CCJ vs LEU: Which Is the Better Buy in 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.

Reading it: LEU is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.

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 LEU 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 LEU 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

Centrus Energy, headquartered in Bethesda, Maryland, supplies nuclear fuel and fuel-cycle services to the commercial power industry. It operates through two segments. The Low-Enriched Uranium (LEU) segment buys separative work units (SWU) and uranium and sells enriched uranium to utilities that run nuclear reactors, a business carried by long-term contracts and a large multi-year order backlog. The Technical Solutions segment houses the company's American Centrifuge work, including its US-government HALEU enrichment contract, contract engineering, and technical services, and is the platform Centrus is using to build new domestic enrichment capacity.

Full LEU 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.
• LEU drivers: HALEU and the DOE expansion award; Russian-import-ban tailwind and reshoring.

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 LEU, centrus is heavily dependent on government funding and contracts: its HALEU program runs on DOE awards and extensions, and a multi-billion-dollar expansion relies on continued federal support and appropriations that can shift with politics.

Pick CCJ if you believe its drivers more; LEU 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 LEU 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.

LEU. A nuclear-fuel company like Centrus is read differently from a typical industrial: the multi-year backlog and contract structure matter more than any single quarter, because LEU revenue is lumpy and recognized as deliveries occur, so results can swing quarter to quarter. Much of the stock's value reflects future capacity and policy leverage, especially the DOE HALEU awards and the Russian-import-ban tailwind, rather than current profits, which is why the P/E sits far above its historical average. All figures are approximate as of the dates noted and refresh each quarter; verify against Centrus's investor relations page or your broker.

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); LEU shows revenue (fy2025) ~$448.7 million, up ~1.5% year over year; SWU revenue up ~21%, net income (fy2025) ~$77.8 million, backlog ~$3.8 billion total (to 2040), including ~$2.9 billion in the LEU segment, cash ~$2.0 billion in unrestricted cash at year-end 2025.

CCJ and LEU 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 LEU exposure against your real portfolio. It is not an investment adviser.