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NuScale Power (SMR)
NYSE:SMR
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NuScale Power
(NYSE:SMR)
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Rating:47Neutral
Price Target:
$13.00
▲(3.75% Upside)
Action:ReiteratedDate:02/27/26
The score is held down primarily by weak financial performance (large and widening losses, heavy cash burn, and unstable revenue) and bearish technicals (price below all key moving averages with negative MACD). The earnings call provides a partial offset through strong regulatory/commercial milestones and improved liquidity, but uncertainty around binding contracts, guidance, and execution timing limits the upside to the overall score.
Positive Factors
Regulatory certification (NRC 77 MW)
NRC design certification is a durable competitive barrier: being the only SMR with 10 CFR Part 52 certification materially lowers regulatory risk for customers and shortens licensing timelines for new projects, increasing long-term commercial viability and offtaker confidence.
Manufacturing ramp and supplier capacity
Concrete manufacturing capacity and long‑lead ordering provide durable execution capability. A rising supply base reduces construction lead times for multi‑module plants and supports scaling to large programs, lowering a key operational constraint for commercial rollouts.
Material liquidity and low leverage
A sizable cash runway and minimal debt provide durable financial flexibility to fund licensing, FEED and early project work without immediate reliance on capital markets, reducing insolvency risk while the company advances multi‑year commercialization milestones.
Negative Factors
Persistent heavy cash burn
Sustained large negative OCF and free cash flow imply continued dependence on external funding and raise dilution or refinancing risk. Heavy burn constrains the company's ability to self‑fund project development and increases sensitivity to delays in milestone payments.
Revenue instability and recognition variability
Volatile, project‑driven revenue and year‑over‑year declines highlight reliance on lumpy licensing/FEED timing. Without sustained, repeatable revenue streams, forecasting cash flows and achieving stable margins will remain difficult over the medium term.
Execution dependence and program timing risk
Major commercialization hinges on third‑party agreements, partner financing and PPAs. Lack of a binding PPA and reliance on external developers and manufacturers concentrates counterparty risk and makes deliverability and cashflow milestones vulnerable to partner or financing delays.
NuScale Power (SMR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$4.24B
Dividend YieldN/A
Average Volume (3M)24.77M
Price to Earnings (P/E)―
Beta (1Y)3.18
Revenue Growth765.67%
EPS Growth-202.81%
CountryUS
Employees330
SectorIndustrials
Sector Strength72
IndustryRenewable Utilities
Share Statistics
EPS (TTM)-0.21
Shares Outstanding318,603,150
10 Day Avg. Volume22,052,911
30 Day Avg. Volume24,766,692
Financial Highlights & Ratios
PEG Ratio-0.14
Price to Book (P/B)1.98
Price to Sales (P/S)73.70
P/FCF Ratio-5.04
Enterprise Value/Market Cap0.69
Enterprise Value/Revenue93.30
Enterprise Value/Gross Profit256.94
Enterprise Value/Ebitda-4.36
Forecast
1Y Price Target
$19.95Price Target Upside59.22% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering12
EPS Forecast (FY)-0.54
Revenue Forecast (FY)$85.63M
NuScale Power Business Overview & Revenue Model
Company DescriptionNuScale Power Corporation develops and sells modular light water reactor nuclear power plants to supply energy for electrical generation, district heating, desalination, hydrogen production, and other process heat applications. It offers NuScale Power Module, a water reactor that can generate 77 megawatts of electricity (MWe); The VOYGR-12 power plant that can generate 924 MWe; and four-module VOYGR-4 and six-module VOYGR-6 plants, as well as other configurations based on customer needs. NuScale Power Corporation was founded in 2007 and is headquartered in Portland, Oregon. NuScale Power Corporation operates as a subsidiary of Fluor Enterprises, Inc.
How the Company Makes MoneyNuScale Power makes money primarily through the development and sale of its small modular reactors (SMRs). The company generates revenue by licensing its SMR technology to utility companies and other energy providers seeking to deploy nuclear power solutions. Additionally, NuScale may earn income from engineering and consulting services related to the implementation and maintenance of its nuclear reactors. Significant partnerships with government entities, such as the U.S. Department of Energy, and strategic alliances with energy companies around the world further contribute to its revenue streams by facilitating research, development, and deployment support for its advanced nuclear technologies.
NuScale Power Earnings Call Summary
Earnings Call Date:Feb 26, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 13, 2026
Earnings Call Sentiment Positive
The call conveyed strong commercialization progress and bolstered balance sheet metrics that support NuScale’s go‑to‑market efforts (NRC certification, ENTRA1–TVA program momentum, manufacturing in production, $1.3B liquidity and remediation of a material weakness). However, meaningful execution risks remain: a year-over-year revenue decline (~14.9%), dependence on third-party partners, an unexecuted binding PPA with associated confidentiality, disclosed one-time cash outflows (~$250M), and the inherent first‑of‑a‑kind nature of SMR commercialization. On balance, the positive developments (regulatory certification, large potential programs, manufacturing ramp and strong liquidity) substantially outweigh the current lowlights, though execution and timing uncertainty remain important caveats.Q4-2025 Updates
Positive Updates
NRC Approval of 77 MW Standard Design
NuScale received U.S. NRC design certification for its 77-megawatt electric standard design ahead of schedule. NuScale is the only SMR technology to achieve NRC design certification (10 CFR Part 52), strengthening its regulatory position and enabling support for a wider range of offtakers.
ENTRA1–TVA 6 GW Program Momentum
ENTA R1 (NuScale's exclusive global commercialization partner) and TVA announced an agreement to supply 6 gigawatts (72 NuScale Power Modules across 6 plants) with continuing progress: experienced teams assembled, site evaluations conducted, a prospective first-plant site identified, and a major financial institution signing a multibillion-dollar term sheet. This program, if executed, would be a material commercialization catalyst.
Manufacturing Progress — 12 Modules in Production and Capacity Ramp
Doosan Enerbility has 12 NuScale modules under production today, providing a timing advantage via long-lead materials already ordered. Doosan is increasing capacity to ~20 modules per year (a ~66.7% increase versus current in-production modules) with plans to eventually double beyond that, improving execution scalability for large programs.
Significant Liquidity Improvement
Liquidity rose to $1.3 billion at December 31, 2025 versus $754 million at September 30, 2025 (+72.7%) and $442 million at year-end 2024 (+194.3%). Management estimates approximately $1.0 billion cash on balance sheet after a disclosed ~$250 million payment post-close, providing runway for commercialization activities.
FEED Phase 2 Revenue Recognition for RoPower
NuScale recognized $63.1 million in revenue from licensing fees and engineering work related to the Fluor FEED 2 study for the RoPower Doicesti project in Romania over an 18-month period ending December 2025, demonstrating near-term service revenue realization from international projects.
Remediation of Material Weakness in Financial Controls
A previously disclosed material weakness in internal controls over financial reporting (ITGC) was remediated; external auditor EY provided a 'clean bill of health,' removing the disclosed weakness and improving financial reporting credibility.
Technical Validation and Strategic Partnerships
Third‑party technoeconomic studies (Oak Ridge National Lab and Idaho National Lab) validated NuScale's suitability for high-temperature process steam and industrial use-cases. Strategic collaborations include Ebara Elliott (high-temperature steam compression demonstrator) and AI fuel-efficiency work with Oak Ridge, underpinning commercial diversification (process heat, data centers, off-grid behind-the-meter applications).
Negative Updates
Revenue Decline Year-over-Year
Reported revenue for the year ended December 31, 2025 was $31.5 million versus $37.0 million in the prior year, a decrease of approximately 14.9%. The decline was attributed to reduced revenue recognized under the RoPower technology licensing agreement, only partially offset by higher Fluor Phase 2 engineering and services revenue.
PPA Not Yet Binding; Execution Uncertainty
Although substantial progress was described on the ENTRA1–TVA program, a binding PPA has not been signed (previous guidance had suggested a binding PPA by end of 2025). Details on financing and term-sheet triggers are confidential (NDA), creating execution and timing uncertainty for the company's largest prospective program.
Dependence on Third Parties and Project Concentration
NuScale operates an asset-light model and is reliant on third parties for critical functions: Doosan for manufacturing, ENTRA1 for project development/financing, and Fluor as a prime contractor on RoPower. This concentration increases execution and counterparty risk; Fluor is also monetizing its stake via open-market transactions which could introduce shareholder/market dynamics.
Cash Outflows and One-Time Payments
Post-close disclosure references an approximately $250 million payment, reducing the December 31, 2025 cash balance of $1.3 billion to an estimated ~$1.0 billion. Management disclosed OpEx/adjusted run-rate near $170–$200 million (approximately $193 million in 2024), which implies significant ongoing cash burn and reliance on successful project progress to sustain operations.
First‑of‑a‑Kind Market and Commercialization Risk
There are no commercially operating SMR power plants in the United States today. The SMR market is first-of-a-kind, so project-level, regulatory, permitting, financing and construction risks remain material until multiple commercial projects are operating.
Limited Disclosure and No Forward Revenue Guidance
Company declined to provide financial guidance and referenced confidentiality around key financing and PPA details. This limited visibility makes near-term revenue forecasting and milestone timing opaque for investors.
Company Guidance
NuScale did not provide formal forward guidance but offered many quantitative signposts: the NRC approved a 77‑megawatt electric standard design and NuScale has 12 modules in production; ENTRA1/TVA discussions target 6 GW (72 NuScale Power Modules across six plants) with site evaluations underway and a multibillion‑dollar term sheet in place (details NDA‑protected); Doosan is scaling to ~20 modules/year with plans to double capacity; NuScale reported $31.5M revenue for FY2025 (vs. $37.0M in FY2024), recognized $63.1M from FEED‑2 over an 18‑month period, and ended 2025 with $1.3B liquidity (up from $754M at 9/30/25 and $442M at 12/31/24) — after a disclosed ~$250M payment implying roughly $1.0B cash remaining; management cites an OpEx run‑rate of ~$170–$200M (≈$193M in 2024) and expects product/service revenues (COLA/FEED/post‑COD) to drive positive operating cash flow; RoPower pre‑EPC work is expected to start in Q2 and last up to ~15 months, while a binding PPA timeline remains uncertain and many financing/execution specifics are confidential.NuScale Power Financial Statement Overview
Summary
Overall fundamentals are weak due to highly unstable revenue (including a drop to $0 in 2025 in the statements provided), widening net losses, and accelerating operating/free cash flow burn in 2025. Offsetting this, the balance sheet shows very low debt and a large equity base, which reduces near-term solvency risk but does not yet resolve sustainability concerns.Income Statement
Revenue grew rapidly from 2020–2024 (from $0.6M to $37.0M), but 2025 revenue fell to $0, indicating a major interruption in commercial activity or revenue recognition. Profitability remains very weak: net income is consistently negative, and losses widened sharply in 2025 (net loss of ~$355.8M vs. ~$136.6M in 2024). While gross profit was positive in 2024–2025, operating costs are overwhelming gross profit, keeping operating results deeply negative and making the earnings profile highly unstable.12
Very Negative
Balance Sheet
Leverage is very low, with total debt reported at $0 in 2024–2025 (and minimal debt prior to that), which reduces financial risk. Equity improved materially over time, reaching ~$1.17B in 2025, providing a sizable capital base to fund operations. The main weakness is that the company has been generating large losses, which can pressure equity over time if losses persist; returns on equity were notably negative in earlier years where provided.68
Positive
Cash Flow
Cash burn is heavy and persistent. Operating cash flow is negative across all periods and deteriorated significantly in 2025 (about -$459.6M vs. -$108.7M in 2024), with free cash flow similarly negative (about -$460.1M in 2025). While free cash flow growth shows improvement in 2024–2025 versus prior periods, the business still requires substantial external funding to sustain operations, and cash generation has not yet inflected toward self-funding.18
Very Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 31.48M | 37.05M | 22.81M | 11.80M | 2.86M |
| Gross Profit | 11.43M | 32.11M | 3.85M | 4.49M | 1.09M |
| EBITDA | -662.94M | -133.65M | -273.01M | -227.30M | -172.10M |
| Net Income | -355.79M | -136.62M | -58.36M | -57.07M | -102.49M |
Balance Sheet | |||||
| Total Assets | 1.41B | 544.67M | 224.86M | 348.63M | 121.20M |
| Cash, Cash Equivalents and Short-Term Investments | 1.25B | 441.56M | 120.27M | 267.69M | 77.09M |
| Total Debt | 0.00 | 0.00 | 2.94M | 4.35M | 15.44M |
| Total Liabilities | 298.96M | 91.55M | 95.52M | 71.55M | 54.94M |
| Stockholders Equity | 1.17B | 618.70M | 93.46M | 114.68M | 66.26M |
Cash Flow | |||||
| Free Cash Flow | -460.12M | -108.71M | -184.98M | -150.94M | -101.11M |
| Operating Cash Flow | -459.61M | -108.67M | -183.25M | -148.61M | -99.16M |
| Investing Cash Flow | -411.26M | -39.85M | 48.27M | -52.33M | -1.95M |
| Financing Cash Flow | 1.31B | 429.81M | 16.13M | 368.06M | 173.34M |
NuScale Power Technical Analysis
Negative
12.53
Price Trends
16.65
Negative
23.28
Negative
30.65
Negative
Market Momentum
-1.40
Positive
36.46
Neutral
32.11
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SMR, the sentiment is Negative. The current price of 12.53 is below the 20-day moving average (MA) of 14.61, below the 50-day MA of 16.65, and below the 200-day MA of 30.65, indicating a bearish trend. The MACD of -1.40 indicates Positive momentum. The RSI at 36.46 is Neutral, neither overbought nor oversold. The STOCH value of 32.11 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SMR.
NuScale Power Risk Analysis
NuScale Power disclosed 47 risk factors in its most recent earnings report. NuScale Power reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
NuScale Power Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | $7.63B | 24.78 | 8.48% | 5.60% | 2.54% | 124.89% | |
64 Neutral | $18.82B | 57.48 | 28.44% | 0.56% | 14.01% | 10.92% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
56 Neutral | $6.45B | 52.53 | 4.99% | 0.42% | 6.07% | 12.07% | |
55 Neutral | $7.46B | -2.29 | -38.17% | 3.84% | 5.93% | -39.88% | |
55 Neutral | $1.97B | 13.31 | 11.20% | ― | 42.09% | 219.69% | |
47 Neutral | $4.24B | -5.56 | -39.81% | ― | 765.67% | -202.81% |
* Industrials Sector Average
SMR
NuScale Power
12.53
-4.79
-27.66%
ORA
Ormat Techno
106.06
36.91
53.38%
BWXT
BWX Technologies
205.83
102.69
99.57%
CWEN.A
Clearway Energy
35.19
10.91
44.91%
BEPC
Brookfield Renewable
41.51
15.29
58.30%
RNW
ReNew Energy Global
5.41
-0.69
-11.31%
NuScale Power Corporate Events
Business Operations and StrategyPrivate Placements and Financing
NuScale Power Alters Capital Strategy, Ends ATM Program
Neutral
Feb 27, 2026
NuScale Power, a company operating in the energy technology sector with a focus on nuclear power solutions, did not provide additional operational or market details in this disclosure.
The company announced that, in connection with entering into a new sales agreement, it terminated its prior at-the-market equity offering program under a sales agreement dated November 7, 2025, signaling a shift in how it may access capital markets going forward.
The most recent analyst rating on (SMR) stock is a Buy with a $20.00 price target. To see the full list of analyst forecasts on NuScale Power stock, see the SMR Stock Forecast page.
Business Operations and StrategyFinancial Disclosures
NuScale Power Sets Date for Full-Year 2025 Results
Neutral
Jan 27, 2026
NuScale Power said it will hold a conference call on Thursday, February 26, 2026, at 5:00 p.m. Eastern Time to review its fourth quarter and full-year 2025 financial results, with access provided via phone and a webcast replay available for 30 days on its website. The scheduled earnings call underscores the company’s effort to keep investors informed as it advances its certified small modular reactor technology in a competitive and heavily regulated nuclear power market.
The most recent analyst rating on (SMR) stock is a Hold with a $21.00 price target. To see the full list of analyst forecasts on NuScale Power stock, see the SMR Stock Forecast page.
Business Operations and StrategyShareholder Meetings
NuScale Power Advances with Share Amendment Approval
Positive
Dec 17, 2025
On December 16, 2025, NuScale Power Corporation held a special stockholders’ meeting to vote on significant proposals. The company’s shareholders approved an amendment to increase the number of authorized shares after reaching a quorum with 213 million common stock shares represented. This decision solidifies the company’s capability to support potential future growth and operational flexibility. An adjournment proposal tied to insufficient quorum was rendered unnecessary due to the amendment’s approval.
The most recent analyst rating on (SMR) stock is a Hold with a $23.00 price target. To see the full list of analyst forecasts on NuScale Power stock, see the SMR Stock Forecast page.
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.