Investors holding NuScale Power (SMR) stock have faced a punishing year. While the broader S&P 500 returned 17.9%, the shares lost 86.6%. That decline is firmly embedded in the current valuation, regardless of whether you choose to sell or hold. Anyone maintaining a position now owns an enterprise with minimal revenue, waiting on a pending reactor contract in Romania. So what are you actually holding at today’s price?
Most Of NuScale Power’s Market Value Is Cash
Buyers of the stock acquire a large cash reserve first and a nuclear developer second. NuScale recorded a market value of about $2.64 billion at the October 15 close. At the end of June, the company held $1.89 billion in cash, short-term investments and longer-dated investments, and it carried no debt. That is about 72% of its market value.
Subtracting those liquid assets reveals the price of the operating business itself, a metric investors refer to as enterprise value. For NuScale, that calculation lands at about $750 million. This represents the price paid for the reactor operations.
That cash reserve remains in flux. NuScale generated negative $58.6 million in free cash flow during the June quarter, reflecting the capital consumed by daily operations and investments. The company subsequently announced a $750 million sale of new shares in August, a move excluded from the earlier June reporting. Issuing new stock raises cash, yet it leaves each existing share representing a smaller piece of the company.
What Does NuScale Power’s Business Bring In Today?
The operating business currently generates minimal revenue. NuScale posted revenue of just $75,000 in the June quarter, compared to $8.05 million a year earlier. Executives noted on the August 5 call that the drop reflects the completion of design work for Fluor on the RoPower project in late 2025, leaving the June quarter with no comparable activity.
Alongside those top-line figures, the company recorded an operating loss of $64.0 million for the quarter. That deficit amounts to about 850 times its sales. In contrast, the S&P 500 taken as a whole effectively retains 18.5% of its sales as operating profit.
By the October 15 close, NuScale traded at 209.7 times its sales over the twelve months to June. The broader S&P 500 traded at 3.1 times over the same period. That elevated multiple exists because NuScale sales nearly vanished, rather than because investors bid up the shares.
Can NuScale Power Win Back Its Revenue?
Executives maintain that revenue will rebound once a formal agreement is secured. During the August 5 call, management projected revenue arriving in 2027 if NuScale finalizes a contract. The most advanced prospect remains the RoPower project in Doicesti, Romania. That installation would deploy six NuScale power modules at a former coal plant site.
