What Needs To Be True To Buy NuScale Power Stock Now?
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At about $2.09 billion in market value, NuScale Power (SMR) stock is a bet on one product: the NuScale power module. Management calls this the only NRC-approved SMR technology at commercial scale. For the bet to work, a customer has to sign for modules, and NuScale’s cash must last until one does. The bet has been costly so far. The stock lost 86.6% over the past year, while the S&P 500 gained 9.8%. So has anyone ordered a NuScale power module yet?
Has NuScale Power Sold A Power Module Yet?
Not yet. On a November 5, 2026 call, management said NuScale’s commercial partner, ENTRA1 Energy, is still working to finalize the arrangements needed to develop a project. Supporting a power purchase agreement with TVA remains NuScale’s immediate priority.
Management expects engineering work to follow a power purchase agreement between ENTRA1 and TVA. The sale of modules is expected to come later still, under a separate OEM agreement between NuScale and ENTRA1. Until then, little money comes in. NuScale reported revenue of $0.3 million for fiscal Q3 2026, compared with $8.2 million a year earlier, when the company was doing design work for the RoPower project.
NuScale’s advantage is that it would not start from zero. It already holds an NRC design certification. Management says a meaningful portion of its earlier licensing work can be reused for TVA, so a licensing application for TVA should take less time and cost less than a first one.
Can NuScale Power’s Cash Last Until Then?
For now, yes. NuScale held $933 million of cash and short-term investments at the end of September 2026, against total debt of less than $1 million. At the close of the third quarter, management put NuScale’s total liquidity at about $1.9 billion. The company used $608 million of free cash flow over the past twelve months. At that pace, the cash on hand would last about a year and a half.
Spending has been uneven, though. NuScale used $28.7 million of free cash flow in fiscal Q3 2026, against $316 million in fiscal Q1 2026. Operating expenses were $65 million in fiscal Q3 2026. Management said those expenses should remain fairly constant until NuScale takes on a project, when spending will grow.
The newest cost is NuScale’s agreement with Doosan Enerbility, announced on October 29, 2026, to make the first production unit of its power module. Management describes that spending as an investment in inventory, cash it expects to get back through the sale of modules. That money comes back only once a customer orders.
What NuScale Power’s Sales Multiple Leaves Out
NuScale stock trades at 764.1 times sales, against 3.1 times for the S&P 500. That multiple is so high mainly because revenue shrank. Twelve-month revenue fell to $2.73 million from $63.9 million a year earlier, as the RoPower work wound down.
A price-to-earnings ratio is not meaningful for NuScale, because the company lost money. Over the past twelve months, its operating loss was $259 million. That represents an operating margin of -9,493%, against 19.0% for the S&P 500. With no earnings and shrinking sales, neither multiple says whether modules will sell.
If no order comes, NuScale keeps spending its cash with little revenue to replace it. The stock has also shown how far it can fall in a weak market. During the 2023 market shock known as the Five Percent Yield Shock, it dropped 72%, against 9.5% for the S&P 500.
Single stocks can fall 72%. Portfolios shouldn’t. Build yours for a crash and a rally.
NuScale’s cash is holding up for now, while the module order it needs has not come. The company is expected to report its fiscal Q4 2026 results in February 2027. Whether ENTRA1 and TVA have signed a power purchase agreement by then is the news to watch.
Still Holding NuScale Power After The Drop?
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