U.S. electricity use is expected to reach a record 4,269 billion kilowatt-hours in 2026 and rise further to 4,399 billion kilowatt-hours in 2027, according to the U.S. Energy Information Administration.
The Trump Administration aims to quadruple U.S. nuclear capacity from roughly 100 gigawatts in 2024 to 400 gigawatts by 2050. To support that goal, the Nuclear Regulatory Commission has proposed changes intended to make environmental reviews and reactor licensing more timely and predictable.
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Constellation Energy (NASDAQ: CEG) and Cameco (NYSE: CCJ) offer investors two different ways to benefit from this nuclear energy trend. Here is what $5,000 invested in each stock could be worth in 10 years.
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1. Constellation Energy
Constellation Energy operates the largest nuclear energy network in the U.S. Its acquisition of Calpine added dozens of natural gas and geothermal power plants, expanding the combined company’s generating capacity to about 55 gigawatts.
PJM Interconnection, which manages the electricity grid across parts of 13 states and Washington, D.C., holds an annual auction to ensure enough power plants are available when demand peaks. In its latest auction, the price reached the temporary cap of $325 per megawatt-day. PJM estimated it would have risen to $554.72 without the cap. Despite this, the auction secured 6.8 gigawatts less capacity than PJM said it needed. The shortfall suggests dependable power remains scarce, which could support higher earnings for Constellation Energy.
Constellation Energy is also locking in demand and has impressive long-term revenue visibility. The company had secured more than 5,650 megawatts through long-term clean energy agreements as of March 31. Those agreements include a 20-year deal to supply Meta Platforms with power from the Clinton nuclear plant in Illinois and another 20-year deal supporting the planned restart of the Crane Clean Energy Center in Pennsylvania for Microsoft. The company added another 176-megawatt nuclear power agreement with Walmart in June 2026.
Management expects base earnings per share, a non-GAAP measure intended to show the earnings power of Constellation Energy’s core business, to grow at an annualized rate of more than 20% from 2026 through 2029. The company is targeting growth of more than 10% in each of the three-year periods after 2029. Constellation estimates base earnings of $6.65 to $6.75 per share in 2026. Using the $6.70 midpoint, management’s growth targets would lift base EPS to about $22.56 by 2036. Assuming base earnings account for 70% of total earnings by then, total adjusted EPS could reach roughly $32.23.
Constellation Energy trades at about 21.9 times the midpoint of its 2026 adjusted earnings guidance (as of July 16). Applying a more conservative valuation of 18 times earnings would produce a share price near $580. Based on the company’s July 16 closing share price of $251.77, a $5,000 investment could grow to roughly $11,500 by 2036, excluding dividends.
The forecast’s accuracy, however, depends on Constellation Energy properly integrating Calpine, managing acquisition debt, and delivering projects tied to its long-term customer agreements. The planned restart of the Crane Clean Energy Center adds another risk because no fully closed U.S. nuclear plant has completed such a restart.
But with its operating plants, long-term contracts, and several earnings drivers, Constellation Energy appears to be a strong nuclear stock for the next decade.
2. Cameco
Cameco operates two of the world’s highest-grade uranium mines in Canada and provides uranium refining, conversion, and fuel-manufacturing services. It also owns a 49% equity stake in Westinghouse, which designs and manufactures nuclear fuel and provides maintenance, engineering support, and components for nuclear reactors.
The uranium business already has strong visibility into demand. Cameco exited the first quarter with contracts covering average annual uranium deliveries of more than 28 million pounds through 2030, with higher-than-average delivery commitments from 2026 through 2028. Cameco’s core uranium segment’s adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization), a measure of operating profitability, rose 48% year over year to $423 million Canadian. Profits were driven by higher sales volumes and increased prices.
Cameco’s share of Westinghouse’s adjusted EBITDA also increased 33% year over year to $122 million Canadian in the first quarter.
However, production problems remain an important risk for Cameco. The company temporarily stopped mining at Cigar Lake in Saskatchewan in July after a problem shut down the nearby McClean Lake mill, where the mine’s uranium ore is processed. Operations restarted on July 14 and have not yet affected the company’s 2026 production forecast. Yet, the disruption showed that Cameco is exposed to problems at both its own mines and at facilities run by business partners.
Analysts now expect Cameco to earn about $1.66 per share in 2026. But its earnings estimate during the next decade could vary widely depending on uranium prices, production volumes, contract pricing, and Westinghouse’s growth.
Assuming a conservative 8% annual earnings growth, Cameco’s EPS will reach about $3.58 by 2036. Cameco trades at about 82 times trailing earnings. Assuming the valuation falls to 20 times earnings, the stock could trade near $72 by 2036. This would reduce the value of a $5,000 investment made at $87.36 per share to roughly $4,100.
In a base-case scenario, assuming Cameco’s EPS grows by 12% annually, earnings would increase from an estimated $1.66 per share in 2026 to about $5.16 per share by 2036. Applying a valuation of 25 times earnings would produce a share price near $129. A $5,000 investment made at Cameco’s July 16 closing price of $87.36 could then grow to about $7,400 by 2036, excluding dividends.
Finally, in a bullish scenario, EPS are estimated to grow by 16% annually. Then, at 30 times the estimated 2036 EPS of $7.32, the stock could reach about $220. A $5,000 investment made at Cameco’s July 16 closing price of $87.36 would then be worth roughly $12,600, excluding dividends.
The base case appears the most reasonable. The bullish case requires Cameco to sustain unusually strong growth for a commodity-linked business, while the conservative case shows how valuation compression could offset years of earnings gains.
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Manali Pradhan, CFA has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Cameco, Constellation Energy, Meta Platforms, Microsoft, and Walmart. The Motley Fool has a disclosure policy.
