The global hunger for energy is growing – and uranium is back in the spotlight. Artificial intelligence, data centers, and mounting climate pressure are driving a renewed commitment to nuclear power worldwide. Investors looking to benefit from this trend are increasingly turning to uranium-focused companies. Three names stand out: Cameco, the Canadian market leader; Uranium Energy, a company with impressive share price performance but no stable profitability yet; and Stallion Uranium, a small-cap explorer that is quietly and systematically drilling in one of the most promising locations in the world. What distinguishes these three stocks, and why might the smallest of them offer the most exciting story?
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Cameco: The market leader under pressure
Cameco is something of an anchor in the Western uranium market. No other company is so synonymous with supplying Western countries with nuclear fuel. The Canadian group has undergone significant changes in recent years. It has evolved from a traditional mining operator into a company that now covers the entire nuclear energy value chain. Starting with ore and ending with the finished fuel element. The fact that Cameco now also has a stake in Westinghouse, one of the world’s largest reactor manufacturers, clearly demonstrates its new strategy.
The figures for 2025 are impressive. Revenue climbed to around USD 3.5 billion, while adjusted earnings before interest, taxes, depreciation, and amortization rose by 26% to just under USD 2 billion. The Westinghouse stake also generated special distributions of over USD 170 million. That sounds good, and it probably is, but the market has long since priced in this news.
The price-to-earnings ratio is over 100. That is more than just ambitious and quite risky, to put it mildly. Those who get in today are betting that profits will rise significantly in the coming years. What is more, when comparing the market value of around USD 49 billion to the net value of recoverable uranium reserves, the valuation is almost three times as high. That may not necessarily be wrong, but it leaves little room for further upside.
The long-term prospects for Cameco are clear: 31 countries plan to triple their nuclear power capacity by 2050. New reactors need fuel, and Cameco has already signed supply contracts for 230 million pounds.
Political backing is also on board. Donald Trump’s warm words about nuclear power in Davos recently boosted the stock. The share is currently trading at around EUR 103, and many analysts remain positive. Nevertheless, those hoping for a favorable entry point may need to be patient.
Uranium Energy: High energy, fluctuating price
Hardly any other stock in the uranium sector shows as clearly as Uranium Energy how heated the mood is at the moment. Over a twelve-month period, the share price has risen by over 140%. This is remarkable, especially since the company has not yet generated any significant revenue from ongoing uranium sales.
Uranium Energy is a project-driven company positioning itself for higher uranium prices and future production growth. The fundamental figures tell a different story: negative operating income, negative cash flow, and a price-to-sales ratio of almost 100. That sounds like a lot of hot air. That may be partly true. At the end of January 2026, the stock hit a new 52-week high of USD 20.34. Since then, it has corrected by roughly 20% and is currently trading near USD 16. With 30-day volatility above 80%, the stock remains highly sensitive to market sentiment.
On the strategic front, there are noteworthy developments. Uranium Energy has increased its stake in Anfield Energy to just under 29%. Including warrants and options, the stake could rise to over 36%. On February 27, independent Anfield shareholders are scheduled to vote on whether Uranium Energy should be officially recognized as a “controlling person” under TSX Venture Exchange rules. Such a designation is required when a shareholder exceeds certain ownership thresholds and effectively acknowledges significant influence over corporate decisions. It does not automatically imply operational control, but it strengthens Uranium Energy’s strategic position and influence over governance matters. Approximately 62% of Anfield’s shares are held by institutional investors, indicating that larger market participants continue to support the company – at least for the time being.
The technical uptrend at Uranium Energy remains intact, and in the long term, the fate of the stock is closely linked to the price of uranium and capital raising. In the short term, however, Uranium Energy remains a stock for risk-aware investors who can and are willing to withstand fluctuations.
Stallion Uranium: An interesting story and where the next big discovery could be waiting
If you have not heard of Stallion Uranium (TSXV:STUD) yet, you are certainly not alone. The company is still largely unknown in Germany. But if you take the time to look, you will find a story that deserves a little more attention.
Stallion Uranium is active in the Athabasca Basin, a region in Saskatchewan, Canada, that has an almost legendary reputation among geologists. Some of the world’s highest-grade uranium deposits are located here. **Over the past few years, Stallion has assembled a huge exploration area of 1,700 km² there. This is probably the largest contiguous project in the western part of the basin. And it is in the best neighborhood. Namely, right next door to NexGen Energy’s Arrow deposit, which was once considered a geological sensation and helped catapult the company to a billion-dollar valuation.
What makes Stallion special is its team. The geologists know the region from their own experience. Some of them were directly involved in the Arrow discovery. And instead of drilling on a wing and a prayer, Stallion spent more than a year systematically measuring, modeling, and evaluating geophysical data. The result is the so-called Coyote target: a structural corridor that exhibits all the characteristics expected of a significant uranium deposit in the Athabasca Basin. Conductive structures, gravity anomalies, structural complexity. This is exactly what was the starting point for Arrow and other major discoveries.
The first drilling program in this corridor has been underway since mid-February. Two diamond drill rigs are in operation, with six to eight drill holes planned. In practical terms, this means that the Coyote target is being drill-tested for the first time. CEO Matthew Schwab emphasizes the significance of the program, noting that he has seen many exploration targets throughout his career, but few with such a compelling geophysical signature.
Added to this are the structural advantages. The drilling program is being financed to a significant extent by joint venture partner Atha Energy. This protects existing shareholders from excessive dilution. Around 45% of the shares are held by management and insiders. This is a good sign, because those who know the company best are investing their own money.
However, Stallion is not a stock for conservative investors. Exploration companies always carry the risk that drilling results will disappoint. But the combination of location, team, methodology, and financing makes Stallion Uranium one of the most interesting early-stage investments in the current uranium market. The next few weeks will show whether the effort will pay off. In any case, this is an interesting story that could turn into something big.
Conclusion: Three stocks for the uranium market
The uranium market offers the right entry opportunity, especially for investors with different risk profiles. Cameco is the solid foundation, and those who want to bet on the nuclear renaissance without risking too much of the unknown will find the industry leader here. The valuation is ambitious, but the substance is right. Uranium Energy is a volatile stock with real upside potential, but also with real risks. Anyone investing here needs strong nerves and staying power. Stallion Uranium, on the other hand, is the story that has yet to be told. A young company, cleverly positioned, working methodically in one of the most geologically exciting places in the world. The drilling results are still pending, but the conditions for a significant discovery are as good as they get. Those who dare to get in early could be rewarded.
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