On September 11, a caller inquired about Cameco Corporation (NYSE:CCJ), and here’s what Mad Money host Jim Cramer had to say in response:
I like uranium. I like BWXT a little more. But I think that this Cameco’s for real. I really do, because I think we are going to embrace nuclear power, but it’s a three to five-year issue. Remember that. It will take three to five years before you see any real earnings. Well, they have earnings before you see any real growth in the industry.
BWXT vs. Cameco Shows Two Ways to Play Nuclear Power
The difference between the companies is visible in their businesses and recent results. Cameco Corporation is primarily a uranium and nuclear-fuel-cycle company, with additional exposure through its stake in Westinghouse. BWX Technologies, Inc. (NYSE:BWXT) supplies nuclear components and services to government and commercial customers, giving it exposure to nuclear infrastructure and defense programs.
Cameco’s second-quarter adjusted EBITDA was C$391 million, while its uranium segment generated C$252 million, down from C$352 million a year earlier. The company said the uranium segment’s lower results reflected quarterly delivery variations and lower planned 2026 deliveries resulting from its contracting discipline. It maintained its 2026 production outlook of 19.5 million to 21.5 million pounds and has contracts covering more than 28 million pounds of average annual deliveries over the next five years.
BWXT’s second-quarter revenue increased 18% year over year to $901.6 million, while adjusted EBITDA rose 7% to $155.5 million. Commercial Operations revenue jumped 72% to $302.5 million, and the company raised its 2026 adjusted EBITDA guidance to $662 million-$672 million and non-GAAP EPS guidance to $4.70-$4.80. The company also closed its acquisition of Precision Components Group on July 1, expanding its U.S. commercial nuclear component manufacturing footprint. The company has since secured additional government-program opportunities, including a four-month phase one $4 million contract to develop a conceptual design for an NNSA lithium processing facility and selection of its Advanced Nuclear Reactor for the U.S. Army’s Janus program.
Risks Behind the Nuclear Bet
For Cameco Corporation, the main risk is timing and execution. Cramer expects the broader nuclear industry to take three to five years to reach meaningful growth, while Cameco remains exposed to quarterly delivery timing and operating disruptions. Management said uranium production was affected by challenging spring road conditions in northern Saskatchewan during the second quarter, although it maintained its annual production outlook.
BWX Technologies, Inc.’s risks are more closely tied to government programs and project execution. Government Operations remain a major part of the business, leaving the company exposed to funding and procurement schedules. Its newest nuclear opportunities also have long timelines: the NNSA award currently covers conceptual design rather than construction, while the Army’s Janus program targets reactor operations in the early 2030s.
Hedge Funds Are Increasing Exposure to Both Nuclear Stocks
As per Insider Monkey, which tracks more than 1,000 hedge funds, hedge-fund ownership rose for both companies in the second quarter. BWXT was held by 65 hedge funds, up from 61 in the first quarter, while Cameco was held by 75, up from 73. BWXT’s short float was in roughly the 3% to 3.3% range, while Cameco’s is approximately 1.4% to 2.0%.
BWX Technologies, Inc. has stronger current operating momentum, but some of its newest nuclear opportunities are still years from operation. Cameco Corporation has more direct exposure to uranium demand, while its near-term results remain sensitive to delivery timing and operating execution.
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