Is Cameco / CCO Halal?
Screener: Yes — Cameco passes Shariah screening as of September 2026. Uranium mining and nuclear fuel services are a permissible business, debt-to-market-cap is ~2.2% against a 33% ceiling, and finance income is ~1.1% of revenue against the 5% screen. This is a screening result, not a fatwa — screen again quarterly.
Screen 1: Business activity — pass
Cameco Corporation, based in Saskatoon, is one of the world's largest uranium producers, selling uranium for nuclear power generation, plus uranium refining, conversion, and fuel fabrication services. It also holds a 49% interest in Westinghouse Electric Company (with Brookfield Renewable Partners), which filed a confidential S-1 for an IPO in 2026. Uranium mining and nuclear fuel services are not prohibited industries under any major methodology (AAOIFI, Dow Jones Islamic Market, FTSE, MSCI Islamic), and Cameco reports no significant revenue from alcohol, gambling, tobacco, conventional finance, or other excluded activities. Pass.
Screen 2: Financial ratios — pass
From Cameco's June 30, 2026 interim balance sheet and market data observed September 2026:
- Gross interest-bearing debt: C$1,209.97M ≈ C$1.21B (C$996.75M long-term debt + C$213.22M current portion of long-term debt). Cash and equivalents of ≈C$1.11B nearly offset it.
- Market cap: ≈ C$54.23B (September 2026; ~C$124.5 per share × 435,533,000 shares).
- Debt-to-market-cap: (1,210 ÷ 54,230) × 100 ≈ 2.2% — far below the 33% ceiling. Pass.
- Non-compliant income: finance income was C$17.85M for the six months ended June 30, 2026, against C$1,659M of revenue — ≈ 1.1%, below the 5% income screen. Pass.
Q2 2026 results (July 31, 2026)
Cameco reported Q2 revenue of C$814M (down 7% year over year) and six-month revenue of C$1,659M. Net earnings attributable to equity holders were C$25M (C$0.06 per share) for the quarter and C$156M (C$0.36 per share) for the half; adjusted net earnings were C$77M (C$0.18 per share); adjusted EBITDA was C$391M (down 42%). The company delivered 7.1M pounds of uranium at an average realized price of C$93.13 per pound, generated C$131M in cash from operations, and maintained its 2026 revenue guidance of C$3.32–3.57B.
The dividend (C$0.24 annual)
Cameco pays an annual dividend of C$0.24 per share, most recently paid in December 2025 — roughly a 0.19% yield at recent prices. Dividend facts are reported as published; questions about the treatment of income are for your own scholar.
What could change the screener
- A debt-funded acquisition or a large market-cap decline pushing the debt ratio toward the 33% ceiling — the ratio is ~2.2%, so there is wide headroom today.
- Entry into, or growth of, a non-compliant business segment above screening thresholds.
- Finance income rising materially relative to revenue (currently ~1.1% against a 5% screen).
Halal alternatives and peers
Cameco joins the miners that pass: Agnico Eagle (PASS) and Barrick (PASS) also screen clean, while Nutrien (FAIL) does not. See our full screener database or the Shariah-compliant ETF route (WSHR, SPUS) in our complete guide.
FAQ
Is Cameco halal to invest in?
As of September 2026: yes, under the AAOIFI-style screening we apply. Cameco's uranium mining and nuclear fuel services business is permissible, its debt-to-market-cap is ≈2.2% (under the 33% ceiling), and finance income is ≈1.1% of revenue (under the 5% screen). This is a screening result, not a religious ruling.
How was the 2.2% debt ratio calculated?
From Cameco's June 30, 2026 balance sheet: C$996.75M long-term debt plus C$213.22M current portion of long-term debt = ≈C$1.21B gross interest-bearing debt, against a market cap of ≈C$54.23B (September 2026) — (1,210 ÷ 54,230) × 100 ≈ 2.2%, well under the 33% ceiling.
What does Cameco do?
Cameco is a Saskatoon-based uranium producer — one of the world's largest — selling uranium for nuclear power generation, plus uranium refining, conversion, and fuel fabrication services. It also holds a 49% interest in Westinghouse Electric Company (with Brookfield Renewable Partners), which filed a confidential S-1 for an IPO in 2026.
What does Cameco's dividend look like?
Cameco pays an annual dividend of C$0.24 per share (most recently paid December 2025), roughly a 0.19% yield at recent prices. Dividend details are factual information; questions about treatment of income are for your own scholar.
What do Zoya, Musaffa, and ShariaPortfolio say?
No verified current third-party screening of Cameco Corporation was found in public sources during our September 2026 research — not on Zoya, Musaffa, or ShariaPortfolio (Musaffa's 'CCO' page covers a different company, Clear Channel Outdoor). Our PASS result is an independent application of the AAOIFI-style screen; consult a scholar or screener of your choice before investing.