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NuScale Power vs. Centrus Energy: Which Nuclear Stock Has an Edge Now?
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Key Takeaways
Centrus Energy is gaining from rising HALEU demand and a key DOE production contract extension to 2026.
LEU's 2025 EPS estimate rose 9.2% in 30 days to $3.53, while SMR's narrowed to a loss of 41 cents.
SMR is attracting tech giants for data center energy needs, but faces stiff market and regulatory headwinds.
NuScale Power (SMR - Free Report) and Centrus Energy (LEU - Free Report) are major players in the evolving nuclear energy landscape, each contributing to the future of advanced nuclear technology. NuScale is focused on developing small modular reactors (SMRs), while Centrus Energy specializes in the enrichment of High-Assay Low-Enriched Uranium (HALEU), which is a critical fuel source for powering SMRs in the future.
Per Fortune Business Insight report, the global SMR market was valued at $5.81 billion in 2024 and is projected to reach $8.37 billion by 2032, expanding at a CAGR of 4.98% from 2025 to 2032. Both Nuscale Power and Centrus Energy are likely to gain from the massive growth opportunity, as their technologies are poised to play a key role in meeting the rising global demand for safe, reliable, and carbon-free nuclear energy.
So, SMR or LEU — Which of these Nuclear stocks has the greater upside potential? Let’s find out.
The Case for SMR Stock
NuScale Power is benefiting from advancements in SMR technology. The company’s expanding partner base, which includes tech giants and financial institutions, positions SMR as a key player in the future of sustainable, carbon-free energy.
The company is gaining strong momentum across various sectors, especially as energy demands continue to rise. The increasing energy demand, driven by sectors like data centers, which require continuous, reliable, and carbon-free energy, has been a major growth driver.
Data centers are expected to triple their energy use over the next three years, accounting for 12% of U.S. electricity consumption by 2028. This growth trend presents a significant opportunity for NuScale Power, as its small modular reactor technology offers consistent, carbon-free energy that can meet the increasing demands of hyperscale data centers.
NuScale Power continues to attract strong interest from major technology companies and infrastructure capital. Companies like Meta Platforms, Microsoft, Alphabet and Oracle have made substantial commitments to using nuclear energy, including SMR technology, to meet their sustainability goals, which positively impacts NuScale Power’s market positioning.
The Case for LEU Stock
Centrus Energy is benefiting from increased demand for nuclear fuel, particularly HALEU, and from its role in developing and deploying advanced nuclear technologies like SMRs.
HALEU is expected to play a significant role in fueling advanced reactors. The Department of Energy (DOE) has released supplies from its HALEU availability program to five advanced reactor developers, highlighting the growing demand for this type of uranium.
LEU recently announced that the U.S. Department of Energy has extended its HALEU production contract through June 30, 2026, as part of Phase III of its ongoing agreement. This follows Centrus’ successful delivery of 20 kg of HALEU in Phase I and ongoing production of 900 kg under Phase II. The extension marks the start of a potential eight additional years of production to support advanced nuclear reactor development.
Price Performance and Valuation of SMR and LEU
In the year-to-date period, NuScale Power’s shares have appreciated 141.2% and Centrus Energy shares have surged 188.2%. The underperformance of SMR is due to the highly competitive energy market, which includes the growing presence of renewable energy sources and regulatory hurdles.
Centrus Energy is benefiting from rising demand for domestic uranium enrichment, strong government support, and its unique position as the only U.S.-owned producer of both LEU and HALEU.
SMR and LEU Stock Performance
Image Source: Zacks Investment Research
Valuation-wise, SMR and LEU shares are currently overvalued as suggested by a Value Score of F.
In terms of forward 12-month Price/Sales, SMR shares are trading at 119.46X, higher than LEU’s 7.23X.
SMR and LEU Valuation
Image Source: Zacks Investment Research
How Do Earnings Estimates Compare for SMR & LEU?
For 2025, the Zacks Consensus Estimate for loss is pegged at 41 cents per share, which has narrowed by 5 cents over the past 30 days. NuScale Power reported earnings of 42 cents per share in the year-ago quarter.
The Zacks Consensus Estimate for Centrus Energy’s 2025 earnings is pegged at $3.53 per share, which has increased 9.2% over the past 30 days, indicating a 21.03% decline year over year.
While both NuScale Power and Centrus Energy are poised to benefit from the nuclear energy boom, Centrus Energy appears to have the edge with stronger earnings potential and increased demand for nuclear fuel, particularly HALEU.
However, despite advancements in SMR technology and collaborations, NuScale Power faces challenges in the highly competitive energy market, which includes the growing presence of renewable energy sources and regulatory hurdles. These factors could affect NuScale Power’s market positioning, even with its technological edge.
Image: Bigstock
NuScale Power vs. Centrus Energy: Which Nuclear Stock Has an Edge Now?
Key Takeaways
NuScale Power (SMR - Free Report) and Centrus Energy (LEU - Free Report) are major players in the evolving nuclear energy landscape, each contributing to the future of advanced nuclear technology. NuScale is focused on developing small modular reactors (SMRs), while Centrus Energy specializes in the enrichment of High-Assay Low-Enriched Uranium (HALEU), which is a critical fuel source for powering SMRs in the future.
Per Fortune Business Insight report, the global SMR market was valued at $5.81 billion in 2024 and is projected to reach $8.37 billion by 2032, expanding at a CAGR of 4.98% from 2025 to 2032. Both Nuscale Power and Centrus Energy are likely to gain from the massive growth opportunity, as their technologies are poised to play a key role in meeting the rising global demand for safe, reliable, and carbon-free nuclear energy.
So, SMR or LEU — Which of these Nuclear stocks has the greater upside potential? Let’s find out.
The Case for SMR Stock
NuScale Power is benefiting from advancements in SMR technology. The company’s expanding partner base, which includes tech giants and financial institutions, positions SMR as a key player in the future of sustainable, carbon-free energy.
The company is gaining strong momentum across various sectors, especially as energy demands continue to rise. The increasing energy demand, driven by sectors like data centers, which require continuous, reliable, and carbon-free energy, has been a major growth driver.
Data centers are expected to triple their energy use over the next three years, accounting for 12% of U.S. electricity consumption by 2028. This growth trend presents a significant opportunity for NuScale Power, as its small modular reactor technology offers consistent, carbon-free energy that can meet the increasing demands of hyperscale data centers.
NuScale Power continues to attract strong interest from major technology companies and infrastructure capital. Companies like Meta Platforms, Microsoft, Alphabet and Oracle have made substantial commitments to using nuclear energy, including SMR technology, to meet their sustainability goals, which positively impacts NuScale Power’s market positioning.
The Case for LEU Stock
Centrus Energy is benefiting from increased demand for nuclear fuel, particularly HALEU, and from its role in developing and deploying advanced nuclear technologies like SMRs.
HALEU is expected to play a significant role in fueling advanced reactors. The Department of Energy (DOE) has released supplies from its HALEU availability program to five advanced reactor developers, highlighting the growing demand for this type of uranium.
LEU recently announced that the U.S. Department of Energy has extended its HALEU production contract through June 30, 2026, as part of Phase III of its ongoing agreement. This follows Centrus’ successful delivery of 20 kg of HALEU in Phase I and ongoing production of 900 kg under Phase II. The extension marks the start of a potential eight additional years of production to support advanced nuclear reactor development.
Price Performance and Valuation of SMR and LEU
In the year-to-date period, NuScale Power’s shares have appreciated 141.2% and Centrus Energy shares have surged 188.2%. The underperformance of SMR is due to the highly competitive energy market, which includes the growing presence of renewable energy sources and regulatory hurdles.
Centrus Energy is benefiting from rising demand for domestic uranium enrichment, strong government support, and its unique position as the only U.S.-owned producer of both LEU and HALEU.
SMR and LEU Stock Performance
Image Source: Zacks Investment Research
Valuation-wise, SMR and LEU shares are currently overvalued as suggested by a Value Score of F.
In terms of forward 12-month Price/Sales, SMR shares are trading at 119.46X, higher than LEU’s 7.23X.
SMR and LEU Valuation
Image Source: Zacks Investment Research
How Do Earnings Estimates Compare for SMR & LEU?
For 2025, the Zacks Consensus Estimate for loss is pegged at 41 cents per share, which has narrowed by 5 cents over the past 30 days. NuScale Power reported earnings of 42 cents per share in the year-ago quarter.
NuScale Power Corporation Price and Consensus
NuScale Power Corporation price-consensus-chart | NuScale Power Corporation Quote
The Zacks Consensus Estimate for Centrus Energy’s 2025 earnings is pegged at $3.53 per share, which has increased 9.2% over the past 30 days, indicating a 21.03% decline year over year.
Centrus Energy Corp. Price and Consensus
Centrus Energy Corp. price-consensus-chart | Centrus Energy Corp. Quote
Conclusion
While both NuScale Power and Centrus Energy are poised to benefit from the nuclear energy boom, Centrus Energy appears to have the edge with stronger earnings potential and increased demand for nuclear fuel, particularly HALEU.
However, despite advancements in SMR technology and collaborations, NuScale Power faces challenges in the highly competitive energy market, which includes the growing presence of renewable energy sources and regulatory hurdles. These factors could affect NuScale Power’s market positioning, even with its technological edge.
NuScale Power and Centrus Energy carry a Zacks Rank #3 (Hold) each at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.