Cameco vs. Uranium Energy: Which Uranium Stock Wins the Nuclear Restart?

The nuclear energy market fizzled out for roughly a decade after the 2011 Fukushima disaster, as cautious governments and utilities paused their nuclear expansion plans.

But over the past few years, new decarbonization initiatives, the development of safer nuclear technologies, and the growth of the power-hungry cloud and AI markets have driven many utilities to restart their nuclear energy projects. To profit from that recovery, it might be a good idea to invest in uranium miners like Cameco (NYSE: CCJ) and Uranium Energy (NYSEMKT: UEC).

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The differences between Cameco and Uranium Energy

Cameco, which mined 15% of the world's uranium in 2025, is the world's second-largest uranium miner after Kazakhstan's Kazatomprom (OTC:NATK.Y). It's based in Canada, and operates uranium miners in Canada, the U.S., and Kazakhstan.

In 2023, Cameco partnered with Brookfield Asset Management (NYSE: BAM) to acquire Westinghouse Electric, one of the world's largest nuclear technology companies. That investment reduced Cameco's direct exposure to volatile uranium prices while increasing its exposure to the nuclear energy infrastructure market.

Uranium Energy, based in Texas, is a smaller miner that pumps an oxygen-enriched solution into the earth to dissolve and recover uranium, offering a lower-cost, more environmentally friendly alternative to underground and open-pit mining.

It has expanded rapidly through acquisitions and mainly operates in the United States, Canada, and Paraguay. Unlike Cameco, which is a vertically integrated uranium mining and infrastructure giant, Uranium Energy is a pure-play uranium extraction and resource development company.

Which stock has more upside potential?

From 2025 to 2028, analysts expect Cameco's revenue and adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) to grow at CAGRs of 7% and 14%, respectively. The rising demand for nuclear energy should drive that growth -- and its stock still looks reasonably valued at 24 times next year's adjusted EBITDA.

From 2025 to 2028, analysts expect Uranium Energy's revenue to grow at a 57% CAGR. They also expect its adjusted EBITDA to turn positive in 2027 and more than double in 2028. That growth should be driven by the expansion of its facilities in South Texas and Wyoming. Its stock isn't cheap at 60 times next year's adjusted EBITDA, but its stronger growth rates and early mover's advantage in cleaner uranium mining could justify that higher valuation.

Both stocks could be great long-term nuclear power plays, but Cameco's scale, steady growth, and lower valuation make it the better buy in this choppy market. Uranium Energy could have more upside, but investors should brace for significant volatility.

Leo Sun has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Brookfield Asset Management and Cameco. The Motley Fool has a disclosure policy.