The thesis
Washington set a goal of 400 gigawatts of US nuclear power by 2050, and in 2026 regulators approved construction of the country’s first commercial small modular reactor. Nuclear stock prices fell hard over the past year anyway. Compare each company with its own history, and keep companies selling power or fuel today apart from developers with little revenue.
By Jake, founder of StockResearch.app · Oct 23, 2026 · Opinion, not investment advice
Policy moved faster than revenue
Executive Order 14300 set a goal of 400 gigawatts of US nuclear capacity by 2050, up from about 100 in 2024, and an 18-month limit for decisions on new reactor applications. The Energy Department said its goal of three test reactors reaching criticality by July 4, 2026 was met (DOE). On September 29 the Nuclear Regulatory Commission approved construction of what it called the nation’s first commercial small modular reactor, a 300-megawatt GE Vernova Hitachi design at TVA’s Clinch River site (NRC). TVA still needs a separate operating license.
None of that is revenue yet. New reactors take years to license, finance and build, and the developers here report little revenue so far. The nuclear valuation guide shows which measure fits each kind of company.
Far below their highs, mostly mid-range
When we reviewed this page (October 23, 2026), every member’s latest weekly close sat between 17% (PSEG) and 88% (NuScale) below its highest weekly close of the past year. On EV/Sales the ranked members still sat between the 23rd and 70th percentiles of their own five-year ranges, because most of those windows start in late 2021, before the rally.
On P/E, Constellation, Vistra and PSEG sat in the bottom third of their own ranges while their sales ranks sat mid-range, which usually means profit per dollar of revenue is higher than in most of those years. Switch the chart to P/E to see today’s numbers.
Revenue you can rank, and revenue you cannot
Oklo has too little revenue and too few quarterly filings for a weekly history, and Cameco files annual 40-F reports as a Canadian company, so both show a market snapshot without a rank. NuScale’s EV/Sales ranked at the 68th percentile after trailing revenue fell 81%: when price and revenue fall together, a sales multiple can stay high. The missing-percentile guide explains each case.
Talen Energy and X-energy are not members yet because their filing histories have not passed our checks. They join through the dated membership log when they do.
Overlap and the benchmark
Constellation, Vistra and GE Vernova also appear in AI Power, which follows data-center demand for electricity. BWX Technologies and Curtiss-Wright appear in Defense Tech for their Navy work. Oklo, NuScale and Cameco moved here from AI Power on October 23, 2026.
NLR holds about 30 nuclear and uranium companies worldwide under its own weighting rules. Our basket is equal-weighted and US-listed, so read the gap as context. The uranium screen narrows to mining and enrichment, and the nuclear screen lists all members together.
What would change the view
- A final investment decision and a named site for a new large reactor.
- Licensing or financing delays at developers, or large share sales to fund construction.
- New power contracts for operators priced below recent data-center deals.
- Uranium or enrichment prices falling enough to cut fuel suppliers’ revenue.