Cameco Corp key statistics and ratios

In fiscal 2025, Cameco Corp had return on equity of 8.9%, an operating margin of 17.8%, debt equal to 14.4% of equity and a current ratio of 2.47. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Cameco Corp: financial ratios, annual
Fiscal year	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Gross margin	19.1%	20.2%	14.1%	13.0%	5.9%	0.1%	12.5%	21.7%	25.0%	27.9%
Operating margin	−5.8%	−5.9%	3.4%	5.0%	−4.4%	−9.2%	0.8%	10.9%	16.3%	17.8%
Net margin	−2.5%	−9.5%	8.0%	4.0%	−3.0%	−7.0%	4.8%	13.9%	5.5%	16.9%
Free-cash-flow margin	3.9%	22.3%	29.3%	24.3%	−1.1%	24.4%	8.6%	20.7%	22.1%	30.9%
Return on equity	−1.2%	−4.1%	3.4%	1.5%	−1.0%	−2.1%	1.7%	6.0%	2.8%	8.9%
Return on assets	−0.8%	−2.6%	2.1%	1.0%	−0.7%	−1.4%	1.1%	3.8%	1.7%	5.9%
Asset turnover	0.30	0.27	0.27	0.24	0.23	0.20	0.23	0.28	0.32	0.35
Current ratio	4.35	5.20	2.38	6.51	6.40	5.18	5.92	1.55	1.62	2.47
Debt to equity	28.4%	30.8%	30.0%	20.0%	20.1%	20.6%	17.1%	29.3%	20.1%	14.4%
Interest cover (operating income ÷ interest)	n/m	n/m	1.0x	1.5x	n/m	n/m	0.4x	5.5x	6.0x	11.8x
Effective tax rate	—	—	—	45.2%	—	—	−5.3%	25.9%	33.1%	24.2%
R&D as % of revenue	0.2%	0.3%	0.1%	0.3%	0.2%	0.5%	0.7%	0.8%	1.2%	1.1%
Capital spending as % of revenue	8.9%	5.3%	2.6%	4.0%	4.3%	6.7%	7.7%	5.9%	6.7%	9.6%
Free cash flow ÷ net income	—	—	368.1%	610.6%	—	—	180.3%	148.1%	403.6%	182.4%
Dividends ÷ net income	—	—	42.8%	42.7%	—	—	58.1%	14.4%	40.5%	17.7%
Dividends and buybacks ÷ free cash flow	165.8%	32.8%	11.6%	7.0%	—	8.9%	32.2%	9.7%	10.0%	9.7%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

6 of 6 checks passed · December 31, 2025

What it owns · $7.5bn

Short-term assets $1.9bnLonger-term assets $5.6bn

What it owes, and who funded it · $5.8bn

Short-term liabilities $780mShareholders' equity $5.0bn

Short-term assets cover short-term liabilities $1.9bn of assets due within a year against $780m of liabilities due within a year.
Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
More cash than debt $813m of cash against $727m of debt.
Debt below 40% of shareholders' equity Debt is 14% of equity.
Debt burden no higher than five years ago Debt to equity moved from 20% to 14% over five years.
A year's operating cash flow covers at least 20% of debt $1.0bn of operating cash flow against $727m of debt.
Operating profit covers interest at least five times over Operating income of $443m against $37m of interest.

From Cameco Corp's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Cameco Corp's SEC filings (10-K and 10-Q), retrieved November 2, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Cameco Corp.