Cameco Corporation provides uranium for the generation of electricity. It operates through Uranium, Fuel Services, Westinghouse segments. The Uranium segment is involved in the exploration for, mining, and milling, purchase, and sale of uranium concentrate. The Fuel Services segment engages in the refining, conversion, and fabrication of uranium concentrate, as well as the purchase and sale of conversion services. This segment also produces CANDU reactor fuel bundles and other reactor components. The company offers nuclear fuel processing services. The Westinghouse segment engages in the manufacture of nuclear reactor technology original equipment. This segment provides products and services to commercial utilities and government agencies; and outage and maintenance services, engineering support, instrumentation and controls equipment, plant modification, and components and parts to nuclear reactors. It sells its uranium and fuel services to nuclear utilities in the Americas, Europe, and Asia. Cameco Corporation was incorporated in 1987 and is headquartered in Saskatoon, Canada.

Cameco выглядит качественным, но уже очень дорогим активом: рынок закладывает в цену сильные ожидания по урановому циклу и будущему денежному потоку. С точки зрения оценки компания торгуется с крайне высокими мультипликаторами — P/E, P/S, P/B и P/FCF существенно выше медианы отрасли, а это обычно означает премию за ожидания, а не запас прочности. При этом динамика этих мультипликаторов за последние периоды тоже ухудшалась: они росли, что указывает на опережающий рост цены акций относительно фундаментальной базы. Это главный сдерживающий фактор для дальнейшего пересмотра цели вверх. С другой стороны, баланс у компании сильный: debt/equity очень низкий, текущая и быстрая ликвидность комфортные, денежная позиция растёт, а собственный капитал за год увеличился. Операционная прибыль, EBITDA, чистая прибыль и выручка в целом находятся на высоких уровнях и выглядят лучше, чем год назад, что подтверждает улучшение бизнеса. Маржа чистой прибыли выше медианы отрасли и тоже улучшалась, но gross margin и operating margin остаются ниже отраслевых ориентиров, поэтому качество прибыли не выглядит безусловно лучшим в секторе. ROA и рентабельность на капитал в целом положительные, однако ROE, ROI и return on tangible equity не дают сильного преимущества к отрасли, то есть эффективность капитала скорее средняя, чем выдающаяся. Дивидендная доходность очень низкая и за несколько лет снизилась, поэтому дивидендный фактор почти не поддерживает оценку. Долгосрочный долг невысок и выглядит управляемым, но это уже учтено рынком через премию к мультипликаторам. В сумме фундаментал поддерживает компанию как финансово устойчивую и прибыльную, но текущая цена, вероятно, опережает фундаментальные улучшения. Поэтому целесообразна умеренная консервативная корректировка вниз, а не агрессивный пересмотр: сильный баланс и рост прибыли ограничивают масштаб снижения, но дорогая оценка и слабая дивидендная поддержка не позволяют сохранять прежний оптимизм.

Cameco Corporation

Сильный индекс, значительно упал. Быки в растерянности.

Strong index, significantly down. The bulls are confused.

Сильный индекс, незначительно вырос. Рынок не поддерживает быков.

Strong index, slightly up. The market does not support the bulls.

Слабый индекс, незначительно упал

Сильный баланс и рост прибыли поддерживают Cameco, но крайне высокие мультипликаторы и слабая дивидендная опора делают оценку перегретой.

Energy Fuels UUUU offers strong long-term exposure to both uranium and rare earth elements (REEs). Its growing asset base and expansion initiatives position the company to benefit from rising nuclear power demand as countries seek low-carbon, energy-secure energy sources.
However, the stock is currently trading at a premium, with a forward price-to-sales of 24.33X compared with Zacks Mining – non-ferrous industry’s 5.15X. Its Value Score of F also signals an expensive valuation.
It also appears to be highly overvalued compared with peers Cameco Corporation CCJ and Centrus Energy LEU, which are trading at lower multiples of 19.54X and 7.70X, respectively.
Image Source: Zacks Investment Research
Year to date, UUUU has gained 19.4%, lagging the industry's 23.4% rise. The Zacks Basic Materials sector has advanced 16.7%, while the S&P 500 has gained 10.2%. Among peers, Cameco has risen 24.6%, whereas Centrus has declined 23.1%.
UUUU's YTD Price Performance Against Industry, Sector, S&P 500 & Peers
Image Source: Zacks Investment Research
Uranium prices have moderated from levels seen above $100 earlier in the year, with monthly averages largely ranging between $84 and $87 since February. Prices are currently near $86. The market has seen a pullback from the earlier speculative activity and seeing subdued spot-market purchases by utilities, which continue to rely heavily on long-term contracts amid ongoing geopolitical uncertainty.
In this scenario, given Energy Fuels' combination of a premium valuation and modest share price performance, let us ascertain whether it is a wise investment option.
UUUU’s Q1 Revenues Rose on Uranium Sales, Losses Persisted
Total revenues surged 112% year over year to $35.8 million in the first quarter of 2026, primarily driven by uranium sales. During the quarter, UUUU sold 510,000 pounds of uranium at an average realized price of $70.04 per pound compared with no sales in the year-ago quarter. Last year's revenues were largely supported by heavy mineral sands (HMS) operations at the Kwale Project, which ceased mining activities in December 2024, and the project no longer contributes to UUUU’s results.
Costs applicable to revenues increased 18.5% due to higher uranium sold at elevated per-pound costs. Exploration, development and processing expenses rose 24% year over year, owing to higher development costs at the mill for increased headcount and higher exploration costs at the Bahia Project. Standby costs surged 79% year over year due to advancing permitting and development on its Roca Honda Project and higher general maintenance costs. Selling, general and administration expenses were up 8% year over year, reflecting increases in general headcount, salaries and benefits.
Gains from higher uranium revenues and an increase in other income were offset by higher operating costs, leading to a loss of four cents per share in the quarter. It, however, came in narrower than the year-ago loss of 13 cents per share.
Energy Fuels ended the quarter with $956.6 million of working capital, including $108.4 million of cash and cash equivalents, $802.2 million of marketable securities, $7.6 million of trade and other receivables, and $69.0 million of inventory.
Energy Fuel’s Operational Momentum Remains Strong
During the quarter, Energy Fuels mined ore containing approximately 425,000 pounds of uranium. The Pinyon Plain mine contributed about 375,000 pounds at an average grade of 1.12%. While grades temporarily declined as mining transitioned between zones, management expects improvements in the coming quarters.
The company produced 790,000 pounds of finished uranium in the quarter and hit the 1 million pounds mark in April.
UUUU Focused on Expanding REE Capabilities & HMS
Energy Fuels continues to strengthen its rare earth strategy. During the first quarter, the company announced successful pilot-scale production of high-purity terbium oxide at the White Mesa Mill, marking the first U.S. primary production of this critical heavy REE in decades. The company also announced the proposed acquisition of Australian Strategic Materials.
UUUU outlined plans for two expansion phases at the White Mesa Mill that will boost total NdPr production capacity from the current level of 1,000 tons per annum (tpa) to approximately 6,229 tpa, in addition to roughly 80 tpa of terbium and 288 tpa of dysprosium.
Energy Fuels also advanced its fully owned Vara Mada HMS project in Madagascar, which hosts significant titanium, zirconium and REE resources. An updated feasibility study released in January 2026 confirmed a projected 38-year mine life and strong economics. At full production, the project is expected to generate average annual EBITDA exceeding $500 million and free cash flow of around $264 million. UUUU also received final approvals for the development of the Donald Project in Australia. Energy Fuels’ ownership stake in the project increased to 10.5% as of March 31, 2026.
Energy Fuels Maintains Outlook for 2026
The Pinyon Plain Mine in Arizona and the La Sal Complex in Utah produced more than 1.6 million pounds of uranium through 2025. Management expects uranium mining output to reach 2-2.5 million pounds in 2026, with planned uranium sales of 1.5-2 million pounds through contracts and spot market transactions.
The company plans to continue processing low-cost Pinyon Plain ore during 2026, blending it with relatively smaller quantities of lower-grade, higher-cost La Sal/Pandora and other mineralized material along with its finished inventories from various sources over the years. This is expected to lower its production costs.
UUUU Headed for a Loss in 2026, Profit Expected in 2027
The Zacks Consensus Estimate for Energy Fuels’ 2026 revenues is $143 million, indicating 117% year-over-year growth. The estimate for earnings is, however, currently pegged at a loss of 14 cents per share.
The estimate for 2027 revenues is pinned at $225.6 million, implying a 57.6% year-over-year upsurge. The consensus estimate for earnings is pegged at six cents per share. This will be UUUU’s first year of profit since it started trading on the NYSE in December 2013.
Image Source: Zacks Investment Research
Both the estimates have undergone negative revisions in the past 60 days, as shown in the chart below.
Image Source: Zacks Investment Research
UUUU’s Long-Term Fundamentals Remain Attractive
The company’s long-term outlook remains supported by rising demand for uranium and rare earth materials. Backed by a debt-free balance sheet, Energy Fuels is increasing uranium production while building a meaningful REE business.
Its standby projects (Nichols Ranch ISR, Whirlwind) have the combined potential to add up to 500,000 pounds of annual uranium production within six – 12 months of a “Go” decision. Additionally, its large-scale development projects (Roca Honda, Sheep Mountain, Henry Mountains – Bullfrog) have the combined potential to produce up to 6 million pounds of uranium per year.
Our Take on Energy Fuels Stock
Energy Fuels offers compelling long-term potential, supported by its strong balance sheet, expanding rare earth footprint and improving uranium production profile. However, given its premium valuation, the expected loss this year and the downward revisions to earnings estimates, it is wise to steer clear of the stock now. The stock currently carries a Zacks Rank #4 (Sell).
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UUUU Trades at a Premium to the Industry: How to Play the Stock?

Key Points
A few nuclear energy stocks are quietly outperforming the S&P 500 this year.
They are filling roles from engineering and construction services to mining and exploration.
The companies that may continue to benefit are Fluor, Uranium Energy, and Cameco.
As data centers strain traditional power grids, it sets up an opportunity for nuclear-energy companies. They can provide 24/7 baseload power, and the small modular reactors (SMRs) being developed will offer greater placement flexibility and less location constraint due to their size.
The industry is still being built out, but it's that growth potential that is fueling some of the biggest winners not just in the energy sector but in the broader markets in 2026. Three companies with nuclear-energy ties quietly winning this year are Fluor (NYSE: FLR), Uranium Energy (NYSEMKT: UEC), and Cameco (NYSE: CCJ).
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1. The nuclear energy advisor
Fluor is an engineering and construction company, with three main business segments: energy solutions (helping the energy industry), mission solutions (helping governments), and urban solutions (helping cities).
Right now, the company's main driving force is energy. In April, Fluor announced that it will provide services to Maryland-based X-Energy, which is developing four SMRs. And in March, Fluor announced a limited notice-to-proceed agreement with TeraWulf for a data-center campus in Kentucky, where it would provide master planning and pre-construction services.
Recently, Fluor's 2026 first-quarter earnings report offered a bit of a mixed bag. Total revenue of $3.6 billion marked a decline of 8%, and its energy solutions division also saw a year-over-year sales decline. It did, however, report increased profitability in that energy solutions business, with revenue rising from $47 million to $74 million. It also has a huge orders backlog of $25.7 billion.
Looking ahead, Fluor has growing opportunities in the nuclear energy sector through SMRs and long-term government contracts. Investors will have to brace for volatility, as the stock has more price swings than the broader markets. But it's quietly performing well in 2026. The shares are up more than 18% this year (as of May 26).
2. Mining and exploring
Shifting gears from construction and engineering, let's look at Uranium Energy, which explores for and mines the fuel needed by nuclear reactors. It also launched a subsidiary, U.S. Uranium Refining & Conversion, to review the potential to develop a uranium refining and conversion facility. It's a small world: Uranium Energy is working on a subsidiary with Fluor.
Revenue is still on the smaller side, coming in at $66.8 million in its fiscal 2025, and $20.2 million in its recent fiscal 2026 second quarter (for the period ended Jan.31).
One of the risks and rewards of this company is its unhedged strategy, which doesn't lock it into pre-priced contracts. That's a benefit if prices are high, but it removes a safety net of already having an agreement in hand if uranium prices drop. This company may be a better fit for investors who have experience dealing with commodity price swings and cyclicality.
Still, the stock has performed well, more than doubling during the past year. The returns have been a little more muted this year, with a gain of about 16%, but as the nuclear sector advances, Uranium Energy and its shareholders could benefit from increased demand, which can lead to higher uranium prices.
3. More mining
Rounding out our three stocks is Cameco, one of the world's largest uranium fuel providers. It has exploration, mining, refining, conversion, and fabrication businesses, with a focus on long-term contracts. Part of its assets also includes a 49% stake in Westinghouse Electric, a nuclear reactor equipment manufacturer. It has more than 90 facilities and three fuel fabrication facilities across 21 countries.
For the financials, it's off to a strong start this year, reporting revenue of $845 million in Canadian dollars in its 2026 first-quarter earnings report, an increase of 7%. It also reported net earnings attributable to equity holders of CA$131 million, an increase of 87%.
Cameco is a well-established company with a $47 billion market value, so its size and operating history may be a good fit for more risk-averse individuals still seeking nuclear-related investments. The stock is up over 18% on the year, and Cameco will be a key benefactor of a growing nuclear energy market.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

3 Nuclear Energy Stocks That Are Quietly Becoming the Trades of the Year

Nuclear power witnessed a dramatic shift in narrative over the last few decades. Following major historical incidents such as the Fukushima disaster, atomic energy's share of the global electricity mix steadily declined from roughly 18% in the late 1990s to just 9% in recent years. However, over the past couple of years, the enormous and growing electricity demand from power-hungry data centers, fueled by the artificial intelligence (AI) boom, has reversed the trend.
As utilities scramble to add generation capacity, nuclear energy has stepped up alongside renewables and natural gas as a critical pillar of grid stability. With global data center power demand expected to surge 175% by 2030 compared to 2023 levels, as estimated by Goldman Sachs Research, renewables and natural gas are likely to absorb a large portion of this growth. However, the need for reliable 24/7 carbon-free baseload power has made nuclear energy increasingly indispensable.
Momentum in the nuclear energy market is lifting companies across the sector, including power generators like Constellation Energy CEG and uranium miners and fuel suppliers such as Cameco CCJ and Centrus Energy LEU. This trend is expected to continue to boost the performance of nuclear exchange-traded funds (ETFs) with exposure to these companies.
Navigating this atomic transition requires a clear understanding of the market's underlying mechanics. Below, we examine the historical factors that previously slowed nuclear generation, the structural demand driving its current outlook, and the risks investors must consider before evaluating the specific ETFs positioned to benefit.
The Fall & Rise of Nuclear
The historical retreat from nuclear energy was primarily caused by public opposition and strict regulatory frameworks following major incidents, especially at Three Mile Island, Chernobyl and Fukushima. These events severely stalled industrial momentum, causing diminished supply-chain know-how, severe cost overruns, and prolonged construction timelines that made conventional large-scale atomic plants financially risky.
However, nuclear power has recently regained momentum amid an unprecedented surge in electricity demand. As per the World Nuclear Association, nuclear reactors worldwide generated 2,667 terawatt-hours (TWh) of electricity in 2024, marking the highest annual output from nuclear energy and surpassing the previous record of 2,660 TWh set in 2006.
Currently, global nuclear power generation is accelerating rapidly, driven by reactor restarts in Japan, the commissioning of new reactors in China, India, South Korea, and other countries, as well as strong output in the United States and France. As highlighted in the International Energy Agency’s (IEA) Global Energy Review 2026 report, nuclear reactors representing a combined capacity of roughly 78 GW are actively under construction across 15 countries.
While much of this global baseline capacity was initiated to satisfy overall economic growth and decarbonization goals, the modern trajectory is increasingly being driven by the tsunami wave of AI infrastructure build-out. Because modern data centers experience immense costs from any operational downtime, intermittent sources like wind and solar cannot meet their strict 24/7 reliability mandates alone. Nuclear plants, operating at maximum capacity over 90% of the time, provide the perfect high-density, zero-emission baseload alternative.
What Lies Ahead for Nuclear?
The long-term outlook for the nuclear power generation industry remains exceptionally robust, with the International Atomic Energy Agency (“IAEA”) estimating global nuclear operational capacity to more than double by 2050 – reaching 2.6 times the 2024 level. Key innovations like Small Modular Reactors (SMRs) with their promise of offering cheaper, faster-to-build plants are expected to play a pivotal role in this expansion.
However, the industry still faces several headwinds, including cost overruns, supply-chain constraints, regulatory challenges, and the likelihood that most next-generation reactors will not achieve meaningful commercial scale until the 2030s.
Nuclear ETFs to Gain
Considering the aforementioned discussion, investors focusing on diversified ETFs, with exposure to both uranium miners and established utility operators, rather than those seeking exposure to single-company risk, should remain more insulated from volatilities like localized plant operational disruptions or sudden commercialization delays for a specific SMR developer.
Against this backdrop, investors seeking to capitalize on nuclear’s rally should monitor the following funds:
VanEck Uranium and Nuclear ETF NLR
This fund, with net assets worth $4.80 billion, offers exposure to 29 companies involved in uranium mining?? the construction, engineering and maintenance of nuclear power facilities and nuclear reactors?? the production of electricity from nuclear sources?? and providing equipment, technology and/or services to the nuclear power industry. CEG holds the first position in this fund, with 8.24% weightage.
NLR has gained 5.4% year to date. The fund charges 52 basis points (bps) as fees.
Range Nuclear Renaissance Index ETF NUKZ
This fund, with net assets worth $857.2 million, offers exposure to 46 companies that are involved in the nuclear fuel and energy industry. CCJ holds the first position in this fund, with 9.70% weightage.
NUKZ has risen 11.4% year to date. The fund charges 85 bps as fees.
Themes Uranium & Nuclear ETF URAN
This fund, with net asset value of $42.44, offers exposure to 41 companies that derive their revenues from uranium mining, exploration, refining, processing, and royalties, as well as nuclear energy, equipment, technology, and infrastructure. CCJ holds the first position in this fund, with 9.08% weightage.
URAN has risen 2% year to date. The fund charges 35 bps as fees.
First Trust Bloomberg Nuclear Power ETF RCTR
This fund, with net assets of $23.3 million, provides exposure to 46 companies, including regulated utilities and merchant power producers that operate nuclear generation assets. It also includes companies involved in mining and enrichment of uranium for use in nuclear fuel as well as those engaged in engineering or construction services for nuclear power plants, reactor manufacturing, managing nuclear waste, or providing other equipment or services for nuclear power generation. BHP Group holds the first position in this fund, with 5.31% weightage.
RCTR has rallied 10.8% year to date. The fund charges 70 bps as fees.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Nuclear ETFs to Gain as the Globe Rides the Atomic Wave

Investors in Cameco Corp. (Symbol: CCJ) saw new options become available today, for the August 21st expiration. One of the key inputs that goes into the price an option buyer is willing to pay, is the time value, so with 91 days until expiration the newly available contracts represent a potential opportunity for sellers of puts or calls to achieve a higher premium than would be available for the contracts with a closer expiration. At Stock Options Channel, our YieldBoost formula has looked up and down the CCJ options chain for the new August 21st contracts and identified one put and one call contract of particular interest.
The put contract at the $100.00 strike price has a current bid of $6.40. If an investor was to sell-to-open that put contract, they are committing to purchase the stock at $100.00, but will also collect the premium, putting the cost basis of the shares at $93.60 (before broker commissions). To an investor already interested in purchasing shares of CCJ, that could represent an attractive alternative to paying $104.08/share today.
Because the $100.00 strike represents an approximate 4% discount to the current trading price of the stock (in other words it is out-of-the-money by that percentage), there is also the possibility that the put contract would expire worthless. The current analytical data (including greeks and implied greeks) suggest the current odds of that happening are 64%. Stock Options Channel will track those odds over time to see how they change, publishing a chart of those numbers on our website under the contract detail page for this contract. Should the contract expire worthless, the premium would represent a 6.40% return on the cash commitment, or 25.67% annualized — at Stock Options Channel we call this the YieldBoost.
Below is a chart showing the trailing twelve month trading history for Cameco Corp., and highlighting in green where the $100.00 strike is located relative to that history:
Turning to the calls side of the option chain, the call contract at the $110.00 strike price has a current bid of $8.50. If an investor was to purchase shares of CCJ stock at the current price level of $104.08/share, and then sell-to-open that call contract as a "covered call," they are committing to sell the stock at $110.00. Considering the call seller will also collect the premium, that would drive a total return (excluding dividends, if any) of 13.85% if the stock gets called away at the August 21st expiration (before broker commissions). Of course, a lot of upside could potentially be left on the table if CCJ shares really soar, which is why looking at the trailing twelve month trading history for Cameco Corp., as well as studying the business fundamentals becomes important. Below is a chart showing CCJ's trailing twelve month trading history, with the $110.00 strike highlighted in red:
Considering the fact that the $110.00 strike represents an approximate 6% premium to the current trading price of the stock (in other words it is out-of-the-money by that percentage), there is also the possibility that the covered call contract would expire worthless, in which case the investor would keep both their shares of stock and the premium collected. The current analytical data (including greeks and implied greeks) suggest the current odds of that happening are 49%. On our website under the contract detail page for this contract, Stock Options Channel will track those odds over time to see how they change and publish a chart of those numbers (the trading history of the option contract will also be charted). Should the covered call contract expire worthless, the premium would represent a 8.17% boost of extra return to the investor, or 32.76% annualized, which we refer to as the YieldBoost.
The implied volatility in the put contract example is 55%, while the implied volatility in the call contract example is 57%.
Meanwhile, we calculate the actual trailing twelve month volatility (considering the last 251 trading day closing values as well as today's price of $104.08) to be 53%. For more put and call options contract ideas worth looking at, visit StockOptionsChannel.com.
Also see:
Past Earnings
Institutional Holders of SHPH
Mortgage REITs Hedge Funds Are Buying
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

August 21st Options Now Available For Cameco (CCJ)

Key Points
Cameco’s mines are firing on all cylinders again as uranium prices soar.
BWX’s nuclear “picks and shovels” business is booming.
The nuclear energy market cooled for roughly a decade after the Fukushima disaster in 2011, prompting many countries to pause their nuclear projects. But over the past few years, new decarbonization initiatives, safer nuclear reactors, and the expansion of the AI, cloud, and data center markets have driven more companies to restart their nuclear energy projects.
According to the International Energy Agency (IEA), the world's nuclear capacity could increase by more than 50% from 2025 to 2050. To capitalize on that trend, investors should look for nuclear companies that control crucial parts of the global nuclear energy supply chain. Two of those companies are Cameco (NYSE: CCJ) and BWX Technologies (NYSE: BWXT).
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Cameco
Cameco, which mined roughly 15% of the world's uranium in 2025, is the world's second-largest uranium miner after Kazatomprom, Kazakhstan's national atomic company. It's based in Canada, and it operates mines across Canada, the U.S., and Kazakhstan.
Cameco struggled for years after the Fukushima disaster in 2011. Uranium's spot price plunged from $62.25 per pound in 2011 to $35.00 in 2020, forcing Cameco to temporarily shut down its largest mines and mills. That reduced production throttled its revenue growth.
But by the end of this April, uranium's spot price had bounced back to $86.35 per pound. Citi analysts expect it to rise as high as $125 per pound this year, as the resurgent interest in nuclear energy drives the demand for uranium to outstrip its supply. Cameco restarted its mines and mills to meet that soaring demand, but its supply remains tight.
Cameco also partnered with Brookfield Asset Management to acquire Westinghouse Electric, one of the world's leading nuclear technology companies, in 2023. That investment reduced Cameco's exposure to volatile uranium prices and marked a major step toward its evolution into a more diversified nuclear energy company.
From 2025 to 2028, analysts expect Cameco's revenue and adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) to grow at CAGRs of 8% and 12%, respectively. With an enterprise value of $61.5 billion, it isn't cheap at 33 times this year's adjusted EBITDA -- but the soaring demand for uranium could justify that higher valuation. It only pays a paltry forward yield of 0.2%, but its low payout ratio of 16% gives it ample room for future hikes.
BWX Technologies
BWX is the only large-scale producer of specialized nuclear components, fuel systems, and naval reactor systems in North America. It's also one of the only companies authorized to work with regulated nuclear materials, handle high-assay enriched uranium (HALEU) and tri-structural isotropic (TRISO) fuel, and produce naval reactor components for the U.S. Navy.
Those qualities make BWX, which was spun off from Babcock & Wilcox in 2025, a linchpin and bellwether of the nuclear energy market. Its heavy exposure to the defense sector also insulated it from the broader slowdown in nuclear spending after the Fukushima disaster.
At the end of 2025, BWX's backlog grew 50% year over year to $7.3 billion as it produced more naval propulsion components for submarines, sold more commercial nuclear power components, and expanded its fledgling small modular reactor (SMR) business -- which produces smaller and easier-to-deploy nuclear reactors for remote areas. The rapid expansion of the power-hungry AI and data center markets should drive more companies to adopt SMRs.
From 2025 to 2028, analysts expect BWX's revenue and adjusted EBITDA to grow at CAGRs of 13% and 12%, respectively. With an enterprise value of $19.5 billion, it isn't a bargain at 30 times this year's adjusted EBITDA.
However, BWX's scale, diversification, and wide moat could justify that premium valuation as its defense and commercial customers ramp up their nuclear spending. It only pays a forward yield of 0.5% today, but its low payout ratio of 27% also gives it plenty of room to raise its dividend.
Should you buy stock in Cameco right now?
Before you buy stock in Cameco, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Cameco wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $481,750!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,352,457!*
Now, it’s worth noting Stock Advisor’s total average return is 990% — a market-crushing outperformance compared to 206% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.
*Stock Advisor returns as of May 20, 2026.
Citigroup is an advertising partner of Motley Fool Money. Leo Sun has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends BWX Technologies, Brookfield Asset Management, and Cameco. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

The Top 2 Nuclear Energy Stocks to Buy Right Now

Key Points
Rising global energy demand make nuclear energy a popular option among governments and tech companies.
Cameco is the largest publicly traded uranium miner and should benefit from the nuclear infrastructure build-out.
BWX makes key products for the nuclear industry and is the exclusive supplier of reactors to the U.S. Navy.
Global energy demand is exploding, and the world is facing a simple reality: We need more energy. While wind and solar have grown in popularity, modern technology is always on and needs reliable energy that can deliver power no matter what. Technology giants are increasingly embracing nuclear energy, and governments are paving the way for more nuclear energy in the coming decades.
Amid this resurgence, nuclear energy stocks are enjoying strong tailwinds that could persist for decades. Two nuclear stocks that are surging are Cameco (NYSE: CCJ) and BWX Technologies (NYSE: BWXT), gainin 103% and 82%, respectively, in the past year alone. Here's why these stocks can continue delivering for long-term investors.
Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue »
This top miner will help fuel the global nuclear build-out
In recent years, surging energy demand has come into focus, and countries are scrambling to meet the growing needs of artificial intelligence (AI) data centers. In the United States, there has been a major push for energy independence, and nuclear power is seen as a key pillar in making it possible. Under the Trump administration, the U.S. is pushing to advance nuclear technology and accelerate the build-out of nuclear-related infrastructure.
Cameco sits at the intersection of Western energy independence and the growing demand for nuclear power. The company is the largest publicly traded uranium miner in the world and the undisputed heavyweight of the Western world's uranium supply. Cameco supplies roughly 17% of the world's uranium and owns ultra-high-grade uranium mines at McArthur River and Cigar Lake in Saskatchewan, Canada.
The company has committed to delivering an average of 28 million pounds of uranium per year over the next five years, which enables it to optimize its inventory and prevent excess supply from flooding the spot market. Cameco also signed a huge $2.6 billion long-term agreement with India's Department of Atomic Energy to supply 22 million pounds of uranium ore concentrate through 2035.
While Cameco is a major player in the uranium mining space, it also offers investors upside from the nuclear energy infrastructure build-out through its 49% stake in Westinghouse Electric. Westinghouse is a behemoth in the nuclear energy technology industry, and nearly half of the operating nuclear power plants rely on its technology. In November 2023, a consortium comprising Cameco and Brookfield Renewable Partners acquired Westinghouse for $7.9 billion.
Last year, Westinghouse, Cameco, and Brookfield entered into a partnership with the U.S. Department of Commerce to accelerate the build-out of Westinghouse reactors across the United States. The deal, valued at around $80 billion, would see Westinghouse build as many as 20 of its large-scale AP1000 reactors across the country. On top of that, Westinghouse is developing the AP300 small modular reactor (SMR) and hopes to deploy it in the early 2030s.
Cameco stock has run up significantly over the past few years as investors have grown more bullish about the budding nuclear energy industry. More recently, the stock has pulled back 22% from its 52-week high. Given the long-term tailwinds from growing demand for nuclear energy, I think the dip is an excellent opportunity for long-term investors to scoop up the stock.
BWX Technologies' monopoly provides the ultimate economic moat
BWX Technologies is a picks-and-shovels stock in the nuclear industry. It doesn't mine or own power plants, but it does provide the specialized equipment and fuel needed for nuclear energy and nuclear medicine. The company has built up expertise and manufactures the complex, high-precision equipment used in nuclear reactors.
The company manufactures components for nuclear reactors, including steam generators, reactor pressure vessels, and piping. It also manufactures components for next-generation SMRs, including those for the BWRX-300 SMR by GE Vernova and Hitachi, as well as advanced reactors for the U.S. military. It also leverages its nuclear infrastructure to manufacture medical isotopes used in cancer diagnostics and targeted therapies.
What makes BWX compelling for investors is its virtual monopoly on supplying fuel to the U.S. Navy. For over 70 years, BWX has been the exclusive provider of nuclear reactors that power the Navy's fleet of aircraft carriers and submarines, including the Virginia-class and Columbia-class subs. Because these military-grade reactor cores are highly complex and sensitive, it's difficult for competitors to break into this space, giving BWX a government-backed monopoly with a multibillion-dollar backlog.
BWX Technologies is in a strong position as a defense contractor crucial for national security, while also offering you an opportunity to invest in the AI revolution and nuclear energy build-out. For investors looking to capitalize on the nuclear energy revolution, BWX is another compelling stock to buy and hold for the long haul.
Should you buy stock in Cameco right now?
Before you buy stock in Cameco, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Cameco wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $481,750!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,352,457!*
Now, it’s worth noting Stock Advisor’s total average return is 990% — a market-crushing outperformance compared to 206% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.
*Stock Advisor returns as of May 20, 2026.
Courtney Carlsen has positions in Cameco and GE Vernova. The Motley Fool has positions in and recommends BWX Technologies, Cameco, and GE Vernova. The Motley Fool recommends Brookfield Renewable. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

2 Nuclear Stocks That Are Quietly Becoming the Trade of the Year (and Beyond)

Key Points
Cameco -- the world's second-largest uranium producer -- is thriving as demand for nuclear energy grows.
Occidental Petroleum stock has surged amid high oil prices driven by disruptions in the Middle East.
Cheniere Energy is a key player in the LNG market and could benefit from supply disruptions in the Mideast.
Energy stocks are surging as data center demand for power is at an all-time high. According to research from Bank of America, electricity demand could soar at a pace that is five times faster over the coming decade compared to the past decade. On top of this, the ongoing conflict in Iran is driving oil and gas prices through the roof, putting energy squarely in the spotlight.
Companies like Cameco (NYSE: CCJ), Occidental Petroleum (NYSE: OXY), and Cheniere Energy (NYSE: LNG) have already seen remarkable gains of 24% or more to start 2026. Here's why these energy stocks are quietly becoming trades of the year.
Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue »
Cameco is riding the nuclear resurgence wave higher
Nuclear energy is enjoying a resurgence, and Cameco has been a standout performer as a result. The stock is up 27% year to date and 124% over the past year as countries commit to tripling their nuclear energy capacity. In the United States, nuclear energy has become a major focus as a clean-burning energy source for hyperscalers' insatiable appetite for power.
What makes Cameco compelling is its position across the nuclear value chain. The company is a major uranium miner, with stakes in McArthur River and Cigar Lake, two high-grade mines in Saskatchewan, Canada. It also has a 40% stake in the JV Inkai joint venture in Kazakhstan. Finally, it owns a 49% stake in Westinghouse Electric Company, a top supplier of nuclear services and equipment. As a result, Cameco benefits from rising uranium demand and the build-out of nuclear energy infrastructure.
According to the World Nuclear Organization, demand for uranium is expected to surge 28% by 2030 and could more than double by 2040. This surge is driven by more nations adopting nuclear energy and building new nuclear reactors. In the United States, regulators are looking to add 300 gigawatts (GW) to 400 GW in new capacity, including the goal of having 10 large reactors under construction by 2030.
For Cameco, growing demand for uranium should bode well for its mining business. Meanwhile, its stake in Westinghouse gives it upside exposure to the nuclear energy build-out, as Westinghouse technology is used in 50% of the world's nuclear reactors. For investors looking to play the upside in nuclear energy, Cameco is a top stock today.
Surging oil prices have propelled Occidental Petroleum
Occidental Petroleum has gotten off to a strong start this year, with the stock up 35% year to date, driven by high oil prices amid the ongoing conflict in Iran. The disruptions in the Strait of Hormuz have impacted 20 million barrels of oil per day, or roughly one-quarter of the world's oil. With Brent Crude oil currently trading at around $100 per barrel, oil and gas companies like Occidental stand to benefit.
In the first quarter, Occidental delivered strong results, producing 1.4 million barrels of oil equivalent per day with adjusted earnings per share of $1.06, well above expectations. In February, Occidental placed costless collar hedges on 100,000 barrels of oil per day. When the conflict drove crude prices higher, the company recorded derivative losses on its crude collars, partially offsetting its net income for the quarter.
Looking forward, Occidental projects it will produce 1.44 million barrels of oil equivalent per day, and projects that unconventional production in the Permian Basin will increase in the second quarter. The company will also continue to focus on operational efficiencies and aims to reduce its debt to below $10 billion by the end of this year. It is also targeting $1.2 billion in incremental cash flow from cost efficiencies, before factoring in oil price increases.
Disruptions in natural gas infrastructure have helped Cheniere Energy
The conflict in Iran has also caused significant disruptions to the liquified natural gas (LNG) markets. QatarEnergy's LNG facility in Ras Laffan was targeted in the conflict, effectively removing roughly 7 million tons of supply from theglobal marketeach month. Cheniere Energy is a top U.S. LNG producer whose stock has surged 24% since the start of the year.
Although natural gas prices spiked, Cheniere's first-quarter earnings results don't reflect this. In fact, the LNG company reported an operating loss of $2.5 billion, primarily due to $5.4 billion in non-cash unfavorable changes in the fair value of its derivative instruments. This is due to a timing mismatch between when Cheniere must mark-to-market its derivatives for accounting purposes and when it actually sells its gas at some future date.
This makes it appear that Cheniere had a significant paper loss, but the underlying business remains sound. Consolidated adjusted EBITDA increased by 25% from last year to $2.3 billion, thanks to record production. Looking forward to the rest of this year, Cheniere projects production of 52 million to 54 million tonnes of natural gas, and raised its full-year guidance for distributable cash flow from $4.6 billion at the midpoint to $5 billion.
Should you buy stock in Cameco right now?
Before you buy stock in Cameco, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Cameco wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $469,293!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,381,332!*
Now, it’s worth noting Stock Advisor’s total average return is 993% — a market-crushing outperformance compared to 207% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.
*Stock Advisor returns as of May 18, 2026.
Bank of America is an advertising partner of Motley Fool Money. Courtney Carlsen has positions in Cameco and Occidental Petroleum. The Motley Fool has positions in and recommends Cameco and Cheniere Energy. The Motley Fool recommends Occidental Petroleum. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

3 Energy Stocks That Are Quietly Becoming the Trades of the Year

Key Points
The U.S. government wants to quadruple its nuclear capacity by 2050, driving growth in a once sleepy industry.
Cameco, one of the world's top suppliers of uranium, is positioned to grow immensely from surging demands for fuel.
NuScale Power, an SMR designer, could become the backbone of AI power.
Just when nuclear energy seemed to be a relic of the past, the industry is experiencing perhaps one of its biggest revivals in decades. Surging demand for clean, reliable power and advances in small nuclear reactors (SMRs) have breathed new life into the once sleepy industry. Mix in growing demand for electricity from data centers, and a U.S. administration bullish on nuclear energy, and you have a recipe for monstrous growth.
As the Energy Department recently stated: "[T]he next American Nuclear Renaissance has arrived."
Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue »
Over the next 25 years, the U.S. government wants to quadruple nuclear capacity from roughly 100 gigawatts (GW) in 2024 to 400 GW in 2050. That could be one reason Bank of America (NYSE: BAC) sees nuclear energy representing a $10 trillion market opportunity right now.
Call it what you like, but nuclear is certainly having a moment. The following two nuclear energy stocks could be among its biggest winners.
Cameco
The next American nuclear renaissance won't go anywhere without fuel. Right now, Canadian-native Cameco (NYSE: CCJ) is one of the largest suppliers of uranium fuel to the United States -- and the world.
In 2024, Cameco produced about 17% of the world's uranium, second only to Kazakhstan's Kazatomprom (21%). With Orano, the next closest producer, at 11%, Cameco is clearly one of a very small group of companies that is dominating the global uranium supply right now.
That position could come to matter even more as uranium demand rises. According to the World Nuclear Association, demand is expected to climb about 28% by 2030 and more than 100% by 2040. For Cameco, whose uranium mines include McCarthur River and Cigar Lake, two of the world's largest uranium mines, that could mean stronger pricing power, or volume, or both.
The icing on the cake here is that Cameco also owns a 49% stake in Westinghouse, an engineering company that is designing a small modular reactor. Fun fact: Westinghouse supplied the first commercial pressurized water reactor in 1957. Today, Westinghouse is part of an $80 billion agreement with the U.S. government to build new reactors for AI deployment in the U.S.
However you slice it, Cameco has the assets and uranium to become one of the biggest winners of the nuclear resurgence.
NuScale Power
NuScale Power (NYSE: SMR) is an SMR company with a head start in the nascent small reactor market. It is the only U.S. company with an SMR design that's been approved by the Nuclear Regulatory Committee (NRC).
That matters because SMR technology could be the primary driver of future growth in the nuclear industry. As Bank of America puts it, small modular reactors could be "one of the most consequential energy technologies for the next 25 years."
The reason is simple: Unlike large nuclear power plants, which cost billions and can take a decade or more to complete, SMRs have the advantage of being pre-made in a factory. That not only (in theory) lowers construction costs, it could also reduce construction time from a decade to two or three years.
I write "in theory," because SMR technology remains largely a lab-tested concept with no commercial reactors in the U.S. in operation. Even NuScale, which has enjoyed its NRC-licensed design for over a year now, lacks a first firm sale of its SMR technology, which underscores how much initial friction confronts a novel nuclear energy company.
If NuScale can succeed in building out its first SMR plants within an appropriate time frame and budget, this company's sales could hit the ground running. However, until it can prove that SMR technology is as cheap and easy to fabricate as hoped, NuScale stock, currently down about 80% from its most recent high, will be heavily limited in upside growth.
All things considered, nuclear energy is moving back into the spotlight, and these two companies sit on different sides of a similar growth story. Another way to play this growing trend in energy is a nuclear energy exchange-traded fund (ETF), which could capture the same long-term growth with slightly less volatility.
Should you buy stock in Cameco right now?
Before you buy stock in Cameco, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Cameco wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $469,293!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,381,332!*
Now, it’s worth noting Stock Advisor’s total average return is 993% — a market-crushing outperformance compared to 207% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.
*Stock Advisor returns as of May 18, 2026.
Bank of America is an advertising partner of Motley Fool Money. Steven Porrello has positions in NuScale Power. The Motley Fool has positions in and recommends Cameco. The Motley Fool recommends NuScale Power. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

2 Nuclear Energy Stocks to Buy in May

Key Points
Cameco is a leading nuclear energy company with diversified operations across uranium, nuclear fuel, and technology.
AI infrastructure and energy security concerns are driving uranium demand.
Cameco (NYSE: CCJ) is the largest pure-play nuclear company on the market and one of the best ways to play the resurgence of nuclear power in the energy mix. As recent events in the Persian Gulf have demonstrated, there's a significant risk to global energy supplies, and that only adds to the already compelling case for nuclear energy as the answer to future energy needs.
The case for nuclear energy and Cameco
Cameco operates in three segments. The uranium segment mines uranium from three top-tier operations (two in Saskatchewan, Canada, and one in Kazakhstan), and uranium prices drive its profitability. The second segment, fuel services, is a uranium fuel supplier and also offers refining, conversion, and fuel manufacturing services. The third segment, Westinghouse, represented the 49% stake the company holds in Westinghouse Electric Company, a designer and manufacturer of nuclear fuel products and equipment for nuclear reactors, as well as the design of small modular reactors (SMRs).
Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue »
Hyperscalers and AI infrastructure spending are driving uranium demand
The mix of businesses allows the company to profit from soaring uranium prices, driven by hyperscalers signing long-term power purchase agreements (PPAs) with nuclear energy companies to secure power for their massive AI data center investments. This growing demand has sent long-term uranium contract prices significantly higher. For example, Cameco's average realized price for uranium in 2021 was $34.53 per pound compared to $66.21 per pound in the first three months of 2026.
Hyperscalers favor investing in nuclear fuel because it avoids the intermittency issues of renewable energy and supports their net-zero aims, as nuclear power generates carbon-free energy. In turn, Cameco's fuel services benefit from the increased demand for reactor fuel, and Westinghouse is a key player in building out nuclear plants, including the fast-growing SMR.
A strategic necessity
The importance of securing a reliable carbon-free power supply has been underlined by events in the Persian Gulf, which have sent fossil fuel prices soaring. However, even before that, the U.S. government demonstrated the importance of nuclear energy by launching a strategic partnership with Cameco and Brookfield Asset Management (the other owner of Westinghouse), such that the government could invest $80 billion to construct Westinghouse nuclear reactors in return for potential cash distributions and warrants in connection with the right to require an initial public offering (IPO).
Moreover, as Cameco's Board Chair Catherine Gignac outlined on a recentearnings call "Once new reactors enter operation, the maintenance, services and fuel supply they require throughout their 80- to 100-year life cycles create significant opportunities that are expected to benefit both Westinghouse and Cameco."
A stock to buy
Ultimately, an investment in Cameco reflects the belief that nuclear power will play an increasingly important role in the energy mix. With governments and major corporations around the world signing into that view, the company appears ideally placed to benefit.
Should you buy stock in Cameco right now?
Before you buy stock in Cameco, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Cameco wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $468,861!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,445,212!*
Now, it’s worth noting Stock Advisor’s total average return is 1,013% — a market-crushing outperformance compared to 210% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.
*Stock Advisor returns as of May 16, 2026.
Lee Samaha has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Brookfield Asset Management and Cameco. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Got $5,000? Cameco Could Be the Nuclear Fuel Champion That Turns Today's Energy Crisis Into Long‑Term Wealth.

Key Points
Growing electricity demand has resulted in a nuclear power renaissance.
Investors have multiple ways to invest in the sector, each with different levels of risk.
Investors looking at nuclear should consider industry suppliers, reactor operators, and the technology mavens.
Between 2000 and 2020, electricity demand increased 9%. Demand is expected to increase as much as 50% between 2020 and 2040. The massive increase in demand has led to a renaissance in nuclear energy, as it is a reliable, carbon-free energy source. If you want to get in on the growth that is taking shape in the nuclear power sector in 2026, here are three-ish options to consider from suppliers to producers to the companies working on cutting-edge technology.
First, look at the industry's suppliers
You don't have to buy a nuclear power plant operator to invest in nuclear power. Those plants have to be built, and they need fuel. That's where Brookfield Renewable Partners (NYSE: BEP) and Cameco (NYSE: CCJ) come in. Brookfield Renewable Partners is the least risky option on this list because it owns a globally diversified portfolio of clean energy assets. Within that mix is a 50% ownership stake in Westinghouse, one of the world's largest service providers to the nuclear power industry. The big draw, however, is likely to be the 4.7% yield backed by a decade of regular dividend increases.
Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue »
If you aren't a dividend investor, you may find Cameco of interest. Cameco owns the other half of Westinghouse. And it operates a uranium mining and processing business, supplying nuclear power plants with fuel. The stock has been on a tear, up 150% over the past year. That said, the company expects uranium demand to start outstripping supply by 2030, so elevated uranium prices could bolster Cameco's business for years to come.
Next, consider the plant operators
The most recent U.S. utility to construct a nuclear power plant was Southern Company (NYSE: SO). The Vogtle nuclear power plants were late and over budget, but now that they are connected to the grid, they will provide the large U.S. utility with decades of reliable clean energy. These plants are just one part of a much larger regulated utility operation, but Southern, and its reliable 3.1% dividend yield, is a way for conservative investors to dip their toes into the nuclear space.
Constellation Energy (NASDAQ: CEG) is a higher-risk option. This company is an independent power producer, so its prices are market-based. (Southern's rates are determined by regulators.) That said, Constellation owns one of the country's largest nuclear power fleets. But, like Cameco, the stock has risen sharply, up over 300% over the past three years. It is also notable that Constellation has been diversifying its business, recently buying a large natural gas power generator. That reduces risk in some ways, but being an independent power producer is inherently riskier than operating a regulated utility.
Finally, consider new technology
The last type of nuclear power company to consider is the most risky. Only aggressive investors should look at NuScale Power (NYSE: SMR) and Oklo (NYSE: OKLO). Both of these companies are attempting to build businesses around small-scale modular nuclear reactors. NuScale is doing so with a scaled-down version of current reactor technology. Oklo's plant design is intended to push the industry forward by enabling the use of recycled nuclear fuel.
Neither one has a commercial plant up and running just yet. Essentially, they are both losing money right now and will likely continue to do so for years to come as they continue to build their businesses. If you do decide to take the risk of investing in the nuclear power sectors leading edge technology, you might want to spread your bets. In other words, buy both and don't go overboard. It is too soon to tell which company will be a long-term winner or, frankly, if either one has what it takes to become sustainably profitable at all.
Think about your risk profile before you invest in nuclear power
The headline said three nuclear power stocks, but there are actually six listed here. That's because risk is something you need to consider very carefully. Nuclear power stocks have a volatile history, so you need to approach stock selection in the sector with caution.
Conservative investors should stick with companies like Brookfield Renewable and Southern. More aggressive sorts might appreciate Cameco and Constellation. And the most aggressive might want to buy NuScale and Oklo, perhaps viewing them as a paired investment in new, as-yet-unproven technology.
Should you buy stock in NuScale Power right now?
Before you buy stock in NuScale Power, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and NuScale Power wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $471,827!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,319,291!*
Now, it’s worth noting Stock Advisor’s total average return is 986% — a market-crushing outperformance compared to 207% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.
*Stock Advisor returns as of May 10, 2026.
Reuben Gregg Brewer has positions in Brookfield Renewable Partners and Southern Company. The Motley Fool has positions in and recommends Cameco and Constellation Energy. The Motley Fool recommends Brookfield Renewable Partners and NuScale Power. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.