NuScale Power (SMR)
NYSE:SMR
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NuScale Power
(NYSE:SMR)
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Rating:47Neutral
Price Target:
$11.50
▲(4.64% 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.
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.
Read all positive and negative factors
Positive Factors
Negative 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.
Read all positive factors
NuScale Power (SMR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.71B
Dividend YieldN/A
Average Volume (3M)21.07M
Price to Earnings (P/E)―
Beta (1Y)3.48
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. Volume18,535,918
30 Day Avg. Volume21,068,565
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 Cap0.66
Enterprise Value/Revenue77.53
Enterprise Value/Gross Profit213.50
Enterprise Value/Ebitda-3.62
Forecast
1Y Price Target
$18.45Price Target Upside67.88% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering12
EPS Forecast (FY)-0.54
Revenue Forecast (FY)$75.69M
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 P...
How the Company Makes Money
NuScale primarily makes money by selling technology- and project-related services tied to the development and future deployment of its SMR plants. Key revenue streams include (1) engineering and design services (e.g., plant design support, project...
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.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.
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.
Read all updates
Q4-2025 Updates
Positive
Negative
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.
Read all positive updates
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
Income Statement
12
Very Negative
Balance Sheet
68
Positive
Cash Flow
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
10.99
Price Trends
14.87
Negative
18.17
Negative
29.13
Negative
Market Momentum
-0.89
Negative
35.28
Neutral
18.82
Positive
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 10.99 is below the 20-day moving average (MA) of 12.03, below the 50-day MA of 14.87, and below the 200-day MA of 29.13, indicating a bearish trend. The MACD of -0.89 indicates Negative momentum. The RSI at 35.28 is Neutral, neither overbought nor oversold. The STOCH value of 18.82 is Positive, 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 40 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 | $7.99B | 23.42 | 5.91% | 5.60% | 2.54% | 124.89% | |
64 Neutral | $18.75B | 47.98 | 27.65% | 0.56% | 14.01% | 10.92% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
56 Neutral | $6.75B | 54.13 | 4.95% | 0.42% | 6.07% | 12.07% | |
55 Neutral | $7.10B | -2.94 | -1196.72% | 3.84% | 5.93% | -39.88% | |
55 Neutral | $1.70B | ― | 10.05% | ― | 42.09% | 219.69% | |
47 Neutral | $3.71B | -6.52 | -41.93% | ― | 765.67% | -202.81% |
* Industrials Sector Average
SMR
NuScale Power
10.99
-5.11
-31.74%
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38.81
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39.40
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46.51%
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4.68
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-23.15%
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 ...
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 day...
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.