# NuScale Power Corporation (SMR)

> Source: Nexqual · https://nexqual.com/SMR · data as of 2026-10-28 20:00 UTC · cite as "Nexqual, NuScale Power Corporation (SMR), nexqual.com/SMR" · informational, not investment advice.

**Price:** USD 5.67 (-0.53% on the day) · last close of Oct 28, 2026; US market closed, not a live price. Prev close 5.7 · day 5.5–5.77 · 52w 5.2–45.54 · market cap $2.33B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $10.7M, net income -$416M (-3888.7% margin), free cash flow -$779M (SEC filings).
- Insider open-market sales, last ~7 months: 8 Form 4 filings, $474M; 6 not under a Rule 10b5-1 plan ($473M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Hold (mean 2.94 on a 1–5 scale) (18 analysts), mean target USD 11.07 (range 4–20).
- Total return with dividends: 1Y -86.8% vs S&P 500 +13.2%; 5Y -43.5% vs S&P 500 +79.8%.
- Next earnings: 2026-11-05, EPS estimate USD -0.12, revenue estimate $3.8M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $2.9M | $11.8M | $22.8M | $37.0M | $31.5M | $10.7M |
| Gross profit | $1.1M | $4.5M | $3.8M | $32.1M | $11.4M | — |
| Operating income | -$174M | -$230M | -$276M | -$139M | -$690M | -$733M |
| Net income | -$102M | -$25.9M | -$58.4M | -$137M | -$356M | -$416M |
| EPS (diluted) | $0.00 | -$0.51 | -$0.80 | -$1.47 | -$2.17 | — |
| Free cash flow | -$101M | -$151M | -$185M | -$109M | -$460M | -$779M |
| Gross margin | 38.2% | 38.0% | 16.9% | 86.7% | 36.3% | — |
| Operating margin | -6090.1% | -1948.4% | -1208.1% | -374.5% | -2190.6% | -6854.0% |
| Net margin | -3581.2% | -219.5% | -255.9% | -368.8% | -1130.3% | -3888.7% |
| Revenue growth | +377.0% | +312.4% | +93.2% | +62.4% | -15.0% | — |
| Cash + short-term investments | $77.1M | $268M | $120M | $442M | $1.25B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 217.7x · P/B 1.1x · FCF yield -33.47% · Earnings yield -17.86%

## Insider sales (SEC Form 4, open-market, last ~7 months)
2 of 8 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-01 | Hamady Robert Ramsey | Chief Financial Officer | 20,000 | $158K | 12.2% | Yes | Too little history (no open-market trades in 2023) |
| 2026-08-27 | Hamady Robert Ramsey | Chief Financial Officer | 29,880 | $281K | 19.4% | No | Too little history (no open-market trades in 2023) |
| 2026-08-18 | Fujino Shinji | Director | 20,000 | $177K | 53.7% | No | Too little history (no open-market trades in 2024 or 2025) |
| 2026-08-05 | Fisher Carl M. | Chief Operating Officer | 18,771 | $176K | 14.1% | No | Too little history (no open-market trades in 2023) |
| 2026-06-30 | Hamady Robert Ramsey | Chief Financial Officer | 20,000 | $203K | 17.1% | Yes (adopted March 31, 2026) | Too little history (no open-market trades in 2023) |
| 2026-04-21 | Fluor Corp | Director | 13,500,000 | $159M | 100% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-04-15 | Fluor Corp | Director | 12,936,472 | $150M | 48.9% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-04-09 | Fluor Corp | Director | 13,500,000 | $163M | 33.8% | No | Too little history (no open-market trades in 2023 or 2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Hold (mean 2.94 on a 1–5 scale), 18 analysts; mean target USD 11.07 (low 4, high 20).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-28 | B. Riley Securities | Target lowered | Buy | $15 → $10 |
| 2026-10-22 | Truist Securities | Target lowered | Hold | $10 → $8 |
| 2026-10-21 | Citigroup | Target lowered | Sell | $6.5 → $4 |
| 2026-10-20 | Barclays | Downgrade | Equal-Weight → Underweight | $11 → $5 |
| 2026-09-11 | UBS | Downgrade | Neutral → Sell | $10 → $6 |
| 2026-08-14 | B. Riley Securities | Target lowered | Buy | $19 → $15 |
| 2026-08-11 | RBC Capital | Target lowered | Sector Perform | $14 → $10 |
| 2026-08-06 | Canaccord Genuity | Target lowered | Buy | $25 → $15 |
| 2026-08-06 | Citigroup | Target lowered | Sell | $7.5 → $6.5 |
| 2026-07-23 | Barclays | Target lowered | Equal-Weight | $15 → $11 |
| 2026-07-14 | Truist Securities | Initiated | Hold | $10 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-29) | 5Y (from 2022-02-28) |
|---|---|---|
| Total return | -86.8% | -43.5% |
| S&P 500 (SPY) | +13.2% | +79.8% |
| Per year | -87.0% | -11.5% |
| Volatility (annualized) | 95.6% | 98.7% |
| Max drawdown | -88.3% (Oct 2025→Oct 2026) | -89.6% (Jul 2025→Oct 2026) |

## Peers (Specialty Industrial Machinery)
RRX (Regal Rexnord Corporation) USD 161.09 +1.82% · GGG (Graco Inc.) USD 67.16 +1.05% · GNRC (Generac Holdlings Inc.) USD 201.34 +3.94% · CR (Crane Company) USD 198.42 +2.87% · WTS (Watts Water Technologies, Inc.) USD 342.87 -5.12% · INIO (INNIO N.V.) USD 18.35 +8.07%

## More
Full page: https://nexqual.com/SMR · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in SMR's own 10-K filed 2026-02-26 (https://www.sec.gov/Archives/edgar/data/1822966/000182296626000018/smr-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | HONEYWELL INTERNATIONAL INC (HON) | "Other key suppliers include Framatome (fuel assemblies), Honeywell International Inc. (control systems), Paragon Energy Solutions (protection systems), Sensia LLC, Mirion Technologies, Weed Instruments, dba Curtiss-Wrigh…" |
| Supplier | CURTISS WRIGHT CORP (CW) | "Other key suppliers include Framatome (fuel assemblies), Honeywell International Inc. (control systems), Paragon Energy Solutions (protection systems), Sensia LLC, Mirion Technologies, Weed Instruments, dba Curtiss-Wrigh…" |
| Partner | FLUOR CORP (FLR) | "•Our commercialization strategy relies on our relationships with Fluor and other strategic investors and partners, such as ENTRA1, who may have interests that diverge from ours and who may not be easily replaced if their…" |
| Partner | ENTRA1 Energy | "Additionally, we are focused on the Company's ENTRA1 partnership positioning their ENTRA1 Energy Plants™ with NuScale SMRs inside to hyperscalers and technology, industrial and micro-grid companies in sectors that includ…" |
| Partner | Doosan Enerbility | "We have placed orders for Long-lead items for the first twelve NPM upper reactor vessels, including forgings, tubing, tube bending machines and weld materials with Doosan Enerbility Co., Ltd, the Company's manufacturing …" |
| Partner | Department of Energy and CFPP | "Our cash used in operations during the year ended December 31, 2025 increased due to the trigger of Milestone Contribution 1 under the PMA of $247.5 million as we move forward with commercialization efforts, the payment …" |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Energy Exploration Centers | $250,000 | 333.3% | -54.6% |
| Total revenue | $75,000 | 100% | — |
The lines above cover 333.3% of total revenue.

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.12 | $-0.13 | +$0.01 | $3.8M | 7 |
| Next quarter (ends 2026-12-31) | $-0.12 | $-0.13 | $0.00 | $6.0M | 5 |
| Current fiscal year (ends 2026-12-31) | $-0.48 | $-0.51 | +$0.03 | $20.4M | 7 |
| Next fiscal year (ends 2027-12-31) | $-0.73 | $-0.73 | +$0.01 | $126.7M | 10 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-06 (includes earnings 2026-11-05): ±13.6%; last 8 reports averaged ±10.4%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 2 | 97.4% | ±6.3% |
| 2026-11-06 | 9 | 108.0% | ±13.6% |
| 2026-11-13 | 16 | 97.6% | ±16.3% |
| 2026-11-20 | 23 | 94.3% | ±18.7% |
| 2026-11-27 | 30 | 90.6% | ±20.5% |
| 2026-12-04 | 37 | 87.7% | ±22.0% |
| 2026-12-18 | 51 | 87.6% | ±27.1% |
| 2027-01-15 | 79 | 84.3% | ±32.3% |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| Aug 5, 2026 | Quarter ended Jun 30, 2026 | −$0.13 | −$0.13 | In line | -0.2% |
| May 7, 2026 | Quarter ended Mar 31, 2026 | −$0.14 | −$0.14 | In line | -7.2% |
| Feb 26, 2026 | Quarter ended Dec 31, 2025 | −$0.80 | −$0.15 | Miss −433.3% | -2.5% |
| Nov 6, 2025 | Quarter ended Sep 30, 2025 | −$1.85 | −$0.14 | Miss −1221.4% | -20.0% |
| Aug 7, 2025 | — | — | — | — | -14.3% |
| May 12, 2025 | — | — | — | — | +24.0% |
| Mar 3, 2025 | — | — | — | — | +0.2% |
| Nov 7, 2024 | — | — | — | — | +14.4% |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-08-14 | Schedule 13G/A | Van Eck Associates Corporation: 8.5% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/1822966/000086917826000088/0000869178-26-000088-index.htm |
| 2026-08-11 | 8-K | Entered a material agreement — “On August 11, 2026, NuScale Power Corporation (the "Company") entered into a Sales Agreement (the "Sales Agreement") with UBS Securities LLC ("UBS"), B. Riley Securities, Inc. ("B. Riley"), Canaccord Genuity LLC ("Canaccord"), Craig-Hallum Capital Group, LLC ("Craig-Hallum"), TCBI Securities, Inc., doing business as Texas Capital Securities ("TCS") and Tuohy Brothers Investment Research, Inc. ("Tuohy Brothers") with respect to an at-the-market offering program under which the Company may offer and sell, from time…” | https://www.sec.gov/Archives/edgar/data/1822966/000110465926094073/0001104659-26-094073-index.htm |
| 2026-08-05 | 8-K | Quarterly results | https://www.sec.gov/Archives/edgar/data/1822966/000182296626000086/0001822966-26-000086-index.htm |
| 2026-08-05 | 10-Q | Quarterly report · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/1822966/000182296626000085/0001822966-26-000085-index.htm |
| 2026-07-29 | Schedule 13G | BlackRock, Inc.: 6.5% of shares, passive 5%+ holder | https://www.sec.gov/Archives/edgar/data/1822966/000201238326002835/0002012383-26-002835-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.