Nuscale Power Corp. (SMR) intrinsic value & 10-year financials

Nuscale Power Corp. (SMR) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 7 fiscal years revenue grew 120.8% a year to $31.5M, with an average return on invested capital of -912.0%.

Graham intrinsic value
—
Share price (Oct 17, 2026)
$5.83
Market cap
$954.6M
Revenue (FY2025)
$31.5M
Revenue growth (7-yr CAGR)
120.8%
ROIC (10-yr avg)
-912.0%
Free cash flow (FY2025)
-$460.1M

SMR 10-year financial history

Fiscal year Revenue Net income EPS (diluted) Free cash flow Operating margin ROIC
FY2025 $31.5M -$355.8M -$2.17 -$460.1M -2190.6% -206.8%
FY2024 $37.0M -$136.6M -$1.47 -$108.7M -374.5% —
FY2023 $22.8M -$58.4M -$0.80 -$185.0M -1208.1% 438.8%
FY2022 $11.8M -$25.9M -$0.51 -$150.9M -1948.4% 334.7%
FY2021 $2.9M $3.2M $0.00 -$2.8M -46.4% 7.8%
FY2020 $600.0K -$112.2K $0.00 -$50.8M -26473.8% -5134.5%
FY2019 — — — — — —

Source: annual 10-K filings on SEC EDGAR. Figures in USD.

Executive summary

NUSCALE POWER Corp revenue growth over the past decade is N/A; insufficient history prevents a reliable 10-year CAGR calculation.

NUSCALE POWER Corp has historically struggled to out-earn its cost of capital, averaging just -7.6% ROIC.

NUSCALE POWER Corp capital allocation metrics are N/A for the decade; share count and net debt history are incomplete.

Benjamin Graham lens

Under Benjamin Graham's formula using SEC EDGAR fundamentals, NUSCALE POWER Corp is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $-72.08 per share.

SMR stock: frequently asked questions

What is the intrinsic value of Nuscale Power Corp. (SMR) stock?

Graham's formula only works with positive earnings. Nuscale Power Corp. reported diluted EPS of -$2.17 in fiscal 2025, so no Graham value is shown. The 10-year table shows revenue and cash-flow trends instead.

Does Nuscale Power Corp. generate free cash flow?

Nuscale Power Corp. generated -$460.1M of free cash flow (operating cash flow minus capital expenditures) in fiscal 2025. Free cash flow was positive in 0 of the last 6 reported years.

What is SMR's return on invested capital?

Average ROIC over the last 7 fiscal years was -912.0%, and average return on equity was -37.2%. Sustained ROIC above about 15% usually points to a durable competitive advantage.

Where does this SMR data come from?

From Nuscale Power Corp.'s annual 10-K filings on SEC EDGAR, most recently filed Aug 5, 2026. Prices are end-of-day snapshots; valuations are formula outputs, not investment advice.

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