BWX Technologies (NYSE: BWXT), Cameco (NYSE: CCJ; TSX: CCO), and GE Vernova (NYSE: GEV) all have exposure to nuclear power, but they are not interchangeable “nuclear stocks.” BWXT combines government nuclear work with commercial manufacturing and services; Cameco’s business centers on uranium and fuel services, alongside its investment in Westinghouse; GE Vernova sells across Power, Wind, and Electrification. Compare business segments and their drivers before comparing share prices or valuation.
How does BWXT compare with other nuclear stocks?
Start with what each company sells, who pays for it, and what can cause its results to change. A nuclear-related contract or segment does not make a company’s entire revenue, backlog, or earnings nuclear-specific.
| Company | What its business includes | Useful comparison lens |
|---|---|---|
| BWX Technologies (NYSE: BWXT) | Government nuclear components, fuel, services, and materials, including naval nuclear propulsion work; commercial nuclear manufacturing, fuel, maintenance, services, and engineering. Medical products were part of the reported mix before the announced sale. | Government customer and contract concentration; segment performance; funded and unfunded backlog; commercial utility demand; execution and manufacturing investment. |
| Cameco (NYSE: CCJ; TSX: CCO) | Uranium production, fuel services, and an investment in Westinghouse. | Uranium production and contracting, realized prices, fuel-services economics, and Westinghouse equity earnings; account for delivery timing and project effects. |
| GE Vernova (NYSE: GEV) | Power, Wind, and Electrification, with nuclear activity within the broader portfolio. | Separate nuclear-related Power activity from company-wide orders, revenue, margins, and backlog. |
The businesses overlap in places, but they are not equivalent peers. BWXT’s 2025 annual filing names Framatome, Cameco, Doosan Heavy Industries, AECON, Westinghouse, and AtkinsRéalis among competitors in its commercial markets. It says competition can turn on price, technical capability, quality, timeliness, breadth of offering, and willingness to accept project risk. Being listed as a competitor does not mean each company has the same product mix or financial drivers.
What does BWX Technologies actually do?
BWXT reports two segments: Government Operations and Commercial Operations. Government Operations includes naval nuclear propulsion components and fuel as well as other government nuclear services and materials. Commercial Operations includes nuclear manufacturing, services, and engineering. Those activities expose BWXT to different customers, contract structures, and demand cycles.
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| BWXT measure | Reported result | How to read it |
|---|---|---|
| FY2025 consolidated revenue | $3.198 billion | Historical fiscal-year revenue reported by BWX Technologies, Inc. in 2026; not a forecast. |
| Government Operations revenue | $2.350 billion | FY2025 segment revenue; 91% came from the U.S. Government, according to the company’s 2025 filing. |
| Commercial Operations revenue | $853.070 million | FY2025 segment revenue before eliminations. |
| Ending backlog | $7.261 billion at December 31, 2025 | Included $2.151 billion of unfunded U.S. Government backlog. BWXT said at the filing date that it expected to recognize approximately 40% of backlog revenue by the end of 2026; that was management’s forecast, not a guarantee. |
The segment figures and consolidated total are not a simple additive comparison: Commercial Operations revenue is stated before eliminations. Backlog also needs interpretation. In particular, unfunded government backlog is not the same as funded work ready to convert to revenue; BWXT says a substantial portion of Government Operations backlog depends on U.S. Government demand and annual funding approvals, and award timing can shift.
Is BWXT a nuclear reactor company or a supplier?
For comparison purposes, think of BWXT primarily as a nuclear components, fuel, services, and manufacturing business—not as a company whose business is simply selling complete commercial reactors. Its government work includes naval nuclear propulsion, while its commercial activity serves nuclear operators and related markets. That distinction matters because its results can depend on long-term government programs, contract execution, outages, refurbishments, and demand for fuel or fuel handling rather than only on orders for new reactors.
How is BWXT different from Cameco?
Cameco has more direct exposure to uranium production and fuel services, plus its investment in Westinghouse. BWXT instead has a large government nuclear operations segment alongside commercial manufacturing and services. Their share prices may respond to different inputs: for Cameco, uranium contracting and realized prices are central comparison points; for BWXT, government program funding, contract delivery, and the performance of its two operating segments deserve close attention.
Rank #2
Cameco reported $1.9 billion in FY2025 adjusted EBITDA, a non-GAAP measure. The company attributed the increase from 2024 primarily to uranium-segment contributions and its share of Westinghouse revenue tied to the Dukovany construction project. Cameco’s Q2 2026 year-over-year results were affected by the prior-year contribution from that Westinghouse/Dukovany project, so a period-to-period comparison should account for that project effect rather than treating the change as a simple recurring trend.
Is GE Vernova a pure-play nuclear stock?
No. GE Vernova’s nuclear power activity sits within a much broader company spanning Power, Wind, and Electrification. Its FY2025 annual-report highlights included $38 billion of company-wide revenue and $150 billion of backlog. The company defines that backlog as remaining performance obligation; neither figure is nuclear-only.
In its Q2 2026 release, GE Vernova reported $11.1 billion in company-wide revenue, with growth led by Power and Electrification, and noted growth in nuclear power services revenue. That is useful evidence of nuclear-related activity, but it does not establish how much of consolidated revenue, backlog, or earnings came from nuclear. Keep company-wide performance separate from the specific nuclear exposure you are trying to assess.
What changed in the 2026 interim updates?
Annual results and interim updates describe different periods and, in BWXT’s case, a changing business mix. BWXT’s Q2 2026 release, reported August 3, 2026, showed $901.6 million in quarterly revenue, raised the company’s 2026 guidance, announced a sale of its medical business, and said its PCG acquisition closed July 1. The release also gave adjusted EBITDA, non-GAAP EPS, and free-cash-flow guidance; treat these as company guidance, and identify the adjusted measures as non-GAAP when discussing them.
These transactions mean FY2025 segment results should not automatically be treated as a later run rate. The reported annual mix included medical products before the announced sale, while the acquisition closed after the fiscal year. A comparison of current business mix should account for the timing and effects of both changes rather than silently carrying forward the prior-year mix.
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1Scan for outdated or missing drivers - takes under a minute2Repair Windows errors before they cause bigger problems3Fix the driver behind crashes, sound loss and screen glitchesManagement’s language about demand should also be kept distinct from reported results. In BWXT’s Q2 release, CEO Rex Geveden described demand for new nuclear solutions as “remarkably deep and broad” and characterized Government and Commercial revenue streams as highly predictable. That is management’s assessment, not an independent finding or a guarantee of future performance.
Rank #4
What risks should a BWXT investor compare?
Government concentration and funding
BWXT says a relatively small number of major projects can represent a significant part of its operations. U.S. Government sales accounted for about 91% of Government Operations revenue in 2025. Annual appropriations and award timing can affect when work is funded and recognized, so assess customer concentration and funding status rather than treating all backlog as equally secure or immediate.
Commercial utility cycles
BWXT’s commercial demand is exposed to maintenance and refueling outages, utility capital spending, refurbishments, plant-life extensions, nuclear fuel demand, and Canadian fuel-handling demand. These drivers differ from uranium production economics and from the wider energy-technology mix at GE Vernova.
Execution and capital requirements
BWXT describes its industries as capital-intensive and dependent on large contracts. When assessing delivery risk, compare operating cash flow, capital spending, contract terms, production schedules, and the company’s investments in manufacturing capacity. A large contract or backlog is not by itself proof of a particular margin or cash return.
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What should investors compare before buying nuclear stocks?
Use the same reporting period and comparable definitions wherever possible. A practical comparison should answer these questions before you decide that one stock is cheaper or better positioned:
- Business exposure: Which segment or activity is actually nuclear-related, and how much of the consolidated company does it represent?
- Revenue drivers: Is performance primarily tied to government programs, utility service cycles, uranium prices and contracts, or a broader portfolio?
- Backlog quality: What does each company include in backlog, how much is funded, and when does management expect it to convert? Do not assume that different companies use identical definitions.
- Earnings quality: Separate recurring operating activity from non-GAAP measures, equity earnings, delivery timing, and one-time project contributions.
- Portfolio changes: Adjust for acquisitions, divestitures, or other mix changes before comparing an earlier annual period with a current run rate.
- Valuation and financial position: Compare share prices and valuation multiples on the same date, along with balance-sheet and cash-flow measures, using consistent definitions.
The company filings and releases cited here do not establish same-date share prices or comparable valuation multiples. They support a business-model comparison, not a ranking of which security is cheapest or the best investment. A valuation judgment requires current, same-date market data and attention to the different accounting and business mixes.
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