Cameco Stock And the Nuclear Energy Trend Investors Are Watching

Global inflation pressures linked to energy and commodities are keeping power costs in focus, which pushes nuclear energy back into the spotlight for investors looking for reliable supply. This creates an opportunity for those who want exposure to potential long term electricity demand and decarbonisation themes. This article walks through three stocks from the Nuclear Energy Stocks screener that could help you build targeted exposure to this trend.

The three nuclear energy stocks covered next are only a starting sample. The full screen highlights 55 more companies with similarly detailed stories that are not included here.

Analyze, compare, and identify your own high conviction opportunities directly in the Nuclear Energy Stocks screener.

Overview: Cameco is a large Canadian uranium supplier that mines and processes uranium concentrate for nuclear utilities, and through its Fuel Services and Westinghouse segments it also helps convert that material into reactor fuel and supports the design, maintenance, and operation of nuclear power plants. This gives Cameco a direct role across key stages of the nuclear fuel cycle, from the mine through to the reactor.

Operations: Cameco generates most of its revenue from the Westinghouse segment at about CA$3.4b, with a further CA$2.9b from Uranium mining and CA$551 million from Fuel Services, while other items and unallocated adjustments are small in comparison.

Market Cap: CA$57.4b

For investors focused on nuclear energy, Cameco offers direct exposure to uranium production along with a meaningful position in fuel services and reactor technology through Westinghouse, which ties the company to both existing plants and future builds. The appeal is a combination of Tier 1 uranium assets, long term contracts with utilities, and a growing pipeline of Westinghouse projects, including AP1000 deployments supported by major US Department of Energy loan commitments in 2025 and 2026. The flip side is execution and valuation risk, especially after a year where adjusted EBITDA and profit margins came under pressure and management called out production and supply chain challenges. If you want a nuclear-focused stock with both mining and reactor exposure, Cameco is hard to ignore, but it is not one to approach casually.

Cameco’s mix of uranium mining and Westinghouse reactor work can look like two stories moving at different speeds. However, the real picture only shows up once you read the 2 key rewards and 1 important warning sign

Build your own nuclear shortlist around Cameco

Cameco and the two other nuclear stocks in this article all surfaced from a single Simply Wall St screener, but the real advantage comes from setting your own rules. Use our customisable Screener to mix filters like valuation, future growth, balance sheet strength, and risk, or tap into our pre-built Investing Ideas for ready made starting points.

Overview: Bird Construction is a Canadian contractor that builds and retrofits industrial, institutional, and infrastructure projects, including specialized civil and modular work for nuclear power facilities where it handles site preparation, underground utilities, foundations, and structural and piping installations. Alongside this nuclear related activity, the company remains broadly diversified across sectors such as energy, transportation, defence, and commercial buildings.

Operations: Bird Construction generates all of its CA$3.7b in revenue from general contracting activities in Canada.

Market Cap: CA$3.9b

Bird Construction may appeal to investors who want exposure to nuclear infrastructure without being tied only to uranium or reactor technology. Its role in civil and modular work for nuclear facilities sits within a record infrastructure backlog of around CA$12b and increasing demand for energy transition projects, including nuclear, LNG, wind, and hydro. Recent results include record quarterly revenue above CA$1b and stronger cash generation, while board independence and experienced management are important for handling complex, safety critical contracts. The trade off is that construction margins are thin and depend heavily on timely execution of large, long duration projects, so delays or cancellations could pressure earnings. A key consideration for investors is whether the nuclear and green project pipeline adequately compensates for the valuation level and project execution risks involved.

Bird Construction’s growing infrastructure backlog and nuclear project pipeline could be masking a very different earnings profile than many investors assume. Get the full story in the analysis report for Bird Construction

Overview: Energy Fuels is a U.S. focused producer of uranium for nuclear reactor fuel, with additional businesses in vanadium, rare earth elements and heavy mineral sands that supply critical materials for electrification and magnets. Its uranium segment is the clearest link to the nuclear energy theme, while the rare earth and mineral sands operations add extra exposure to broader clean energy supply chains.

Operations: Energy Fuels currently generates its reported US$106 million in revenue entirely from its Uranium segment, with no separate geographic breakdown disclosed.

Market Cap: CA$4.8b

Energy Fuels is interesting if you want direct exposure to uranium production tied to nuclear power, with additional potential from a growing rare earths platform built around its White Mesa Mill and the planned mine to magnet chain. The company is still loss making today and carries a very high P/S multiple, so a lot of anticipated future success may already be reflected in the price. Recent U.S. government financing support for White Mesa and progress on supplying Japanese magnet makers indicate operational momentum. However, execution risk, funding needs for major projects and reliance on supportive policy remain key issues to weigh carefully.

Energy Fuels’ high P/S and loss making profile suggest the story is still being written. See how expectations around uranium, rare earths and that valuation stack up in the analyst forecasts for Energy Fuels

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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.

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