Cameco Corp (CCJ · NYSE)

Cameco shares have fallen 15.3% over the past month to $85.18, leaving the stock 36.5% below its 52-week high and deeply oversold (RSI 27), after a Q2 earnings miss ($0.13 reported vs. $0.26 estimated) and a temporary suspension at its Cigar Lake uranium mine. The quarter showed net income of $25.2M, down 92.1% year over year, with free cash flow of just $3.1M as operating cash flow of $109.6M was nearly consumed by $106.5M in capex. The balance sheet remains solid — $1.11B in cash against $1.01B in total debt and a 3.06 current ratio — but the valuation is demanding at 149x trailing earnings and 65.6x EV/EBITDA. Sector newsflow was mixed, with uranium miners underperforming power generators while a non-binding U.S.–Korea framework acknowledged by Cameco contemplates up to eight Westinghouse reactors in the U.S.