Cameco dividend: payment, coverage and yield
Cameco paid C$0.24 per share in 2025, and its C$2.32 of free cash flow per share was higher, so the dividend was covered by that measure. The cash picture also shows where free cash flow went, what could change the payment and how the yield compares with the share price.
How much does Cameco pay per share over the years shown?
Dividends start at C$0.24 per share, the latest annual amount. The base case raises them gradually to C$0.32 by 2029; the bear case holds them flat; and the bull case reaches C$0.48. The base path follows a dividend that rose without a cut through 2025. It remains slower than the recent increase because 2026 capital spending is guided at C$490–540 million.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Revenue | 3,481,933 | 3,135,772 | 2,587,758 | 1,868,003 | 1,474,984 |
| EPS, diluted | 1.35 | 0.39 | 0.83 | 0.22 | -0.26 |
| Dividend per share | 0.24 | 0.16 | 0.12 | 0.12 | 0.08 |
What this means. The 2022 growth figure is blank because the company did not provide enough information to remove the sales from its newly acquired Cigar Lake interest.
Is Cameco's dividend covered by its cash?
At C$117.30 per share, Cameco’s market value is C$51,088,018 thousand. Cameco’s own free cash flow per share reached C$2.32 in 2025. The free cash flow yield is 2.0%. Production fell from 23.4 million pounds in 2024 to 21.0 million in 2025, while realized price rose from C$79.70 to C$87.00 per pound. Net debt turned into net cash. Dividends were C$0.24 per share in 2025, with no buybacks.
Cameco kept most of its free cash flow, used outside financing for Westinghouse, and then paid down debt as cash generation improved.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Free cash flow | 1,020,032 | 602,784 | 491,277 | 119,395 | 317,800 |
| − Dividends paid | 104,480 | 69,641 | 52,079 | 51,895 | 31,839 |
| − Share buybacks | 0 | 0 | 0 | 0 | 0 |
| = Free cash flow not paid out | 915,552 | 533,143 | 439,198 | 67,500 | 285,961 |
| Paid out, % of free cash flow | 10.2% | 11.6% | 10.6% | 43.5% | 10.0% |
What this means. The 2023 Westinghouse acquisition is included because the company paid cash to buy an ownership stake, even though it does not include Westinghouse's full finances in its own results.
What could change Cameco's dividend?
For 2026, management guides to 19.5–21.5 million pounds of uranium production and 29–32 million pounds of deliveries. The plan includes 8 million pounds of committed purchases and up to 3 million pounds of market purchases. Capital spending is guided to C$490–540 million. Cameco-share adjusted EBITDA at Westinghouse is guided to US$370–430 million, with a net loss of US$10–75 million.
What is Cameco's dividend yield against its share price?
| Today (Oct 15, 2026) | |
|---|---|
| Share price | 117.30 |
| Market value (calculated) | 51,088,018 |
| Free cash flow yield (calculated) | 2.0% |
| Real free cash flow yield (calculated) | 2.0% |
| Dividend yield (calculated) | 0.2% |
What this means. The two price-to-earnings numbers differ because one uses past profit and the other uses expected future profit.