Just been looking at uranium plays and honestly, the nuclear renaissance story keeps getting more interesting. With AI power demands and countries actually committing to nuclear capacity now, the uranium spot price has been on quite a run lately.

Cameco caught my attention again after pulling back below $120. The stock was up massive over the past year but this dip could be worth watching.

Here's what makes them stand out: they're the second largest uranium producer globally and own some seriously high-grade assets. Cigar Lake and MacArthur River/Key Lake are genuinely world-class deposits. But it's not just mining—their 49% stake in Westinghouse gives them exposure to the reactor side too. AP 1000s are getting built everywhere right now. China's got 14 under construction, Poland, Bulgaria, Ukraine all ordering them.

The numbers from 2025 are pretty solid. Revenue grew 11% to $3.48 billion, and here's the kicker—earnings per share jumped 246% to $1.35. They beat earnings expectations by 13.6% in the latest quarter. Cash position is strong at $1.2 billion versus $1 billion in debt. Even raised the dividend by 50%.

What's interesting is the uranium spot price environment we're in. Up 32% over the past 12 months while other energy resources have been getting crushed. That's the kind of tailwind you want when you're a uranium producer. And with the U.S. planning to triple nuclear capacity by 2050, demand looks solid.

Westinghouse actually flipped profitable in 2025—went from a $218 million loss to a $58 million profit. That's the kind of turnaround that validates their diversification strategy.

Obviously miners are always at the mercy of commodity prices, but given the uranium spot price momentum and the structural demand story, I don't see that being a major headwind anytime soon. Worth keeping on your radar if you're looking at energy transition plays.