--- title: "Nuclear Utilities Industry: Companies" description: "27 SEC filers are classified under the Standard Industrial Classification code that describes the nuclear utilities industry." canonical: https://www.getswoopr.com/stocks/industries/utilities/nuclear-utilities/ source: "Swoopr Investment: https://www.getswoopr.com" --- # Nuclear Utilities Industry ## Direct Answer 27 SEC filers are classified under the Standard Industrial Classification code that describes the nuclear utilities industry, and their latest annual reports show $301.5 billion of combined revenue and a median operating margin of 20.3%. Investors should still evaluate its revenue model, industry-specific KPIs, valuation framework and the risks that can change the group's economics. ## Industry Overview Nuclear utilities and generators own reactors that supply steady, carbon-free power, and earn revenue from regulated rates or wholesale and contract sales. Fleet reliability, fuel costs and license life are the main drivers, and demand from data centers is lifting interest. The first numbers to compare across companies here are capacity factor, generation volume and realized price per megawatt-hour. ## Key Industry Metrics - **Capacity factor**: Actual output divided by what plants could produce at full power. Nuclear fleets typically run at high levels, so declines point to outages or refueling that reduce sales. - **Generation volume**: The electricity produced and sold in a period. It follows capacity factor and fleet size, and is the base for revenue at any given price. - **Realized price per megawatt-hour**: The average price received for output after contracts and hedges. It determines margin, and differs between regulated rates and market sales. - **Cost per megawatt-hour including fuel**: Operating, fuel and maintenance costs for each unit produced. It sets the margin against price, and rising costs from outages or capital projects reduce profit. - **License extension status**: Whether the plant's operating license has been extended beyond its original term. It decides how many years the plant can earn, so it strongly affects value. ## Primary Macro Drivers - **Power prices and clean-energy credits**: Reactors sell into markets or regulated rates, so power prices and clean-energy credits set realized price per megawatt-hour. - **Load growth from data centers**: New data centers value steady carbon-free supply, supporting contracts and prices and the economics of keeping plants running. - **Fuel and outage costs**: Fuel and refueling outages set cost per megawatt-hour and output, shown in capacity factor and cost including fuel. - **Policy support for nuclear**: Supportive policy and credits can improve economics and license extensions, shown in realized price and license status. ## Major Risks - **Outages and safety events**: Unplanned shutdowns or safety findings cut output and invite regulatory action; watch capacity factor and inspection reports. - **Cost overruns on new builds**: New plants can cost far more and take far longer than planned; watch capital cost updates, schedule changes and disputes. - **Waste and decommissioning liabilities**: Long-term obligations for waste and plant closure depend on funds and estimates; watch decommissioning trust balances and cost estimates. - **Market price exposure**: Output sold without contracts follows wholesale prices, so earnings swing; watch realized price and the contracted share. ## Industry Characteristics | Characteristic | Profile | | --- | --- | | Cyclicality | Defensive | | Capital Intensity | High | | Regulatory Intensity | High | | Industry Maturity | Mature | | Geographic Importance | U.S. | ## Nuclear Utilities Filers in the SEC Record 27 companies with annual reports in the dataset are classified by the SEC in the Standard Industrial Classification code 4911. Their latest fiscal years end between 2025 and 2026, and together they reported $301.5 billion of revenue. Median revenue growth over the prior year was 9.8%. Median operating margin was 20.3% and median net margin 11.2%. Median total liabilities were 72% of total assets, and 24 of 27 reported a profit in their latest year. | Company | Revenue | Growth | Operating margin | Net margin | Year | | --- | --- | --- | --- | --- | --- | | [Nrg Energy, Inc.](https://www.getswoopr.com/stocks/companies/nrg-energy/) | $30.7 billion | 9.2% | 6.0% | 2.8% | FY 2025 | | [Southern Co](https://www.getswoopr.com/stocks/companies/southern-company-the/) | $29.6 billion | 10.6% | 24.7% | 14.7% | FY 2025 | | [Nextera Energy Inc](https://www.getswoopr.com/stocks/companies/nextera-energy/) | $25.8 billion | 9.8% | 32.1% | 26.5% | FY 2025 | | [Constellation Energy Corp](https://www.getswoopr.com/stocks/companies/constellation-energy/) | $25.5 billion | 8.3% | 12.1% | 9.1% | FY 2025 | | [American Electric Power Co Inc](https://www.getswoopr.com/stocks/companies/american-electric-power/) | $21.9 billion | 10.9% | 24.3% | 16.9% | FY 2025 | | [Edison International](https://www.getswoopr.com/stocks/companies/edison-international/) | $19.3 billion | 9.8% | 36.7% | 23.1% | FY 2025 | | [Vistra Corp.](https://www.getswoopr.com/stocks/companies/vistra-corp/) | $17.7 billion | 3.0% | 10.7% | 5.3% | FY 2025 | | [Dominion Energy, Inc](https://www.getswoopr.com/stocks/companies/dominion-energy/) | $16.5 billion | 14.2% | 26.7% | 18.2% | FY 2025 | The 8 largest of 27 by revenue. Source: each company's own annual report as filed with the SEC (XBRL data), figures in U.S. dollars. A company's SIC code reflects its main business as the SEC records it, so it can differ from how an index provider or analyst classifies the company, and a diversified group appears under only one code. ## Where to Go Next The Nuclear Utilities guide describes how the industry earns money, what to measure and what can go wrong. To see how it compares, read the neighbouring industries in the same sector, then apply the same checks to a specific company. ### More in Utilities - [Utilities sector overview](https://www.getswoopr.com/stocks/industries/utilities/) - [Regulated Electric Utilities](https://www.getswoopr.com/stocks/industries/utilities/regulated-electric-utilities/) - [Natural Gas Utilities](https://www.getswoopr.com/stocks/industries/utilities/natural-gas-utilities/) - [Renewable Power Producers](https://www.getswoopr.com/stocks/industries/utilities/renewable-power-producers/) - [Multi-Utilities](https://www.getswoopr.com/stocks/industries/utilities/multi-utilities/) - [Solar Power Producers](https://www.getswoopr.com/stocks/industries/utilities/solar-power-producers/) - [Microgrid Operators](https://www.getswoopr.com/stocks/industries/utilities/microgrid-operators/) - [Utility-Scale Energy Storage](https://www.getswoopr.com/stocks/industries/utilities/utility-scale-energy-storage/) - [Independent Power Producers](https://www.getswoopr.com/stocks/industries/utilities/independent-power-producers/) ### Put it to work - [How to analyze a stock](https://www.getswoopr.com/stocks/how-to-analyze-a-stock/) - [Fundamental analysis guides](https://www.getswoopr.com/learn/fundamental-analysis/) - [Company research](https://www.getswoopr.com/stocks/companies/) - [All industries](https://www.getswoopr.com/stocks/industries/) ## Frequently Asked Questions What are the main KPIs for the Nuclear Utilities industry? Key performance indicators for the Nuclear Utilities industry include: Capacity factor, Generation volume, Realized price per megawatt-hour, Cost per megawatt-hour including fuel, License extension status. Which matter most depends on the company's model, so compare them across several companies rather than relying on one. How cyclical is the Nuclear Utilities industry? The Nuclear Utilities industry is generally defensive, meaning demand tends to remain relatively stable regardless of the economic cycle. Companies in this space can provide portfolio stability during recessions, though growth may lag in strong expansions. What are the biggest risks in the Nuclear Utilities industry? The primary risks for Nuclear Utilities companies include: Outages and safety events, Cost overruns on new builds, Waste and decommissioning liabilities, Market price exposure. Investors should assess each company's exposure to these factors and its track record of navigating them. **[Swoopr Editorial Team](https://www.getswoopr.com/authors/swoopr-editorial-team/)** Swoopr's editorial team produces independent investment education content reviewed for accuracy and clarity. We do not provide personalized financial advice. See our [editorial policy](https://www.getswoopr.com/legal/editorial-policy/) and [corrections policy](https://www.getswoopr.com/legal/corrections-policy/).