NuScale Power (SMR)
NYSE:SMR
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NuScale Power
(NYSE:SMR)
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Rating:51Neutral
Price Target:
$11.50
▼(-9.09% Downside)
Action:Reiterated
Date:05/09/26
The score is held down primarily by weak financial performance: shrinking revenue, persistent large losses, and heavy cash burn. The main supports are a strong liquidity/low-debt position and constructive strategic/regulatory progress discussed on the earnings call. Technicals are modestly positive in the short term but the longer-term trend remains weak, and valuation is difficult to assess favorably given ongoing losses and no dividend yield.
Positive Factors
Regulatory Leadership
Holding NRC Part 52 approvals for two module sizes creates a durable regulatory moat: customers can reference an approved design, shortening licensing timelines and lowering permitting risk. That boosts repeatable deployment economics and industry credibility over multi-year commercialization cycles.
Negative Factors
Severe Cash Burn
Persistent, large negative operating and free cash flows mean ongoing financing is required to sustain operations. Even with current cash, further delays to project FIDs or higher OpEx will force additional capital raises, increasing dilution risk and potentially limiting resources available for commercialization execution.
Read all positive and negative factors
Positive Factors
Negative Factors
Regulatory Leadership
Holding NRC Part 52 approvals for two module sizes creates a durable regulatory moat: customers can reference an approved design, shortening licensing timelines and lowering permitting risk. That boosts repeatable deployment economics and industry credibility over multi-year commercialization cycles.
Read all positive factors
NuScale Power (SMR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.85B
Dividend YieldN/A
Average Volume (3M)25.02M
Price to Earnings (P/E)―
Beta (1Y)3.38
Revenue Growth-61.93%
EPS Growth-66.79%
CountryUS
Employees330
SectorIndustrials
Sector Strength72
IndustryRenewable Utilities
Share Statistics
EPS (TTM)-2.41
Shares Outstanding323,734,130
10 Day Avg. Volume38,462,295
30 Day Avg. Volume25,020,066
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 Cap0.78
Enterprise Value/Revenue161.09
Enterprise Value/Gross Profit718.62
Enterprise Value/Ebitda-4.32
Forecast
1Y Price Target
$16.00Price Target Upside26.48% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering14
EPS Forecast (FY)-0.55
Revenue Forecast (FY)$52.20M
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’s business model is primarily based on monetizing its SMR technology through a combination of (1) technology-related and engineering services and (2) future commercial deployments of its reactor plants, supported by strategic partnerships....
NuScale Power Earnings Call Summary
Earnings Call Date:May 07, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 12, 2026
Earnings Call Sentiment Neutral
The call highlighted significant strategic and technical achievements (unique NRC Part 52 approvals for two designs, LEU fuel availability, dry‑cooling water savings, strong supplier relationships, and a robust liquidity position increasing from ~$1.0B to >$1.2B), and identified promising commercial opportunities (ENTRA1–TVA pipeline and RoPower in Romania). At the same time, near‑term financials are weak (Q1 revenue fell ~95.5% year‑over‑year to $0.6M), commercialization remains dependent on third‑party financing and PPA/OEM finalizations, operating expenses are substantial (~$55M this quarter) and timelines for FIDs remain uncertain. Overall, the call conveys strategic strength and clear commercialization potential but balanced by near‑term revenue and execution risks.Positive Updates
Unique Regulatory Leadership
Only SMR company to earn U.S. NRC Standard Design Approval under 10 CFR Part 52 for both 50 MW and 77 MW module designs, enabling a streamlined single combined license pathway and making future projects able to reference an approved design.
Negative Updates
Sharp Year‑Over‑Year Revenue Decline
Revenue for the quarter was $0.6 million (3 months ended March 31, 2026) versus $13.4 million in the prior-year period, a decrease of approximately 95.5%, primarily due to absence of RoPower-related license/engineering recognition that occurred in early 2025.
Read all updates
Q1-2026 Updates
Positive
Negative
Unique Regulatory Leadership
Only SMR company to earn U.S. NRC Standard Design Approval under 10 CFR Part 52 for both 50 MW and 77 MW module designs, enabling a streamlined single combined license pathway and making future projects able to reference an approved design.
Read all positive updates
Company Guidance
NuScale said its near-term financial guidance centers on a strong liquidity position and project-driven revenue pickup: cash and capital resources were about $1.0 billion at March 31, 2026 and rose to over $1.2 billion by early May; Q1 revenue was $0.6 million (vs. $13.4 million a year earlier), and the company generated $37.9 million gross from selling 3.2 million Class A shares in Q1; historical RoPower pre‑EPC work produced roughly $8 million of revenue in 2024–2025 and NuScale expects similar site‑specific licensing / pre‑FEED work once ENTRA1/TVA PPAs are finalized, with the RoPower pre‑EPC phase (if financed) expected to last ~15 months; management said signing an equipment OEM (and associated staged payments under the PMA/milestone framework) should be cash‑positive at that milestone and the CFO expressed hope to be operationally cash‑flow positive by year‑end, while reiterating no guidance on CapEx per module or $/kWh and emphasizing supply‑chain derisking (37 key suppliers engaged, 120–130 attendees at the supplier summit) and regulatory advantages (NRC SDA for 50 MW and 77 MW designs, Part 52 pathway).NuScale Power Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
62
Positive
Cash Flow
22
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 18.67M | 31.48M | 37.05M | 22.81M | 11.80M | 2.86M |
| Gross Profit | 4.19M | 11.43M | 32.11M | 3.85M | 4.49M | 1.09M |
| EBITDA | -695.89M | -662.94M | -133.65M | -273.01M | -227.30M | -172.10M |
| Net Income | -385.80M | -355.79M | -136.62M | -58.36M | -57.07M | -102.49M |
Balance Sheet | ||||||
| Total Assets | 1.15B | 1.41B | 544.67M | 224.86M | 348.63M | 121.20M |
| Cash, Cash Equivalents and Short-Term Investments | 890.13M | 1.25B | 441.56M | 120.27M | 267.69M | 77.09M |
| Total Debt | 0.00 | 0.00 | 0.00 | 2.94M | 4.35M | 15.44M |
| Total Liabilities | 38.43M | 298.96M | 91.55M | 95.52M | 71.55M | 54.94M |
| Stockholders Equity | 1.17B | 1.17B | 618.70M | 93.46M | 114.68M | 66.26M |
Cash Flow | ||||||
| Free Cash Flow | -753.46M | -460.12M | -108.71M | -184.98M | -150.94M | -101.11M |
| Operating Cash Flow | -751.50M | -459.61M | -108.67M | -183.25M | -148.61M | -99.16M |
| Investing Cash Flow | -639.60M | -411.26M | -39.85M | 48.27M | -52.33M | -1.95M |
| Financing Cash Flow | 1.24B | 1.31B | 429.81M | 16.13M | 368.06M | 173.34M |
NuScale Power Technical Analysis
Neutral
12.65
Price Trends
12.31
Positive
15.41
Negative
26.98
Negative
Market Momentum
-0.36
Negative
59.63
Neutral
82.43
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SMR, the sentiment is Neutral. The current price of 12.65 is above the 20-day moving average (MA) of 10.62, above the 50-day MA of 12.31, and below the 200-day MA of 26.98, indicating a neutral trend. The MACD of -0.36 indicates Negative momentum. The RSI at 59.63 is Neutral, neither overbought nor oversold. The STOCH value of 82.43 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
68 Neutral | $18.76B | 51.39 | 27.91% | 0.56% | 21.39% | 19.25% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
61 Neutral | $8.08B | 38.71 | 4.95% | 0.42% | 31.45% | 1.12% | |
55 Neutral | $1.95B | -231.49 | 10.05% | ― | 44.58% | 487.28% | |
51 Neutral | $3.85B | -10.08 | -41.93% | ― | -61.93% | -66.79% | |
48 Neutral | $6.55B | -0.61 | 494.50% | 3.84% | -6.14% | -1632.62% |
* Industrials Sector Average
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NuScale Power Corporate Events
Business Operations and StrategyFinancial Disclosures
NuScale Power Schedules Q1 2026 Results Conference Call
Neutral
Apr 8, 2026
NuScale Power Corporation, based in Corvallis, Ore., operates in the nuclear energy technology industry, specializing in advanced small modular reactor (SMR) designs. Its flagship NuScale Power Module™ is a small, safe pressurized water reac...
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 ...
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.