Cameco (CCJ), Centrus (LEU) and BWX Technologies (BWXT) are all expected to benefit from the nuclear market's recovery, driven by decarbonization, cloud infrastructure and AI demand. However, over the past 12 months Cameco's stock fell 8%, BWX's dipped 7% and Centrus' plunged 72%. Cameco makes most of its revenue from mining and owns nearly half of Westinghouse Electric; its long-term, partly fixed-price contracts add safety but limit gains when uranium prices rise. Centrus is shifting from a middleman to a first-party producer of enriched uranium, which is squeezing near-term margins, and its earnings are expected to decline through 2028. The article ranks BWX as the best turnaround play, citing its defense-focused diversification, its role in the North American supply chain and a lower forward multiple than Cameco and Centrus.
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