Core Viewpoint - Nuclear energy is experiencing a resurgence, driven by increased demand from data centers and geopolitical factors affecting oil supply [1][2] Group 1: Industry Overview - Major countries investing in nuclear energy include the United States, Japan, South Korea, China, and India, focusing on expanding reactor fleets and reviving decommissioned reactors [1] - The volatility in oil prices, particularly due to potential disruptions in the Strait of Hormuz, is prompting more countries to consider nuclear power [2] Group 2: Cameco - Cameco is one of the largest uranium miners globally, responsible for 15% of the world's uranium production last year, operating the largest high-grade uranium mine at McArthur River [4][5] - The company reported a revenue of $3.4 billion, an 11% increase over 2024, with uranium prices rising by 34% over the past year [5] - Cameco maintains a net profit margin of 16.9% and a healthy debt-to-equity ratio of 0.14, indicating strong financial health [5] - In addition to mining, Cameco operates a uranium refinery and holds a 49% stake in Westinghouse, which designs and builds advanced nuclear reactors [6][7] Group 3: BWX Technologies - BWX Technologies has over 70 years of experience in building small-scale nuclear reactors and is developing small modular reactors (SMRs) [9][10] - The company generated revenue of $3.19 billion last year, an 18% increase over 2024, with earnings per share growing by 20% [12] - BWX has a strong net margin of 10.3% and is considered a safer investment in the SMR space compared to smaller, pure-play companies [11][13] Group 4: Constellation Energy - Constellation Energy is the largest producer of nuclear power in the U.S., operating 21 of the 94 nuclear reactors that generate 20% of the country's electricity [15] - The company saw an 8% revenue increase for 2025 compared to 2024, with adjusted operating EPS also growing by 8% [15] - Constellation maintains a net margin of 9.1% and has announced a 10% increase in its dividend per share, with another planned increase [16]