3 Canadian Nuclear Stocks With Earnings Growth Up To 34%

Energy prices remain elevated as global markets adjust to supply constraints. This keeps attention on reliable power sources that do not rely on imported fuel. For Canadian nuclear energy stocks, that backdrop can draw fresh interest from investors who care about domestic energy security and low carbon electricity. This piece highlights three stocks from the nuclear-focused screener and shows how different parts of the value chain approach that opportunity.

The stocks covered below are only a small sample of the nuclear energy universe, and the full screen surfaced 57 more companies with equally detailed stories that are not covered here. To identify your own high-conviction ideas across uranium miners, reactor builders, and power operators, head straight into the Nuclear Energy Stocks screener.

AtkinsRéalis Group (TSX:ATRL)

Overview: AtkinsRéalis Group provides engineering, project management, and capital investment services worldwide, including full life cycle nuclear reactor design, construction, refurbishment, and decommissioning.

Operations: AtkinsRéalis generates revenue across Nuclear at about CA$2.6b alongside regional engineering services in the UKI, USLA, Canada, and AMEA segments.

Market Cap: CA$13.8b

AtkinsRéalis Group gives you exposure to the nuclear theme through engineering know how that runs from designing new reactors to extending the life of existing plants.

"Record backlog growth, especially in Nuclear (backlog up 223% YoY to $5.6B), reflects surging demand as global energy transition and decarbonization accelerate; this large contracted pipeline is likely to drive sustained revenue and EBITDA growth for several years."

What happens to future margins and cash generation depends heavily on how one unseen pressure inside that growing nuclear project backlog plays out.

That pressure point sits at the heart of the full narrative for AtkinsRéalis Group, which examines how backlog quality, contract mix, and risk sharing could influence AtkinsRéalis Group's earnings profile.

Cameco (TSX:CCO)

Overview: Cameco is a major uranium producer and fuel supplier that helps power nuclear reactors, while also owning a large stake in reactor designer Westinghouse.

Operations: Cameco generates about CA$2.9b from Uranium and CA$551 million from Fuel Services, with CA$3.4b tied to Westinghouse related activity.

Market Cap: CA$54.4b

Cameco matters for this nuclear energy screen because it stretches from uranium mines to fuel fabrication and into reactor technology itself, giving you exposure to multiple stages of the nuclear fuel cycle in a single stock.

"Cameco's business is closely linked to trends in nuclear construction, government policy support, net-zero emission mandates, and energy security considerations, all of which can influence demand for uranium and nuclear fuel and affect the company's long-term revenue profile."

Any change in key assumptions about long term contract volumes could have a significant impact on Cameco's pricing power and margins.

That contract risk is exactly where the full narrative for Cameco pulls the story apart and shows how Cameco's pricing power could either accelerate or stall from here.

WSP Global (TSX:WSP)

Overview: WSP Global is a Montreal based engineering and consulting firm that advises, designs, and manages large infrastructure and energy projects, with a dedicated nuclear services arm focused on licensing, decommissioning, and environmental compliance.

Operations: WSP Global generates most of its revenue from the Americas at about CA$9.0b, with CA$2.9b from Canada, CA$5.5b from EMEIA, and CA$2.0b from APAC.

Market Cap: CA$23.2b

WSP Global matters for this nuclear screen because its engineers and advisors sit in the room on complex nuclear projects, helping clients handle design support, licensing hurdles, and clean up obligations that many peers are not set up to tackle.

"Growing focus on sustainable and digital infrastructure, alongside key acquisitions, is shifting the business mix toward recurring, higher-margin work and supporting future growth."

What that mix shift really means for future nuclear focused margins depends on how one unresolved efficiency push inside the backlog plays out.

To see how that efficiency push could reshape WSP Global's earnings mix, read the full narrative for WSP Global and consider whether growth or execution risk is being masked.

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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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