Standard Nuclear Valuation Multiples

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, including 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 the point of consumption.

Vistra Corp. is one of the largest power producers and retail energy providers in the US. 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 (1.3 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.

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.

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.

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-2025. State-owned China General Nuclear Power, controls about 58.9% of CGN Power.

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.

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 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.

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.

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.

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.

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.

Oklo Inc. is a publicly listed United States advanced-nuclear company founded in 2013. It is developing compact fast-fission power plants under the Aurora powerhouse product family. The systems are designed to supply reliable electricity and heat to data centers, industrial facilities, communities and defense installations. Oklo plans to own and operate powerhouses and sell energy through long-term customer agreements rather than only selling reactor equipment. A second business line is developing services and technology for recycling used nuclear fuel. The company works with national laboratories, regulators, government agencies and commercial customers as it moves projects toward deployment. Revenue is expected from energy sales, fuel-recycling services and related technology or project arrangements.

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.

Hubei Energy Group is a Chinese listed power and energy company controlled within the China Three Gorges group. Headquartered in Wuhan, it develops and operates hydroelectric, thermal, nuclear, wind, solar and natural-gas assets and supplies electricity and related energy services. Revenue comes primarily from the generation and sale of power and from regulated or contracted infrastructure operations. The company has used overseas acquisitions to add operating generation capacity and technical experience. In the Chaglla transaction Hubei Energy acquired a 40% interest and became one of the principal operating shareholders of Empresa de Generación Huallaga. Its strategic power-industry role distinguishes it from the financial co-investors CNIC and ACE Investment Fund II, even though the three parties completed the acquisition as one consortium.

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.

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.

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.

Chugoku Electric Power Co Inc is a Japanese electric utility company mainly serving the industrial region of Chugoku on the western end of Japan’s main island of Honshu. The company is involved in the generation, transmission, distribution, and supply of energy. Chugoku Electric owns and operates a portfolio of thermal, nuclear, and hydroelectric power plants located mainly in its home region. While majority of these energy-generating facilities are hydroelectric, the vast majority of the company’s total energy production comes from its thermal sites. It generates revenue mainly from the sale of electric power to commercial and industrial customers in Chugoku. The company also owns assets and offers consulting and training services throughout Southeast Asia.

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.

Paladin Energy Ltd is engaged in the production of uranium, and it operates through its various projects that are located in Australia and Africa. The operating segments of the group are Exploration, Namibia, and Australia. The segment activity in Namibia is the production and sale of uranium from the mines located in these geographic regions. The Australian segment includes its sales, marketing, and corporate functions, and the Exploration segment is focused on developing exploration and evaluation projects in Australia and Canada. The company's projects include Langer Heinrich Mine in Namibia, the Michelin project in Canada, and Manyingee, Carly Bore, and the Mount ISA projects in Australia.

MTAR Technologies makes precision parts and assemblies for space, nuclear, defence, and clean energy customers, including fuel cell systems. Customers include space agencies and global energy firms. Headquartered in Hyderabad.

Energy Fuels Inc is a critical mineral company based in the U.S. It produces several critical minerals, including uranium, vanadium, REEs (including NdPr, Dy and Tb) and HMS (including titanium and zirconium minerals). The company's project portfolio comprises uranium properties like Pinyon Plain Project, White Mesa Mill, Roca Honda Project, etc.; Heavy Minerals Sands project like Vara Mada Project, Donald Project, Bahia Project, etc.; the Nichols Ranch Project, and several other properties. The firm's reportable segments are: Uranium, REE, and HMS. Key revenue is generated from the Uranium segment, which is involved in conventional and ISR uranium extraction, recovery and sales of uranium from mineral properties, and the recycling of uranium-bearing materials generated by third parties.

Yellow Cake PLC is a specialist company operating in the uranium sector. The principal activity of the company is to invest in uranium projects. It invests in quoted or unquoted companies producing, developing, or exploring for uranium in Canada, the United States, Australia, and South Africa. The company's only segment being the holding of uranium oxide concentrate (U3O8) for long-term capital appreciation.

Uranium Royalty Corp is focused on gaining exposure to uranium prices by making investments in uranium interests, including royalties, streams, debt and equity investments in uranium companies, and through holdings of physical uranium. The company operates in a single segment that is acquiring and assembling a portfolio of royalties, investing in companies with exposure to uranium and physical uranium. The Company also engages in the purchase and sale of physical uranium.

Nano Nuclear Energy Inc is a nuclear energy and technology company developing smaller, simpler, and safer clean energy solutions using proprietary reactor designs, intellectual property, and research methods, and is currently in the pre-revenue stage. The Company development focuses on four business lines: the Nuclear Reactor Business, involving nuclear microreactors including KRONOS MMR, ZEUS, and LOKI MMR; the Fuel Processing Business, aimed at developing a domestic LEU and HALEU fuel supply chain in coordination with the Department of Energy; the Fuel Transportation Business, focused on developing high-capacity HALEU transportation products; and Nuclear Consultation Services, providing nuclear service support and consultation services domestically and internationally.

Deep Yellow Ltd is a mineral exploration company. The company explores uranium mineral properties and has pre-development activities in Namibia. The projects of the company include the Tumas Project, Nova Joint Venture, Yellow Dune Joint Venture, Omahola project, and many more.

Ur-Energy Inc is engaged in uranium mining and recovery operations, with activities including the acquisition, exploration, development, and production of uranium mineral resources located in Wyoming. The company owns and operates the Lost Creek in-situ recovery uranium facility in south-central Wyoming, Lost Creek received an amendment to its license allowing the expansion of mining activities within the existing Lost Creek Project and the adjacent LC East Project.

Terrestrial Energy Inc is an industry-leading technology company committed to delivering reliable, emission-free, and cost-competitive nuclear energy with a transformative advanced reactor, the Integral Molten Salt Reactor (IMSR). Its mission is to transform global energy markets by commercializing its IMSR Plant, which will deliver low-carbon electricity and industrial heat with superior economics, speed to deployment, and siting flexibility.

Terra Innovatum Global is a Dutch public limited company headquartered in Lucca, Italy, that develops micro-modular nuclear reactors. Its product is SOLO, a reactor delivering 1 MW of electric output and 4 to 5 MW of thermal output from a compact module of about 10 by 10 metres. SOLO runs for 15 years on standard low-enriched uranium fuel without refuelling, and a core swap can extend the cycle to 45 years. The company targets off-grid users such as data centres, mining sites, remote communities, defence and desalination plants. It plans first-of-a-kind and commercial deployment in 2028, subject to approval by the US Nuclear Regulatory Commission, and has a pre-application programme with that regulator. The reactor was conceptualised in 2018. On 9 October 2025 the company completed a business combination with the blank-check company GSR III Acquisition Corp and began trading on Nasdaq under the ticker NKLR, with about 131 million dollars of gross proceeds reported for the transaction.

Lightbridge Corp is a United States-based nuclear fuel technology company. The business activity of the firm is functioned through one business segment, which is the development and commercialization of its nuclear fuel. The Nuclear Fuel Technology segment develops next generation nuclear fuel technology that increases the power output of commercial reactors and reduces the cost of generating electricity. Geographically, its operations are functioned through the region of Unites States.

Studsvik AB provides engineering and consultancy services to the international nuclear power industry. The company offers fuel and materials testing, fuel and reactor management software as well as lifecycle management of nuclear and radioactive hazards, decommissioning of nuclear facilities, and designing radioactive waste management processes. Its segments are Fuel and Materials Technology, Waste Management Technology, Scandpower, Decommissioning and Radiation Protection Services and Other.

Eagle Nuclear Energy Corp is a next-generation nuclear energy company that seeks to combine domestic uranium exploration and development with proprietary small modular reactor (SMR) technology. It holds the rights to the mineable, measured and indicated uranium deposit in the United States, referred to as the Aurora Uranium Project, located in southeastern Oregon. The Aurora Uranium Project includes the Aurora deposit, with an estimated 37.73 million pounds of near-surface uranium and the adjacent Cordex Zone Eagle’s SMR technology. Eagle’s mission is to supply uranium to the growing nuclear energy industry and play a role in the global transition to clean, reliable, and affordable energy.

Deep Fission Inc is a nuclear energy technology company developing a small modular reactor based on established pressurized water reactor technology, with novel emplacement in deep boreholes approximately one mile below the Earth's surface. Its reactor, which is referred to as the Gravity Reactor, will leverage subsurface conditions to support key containment and operating functions, including the use of hydrostatic pressure from a water column within the borehole to support reactor operating pressure and cooling, and the surrounding geological formation to provide structural confinement and shielding. The group's focus is within the United States, where electricity demand growth, expanding digital infrastructure, and evolving energy policy.

enCore Energy Corp together with its subsidiary, is principally engaged in the acquisition, exploration, development and extraction of uranium resource properties in the United States. The Company is focused on the extraction of domestic uranium in the United States. The Company utilizes the In-Situ Recovery technology (ISR) to provide necessary fuel for the generation of clean, reliable, and carbon-free nuclear energy.

Hadron Energy Inc is a nuclear technology company focused on developing factory-fabricated, transportable 10 megawatt-electric (MWe) micro-modular reactors (MMRs) to meet the growing demand for clean, reliable, and affordable power. The company aims to deliver scalable, carbon-free energy solutions that can be rapidly deployed to power a variety of industries, including data centers, industrial facilities, remote communities, government installations and more. The market segments for its proprietary reactor, Hadron Halos, are Data Centers, Industrial Facilities and Heavy Manufacturing, Remote Communities and Critical Infrastructure, and Utilities and Distributed Energy.

Verdera Energy Corp is focused on the development of uranium assets in New Mexico, home to the uranium resources in the United States, and is working to advance known In-Situ Recovery (ISR) amendable uranium projects to meet the growing demand for clean, reliable domestic uranium in the United States. The Company operates in one reportable segment, Mineral Exploration in the United States of America. Its projects include Uranium Projects.