Energy prices and producer costs in Spain are being pulled higher by electricity, which keeps attention on how the world sources reliable power. Nuclear energy stocks sit right in that debate, since they link long term electricity demand with low carbon supply. For investors, that creates a focused hunting ground. This article highlights three nuclear energy stocks from our screener that show how different parts of the sector approach this opportunity.

The three nuclear energy stocks below are just a small sample. The full screen surfaced around 300 more companies with equally detailed stories that are not covered here. If you want to go broader and identify your own highest conviction nuclear ideas, head straight to the Nuclear Energy Stocks screener to filter and analyze the wider opportunity set.

Cameco (TSX:CCO)

Overview: Cameco is a Canadian nuclear fuel company that focuses on uranium, supplying the key fuel for commercial nuclear reactors through mining, milling, and related services. Alongside its core Uranium segment, it owns Fuel Services operations and a stake in Westinghouse, which provides reactor technology, components, and maintenance for utilities around the world.

Operations: Cameco generates revenue primarily from Uranium at about CA$2.9b, Fuel Services at about CA$551 million, and its Westinghouse segment at about CA$3.4b, with minor contributions from other activities and some unallocated adjustments.

Market Cap: CA$64.4b

Cameco gives you exposure to the full nuclear fuel cycle, from mining uranium through to reactor technology and services via its 49% stake in Westinghouse, which is tied to high profile AP1000 reactor projects and a potential IPO. The company has long term uranium contracts and is focused on matching production to committed demand, which can support pricing power, but recent earnings and EBITDA have been affected by softer uranium sales volumes and operational challenges. Forecasts in the market suggest faster earnings growth and improving returns if uranium demand, utility contracting and the Westinghouse project pipeline progress as expected. The key question for investors is whether these nuclear fuel cycle tailwinds are strong enough to justify a premium valuation in the face of funding, execution and contracting risks.

Cameco ties the full nuclear fuel cycle to a premium valuation debate that many investors only half see. To understand how uranium contracts, Westinghouse exposure and execution risk fit together, review the analysis report for Cameco

Constellation Energy (CEG)

Overview: Constellation Energy operates one of the largest nuclear power fleets in the United States within its 31,676 MW generation portfolio, supplying baseload, low carbon electricity from its reactors alongside wind, solar, gas, and hydro assets. It sells power, natural gas, and energy solutions to utilities, municipalities, large corporates, and households, with nuclear generation providing the clearest link to the Nuclear Energy Stocks theme.

Operations: Constellation Energy generates about US$31.3b in revenue from its Generation segment, with earnings driven by its mix of nuclear and other power assets across regional markets including the Midwest, Mid Atlantic, New York, ERCOT, and other power regions.

Market Cap: US$98.6b

Constellation Energy attracts attention because its nuclear fleet is directly supplying the kind of round the clock, carbon free power that AI data centers, large corporates, and public sector customers are actively seeking, often through very long term contracts with price premiums. Federal tax credits for nuclear and zero emission power add an extra layer of revenue visibility that is unusual for such large generation assets. At the same time, investors need to weigh the high debt load that is not fully covered by operating cash flow, the impact of one off gains on reported earnings, and the long term regulatory and decommissioning obligations that come with nuclear plants. The combination of contracted nuclear cash flows, Calpine integration, and these funding and policy risks is what makes Constellation Energy a company worth closer study in the nuclear theme.

Constellation Energy’s nuclear cash flows and tax credits could be masking a risk reward profile that is very different from typical utilities. Get the full picture in the 4 key rewards and 2 important warning signs (1 is major!)

GE Vernova (GEV)

Overview: GE Vernova is an energy equipment and services company that helps generate, move, and manage electricity worldwide. Its Power segment supplies nuclear steam turbines and lifetime services for existing nuclear reactors, and also covers gas and hydro technologies. Around this, GE Vernova is diversified into wind turbines and grid, software, solar, and storage solutions that support the wider shift to more electrified and digital power systems.

Operations: GE Vernova generates about US$20.9b in revenue from Power, US$12.2b from Electrification, and US$8.5b from Wind, with a small offset from other and intersegment items.

Market Cap: US$246.8b

GE Vernova gives investors exposure to the long life economics of nuclear reactors through its nuclear steam turbines and the decades long service work that follows. It is also positioned to benefit from higher electricity demand associated with AI data centers and grid upgrades. Earnings and margins have improved, and recent news points to a US$176b backlog and strong orders in Power and Electrification, which together indicate more recurring service revenue and clearer visibility than many industrial peers. However, governance turnover, one off gains, insider selling, and the weaker Wind segment all add uncertainty. If GE Vernova continues to expand higher quality nuclear and grid service income while addressing these pressure points, the stock is likely to remain closely watched by investors focused on nuclear related power infrastructure.

GE Vernova’s accelerating backlog and long life nuclear service income suggest a story the market may not fully appreciate yet. See how the 5 key rewards and 2 important warning signs could reshape your view of its upside and pressure points.

Curious About What You Might Be Missing Next

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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.