Investing in Uranium Stocks
Uranium is widely used as fuel for nuclear power plants and, therefore, is a critical component of producing nuclear energy. Nuclear energy had been largely maligned for more than a decade, but as clean energy demand increases, it seems to be making a comeback.
In this article, we will examine the prospects of a nuclear energy renaissance and highlight some of the top uranium stocks to watch in the year ahead.
The information in this article is provided for educational purposes only and does not constitute financial advice. Consult a financial advisor before making investment decisions.
Investing in Uranium Shares
In 2011, disaster struck at the Fukushima Daiichi Nuclear Power Plant in Japan. A powerful tsunami, triggered by an equally powerful earthquake, struck the facility, causing damage to the nuclear power plant and resulting in a severe nuclear accident.
In the aftermath of this incident, many countries around the world dialled back plans for nuclear energy, phasing out existing nuclear reactors and abandoning plans to build new ones.
However, more than a decade later the outlook for the nuclear energy industry looks a lot different.
Nuclear energy is set to play a big part in efforts to meet growing global electricity demand as the world transitions to cleaner energy sources. Indeed, there are clear signs that this is already happening.
According to a report on nuclear energy by the International Energy Agency (IEA), in 2025, nuclear is set to produce more electricity than ever before. The same report cites increased investment in the industry over the coming years.
As investment in nuclear energy increases and more reactors come online, demand for uranium, which is used to fuel nuclear reactors, is likely to grow.
Risks
Of course, as with any investment, there are risks to bear in mind when considering investing in nuclear and uranium stocks.
Nuclear projects tend to take a long time to build and bring online and are often subject to delays. Building time is typically much longer than both fossil fuel and renewables-based power stations.
This could impact the demand outlook for uranium, particularly if any advances in technology make alternative sources of clean energy more efficient.
Furthermore, given that uranium is a radioactive material, the industry is subject to strict government oversight. Any change in regulations has the potential to either positively or negatively affect uranium producers.
Moreover, given that uranium mining is heavily concentrated in a handful of countries – Kazakhstan, Canada and Australia - policy changes in one of these countries could have an outsized impact on the global market.
Top Uranium Stocks to Watch
As nuclear energy makes a comeback, demand for uranium and nuclear fuel may potentially increase in the coming years. Which companies could benefit from this?
In the following sections, we’ll take a close look at 2 top uranium stocks to watch. Please note these companies are provided as examples and do not constitute an investment recommendation.
Cameco
For those interested in investing in uranium stocks, Cameco is probably one of the first names you’ll come across when researching the industry.
In terms of market capitalisation, it’s the largest publicly traded pure-play uranium company in the world. Furthermore, it’s the second largest producer of uranium, producing 23.4 million pounds in 2024.
Cameco operates a number of uranium mines across Canada, the US and Kazakhstan. These operations include the McArthur River mine, which is the world’s largest high-grade uranium mine, and Cigar Lake, which is the world’s highest-grade uranium mine.
Besides mining uranium, the company operates refining, conversion and fuel fabrication assets. It also owns a 49% stake in Global Laser Enrichment (GLE), which is developing laser-based enrichment technology.
In response to rising demand, Cameco has ramped up uranium production over the last few years, from 10.4 million pounds in 2022 to 17.6 million pounds in 2023 and to 23.4 million pounds in 2024.
Accordingly, financial performance has also improved. In the year ended 31 December 2024, revenue climbed 21% to $3.1 billion and operating income jumped 80% to $510 million. Past performance is not a reliable indicator of future results.
The uranium miner has also paid a dividend since it went public in 1991; at the time of writing, 15 December 2025, it had a modest dividend yield of 0.2%. However, it should be noted that future dividends are never guaranteed.
Centrus
Unlike Cameco, which operates across the nuclear fuel cycle, Centrus focuses on supplying enriched uranium fuel for civilian nuclear power reactors.
It produces low-enriched uranium (LEU) and is also pioneering the development of a higher performance fuel component called high-assay low-enriched uranium (HALEU), which is expected to be needed for many next generation reactors.
Indeed, the Centrus-operated American Centrifuge Plant in Ohio was the first facility to be licensed to produce HALEU in the US. Consequently, Centrus may be well-positioned to potentially benefit from any increase in demand for nuclear energy in the US.
In the year ended 31 December 2024, Centrus generated $442 million in revenue, an increase of 38% year on year. However, operating income decreased 8% to $48 million. Past performance is not a reliable indicator of future results.
However, it’s worth noting that a strong performance in the stock market in 2025 has led to Centrus trading at a relatively high valuation. At the time of writing, the uranium stock is trading at around 42 times earnings.
Uranium ETF
For investors who want exposure to uranium companies, but would rather not pick individual uranium stocks, an alternative option could be to look at a uranium ETF (Exchange-Traded Fund).
Uranium ETFs can provide exposure to the industry by pooling investor funds to invest in uranium companies. An example of such an ETF is the Global X Uranium UCITS ETF which tracks the Solactive Global Uranium & Nuclear Components Total Return Index.
The uranium ETF holds shares in 48 companies from around the world, including the ones examined in this article. It has an ongoing charge of 0.65% and, at the time of writing, its top five holdings are as follows:
- Cameco
- Oklo
- Uranium Energy Corp
- NexGen Energy
- Centrus Energy
Source: Global X Uranium UCITS ETF – Top Holdings – 12 December 2025.
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Frequently Asked Questions
Can I invest in uranium?
Yes. For investors interested in gaining exposure to uranium, it is possible to do so by investing in individual companies which operate in the industry or by investing in a uranium ETF.
Which country has the most uranium?
Australia has the world’s largest known uranium resources, almost a third of the world’s total.
Which country is the largest producer of uranium?
Kazakhstan is the world’s largest producer of uranium from mines, accounting for almost 40% of world supply in 2024.
What are the largest uranium companies in the world?
In terms of market capitalisation, the top three publicly traded uranium companies in the world are Cameco, China National Nuclear Power Company and BWX Technologies.
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