Cameco vs Core Natural Resources
Core Natural Resources is the larger business, with $4.16bn of revenue in fiscal 2025 against $2.49bn for Cameco (1.7 times as much). Core Natural Resources grew faster (86.2% against 8.9%). Cameco kept more of each dollar of sales as profit: a net margin of 16.9% against -3.7%. Core Natural Resources carries less debt relative to equity (12.3% against 14.4%).
| Latest fiscal year | CamecoCCJ, 2025 | Core Natural ResourcesCNR, 2025 |
|---|---|---|
| Revenue | $2.49bn | $4.16bn |
| Revenue growth | 8.9% | 86.2% |
| Net income | $422m | −$153m |
| Operating margin | 17.8% | -4.4% |
| Net margin | 16.9% | -3.7% |
| Return on equity | 8.9% | -5.8% |
| Free cash flow | $770m | $21.2m |
| Cash | $813m | $432m |
| Total debt | $727m | $452m |
| Debt to equity | 14.4% | 12.3% |
| Dividend per share | — | $0.40 |
| Dividend yield | 0.2% | 0.5% |
| Share buybacks | — | $224m |
| Employees | — | 4,850 |
| Market value | $31.71bn | $4.16bn |
| Price vs our value range | Above our value range | Below our value range |
| Moat score | — | 31 (Weak) |
| Insider trades, 12 months | 0 buys, 0 sales | 0 buys, 6 sales |