BWX Technologies (NYSE: BWXT), Cameco (NYSE: CCJ; TSX: CCO) and GE Vernova (NYSE: GEV) are not interchangeable “nuclear stocks.” BWXT combines government nuclear work with commercial manufacturing and services; Cameco is centered on uranium and fuel services, with an investment in Westinghouse; GE Vernova sells across Power, Wind and Electrification. Compare those business engines and their risks before comparing reported revenue, backlog or valuation.
How does BWXT compare with other nuclear stocks?
The useful comparison is what each company sells, who pays for it and what drives demand—not whether nuclear power appears somewhere in its portfolio. BWXT is the closest of the three to a nuclear-component and services supplier with substantial government work. Cameco’s results are more directly tied to uranium production and contracting, fuel services and its Westinghouse investment. GE Vernova has nuclear activity within a much broader energy-technology business.
That difference affects how to read the numbers. A company-wide revenue or backlog figure for GE Vernova is not a measure of its nuclear business, and Cameco’s uranium and Westinghouse economics are unlike BWXT’s government manufacturing contracts. The companies are useful comparison candidates, but not a clean peer group.
What does BWX Technologies actually do?
BWXT reports two segments: Government Operations and Commercial Operations. Its 2025 annual filing describes work spanning naval nuclear propulsion components and fuel, government nuclear services and materials, and commercial nuclear manufacturing, fuel, maintenance and engineering. Medical products were also part of the reported business mix before BWXT announced a sale of that business in 2026.
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Government Operations
This segment includes naval nuclear propulsion work and other government nuclear services and materials. In FY2025, it generated $2.350 billion of revenue. The company reported that about 91% of Government Operations revenue came from the U.S. Government, making government programs and their funding schedules central to this segment’s outlook.
Commercial Operations
This segment includes commercial nuclear manufacturing, services and engineering. FY2025 revenue was $853.070 million before segment eliminations. Its demand drivers include utility maintenance and refueling outages, refurbishments, plant-life extensions, nuclear fuel and fuel-handling work, particularly in Canada.
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FY2025 revenue and backlog
| BWXT measure | Reported result | Period and qualification |
|---|---|---|
| Consolidated revenue | $3.198 billion | FY2025, reported by BWX Technologies, Inc. in 2026; historical result, not a forecast. |
| Government Operations revenue | $2.350 billion | FY2025; segment result. |
| Commercial Operations revenue | $853.070 million | FY2025; segment result before eliminations. Segment amounts need not equal consolidated revenue because of eliminations. |
| Ending backlog | $7.261 billion | At December 31, 2025, including $2.151 billion of unfunded U.S. Government backlog. |
| Backlog recognition outlook | Approximately 40% | Management expected to recognize this share of backlog revenue by the end of 2026, as stated at the filing date; it is not guaranteed. |
Is BWXT a nuclear reactor company or a supplier?
BWXT is better described as a nuclear technology, component, fuel and services company than as a reactor operator or a broad-based reactor builder. Its Government Operations work includes components and fuel for naval nuclear propulsion; its Commercial Operations include manufacturing and services for the commercial nuclear industry. That positioning means investors should focus on contract awards, manufacturing capacity, delivery execution and service demand rather than treating BWXT’s results as a direct proxy for electricity generation or reactor sales.
BWXT identifies Framatome, Cameco, Doosan Heavy Industries, AECON, Westinghouse and AtkinsRéalis among competitors in commercial activities. The overlap varies by business area: the company says competition can turn on price, technical capability, quality, timeliness, breadth of offerings and willingness to accept project risk. The list is not evidence that all named firms compete with BWXT for the same contracts.
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How is BWXT different from Cameco?
Cameco’s business combines uranium production, fuel services and an investment in Westinghouse. Its financial performance therefore reflects uranium production and contracting as well as fuel-services economics and its share of Westinghouse results. The timing of uranium deliveries and realized prices matters; so can project contributions recorded through Westinghouse.
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 related to the Dukovany construction project. That project-related contribution is a reason not to read one year’s adjusted EBITDA as a simple recurring run rate.
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Is GE Vernova a pure-play nuclear stock?
No. GE Vernova reports businesses spanning Power, Wind and Electrification. Nuclear power activity sits within the wider portfolio, so consolidated results cannot be treated as nuclear-only performance. Its 2025 annual-report highlights included $38 billion in FY2025 revenue and $150 billion of backlog; those are company-wide figures, and the company’s backlog definition is remaining performance obligation.
When assessing GE Vernova’s nuclear exposure, separate nuclear-related activity in Power from company-wide orders, revenue, margins and backlog. Its broader portfolio may diversify its drivers, but it also makes a direct comparison with BWXT’s nuclear-focused segments or Cameco’s uranium and fuel businesses less straightforward.
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What changed in the 2026 interim updates?
Annual results and subsequent quarterly updates describe different periods and should not be blended into a single year’s performance.
- BWXT: Its Q2 2026 release, reported August 3, gave revenue of $901.6 million, raised the company’s 2026 guidance and announced the sale of its medical business. The release also said its PCG acquisition closed July 1. Any comparison of FY2025 segment mix with a later run rate needs to account for those transaction dates. Guidance is management’s outlook; adjusted EBITDA, non-GAAP EPS and free-cash-flow guidance are non-GAAP measures where applicable.
- Cameco: Its Q2 2026 year-over-year results were affected by the prior-year contribution associated with the Westinghouse/Dukovany project. Consider that base effect when interpreting the change in reported results.
- GE Vernova: The company reported Q2 2026 revenue of $11.1 billion on July 22, with growth led by Power and Electrification; it also noted growth in nuclear power services revenue. The company-wide figure is not a nuclear-only result.
BWXT CEO Rex Geveden described demand for new nuclear solutions as “remarkably deep and broad,” and called the company’s Government and Commercial revenue streams “highly predictable” in the Q2 2026 release. These are management’s characterizations, not guarantees of future demand or results.
What should investors compare before buying nuclear stocks?
Compare like with like, and keep operating analysis separate from valuation. A practical review should cover:
- Revenue mix and customers: Identify the portion of each company tied to government programs, uranium, fuel services, commercial utilities or non-nuclear businesses. For BWXT, distinguish the two reportable segments rather than relying on consolidated revenue alone.
- Backlog quality: Check what is funded, what depends on future appropriations, when work is scheduled and how much management expects to convert into revenue. BWXT says a substantial portion of Government Operations backlog depends on U.S. Government demand and annual funding approvals; awards can shift in timing.
- Contract and project execution: Review delivery schedules, contract terms, quality requirements, manufacturing investment and operating cash flow. BWXT describes its industries as capital-intensive and notes that a relatively small number of major projects can represent a significant share of operations.
- Commercial demand cycles: For BWXT, consider utility outage and refueling schedules, capital spending, refurbishments, plant-life extensions, fuel demand and Canadian fuel-handling work. For Cameco, focus on uranium production, contracting, realized prices and fuel-services economics.
- Accounting and exceptional contributions: Distinguish GAAP results from company-defined non-GAAP measures, and isolate project-related or timing effects such as Cameco’s prior-year Westinghouse/Dukovany contribution.
- Portfolio boundaries and transaction timing: Separate GE Vernova’s nuclear-related activity from its other businesses. For BWXT, account for the announced medical-business sale and PCG acquisition close when comparing later periods with FY2025.
- Valuation on a common date: Use current share prices and same-date valuation measures, alongside comparable balance-sheet data and guidance. The reported business figures above do not establish which stock is cheaper or more attractive.
BWXT’s 2025 filings and the companies’ 2026 updates support a comparison of business models and reported operating information, not a buy/sell ranking. A “best” or “cheapest” stock conclusion requires current, comparable market and balance-sheet data as well as a view on each company’s future prospects.
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