Nuclea Energy Valuation Multiples

SpaceX is an American aerospace manufacturer and space transportation company founded in 2002 by Elon Musk and incorporated in Texas, alongside launch and manufacturing sites in Hawthorne, California, Cape Canaveral, Florida, and Vandenberg Space Force Base. The company designs, builds, and operates the Falcon 9 and Falcon Heavy rockets, the Dragon crew and cargo spacecraft, and the fully reusable Starship vehicle, and has accounted for the large majority of global mass launched to orbit in recent years on the strength of reusable-rocket economics and a high launch cadence. Its Starlink division operates a low-Earth-orbit satellite constellation delivering broadband internet to more than ten million subscribers across roughly 160 countries, while the Starshield program supplies satellite and connectivity services to government and defense customers. In February 2026 SpaceX combined with Musk's artificial intelligence firm xAI, the developer of the Grok chatbot, which had itself absorbed the social platform X, consolidating space, connectivity, and AI operations under common ownership. The company completed an initial public offering on June 12, 2026, one of the largest in market history, and is led by Musk as CEO.

GE Vernova is a global leader in the electric power industry, with products and services that generate, transfer, convert, and store electricity. The company has three business segments: power, wind, and electrification. Power includes gas, nuclear, hydroelectric, and steam technologies, providing dispatchable power. The wind segment includes wind generation technologies, inclusive of onshore and offshore wind turbines and blades. Electrification includes grid solutions, power conversion, electrification software, and solar and storage solutions technologies required for the transmission, distribution, conversion, and storage of electricity from the point of generation to point of consumption.

Lockheed Martin is the world's largest defense contractor and has dominated the Western market for high-end fighter aircraft since it won the F-35 Joint Strike Fighter program in 2001. Aeronautics is Lockheed’s largest segment, which derives upward of two-thirds of its revenue from the F-35. Lockheed’s remaining segments are rotary and mission systems, mainly encompassing the Sikorsky helicopter business; missiles and fire control, which creates missiles and missile defense systems; and space systems, which produces satellites and receives equity income from the United Launch Alliance joint venture.

Mitsubishi Corp. is Japan’s largest general trading house, or sogo shosha, a type of conglomerate unique to Japan. Its core role is that of a trading intermediary in a variety of industrial sectors, including resources businesses like energy and metals as well as non-resources businesses, both industrial ones like automotive and non-industrial ones like food, healthcare, and retail. In addition to acting as a trading intermediary (including midstream processing functions to convert inputs into final products), Mitsubishi also participates in upstream production businesses and downstream distribution businesses.

Northrop Grumman is a diversified defense contractor providing aeronautics, defense, and space systems. The company's aerospace segment produces autonomous and piloted aircraft such as Global Hawk drones and the new B-21 bomber, creates the fuselage for the massive F-35 program, and maintains and upgrades numerous other military aircraft. Defense systems makes artillery and missile ammunition and guidance systems, long-range missiles, and missile defense systems. Mission systems creates and integrates a variety of radar, navigation, and communication systems for avionics, weapons control, and countermeasures on a range of platforms from helicopters to destroyers. Space systems produces satellites, sensors, space structures, and rocket motors.

Vistra Corp. is one of the largest power producers and retail energy providers in the USA. It owns 44 gigawatts of generation capacity, including natural gas (27 GW), nuclear (6.5 GW), coal (8.7 GW), and solar and battery storage (1.4 GW). The Cogentrix acquisition will add 5.5 GW of gas generation. Vistra's retail electricity business serves 5 million customers in 20 states, including almost a third of all Texas electricity consumers. Vistra emerged from the Energy Future Holdings bankruptcy as a stand-alone entity in 2016.

Rocket Lab Corp is engaged in space, building rockets, and spacecraft. It provides end-to-end mission services that provide frequent and reliable access to space for civil, defense, and commercial markets. It designs and manufactures the Electron and Neutron launch vehicles and Photon satellite platform. Rocket Lab's Electron launch vehicle has delivered multiple satellites to orbit for private and public sector organizations, enabling operations in national security, scientific research, space debris mitigation, Earth observation, climate monitoring, and communications. The business operates in two segments Launch Services and Space Systems. Geographically it serves Japan, Germany, and rest of the world and earns key revenue from the United States.

Cameco Corp is a provider of uranium needed to generate clean, reliable baseload electricity around the globe and is one of those uranium producers. It has three reportable segments: Uranium, Fuel Services, and Westinghouse, deriving maximum revenue from the Westinghouse segment. The Uranium segment involves the exploration for, mining, milling, purchase, and sale of uranium concentrate, while the Fuel Services segment involves the refining, conversion, and fabrication of uranium concentrate and the purchase and sale of conversion services. Westinghouse Electric Company provides products and services to nuclear reactors, including outage and maintenance services, engineering support, instrumentation and controls equipment, plant modification, and components and parts.

Heico is an aerospace and defense supplier that focuses on creating replacement parts for commercial aircraft and components for defense products. In commercial aerospace, Heico is the largest independent producer of replacement aircraft parts. In the defense market, the company produces niche subcomponents used in targeting technology as well as simulation equipment, among other categories. It operates as two segments: the flight support group and the electronic technologies group. Both supply the aerospace and defense sectors to different degrees. Heico is persistently acquisitive, focusing on companies in similar or adjacent markets that offer strong cash flow and profitable growth potential.

CEZ AS is a Czech energy company of which the government of the Czech Republic is the majority shareholder. The core business of the company is the generation, distribution, trade, and sale of electricity and heat. With its subsidiaries, the company operates a portfolio of both conventional and renewable energy power plants. Total energy production is mainly split between facilities utilizing thermal and nuclear inputs. CEZ segments comprise Generation; Distribution; Sales and Mining. The majority of its revenue is derived from the Generation segment.

AVIC Chengdu Aircraft Co Ltd is engaged in the research and production of complete aviation weapons and equipment and their accessories and mainly focuses on the aviation industry.

Satellite television provides the bulk of EchoStar’s revenue. The firm serves about 5 million US satellite customers, about 10% of the traditional television market. It also serves 2 million customers under the Sling brand. EchoStar has also amassed an extensive portfolio of spectrum licenses and is building a nationwide wireless network. It acquired Sprint's prepaid business, serving approximately 7 million customers, primarily under the Boost brand. The firm has agreed to sell a portion of its wireless licenses to AT&T and SpaceX, and will rely heavily on the AT&T network to serve customers. EchoStar’s legacy businesses provide satellite telecom services and equipment to businesses and consumers, including about 800,000 internet customers.

CGN Power is a major nuclear power producer in China. It operates 28 nuclear power generating units (total installed capacity of 31.8 gigawatts), with 14 units in Guangdong and the rest in Guangxi, Fujian, and Liaoning provinces as of end-2024. State-owned China General Nuclear Power, controls about 58.9% of CGN Power.

Bombardier designs, manufactures, markets, and provides parts and maintenance for its large, long-range Global and medium-to-large Challenger families of business jets. Most of the company's revenue is generated in North America, 60% of which is from customers in the US. It also has operations in Europe, North America, Asia-Pacific, and other markets.

Uniper SE is a Germany-based energy generation and energy trading company. The firm operates through three segments: Flexible Generation, Greener commodities, and Green Generation. The Green Generation segment comprises emission-free power generation plants that the Uniper Group operates in Europe. The Flexible Generation segment comprises the power and heat generation plants that the Uniper Group operates in Europe to flexibly meet grid operators' requirements. The Greener Commodities segment bundles the energy trading and optimization activities and forms the commercial interface between the Uniper Group and the globally traded markets for energy and the major customers. The majority of revenue is derived from the Greener Commodities segment.

China National Uranium Co Ltd is engaged in the mining, smelting, sales, and trade of natural uranium resources. It also engages in the comprehensive utilization and product sales of radioactive co-associated mineral resources such as monazite and uranium-molybdenum. Its business scope further includes investment in and management of overseas uranium resource projects, covering exploration, surveying and design, and engineering construction. Additional activities include import and export operations, as well as technology development, technical services, and technical consulting. The company is also involved in the mining and processing of rare earth metal ores, uranium ores, and precious metal ores.

AST SpaceMobile Inc is a satellite designer and manufacturer. The company is building a cellular broadband network in space to operate directly with standard, unmodified mobile devices, and off-the-shelf mobile phones based on extensive IP and patent portfolio. It has focused on eliminating the connectivity gaps faced by mobile subscribers. The Company's spaceMobile Service is being designed to provide cost-effective, high-speed Cellular Broadband services to end-users who are out of terrestrial cellular coverage using existing mobile devices.

National Atomic Co Kazatomprom JSC is a producer of uranium. All of the company's mining operations are located in Kazakhstan and extract uranium using ISR technology with a focus on maintaining industry- growing health, safety and environment standards. The company's segment includes Uranium; UMP and Other. It generates maximum revenue from the Uranium segment.

IHI Corp produces power systems and plants, large steel structures, marine machinery, aerospace engines, and other industrial solutions. The company operates its business through four segments. The Aviation, Space, and Defense segment covers aero engines, rocket systems, space utilization, and defense equipment. The Industrial System and General-purpose Machinery segment includes turbochargers, compressors, logistics systems, and industrial machinery. The Resources, Energy, Environment segment focuses on nuclear power, carbon solutions, and related equipment. The Social Infrastructure segment involves bridges, transportation systems, shield systems, construction materials, and urban development.

China Satellite Communications Co Ltd is engaged in the development and management of communication and broadcasting satellite systems; the design and development of satellite ground application systems and related equipment. It also offers technical consulting, engineering design, engineering contracting services related to the satellite business.

Kansai Electric Power Co Inc is a Japan-based company that provides energy and information technology solutions. The company operates in four business segments. The Energy segment offers electricity, gas, and utility solutions. The Information and Communications segment provides comprehensive communication services. The Lifestyle/Business Solutions segment delivers consumer and business-related services. The Power Transmission and Distribution segment ensures a safe and reliable electricity supply from a neutral and fair standpoint. It generates the majority of its revenue from the Energy business segment.

China Spacesat Co Ltd is a China-based company engages in the development of small satellites, satellite ground systems, and related equipment. Its products offer aerospace system integration, large-scale ground station systems integration, satellite communications applications, satellite navigation applications and information transmission. The company operates its business in North China, northwest of China and South China.

Embraer SA based in Sao Paulo, Brazil, manufacturer of jets. Its focus is to achieve customer satisfaction with and services addressing the commercial airline, executive jets, and defense and security markets. It has developed a customer-centric technology-driven portfolio of commercial aviation products and services that allows it to build long-term relationships with clients in the commercial aviation, executive jets, and defense and security markets. It operates through the various segments namely Commercial Aviation, Defense and Security, Executive Aviation, Service and Support, and Other Segments. The company generates maximum revenue from the Commercial Aviation segment.

Mazagon Dock Shipbuilders Ltd is a defense public sector undertaking shipyard under the Ministry of Defence. The company is engaged in building and repairing ships, submarines, various types of vessels, and related engineering products for its customers. The company's activities are the construction of warships, ferries, tugs, dredgers, barges, submarines, merchant ships, etc., with facilities situated in Mumbai and Nhava. It also offers ship designing, ship repairs and refit, tug support, and other related services. The company is organized into two segments: Shipbuilding and Submarine (New Construction and Repairs) and others.

Zhejiang Zheneng Electric Power Co Ltd is engaged in the thermal power generation business in China. It also provides thermal products, as well as invests in nuclear power.

Globalstar Inc is a telecommunications company that derives revenue from the provision of mobile satellite services. Mobile satellite services are typically used by customers where existing terrestrial wireline and wireless communications networks are impaired or do not exist. The company provides communications services such as two-way voice and data transmission. In addition, one-way data transmission is also offered. Both services are offered using mobile or fixed devices. The company is an owner of satellite assets. It has one reportable segment: MSS business. The company generates the vast majority of its revenue within the United States.

Planet Labs PBC is an Earth-imaging company. It uses space to help life on Earth by imaging the world every day and making change visible, accessible, and actionable. Its platform includes imagery, insights, and machine learning that empower companies, governments, and communities around the world to make timely decisions about the evolving world. Its solutions are Broad Area Management. Its products are Planet Monitoring, Planet Tasking, Planet Analytic Feeds, Planetary Variables, Planet Basemaps, Planet Insights, and Platform Pricing. The group provides solutions to the Agriculture Science Program, Energy & Infrastructure, Forestry & Land Use, Mapping, Sustainability, Maritime, Civil Government, U.S. State and Local, Europe, Planet Federal, Defense & Intelligence, and Armed Services.

China Aerospace Times Electronic Co Ltd is a China-based company. It engaged in the manufacturing and distribution of aerospace electronic products. Its products include satellite applications, inertial navigation, Integrated circuit, Drone.

BKW AG is an electric utility company in which the Canton of Bern holds a majority stake. The company segments its operations into Energy Solutions, Power Grid, and Infrastructure & Buildings. It generates the majority of its revenue from the Energy Solutions business segment which builds, operates, and maintains BKW’s portfolio of power plants in Switzerland and abroad. It also includes the sale of energy in Switzerland, trading in electricity, certificates and raw materials as well as wind, solar and smart energy services.

Viasat Inc provides bandwidth technologies and services in three segments: communication services and defense and advanced technologies. The communication services segment provides a wide range of broadband and narrowband communications solutions across government and commercial mobility markets, as well as for residential and enterprise fixed broadband customers: and the defense and advanced technologies segment develops and offers a diverse array of resilient, vertically integrated solutions to government and commercial customers, leveraging core technical competencies in encryption, cyber security, tactical gateways, modems and waveforms. A large majority of the firm's revenue is generated from communication services segment.

OHB SE provides space technology, security, telematics, and satellite services. It has three business segments, namely Space systems and Aerospace, and Digital. Space systems segment develops and produces low Earth orbit and geostationary satellites for navigation, scientific, communication, and earth observation purposes. The Aerospace segment manufactures products for aviation, space travel, and electronic data transmission. Digital segment is on ground-based space systems (e.g., mechatronic systems for antennas and radio and optical telescopes), the operation of space-borne systems, digital applications based on satellite data, as well as information technology and IT security (cybersecurity). The company derives the majority of its revenue from the space systems segment.

SES SA is a communications satellite owner and operator and functions in the television broadcasting space. It operates in one operating segment, namely the provision of satellite-based data transmission capacity, and ancillary services, to customers around the world. The largest video division delivers television and radio satellite signals to homes through various media providers such as Comcast, Viacom, M7, and QVC. The mobility revenue is derived by offering high-bandwidth Internet connections to maritime users, and SES SA's government division offers secure communication links to international institutions and governments. Fixed Data works to bring satellite networks and connectivity to remote areas.

X-Energy Inc is a leading developer of advanced SMR and fuel technology for clean energy generation. It is seeking to redefine the nuclear energy industry through its flagship product, the Xe-100, an advanced small modular HTGR designed to generate up to 80 megawatts of electric power and/or up to 200 megawatts of thermal output, depending on the configuration. X-energy’s simple and intrinsically safe advanced SMR designs, like the Xe-100, significantly expand the applications and markets for nuclear technology with enhanced safety, lower cost and faster construction timelines when compared with conventional nuclear energy sources and broader use cases when compared with other SMRs.

Uranium Energy Corp is a uranium mining company engaged in the exploration, extraction, and processing of uranium and titanium concentrates across projects in the United States, Canada, and Paraguay. The Company operates through multiple segments, including uranium mining activities in Wyoming, Texas, Saskatchewan, and other regions, along with a corporate segment focused on investments and uranium inventory trading. It is expanding its portfolio of low-cost uranium projects in stable North American locations and operates a Wyoming-based ISR (In-Situ Recovery) Hub and Spoke platform. This platform is supported by two fully operational central processing plants and seven U.S. ISR uranium projects.

MDA Space Ltd is a developer and manufacturer of technology and services to the space industry. It is an international space mission partner and robotics, satellite systems, and geo-intelligence pioneer. It is engaged in communications satellites, Earth and space observation, and space exploration and infrastructure. Geographically, it generates the majority of its revenue from Canada.

Geovis Technology Co Ltd is engaged in provision of digital earth products and technology development services. The technology of remote sensing, geographic information system, satellite positioning and navigation, virtual reality, and other independent research and development of the company digital earth products have a position in the domestic digital earth industry. The company provides software sales and data services, technology development services, digital earth integrated machines and system integration with GEOVIS digital earth products as the core for users in the government, enterprises and special fields.

Kyushu Electric Power Co Inc is a Japan-based company mainly engaged in the electric power business. Its operating segments include ICT Service Business, Other Energy Service Business, Overseas Business, Power Generation and Sales Business, Power Transmission and Distribution Business, Urban Development Business, and Others. It generates the majority of its revenue from the Power generation and sales business segment, whose main business is the power generation and retail electricity business in Japan.

Tokyo Electric Power Co Holdings is a Japan-based company engaged in the generation and distribution of electric power. The company operates through five segments. The Energy Partner segment provides optimal total solutions, customer services, and low-cost power procurement. The Fuel & Power segment focuses on thermal power generation, fuel procurement, and related investments. The Holdings segment provides management support, shared services, and oversees nuclear power operations. The Power Grid segment handles electricity transmission, transformation, distribution, and related facility construction and maintenance. The Renewable Power segment generates and sells renewable energy, manages facilities, and develops new renewable projects in Japan and overseas.

Hubei Energy Group Co Ltd is an energy company in China. The companies business segments include hydropower, thermal power, nuclear power, new energy, natural gas, coal, and finance.

SKY Perfect JSAT Corp is a Japan-based company engaged in providing broadcasting and communication services. The company consists of two operating divisions, which are Media Business and Space Business. The Media Business offers platform services such as customer management activities to broadcasting and streaming businesses and Fiber optic alliance, and others. While Space Business offers telecommunication business, space intelligence business, and others.

Iridium Communications Inc is the commercial provider of communications services offering true globalised coverage, connecting people, organizations, and assets to and from anywhere, in real time. The company is a provider of mobile voice and data communications services through a constellation of low-earth-orbiting satellites. Iridium's solutions are ideally suited for industries such as maritime, aviation, government/military, emergency/humanitarian services, mining, forestry, oil and gas, heavy equipment, transportation, and utilities. Iridium also provides service to subscribers from the U.S. Department of Defense, as well as other civil and government agencies world-wide. The Company operates in one business segment, providing satellite communications services and products.

Fincantieri is one of the world’s largest shipbuilding groups, operating across the defense, commercial, and specialized maritime sectors. The company designs and builds a wide range of vessels, including cruise ships, naval combatants, submarines, and offshore and specialized ships. It also provides lifecycle support and system integration services. Fincantieri is organized into four main divisions—shipbuilding; equipment, systems, and infrastructure; offshore and specialized vessels; and underwater systems—covering the full spectrum of defense and commercial shipbuilding.

Cochin Shipyard Ltd is an Indian-based company engaged in the business activities of Shipbuilding and Ship repair. The company has two operating segments, namely, Shipbuilding and Repair of Ships/Offshore Structures. It generates maximum revenue from the Shipbuilding segment. The Shipbuilding segment offers products such as Oil Tankers, Bulk Carriers, Electric Passenger Ferries, Pax Vessels, Tugs, Aircraft Carriers, Pollution Control Vessels, and many more. The Ship repair segment includes maintenance and repair of all types of vessels including Tankers, Bulk Carriers, Aircraft Carriers, Defense Vessels, and all kinds of Commercial and Specialized vessels.

Electric Power Development Co Ltd is a Japanese electric utility company involved in the generation, transmission, distribution, and retail sale of energy. The company operates through four segments. The Power Generation segment covers hydro, thermal, and wind power generation, along with maintenance, operation, and electricity sales. The Power Transmission and Transformation segment focuses on grid and network operations. Electricity-related Businesses support generation and transmission activities to ensure smooth and efficient operations. The Overseas Business engages in power generation and related services abroad. It generates the majority of its revenue from the Power Generation Business segment.

Energy Fuels Inc is a United States-based critical minerals company. The Company mines uranium and produces natural uranium concentrates that are sold to nuclear utilities for the production of carbon-free nuclear energy. It holds two of America's key uranium production centers: The White Mesa Mill in Utah, and the Nichols Ranch ISR Facility in Wyoming. It has three reportable segments based on its operations and financial information; Uranium, HMS, and REE.

NuScale Power Corp is redefining nuclear power through the development of proprietary and SMR technology that will deliver safe, scalable, cost-effective, and reliable carbon-free power. Its products are VOYGR Plants and E2 Centers.

Shanghai Huace Navigation Technology Ltd manufactures satellite navigation and positioning systems and equipment, geographic information and disaster monitoring system and equipment. It provides positioning solutions for surveying, construction, GIS and marine applications in various countries. The company offers products for GIS data collection, GNSS infrastructure, unmanned aircraft systems, marine construction, optical surveying, GNSS survey and engineering, and precision agriculture.

Tohoku Electric Power Co Inc is engaged in the supply and distribution of electricity. The company operates through two reportable segments: Power Generation and Sales, which provides stable electricity from thermal, nuclear, and renewable energy sources and offers electricity retail and related services; and Power Transmission and Distribution, which provides neutral and fair electricity network services. It generates the majority of its revenue from the Power generation and sales business segment.