Cameco's 10-Year Return and the Case for Nuclear Energy as a High-Conviction Long-Term Play

In the decade spanning 2015 to 2025, a $100 investment in Cameco Corporation (CCJ) would have delivered a staggering compounding return, reflecting both the volatility of the uranium sector and the transformative macro forces reshaping nuclear energy. By analyzing the interplay of stock price performance, uranium price trends, and U.S. policy shifts, this article builds a compelling case for nuclear energy as a high-conviction long-term investment.

The Compounding Power of a $100 Investment in CCJ

To quantify the 10-year return, we begin with the stock price of CCJ on January 1, 2015. Historical data indicates that the stock opened the year at $14.6195 according to data, a figure derived from annual averages and year-end closes. By December 18, 2025, CCJ closed at $87.58, representing a 599% gain over the 10-year period. A $100 investment in 2015 would have grown to approximately $599 by late 2025, assuming no dividends or reinvestment. This equates to an annualized return of roughly 19.9%, underscoring the compounding potential of a concentrated bet on nuclear energy.

While the exact stock price on December 31, 2025, remains unlisted in available sources, the trajectory of CCJ's performance-peaked at $110.16 in October 2025-suggests that the final return could have been even more robust. This volatility, however, is emblematic of the uranium sector's cyclical nature, which is heavily influenced by geopolitical and regulatory dynamics.

Uranium Price Trends: A Decade of Resurgence

The surge in CCJ's stock price mirrors the trajectory of uranium prices, which rose from $37.00 per pound in January 2015 to an average of $65.68 in 2025 according to data. This 77% increase reflects a global shift toward nuclear energy as a clean, reliable power source. The 52-week high of $110.16 in 2025 according to data further highlights the sector's potential amid growing demand for decarbonization and energy security.

This price rebound is not merely speculative. It is underpinned by a structural imbalance between supply and demand. As of 2025, global uranium reserves are being depleted faster than new mines can be developed, while nuclear power's role in achieving net-zero targets has gained bipartisan support.

U.S. Policy: A Catalyst for the Nuclear Renaissance

The U.S. government's aggressive policy interventions have been pivotal in reshaping the nuclear energy landscape. In May 2025, President Trump issued executive orders aimed at reinvigorating the nuclear industrial base, including a mandate to increase nuclear capacity from 100 gigawatts to 400 gigawatts by 2050 according to policy documents. These orders were motivated by a critical vulnerability: the U.S. had become overly reliant on foreign uranium, particularly from Russia, exposing its energy infrastructure to geopolitical risks.

To address this, the administration leveraged the Defense Production Act to secure voluntary agreements with domestic nuclear firms, accelerating uranium enrichment capabilities. In February 2025, the U.S. even declared a national energy emergency, emphasizing the urgency of diversifying its energy supply chain. These measures have not only bolstered Cameco's market position but also signaled a long-term commitment to reestablishing the U.S. as a leader in nuclear technology.

Risks and Volatility: A Double-Edged Sword

While the investment case for CCJ is compelling, it is not without risks. Uranium prices and CCJ's stock have historically been volatile, as evidenced by the 23% decline in CCJ's stock price in 2015. Investors must also contend with regulatory uncertainties, such as potential delays in reactor licensing or shifts in energy policy under future administrations. However, the current policy momentum-driven by national security and climate imperatives-suggests that these risks are being actively mitigated.

Conclusion: A Strategic Bet on the Future of Energy

Cameco's 10-year return is more than a stock market success story; it is a microcosm of the broader nuclear renaissance. As uranium prices climb and U.S. policy aligns with global decarbonization goals, the compounding power of a $100 investment in CCJ demonstrates the sector's potential to deliver outsized returns. For investors with a long-term horizon, nuclear energy infrastructure-anchored by companies like Cameco-offers a rare combination of macro tailwinds, geopolitical relevance, and technological inevitability.

In an era of energy transition, the question is not whether nuclear energy will matter-it already does. The question is whether investors are positioned to capitalize on its resurgence.