International Energy Agency’s (IEA) executive director Fatih Birol recently characterized the global energy landscape as the “biggest energy crisis in history”.
Speaking recently with CNBC, Birol emphasized that this volatility serves as a significant catalyst for nuclear power, predicting a sector-wide boost as nations prioritize energy security.
The shift is already evident in South Korea, which recommitted to nuclear generation following severe oil and gas supply disruptions linked to conflict in Iran.
As reliance on imported energy becomes a strategic liability, nuclear power is emerging as an indispensable component of future baseload energy infrastructure.
The structural case for Uranium exposure
The investment case for uranium rests primarily on a stark structural deficit where demand consistently outpaces supply.
For years, the market has faced an imbalance driven by chronic underinvestment in new mining projects and exploration.
With the spot price currently holding firm near the $85-per-pound threshold, Wall Street analysts see a future where consumption significantly outstrips current production capacity.
This tension is exacerbated by a geopolitical pivot, as Western utilities actively divest from Russian producers, further tightening available supply.
That said, here are two “must-own” stocks that position your portfolio to benefit from this supply-demand imbalance.
Kazatomprom: leveraging low-cost market dominance
As the world’s largest producer of uranium, Kazatomprom serves as the key gateway for investors seeking exposure to the nuclear fuel cycle.
Based in Kazakhstan and listed on the London Stock Exchange (LSE), the company commanded roughly 22% market share in 2025.
Its dominant position has allowed it to capitalize heavily on the current structural deficit; shares have tripled over the past 12 months and are up more than 60% year-to-date.
Wall Street commodity strategists point to its robust free cash flow potential and high operating leverage as spot prices remain elevated.
Despite geographic considerations, Kazatomprom stock remains the quintessential play for scale and direct, raw price exposure.
Cameco: the strategically critical blue-chip
Canada’s Cameco is widely regarded by analysts as a “must-own” for long-term nuclear exposure.
Holding a 17% share of global production, it is the largest single holding in the Global X Uranium ETF.
Ben Kumar, head of strategy at Seven Investment Management, suggests that established players like Cameco, which currently boasts a market cap of roughly $53 billion, will become increasingly popular as the nuclear renaissance accelerates.
While the stock trades at a premium forward P/E multiple of nearly 85x, bulls argue this valuation is supported by projected triple-digit EPS growth and the high regulatory hurdles for new explorers.
Wall Street analysts highlight Cameco’s integrated refining operations and long-term contract book as a high-conviction, lower-risk entry point into the sector.
A small 0.14% dividend yield makes Cameco stock even more attractive to own for the long-term.
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