Nuclear Energy Stocks With Real Project Backlog Investors Should Watch

Anxious headlines about inflation, interest rates and uneven global growth have many investors looking for clearer long term trends. Nuclear energy stocks sit at the intersection of energy security and lower carbon power, an area that remains central as countries reassess how they generate electricity while dealing with shifting policy signals and volatile energy components in inflation data. This Nuclear Energy Stocks screener helps investors quickly filter uranium producers and reactor operators so they spend less time sorting and more time analysing. Below are three stocks from the screener that stand out for closer research.

AtkinsRéalis Group (TSX:ATRL)

Overview: AtkinsRéalis Group is a Montreal based engineering and project management company that helps governments and corporations design, build, operate, and maintain critical infrastructure, from transportation and water systems to power, renewables, and defence. A key focus is the nuclear sector, where it supports the full reactor life cycle, including new builds, refurbishments, and decommissioning.

Operations: AtkinsRéalis generates most of its CA$11.5b in segment revenues from Engineering Services in the UKI (CA$2.8b), Nuclear (CA$2.5b), USLA (CA$2.1b), Canada (CA$1.5b), and AMEA (CA$1.3b), with additional segment adjustments of CA$1.2b.

Market Cap: CA$14.2b

Investors looking at nuclear energy stocks may consider AtkinsRéalis Group because it combines a large contracted pipeline in nuclear and infrastructure, including a nuclear backlog of CA$5.6b, with a shift toward higher margin engineering and advisory work that currently supports strong profitability. At the same time, the stock screens as inexpensive on several valuation measures, even as analysts see lower earnings ahead and price in a higher long term P/E. This may appeal to investors who think the market is being too cautious about future margins. However, heavy use of external borrowing, high non cash earnings and recent insider selling highlight balance sheet and governance risks that could change the story quickly if major projects are delayed or underperform.

AtkinsRéalis Group’s mix of nuclear backlog, profitability and an apparently low valuation could be masking crucial details about quality of earnings and balance sheet pressure, so it is worth unpacking the 5 key rewards and 3 important warning signs (2 are major!)

Bird Construction (TSX:BDT)

Overview: Bird Construction is a Canada based construction company that builds and maintains complex industrial, institutional, and infrastructure projects, from data centers and hydro facilities to schools, hospitals, and defence sites, while also providing ongoing maintenance and electrical, mechanical, and telecommunications services.

Operations: Bird Construction generates all of its CA$3.5b in revenue from the general contracting sector of the construction industry in Canada.

Market Cap: CA$3.8b

Bird Construction stands out in the Nuclear Energy Stocks screener because it sits at the crossroads of large public infrastructure, energy transition projects, and specialized facilities such as data centers. A record infrastructure and green project backlog, including recent nuclear sector awards and a 300 MW AI focused data center with Bell, provides visibility on future work even as net margins are thin at 1.4% and recent earnings have declined. The company’s growing mix of recurring maintenance contracts and past acquisitions is intended to steady cash flows, but a high P/E multiple and heavy use of external borrowing raise questions about how much optimism is already priced in. Investors who want to understand whether Bird’s backlog and new debt structure justify that optimism will need a closer look at the details behind those headline numbers.

Bird Construction’s thin 1.4% margins and higher P/E could be masking how its record backlog and new debt structure really work together, so it is worth studying the analysis report for Bird Construction

Denison Mines (TSX:DML)

Overview: Denison Mines is a Toronto based uranium company focused on acquiring, exploring, and developing uranium bearing properties in Canada, anchored by a 95% interest in the Wheeler River project in the Athabasca Basin, one of the highest grade uranium regions globally.

Operations: Denison Mines currently generates CA$4.6m in revenue from its Mining segment.

Market Cap: CA$4.0b

Denison Mines may be worth a closer look if you want focused uranium exposure tied to the Athabasca Basin, with its 95% owned Wheeler River project often described as one of the largest undeveloped uranium assets in the region. The company is still early stage, with only about CA$5m in revenue, ongoing losses and a recent quarterly loss of CA$114.9m, so the investment case currently rests more on future project execution than on existing cash flows. Analysts have published expectations for higher earnings and revenue, and recent developments, including renewed support from Peter Ballantyne Cree Nation and multiple joint ventures across Athabasca, highlight Denison’s role in Canada’s uranium sector. The key consideration for investors is how that potential balances against funding risk and relatively high price to book valuation multiples.

Denison Mines sits at the crossroads of high grade uranium potential and funding risk, and the real question is how that tension could play out once projects move ahead, so it is worth reviewing the analyst forecasts for Denison Mines

The three nuclear energy stocks covered here are only a starting point, and the full Nuclear Energy Stocks screener surfaces 54 more companies with equally compelling narratives across uranium production, enrichment and reactor development. Use Simply Wall St to unlock filters for the catalysts that matter to you, identify which nuclear stocks align with your thesis on contracts, cash flows and project pipelines, and analyze the highest conviction opportunities in this space.

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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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