Nuclear Is Back in a Big Way. Here Are 2 Stocks to Consider.

Nuclear power has been making headlines in April. From potentially putting nuclear reactors in outer space to Japan opening a new reactor to Eli Lilly potentially collaborating with Indiana on nuclear power projects, the topic is everywhere. As countries and companies look to secure their power needs, they're open to nuclear options.

There are a few different ways to invest in the industry. Two companies worth digging in on are BWX Technologies (NYSE: BWXT) and Cameco (NYSE: CCJ).

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The nuclear energy market outlook

Before looking at the two stocks, I want to go over the projected market size. Fortune Business has projected that the global nuclear energy market would reach $41.6 billion in 2026, climbing to $52.6 billion by 2034. For another estimate, MarketandMarkets projects it will be a $44.7 billion market by 2029.

That shows that, while the market is expected to expand, it may not be as rapidly as some are anticipating.

Two stocks to look at

The first company to consider is BWX Technologies, which does everything from manufacturing nuclear reactors and components to developing nuclear technology to be used in outer space.

As evidenced by its revenue, the company is seeing increased demand for its services. In 2025, BWX reported full-year revenue of $3.2 billion. It expects that to climb to $3.7 billion for 2026. It also announced on April 20 that it entered into a definitive agreement to acquire Precision Components Group, which BWX says will expand its "heavy-manufacturing footprint and establish additional U.S. commercial nuclear production capacity to serve growing domestic demand."

BWX is valued like a high-growth stock, with a forward price-to-earnings (P/E) ratio of 53, so lots of growth is already priced in. It also pays a dividend, which yields 0.4%.

The second stock to consider is Cameco, which calls itself "one of the largest global providers of uranium fuel" in the world. It does everything from exploration to mining to conversion.

Like BWX, it's seeing demand increase in its respective business. It reported revenue of $3.4 billion in 2025, up from $3.1 billion in 2024. It also reported gross profit increasing from $783 million in 2024 to $970 million in 2025.

This is also not a stock for a value investor, as there are sky-high expectations around the company. Its forward P/E is 120, nearly double what it was at the end of December 2025. It offers a dividend payout that yields roughly 0.1%, making it a company to mainly own for stock price appreciation potential.

Jack Delaney has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends BWX Technologies and Cameco. The Motley Fool has a disclosure policy.