Cameco: How a Decade of Nuclear Resurgence Shaped One Investor's Long-Term Wealth

The nuclear energy sector’s transformation over the past decade tells a compelling story through the lens of Cameco Corporation, one of the world’s largest uranium producers. Understanding this company’s trajectory provides valuable insights into why long-term investors view the nuclear industry as a cornerstone of the global energy transition.

The Remarkable Turnaround: From Crisis to Catalyst

Between 2011 and 2020, Cameco shares suffered a devastating 80% decline following Japan’s Fukushima Daiichi nuclear accident in March 2011, which triggered widespread industry stagnation. However, the subsequent years revealed an extraordinary recovery. Since that dark period, the stock has rallied over 750%, transforming what appeared to be a dying industry into one of the most compelling long-term growth stories in the energy sector.

To illustrate the magnitude of this turnaround: an investor who committed $1,000 to Cameco stock a decade ago would be sitting on approximately $11,000 today—an 11-fold return that few observers anticipated when the nuclear industry faced existential questions following Fukushima. This performance underscores how historical perspective shapes investment decisions; what seemed like permanent decline proved to be cyclical opportunity.

The Dual Engines of Growth: Uranium Dominance and Westinghouse Positioning

Cameco’s competitive advantage stems from two primary sources. First, the company operates as one of the planet’s largest uranium mining operations, controlling essential fuel supplies for nuclear reactors worldwide. The company mines, processes, and distributes uranium to utility companies through long-term supply contracts—providing revenue stability even during industry downturns.

More importantly, Cameco’s 2023 strategic acquisition of a 49% ownership stake in Westinghouse Electric Company proved to be exceptionally well-timed. Westinghouse stands as the leading provider of nuclear reactor technology, equipment, and specialized services globally. This move positioned Cameco not merely as a raw material supplier but as a participant in the entire nuclear power value chain.

The strategic brilliance of this acquisition became evident in October 2025, when the U.S. government announced a historic partnership involving Cameco, Brookfield Asset Management, and Westinghouse to construct a new fleet of Westinghouse AP1000 reactors—the most technologically advanced commercially available reactor design—across American territory. The initial commitment exceeds $80 billion, signaling government confidence in nuclear energy’s role in meeting future electricity demands.

The Structural Shift Reshaping Energy Markets

Beyond political alignment, fundamental market dynamics increasingly favor nuclear energy expansion. The rapid deployment of artificial intelligence data centers has shattered a decade of flat electricity demand growth, creating unprecedented power consumption requirements. Simultaneously, decarbonization objectives globally mandate zero-carbon baseload power sources, narrowly pointing to nuclear as the only viable large-scale solution.

These converging forces have created a supply-demand imbalance with profound implications. Cameco’s internal analysis suggests utilities will require over 3 billion pounds of uranium through 2045, with nearly 65% of that demand remaining uncontracted at present. This supply gap is expected to widen materially, potentially driving substantial uranium price appreciation from current 17-month highs.

Strategic Positioning for Long-Term Value

From a historical perspective, Cameco’s dominance in both uranium supply and advanced reactor technology through its Westinghouse stake positions the company uniquely for extended growth. The convergence of energy policy support, physical supply constraints, technological advancement, and secular demand growth creates multiple momentum drivers simultaneously—a rare alignment in commodity-linked industries.

For investors contemplating long-term exposure to the nuclear energy transition, understanding this historical context proves essential. While past performance offers no guarantees of future results, the structural factors supporting nuclear expansion appear materially more compelling than they were during the Fukushima aftermath. The company’s 11x return over a decade demonstrates not luck, but rather recognition of transformational industry trends that were gathering beneath the surface.