▌Top Stocks · SMALL MODULAR REACTORS·Updated September 14, 2026
Top Small Modular Reactor Stocks: Our 5 Picks for September 2026
This countdown spans nuclear-fuel suppliers, grid-and-power equipment makers, and reactor developers, with GE Vernova, BWXT, and Centrus adding established-business context.
Top Stocks · SMALL MODULAR REACTORSUpdated September 14, 2026
Small modular reactor stocks remain one of the market’s clearest ways to express the next-nuclear thesis, but the trade is no longer simply about reactor designs and ambitious timelines. Electricity demand from AI data centers, grid reliability concerns and decarbonization goals are pushing investors to examine the companies that could supply, build, fuel or operate the next generation of nuclear capacity. An April 2026 report that Amazon is working with X-energy to bring more than 5 GW of SMRs online in the United States by 2039, alongside Google’s backing of Kairos Power and a target for its first SMR by 2030, underscores the commercial interest.
The investable universe is therefore broader than pure-play developers. Reactor designers offer the most direct exposure, while nuclear-component manufacturers, fuel suppliers, engineering companies and utilities can provide different risk and revenue profiles. The sub-segments are also diverging: some developers are focused on near-term commercialization, picks-and-shovels businesses can benefit even if a particular reactor slips, and microreactor companies are targeting defense or remote-power applications. For investors, contracts, regulatory progress, financing and credible deployment partners matter as much as the underlying technology.
This article presents a five-stock countdown from #5 to #1. The list moves from an indirect nuclear-fuel supplier and diversified power-equipment business toward companies with increasingly concentrated exposure to SMR technology. That structure makes the trade-offs visible: established revenue and profitability can come with less direct SMR participation, while pure-play developers offer greater thematic intensity but remain earlier in their commercial and financial development.
To build the list, we screened US-listed companies with market capitalizations above $500 million and required a clear connection to the small modular reactor ecosystem, whether through reactor technology, nuclear components, fuel or power infrastructure. Rankings first reflect depth of exposure to the theme and then business fundamentals, including growth, profitability, valuation and earnings execution. The data line uses our composite quality grade and analyst consensus. This is a countdown: the best pick appears at #1.
What they do. The company supplies nuclear fuel components to utilities and other customers in the United States, Japan, the Netherlands and internationally. Its Low-Enriched Uranium segment sells separative work unit components, uranium materials and enriched uranium products, while Technical Solutions provides technical, manufacturing, engineering and operations services. That combination gives Centrus a supplier-and-services position across the nuclear chain rather than direct ownership of a reactor platform.
Why it fits. Centrus is the most indirect SMR exposure in this group, but fuel availability is a necessary part of any expansion in nuclear generation. Its enriched uranium products and technical capabilities can support the broader nuclear ecosystem as utilities evaluate new reactor formats, including factory-built systems. The company therefore offers picks-and-shovels exposure to the theme, although its results are not tied exclusively to SMR deployments.
Numbers that matter. Revenue was $473.9 million, with year-over-year revenue growth of 14%, but earnings growth was negative 51.6%. Gross margin was 23.7%, operating margin was 5.34% and net margin was 10.23%; return on equity was 8.05%, while return on assets was only 0.02%. The valuation is demanding for a business with that uneven earnings trend: trailing P/E was 80.59x and forward P/E was 111.11x, compared with trailing EPS of $1.89.
Recent momentum. Centrus reported second-quarter 2026 EPS of $0.77 versus a $0.74 estimate, a 4.1% surprise, and has beaten estimates in five of its last seven reported quarters. Analysts show one Buy and two Hold ratings, with a 4.5/5 consensus and an average target of $248.28. The recent beat supports the operating case, but the valuation and year-over-year earnings decline keep Centrus at the bottom of this exposure-ranked list.
What they do. The company provides products and services that generate, transfer, orchestrate, convert and store electricity across global markets. Its Power segment designs, manufactures and services gas, nuclear, hydro and steam technologies, while Electrification supplies grid solutions, power conversion, software, solar and storage technologies; Wind is the third segment. This broad product and service footprint gives GE Vernova a diversified power-infrastructure position instead of a single-reactor revenue model.
Why it fits. GE Vernova’s nuclear exposure sits inside its Power segment, but its Electrification business is also relevant to the grid investment required to connect and manage new generation. That makes the company a broad infrastructure expression of the next-nuclear theme, with potential participation in nuclear equipment and the surrounding transmission and power-conversion systems. It ranks below more nuclear-focused companies because nuclear is only one part of a three-segment business.
Numbers that matter. Revenue was $41.37 billion, up 21.9% year over year, while earnings growth was 32.8%. Net margin was 23.04%, gross margin was 20.6% and operating margin was 7.47%; return on equity was 82.58% and return on assets was 2.54%. Trailing P/E was 27.48x and forward P/E was 38.91x, with trailing EPS of $34.84, so investors are paying for scale and growth rather than buying a low-multiple industrial.
Recent momentum. The latest reported quarter produced EPS of $2.47 against a $3.17 estimate, a 22.1% miss, although the previous quarter beat by 20.4%; the company has beaten in four of its last seven reported quarters. The analyst breakdown is eight Buys and seven Holds, producing a 4.1875/5 consensus and an average target of $1,236.43. The mixed earnings record is an important counterweight to the company’s strong revenue and earnings growth.
What they do.BWXT manufactures nuclear components, reactors and fuel through Government Operations and Commercial Operations. Its portfolio includes naval nuclear components, commercial steam generators, fuel handling systems, pressure vessels, reactor components, nuclear-waste containers and specialized engineering and lifecycle services. The company also supplies proprietary and sole-source valves, manifolds and fittings, giving it a specialized component position in government, defense and commercial nuclear markets.
Why it fits.BWXT offers deeper nuclear exposure than a diversified power-equipment supplier because nuclear components, fuels, reactor equipment and plant services are central to its operations. Its ability to manufacture pressure vessels, fuel systems, heat exchangers and other nuclear-grade equipment gives investors exposure to the hardware side of advanced-reactor development. That is a useful picks-and-shovels angle: component and engineering demand can span multiple reactor programs rather than depending on one developer’s commercialization schedule.
Numbers that matter. Revenue reached $3.51 billion, up 18% year over year, while earnings growth was 14.1%. Gross margin was 22.1%, operating margin was 10.39% and net margin was 10.11%; return on equity was 28.29% and return on assets was 5.53%. Trailing P/E was 38.89x and forward P/E was 28.57x, with trailing EPS of $3.86 and next-year EPS estimated at $5.2663. The forward multiple is more supportive than the trailing multiple if that earnings estimate is achieved.
Recent momentum.BWXT’s latest quarter delivered EPS of $1.07 versus a $1.01 estimate, a 5.9% beat, extending its record to seven beats in seven reported quarters. Analysts list two Buys and four Holds, resulting in a 4.0667/5 consensus and an average target of $228.88. The consistent earnings execution is the clearest fundamental differentiator among the nuclear-focused suppliers in this list, even though the shares still carry a substantial trailing earnings multiple.
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This screen covers US-listed companies with market capitalizations above $500 million and a documented connection to small modular reactors or the nuclear supply chain. We ranked the candidates first by depth of exposure: direct reactor developers rank ahead of component, fuel and diversified infrastructure businesses. We then considered business fundamentals, including revenue and earnings growth, margins, returns on capital where available, valuation, balance-sheet-related composite measures and recent earnings performance. Analyst consensus and average targets are reported as context rather than treated as forecasts from our own analysis. The list is refreshed monthly, so company fundamentals, consensus data and ranking positions can change as new results and milestones arrive.
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