Should You Sell Your NuScale Power Stock Now?

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.

The internal case for the company centers heavily on regulatory clearance. Management noted that NuScale remains the only SMR company with design certification from the U.S. Nuclear Regulatory Commission. Executives added that several competing designs require a uranium fuel that is not available on a commercial scale.

Despite those advantages, a final agreement remained unsigned as of the August call. NuScale was simply waiting for the go-ahead to finalize its contract agreements, according to management, which noted the company generally does not provide guidance yet.

The next financial report is expected on or around November 5, 2026, making the status of the RoPower contract the primary detail to watch. Securing that signature would unlock the revenue management expects in 2027. Without a finalized deal, shareholders mostly own a cash pile, and the operating business continues to spend it.

Does This Mean You Should Act On SMR?

Our purpose is to inform you with unique data so you make the right investment decisions. That said, betting on a single stock is always risky, no matter which direction you choose.

There is a smarter approach. Since its inception, the Trefis High Quality (HQ) Portfolio has returned 105%, beating the benchmark that combines the three major indices – the S&P 500, S&P Mid-cap, and Russell 2000. And it did so without taking the concentrated risk that comes with do-it-yourself stock picking. If that is how you want to invest, the HQ Portfolio is the place to start.