Overview
- Cameco estimates global uranium demand will outstrip supply around 2030, with a much wider gap roughly 15 years later.
- Shares are up about 40% over one year, 240% over three years, and more than 750% over five years, placing the stock near 30‑year highs.
- The company operates largely in politically stable regions and relies on multi‑year supply agreements that can temper near‑term upside.
- Uranium prices have climbed since a 2016 low as buyers seek secure supply in a market that cannot ramp output quickly.
- The report notes that commodity‑cycle forces drive higher capital spending and eventual supply response, which could challenge today’s valuation.