CCJCameco Corporation
Is the business good?
The checks split: nothing decisive, though earnings fully cash-backed (3.0×).
Operating profit is fully backed by cash. Conversion is improving vs a year ago.
Margins have held roughly steady, a stable cost structure.
Margin-driven, fat margins on slower asset turns. ROE 9% = margin × turnover × leverage.
Unless marked, from derived.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is CCJ?
Cameco Corporation earns 7.2% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
Return on invested capital · cost of capital 9.0% · 1.8 points below what the capital costs: growth destroys value
- Operating margin
- 18%
Operating margin · Uranium median −155% · fiscal year to FY2025
- Cash conversion
- 3.00×
Cash conversion · 2.65× a year ago · operating cash flow covers the operating profit after tax
- Share count, year on year
- −0.09%
Share count, year on year · flat: no meaningful dilution
| Year | Operating margin |
|---|---|
| FY2020 | −4.4% |
| FY2021 | −9.2% |
| FY2022 | 0.81% |
| FY2023 | 11% |
| FY2024 | 16% |
| FY2025 | 18% |
Details›
- Gross marginfiscal year to FY2025
- 28%
- Operating marginfiscal year to FY2025
- 18%
- Net marginfiscal year to FY2025
- 17%
- Free cash flow margin
- 31%
- R&D as % of revenue
- 1.1%
- Revenue, trailing twelve months
- $3.48B
- Free cash flow, trailing twelve months
- $1.08B
- Net income, trailing twelve months
- $590M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 7.2%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.