Cameco shares closed at $78.60 on Oct. 23, their lowest close since September 2025 and about 42% below the record close of $134.09 on Jan. 28. Long-term uranium prices reached $96.50 a pound at the end of September, above the 2007 peak of $95, but Cameco's realized price was only $67.79 in the second quarter because many contracts were signed earlier. Second-quarter adjusted EPS fell 75% mainly because a Czech reactor project's roughly US$170 million revenue contribution a year earlier did not recur, while deliveries dropped 18%. Cameco still expects 2026 deliveries of 29 million to 32 million pounds, and trades at about 40 times next year's expected earnings versus about 19 times for the S&P 500. The author sees the sell-off as more about interest rates than Cameco itself, but considers the valuation still demanding and suggests accumulating shares in stages around the report.
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