Cameco Stock And 2 Nuclear Energy Picks Backed By Rising Power Demand

Energy price swings are still feeding into inflation in several economies, which keeps reliable power sources in the spotlight. Nuclear energy stocks sit at the intersection of electricity demand and inflation sensitive fuel costs, which can create interesting entry points when attention clusters around oil and gas. This article highlights three stocks from our Nuclear Energy Stocks screener that show how different parts of the sector approach that opportunity.

The stocks covered next are just a sample of the opportunity set in nuclear energy, and the full screen surfaced 55 more companies with equally detailed stories that are not covered here. If you want to go broader and identify ideas that fit your own criteria, head straight into the Nuclear Energy Stocks screener.

Cameco (TSX:CCO)

Cameco is a large Canadian nuclear fuel company that mines uranium, refines and converts it into fuel, and, through its Westinghouse segment, supplies reactor technology and services to utilities worldwide. In 2025, it generated about CA$2.9b from Uranium, CA$551 million from Fuel Services and CA$3.4b from Westinghouse, while unallocated adjustments reduce the reported total. The company’s size is reflected in its market cap of roughly CA$59.3b.

Investors watching the nuclear theme cannot ignore Cameco. The stock ties together uranium mining, fuel services and Westinghouse reactor technology at a time when policy support for nuclear is front and center and recent DOE loan commitments point to a deep project pipeline. Analysts currently expect higher earnings and a higher future Return on Equity, yet margins have recently narrowed and funding relies fully on external borrowing, which adds financial risk. Recent earnings have been softer, and the valuation looks demanding, so the interest here is whether Cameco’s contracted uranium volumes and Westinghouse opportunities are enough to justify that premium and earnings volatility over the next few years.

Cameco’s mix of uranium contracts and Westinghouse exposure often looks like a simple growth story, yet the funding structure and thinner margins hint at something more complex. Get the full picture in the 2 key rewards and 1 important warning sign

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Bird Construction (TSX:BDT)

Bird Construction is a Canadian contractor that builds and maintains large industrial facilities, civil infrastructure such as roads, bridges and transit, and complex institutional projects like hospitals, schools and defense facilities. All of its CA$3.7b of revenue comes from the general contracting sector in Canada, which gives investors pure play exposure to domestic infrastructure and industrial spending. The company is mid sized with a market cap of about CA$4.0b.

Investors watching nuclear and broader infrastructure themes may want Bird Construction on their radar. The company is tied into large, multi year projects across energy transition, nuclear, LNG and public infrastructure, supported by a record backlog approaching CA$12b and recent quarterly revenue of more than CA$1.0b. At the same time, earnings recently declined and margins remain thin, while the stock trades on a rich valuation and relies fully on external funding, which raises financial risk if project timing slips. The tension between that strong order book, higher earnings forecasts and today’s pricing is where the real story sits for Bird Construction, particularly in light of its data center and industrial partnerships.

Bird Construction’s record backlog and rich valuation suggest the market sees something bigger building here. Get the context behind that earnings dip and thin margins in the 1 key reward and 1 important warning sign

Energy Fuels (TSX:EFR)

Energy Fuels is building a vertically integrated uranium and rare earths business, producing uranium, vanadium and heavy mineral sands such as ilmenite, rutile, zircon and monazite from assets mainly in the United States. Recent revenue of about $105.8 million came from its Uranium segment, with segment adjustments rounding that figure, and the company now carries a market cap of roughly CA$5.1b.

Investors watching nuclear fuel and critical minerals supply chains may want Energy Fuels on their radar. The company is seeking to move from miner to a full “mine to magnet” rare earth platform through the White Mesa Mill expansion, the planned acquisition of Australian Strategic Materials and a conditional $725 million financing commitment from the U.S. Office of Strategic Capital. However, it is still loss making and carries a very high P/S multiple with forecasts that assume rapid revenue and earnings growth. The key questions are whether Energy Fuels can secure enough feedstock, commission its heavy rare earth capacity on time and turn that strategy into the profitability and returns analysts are incorporating into their targets by the late 2020s.

Energy Fuels is pitching a “mine to magnet” story that could reshape its business, yet the real swing factor is what happens to future revenue and earnings. See how analysts frame that path in the analyst forecasts for Energy Fuels

Seeking Fresh Alternatives Beyond Nuclear?

New themes can start their breakout while attention is still stuck elsewhere. Use that momentum before it is gone and before the crowd catches up. Get in early.

• Identify income workhorses that keep paying while others stall and track a curated group of 4 dividend fortresses before yields and prices shift away from today’s levels.
• Explore the build out of AI infrastructure, where demand for chips, cooling and power is increasing, by scanning our hand picked 55 AI infrastructure stocks now.
• Review opportunities in precious metals and assess producers in the curated 30 elite gold producer stocks before sentiment changes and attention crowds the trade.

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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