Cameco Stock And Two Nuclear Picks For Investors Watching Uranium Supply

Oil price volatility linked to ongoing Strait of Hormuz negotiations keeps global energy security in focus. Reliable baseload power looks more valuable when fuel costs swing and supply routes face new questions. That is where nuclear energy stocks come into the conversation. This article highlights three stocks from a Nuclear Energy Stocks screener that can help you research companies tied to uranium supply and steady reactor output.

The stocks covered below are just a small sample from the idea. The full Nuclear Energy Stocks screen surfaced 55 more companies with equally compelling stories that are not discussed in this article. To go deeper into this theme, identify potential opportunities, and analyze which nuclear energy stocks best fit your portfolio, head straight to the Nuclear Energy Stocks screener.

Cameco (TSX:CCO)

Cameco is one of the largest pure play uranium companies, supplying fuel and reactor services to nuclear utilities across the Americas, Europe, and Asia. It earns revenue from three main segments, with about CA$2.9b from Uranium mining and sales, CA$551 million from Fuel Services, and around CA$3.4b from its Westinghouse segment, partly offset by unallocated adjustments. The company has a market cap of roughly CA$59.2b.

Investors interested in nuclear energy may consider Cameco because it operates across the full fuel cycle, from Tier 1 uranium mines to the Westinghouse reactor and services business, at a time when uranium prices and long term contracting interest are picking up again. The company is benefitting from stronger demand for secure nuclear fuel and a growing AP1000 reactor pipeline supported by potential US$17.5b in U.S. DOE financing, although recent earnings have been uneven, with an earnings miss in Q2 2026 and thinner profit margins. Production disruptions at key Canadian assets have been resolved with 2026 guidance reaffirmed; however, investors still need to weigh operational and contracting risks against the potential upside from long term utility contracts and the Westinghouse IPO path.

Cameco sits at the center of uranium supply and reactor services, yet thin recent margins and that Q2 2026 earnings miss may be masking the real story. Before you decide how it fits your portfolio, review the 2 key rewards and 1 important warning sign.

Build your own nuclear fuel cycle shortlist

Cameco and the two other nuclear energy stocks in this article all came from a single screen, but the real edge comes when you tailor the filters yourself. Use our flexible Screener to combine metrics such as valuation, future growth, balance sheet strength and risk. Alternatively, you can rely on our curated Investing Ideas for ready made themes.

NexGen Energy (TSX:NXE)

NexGen Energy is a uranium exploration and development company focused on its 100% owned Rook I project in Saskatchewan’s Athabasca Basin, one of Canada’s key uranium regions. As an early stage business it currently reports no operating revenue, so investors are effectively backing the future potential of its assets rather than existing cash flows. The company has a market cap of about CA$9.7b, which reflects meaningful market expectations around Rook I and its development path.

NexGen Energy stands out for investors who want direct exposure to a large undeveloped uranium project at a time when nuclear fuel security is front of mind. The company recently hit all planned construction milestones at Rook I on time and on budget and has term sheets to sell 11.3 million pounds of uranium to utilities, with volumes tied to future spot prices. Analysts currently see potential upside for the stock; however, NexGen is still loss making, is forecast to stay unprofitable, and relies on higher risk external funding with recent insider selling and shareholder dilution. That combination of project progress, policy support in Canada and the US, and ongoing funding and governance questions is why this stock may warrant closer examination in a nuclear focused portfolio.

NexGen Energy’s progress at Rook I and its uranium sales term sheets suggest there may be more to the story. Get the full context, including funding risk and project execution details, in the analysis report for NexGen Energy

WSP Global (TSX:WSP)

WSP Global is a Montreal based professional services firm that designs and manages large infrastructure, environmental and energy projects, including nuclear and lower carbon power. It generates about CA$8.97b of revenue from the Americas, CA$5.46b from EMEIA, CA$2.88b from Canada and CA$2.03b from the Asia Pacific region, making it a genuinely global consultancy. The company has a market cap of roughly CA$25.6b.

Investors looking at nuclear and grid infrastructure may pay attention to WSP Global because it sits at the intersection of sustainable infrastructure, digital projects and energy transition work, supported by a record CA$20.1b backlog and improving EBITDA margins. The company is growing earnings, integrating recent acquisitions and working on large Power & Energy mandates. However, it carries high debt and depends heavily on government infrastructure budgets, which could pressure results if spending priorities shift. The key consideration is how comfortable you are with that mix of backlog strength, acquisition risk and leverage in a long term infrastructure partner.

WSP Global’s growing backlog and energy transition work could be masking a bigger story about long term earnings power and debt. See how the analyst forecasts for WSP Global lines up with that leverage question.

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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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