Shares of Cameco (CCJ -4.46%), the Canadian uranium mining company, tumbled 3.8% through 12:35 p.m. ET Thursday despite breezing past earnings forecasts this morning.

Analysts forecast Cameco would earn $0.52 per share in Canadian dollars in Q2, but the company actually earned C$0.71 -- more than five times last year's Q2 profit, according to The Fly. Revenue for the quarter was C$877 million.

Image source: Getty Images.

Cameco Q2 earnings

What's wrong with that, you ask? Honestly, I'm at a loss. CEO Tim Gitzel praised the "resilience" of his company's "uranium, fuel services, and" its 49% interest in Westinghouse.

Average selling prices are on the rise, boosting both revenue and profit. Cameco grew its sales 47% year over year, and 5xed its profit -- despite the company's cost of sales rising a bit "due to the costs of the planned annual maintenance shutdown at the Key Lake mill."

Peering ahead, Cameco raised expectations for the rest of 2025, too. Uranium prices are expected to average as much as C$87 per pound this year, up from the prior guess of C$84. Westinghouse profits are improving, too, with adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) being perhaps as high as US$580 million -- 43% better than previously predicted.

Management didn't give clear guidance for this year's earnings, granted, but analysts on average think profits could be as much as $1.01 -- in U.S. dollars.

Is Cameco stock a buy?

But here's the thing: Even assuming Cameco hits that target, with the stock trading for nearly $75 a share today, the company costs nearly 74 times forward earnings, which is very expensive. Granted, analysts have Cameco pegged for a 65% five-year earnings growth rate, and if Cameco achieves that, the stock price not be too much.

But if it falls short... look out below.