If a Canadian inventory can “rule all of them” in 2026, it often sits on the intersection of a strong theme and real-world numbers. Traders ought to search for three issues: demand that retains getting larger, provide that may’t ramp quick sufficient, and an organization that owns hard-to-replace belongings. You additionally need the Canadian inventory to already present momentum, however not a lot hype that one weak quarter wrecks the story. Most of all, you desire a enterprise that may flip the theme into money, not simply headlines. So let’s take a look at one knocking these all down.
CCO
Cameco (TSX:CCO) sits proper in the midst of the nuclear comeback. It produces uranium, runs gas companies, and it additionally owns a serious stake in Westinghouse. This provides it publicity past mining into reactors and long-life companies. That issues because the nuclear theme has moved previous “possibly sometime.” Utilities, governments, and data-centre demand maintain pushing for dependable base load energy, and uranium provide nonetheless seems to be tight.
The Canadian inventory has acted just like the market believes it. Over the previous month, shares are up about 33% at writing, and the past-year return sits across the 108%! That type of transfer can really feel unreal, nevertheless it additionally tells you one thing easy. Traders have began paying up for uranium leverage and the Westinghouse angle on the identical time.
Even with that run, Cameco nonetheless trades like a “story inventory” within the sense that sentiment swings shortly. A quick transfer can pull in momentum consumers, and that may make pullbacks sharper than individuals count on. It additionally means it’s important to separate the long-term thesis from the quarter-to-quarter noise. When the uranium tape turns moody, Cameco can wobble, even when the basics keep intact. That’s why it’s essential to take a look at the numbers behind the noise.
Into earnings
The newest earnings print exhibits each the chance and the messiness. Within the third quarter of 2025, Cameco posted income of $615 million, down 15% 12 months over 12 months, and it reported a small internet loss attributable to fairness holders of $7 million, or down $0.02 per share. That headline can scare individuals, however the Canadian inventory additionally reported adjusted internet earnings of $32 million and adjusted earnings earlier than curiosity, taxes, depreciation and amortization (EBITDA) of $310 million. That is the cleaner view administration factors to for operations.
The phase particulars clarify why the market retains leaning in. In uranium, third-quarter earnings earlier than taxes got here in at $172 million and adjusted EBITDA hit $220 million, although gross sales volumes ran decrease than the 12 months earlier than. Briefly, Cameco can nonetheless earn effectively when it delivers much less quantity, as pricing and contract construction matter rather a lot on this enterprise. It additionally retains a versatile provide toolkit, mixing manufacturing, stock, product loans, and purchases to fulfill commitments.
Then there’s Westinghouse, which is a giant motive individuals maintain speaking about 2026. In Q3 2025, Westinghouse reported a internet lack of $32 million on its Cameco share, however Cameco’s share of Westinghouse adjusted EBITDA nonetheless got here in at $124 million. Extra importantly, Cameco and Brookfield’s partnership with the U.S. authorities goals to speed up Westinghouse reactor deployment with an mixture funding worth of at the least US$80 billion. That’s not a short-term income flip, however it may possibly construct an extended runway of companies, gas demand, and “years not quarters” visibility.
Backside line
Cameco seems to be like a strong “rule all of them” candidate for 2026 because it offers buyers a number of methods to win from the nuclear surge. Uranium fundamentals look supportive into 2026 as provide stays constrained and demand grows, and Cameco additionally will get a second engine via Westinghouse as governments lean into new construct and power safety. The Canadian inventory can completely swing, and the valuation can chunk if sentiment cools. But as a single-name option to experience a worldwide nuclear buildout, Cameco has a case that feels larger than a one-year commerce.
