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Nuscale Power

SMR on NYSE. NuScale sells small nuclear power plants to utilities and industrial customers. Market value $5.3bn.

Watch this stockFree. We tell you when something changes.

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.

What to watch out for

See Industrials stocks that passed both tests

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
past 12 months to June 2026
-59.3%low

For every $100 of what the whole company costs, it produced $-59.31 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to June 2026
n/a

The filings do not give us enough to work this out.

Return on capital
five annual reports to December 2025
n/a

The filings do not give us enough to work this out.

Quality score: 40 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.

$8.02 a share, 11% above its 1-year low

Over the past year the price has ranged from $7.21 to $57.42.

Pays no dividend

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

-0.1
-0.2
-0.2
-0.1
-0.5
-0.8
2021202220232024202512 monthsto Jun '26

Spare cash swings from quarter to quarter here: a shortfall of $779 million in the past 12 months, a shortfall of $460 million in the year to December 2025.

Revenue
$3m$12m$23m$37m$31m
Operating margin
-6090.1%-1948.4%-1208.1%-374.5%-2190.6%
Debt to equity
n/an/an/an/an/a
Shares outstanding
0.00bn0.05bn0.07bn0.09bn0.16bn

Health checks

  • Free cash flow positive0 of 5 years
  • Accounting checksSkipped: company is not yet profitable
  • DebtUnknown
  • Revenue growth, five yearsStrong, 120.8% a year

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $75,000 last quarter, down 99% on a year ago.
  • A loss of $48 million, compared with a loss of $18 million a year ago.
  • It loses 6854 cents on each $1 of sales, compared with 234 cents a year earlier.
  • Over the past 12 months it spent $779 million more cash than it brought in, compared with $95 million a year earlier.
  • 173% more shares than a year ago. Each share owns a bit less of the company.
  • Sales grew on a year ago in 1 of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$475,000
December 2024$34m
March 2025$13m
June 2025$8m
September 2025$8m
December 2025$2m
March 2026$565,000
June 2026$75,000
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024-$17m
December 2024-$75m
March 2025-$14m
June 2025-$18m
September 2025-$273m
December 2025-$51m
March 2026-$44m
June 2026-$48m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
26 February 2026
Next quarterly (estimated, 10-Q)
4 November 2026

Who owns it

None of the long-term investors we follow own it. 520 funds in all.

Jun '25
Dec '25
Jun '26

Sold out this quarter

Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

5 investors own more than 5%.

  • 8.5%+2.2 pts
    Since 30 June 2026
  • BlackRock, Inc.
    Passive investor
    6.5%+3.1 pts
    Since 30 June 2026
  • Fluor Corporation
    at least 3.9%−3.9 pts
    (filed with 1 related holder)
    Since 15 April 2026
    What they said

    This Amendment No. 9 on Schedule 13D/A (this "Amendment No. 9") is being filed jointly by (i) Fluor Corporation, a Delaware corporation and a publicly listed company on the New York Stock Exchange ("Fluor") and (ii) Fluor Enterprises, Inc., a California corporation and wholly…

    Read the filing
  • DS Private Equity Co., Ltd.
    Passive investor
    at least 3.6%
    (filed with 2 related holders)
    Since 31 December 2024
  • at least 2.6%−6.4 pts
    (filed with 1 related holder)
    Since 31 March 2026
  • Global X Management CO LLC
    Passive investor
    Sold down below 5%
    Since 30 June 2025
  • Samsung C&T Corporation
    Passive investor
    Sold down below 5%
    Since 31 March 2025
  • Doosan Enerbility Co., Ltd.
    Passive investor
    Sold down below 5%
    Since 30 September 2025
  • NuScale Holdings Corp.
    Sold down below 5%
    Since 9 April 2026
    What they said

    This Amendment No. 8 on Schedule 13D/A (this "Amendment No. 8") is being filed jointly by (i) Fluor Corporation, a Delaware corporation and a publicly listed company on the New York Stock Exchange ("Fluor"), (ii) Fluor Enterprises, Inc., a California corporation ("Fluor…

    Read the filing
  • The Vanguard Group
    Passive investor
    Sold down below 5%
    Since 13 March 2026

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. 8 sold $1.9bn, $2m of it under preset trading plans.

  • Hamady Robert Ramsey
    Chief Financial Officer
    Sold
    under a preset trading plan
    Date
    1 October 2026
    Shares
    20,000
    Price
    $7.89
    Value
    $157,800
  • Hamady Robert Ramsey
    Chief Financial Officer
    Sold
    Date
    27 August 2026
    Shares
    29,880
    Price
    $9.39
    Value
    $280,633
  • Fujino Shinji
    Director
    Sold
    Date
    18 August 2026
    Shares
    20,000
    Price
    $8.86
    Value
    $177,160
  • Hamady Robert Ramsey
    Chief Financial Officer
    Sold
    under a preset trading plan
    Date
    17 August 2026
    Shares
    20,000
    Price
    $9.49
    Value
    $189,800
  • Fisher Carl M.
    Chief Operating Officer
    Sold
    Date
    5 August 2026
    Shares
    18,771
    Price
    $9.36
    Value
    $175,734
  • Hamady Robert Ramsey
    Chief Financial Officer
    Sold
    under a preset trading plan
    Date
    30 June 2026
    Shares
    20,000
    Price
    $10.14
    Value
    $202,800
  • FLUOR CORP
    Director
    Sold
    Date
    21 April 2026
    Shares
    13,500,000
    Price
    $11.81
    Value
    $159m
  • FLUOR CORP
    Director
    Sold
    Date
    15 April 2026
    Shares
    12,936,472
    Price
    $11.63
    Value
    $150m
  • FLUOR CORP
    Director
    Sold
    Date
    9 April 2026
    Shares
    13,500,000
    Price
    $12.07
    Value
    $163m
  • Tonnel David A
    Chief Accounting Officer
    Sold
    Date
    25 March 2026
    Shares
    2,290
    Price
    $11.85
    Value
    $27,137

From Form 4 filings: insiders must report trades in their own company's shares within two days.

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
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What a finished deep dive looks like

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.