NuScale Power (SMR) AI Stock Analysis

• Market Cap: $6.00B
• Dividend Yield: N/A
• Average Volume (3M): 25.58M
• Price to Earnings (P/E): ―
• Beta (1Y): 3.06
• Revenue Growth: 765.67%
• EPS Growth: -202.81%
• Country: US
• Employees: 330
• Sector: Industrials
• Sector Strength: 72
• Industry: Renewable Utilities
• EPS (TTM): -1.85
• Shares Outstanding: 282,843,480
• 10 Day Avg. Volume: 32,352,856
• 30 Day Avg. Volume: 25,583,700
• PEG Ratio: -0.15
• Price to Book (P/B): 2.70
• Price to Sales (P/S): 45.13
• P/FCF Ratio: -15.38
• Enterprise Value/Market Cap: 0.70
• Enterprise Value/Revenue: 66.14
• Enterprise Value/Gross Profit: 99.06
• Enterprise Value/Ebitda: -6.83
• 1Y Price Target: $32.77
• Price Target Upside: 65.25% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 13
• EPS Forecast (FY): -0.53
• Revenue Forecast (FY): $125.74M

• Rating: 52 Neutral
• Price Target: $19.00 ▼(-4.19% Downside)

The score is held down primarily by weak financial performance—very large losses and substantial negative free cash flow—despite strong gross margins and a low-debt balance sheet. Technicals also lean bearish with price below key moving averages and negative MACD. These are partially offset by a constructive earnings call featuring a major deployment partnership and higher reported liquidity.

Positive Factors

High gross margins

Sustained gross margins near 77% indicate NuScale’s core engineering and licensing services capture high value and pricing power. That structural profitability at the gross level supports future leverage as projects scale, improving durability of unit economics when commercial deployments occur.

Conservative balance sheet (no debt)

No reported debt and sizable equity provide a meaningful capital cushion, lowering insolvency risk and giving the company flexibility to fund long development timelines or absorb project timing delays without immediate reliance on costly borrowings.

Major deployment partnership

A structured program with TVA/InterOne for up to 6 GW (roughly 72 modules) materially validates NuScale’s market position and creates a potential multi-site pipeline. This partnership is a durable demand signal underpinning commercialization and supply‑chain scale for the SMR product.

Negative Factors

Significant cash burn

Persistent large negative operating and free cash flow (~$282M TTM) means the business consumes material capital to progress projects and commercialization. That structural cash burn increases dependence on external financing and heightens execution and dilution risk over the medium term.

Very large net losses and widening operating losses

Substantial and growing operating losses signal the company is still far from profitability; negative returns on equity and widening EBIT deficits erode capital over time unless revenue scales meaningfully or operating leverage improves, pressuring long‑term financial sustainability.

Reliance on partner execution

Commercialization depends on large third‑party partners (InterOne/TVA) to execute multi‑GW projects. Questions about partner capability create structural project, timing, and revenue risk: delayed or failed partner execution can push out deployments and revenue recognition for months or years.

NuScale Power Business Overview & Revenue Model

Company Description

NuScale 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 Money

NuScale 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 Financial Statement Overview

Summary

NuScale Power shows strong revenue growth and improved financial structure with decreasing reliance on debt. However, persistent negative earnings and cash flows highlight challenges in achieving profitability. The company's financial health shows signs of improvement, yet achieving stable positive cash flow and net income remains critical for long-term success.

Income Statement

NuScale Power has shown significant revenue growth, increasing from $600,000 in 2020 to $37,045,000 in 2024. However, the company consistently reports negative EBIT and net income, indicating ongoing profitability challenges. Gross profit margins have improved but remain overshadowed by substantial operating losses. The trend suggests aggressive expansion or R&D activities, but the lack of profitability is a concern.

Balance Sheet

The company's balance sheet reflects substantial equity growth, with stockholders' equity turning positive in recent years. With zero total debt in 2024, the debt-to-equity ratio is favorable, showcasing financial prudence. However, the equity ratio is low, and the company has historically negative equity, indicating ongoing recovery from financial distress. Asset growth is evident, but sustained profitability is necessary for long-term stability.

Cash Flow

NuScale Power has managed to improve its cash position significantly, with cash and short-term investments increasing over the years. Despite negative operating cash flow, the company has successfully raised financing, supporting operations and investments. However, free cash flow remains negative, raising concerns about the sustainability of operations without new financing.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	63.90M	37.05M	22.81M	11.80M	2.86M	600.00K
Gross Profit	42.66M	32.11M	3.85M	4.49M	1.09M	245.00K
EBITDA	-618.34M	-133.65M	-273.01M	-227.30M	-172.10M	-156.76M
Net Income	-379.94M	-136.62M	-58.36M	-57.07M	-102.49M	-88.39M
Balance Sheet
Total Assets	883.13M	544.67M	224.86M	348.63M	121.20M	47.06M
Cash, Cash Equivalents and Short-Term Investments	691.78M	441.56M	120.27M	267.69M	77.09M	4.86M
Total Debt	0.00	0.00	2.94M	4.35M	15.44M	36.89M
Total Liabilities	448.32M	91.55M	95.52M	71.55M	54.94M	76.20M
Stockholders Equity	828.71M	618.70M	93.46M	114.68M	66.26M	-29.14M
Cash Flow
Free Cash Flow	-282.51M	-108.71M	-184.98M	-150.94M	-101.11M	-50.76M
Operating Cash Flow	-282.32M	-108.67M	-183.25M	-148.61M	-99.16M	-47.23M
Investing Cash Flow	-301.38M	-39.85M	48.27M	-52.33M	-1.95M	-3.53M
Financing Cash Flow	879.66M	429.81M	16.13M	368.06M	173.34M	38.49M

NuScale Power Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 19.83
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: 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 19.83 is above the 20-day moving average (MA) of 17.29, below the 50-day MA of 20.53, and below the 200-day MA of 30.64, indicating a neutral trend. The MACD of -0.29 indicates Negative momentum. The RSI at 49.10 is Neutral, neither overbought nor oversold. The STOCH value of 54.61 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SMR.

NuScale Power Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
BWXT	75 Outperform	$18.66B	61.04	26.69%	0.56%	14.01%	10.92%
ORA	71 Outperform	$7.28B	54.70	5.45%	0.42%	6.07%	12.07%
CWEN.A	70 Neutral	$6.68B	13.31	13.20%	5.60%	2.54%	124.89%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
RNW	61 Neutral	$1.97B	18.89	7.64%	―	42.09%	219.69%
SMR	52 Neutral	$6.00B	-6.61	-76.85%	―	765.67%	-202.81%
BEPC	51 Neutral	$6.96B	-5.80	-38.17%	3.84%	5.93%	-39.88%

NuScale Power Corporate Events

NuScale Power Advances with Share Amendment Approval

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.

NuScale Power Appoints New Chief Accounting Officer

On November 16, 2025, NuScale Power‘s Board of Directors appointed David Tonnel as Chief Accounting Officer, effective November 22, 2025. Tonnel, who joined the company in March 2025, previously held senior roles at Transocean Ltd. Additionally, the Board adopted amendments to the company’s bylaws to designate the Chief Accounting Officer as an officer and approved a deferred compensation plan for non-employee directors, allowing them to defer compensation in cash or stock.

The most recent analyst rating on (SMR) stock is a Hold with a $30.00 price target. To see the full list of analyst forecasts on NuScale Power stock, see the SMR Stock Forecast page.

NuScale Power Announces New Sales Agreement

On November 7, 2025, NuScale Power Corporation announced a new Sales Agreement with several financial institutions for an at-the-market offering program, allowing the company to sell up to $750 million of its Class A common stock. This move replaces a previous agreement from August 2025 and is expected to provide NuScale with greater financial flexibility, potentially impacting its market operations and stakeholder interests.

The most recent analyst rating on (SMR) stock is a Hold with a $27.00 price target. To see the full list of analyst forecasts on NuScale Power stock, see the SMR Stock Forecast page.

NuScale Power Announces Agreement with Fluor Corporation

On November 6, 2025, NuScale Power announced a definitive agreement with Fluor Corporation to monetize Fluor’s investment in NuScale. Additionally, NuScale reported its third-quarter results for 2025, highlighting a landmark agreement with ENTRA1 Energy and the Tennessee Valley Authority for deploying up to six gigawatts of SMR capacity, marking the largest SMR deployment in U.S. history. The company also noted progress on Fluor’s engineering study for a Romanian power plant and a strengthened cash position through capital market activities. Revenue and costs increased due to engineering services, while R&D expenses decreased as personnel shifted to commercial projects. General and administrative expenses rose significantly due to milestone contributions and increased commercialization efforts.

The most recent analyst rating on (SMR) stock is a Buy with a $55.00 price target. To see the full list of analyst forecasts on NuScale Power stock, see the SMR Stock Forecast page.

NuScale Power Appoints New Chief Legal Officer

On October 20, 2025, NuScale Power announced the appointment of James D. Canafax as Chief Legal Officer and Corporate Secretary. Canafax brings extensive legal expertise from the nuclear, energy, and manufacturing sectors, having previously held senior roles at Maritime Partners and BWX Technologies. His experience with regulatory bodies and strategic growth initiatives is expected to support NuScale’s efforts in commercializing its SMR technology and maintaining its leadership in the nuclear industry.

The most recent analyst rating on (SMR) stock is a Sell with a $34.00 price target. To see the full list of analyst forecasts on NuScale Power stock, see the SMR Stock Forecast page.