Geopolitical risks in the Middle East are keeping energy prices in focus and reminding investors how important reliable power sources are when supply feels uncertain. That spotlight puts nuclear energy stocks back on the radar as a potential way to gain exposure to long term electricity demand and energy security themes. This article walks through three nuclear energy stocks from our screener that many investors are watching closely.

The stocks in the article below are just a starting sample, and the full nuclear energy screen surfaced 298 more companies with equally compelling narratives that are not covered here. If you want to move quickly from ideas to a focused shortlist, head straight into the Nuclear Energy Stocks screener to identify, filter and analyze the nuclear energy stocks that best fit your own thesis.

Cameco (TSX:CCO)

Overview: Cameco is a Canadian company that supplies uranium fuel and related services to nuclear utilities worldwide, with its Uranium segment providing the key fuel that powers nuclear reactors and its Fuel Services and Westinghouse businesses supporting the broader nuclear fuel cycle.

Operations: Cameco generates most of its revenue from its Uranium segment at about CA$2.9b, alongside CA$551 million from Fuel Services and about CA$3.4b from Westinghouse, with a small CA$3 million contribution from Other activities and unallocated adjustments netting out a portion of Westinghouse revenue.

Market Cap: CA$61.5b

Investors looking at nuclear energy stocks often start with Cameco because it is tied into multiple stages of the fuel cycle, from uranium mining to fuel fabrication and reactor technology through Westinghouse. That breadth gives it exposure to long term nuclear buildout, including the AP1000 reactor pipeline and the recent U.S. DOE loan commitment. It also leaves results sensitive to project timing and operational issues such as recent production disruptions and weaker Westinghouse earnings. The company reports high quality earnings, a growing contract book and an experienced, independent board. It also faces valuation risk and margin pressure that depend heavily on uranium prices and new reactor projects progressing. The key issue for investors is how these factors may balance out over the next decade of nuclear build activity.

Cameco’s multi stage fuel cycle exposure is powerful, but the real story is how much of that is already reflected in the price. Go straight to the valuation tension and margin risk in the DCF valuation analysis for Cameco

Build your own nuclear shortlist around Cameco

Cameco and the two other nuclear stocks in this article all came from a single screener, but the real edge comes when you tailor the filters yourself. Use our flexible Screener to mix valuation, growth, balance sheet and risk filters to suit your approach, or tap into our curated Investing Ideas for ready made starting points.

NuScale Power (SMR)

Overview: NuScale Power focuses on small modular reactor technology, built around its 77 MWe NuScale Power Module light water reactor, and sells not just the reactors themselves but a full suite of licensing, construction, operations, training and fuel management services that can support nuclear power plants from design through day to day running.

Operations: NuScale Power currently generates about US$11 million of revenue from utilities in the United States, primarily tied to its nuclear power solutions for electric customers.

Market Cap: US$4.0b

NuScale Power attracts attention because it brings an NRC certified small modular reactor design, a growing ecosystem of suppliers and partners, and early projects such as the TVA and Romania RoPower programs that could translate its nuclear technology into multi gigawatt deployments. At the same time, the company remains loss making, depends on external funding, and has issued new shares, so progress on firm power purchase agreements and managing costs are critical. For investors interested in nuclear energy infrastructure, NuScale offers a pure play SMR story with clear regulatory and commercialization hurdles that need to be cleared before today’s expectations line up with long term cash flows.

NuScale Power’s NRC certified SMR story is attracting attention, but the real question is how today’s expectations stack up against the fine print in the 1 key reward and 3 important warning signs (1 is major!)

Oklo (OKLO)

Overview: Oklo develops Aurora fission power plants that are designed to supply 15 to 75 megawatts of nuclear electricity to US customers, directly aligning with the screener’s focus on companies building and operating reactors for reliable power. It also works on fuel recycling and fabrication technologies that aim to turn used nuclear fuel into new fuel for its own reactors.

Market Cap: US$7.8b

Oklo interests investors who want pure exposure to next generation nuclear power, because its Aurora small modular reactors and fuel recycling plans tie directly into long term electricity demand and fuel cycle security. The company has reported its first revenue and has regulatory progress such as DOE approvals for the Groves Isotope Test Reactor, but commercial Aurora powerhouses are not yet operating and Oklo reported a loss with very limited current revenue. Funding relies on external capital and recent shareholder dilution, while board turnover and insider selling add governance questions. For investors willing to watch execution closely, the mix of early operating milestones, large data center partnerships and unproven profitability creates a high risk story that could change quickly as new contracts and licenses land or slip.

Oklo’s early reactor milestones and fuel recycling plans are creating buzz, while risks around funding, governance and profitability remain front of mind. Get the context that ties this high risk story together in the 1 key reward and 6 important warning signs (1 is major!)

Seeking Fresh Alternatives Beyond Nuclear?

Fresh ideas can move before the crowd catches them. Use momentum while it matters and before prices start flying or dropping out of reach.

• Spot future compounders early and track companies in the 8 high quality undiscovered gems before their stories spread and valuations begin to reflect the full potential.
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• Explore opportunities in AI infrastructure using the hand picked 55 AI infrastructure stocks.

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.