The second-quarter results that would settle whether nuclear's spring sell-off reflected the businesses or only their price have now been filed, and they arrived in a cluster: Cameco on 31 July, BWX Technologies on 3 August, NuScale on 5 August, Centrus on 6 August and Oklo on 7 August. Every one of the six stocks bottomed on 29 July, the session before the first print, and the entire month's gain came afterwards. The prints did not, however, tell one story. They told at least three.

The one whose numbers went the other way

BWX Technologies, a $15.6bn manufacturer of naval reactors, nuclear fuel and missile launch tubes for the US Navy's propulsion programme, plus commercial steam generators and medical isotopes, is the only member of the group whose fundamentals unambiguously improved and the only one whose shares fell over the past 30 days. Revenue rose 18.0% year over year to $901.6m — the fourth straight quarter of 18-29% growth — and on the 3 August call management reported backlog of $8.4bn, up 40%, a trailing-twelve-month book-to-bill of 1.7 times, and raised full-year guidance across the board: roughly $3.8bn of revenue, $662-672m of adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA), $4.70-4.80 of earnings per share and $345-360m of free cash flow (FCF), the cash left after capital spending. It is selling its medical unit to Nordic Capital for $750m plus a $50m earnout, shedding about $130m of annual revenue while keeping a 20% stake, and closed the PCG acquisition in July to build US commercial manufacturing capacity for large AP1000 reactor work. The Navy's 30-year shipbuilding plan moves Ford-class carriers to a four-year cadence from 2028, removing a lumpy revenue cycle.

The one blemish is margin: operating income fell 12.2% and operating margin narrowed from 13.4% to 10.0% as capacity investment absorbed the growth. Against that, the multiple has genuinely reset — 43.79 times trailing and 35.83 times forward earnings, down from 54.97 times trailing three months ago. CONTRADICTS: the tape and the business are moving apart.

The one where the de-rating is earned

Cameco, which mines and mills uranium in Canada and converts and fabricates fuel for utilities, reported revenue down 7.2% to $814.1m and net income down 92.1% to $25.2m, lapping a prior-year Westinghouse payment tied to the Czech Dukovany project; gross margin fell from 29.3% to 21.1%. Operations are intact — 2026 production guidance is unchanged at 19.5-21.5 million pounds, contracts cover more than 28 million pounds of average annual deliveries, and market-related contract floors now sit in the high-$70s with ceilings near $160. But the arithmetic is unforgiving: the trailing price-to-earnings ratio has risen to 166.17 times from 106.84 times in May because the stock fell less than earnings did. Forward is 59.43 times, enterprise value to EBITDA 68.49 times, trailing FCF yield 0.85%. Cameco and Brookfield confidentially filed for a Westinghouse initial public offering in July, against a US Department of Energy conditional commitment of up to $17.5bn for long-lead items on ten AP1000 reactors. CONFIRMS: this is a justified de-rating, and it has not finished making the shares cheap.

The enricher, the developer and the two that do not yet sell anything

Centrus Energy, a $3.6bn, 467-employee supplier of separative work units — the measure of enrichment services — led the month's gain. Backlog reached $4.5bn extending to 2040 and it booked a $900m Department of Energy award for high-assay low-enriched uranium and posted adjusted earnings of $1.77 a share. Underneath, volumes fell 23% while unit costs rose 13%, operating income dropped 69%, and consensus 2026 earnings of $2.56 are 42.9% below 2025. Its forward multiple of 74.78 times is barely below trailing — no growth is being priced out. Uranium Energy Corp, a $5.6bn in-situ-recovery developer with 171 employees, booked zero revenue in its April quarter and a $52.3m loss; consensus sees full-year revenue of $26.9m, down 59%, putting it at 55.5 times forward sales. INCONCLUSIVE for both: backlog is real, current earnings are not.

NuScale Power, which sells 77-megawatt light-water reactor modules, reported $75,000 of quarterly revenue against $8.05m a year earlier and a $64.0m operating loss; its flagship Tennessee Valley Authority opportunity still has no signed power purchase agreement. It is the only name below book value, at 0.78 times, with $1.9bn of cash against a $2.93bn market value. Oklo, developing 15-75 megawatt fast-fission plants, earned $1.21m against a $73.2m operating loss and raised its cash-burn guidance to $120-150m operating plus $400-500m of plant spending, funded by $1.9bn of at-the-market share sales — a drip-feed issuance. Its Groves test reactor in Texas reached first criticality on 6 August, under eleven months from groundbreaking. NuScale alone is down 75% over twelve months and accounts for roughly 12.5 percentage points of the group's 15.5% average decline; strip it out and the other five average -3.6%, with Cameco up 26.6%.

The commodity is not the problem

Uranium spot sat at $86.50 a pound on 7 August with term contracts near $94, and annualised long-term contracting running at 192 million pounds against primary supply near 135 million. Cameco management said long-term prices are at decade highs and that replacement-rate demand has not yet engaged. What fell this year was the multiple, not the demand — nuclear equities were caught in a rotation out of speculative artificial-intelligence-linked names, and Oklo and NuScale sat 73% and 83% below their 52-week highs at the half-year.

On the tape, all six have their 50-day averages below their 200-day, the deepest configuration in the data; Cameco and BWX Technologies were in confirmed uptrends on all three of the 90-, 180- and 365-day lookbacks and have reversed on every one. Only BWXT's fundamentals argue with that.

The setup

Where it stands — BWXT's business accelerated into a 17% three-month share decline; Cameco's earnings fell faster than its stock, and four others do not yet earn.

Would confirm — BWXT books the new-build nuclear equipment order management expects by year-end and holds full-year revenue near $3.8bn.

Would invalidate — BWXT operating margin stays below 11% in Q3, showing the 18% growth is bought rather than earned.

Watch next — Q3 results in early November; the Westinghouse IPO filing becoming public; uranium term price crossing $100.

Valuation — BWXT 43.79x trailing / 35.83x forward, versus 54.97x in May; Cameco 166.17x trailing / 59.43x forward.