Nuclear power stocks have fallen in 2026 even as AI-driven electricity demand keeps growing, with Oklo down 86% from its highs and BWX Technologies down 45%. BWX Technologies builds reactors for the U.S. Navy under long-term contracts, and its third-quarter commercial revenue rose 25% year over year to $314 million, while total revenue grew 10% to $953 million. It is expected to generate about $350 million in free cash flow this year, a price-to-free cash flow ratio of 34x at a $12 billion market cap. Oklo is a start-up with no reactors built and no NRC-approved design, its revenue is essentially zero, and its market cap is $4.3 billion. The article argues BWX Technologies looks more attractive because of its diversified exposure across the nuclear supply chain.
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