Cameco Stock and 2 Nuclear Energy Picks for Long Term Power Demand

Global growth expectations near 3%, debated interest rate paths, and energy linked inflation have pushed many investors to look more closely at real assets and long term power solutions. Nuclear energy stocks sit at the crossroads of reliability, energy security, and potential inflation protection. A focused Nuclear Energy Stocks screener can help by filtering for uranium producers, enrichment facilities, and reactor operators in one place, giving you a clear starting list instead of a scattered watchlist. This article highlights 3 stocks from that screener to help you sharpen your research short list.

AtkinsRéalis Group (TSX:ATRL)

Overview: AtkinsRéalis Group is a Montreal based engineering and project management company that works across infrastructure, power and renewables, and transportation, with a significant presence in nuclear services from new build and refurbishment of reactors to decommissioning and waste management. It supports governments and corporates through consultancy, design, construction management, and long term asset management across major projects globally.

Operations: AtkinsRéalis Group generates most of its revenue from Engineering Services in the UKI (CA$2.8b), USLA (CA$2.1b), and Canada (CA$1.5b), alongside a sizeable Nuclear segment at about CA$2.5b, with geographic exposure led by the United Kingdom (CA$3.4b) and Canada (CA$2.9b).

Market Cap: CA$14.5b

Investors looking at nuclear infrastructure may consider AtkinsRéalis Group, which combines a large, contracted nuclear backlog, recent earnings and revenue growth, and an active pipeline of nuclear and infrastructure frameworks such as Sizewell C and UK public sector contracts. The company is involved in reactor life extension, new build and SMR partnerships such as the EAGL-1 alliance. It also faces risks related to its dependence on nuclear contracts, expectations for earnings to decline over the next few years, and a capital structure that relies on external borrowing. Analysts have assigned price targets that are higher than the current share price and point to potential upside. The key question is whether you agree with their view of AtkinsRéalis Group’s future earnings power and risk profile.

AtkinsRéalis Group’s nuclear backlog, earnings profile, and dependence on major projects make the story more complex than it looks at first glance. The 5 key rewards and 3 important warning signs (2 are major!) could show what the headline narrative might be missing.

Cameco (TSX:CCO)

Overview: Cameco is a Saskatoon based nuclear fuel company that supplies uranium and related services to power utilities across the Americas, Europe, and Asia. Through its 49% stake in Westinghouse it is also tied into reactor technology, maintenance, and engineering services for nuclear plants. It operates across uranium mining, fuel refining and conversion, and reactor support, positioning Cameco across much of the nuclear fuel cycle.

Operations: Cameco generates most of its revenue from Westinghouse at about CA$3.6b and Uranium at about CA$3.0b, with Fuel Services contributing around CA$0.6b.

Market Cap: CA$58.5b

Cameco gives investors direct exposure to uranium production alongside a stake in Westinghouse, which is linked to AP1000 reactor projects that recently received conditional US Department of Energy financing support of up to US$17.5b. That combination, together with long term utility contracts and high grade assets like Cigar Lake, is central to some investors’ positive view on earnings and cash flows. At the same time, current valuation metrics such as a high P/E ratio and a premium to estimated cash flow value indicate that high expectations may already be reflected in the share price. On the risk side, operational interruptions at Cigar Lake and potential delays in new reactor decisions could challenge that view. This is why the balance between Cameco’s growth profile, funding structure, and contract pipeline may warrant closer inspection.

Cameco’s premium P/E and uranium exposure might be masking the real story, where long term contracts, Westinghouse, and fuel cycle reach pull in different directions. Get the full picture with the analysis report for Cameco

NexGen Energy (TSX:NXE)

Overview: NexGen Energy is a Vancouver based uranium exploration and development company focused on its 100% owned Rook I project in Saskatchewan’s Athabasca Basin, where it acquires, explores, evaluates, and advances uranium properties across more than 35,000 hectares.

Market Cap: CA$8.7b

NexGen Energy sits at the higher risk, higher potential end of the nuclear fuel spectrum, with analysts broadly aligned on a sizeable upside to their price targets while the company is still unprofitable and not expected to generate revenue in the next few years. The Rook I project and the aim to supply a large share of global nuclear fuel put a lot of weight on successful construction, funding, and permitting, all while the company is relying entirely on external borrowing and has recently diluted shareholders. Add in insider selling, a relatively high P/B ratio, and very active drilling around Patterson Corridor East, and this becomes a story where concentrated uranium exposure could be rewarding if the execution risks line up in your favour.

NexGen Energy’s concentrated uranium focus and Rook I ambitions look built for big swings in sentiment, but the real tension is how the project risk stacks up against that potential. The 1 key reward and 4 important warning signs (1 is major!)

The three stocks covered here are only the starting point, as the full Nuclear Energy Stocks screener surfaced 54 more companies with equally compelling nuclear energy stories to compare. Use Simply Wall St to identify and analyze the specific catalysts and narratives that matter to you so you can focus on the highest conviction nuclear energy opportunities.

Take Control of Your Investment Journey

If Cameco or any of these companies have caught your attention, register for FREE with Simply Wall St and add your companies to a Watchlist to monitor the share price against the fair value and track any new developments as they happen. Once you've made your move, manage your holdings with our Portfolio Command Center that filters out the noise to deliver only the most critical, actionable updates. Throughout your journey, our Community allows you to filter the best ideas from thousands of investor perspectives. By uncovering hidden catalysts and risks early, you'll accelerate your decision-making and stay one step ahead of the market.

Seeking Alternatives Before Everyone Else?

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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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