Just caught Cameco stock dipping below $120 and honestly, this looks like a solid entry point for the nuclear play.

Here's the thing about Cameco. The company mines and refines uranium for nuclear reactors globally, but it's way more than just a uranium miner. They're the second largest producer worldwide, and their assets are legitimately world-class. Cigar Lake is one of the highest-grade uranium mines on the planet, and MacArthur River/Key Lake is the largest high-grade operation. These aren't just random deposits.

What makes Cameco interesting though is they've got their hands in the entire nuclear fuel cycle. They own 49% of Westinghouse, which manufactures the AP 1000 reactor (the most advanced commercial reactor available) and is developing the AP 300, a small modular reactor. So they're not just selling uranium, they're positioned to benefit when countries actually build new reactors.

The uranium spot price has been on a tear. Up 32% over the past year while most other energy commodities are getting hammered. That's the backdrop here.

Looking at their 2025 numbers, Cameco delivered solid results. Revenue grew 11% to $3.48 billion, earnings per share jumped 246% to $1.35, and they're sitting on $1.2 billion in cash against $1 billion in debt. They even raised their dividend 50% versus 2024. More importantly, Westinghouse finally turned profitable after years of losses, going from a $218 million loss to a $58 million profit.

The geopolitics are working in their favor too. The Trump administration carved out Canadian uranium at 10% tariffs versus 25% for other countries, and struck an $80 billion deal to purchase AP 1000 reactors. Meanwhile, China's building 14 AP 1000s, Poland has contracts for three, Bulgaria two, Ukraine nine, and India six. The global nuclear renaissance is real.

Cameco's up 128% over the past year but just pulled back. If you believe the uranium spot price stays elevated and nuclear capacity expansion continues (which seems pretty likely given AI power demands and green energy push), this dip might be worth looking at. Just remember they're still subject to commodity price swings like any miner.