회사 개요
Cameco Corporation operates primarily within the energy sector, specifically focusing on the uranium industry which serves as a critical fuel source for electricity generation. The company's business model involves the comprehensive supply chain of uranium, encompassing exploration, mining, milling, purchasing, and the sale of uranium concentrate to utilities across the Americas, Europe, and Asia. In terms of scale, Cameco possesses a substantial market capitalization of $50.32B and reports an annual revenue (TTM) of $3.48B, although the specific employee count is not disclosed in the provided data. These valuation and revenue figures indicate that Cameco holds a significant position in the global uranium market, reflecting its role as a major supplier essential for meeting the growing global demand for nuclear power.
재무 건전성
The company generated a revenue (TTM) of $3.48B, with a net income (TTM) of $589.58M and an EBITDA of $911.29M. The substantial gap between the $3.48B revenue and the $589.58M net income reveals a cost structure where operating expenses, including cost of goods sold and general administrative costs, absorb approximately 83.1% of top-line revenue before reaching the bottom line. Cameco demonstrates robust financial flexibility with a free cash flow of $479.94M, which provides the liquidity necessary to fund capital expenditures for mine development or acquisitions without relying heavily on external financing. The company's profitability is supported by a gross margin of 36.3%, an operating margin of 13.6%, and a profit margin of 16.9%, where the latter two metrics suggest that after covering direct production costs and operating overheads, the company retains a healthy portion of revenue as net profit. Regarding leverage, the company holds $1.21B in cash against $1.01B in debt, resulting in a debt-to-equity ratio of 14.67, which indicates a balance sheet that is leveraged relative to equity but maintains significant cash reserves to offset obligations. Short-term liquidity is strong as evidenced by a current ratio of 2.47, signifying that current assets are more than twice the value of current liabilities and ensuring the ability to meet short-term obligations comfortably. Management effectiveness is highlighted by a return on equity of 8.9% and a return on assets of 3.6%, showing that the company generates moderate returns on the shareholders' invested capital and utilizes its asset base to produce earnings.
밸류에이션 평가
Valuation metrics for Cameco show a trailing P/E ratio (TTM) of 119.11 compared to a forward P/E of 63.41, implying that the market currently prices in a significant expected increase in earnings growth relative to recent performance. The price-to-book ratio stands at 10.13, indicating that the market values the company at a substantial premium over its tangible book value, likely reflecting the scarcity and strategic importance of its uranium reserves. Alternative valuation metrics such as a price-to-sales ratio of 14.45 and an EV/EBITDA of 55.00 suggest that the stock is priced on high multiples relative to its sales and earnings power, consistent with the cyclical nature of the uranium industry. Regarding price levels, the 52-week high is $135.24 and the 52-week low is $36.01, providing a wide trading range that highlights the asset's volatility over the past year. The beta value of 1.01 indicates that the stock's price volatility moves in line with the broader market, suggesting it does not exhibit significantly higher or lower sensitivity to market fluctuations compared to the general index.
Growth & Income
Cameco recorded a revenue growth (YoY) of 1.5% and an earnings growth (YoY) of 45.3%, demonstrating that earnings are expanding at a rate significantly faster than revenue, which often implies improved operational efficiency or favorable commodity price dynamics impacting profitability. The company offers a dividend yield of 0.1% with a payout ratio of 17.8%, indicating that while it does pay dividends, the payout is quite low relative to its earnings, leaving ample room for retention. Given the low payout ratio and the substantial earnings growth, the company appears to prioritize reinvesting earnings into growth initiatives, such as mine expansion or technological advancements, rather than maximizing immediate dividend returns to shareholders. Overall, the growth and income profile is characterized by high earnings expansion supported by a conservative dividend policy that balances shareholder returns with capital investment needs.