Nuclear Stocks Poised for Growth: NuScale Power, Constellation Energy, and More
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jan 20 2026
0mins
Source: Barron's
- Market Theme Reset: Strong market themes often require a reset before advancing, and nuclear stocks are currently undergoing this phase.
- Nuclear Stocks Movement: The movement of nuclear stocks indicates they are in a transitional period, potentially setting the stage for future growth.
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Analyst Views on CCJ
Wall Street analysts forecast CCJ stock price to rise
12 Analyst Rating
11 Buy
1 Hold
0 Sell
Strong Buy
Current: 105.570
Low
71.80
Averages
105.67
High
118.78
Current: 105.570
Low
71.80
Averages
105.67
High
118.78
About CCJ
Cameco Corporation is a provider of uranium fuel to generate baseload electricity around the globe. Its segments include uranium, fuel services and Westinghouse. The uranium segment involves the exploration for, mining, milling, purchase and sale of uranium concentrate. The fuel services segment involves the refining, conversion and fabrication of uranium concentrate and the purchase and sale of conversion services. The Westinghouse segment reflects its earnings from this equity-accounted investment. Westinghouse is a nuclear reactor technology original equipment manufacturer and a global provider of products and services to commercial utilities and government agencies. It provides outage and maintenance services, engineering support, instrumentation and controls equipment, plant modification, and components and parts to nuclear reactors. It has two operating mines, Cigar Lake and McArthur River as well as a mill at Key Lake. It also has ownership interests in Global Laser Enrichment.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Surging U.S. Nuclear Demand Positions Cameco for Growth
- Surging Nuclear Demand: According to Bank of America, U.S. electricity demand is projected to grow at five times the rate of the last decade over the next ten years, with nuclear energy gaining favor as a clean and reliable power source for data centers and industrial operators.
- Cameco's Competitive Edge: Cameco possesses high-grade uranium assets in North America, including the McArthur River and Cigar Lake mines, enabling it to produce more uranium with a smaller environmental footprint while strategically reducing reliance on Russian uranium supplies.
- Investment in Westinghouse: Cameco holds a 49% stake in Westinghouse Electric, which provides technology and engineering services for nuclear plants globally, generating $3.5 billion in revenue for Cameco last year, underscoring its significance in the nuclear expansion.
- Future Growth Potential: Analysts project Cameco's earnings per share to grow from $0.99 last year to $2.68 by 2028, representing a compound annual growth rate of 39%, positioning Cameco as an attractive long-term investment amid rising nuclear energy demand.
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Uranium Market Competition: Cameco vs. Centrus
- Diverse Uranium Types: Uranium exists in various forms, including traditional yellowcake, low-enriched uranium (LEU), and high-assay low-enriched uranium (HALEU), with HALEU containing up to 20% U-235, highlighting the diverse fuel needs of the nuclear industry.
- Profitability Comparison: Among nearly a dozen nuclear stocks, only Cameco and Centrus Energy report positive GAAP profits and free cash flow, with Cameco focusing on uranium mining and refining while Centrus specializes in purchasing and enriching uranium, showcasing both complementarity and rivalry in the market.
- Financial Metrics Analysis: Cameco's price-to-earnings ratio stands at 104, with a price-to-free cash flow ratio of 60, and analysts expect its GAAP earnings to nearly double to $1.89 per share by 2027, while Centrus's earnings are projected to grow only 9% to $5.30 per share, indicating Cameco's stronger financial performance.
- Investment Outlook Assessment: Although neither company presents an obvious bargain, Cameco's superior free cash flow and growth potential, combined with secure access to uranium mining and the ability to build a competitive enrichment business, make it a more attractive investment choice.
See More
Cameco vs. Centrus: Mining and Enrichment Dynamics
- Profitability Comparison: Cameco and Centrus Energy are the only two nuclear stocks generating positive GAAP profits and free cash flow, with Cameco's P/E ratio at 104 compared to Centrus's 45, indicating differing market expectations for the two companies.
- Future Growth Expectations: Analysts predict that by 2027, Cameco's GAAP earnings per share will nearly double to $1.89, while Centrus's earnings are expected to grow only 9% to $5.30, highlighting a significant disparity in future profitability between the two firms.
- Cash Flow Status: Despite Centrus's lower P/E ratio, Cameco boasts stronger free cash flow, providing greater flexibility for capital expenditures and future investments, thereby enhancing its competitive position in the market.
- Market Positioning and Strategy: With a 49% stake in Global Laser Enrichment, Cameco is developing a domestic uranium enrichment industry, which not only secures its position in the uranium supply chain but may also create competitive dynamics with Centrus, further influencing market structure.
See More
Nuclear Energy Stocks Rise in the AI Era
- Industry Leader: Constellation Energy, the world's largest non-government power producer, serves around 2.5 million customers, including 75% of the Fortune 100, and its acquisition of Calpine diversifies its clean energy portfolio, enhancing its competitive edge in the nuclear market.
- Stable Revenue Source: The 20-year direct power purchase agreements with Microsoft and Meta Platforms ensure predictable long-term revenue streams for Constellation, further solidifying its market position in the nuclear energy sector.
- Uranium Giant: Cameco, the world's second-largest uranium producer, operates the McArthur River and Cigar Lake mines, supplying about 24% of the world's uranium, making it more attractive to U.S. and European nuclear power companies due to Kazakhstan's ties with Russia.
- Potential of SMRs: Although Oklo and NuScale Power are not yet profitable, their small modular reactors offer flexibility and cost-effectiveness, making them focal points for investors in the nuclear market, despite their higher volatility.
See More
Leaders in Nuclear Energy and Investment Opportunities
- Market Leader: Constellation Energy stands as the largest nuclear company in the U.S., serving approximately 2.5 million customers, including 75% of the Fortune 100, and its acquisition of Calpine has diversified its clean energy portfolio, enhancing its competitive edge in the market.
- Long-Term Contract Security: The 20-year power purchase agreements with Microsoft and Meta Platforms ensure predictable long-term revenue streams for Constellation, showcasing its advantage in stable income generation.
- Uranium Mining Giant: Cameco is the world's second-largest uranium producer, with assets like the McArthur River and Cigar Lake mines supplying about 24% of global uranium, making it more attractive to U.S. and European nuclear companies due to its ties with Russia.
- Small Modular Reactor Potential: Oklo and NuScale Power are prominent small modular reactor stocks that, despite not being profitable yet, offer significant growth potential due to their flexibility and cost-effectiveness, capturing investor interest for the next decade.
See More
EagleOne Acquires Uranium and Rare Earth Project
- Acquisition of Uranium Project: EagleOne Metals Corporation has signed a binding Letter of Intent to acquire the Poison Springs Uranium/Rare Earths Project in Utah for $50,000, covering 206.6 acres and previously showing mineralized intercepts across uranium, copper, and silver, indicating significant mineral potential in the region.
- Improved Market Conditions: With uranium prices nearing $92 per pound and the IEA projecting a 30% copper supply shortfall by 2035, EagleOne is well-positioned in the critical minerals investment landscape, especially as the U.S. government commits over $30 billion to secure supply chains.
- Diversified Mineral Portfolio: EagleOne also owns the Hébécourt Township property in Quebec, historically yielding over 200 million ounces of gold, and has a non-binding LOI with Surupampa Metals for a copper-gold asset in Peru, showcasing its strategic positioning across multiple countries and commodities.
- Financing and Market Capitalization: The company is pursuing a C$240,000 financing round, with a current market capitalization of approximately C$5 million, indicating that the market has yet to fully price in its potential value amid the structural deficits in uranium, copper, and rare earths, suggesting significant future growth opportunities.
See More
Surging U.S. Nuclear Demand Positions Cameco for Growth
- Surging Nuclear Demand: According to Bank of America, U.S. electricity demand is projected to grow at five times the rate of the last decade over the next ten years, with nuclear energy gaining favor as a clean and reliable power source for data centers and industrial operators.
- Cameco's Competitive Edge: Cameco possesses high-grade uranium assets in North America, including the McArthur River and Cigar Lake mines, enabling it to produce more uranium with a smaller environmental footprint while strategically reducing reliance on Russian uranium supplies.
- Investment in Westinghouse: Cameco holds a 49% stake in Westinghouse Electric, which provides technology and engineering services for nuclear plants globally, generating $3.5 billion in revenue for Cameco last year, underscoring its significance in the nuclear expansion.
- Future Growth Potential: Analysts project Cameco's earnings per share to grow from $0.99 last year to $2.68 by 2028, representing a compound annual growth rate of 39%, positioning Cameco as an attractive long-term investment amid rising nuclear energy demand.
See More
Uranium Market Competition: Cameco vs. Centrus
- Diverse Uranium Types: Uranium exists in various forms, including traditional yellowcake, low-enriched uranium (LEU), and high-assay low-enriched uranium (HALEU), with HALEU containing up to 20% U-235, highlighting the diverse fuel needs of the nuclear industry.
- Profitability Comparison: Among nearly a dozen nuclear stocks, only Cameco and Centrus Energy report positive GAAP profits and free cash flow, with Cameco focusing on uranium mining and refining while Centrus specializes in purchasing and enriching uranium, showcasing both complementarity and rivalry in the market.
- Financial Metrics Analysis: Cameco's price-to-earnings ratio stands at 104, with a price-to-free cash flow ratio of 60, and analysts expect its GAAP earnings to nearly double to $1.89 per share by 2027, while Centrus's earnings are projected to grow only 9% to $5.30 per share, indicating Cameco's stronger financial performance.
- Investment Outlook Assessment: Although neither company presents an obvious bargain, Cameco's superior free cash flow and growth potential, combined with secure access to uranium mining and the ability to build a competitive enrichment business, make it a more attractive investment choice.
See More
Cameco vs. Centrus: Mining and Enrichment Dynamics
- Profitability Comparison: Cameco and Centrus Energy are the only two nuclear stocks generating positive GAAP profits and free cash flow, with Cameco's P/E ratio at 104 compared to Centrus's 45, indicating differing market expectations for the two companies.
- Future Growth Expectations: Analysts predict that by 2027, Cameco's GAAP earnings per share will nearly double to $1.89, while Centrus's earnings are expected to grow only 9% to $5.30, highlighting a significant disparity in future profitability between the two firms.
- Cash Flow Status: Despite Centrus's lower P/E ratio, Cameco boasts stronger free cash flow, providing greater flexibility for capital expenditures and future investments, thereby enhancing its competitive position in the market.
- Market Positioning and Strategy: With a 49% stake in Global Laser Enrichment, Cameco is developing a domestic uranium enrichment industry, which not only secures its position in the uranium supply chain but may also create competitive dynamics with Centrus, further influencing market structure.
See More
Nuclear Energy Stocks Rise in the AI Era
- Industry Leader: Constellation Energy, the world's largest non-government power producer, serves around 2.5 million customers, including 75% of the Fortune 100, and its acquisition of Calpine diversifies its clean energy portfolio, enhancing its competitive edge in the nuclear market.
- Stable Revenue Source: The 20-year direct power purchase agreements with Microsoft and Meta Platforms ensure predictable long-term revenue streams for Constellation, further solidifying its market position in the nuclear energy sector.
- Uranium Giant: Cameco, the world's second-largest uranium producer, operates the McArthur River and Cigar Lake mines, supplying about 24% of the world's uranium, making it more attractive to U.S. and European nuclear power companies due to Kazakhstan's ties with Russia.
- Potential of SMRs: Although Oklo and NuScale Power are not yet profitable, their small modular reactors offer flexibility and cost-effectiveness, making them focal points for investors in the nuclear market, despite their higher volatility.
See More
Leaders in Nuclear Energy and Investment Opportunities
- Market Leader: Constellation Energy stands as the largest nuclear company in the U.S., serving approximately 2.5 million customers, including 75% of the Fortune 100, and its acquisition of Calpine has diversified its clean energy portfolio, enhancing its competitive edge in the market.
- Long-Term Contract Security: The 20-year power purchase agreements with Microsoft and Meta Platforms ensure predictable long-term revenue streams for Constellation, showcasing its advantage in stable income generation.
- Uranium Mining Giant: Cameco is the world's second-largest uranium producer, with assets like the McArthur River and Cigar Lake mines supplying about 24% of global uranium, making it more attractive to U.S. and European nuclear companies due to its ties with Russia.
- Small Modular Reactor Potential: Oklo and NuScale Power are prominent small modular reactor stocks that, despite not being profitable yet, offer significant growth potential due to their flexibility and cost-effectiveness, capturing investor interest for the next decade.
See More
EagleOne Acquires Uranium and Rare Earth Project
- Acquisition of Uranium Project: EagleOne Metals Corporation has signed a binding Letter of Intent to acquire the Poison Springs Uranium/Rare Earths Project in Utah for $50,000, covering 206.6 acres and previously showing mineralized intercepts across uranium, copper, and silver, indicating significant mineral potential in the region.
- Improved Market Conditions: With uranium prices nearing $92 per pound and the IEA projecting a 30% copper supply shortfall by 2035, EagleOne is well-positioned in the critical minerals investment landscape, especially as the U.S. government commits over $30 billion to secure supply chains.
- Diversified Mineral Portfolio: EagleOne also owns the Hébécourt Township property in Quebec, historically yielding over 200 million ounces of gold, and has a non-binding LOI with Surupampa Metals for a copper-gold asset in Peru, showcasing its strategic positioning across multiple countries and commodities.
- Financing and Market Capitalization: The company is pursuing a C$240,000 financing round, with a current market capitalization of approximately C$5 million, indicating that the market has yet to fully price in its potential value amid the structural deficits in uranium, copper, and rare earths, suggesting significant future growth opportunities.
See More
