, supported by improving fundamentals and diversification. Energy Fuels currently carries a Zacks Rank #2 (Buy), while Cameco has a Zacks Rank #3 (Hold).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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