CCJ vs DNN: How Cameco and Denison Mines Compare (2026)

Same yardstick, side by side (as of August 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. CCJ and DNN share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined CCJ and DNN exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

Cameco (CCJ) is one of the world's largest publicly traded uranium producers and a major supplier of nuclear fuel. Based in Saskatchewan, Canada, it mines uranium from some of the highest-grade deposits in the world, including the Cigar Lake and McArthur River operations, and sells uranium concentrate (U3O8) to utilities that run nuclear power plants. Beyond mining, Cameco participates across the nuclear fuel cycle through refining, conversion, and fuel-fabrication activities, and it holds a significant interest in Westinghouse, a leading provider of nuclear reactor technology and services, acquired alongside Brookfield. Cameco's revenue is tied to long-term contracts with utilities and to uranium spot and contract prices, which are driven by global nuclear power demand, supply discipline, and the broader case for clean, baseload electricity. It trades on the New York Stock Exchange and the Toronto Stock Exchange.

Full CCJ guide

Denison Mines (DNN) is a uranium exploration and development company focused on Canada's Athabasca Basin, one of the highest-grade uranium districts in the world. Its flagship asset is the Wheeler River project, where it is advancing the Phoenix deposit using in-situ recovery (ISR), a lower-cost mining method that pumps solution underground to dissolve and recover uranium rather than digging conventional shafts. Denison also holds interests in other Athabasca properties, a stake in the McClean Lake uranium mill, and a physical uranium holding that gives it direct exposure to the metal's spot price. The company is pre-production at its key project, so it generates little or no operating revenue and is best understood as a development-stage, leveraged play on uranium prices and on bringing Wheeler River into production. Founded decades ago and headquartered in Canada, Denison is a speculative, higher-risk way to gain exposure to the nuclear-fuel cycle.

Full DNN guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• CCJ drivers: Nuclear demand and the clean-energy case; Uranium supply discipline and pricing.
• DNN drivers: Leverage to the uranium price; High-grade Athabasca Basin assets.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: Cameco's results are tied to volatile uranium prices and to global nuclear power sentiment, which can swing on policy and on high-profile events. For DNN, denison is pre-production and generates little or no operating revenue, so it depends on financing, permitting, and successful project execution.

Pick CCJ if you believe its drivers more; DNN if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the CCJ and DNN guides.

CCJ. Cameco often trades on a high or volatile price-to-earnings multiple because its earnings swing with uranium prices and reflect the Westinghouse investment. Investors typically value it on the long-term uranium demand and supply outlook and on its contracted sales book rather than on a single year of earnings. All figures are approximate and move with uranium prices and the share price; verify current numbers before relying on them.

DNN. Denison is valued on the potential of its development assets, its physical uranium holding, and the uranium price outlook rather than on current earnings, which it largely does not have. Standard multiples like P/E are not meaningful for a pre-production company. The stock trades as a high-beta proxy for uranium sentiment and project milestones, and reported net income can swing on mark-to-market changes in its uranium holding. Figures are approximate; verify current numbers and project status before relying on them.

Headline figures (approximate, early 2026): CCJ shows revenue (ttm) ~$2-3 billion (approximate, verify), primary product Uranium concentrate (U3O8), key assets Cigar Lake, McArthur River; ~49% Westinghouse stake (verify), p/e (ttm) Elevated and volatile (commodity earnings; approximate, verify); DNN shows stage development / pre-production at key project, operating revenue minimal; not a steady producer, flagship asset Wheeler River (Phoenix deposit, ISR), physical uranium holding direct exposure to uranium spot price.

CCJ and DNN are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined CCJ and DNN exposure against your real portfolio. It is not an investment adviser.