NuScale Power Corporation

How has the stock done?

Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.

Is the business growing?

In the fiscal year to Dec 2025, Power Plant and NPM related services was 96% and Energy Exploration Centers was 4% of revenue; Power Plant and NPM related services rose from 93% in the fiscal year to Dec 2023.

Quarters: NuScale Power Corporation's SEC filings, named by the month they end. Fiscal years: NuScale Power Corporation's annual reports to the SEC.

How it makes money

The company loses $1130.3 for every $100 of revenue. Operating expenses exceed all of gross profit.

Beyond ±100% the scale is logarithmic, so that Jun 2026's −85,337% and the quarters near zero both read. Circled: Sep 2024 (net −3,675.6%, operating −8,635.6%), Jun 2026 (net −63,385.3%, operating −85,337.3%), Sep 2026 (net −15,534.9%, operating −23,067.6%). Net margin is usually about 1343 points above operating margin; in those quarters something below operating income (a tax charge or benefit, a gain or loss on investments, a write-down) moved it, not the business itself.

Each margin is that line of the income statement divided by revenue. Fiscal year: NuScale Power Corporation's annual reports to the SEC; quarters: SEC filings.

How long can the cash last?

NuScale Power had $933M in cash and short-term investments at the end of Sep 2026. It burned $608M over the last four quarters (operating cash flow minus capital spending), so at that pace the cash lasts about 6 quarters. Its diluted share count is up 331% from two years earlier.

From NuScale Power Corporation's SEC filings: cash and cash equivalents plus short-term investments (none where none is filed) at each quarter end; free cash flow is operating cash flow minus capital spending; shares are each quarter's diluted weighted average as filed, since the stock's listing and its latest split (a 10-K gives no fourth-quarter figure). Shown while the last four quarters' operating cash flow and net income are both negative.

Customers and suppliers

In its latest annual report NuScale Power buys from Fluor, Doosan Enerbility, IHI and 12 more; sells to Fluor, RoPower.

Their suppliers

Celestica CLSto Honeywell

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Suppliers

Curtiss-Wright CW

Fluor FLR

Honeywell HON

IHI IHICF

Mirion Technologies MIR

ATS Industrial Automation

Conval

Doosan Enerbility

Framatome

PaR Systems

Paragon Energy Solutions

P

Precision Custom Components

Sarens Nuclear & Industrial Services

S

Sensia

Trillium Flow Technologies

+7 more

 

SMRNuScale Power

Customers

Fluor FLR 76%

R

RoPower

Their customers

USA Rare Earth USARfrom Fluor

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Partners

EENTRA1Joint development and commercialization of nuclear plantsApproximately $507 million Milestone Contribution 1 cost in 2025

Fluor FLRinvested in NuScale Power · Largest stockholder and strategic commercialization partner

RRoPowerLicenses NuScale intellectual property

NNuclearelectricaTeaming agreement advancing SMR technology delivery

SSargent & LundySupply chain partnership

JJGCPlant engineering, procurement, construction and commissioning

GS EnergyProject development in certain markets

Samsung C&TEngineering, procurement and construction activities

Changes since the previous annual report (10-K filed Mar 3, 2025)

ATS Industrial AutomationNamed for the first time, as a supplier

UUltra EnergyNo longer named (was a supplier)

Fluor FLRCustomer, share of revenue11.4% → 76%

Doosan EnerbilityNo longer a partner, still a supplier

IHI IHICFNo longer a partner, still a supplier

JJGCNo longer a supplier, still a partner

Samsung C&TNo longer a supplier, still a partner

Sarens Nuclear & Industrial ServicesNo longer a partner, still a supplier

Only the companies NuScale Power names in its 10-K filed Feb 26, 2026 (SEC). The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Hover a name for the filing's own words.

Is it expensive?

Currently unprofitable, so P/E does not apply, so we look at price-to-sales instead: 725x, below the peer median of 2169x. Revenue is down 97% from a year ago.

Below the peer median of 2169x. The market pays less per $1 of revenue than for peers.

Its peers here are the other small nuclear reactor companies on this site, a group kept by hand: Yahoo Finance's Specialty Industrial Machinery list is another business.

NuScale Power Corporation is currently unprofitable, so P/E does not apply. We use price-to-sales instead: market cap as a multiple of revenue.

What analysts expect

The average analyst price target is $8.59, 78% above the current price; 32% of 19 analysts rate it a buy; earnings beat estimates in 1 of the last 4 quarters.

Buy or Strong Buy: 6 analysts (32%). Sell or Strong Sell: 5.

Over the past year the average of the analysts' latest price targets went from $40.15 to $7.61 (−81%), while SMR went from $23.15 to $4.82 (−79%). In the past three months targets were cut 10 times and never raised. No upgrades and 2 downgrades over the year; the latest: Barclays moved it to Underweight from Equal-Weight on Oct 20, 2026.

The day after each of these reports the stock moved −2.5% (Dec 2025, missed); −7.2% (Mar 2026, in line); −0.2% (Jun 2026, in line); −1.0% (Sep 2026, beat).

For the quarter ending Dec 2026, analysts expect an adjusted loss of $0.10 a share, and revenue of $368K, down 80% on a year earlier. For the fiscal year ending Dec 2027, they expect an adjusted loss of $0.70 a share, against the year before's estimate of a loss of $0.48.

Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.

Where the cash goes

Capex of $2.4M exceeds operating cash flow of −$605M, leaving free cash flow of −$608M. The gap has to be covered with cash on hand or borrowing.

Free cash flow: operating cash flow minus capital spending on property, plant and equipment, from SEC filings, for the last 4 quarters and by quarter.

Financial health

Current ratio 4.3, no pressure to repay short-term debt.

Latest fiscal year balance sheet. Source: Yahoo Finance.

Who holds it

In the filings of 2 funds whose copy leaves SMR out (on the exchange, not in the app yet): Mirae Asset Global Investments, Swiss National Bank.

What did the funds Hunch tracks do?

Of the 83 funds whose 13F filings Hunch reads, 3 held SMR at the end of their latest quarter (for most, Q2 2026). Over that quarter 3 added shares and 3 sold all. The largest of them is Korea Investment, 1.70M shares worth $17.0M at Jun 30, 2026, 178.3% more than a quarter earlier.

From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of SMR at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end.

Are insiders buying or selling?

Officers and directors sold $1.8B of SMR on the open market in the 12 months to Nov 12, 2026; none bought. 0.1% of the sales were made under 10b5-1 plans, set up in advance. The largest was FLUOR CORP (Director), who sold $1.8B in 5 sales.

From the Form 4s filed with the SEC about NuScale Power Corporation (42 in the 12 months): purchases (code P) and sales (code S) on the open market by its officers and directors, at the price each filing gives (often an average of the day's trades). A sale is a 10b5-1 sale when its filing says it was made under such a plan, set up in advance. Not counted: 43 other transactions (grants, option exercises, shares sold to pay tax and other transfers).