3 Nuclear Energy Stocks That Are Quietly Becoming the Trades of the Year

As data centers strain traditional power grids, it sets up an opportunity for nuclear-energy companies. They can provide 24/7 baseload power, and the small modular reactors (SMRs) being developed will offer greater placement flexibility and less location constraint due to their size.

The industry is still being built out, but it's that growth potential that is fueling some of the biggest winners not just in the energy sector but in the broader markets in 2026. Three companies with nuclear-energy ties quietly winning this year are Fluor (NYSE: FLR), Uranium Energy (NYSEMKT: UEC), and Cameco (NYSE: CCJ).

Image source: Getty Images.

1. The nuclear energy advisor

Fluor is an engineering and construction company, with three main business segments: energy solutions (helping the energy industry), mission solutions (helping governments), and urban solutions (helping cities).

Right now, the company's main driving force is energy. In April, Fluor announced that it will provide services to Maryland-based X-Energy, which is developing four SMRs. And in March, Fluor announced a limited notice-to-proceed agreement with TeraWulf for a data-center campus in Kentucky, where it would provide master planning and pre-construction services.

Recently, Fluor's 2026 first-quarter earnings report offered a bit of a mixed bag. Total revenue of $3.6 billion marked a decline of 8%, and its energy solutions division also saw a year-over-year sales decline. It did, however, report increased profitability in that energy solutions business, with revenue rising from $47 million to $74 million. It also has a huge orders backlog of $25.7 billion.

Looking ahead, Fluor has growing opportunities in the nuclear energy sector through SMRs and long-term government contracts. Investors will have to brace for volatility, as the stock has more price swings than the broader markets. But it's quietly performing well in 2026. The shares are up more than 18% this year (as of May 26).

2. Mining and exploring

Shifting gears from construction and engineering, let's look at Uranium Energy, which explores for and mines the fuel needed by nuclear reactors. It also launched a subsidiary, U.S. Uranium Refining & Conversion, to review the potential to develop a uranium refining and conversion facility. It's a small world: Uranium Energy is working on a subsidiary with Fluor.

Revenue is still on the smaller side, coming in at $66.8 million in its fiscal 2025, and $20.2 million in its recent fiscal 2026 second quarter (for the period ended Jan.31).

One of the risks and rewards of this company is its unhedged strategy, which doesn't lock it into pre-priced contracts. That's a benefit if prices are high, but it removes a safety net of already having an agreement in hand if uranium prices drop. This company may be a better fit for investors who have experience dealing with commodity price swings and cyclicality.

Still, the stock has performed well, more than doubling during the past year. The returns have been a little more muted this year, with a gain of about 16%, but as the nuclear sector advances, Uranium Energy and its shareholders could benefit from increased demand, which can lead to higher uranium prices.

3. More mining

Rounding out our three stocks is Cameco, one of the world's largest uranium fuel providers. It has exploration, mining, refining, conversion, and fabrication businesses, with a focus on long-term contracts. Part of its assets also includes a 49% stake in Westinghouse Electric, a nuclear reactor equipment manufacturer. It has more than 90 facilities and three fuel fabrication facilities across 21 countries.

For the financials, it's off to a strong start this year, reporting revenue of $845 million in Canadian dollars in its 2026 first-quarter earnings report, an increase of 7%. It also reported net earnings attributable to equity holders of CA$131 million, an increase of 87%.

Cameco is a well-established company with a $47 billion market value, so its size and operating history may be a good fit for more risk-averse individuals still seeking nuclear-related investments. The stock is up over 18% on the year, and Cameco will be a key benefactor of a growing nuclear energy market.

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