Valuation researchJake
AI Power Stocks in 2026: Where Each One Sits in Its Own Valuation Range
Power equipment and generators sit at different points in their own valuation histories. Compare dated multiples across the AI power supply chain.
Guide4 min read
Nuclear stocks range from reactor operators to developers with no revenue yet. Which multiple fits each, and when no percentile is the honest answer.
Nuclear stocks range from utilities that have run reactors for decades to developers that have not sold any power yet. One multiple cannot rank them all, so start by asking which kind of company you are looking at.
| Kind | Where revenue comes from | Start with | Then check |
|---|---|---|---|
| Plant operators | Selling power from running reactors | P/E and EV/Sales | Power prices and long-term contracts |
| Fuel suppliers | Uranium sales and enrichment contracts | EV/Sales | Delivery timing, which makes yearly sales lumpy |
| Reactor suppliers | Reactors, pumps and parts, often for the Navy too | P/E and EV/Sales | How much of revenue is nuclear |
| Reactor developers | Little or none yet | No ranked multiple | Licensing dates, cash and share issuance |
At our October 23, 2026 review (latest weekly observation from the week of October 19), Constellation (CEG), Vistra (VST) and PSEG (PEG) sat between the 22nd and 32nd percentiles of their own five-year P/E ranges. On EV/Sales they sat between the 23rd and 60th. When the earnings rank sits well below the sales rank, profit per dollar of revenue is usually higher than it was in most of those weeks. Prices also fell: Constellation’s weekly close was 35% below its highest of the past year.
A low P/E rank after earnings rise can also mean the market doubts those earnings will last. Operator profits depend on power prices and on contracts that regulators can limit.
Oklo (OKLO) had enterprise value more than 1,000 times its trailing revenue, so we show no sales multiple. It also has too few quarterly filings with revenue for a weekly history, so it has no percentile. That is a statement about the data, not a judgment about the company.
NuScale (SMR) shows the opposite trap. Its weekly close was 88% below its highest of the past year, yet its EV/Sales of 83.2x ranked at the 68th percentile, because trailing revenue fell 81%. When price and revenue fall together, a sales multiple can stay high. Read revenue growth beside the rank. The missing-percentile guide covers the rules behind an empty rank.
| Company | EV/Sales | Percentile | Revenue vs a year ago |
|---|---|---|---|
| LEU | 3.4x | 68th | +8% |
| UEC | 84.0x | 66th | -44% |
| BWXT | 3.7x | 48th | +23% |
| CW | 5.0x | 70th | +11% |
Uranium Energy’s revenue depends on when it chooses to sell uranium, so its sales multiple jumps between years. Cameco files annual reports as a Canadian issuer, so we show a market snapshot without a rank. BWX Technologies and Curtiss-Wright sell to the Navy as well as to power plants, and GE Vernova sells far more gas turbines and grid equipment than reactors. Its ranked history starts after its 2024 spin-off.
The Nuclear theme groups these companies into operators, developers, fuel suppliers and reactor suppliers, with a switch between EV/Sales and P/E. The nuclear screen lists them together, and the uranium screen narrows to mining and enrichment.
Compare operators, fuel suppliers and reactor makers with their own history, one measure at a time.
Valuation researchJake
Power equipment and generators sit at different points in their own valuation histories. Compare dated multiples across the AI power supply chain.
Valuation researchStockResearch
Seventeen of 20 companies have ranked EV/Sales in our Oct 22, 2026 snapshot. The remaining three stay visible with their data limits.
Explanation4 min read
A missing rank can mean losses, a small denominator, short history or a data-quality hold. Each has a different meaning.