Oklo
OKLO on NYSE. Oklo sells electricity and heat from nuclear powerhouses to customers. Market value $6.7bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
Nothing stands out yet.
See Utilities stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-3.85 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: not known. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
$38.55 a share, 12% above its 1-year low
Over the past year the price has ranged from $34.38 to $193.84.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
Spare cash swings from quarter to quarter here: a shortfall of $276 million in the past 12 months, a shortfall of $115 million in the year to December 2025.
| Revenue | ||||
| Revenue | n/a | n/a | n/a | n/a |
| Operating margin | ||||
| Operating margin | n/a | n/a | n/a | n/a |
| Debt to equity | ||||
| Debt to equity | n/a | n/a | n/a | n/a |
| Shares outstanding | ||||
| Shares outstanding | n/a | 0.12bn | 0.16bn | 0.19bn |
Health checks
- Free cash flow positive0 of 3 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)Not enough data
- Profit backed by cash (accruals)Yes
- DebtUnknown
- Revenue growth, five yearsUnknown
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- A loss of $49 million, compared with a loss of $25 million a year ago.
- Over the past 12 months it spent $276 million more cash than it brought in, compared with $53 million a year earlier.
- 26% more shares than a year ago. Each share owns a bit less of the company.
| Quarter to | Amount |
|---|---|
| September 2024 | -$10m |
| December 2024 | -$12m |
| March 2025 | -$10m |
| June 2025 | -$25m |
| September 2025 | -$30m |
| December 2025 | -$41m |
| March 2026 | -$33m |
| June 2026 | -$49m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 17 March 2026
- Next quarterly (estimated, 10-Q)
- 6 November 2026
Who owns it
1 long-term investor we follow owns it, unchanged from 1 last quarter. 670 funds in all.
- Mairs & PowerAndy Adams
- Value
- $814,307
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Mairs & PowerAndy Adams | $814,307 | <0.1% |
Largest holders overall
- Mirae Asset Global Etfs Holdings$468m
- VAN ECK Associates$414mAdded
- BlackRock$383mCut
- Vanguard Capital Management$342mAdded
- Vanguard Portfolio Management$336mAdded
- Morgan Stanley$171mAdded
- State Street$124mCut
- Geode Capital Management$124mCut
- Cantor Fitzgerald, L. P.$114mAdded
- UBS Group AG$110mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
4 investors own more than 5%.
- Caroline CochranInsider or founder16.2%−2.0 ptsSince 30 June 2025
- Jacob DeWitteInsider or founderat least 11.1%−1.1 pts(filed with 1 related holder)Since 1 July 2026
- Samuel H. AltmanInsider or founderat least 4.8%−3.4 pts(filed with 4 related holders)Since 6 March 2025
- Zachary BoguePassive investorat least 4.4%(filed with 5 related holders)Since 31 December 2024
- BlackRock, Inc.Passive investorSold down below 5%Since 30 June 2026
- M. Klein Associates, Inc.Passive investorSold down below 5%Since 31 December 2024
- Apollo Projects, L.P.Insider or founderSold down below 5%Since 14 November 2024
What they said
The information set forth or incorporated by reference in Items 3 and 6 of this Statement is incorporated by reference into this Item 4. Business Combination On May 9, 2024 (the "Closing Date"), pursuant to an Agreement and Plan of Merger and Reorganization, dated as of July 11,…
Read the filing - The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
- Encompass Capital Advisors LLCPassive investorSold down below 5%Since 31 December 2024
- Mithril II LPPassive investorSold down below 5%Since 31 December 2024
| Holder | Stake | Since | |
|---|---|---|---|
Caroline Cochran Insider or founder | 16.2%−2.0 pts | 30 June 2025 | |
Jacob DeWitte Insider or founder | at least 11.1%−1.1 pts (filed with 1 related holder) | 1 July 2026 | |
Samuel H. Altman Insider or founder | at least 4.8%−3.4 pts (filed with 4 related holders) | 6 March 2025 | |
Zachary Bogue Passive investor | at least 4.4% (filed with 5 related holders) | 31 December 2024 | |
BlackRock, Inc. Passive investor | Sold down below 5% | 30 June 2026 | |
M. Klein Associates, Inc. Passive investor | Sold down below 5% | 31 December 2024 | |
Apollo Projects, L.P. Insider or founder | Sold down below 5% | 14 November 2024 | What they saidThe information set forth or incorporated by reference in Items 3 and 6 of this Statement is incorporated by reference into this Item 4. Business Combination On May 9, 2024 (the "Closing Date"), pursuant to an Agreement and Plan of Merger and Reorganization, dated as of July 11,… Read the filing |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 | |
Encompass Capital Advisors LLC Passive investor | Sold down below 5% | 31 December 2024 | |
Mithril II LP Passive investor | Sold down below 5% | 31 December 2024 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 10 sold $481m, $398m of it under preset trading plans.
- Narayanadas VivekGeneral Counsel & SecretarySold
- Date
- 5 October 2026
- Shares
- 649
- Price
- $35.93
- Value
- $23,319
- Cochran CarolineCo-Founder, COO, DirectorSoldunder a preset trading plan
- Date
- 1 October 2026
- Shares
- 120,000
- Price
- $36.51
- Value
- $4m
- DeWitte JacobCo-Founder, CEO, DirectorSoldunder a preset trading plan
- Date
- 1 October 2026
- Shares
- 120,000
- Price
- $36.51
- Value
- $4m
- Bealmear Richard CraigChief Financial OfficerSoldunder a preset trading plan
- Date
- 1 October 2026
- Shares
- 16,477
- Price
- $36.87
- Value
- $607,507
- Renner AlexandraChief Product OfficerSold
- Date
- 28 September 2026
- Shares
- 1,100
- Price
- $37.39
- Value
- $41,129
- Hanson JohnChief of StaffSold
- Date
- 28 September 2026
- Shares
- 1,100
- Price
- $37.39
- Value
- $41,129
- Goodwin William Carroll MurphyChief Strategy OfficerSold
- Date
- 28 September 2026
- Shares
- 1,775
- Price
- $37.39
- Value
- $66,367
- Jansen John MDirectorSold
- Date
- 14 September 2026
- Shares
- 6,354
- Price
- $36.67
- Value
- $233,001
- Narayanadas VivekGeneral Counsel & SecretarySoldunder a preset trading plan
- Date
- 9 September 2026
- Shares
- 365
- Price
- $43.31
- Value
- $15,808
- Narayanadas VivekGeneral Counsel & SecretarySoldunder a preset trading plan
- Date
- 8 September 2026
- Shares
- 238
- Price
- $42.06
- Value
- $10,010
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 5 October 2026 | Narayanadas Vivek General Counsel & Secretary | Sold | 649 | $35.93 | $23,319 |
| 1 October 2026 | Cochran Caroline Co-Founder, COO, Director | Sold under a preset trading plan | 120,000 | $36.51 | $4m |
| 1 October 2026 | DeWitte Jacob Co-Founder, CEO, Director | Sold under a preset trading plan | 120,000 | $36.51 | $4m |
| 1 October 2026 | Bealmear Richard Craig Chief Financial Officer | Sold under a preset trading plan | 16,477 | $36.87 | $607,507 |
| 28 September 2026 | Renner Alexandra Chief Product Officer | Sold | 1,100 | $37.39 | $41,129 |
| 28 September 2026 | Hanson John Chief of Staff | Sold | 1,100 | $37.39 | $41,129 |
| 28 September 2026 | Goodwin William Carroll Murphy Chief Strategy Officer | Sold | 1,775 | $37.39 | $66,367 |
| 14 September 2026 | Jansen John M Director | Sold | 6,354 | $36.67 | $233,001 |
| 9 September 2026 | Narayanadas Vivek General Counsel & Secretary | Sold under a preset trading plan | 365 | $43.31 | $15,808 |
| 8 September 2026 | Narayanadas Vivek General Counsel & Secretary | Sold under a preset trading plan | 238 | $42.06 | $10,010 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the serious warning signs we check for were found. 1 thing worth knowing.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 17 Mar 2026, plus the 10-Q filed 7 Aug 2026 and 5 later 8-Ks.
Changed auditor
Worth knowingThe company changed its auditor (the firm that checks its books) in the last two years.
“Effective October 9, 2024, the Audit Committee of the Board of Directors (the “Audit Committee”) of Oklo Inc., a Delaware corporation (the “Company”; prior to the consummation of the business combination with AltC Acquisition Corp. on May 9, 2024, “Legacy Oklo”), dismissed Marcum LLP (“Marcum”) as the Company’s independent registered public accounting firm.”
From an 8-K filed 15 October 2024: Change of auditor. Read it in the filing
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.