Centrus Energy (NYSE: LEU) is quietly positioning itself as one of the most dependable ways to gain exposure to the rapidly expanding nuclear energy sector.
While Oklo (NASDAQ: OKLO) and NuScale (NYSE: SMR) capture headlines as next-generation nuclear plays, both companies face substantial near-term commercial hurdles that investors cannot afford to ignore.
Oklo’s microreactors are not expected to deploy until late 2027 or early 2028, leaving the company with limited near-term revenue visibility to justify its current valuation.
NuScale’s first small modular reactors are not anticipated to come online until the early 2030s, pushing meaningful commercial operations even further into the future.
Both stocks trade at elevated valuations relative to their inconsistent revenues, making them high-risk bets for investors seeking exposure to nuclear energy’s resurgence.
Centrus, by contrast, already operates as one of the few U.S. companies licensed to sell low-enriched uranium, the fuel that powers the vast majority of commercial nuclear reactors worldwide.
The company holds a uniquely strategic position as the only publicly listed U.S. producer of high-assay low-enriched uranium, known as HALEU, which delivers higher energy density and fuel efficiency for smaller reactor designs.
Centrus primarily purchases large volumes of overseas enriched uranium and resells it to domestic utilities under medium- to long-term contracts, generating a predictable and recurring revenue stream.
The company’s contract backlog reached $3.0 billion at the end of the second quarter of 2026, up from $2.3 billion at the end of 2025, representing approximately 6.7 times its full-year 2025 revenue of $449 million.
From 2022 to 2025, Centrus grew its revenue and earnings per share at compound annual growth rates of 15% and 5%, respectively, demonstrating consistent financial progress in a recovering market.
Analysts project revenue growth at a 3% compound annual growth rate from 2025 to 2027, with earnings per share expected to dip moderately as the company invests in bringing domestic LEU enrichment capacity back online in Ohio.
That short-term earnings pressure reflects an investment cycle rather than a structural weakness, and profitability is expected to recover once the expansion is complete.
The International Energy Agency projects global nuclear capacity will increase by more than 50% by 2050, providing a powerful long-term demand tailwind for uranium fuel suppliers like Centrus.
For investors looking beyond speculative development-stage companies, Centrus offers a more grounded and commercially active way to participate in nuclear energy’s long-term growth story.
