Oil grabs the headlines fast, but it’s not the only place investors can find commodity-linked opportunity. When energy markets get jumpy, investors often look harder at companies tied to power security, infrastructure, technology upgrades, and hard assets. That can make non-oil stocks interesting, especially when they serve long-term trends rather than one short-term price move. That’s why today we’re looking at two winners, one that’s been blowing up, and one still under the radar.
Source: Getty Images
CCO
Cameco (TSX:CCO) has become one of Canada’s clearest ways to invest in the nuclear revival. The Saskatoon-based company produces uranium, sells fuel services, and owns a major stake in Westinghouse, which gives it reach across more of the nuclear supply chain. That makes it more than a simple miner. As countries look for reliable electricity to power homes, factories, and data centres, uranium has moved back into the spotlight.
Investors have certainly caught on. The last year gave Cameco stock plenty of news for investors to chew on, bringing shares up almost 150% in the last year alone. Nuclear demand kept building as governments and utilities looked for steady, low-emission power. Cameco stock also benefited from its Westinghouse exposure, which gives it a stronger seat at the table as nuclear projects and reactor-service work gain attention. The stock has already climbed hard, so this isn’t a sleepy bargain. Yet the bigger story still looks intact because nuclear supply takes years to build, while demand keeps moving faster.
The latest earnings back up that momentum. In the first quarter of 2026, Cameco stock reported revenue of $845 million, net earnings of $131 million, adjusted net earnings of $203 million, and adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of $509 million. Its uranium segment alone delivered adjusted EBITDA of $423 million, helped by higher sales volumes and better realized prices. Valuation looks rich, with the stock recently trading around 115 times forward earnings and more than 20 times sales. That’s the main risk, as investors need growth to keep showing up. But for those watching energy beyond oil, Cameco stock still offers one of the strongest Canadian links to nuclear power.
VCM
Vecima Networks (TSX:VCM) plays a completely different role. The Victoria-based company makes broadband, video, and content-delivery technology for cable operators, telecom companies, and media providers. That may sound far from oil, but it fits the same wider theme. Canada and the world need more digital infrastructure, faster networks, and better data delivery. As households stream more, businesses digitize more, and operators upgrade aging systems, Vecima has a clear lane.
The past year was about recovery and execution, with shares up 30% at writing. Vecima had to work through a softer cycle in some product areas, yet its newer platforms started showing better traction. Its Entra and broadband products remain central to the story, while its content-delivery and storage work gives it another growth path. The company also kept pointing to the larger-scale adoption of next-generation broadband solutions over the next year. That matters for investors because Vecima’s earnings story depends on customers moving from testing to real deployment.
Its second-quarter fiscal 2026 results showed progress. Revenue came in at $73.7 million, up 3.5% year over year and 3.7% from the prior quarter. Gross margin improved to 44.9%, compared with 36.4% a year earlier. Adjusted EBITDA reached $10.6 million, and net income improved to $100,000 from a $7.9 million loss last year. The stock recently traded around 12 times forward earnings, with a market cap near $322 million, so it looks far cheaper than Cameco stock. The risk comes from timing. If cable and telecom customers delay spending, Vecima’s growth could arrive later than hoped.
Bottom line
The takeaway is simple. Oil still matters, but investors don’t need to stop there. Cameco stock offers a high-growth, high-valuation way to watch nuclear power. Vecima offers a smaller, cheaper technology story tied to broadband upgrades. Both carry risks, yet both show why the TSX has more to offer than traditional energy names when investors look beyond crude.
