Over the 10 years through 2020, Cameco (CCJ +2.39%) shares crashed 80%. What happened in the years that followed will blow your mind: The nuclear energy stock has rallied over 750% since 2011, becoming a multibagger stock of proportions few may have imagined.
Here's what that means. If you'd invested $1,000 in Cameco 10 years ago, your money would be worth $11,000 today.
That's 11x returns in 10 years from the stock, despite the nuclear energy and uranium industry grinding to a halt for years after the Fukushima Daiichi nuclear accident in March 2011.
Image source: Getty Images.
What's happening with Cameco stock?
Canada-based Cameco is among the world's largest uranium miners, a key fuel for nuclear reactors. It mines, processes, and sells uranium fuel to utilities under long-term contracts. Cameco also owns a 49% stake in Westinghouse Electric Company, a leading supplier of technology, equipment, and services for the nuclear power sector.
Cameco's 2023 acquisition of a stake in Westinghouse, in particular, has proven to be a masterstroke, aligning perfectly with President Donald Trump's aggressive nuclear energy push. In October 2025, the U.S. government entered into a historic partnership with Cameco, Brookfield Asset Management (BAM +0.99%), and Westinghouse to build a new fleet of Westinghouse AP1000 reactors worth at least $80 billion across the U.S. The AP1000 is the most advanced commercially available reactor.
Meanwhile, uranium prices have hit 17-month highs as I write this. It's a win-win for Cameco.
NYSE: CCJ
Key Data Points
Is Cameco stock a good buy now?
The Westinghouse opportunity aside, Cameco believes utilities will require over 3 billion pounds of uranium through 2045, nearly 65% of which still remains uncontracted. The rapid artificial intelligence data center buildout and decarbonization are ending a decade of flat electricity demand and creating a powerful secular tailwind for the nuclear energy industry. The supply gap, meanwhile, is expected to widen, suggesting uranium prices may have significant upside potential.
Cameco's dominance in uranium and nuclear reactor technology makes the stock one of the best bets for the long haul.
