NuScale Power (SMR) AI Stock Analysis

• Market Cap: $4.99B
• Dividend Yield: N/A
• Average Volume (3M): 26.32M
• 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: 28,979,844
• 30 Day Avg. Volume: 26,319,731
• 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: 2.07
• Enterprise Value/Revenue: 161.96
• Enterprise Value/Gross Profit: 242.59
• Enterprise Value/Ebitda: -16.74
• 1Y Price Target: $31.32
• Price Target Upside: 75.17% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 13
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 52 Neutral
• Price Target: $17.50 ▼(-2.13% 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 margin & revenue improvement

Sustained gross margins near 77% alongside improving revenue demonstrate strong pricing power and favorable contract mix in NuScale's engineering/licensing services. High gross margins provide durable operating leverage as projects scale, aiding a path to profitability if SG&A and commercialization costs normalize.

Conservative balance sheet (no debt)

A zero-debt capital structure with sizable equity provides financial flexibility for multi-year nuclear projects and shields the company from interest shocks. Low leverage reduces default risk, supports longer development timelines, and increases capacity to absorb milestone timing variability without immediate solvency pressure.

Large commercial partnership and improved liquidity

The TVA/InterOne program (up to 6 GW, first power targeted by 2030) represents a tangible commercialization pathway and potential multi-site offtake pipeline. Coupled with a materially stronger liquidity position after equity issuance, this enhances NuScale's ability to fund commercialization, secure suppliers, and pursue multi-module deployments.

Negative Factors

Persistent negative cash flow

Deep, sustained cash burn (~-$282M TTM) indicates the business still consumes large amounts of capital to advance projects. Continued negative cash flow forces reliance on equity markets or partner financing, raising dilution and execution risk and potentially slowing project schedules absent a durable cash-flow turnaround.

Milestone payment and partner execution risk

A $148.5M milestone payment materially strained near-term cash and highlights milestone-tied financing risk. Coupled with doubts about InterOne's operating track record, the company is exposed to counterparty execution risk that could delay deployments, trigger additional cash needs, or require renegotiation of commercial terms.

Very large operating losses and negative returns

Severe operating losses and a deeply negative net margin show the current cost structure doesn't scale with revenue. Persistent negative returns threaten equity value and indicate management must materially reduce operating burn or secure high-margin, recurring revenues to achieve sustainable profitability and protect the balance sheet.

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

Revenue is improving and gross margin is very strong (~76.7%), and the balance sheet shows zero reported debt with sizable equity (~$828.7M). However, results are dominated by very large losses (TTM net loss ~$379.9M; net margin ~-682.7%), sharply worse operating performance (TTM EBIT about -$628.7M), and heavy cash burn (TTM operating/FCF about -$282M).

Income Statement

TTM (Trailing-Twelve-Months) revenue improved to ~$63.9M (up ~13.8%), and gross margin is strong (~76.7%), indicating good pricing and/or favorable contract mix at the gross profit level. However, profitability remains very weak: TTM net loss is ~$379.9M with deeply negative net margin (~-682.7%), and operating losses widened substantially versus 2024 (EBIT fell from about -$138.7M in 2024 to about -$628.7M TTM). Overall, the business is showing top-line momentum, but the cost structure is not yet scaling and losses are expanding.

Balance Sheet

The balance sheet is conservatively levered with zero reported total debt in both 2024 and TTM (Trailing-Twelve-Months), and equity is sizable (TTM equity ~$828.7M vs. total assets ~$883.1M), providing a meaningful capital cushion. The key weakness is ongoing value erosion from losses: returns on equity are materially negative (about -53% TTM and ~-22% in 2024), which can pressure equity over time if losses persist. In short, low financial leverage is a strength, but the company must improve profitability to protect its capital base.

Cash Flow

Cash generation is a major challenge: TTM (Trailing-Twelve-Months) operating cash flow is about -$282.3M and free cash flow is about -$282.5M, a significant deterioration from 2024 (operating cash flow about -$108.7M). Free cash flow growth shows a large positive percentage in TTM, but this appears to be driven by year-to-year volatility while the absolute level remains deeply negative. Free cash flow broadly tracks net losses (roughly one-for-one), reinforcing that the business is still consuming substantial cash to operate.

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: 17.88
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: 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 17.88 is below the 20-day moving average (MA) of 19.09, below the 50-day MA of 18.50, and below the 200-day MA of 30.91, indicating a bearish trend. The MACD of -0.50 indicates Positive momentum. The RSI at 41.15 is Neutral, neither overbought nor oversold. The STOCH value of 17.51 is Positive, 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	$18.84B	61.62	26.69%	0.56%	14.01%	10.92%
ORA	71 Outperform	$7.64B	57.46	5.45%	0.42%	6.07%	12.07%
CWEN.A	70 Neutral	$7.18B	14.28	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	18.75	7.64%	―	42.09%	219.69%
SMR	52 Neutral	$4.99B	-6.26	-76.85%	―	765.67%	-202.81%
BEPC	51 Neutral	$7.36B	-6.28	-38.17%	3.84%	5.93%	-39.88%

NuScale Power Corporate Events

NuScale Power Sets Date for Full-Year 2025 Results

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.

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.