Two Nuclear Energy Plays to Watch Before 2026 Wraps Up

After the shock of Fukushima in 2011, the whole nuclear world went into a deep hibernation. Uranium prices collapsed, miners shuttered pits, and many plant builders went bust. It felt like the industry might never recover.

Fast forward to today, and the picture looks surprisingly different. The explosion of cloud computing and artificial‑intelligence workloads has given electricity a fresh, insatiable demand. At the same time, governments across Europe, Asia and the Americas are rolling out aggressive decarbonisation road‑maps that explicitly keep nuclear on the table. Add in the rollout of small‑modular reactors (SMRs) and next‑generation fuel designs, and you’ve got a market that’s finally waking up.

According to a recent Grand View Research report, the global nuclear market is expected to grow at a steady 4.9 % compound annual growth rate from 2026 through 2033. If you want a slice of that upside, two names keep popping up in analyst conversations: Uranium Energy Corp. (NYSEMKT: UEC) and BWX Technologies (NYSE: BWXT).

Uranium Energy Corp. – The ISR Specialist

Uranium’s spot price has more than doubled since early 2022, jumping from roughly $43 per pound to just under $90 by August 2026. That rally helped Uranium Energy’s shares soar over 270 % in the past five years. The company’s secret sauce isn’t a massive underground mine; it’s a network of in‑situ recovery (ISR) facilities spread across the United States, Canada and even Paraguay.

ISR works by pumping an oxygen‑rich solution into the ground, dissolving uranium, and then pulling the liquid back up for processing. The method is cheaper, leaves a smaller environmental footprint, and can be scaled up quickly – a distinct advantage when spot prices are on the rise.

Unlike traditional miners that lock customers into long‑term fixed‑price contracts, Uranium Energy sells almost all of its output at the spot price. That makes the company especially sensitive to price swings: upside is huge, downside can be sharp. Bank of America’s analysts are bullish, projecting the spot price to hit $130 per pound by 2027. If that materialises, UEC could see revenues climb at a 59 % CAGR to about $270 million between 2025 and 2028, with adjusted EBITDA turning positive in 2027 and roughly $199 million by 2028.

The valuation isn’t cheap – the stock trades at about 43 times next year’s sales – but the upside potential is alluring for investors who believe the uranium price surge is just getting started.

BWX Technologies – The Supply‑Chain Anchor

Spun out of Babcock & Wilcox in 2015, BWX is the only large‑scale maker of specialised nuclear components, fuel systems and naval reactor parts in North America. Its portfolio includes high‑assay low‑enriched uranium (HALEU), TRISO fuel and precision‑fabricated components for the U.S. Navy.

Because a big chunk of its revenue comes from defense contracts, BWX weathered the post‑Fukushima slowdown better than many pure‑play uranium miners. The company has been busy: six acquisitions since the spin‑off, a growing services arm for small‑modular reactor developers, and an expanding backlog that swelled 50 % YoY to $7.3 billion by the end of 2025.

Analysts expect BWX’s top line to grow at a modest 12 % CAGR from 2025 to 2028, with adjusted EBITDA climbing at about 11 % per year. Its enterprise value sits near $15.9 billion, translating to under four times next year’s sales – a discount compared with many peers, especially if its government and commercial contracts keep expanding.

Should you buy now? The Motley Fool’s Stock Advisor didn’t list either stock in its latest “top‑10” roundup, but that doesn’t mean they lack merit. Both companies sit at different ends of the nuclear value chain – one is a pure uranium producer, the other a critical component manufacturer. If you’re comfortable with a bit of volatility in the uranium spot market, UEC offers a high‑beta play. If you prefer a steadier, defense‑linked business with exposure to the emerging SMR ecosystem, BWXT might fit the bill.

In short, the nuclear renaissance is gathering pace, and these two stocks could serve as useful footholds for investors eyeing the clean‑energy transition.