Munger Mode rating: 2 out of 5 — Sell. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
Written in the first person by Warren and Charlie. All figures drawn from Cameco's SEC filings (Forms 6-K / 40-F), its February 13, 2026 year-end release and quarterly disclosures, the most recent earnings commentary, and the closing market price. Amounts are in Canadian dollars unless we mark them US$. Every so often a business comes across our desk that we want to like more than the arithmetic permits. Cameco is one of those. It owns the finest uranium ore bodies on Earth, it is run by people we'd happily have a steak dinner with, and it sits squarely in the path of one of the genuine secular tailwinds of our age — the world's belated rediscovery that you cannot run data centers, electrify transport, and decarbonize the grid on good intentions alone. Nuclear is back, and Cameco is the premier Western name attached to it. And yet.
Recent filings analysed: 6-K (2026-07-31).
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