A 30 year U.S. Saudi civil nuclear agreement now sits in front of Congress, and that mix of long term ambition and political risk is drawing fresh attention to nuclear power equipment and services stocks. Policy headlines could reshape expectations quickly, which creates both excitement and anxiety for investors watching this theme. This article walks through 3 stocks exposed to this news and how they might fit into your watchlist.

The stocks in this article are a starting sample, while the full screen surfaced 12 more companies with equally detailed nuclear and reactor related narratives that are not covered here. If you want to move quickly from headlines to hard data, head straight into the Nuclear Power Equipment & Services screener to identify, filter, and analyze potential higher conviction nuclear power equipment and services stocks.

AtkinsRéalis Group (TSX:ATRL)

Overview: AtkinsRéalis Group is a global engineering and project management company that runs a dedicated Nuclear segment providing consultancy, reactor design, new build and refurbishment services, decommissioning and waste management, alongside broader infrastructure work in transport, water, power and industrial markets across Canada, the UK, the US, Saudi Arabia and other regions.

Operations: AtkinsRéalis generates revenue primarily from its Engineering Services businesses in the UKI segment at about CA$2.9b, Nuclear at about CA$2.6b, USLA at about CA$2.1b, Canada at about CA$1.6b, and AMEA at about CA$1.2b, with demand spread across Canada, the United States, the United Kingdom and other countries.

Market Cap: CA$13.5b

AtkinsRéalis Group gives you direct exposure to the nuclear engineering theme through its dedicated Nuclear segment, which covers everything from reactor life extensions to new build projects and decommissioning. It also taps into large transport and infrastructure programs in the US, UK, Canada and the Middle East. The company has been highlighting a growing pipeline of nuclear work, including CANDU reactor opportunities and long term roles on UK projects such as Hinkley Point C and Sizewell C, which sits alongside contracts in Saudi Arabia and the US. That opportunity set comes with real execution risk though, from large, complex contracts and earnings volatility, as well as recent insider selling. If you want nuclear related upside anchored by an established global engineering platform, AtkinsRéalis is worth a closer look.

AtkinsRéalis Group’s growing nuclear pipeline might look straightforward, yet the real story could hinge on how those complex contracts reshape its risk and reward profile. For the fuller picture, see the 4 key rewards and 3 important warning signs

WSP Global (TSX:WSP)

Overview: WSP Global is a Montreal based engineering and professional services company that advises, designs and manages large infrastructure and energy projects worldwide, including work on power plants and lower carbon solutions such as nuclear. It supports clients across transport, water, buildings and environmental services, while also handling permitting, safety, and regulatory studies that are essential for complex reactor and clean energy programs.

Operations: WSP Global generates revenue primarily from the Americas at about CA$9.0b, followed by EMEIA at about CA$5.5b, Canada at about CA$2.9b and APAC at about CA$2.0b.

Market Cap: CA$25.9b

WSP Global may be worth attention for investors seeking exposure to nuclear related consulting within a broad infrastructure and energy services business. The company is active across the full nuclear program cycle from siting and environmental studies to licensing and decommissioning, with management citing a pipeline of small modular reactor and Canadian nuclear work. That is in addition to a Power & Energy franchise in the U.S. and a reported backlog of around CA$20.1b. Considerations on the risk side include relatively high leverage, reliance on public sector spending and ongoing acquisition integration, all of which can influence returns.

WSP Global’s CA$20.1b backlog and nuclear consulting work could be masking a very different risk reward mix than investors assume. Get the full context in the 5 key rewards and 1 important warning sign

Fluor (FLR)

Overview: Fluor is a global engineering, procurement and construction company that builds and manages complex projects across energy, infrastructure and government markets, including nuclear power, nuclear remediation and small modular reactor work. Its teams handle everything from design and fabrication to long term operations and maintenance for clients in both the private sector and U.S. and allied governments.

Operations: Fluor generates most of its revenue from Urban Solutions at about US$10.3b, followed by Energy Solutions at about US$2.6b and Mission Solutions at about US$2.6b, with the bulk of its roughly US$15.5b in sales coming from North America at about US$12.1b.

Market Cap: US$6.9b

Fluor provides exposure to the nuclear theme through its EPC work in nuclear power, fuel and remediation, while also participating in a broad portfolio of energy, infrastructure and government projects. The company is in the middle of a shift toward cash generation and higher margins, supported by a growing backlog, new awards tied to nuclear fuels and SMR programs, and an active buyback program. At the same time, it is still working through a turnaround from past losses, carries funding risk due to reliance on external borrowing, and faces the usual project delay and cost overrun risks that come with multi year megaprojects. Investors seeking nuclear linked EPC exposure with recovery potential and who are comfortable with execution risk may want to research Fluor further.

Fluor’s push toward higher margins and cash generation could be reshaping its nuclear story in ways the headline backlog does not fully show. Review the analysis report for Fluor for the key twist investors often miss.

Seeking Alternatives Beyond Nuclear Stocks?

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.