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Random freezes, missing sound and display glitches usually trace back to one bad driver. Find and replace yours safely.Free scan · under a minuteCompare Cameco with other uranium stocks by looking past headline production: check each company’s attributable mine output, sales and contracts, comparable costs, operating risks, and non-mining businesses. Cameco also earns from fuel services and its Westinghouse interest, so it is not a pure-play uranium miner. The figures available here do not establish which stock is cheapest or best; valuation requires market data collected on the same date.
What makes Cameco different from a pure-play uranium producer?
Cameco’s results combine uranium mining and sales with fuel services and its interest in Westinghouse. In its 2025 annual report, Cameco recorded 14.0 million kgU of fuel-services production, including 11.2 million kgU of UF₆. It also reported that Westinghouse net earnings increased by $276 million versus 2024. These businesses can make Cameco’s earnings respond differently from those of a miner whose business is more concentrated in uranium production and sales. Cameco 2025 Annual Report
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Before comparing stocks, map each company’s earnings sources: mined uranium, purchased or marketed material, conversion and fuel services, and other businesses. Also check whether the company’s production figure reflects its own attributable share or total output from a mine or joint venture. The distinction affects how much production belongs economically to the listed company.
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Production is not the same as sales. Cameco’s 2025 figures show why the measures need to be kept separate: its attributable uranium production was 21.0 million pounds, it delivered 33.0 million pounds, and it held 9.7 million pounds of inventory at year-end. Cameco also purchased uranium, so deliveries should not be treated as mined output. The annual report covers the year ended December 31, 2025, and was published February 13, 2026. Cameco 2025 Annual Report
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| Measure | Cameco, FY2025 | What it tells you |
|---|---|---|
| Attributable uranium production | 21.0 million pounds | The company’s reported share of uranium produced, not necessarily total output at its operating sites. |
| Uranium delivered | 33.0 million pounds | Material supplied to customers during the year; it can include purchased uranium as well as mined production. |
| Year-end uranium inventory | 9.7 million pounds | Inventory held at the reporting date, rather than an annual production or delivery flow. |
When reading another producer’s report, check whether production is reported on a 100% site basis, an attributable basis, or both. Also look for material received from joint ventures and third-party purchases. Comparing unlike figures can make a company appear larger or more productive than its economic share supports.
How do contracts affect sales and realized prices?
A producer’s contract book helps determine when material must be delivered and how much revenue tracks spot prices. Cameco reported about 230 million pounds of long-term uranium commitments remaining after completing its 2025 deliveries, with an average annual delivery volume of about 28 million pounds over the following five years. These are commitments, not a production forecast: compare them with expected supply, inventory, and any planned purchases. Cameco 2025 Annual Report
Kazatomprom describes its sales portfolio as combining spot-linked long-term contracts with some fixed-price components and ceilings. That mix can create a different path from spot-market prices to realized sales prices. For each company, look for contract volumes, delivery schedules, pricing formulas, and the share of sales exposed to spot prices. Kazatomprom cautions that quarterly production and sales patterns can vary with customer delivery timing. Kazatomprom 1H 2025 Results and 2026 Production Strategy
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How can you compare costs without misleading yourself?
Use like-for-like cost measures and reporting periods. Kazatomprom reported attributable C1 cash cost of USD 17.86 per pound and attributable AISC of USD 30.81 per pound for the six months ended June 30, 2025. These are half-year figures, not full-year costs. They should not be compared directly with a peer’s number until you have matched the metric definition, currency, period, ownership basis, royalties and taxes, and treatment of sustaining capital. Kazatomprom 1H 2025 Results and 2026 Production Strategy
Cash cost and AISC answer different questions. A cash-cost measure focuses on operating costs as defined by the company; AISC generally adds sustaining costs, but company definitions still need to be checked. Mining method also matters: in-situ recovery (ISR) and conventional mines have different operating systems, so a single cost number does not by itself establish which business is more resilient or profitable over time.
For a usable comparison, build a table from the companies’ disclosures and include the exact period, currency, attributable or site basis, and definition beside every number. If any of those do not match, show the figures separately rather than presenting them as an apples-to-apples ranking.
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What operating and jurisdiction risks should you check?
Production depends on more than a mine’s stated capacity. Review asset reliability, recovery rates, maintenance, ramp-up plans, reserves and resources, remaining mine life, input availability, transport, permits, tax, joint-venture control, currency exposure, and export policy. A low reported cost in one period does not establish that output will be reliable or that future capital needs will be low.
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1Fix the driver behind crashes, sound loss and screen glitches2Repair Windows errors before they cause bigger problems3Scan for outdated or missing drivers - takes under a minuteInput and tax risks can affect costs and supply. Cameco described sulphuric-acid delivery instability at Inkai in its 2024 annual report and said operations resumed on January 23, 2025, after a temporary pause. Kazatomprom cited sulphuric-acid costs and Kazakhstan’s mineral extraction tax among factors behind higher cash costs. These are dated disclosures, not evidence that the same conditions persist today. Cameco 2024 Annual Report Kazatomprom 1H 2025 Results and 2026 Production Strategy
Kazatomprom said it accounted for approximately 20% of global primary uranium production in 2025. That is a measure of scale, not a direct comparison of its stock’s valuation, earnings quality, or production costs with Cameco’s. Kazatomprom 2025 Full-Year Results
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How do you move from operating comparison to stock comparison?
Once the operating picture is clear, compare financial resilience and valuation using data captured on the same date. Review liquidity, debt, capital spending commitments, share count and dilution, then calculate valuation measures using consistent market prices and enterprise values. Neither the operating figures above nor a single production or cost number establishes which stock is cheaper or more attractive.
Keep the comparison tied to the question you are asking. A company with more diversified earnings may be less directly exposed to uranium prices; a producer with a larger attributable output may still have different contract obligations, costs, or operating risks. Choose the measures that match your investment thesis rather than collapsing them into one score.
Why a uranium seller list is not a producer ranking
The U.S. Energy Information Administration’s Form EIA-858 Table 24 lists companies that sold uranium to U.S. civilian reactor owners and operators during 2023–2025. The list includes Cameco, Kazatomprom, Paladin Energy, Orano, and Energy Fuels, among others. Seller status shows participation in that market; it does not establish comparable mine production, business purity, or equity exposure to uranium prices. U.S. EIA Uranium Marketing Annual Report, Table 24
Use such a list to identify participants in the supply chain, then return to each company’s own filings for attributable production, sales composition, contracts, costs, assets, and financial position. Do not treat a list of sellers as a ranking of uranium producers or stocks.
A practical checklist for comparing two uranium stocks
- Map the business mix. Separate uranium mining from purchased or marketed material, conversion, fuel services, and other earnings.
- Normalize production. Identify the reporting period and distinguish attributable output from 100%-basis site production, joint-venture output, and purchases.
- Reconcile sales and supply. Compare deliveries, inventory, contract commitments, and expected production without treating any one as a substitute for another.
- Match cost disclosures. Align metric definitions, period, currency, ownership basis, taxes and royalties, and sustaining-capital treatment.
- Assess durability. Examine asset reliability, maintenance, mine life, input and logistics risks, jurisdiction, and capital needs.
- Compare the securities. Use same-date market prices and enterprise values alongside liquidity, debt, capex, and share-count data.
Keep the date and basis attached to each figure. If a company reports interim costs while a peer reports annual costs, or one reports attributable output while another reports total site output, the difference is a reason to qualify the comparison—not to declare a winner.
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