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Cameco vs enCore Energy: CCJ and EU compared
Cameco is the larger company: $3.5B of revenue in its latest quarter (FY2025) against $15.7M for enCore Energy (Q2 2026). enCore Energy is growing faster (+328% against +11% a year earlier). Cameco is more profitable, with an operating margin of 17.8% against -187.9%.
Where the money goes: CCJ and EU
Cameco (CCJ) · FY2025
Cameco, FY2025: revenue $3.5B (+11% year over year), operating margin 17.8%, net earnings $590M, operating cash flow $1.4B. The chart follows the revenue to costs, profit and cash.
enCore Energy (EU) · Q2 2026
enCore Energy, Q2 2026: revenue $15.7M (+328% year over year), operating margin -187.9%, net loss $44.6M, operating cash flow −$21.1M. The chart follows the revenue to costs, profit and cash.
| Cameco (CCJ) | enCore Energy (EU) | |
|---|---|---|
| Latest quarter | FY2025 | Q2 2026 |
| Revenue | $3.5B | $15.7M |
| Revenue growth, Y/Y | +11% | +328% |
| Gross margin | 27.9% | — |
| Operating margin | 17.8% | -187.9% |
| Net earnings | $590M | −$44.6M |
| Net margin | 16.9% | -284.2% |
| Operating cash flow | $1.4B | −$21.1M |
| Free cash flow | $1.1B | — |
Questions
Which is bigger, Cameco or enCore Energy?
Cameco is the larger company: $3.5B of revenue in its latest quarter (FY2025) against $15.7M for enCore Energy (Q2 2026).
Is Cameco or enCore Energy growing faster?
enCore Energy is growing faster (+328% against +11% a year earlier).
Which is more profitable, Cameco or enCore Energy?
Cameco is more profitable, with an operating margin of 17.8% against -187.9%.
More: Cameco earnings · how Cameco makes money · enCore Energy earnings · how enCore Energy makes money
From the companies' latest 10-Q, 10-K or earnings release (40-F filed Mar 19, 2026; 10-Q filed Aug 13, 2026). Fiscal quarters can end on different dates. Not investment advice.