NUSCALE POWER Corp (SMR) Stock Analysis and Metrics

Nuscale Power

NYSE: SMR

$8.09 ▼ -0.72 (-8.17%)

At close: Jul 24, 2026 · 4:03 PM UTC

Financial Ratios

Market Cap2.59 Bn

P/E-3.80

P/S138.72

Div. Yield0.00

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About

NuScale is redefining nuclear power through the development of proprietary and innovative small modular reactor technology that the company believes will deliver safe scalable cost effective and reliable carbon free power. The company’s core technology the Light Water Nuclear Reactor NuScale Power Module can generate 77 megawatts electric and is based on well established nuclear technology principles with a focus on integration of components simplification or elimination of systems and use of passive safety features. Since 2007 over 1 point 8 billion dollars has been invested in the development of NuScale technology including more than 578 point 3 million dollars from the Department of Energy under a series of cost share programs and the company has received 513 patents globally with an additional 268 patent applications currently pending. In September 2020 the company’s 12 module design became the first and only small modular reactor to receive a Standard Design Approval from the Nuclear Regulatory Commission. In May 2025 the Nuclear Regulatory Commission finalized their review and approved the company’s second Standard Design Application and the associated licensing topical reports for NuScale’s 6 unit 77 megawatts electric NuScale Power Module design. Customers in the United States are now able to reference the approved design and Standard Design Application for expedited construction and operating licensing for a plant that uses the NuScale small modular reactor technology.

NuScale generates revenue primarily from the sale of its NuScale Power Modules and associated nuclear steam supply system equipment. The company also plans to offer a diversified suite of services throughout the development and operating life of the power plant including licensing support testing training fuel supply services program management and other related services. Revenue from services is expected to begin approximately five years prior to a power plant’s commercial operation date and to continue throughout the life of the plant. In addition NuScale anticipates that its service offerings will achieve high penetration rates across the customer base and will provide consistent recurring revenues as more NuScale based plants are deployed.

The company operates through the following segments.

• NuScale Power Modules and Nuclear Steam Supply System segment encompasses the design manufacture and sale of the NuScale Power Module the provision of nuclear steam supply system equipment licensing support testing training fuel supply services program management and other related services throughout the project lifecycle.

NuScale holds a distinctive position in the nuclear energy industry as the first and only small modular reactor designer to obtain a Standard Design Approval from the U. S. Nuclear Regulatory Commission which provides customers with regulatory certainty before committing capital. The company’s competitive advantages include a large intellectual property portfolio of 513 issued patents and 268 pending applications a proven technology base rooted in six decades of light water reactor operation a simplified factory built module that reduces capital and construction costs and a passive safety system that allows an unlimited coping period and eliminates the need for backup power. These strengths differentiate NuScale from traditional large scale nuclear reactors from other small modular reactor developers and from competing carbon free sources such as wind and solar which are intermittent.

The company’s customer base consists of domestic and international governments utilities state owned enterprises and technology and industrial companies that require carbon free reliable energy. Specific customers disclosed in the filing include RoPower Nuclear S. A. a joint venture between S. N. Nuclearelectrica S. A. and Nova Power & Gas S. A. which is developing a project at the Doicesti Power Station site in Romania using NuScale’s 6 unit 77 megawatts electric design. The company also has a strategic partnership with ENTRA1 which holds exclusive rights for the worldwide commercialization distribution sales and development of NuScale products and is in negotiations with the Tennessee Valley Authority to deploy up to six 12 module power plants. In addition NuScale engages with other prospective customers in sectors such as data centers artificial intelligence hydrogen production water desalination and mission critical facilities.

Investment Thesis

▲ Bull case

NuScale’s regulatory edge is a material advantage that the market is not fully pricing in. The company holds the only U.S. Nuclear Regulatory Commission Standard Design Approval under the modern Part 52 framework for two distinct module sizes, a feat no competitor has matched. This approval provides a single combined license that resolves major safety and design questions before any capital is spent on site, drastically reducing development risk compared to the traditional Part 50 route that requires multiple reviews and can lead to costly delays. Because the NRC has validated the design, future projects can reference the approved baseline, allowing NuScale to move faster from agreement to construction while competitors still navigate uncertain licensing paths.
The firm’s fuel strategy removes a critical supply chain exposure that peers still face. NuScale Power Modules operate on low enriched uranium, a commodity with mature global production and multiple qualified suppliers, including Framatome sites in the United States and Europe. In contrast, many advanced reactor concepts depend on high assay low enriched uranium, a fuel that lacks commercial scale availability in North America and is subject to geopolitical constraints. By relying on widely available fuel, NuScale eliminates a potential bottleneck that could stall rival projects and gives it a smoother path to meet customer timelines for baseload power delivery.
Modular factory fabrication gives NuScale a deployment flexibility that translates into faster revenue recognition and lower construction risk. Each module is a fully integrated self contained unit built in a factory and shipped to the site with minimal nuclear grade field work, enabling plug and play scalability as load grows. This approach allows early units to generate revenue while additional modules are being fabricated, creating a cash flow profile that improves with each added block. The redundancy and regulator validated design further enhance reliability, making the technology attractive to utilities and industrial customers that need resilient power without prolonged construction timelines.
Recent macro developments signal a strong tailwind that management highlighted but the market may be underestimating. The U.S. Department of Energy is preparing a financing initiative to help utilities secure long lead components such as reactor vessels and steam generators, which could shorten build times for nuclear projects. Simultaneously, the United States Japan framework and Korean legislative actions are earmarking hundreds of billions of dollars for strategic industries including nuclear power, AI and semiconductors, creating a pool of sovereign backed capital that could be directed toward NuScale led projects like the TVA ENTRA1 arrangement. These financing mechanisms, combined with the company’s existing liquidity exceeding one billion dollars, reduce the funding risk that often hinders first of a kind nuclear deployments.
NuScale’s ability to deliver high temperature steam opens a large addressable market in hard to abate sectors that the market has not fully valued. The company’s technology can provide process heat for chemical production, petroleum refining, cement manufacturing and desalination, industries that together represent hundreds of billions of dollars in annual economic activity. By offering a zero carbon heat source that can be sited directly at the point of use, NuScale can capture premium pricing and long term off‑take agreements that are less sensitive to electricity price volatility. This diversification beyond pure power generation adds a resilient revenue stream that could accelerate profitability as industrial decarbonization mandates tighten worldwide.

NuScale’s regulatory edge is a material advantage that the market is not fully pricing in. The company holds the only U.S. Nuclear Regulatory Commission Standard Design Approval under the modern Part 52 framework for two distinct module sizes, a feat no competitor has matched. This approval provides a single combined license that resolves major safety and design questions before any capital is spent on site, drastically reducing development risk compared to the traditional Part 50 route that requires multiple reviews and can lead to costly delays. Because the NRC has validated the design, future projects can reference the approved baseline, allowing NuScale to move faster from agreement to construction while competitors still navigate uncertain licensing paths.
The firm’s fuel strategy removes a critical supply chain exposure that peers still face. NuScale Power Modules operate on low enriched uranium, a commodity with mature global production and multiple qualified suppliers, including Framatome sites in the United States and Europe. In contrast, many advanced reactor concepts depend on high assay low enriched uranium, a fuel that lacks commercial scale availability in North America and is subject to geopolitical constraints. By relying on widely available fuel, NuScale eliminates a potential bottleneck that could stall rival projects and gives it a smoother path to meet customer timelines for baseload power delivery.
Modular factory fabrication gives NuScale a deployment flexibility that translates into faster revenue recognition and lower construction risk. Each module is a fully integrated self contained unit built in a factory and shipped to the site with minimal nuclear grade field work, enabling plug and play scalability as load grows. This approach allows early units to generate revenue while additional modules are being fabricated, creating a cash flow profile that improves with each added block. The redundancy and regulator validated design further enhance reliability, making the technology attractive to utilities and industrial customers that need resilient power without prolonged construction timelines.
Recent macro developments signal a strong tailwind that management highlighted but the market may be underestimating. The U.S. Department of Energy is preparing a financing initiative to help utilities secure long lead components such as reactor vessels and steam generators, which could shorten build times for nuclear projects. Simultaneously, the United States Japan framework and Korean legislative actions are earmarking hundreds of billions of dollars for strategic industries including nuclear power, AI and semiconductors, creating a pool of sovereign backed capital that could be directed toward NuScale led projects like the TVA ENTRA1 arrangement. These financing mechanisms, combined with the company’s existing liquidity exceeding one billion dollars, reduce the funding risk that often hinders first of a kind nuclear deployments.
NuScale’s ability to deliver high temperature steam opens a large addressable market in hard to abate sectors that the market has not fully valued. The company’s technology can provide process heat for chemical production, petroleum refining, cement manufacturing and desalination, industries that together represent hundreds of billions of dollars in annual economic activity. By offering a zero carbon heat source that can be sited directly at the point of use, NuScale can capture premium pricing and long term off‑take agreements that are less sensitive to electricity price volatility. This diversification beyond pure power generation adds a resilient revenue stream that could accelerate profitability as industrial decarbonization mandates tighten worldwide.

▼ Bear case

Revenue generation remains minimal and highly contingent on securing definitive power purchase agreements, leaving the company exposed to execution delays. In the most recent quarter NuScale reported only six hundred thousand dollars in revenue, a sharp decline from the prior year’s thirteen point four million, reflecting the completion of earlier milestone work without new contracts. Until a binding PPA with TVA or another offtaker is signed, the firm will continue to rely on milestone payments and pre FEED services that are modest in scale and do not provide sustainable operating cash flow. The market may be overestimating the speed at which these large scale agreements will materialize given the complex negotiation timelines typical for utility scale power projects.
Supply chain readiness, while touted as a strength, still depends on a limited set of partners for critical long lead items, creating concentration risk. NuScale has secured commitments with Doosan Enerbility for module manufacturing and Framatome for fuel, but any disruption at these facilities, whether due to labor issues, geopolitical tensions, or capacity constraints, could cascade into schedule slips. The firm’s multi sourcing strategy is still in early stages and has not yet been proven under the pressure of a full scale build program, leaving investors vulnerable to unforeseen bottlenecks that could erode the anticipated deployment cadence.
The economic case for NuScale’s technology remains sensitive to external cost pressures that management downplayed. While the company emphasizes the advantages of low enriched uranium and behind the meter siting, it did not fully address how fluctuating commodity prices, logistics expenses, and potential tariff changes could affect the overall capital cost of a project. Recent trade policy shifts have introduced uncertainty around the cost of imported components and materials, which could offset the savings from dry cooling or modular fabrication. If input costs rise sharply, the projected competitiveness of NuScale derived power versus renewables or natural gas may deteriorate, dampening customer enthusiasm.
Strategic focus on a few flagship opportunities creates concentration risk in the growth narrative. Management repeatedly highlighted the TVA ENTRA1 and RoPower projects as primary near term catalysts, suggesting that much of the anticipated upside hinges on the success of these two initiatives. Should either encounter setbacks, whether financing delays, regulatory pushback, or shifts in partner priorities, the company’s pipeline would lack sufficient diversification to sustain growth expectations. The reliance on a narrow set of partners also raises concerns about bargaining power and the ability to secure favorable terms in future negotiations.

Revenue generation remains minimal and highly contingent on securing definitive power purchase agreements, leaving the company exposed to execution delays. In the most recent quarter NuScale reported only six hundred thousand dollars in revenue, a sharp decline from the prior year’s thirteen point four million, reflecting the completion of earlier milestone work without new contracts. Until a binding PPA with TVA or another offtaker is signed, the firm will continue to rely on milestone payments and pre FEED services that are modest in scale and do not provide sustainable operating cash flow. The market may be overestimating the speed at which these large scale agreements will materialize given the complex negotiation timelines typical for utility scale power projects.
Supply chain readiness, while touted as a strength, still depends on a limited set of partners for critical long lead items, creating concentration risk. NuScale has secured commitments with Doosan Enerbility for module manufacturing and Framatome for fuel, but any disruption at these facilities, whether due to labor issues, geopolitical tensions, or capacity constraints, could cascade into schedule slips. The firm’s multi sourcing strategy is still in early stages and has not yet been proven under the pressure of a full scale build program, leaving investors vulnerable to unforeseen bottlenecks that could erode the anticipated deployment cadence.
The economic case for NuScale’s technology remains sensitive to external cost pressures that management downplayed. While the company emphasizes the advantages of low enriched uranium and behind the meter siting, it did not fully address how fluctuating commodity prices, logistics expenses, and potential tariff changes could affect the overall capital cost of a project. Recent trade policy shifts have introduced uncertainty around the cost of imported components and materials, which could offset the savings from dry cooling or modular fabrication. If input costs rise sharply, the projected competitiveness of NuScale derived power versus renewables or natural gas may deteriorate, dampening customer enthusiasm.
Strategic focus on a few flagship opportunities creates concentration risk in the growth narrative. Management repeatedly highlighted the TVA ENTRA1 and RoPower projects as primary near term catalysts, suggesting that much of the anticipated upside hinges on the success of these two initiatives. Should either encounter setbacks, whether financing delays, regulatory pushback, or shifts in partner priorities, the company’s pipeline would lack sufficient diversification to sustain growth expectations. The reliance on a narrow set of partners also raises concerns about bargaining power and the ability to secure favorable terms in future negotiations.

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Investment Thesis

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Investment Thesis

Product and Service Breakdown of Revenue (2025)

Peer Comparison

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