Prediction: This Nuclear Stock Outperforms Oklo and NuScale Through 2030 (Hint: It Already Has Revenue)
Key Points
Oklo and NuScale remain early in reactor commercialization.
BWXT offers nuclear growth backed by an established business.
Microreactors and nuclear fuel provide additional growth opportunities.
Oklo (NYSE: OKLO) and NuScale Power (NYSE: SMR) have become two of the most recognizable names in the nuclear energy boom. But if I had to pick one nuclear stock to outperform both through 2030, I'd go with BWX Technologies (NYSE: BWXT). And the reason is simple: BWXT already generates billions in annual revenue, while Oklo and NuScale remain in the early stages of commercializing their reactor technologies.
The company generated $3.2 billion in revenue in 2025, up 18% from the previous year, while adjusted earnings per share increased 20% to $4.01. That growth has continued in 2026. Second-quarter revenue reached $901.6 million, up 18% year over year, while adjusted earnings increased 5% to $1.07 per share.
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Management also raised its full-year outlook and now expects approximately $3.8 billion in revenue, representing about 19% growth, along with adjusted earnings of $4.70 to $4.80 per share. Oklo and NuScale, by comparison, are still trying to commercialize their reactor technologies at scale.
BWXT is already building nuclear reactors
BWXT isn't simply waiting for a new generation of nuclear power plants. The company has actually been manufacturing nuclear components for the U.S. Navy for decades.
Its Government Operations business produces nuclear reactor components and fuel for submarines and aircraft carriers. That provides BWXT with an established revenue stream while it pursues newer nuclear markets. And those markets are getting bigger.
BWXT is developing its Advanced Nuclear Reactor, a modular nuclear system designed to provide reliable electricity and process heat. The company is also building Project Pele for the U.S. Department of Defense, a 1.5-megawatt transportable microreactor that will undergo demonstration testing at Idaho National Laboratory.
Image source: Getty Images.
BWXT is also a producer of TRISO fuel, a specialized nuclear fuel being used in several next-generation reactor designs. Plus, there's nuclear medicine. BWXT's commercial operations produce medical isotopes and nuclear components, giving the company another business that has little to do with whether the latest small modular reactor start-up succeeds.
Less speculation, more execution
None of this means BWXT is cheap or risk-free. The stock already reflects plenty of optimism about nuclear power, and government contracts remain an important part of the business. But BWXT doesn't need a revolutionary reactor design to suddenly become commercially viable.
The company has already generated billions of dollars in revenue last year, has decades of nuclear manufacturing experience, and is positioned to benefit from increased spending on naval reactors, microreactors, nuclear fuel, medical isotopes, and eventually commercial advanced reactors.
Oklo and NuScale could become major nuclear companies by 2030. But BWXT already is one. And if the nuclear renaissance continues, that combination of existing revenue and exposure to several new nuclear markets gives BWXT a strong chance of outperforming both through the end of the decade.
Jeff Siegel has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends BWX Technologies. The Motley Fool recommends NuScale Power. The Motley Fool has a disclosure policy.