Nuclear energy stocks sit at the crossroads of power security, inflation concerns and shifting interest rate expectations, as investors look for assets tied to essential infrastructure and long term energy demand. With inflation signals mixed across the US, Europe and Asia, and sovereign yields moving on each new data release, some investors are revisiting nuclear as a potential source of more predictable cash flows within the wider energy mix. This Nuclear Energy Stocks screener highlights companies across uranium supply and reactor operations, and this article will spotlight 3 of the most closely watched stocks from that list.

NuScale Power (SMR)

Overview: NuScale Power develops small modular nuclear reactors, with its NuScale Power Module designed to generate 77 megawatts of electricity per unit and be combined into larger plants. It also sells a wide range of engineering, licensing, training and operational support services to utilities and industrial customers.

Operations: NuScale currently generates all of its US$18.7 million in revenue from electric utility related services in the United States.

Market Cap: US$3.1b

NuScale Power sits at the high risk, high potential end of the nuclear theme, with an NRC approved SMR design, a partnership with ENTRA1 and projects such as the RoPower plant in Romania. These give it an early opportunity to supply baseload power to AI data centers and utilities. The company is still loss making, cash burn is heavy, funding depends on external capital and shareholder dilution has been an issue, all of which leave little room for execution missteps. For investors willing to accept volatility in return for exposure to a possible early leader in SMRs, a key consideration is how commercial milestones, power purchase agreements and funding streams ultimately line up.

NuScale’s NRC approved SMR design and heavy cash burn put it at the center of the nuclear debate, so it is worth seeing how the full thesis stacks up in the 1 key reward and 3 important warning signs

Constellation Energy (CEG)

Overview: Constellation Energy is a US power producer that sells electricity, natural gas and energy solutions, with a fleet of around 31,676 megawatts across nuclear, wind, solar, gas and hydro plants serving utilities, governments, businesses and households. The company focuses heavily on carbon free power, positioning itself as a key supplier for customers that need reliable, low emissions electricity.

Operations: Constellation Energy generates around US$29.9b in revenue from its Generation segment, supported by a broad mix of regional power markets including the Midwest, Mid Atlantic, New York, ERCOT and other US power regions.

Market Cap: US$91.98b

Investors looking at nuclear energy stocks for AI and data center exposure may find Constellation Energy interesting because its long term, carbon free power contracts with Microsoft, Meta and Walmart tie nuclear output to sizeable, sticky demand. Those agreements, together with federal nuclear tax credits and license extensions at plants like Ginna and Nine Mile Point, support more predictable cash flows, even as earnings are influenced by a high debt load and a recent US$2.0b one off gain. With revenue and earnings still closely linked to large centralized assets and evolving regulation, the key question for investors is how these long dated PPAs, asset restarts and the Calpine acquisition balance out the funding risks and valuation debate around Constellation’s growth story.

Constellation Energy’s long dated, carbon free PPAs with big tech and retailers could be masking an underappreciated twist in its story. The 4 key rewards and 2 important warning signs may change how you think about its balance of opportunity and risk.

Oklo (OKLO)

Overview: Oklo develops compact Aurora Powerhouse fission plants designed to supply 15 to 75 megawatts of electricity directly to customers such as data centers and industrial users, while also working on recycling used nuclear fuel into new fuel for its reactors.

Market Cap: US$8.0b

Oklo sits at the speculative end of nuclear energy stocks, with no commercial plants operating yet, revenue close to zero and a recent loss of US$33m. However, it has secured long term power agreements such as a 12 GW deal with Switch through 2044, customer interest from companies like Meta and partnerships with groups including Centrus to supply fuel for up to five Aurora units. A cash position of about US$1.6b plus around US$600m in marketable equities gives it time to progress NRC approvals and DOE backed projects. At the same time, shareholder dilution, insider selling, an inexperienced board and high share price volatility mean investors are paying up for future execution that still needs to be proved out.

Oklo’s large power agreements and substantial cash holdings appear to mark the beginning of a significant story. The real tension, however, lies in how risk and execution fit together, which is exactly what the 1 key reward and 5 important warning signs (1 is major!)

The three nuclear energy stocks covered here are only a starting point, with the full Nuclear Energy Stocks screener uncovering 32 more companies across uranium supply, enrichment and reactor operations that may have equally compelling narratives. Use Simply Wall St to identify the specific catalysts, contracts and balance sheet traits that matter to you so you can analyze nuclear energy stocks that best align with your portfolio criteria.

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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.