This page covers the companies that supply qualified reactor parts, nuclear plant services, naval nuclear equipment, radiation instrumentation, and specialized manufacturing capacity. The physical stack includes pressure-boundary components, steam-generator and fuel-handling parts, outage and inspection services, test and measurement systems, radiation detection, engineering support, and licensed facilities that can work under nuclear quality rules. The current basket ranks BWXT first because its U.S. Navy, DOE, and commercial nuclear backlog is the cleanest direct route. GEV is second because nuclear sits inside a much larger Power and Electrification platform. MIR remains third because its Nuclear & Safety segment is relevant, but this checkout still lacks a maintained MIR security lane.
What the stack is: qualified nuclear hardware and services used to build, maintain, inspect, fuel, monitor, and protect reactors and nuclear facilities.
What it does in the chain: turns funded reactor, fleet-life-extension, naval propulsion, DOE, and radiation-safety demand into component shipments, service revenue, backlog conversion, segment margin, and cash.
Main pieces: heavy components, naval propulsion components, field services, fuel-handling systems, engineering and inspection work, radiation detectors, dosimeters, safety software, and nuclear-qualified manufacturing capacity.
Where it sits: inside reactor systems, at operating nuclear plants, in naval and DOE supply chains, in outage workflows, in labs and defense facilities, and at supplier plants that meet nuclear quality and regulatory standards.
How the theme uses it: data-center and reliability demand can support nuclear restarts, uprates, life extensions, advanced reactor work, and fuel-cycle investment, but suppliers get paid only when funded orders become deliverable backlog and revenue.
Terms used later: backlog is contracted work not yet recognized as revenue; book-to-bill compares new orders with revenue; remaining performance obligation is contracted revenue still to be delivered; qualified manufacturing means production under nuclear quality, safety, and licensing controls.
Report boundary: this node is a tactical report layer. Durable company research stays in the linked knowledge pages. Price and volume context comes from read-only discovery daily_ohlc through 2026-06-12. MIR has local market-data, SEC filing, and official earnings-release coverage, but no local security lane in this checkout.
Current Setup
Main readFunded nuclear work is visible, but only BWXT has a direct source-backed supplier conversion path.
Orders and backlog matter more than reactor headlines. The investable evidence is customer-funded awards, backlog recognition, segment margin, operating cash flow, and capacity spending tied to qualified demand.
Positive proofBWXT backlog and naval awards
Q1 revenue rose 26%, backlog reached $8.65B, and May naval propulsion awards were above $1.4B.
Conversion gateBacklog has to become cash
Watch Commercial Operations margin, PCG/Kinectrics integration, capex near plan, and free cash flow.
Source gapMIR stays provisional
Mirion has Nuclear & Safety revenue, but no maintained local security lane supports a higher rank.
3. DeliveryQualified production and field execution
4. EconomicsRevenue, margin, FCF, ROIC
Nuclear demand becomes investable in this node only when customers pay for qualified equipment and service capacity. The useful evidence is funded backlog, book-to-bill, service margin, component awards, naval or DOE funding, qualified manufacturing utilization, working-capital discipline, free cash flow, and ROIC. Policy support, reactor announcements, or data-center demand do not prove the node unless they become orders and cash conversion at the supplier.
BWXT has the strongest local evidence. Its lane shows Q1 2026 revenue up 26%, backlog of $8.65 billion, about 60% of backlog expected to convert by the end of 2027, raised 2026 adjusted EBITDA, EPS, and FCF guidance, positive operating cash flow, and more than $1.4 billion of May 2026 naval propulsion awards. GEV adds scale through Power and Electrification RPO, grid and power equipment, services, and some nuclear exposure inside Power. The next positive proof is BWXT guide conversion, Commercial Operations margin, PCG and Kinectrics integration, and GEV Power and Electrification backlog converting into shipments, margin, and recurring free cash flow.
The main risks are purity, valuation, and cash conversion. BWXT already carries a premium nuclear-capacity valuation and must prove that capacity spending, acquisitions, commercial nuclear growth, and naval awards convert into margin and FCF rather than just revenue. GEV is not a pure reactor-services company; Wind losses, customer-advance normalization, Prolec integration, tariffs, freight, and project funding can absorb Power and Electrification progress. MIR remains a source-gap row until a filed lane or official-source check supports customer mix, nuclear revenue exposure, backlog, margin, and cash conversion.
Visual setup uses BWXT and GEV knowledge lanes, Mirion official Q1 2026 filings and release, and read-only discovery daily_ohlc through 2026-06-12. Chart setup thresholds from the prior static table are stale for live trading use and should be refreshed before use as current technical evidence.
Basket
This basket is inherited from the parent nuclear-power value-chain map and ranked by direct node economics first, source-backed exposure second, and technical timing third. BWXT is the only direct source-backed nuclear equipment and services core. GEV is a broader power and grid equipment crossover. MIR has relevant radiation-safety exposure and official Q1 2026 revenue support, but the local knowledge gap keeps it below the maintained lanes.
BWXT is the direct nuclear manufacturing and services route because Navy, DOE, NNSA, and commercial nuclear customers buy qualified components, reactors, fuel-related work, field services, and engineering capacity.
Market cap$17.7B
Next earningsNot confirmed
Latest qtr revenue$860M
Role in stack
BWXT sells nuclear-qualified hardware, services, and manufacturing capacity into U.S. Navy, DOE, NNSA, and commercial nuclear programs. Conversion depends on backlog recognition, naval task orders, Commercial Operations margin, PCG and Kinectrics integration, capex discipline, and free cash flow.
Revenue mix
Two reported segments. Government Operations is the larger and higher-margin anchor; Commercial Operations is the faster-growth route through commercial nuclear components, services, engineering, medical, and capacity expansion.
Latest qtr revenue
Q1 2026 total revenue was about $860M. BWXT's Q1 2026 presentation shows Government Operations revenue of about $578M and Commercial Operations revenue of about $284M.
GEV belongs because utilities and power customers buy Power and Electrification equipment, services, grid systems, turbines, controls, and nuclear-platform work from a broad power infrastructure supplier.
Market cap$252.8B
Next earningsJul 22, 2026
Latest qtr revenue$9.3B
Role in stack
GEV supplies generation, nuclear-platform, grid, transformer, power-conversion, and service equipment to utilities, independent power producers, and large-load customers. The node route is useful but not pure because nuclear sits inside the broader Power platform.
Revenue mix
Q1 2026 evidence is strongest in Power and Electrification. Power had $4.971B of revenue and $811M of segment EBITDA; Electrification had $2.959B of revenue and $528M of segment EBITDA. Wind remained a drag.
Latest qtr revenue
Q1 2026 total revenue was $9.3B for the quarter ended March 31, 2026, with orders of $18.3B and backlog of $163B after Prolec GE.
MIRMirion Technologies
Mirion belongs as the radiation detection, radiation safety, measurement, dosimetry, and nuclear instrumentation row, but it stays below maintained-lane names until company-level nuclear economics are filed locally.
Market cap$4.1B
Next earningsNot confirmed
Latest qtr revenue$257.6M
Role in stack
Mirion sells radiation detection, measurement, analysis, monitoring, dosimetry, and safety tools used by nuclear plants, defense and civil agencies, research labs, and medical customers. Nuclear & Safety is the relevant segment; local research support is still incomplete.
Revenue mix
Q1 2026 revenue split was $185.5M from Nuclear & Safety and $72.1M from Medical. Recent acquisitions added revenue and also pressured Nuclear & Safety operating margin through purchase-accounting and integration costs.
Latest qtr revenue
Q1 2026 total revenue was $257.6M for the quarter ended March 31, 2026, up from $202.0M a year earlier, per Mirion's release and 10-Q.
Basket market caps use local discovery shares outstanding and June 12, 2026 closes. Earnings dates were checked against company events pages and Nasdaq earnings pages on June 13, 2026. GEV's July 22, 2026 event is company-confirmed; BWXT and MIR have no confirmed next earnings event on the checked pages.
What Confirms Or Weakens
AreaWhat confirmsWhat weakens or invalidatesWatch next
1Node thesisSupplier conversion
What confirms
Funded reactor, fleet, naval, DOE, utility, or radiation-safety demand converts into awards, backlog, revenue, service margin, operating cash flow, and free cash flow.
What weakens or invalidates
Nuclear announcements stay at policy, MOU, or planning level without supplier orders, funded scope, qualified capacity utilization, or cash conversion.
Watch next
BWXT naval task orders
Commercial Operations backlog
MIR lane creation
2Economics mechanismBacklog to cash
What confirms
BWXT backlog recognition, Government Operations margin, Commercial Operations scaling, and FCF guidance hold; GEV Power and Electrification RPO convert to profitable shipments and recurring cash.
What weakens or invalidates
Revenue growth consumes working capital or capex before it becomes margin and FCF, or GEV cash flow relies on advances without delivery conversion.
Watch next
BWXT Q2/Q3 cadence
GEV contract liabilities
MIR segment margin
3CustomerWho pays
What confirms
U.S. Navy, DOE, NNSA, utility, nuclear-operator, medical, defense, or research customers place funded orders that supplier filings tie to revenue or backlog.
What weakens or invalidates
Customer demand is described only as end-market momentum while customer mix, awards, project scope, or revenue bridge remains missing.
Watch next
Naval appropriations
DOE awards
Mirion Nuclear & Safety orders
4FundingOrder quality
What confirms
Orders stay tied to appropriated defense programs, customer-funded utility work, paid service demand, or acquisition-backed capacity that can be delivered without balance-sheet stress.
What weakens or invalidates
Capacity spending, acquisitions, or project ramps require capital before funded demand is visible, or free cash flow lags revenue and backlog growth.
Watch next
BWXT capex near plan
PCG terms
GEV buyback and Prolec cash use
5PolicyDefense and nuclear support
What confirms
Defense budgets, DOE nuclear programs, NRC licensing work, utility nuclear projects, or plant-extension decisions become named supplier awards or backlog.
What weakens or invalidates
Policy support remains broad while budget timing, licensing, customer funding, or procurement decisions delay supplier revenue.
Watch next
DOE and NNSA funding
NRC licensing updates
Utility nuclear capex plans
6Operating constraintExecution risk
What confirms
Qualified manufacturing capacity, field-service labor, supply chain, and integration work support delivery without margin leakage or customer delays.
What weakens or invalidates
PCG or Kinectrics integration drags BWXT margins; GEV Wind losses, tariffs, freight, or Prolec integration absorb Power and Electrification progress; Mirion acquisitions dilute Nuclear & Safety margin.
Watch next
Commercial Ops margin
GEV Wind EBITDA
Mirion acquisition costs
7Stale conditionSource freshness
What confirms
BWXT and GEV lanes remain current after the next filings, MIR receives a durable lane, and discovery daily OHLC stays current through the latest completed trading session.
What weakens or invalidates
MIR stays unsupported locally, new earnings change backlog or cash conversion before this node is refreshed, or the report API is unavailable for chart QA.
BWXT security lane for qualified nuclear manufacturing, government nuclear work, commercial nuclear capacity, backlog, guidance, margin, FCF, and valuation proof burden.
GEV security lane for Power, Electrification, RPO, grid equipment, services, Wind drag, cash-flow quality, tariffs, and premium valuation risk.
MIR has local discovery coverage, a current SEC 10-Q, and an official Q1 2026 release, but no maintained mir.md security lane in this checkout. The page keeps MIR below the maintained-lane names until durable company research is filed.
Official External Sources
BWXT investor events listed the Q1 2026 earnings call on May 4, 2026 and no later dated earnings event on the checked page. The BWXT 1Q26 earnings presentation supplied Q1 2026 revenue of about $860M and segment revenue of about $578M Government Operations and $284M Commercial Operations.
GE Vernova investor events listed the 2nd Quarter 2026 Earnings Webcast for July 22, 2026 at 7:30 a.m. EDT. GE Vernova's Q1 2026 release supplied revenue of $9.3B, orders of $18.3B, and backlog of $163B.
Mirion events said there were no upcoming events scheduled at the time checked and showed the Q1 2026 earnings call as a past April 29, 2026 event. Mirion's Q1 2026 release and Q1 2026 10-Q supplied total revenue of $257.6M, Nuclear & Safety revenue of $185.5M, and Medical revenue of $72.1M.
Nasdaq earnings pages for BWXT, GEV, and MIR were checked on June 13, 2026. They returned "Data is currently not available" for the earnings-date field, so only the company-confirmed GEV date is treated as confirmed. BWXT and MIR are marked Not confirmed.
Discovery And Chart Provenance
Right-rail chart context and market-cap metrics use read-only daily_ohlc from ../discovery/data/discovery.duckdb for BWXT, GEV, and MIR through 2026-06-12. Market cap uses local discovery shares outstanding and the June 12, 2026 close.
Weekly OHLC is derived from daily rows by calendar week: first open, maximum high, minimum low, final close, and summed volume. Setup levels use 20-week EMA, 100-week EMA, recent range highs and lows, and weekly volume context.
BWXT and MIR have full three-year daily coverage for the chart window. GEV starts on 2024-04-02, so its three-year API chart has shortened post-spin trading history even though it has enough weekly rows for 20W and 100W EMA context.
The selected-security right rail uses /api/securities/{ticker}/chart?frequency=weekly&window=3y&as_of=latest. The local report API at 127.0.0.1:8765 was not running during validation, so live chart rendering was not verified.
Static setup thresholds from the prior table are no longer article-body evidence. If the report API or discovery data are refreshed beyond 2026-06-12, those thresholds are stale and must be recomputed before use as current trading evidence.
discovery status showed daily bars through 2026-06-12 for BWXT, GEV, and MIR. Provider-backed MIR filing lookup confirmed the April 29, 2026 10-Q accession; grouped daily market updates extend local rows through 2026-06-12.