What is NuScale Power Corporation's earnings per share (EPS)?

NuScale Power Corporation (SMR) reported diluted earnings per share of $-2.17 for fiscal year 2025. This represents a -47.6% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

NuScale Power Corporation Financials

SMR

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows NuScale Power Corporation (SMR) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 32/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

NuScale Power Corporation has an operating margin of -2190.6%, meaning the company retains $-2191 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from -374.5% the prior year.

Growth

NuScale Power Corporation's revenue declined 15% year-over-year, from $37.0M to $31.5M. This contraction results in a growth score of 8/100.

Leverage

NuScale Power Corporation carries a low D/E ratio of 0.26, meaning only $0.26 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 97/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

With a current ratio of 4.30, NuScale Power Corporation holds $4.30 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 85/100.

Cash Flow

While NuScale Power Corporation generated -$459.6M in operating cash flow, capex of $508K consumed most of it, leaving -$460.1M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Returns

NuScale Power Corporation generates a -30.4% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from -22.1% the prior year.

Piotroski F-Score Weak

0/9

NuScale Power Corporation passes 0 of 9 financial strength tests. No profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.

Earnings Quality Low Quality

1.29x

For every $1 of reported earnings, NuScale Power Corporation generates $1.29 in operating cash flow (-$459.6M OCF vs -$355.8M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Revenue

$31.5M

YoY-15.0%

5Y CAGR+120.8%

NuScale Power Corporation generated $31.5M in revenue in fiscal year 2025. This represents a decrease of 15.0% from the prior year.

EBITDA

-$688.4M

YoY-402.9%

NuScale Power Corporation's EBITDA was -$688.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 402.9% from the prior year.

Net Income

-$355.8M

YoY-160.4%

NuScale Power Corporation reported -$355.8M in net income in fiscal year 2025. This represents a decrease of 160.4% from the prior year.

EPS (Diluted)

$-2.17

YoY-47.6%

NuScale Power Corporation earned $-2.17 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 47.6% from the prior year.

Cash & Balance Sheet

Free Cash Flow

-$460.1M

YoY-323.3%

NuScale Power Corporation generated -$460.1M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 323.3% from the prior year.

Cash & Debt

$836.4M

YoY+108.3%

5Y CAGR+237.6%

NuScale Power Corporation held $836.4M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

N/A

Margins & Returns

Gross Margin

36.3%

YoY-50.4pp

5Y CAGR-4.5pp

NuScale Power Corporation's gross margin was 36.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 50.4 percentage points from the prior year.

Operating Margin

-2190.6%

YoY-1816.1pp

5Y CAGR+24283.3pp

NuScale Power Corporation's operating margin was -2190.6% in fiscal year 2025, reflecting core business profitability. This is down 1816.1 percentage points from the prior year.

Net Margin

-1130.3%

YoY-761.5pp

5Y CAGR+13600.9pp

NuScale Power Corporation's net profit margin was -1130.3% in fiscal year 2025, showing the share of revenue converted to profit. This is down 761.5 percentage points from the prior year.

Return on Equity

-30.4%

YoY-8.4pp

NuScale Power Corporation's ROE was -30.4% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 8.4 percentage points from the prior year.

Capital Allocation

R&D Spending

$45.5M

YoY-2.7%

5Y CAGR-13.7%

NuScale Power Corporation invested $45.5M in research and development in fiscal year 2025. This represents a decrease of 2.7% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$508K

YoY+1054.5%

5Y CAGR-32.1%

NuScale Power Corporation invested $508K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 1054.5% from the prior year.

SMR Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$31.5M-15.0%	$37.0M+62.4%	$22.8M+93.2%	$11.8M+312.4%	$2.9M+377.0%	$600K
Cost of Revenue	$20.0M+306.1%	$4.9M-74.0%	$19.0M+159.1%	$7.3M+313.4%	$1.8M+398.6%	$355K
Gross Profit	$11.4M-64.4%	$32.1M+734.2%	$3.8M-14.2%	$4.5M+310.9%	$1.1M+345.7%	$245K
R&D Expenses	$45.5M-2.7%	$46.8M-70.0%	$156.1M+22.2%	$127.7M+35.3%	$94.4M-0.9%	$95.3M
SG&A Expenses	$609.8M+703.4%	$75.9M+16.0%	$65.4M+18.3%	$55.3M+42.8%	$38.7M+4.2%	$37.2M
Operating Income	-$689.6M-397.1%	-$138.7M+49.7%	-$275.6M-19.8%	-$230.0M-32.0%	-$174.3M-9.7%	-$158.8M
Interest Expense	N/A	N/A	$10.8M+187.0%	$3.8M+319.2%	-$1.7M	N/A
Income Tax	$322K-83.4%	$1.9M	$0	$0	$0	$0
Net Income	-$355.8M-160.4%	-$136.6M-134.1%	-$58.4M-125.2%	-$25.9M+74.7%	-$102.5M-16.0%	-$88.4M
EPS (Diluted)	$-2.17-47.6%	$-1.47-83.7%	$-0.80-56.9%	$-0.51	$0.00	$0.00

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	$1.8M-78.1%	$8.2M+2.3%	$8.1M-39.8%	$13.4M-60.9%	$34.2M+7105.1%	$475K-50.9%	$967K-29.9%	$1.4M
Cost of Revenue	$1.9M-66.2%	$5.5M-11.8%	$6.3M-1.6%	$6.4M+108.5%	$3.1M+936.3%	$295K-65.3%	$850K+15.6%	$735K
Gross Profit	-$61K-102.3%	$2.7M+52.1%	$1.8M-74.6%	$7.0M-77.5%	$31.2M+17215.0%	$180K+53.8%	$117K-81.8%	$644K
R&D Expenses	$13.5M+22.5%	$11.1M-6.3%	$11.8M+29.3%	$9.1M-2.6%	$9.4M-22.9%	$12.2M+0.2%	$12.1M-7.8%	$13.2M
SG&A Expenses	$44.8M-91.4%	$519.2M+2205.3%	$22.5M-3.2%	$23.3M+2.5%	$22.7M+33.3%	$17.0M+1.2%	$16.8M-13.1%	$19.4M
Operating Income	-$72.7M+86.5%	-$538.4M-1149.8%	-$43.1M-22.0%	-$35.3M-198.0%	-$11.9M+71.1%	-$41.0M+2.1%	-$41.9M+4.8%	-$44.0M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	$1.7M+11.9%	$1.5M
Income Tax	N/A	N/A	N/A	N/A	$1.9M+15925.0%	$12K	$0	$0
Net Income	-$50.8M+81.4%	-$273.3M-1449.3%	-$17.6M-26.0%	-$14.0M+81.3%	-$75.0M-329.4%	-$17.5M+36.8%	-$27.6M-66.6%	-$16.6M
EPS (Diluted)	N/A	$-1.85-1323.1%	$-0.13-18.2%	$-0.11	N/A	$-0.18+41.9%	$-0.31-47.6%	$-0.21

SMR Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$1.4B+159.3%	$544.7M+142.2%	$224.9M-35.5%	$348.6M+187.7%	$121.2M-48.3%	$234.4M
Current Assets	$1.3B+170.1%	$471.1M+204.9%	$154.5M-45.7%	$284.4M+230.4%	$86.1M+3915.7%	$2.1M
Cash & Equivalents	$836.4M+108.3%	$401.6M+233.9%	$120.3M-44.8%	$217.7M+182.4%	$77.1M+3944.1%	$1.9M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	$11.2M+131.7%	$4.8M	N/A
Goodwill	$8.3M0.0%	$8.3M0.0%	$8.3M0.0%	$8.3M0.0%	$8.3M	N/A
Total Liabilities	$299.0M+503.9%	-$74.0M-177.5%	$95.5M-59.2%	$234.0M+343.1%	$52.8M-80.7%	$274.1M
Current Liabilities	$296.1M+230.0%	$89.7M+2.6%	$87.5M+126.8%	$38.6M-20.3%	$48.4M+96844.0%	$50K
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$1.2B+88.9%	$618.7M+562.0%	$93.5M-18.5%	$114.7M+73.1%	$66.3M+267.3%	-$39.6M
Retained Earnings	-$732.9M-94.4%	-$377.1M-56.8%	-$240.5M-32.1%	-$182.1M+76.7%	-$781.6M-1873.0%	-$39.6M

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$1.4B+59.9%	$883.1M+45.6%	$606.5M-1.9%	$618.1M+13.5%	$544.7M+115.0%	$253.3M+10.5%	$229.2M-0.3%	$229.8M
Current Assets	$1.3B+76.8%	$719.8M+62.6%	$442.6M-18.6%	$543.4M+15.3%	$471.1M+160.9%	$180.6M+15.5%	$156.3M-0.3%	$156.8M
Cash & Equivalents	$836.4M+105.2%	$407.6M+36.9%	$297.7M-39.4%	$491.4M+22.4%	$401.6M+259.7%	$111.6M-14.7%	$130.9M-0.8%	$132.0M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$8.3M0.0%	$8.3M0.0%	$8.3M0.0%	$8.3M0.0%	$8.3M0.0%	$8.3M0.0%	$8.3M0.0%	$8.3M
Total Liabilities	$299.0M+449.3%	$54.4M+163.0%	-$86.4M-0.6%	-$85.9M-16.1%	-$74.0M-179.4%	$93.2M-31.4%	$135.9M+34.4%	$101.1M
Current Liabilities	$296.1M-33.6%	$445.6M+324.7%	$104.9M+20.3%	$87.3M-2.7%	$89.7M+11.4%	$80.6M+37.0%	$58.8M-30.9%	$85.1M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$1.2B+41.0%	$828.7M+19.6%	$692.9M-1.6%	$704.0M+13.8%	$618.7M+286.5%	$160.1M+17.4%	$136.3M+9.0%	$125.1M
Retained Earnings	-$732.9M-7.5%	-$682.0M-66.9%	-$408.7M-4.5%	-$391.1M-3.7%	-$377.1M-24.8%	-$302.1M-6.1%	-$284.6M-10.7%	-$257.0M

SMR Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$459.6M-323.0%	-$108.7M+40.7%	-$183.3M-23.3%	-$148.6M-49.9%	-$99.2M-109.9%	-$47.2M
Capital Expenditures	$508K+1054.5%	$44K-97.4%	$1.7M-26.0%	$2.3M+19.5%	$2.0M-44.6%	$3.5M
Free Cash Flow	-$460.1M-323.3%	-$108.7M+41.2%	-$185.0M-22.6%	-$150.9M-49.3%	-$101.1M-99.2%	-$50.8M
Investing Cash Flow	-$411.3M-932.1%	-$39.8M-182.5%	$48.3M+192.2%	-$52.3M-2580.9%	-$2.0M+44.6%	-$3.5M
Financing Cash Flow	$1.3B+203.8%	$429.8M+2565.1%	$16.1M-95.6%	$368.1M+112.3%	$173.3M+350.3%	$38.5M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	$0	$0-100.0%	$566K+3229.4%	$17K-65.3%	$49K

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	-$203.7M-2.0%	-$199.8M-499.6%	-$33.3M-46.2%	-$22.8M+13.7%	-$26.4M-107.6%	-$12.7M+64.7%	-$36.0M-7.6%	-$33.5M
Capital Expenditures	$367K	N/A	N/A	$67K+52.3%	$44K	$0	$0	$0
Free Cash Flow	-$204.1M	N/A	N/A	-$22.9M+13.6%	-$26.5M-107.9%	-$12.7M+64.7%	-$36.0M-7.6%	-$33.5M
Investing Cash Flow	-$104.9M+31.9%	-$154.1M+5.0%	-$162.2M-1732.5%	$9.9M+100.4%	$5.0M+111.0%	-$45.0M-23176.9%	$195K	$0
Financing Cash Flow	$737.5M+59.0%	$463.8M+26463.7%	$1.7M-98.3%	$102.7M-67.0%	$311.4M+710.4%	$38.4M+10.5%	$34.8M-23.1%	$45.2M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

SMR Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	36.3%-50.4pp	86.7%+69.8pp	16.9%-21.1pp	38.0%-0.2pp	38.2%-2.7pp	40.8%
Operating Margin	-2190.6%-1816.1pp	-374.5%+833.6pp	-1208.1%+740.4pp	-1948.5%+4141.7pp	-6090.1%+20383.7pp	-26473.8%
Net Margin	-1130.3%-761.5pp	-368.8%-112.9pp	-255.9%-36.3pp	-219.5%+3361.6pp	-3581.2%+11150.0pp	-14731.2%
Return on Equity	-30.4%-8.4pp	-22.1%+40.4pp	-62.5%-39.9pp	-22.6%+132.1pp	-154.7%	N/A
Return on Assets	-25.2%-0.1pp	-25.1%+0.9pp	-26.0%-18.5pp	-7.4%+77.1pp	-84.6%-46.9pp	-37.7%
Current Ratio	4.30-1.0	5.25+3.5	1.77-5.6	7.38+5.6	1.78-41.1	42.93
Debt-to-Equity	0.26+0.4	-0.12-1.1	1.02-1.0	2.04+1.2	0.80+7.7	-6.92
FCF Margin	-1461.7%-1168.2pp	-293.4%+517.5pp	-811.0%+467.8pp	-1278.7%+2254.2pp	-3533.0%+4927.2pp	-8460.2%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	-3.4%-36.2pp	32.9%+10.8pp	22.1%-30.2pp	52.3%-38.7pp	91.1%+53.2pp	37.9%+25.8pp	12.1%-34.6pp	46.7%
Operating Margin	-4022.2%+2510.7pp	-6532.9%-5998.0pp	-534.9%-270.8pp	-264.1%-229.5pp	-34.6%+8600.9pp	-8635.6%-4304.9pp	-4330.7%-1141.9pp	-3188.8%
Net Margin	-2811.3%+504.8pp	-3316.2%-3097.1pp	-219.0%-114.3pp	-104.7%+114.4pp	-219.1%+3456.5pp	-3675.6%-819.6pp	-2855.9%-1654.2pp	-1201.7%
Return on Equity	-4.3%+28.6pp	-33.0%-30.4pp	-2.5%-0.6pp	-2.0%+10.1pp	-12.1%-1.2pp	-10.9%+9.3pp	-20.3%-7.0pp	-13.3%
Return on Assets	-3.6%+27.4pp	-30.9%-28.0pp	-2.9%-0.6pp	-2.3%+11.5pp	-13.8%-6.9pp	-6.9%+5.2pp	-12.0%-4.8pp	-7.2%
Current Ratio	4.30+2.7	1.62-2.6	4.22-2.0	6.23+1.0	5.25+3.0	2.24-0.4	2.66+0.8	1.84
Debt-to-Equity	0.26+0.2	0.07+0.2	-0.120.0	-0.120.0	-0.12-0.7	0.58-0.4	1.00+0.2	0.81
FCF Margin	-11287.1%	N/A	N/A	-170.9%-93.5pp	-77.3%+2602.3pp	-2679.6%+1046.6pp	-3726.2%-1297.7pp	-2428.5%

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Frequently Asked Questions

What is NuScale Power Corporation's annual revenue?

NuScale Power Corporation (SMR) reported $31.5M in total revenue for fiscal year 2025. This represents a -15.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is NuScale Power Corporation's revenue growing?

NuScale Power Corporation (SMR) revenue declined by 15% year-over-year, from $37.0M to $31.5M in fiscal year 2025.

Is NuScale Power Corporation profitable?

No, NuScale Power Corporation (SMR) reported a net income of -$355.8M in fiscal year 2025, with a net profit margin of -1130.3%.

What is NuScale Power Corporation's EBITDA?

NuScale Power Corporation (SMR) had EBITDA of -$688.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is NuScale Power Corporation's gross margin?

NuScale Power Corporation (SMR) had a gross margin of 36.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is NuScale Power Corporation's operating margin?

NuScale Power Corporation (SMR) had an operating margin of -2190.6% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is NuScale Power Corporation's net profit margin?

NuScale Power Corporation (SMR) had a net profit margin of -1130.3% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is NuScale Power Corporation's return on equity (ROE)?

NuScale Power Corporation (SMR) has a return on equity of -30.4% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is NuScale Power Corporation's free cash flow?

NuScale Power Corporation (SMR) generated -$460.1M in free cash flow during fiscal year 2025. This represents a -323.3% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is NuScale Power Corporation's operating cash flow?

NuScale Power Corporation (SMR) generated -$459.6M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are NuScale Power Corporation's total assets?

NuScale Power Corporation (SMR) had $1.4B in total assets as of fiscal year 2025, including both current and long-term assets.

What are NuScale Power Corporation's capital expenditures?

NuScale Power Corporation (SMR) invested $508K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does NuScale Power Corporation spend on research and development?

NuScale Power Corporation (SMR) invested $45.5M in research and development during fiscal year 2025.

What is NuScale Power Corporation's current ratio?

NuScale Power Corporation (SMR) had a current ratio of 4.30 as of fiscal year 2025, which is generally considered healthy.

What is NuScale Power Corporation's debt-to-equity ratio?

NuScale Power Corporation (SMR) had a debt-to-equity ratio of 0.26 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is NuScale Power Corporation's return on assets (ROA)?

NuScale Power Corporation (SMR) had a return on assets of -25.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is NuScale Power Corporation's cash runway?

Based on fiscal year 2025 data, NuScale Power Corporation (SMR) had $836.4M in cash against an annual operating cash burn of $459.6M. This gives an estimated cash runway of approximately 22 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is NuScale Power Corporation's Piotroski F-Score?

NuScale Power Corporation (SMR) has a Piotroski F-Score of 0 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are NuScale Power Corporation's earnings high quality?

NuScale Power Corporation (SMR) has an earnings quality ratio of 1.29x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is NuScale Power Corporation?

NuScale Power Corporation (SMR) scores 32 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.