CAMECO CORP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data CAMECO CORP files with the SEC in its annual reports.

In CAD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	2,431	2,157	2,092	1,863	1,800	1,475	1,868	2,588	3,136	3,482
Cost of revenue	1,596	1,721	1,796	1,621	1,694	1,473	1,635	2,026	2,353	2,512
Gross profit	463	436	296	242	106	1.93	233	562	783	970
Research and development	4.95	5.66	1.76	6.06	3.97	7.17	12.2	21	36.5	38.5
General and administrative	207	163	142	125	145	128	172	246	253	311
Operating income	-142	-128	70.2	92.4	-78.7	-136	15.1	283	510	618
Interest expense	112	111	112	98.6	96.1	76.6	85.7	116	147	115
Interest income	4.38	5.27	22.1	29.8	10.8	6.8	37.5	112	21.2	23.2
Pre-tax income	-154	-207	39.9	135	-39.5	-104	84.8	487	257	777
Income tax	-94.4	-2.52	-126	61.1	13.7	-1.2	-4.47	126	84.9	188
Net income to minority interests	1.73	0.22	-0.09	-0.06	-0.03	-0.08	-0.12	-0.03	-0.01	-0.04
Net income	-61.6	-205	166	74	-53.2	-103	89.4	361	172	590
EBITDA	230	203	398	368	130	54.2	192	503	791	911
EPS, basic	-0.16	-0.52	0.42	0.19	-0.13	-0.26	0.22	0.83	0.40	1.35
EPS, diluted	-0.16	-0.52	0.42	0.19	-0.13	-0.26	0.22	0.83	0.39	1.35

Balance sheet

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	320	592	712	1,062	918	1,247	1,144	567	600	1,115
Receivables	242	397	402	328	205	276	184	422	347	360
Inventory	1,288	950	468	321	680	410	665	692	827	844
Total current assets	2,042	2,136	2,083	1,807	1,945	2,142	3,322	1,842	1,923	2,639
Property, plant and equipment	4,656	4,192	3,882	3,721	3,772	3,577	3,473	3,369	3,287	3,325
Lease right-of-use assets			0	8.15	6.27	4.16	9.45	10.8	9.33	13
Total assets	8,249	7,779	8,019	7,427	7,581	7,518	8,633	9,934	9,907	10,301
Accounts payable	313	258	225	182	234	340	375	578	619	871
Total current liabilities	469	411	876	277	304	414	561	1,189	1,186	1,070
Total liabilities	2,991	2,919	3,025	2,432	2,622	2,672	2,797	3,840	3,543	3,398
Total debt							997	1,784	1,281	996
Paid-in capital	216	225	235	235	237	230	225	216	211	211
Retained earnings	3,020	2,650	2,791	2,826	2,736	2,640	2,696	2,980	3,099	3,609
Shareholders' equity	5,258	4,859	4,993	4,995	4,958	4,846	5,836	6,094	6,364	6,903
Minority interests	0.16	0.37	0.31	0.24	0.21	0.13	0.01	0	0.03	0.02
Total equity	5,259	4,860	4,994	4,995	4,959	4,846	5,836	6,094	6,364	6,903
Total liabilities and equity	8,249	7,779	8,019	7,427	7,581	7,518	8,633	9,934	9,907	10,301

Cash flow statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-59.9	-205	166	73.9	-53.2	-103	89.3	361	172	590
Depreciation and amortization	372	330	328	276	209	190	177	220	281	293
Cash from operations	312	596	668	527	56.9	458	305	688	905	1,408
Capital expenditures	-217	-114	-55.4	-75.2	-77.5	-98.8	-143	-154	-212	-333
Cash from investing	-218	-93.1	-412	437	-101	-80.3	-1,291	-2,045	-206	-434
Debt issued				0	398	0	0	817
Debt repaid			0	-500	-400	0		0	-1,042	-285
Stock issued	0	0	0	0.08	5.38	26.8	9.63	27.5	16.7	2.17
Dividends paid	-158	-158	-71.2	-31.6	-31.6	-31.8	-51.9	-52.1	-69.6	-104
Cash from financing	-229	-228	-144	-607	-98	-46.8	869	749	-688	-443
Exchange rate effect	-4.13	-3.86	8.22	-6.61	-1.92	-2.15	13.2	31	23.2	-17.6
Net change in cash	-134	275	112	358	-142	331	-117	-608	10.4	532
Free cash flow	95.5	482	612	452	-20.6	360	161	535	694	1,075
Income taxes paid	103	77.2	20.7	18.6	4.37	-9.58	1.52	-70.4	38.5	90.2

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. No valuation: the share price is quoted in a different currency than the statements.

Profitability

Metric	Value	How it is calculated
Gross margin	27.9%	Gross profit / revenue.
Operating margin	17.8%	Operating income / revenue.
EBITDA margin	26.2%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	22.3%	Pre-tax income / revenue.
Net margin	16.9%	Net income / revenue.
FCF margin	30.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	40.4%	Cash from operations / revenue.
Effective tax rate	24.2%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	8.9%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	5.8%	Net income / average total assets.
Return on invested capital (ROIC)	6.8%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	1.1%	Research and development expense / revenue.
Capex / revenue	9.6%	Capital expenditures / revenue.
D&A / revenue	8.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	11.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	23.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	14.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	24.0%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	60.8%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	55.6%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	21.2%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	245.0%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	15.2%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	67.9%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	47.6%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	243.1%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	87.5%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	246.2%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	83.1%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	55.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	66.6%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	90.0%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	55.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	88.3%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	8.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	5.8%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	6.8%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	4.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	6.1%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	6.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.47x	Current assets / current liabilities.
Quick ratio	1.38x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.04x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.14x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	9.7%	Total debt / total assets.
Liabilities / assets	33.0%	Total liabilities / total assets.
Net debt	-CA$118.5M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-0.13x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	5.37x	Operating income / interest expense.
Working capital	CA$1.57B	Current assets - current liabilities.
Tangible book value	CA$6.90B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.34x	Revenue / average total assets.
Fixed asset turnover	1.05x	Revenue / average property, plant and equipment.
Inventory turnover	3.01x	Cost of revenue / average inventory.
Days inventory	121 days	365 x average inventory / cost of revenue.
Receivables turnover	9.85x	Revenue / average receivables.
Days sales outstanding	37 days	365 x average receivables / revenue.
Days payables	108 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	50 days	Days inventory + days sales outstanding - days payables.
FCF conversion	182.4%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	23.6%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	CA$1.35	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	CA$1.35	Net income per basic share, as reported (split-adjusted).
Payout ratio	17.7%	Dividends paid / net income, when net income is positive.
Dividends / FCF	9.7%	Dividends paid / free cash flow, when free cash flow is positive.

What was CAMECO CORP's revenue in fiscal 2025?

CAMECO CORP reported revenue of CA$3.48B for fiscal 2025, 11% higher than the year before.

Was CAMECO CORP profitable in fiscal 2025?

Yes. Net income was CA$589.6M, a net margin of 16.9%.

How much free cash flow did CAMECO CORP generate in fiscal 2025?

Cash from operations of CA$1.41B minus capital expenditures of CA$333.0M left free cash flow of CA$1.08B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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