If you've spent any time following the nuclear energy space or investing in uranium stocks, you've almost certainly come across Cameco (CCJ +0.20%). It's among the world's largest miners of uranium, a key nuclear fuel.
Cameco stock, however, remained relatively flat for several years until the early 2020s due to the lingering effects of the 2011 Fukushima Daiichi disaster, which forced Japan to shut down all 54 of its nuclear reactors and significantly hurt demand for uranium, a key nuclear fuel. Major uranium producers like Kazatomprom and Cameco slashed production, partly to balance the oversupplied market and support uranium prices.
Fast-forward to today, and Cameco stock has delivered blockbuster returns for investors who held on to the stock patiently over the years.
NYSE: CCJ
Key Data Points
Cameco was always a top-quality company with unmatched scale, market leadership, strong financials, and a consistent dividend track record despite the industry's volatility. Yet, even quality companies can underperform if the end markets aren't favorable. Zoom out, and the fundamentals will eventually show up in the stock price, rewarding shareholders.
That's exactly what's happened with Cameco stock, as you'll realize when you evaluate the stock's performance in recent years.
Image source: Getty Images.
What propelled Cameco stock?
Cameco has absolutely crushed the S&P 500 (^GSPC +0.06%) over time, whether you look back one, three, or five years.
| Investment | One-Year Total Return | Three-Year Total Return | Five-Year Total Return |
|---|---|---|---|
| Cameco | 78.3% | 326% | 618% |
| S&P 500 | 17.8% | 88.4% | 101.4% |
Data source: Ycharts.
Between 2021 and 2024, uranium prices more than tripled to over $100 per pound, driven by a deficit after years of underinvestment and low production, as well as geopolitical factors such as the U.S. ban on uranium imports from Russia in 2024.
In between, Cameco made one of its smartest moves in history by acquiring a 49% stake in Westinghouse Electric in November 2023, with Brookfield Renewable Partners buying the remaining stake with its institutional partners. Since Westinghouse designs advanced nuclear reactors and specializes in essential nuclear plant components, as well as maintenance and servicing of reactors, a stake in the company has effectively made Cameco a vertically integrated nuclear energy giant.
That move is paying off handsomely for Cameco. In October 2025, the U.S. government signed a major partnership with Cameco and Brookfield Asset Management to finance and approve new Westinghouse reactors worth at least $80 billion to boost the domestic nuclear energy industry. Cameco shares started to rise soon after President Donald Trump signed executive orders in May outlining ambitious plans to quadruple America's nuclear energy capacity by 2050. The uranium stock has logged over 80% gains in 2025, but there's a lot more to come.
Why Cameco stock could rise much higher in 2026 and beyond
Cameco stock could be unstoppable as the tables have turned. Demand for uranium is expected to outstrip supply as decarbonization and the artificial intelligence (AI) data center boom drive demand for nuclear energy. Cameco sees a massive pent-up demand for uranium from utilities to meet their fuel needs. Cameco's leadership in uranium and nuclear technology, through Westinghouse Electric, makes it a clear beneficiary of the nuclear energy boom.
