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NuScale Power vs. BWXT: Which Nuclear Energy Stock Has an Edge Now?

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Key Takeaways

  • NuScale Power is gaining momentum from rising energy demand and major tech partnerships for SMR adoption.
  • BWX Technologies landed $2.6B in U.S. naval contracts and key SMR projects in Canada in 2025.
  • SMR shares rose 180.3% YTD vs. BWXT's 28.4%, but SMR trades at a far higher forward Price/Sales multiple.

NuScale Power (SMR - Free Report) and BWX Technologies (BWXT - Free Report) are major players in the evolving nuclear energy landscape, each contributing to the future of advanced nuclear technology. While NuScale Power is focused on developing small modular reactors (SMRs), BWX Technologies specializes in supplying nuclear components and fuel to the U.S. government, including naval nuclear reactors, while also advancing its small modular reactor technology for defense and commercial applications.

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 BWX Technologies 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 BWXT — 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 BWX Technologies

BWX Technologies is benefiting from an expanding footprint in the Small Modular Reactor market, positioning itself as a key player in the development and deployment of advanced nuclear technologies.

BWX Technologies secured historic manufacturing contracts in 2025 for two major nuclear energy projects, which include providing support for the life extension of the Pickering Nuclear Generating Station, and the deployment of a new small modular reactor at the Darlington site. This is expected to strengthen BWX Technologies' position in the global nuclear energy market.

In July 2025, BWXT secured U.S. Naval Nuclear Propulsion Program contracts worth approximately $2.6 billion to manufacture naval nuclear reactor components for Virginia and Columbia-class submarines and Ford-class aircraft carriers, with deliveries planned over the next six to eight years.

The company is also preparing for future growth in the SMR market by expecting multiple follow-on orders in Canada, the United States, and Europe.  This reflects the increasing global demand for SMRs as a clean energy solution to meet decarbonization goals and growing electricity needs.

Price Performance and Valuation of SMR and BWXT

In the year-to-date period, NuScale Power’s shares have appreciated 180.3% and BWX Technologies have soared 28.4%. The outperformance in NuScale Power can be attributed to the advancements in SMR technology and its growing partnerships with tech giants and financial institutions.

BWXT is benefiting from strong bookings, government contracts, and growing nuclear demand, particularly in government operations and commercial power.  However, it is facing challenges from zirconium cost impacts and unfavorable mix in its commercial operations.

SMR and BWXT Performance

Zacks Investment Research
Image Source: Zacks Investment Research

Valuation-wise, SMR and BWXT shares are currently overvalued as suggested by a Value Score of F and D.

In terms of forward 12-month Price/Sales, SMR shares are trading at 128.86X, higher than BWXT’s 4.08X.

SMR and BWXT Valuation

Zacks Investment Research
Image Source: Zacks Investment Research

How Do Earnings Estimates Compare for SMR & BWXT?

For 2025, the Zacks Consensus Estimate for loss is pegged at 45 cents per share, which has widened by 3 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 BWX Technologies 2025 earnings is pegged at $3.55 per share, which has remained unchanged over the past 30 days, indicating a 6.61% increase year over year.

Conclusion

While both NuScale Power and BWX Technologies are poised to benefit from the nuclear energy boom, BWX Technologies appears to have the edge with stronger earnings potential, established government contracts, and diversified nuclear operations.

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 BWX Technologies 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.


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