NUSCALE POWER Corp
SMR NYSE Fabricated Plate Work (Boiler Shops) Financials FY2020–FY2025
Revenue
Total sales reported in the income statement.
$31.5M
15.0%
vs prior year
Operating margin
Operating income as a share of revenue.
−2,190.6%
1,816.1 pts
Net income
Profit after all expenses, interest and tax.
−$356M
Free cash flow
Cash from operations minus capital spending.
−$460M
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On −$2.20 EPS (TTM)
What NUSCALE POWER Corp does
No business description yet.
- Legal name
- NUSCALE POWER Corp
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 26, 2026
- Accession · CIK
- 0001822966-26-000018
0001822966
Revenue and margins
NUSCALE POWER Corp had $31.5M of revenue in fiscal 2025, down 15.0% on the year before.
FY20
Revenue $0.6M
FY21
Revenue $2.9M
FY22
Revenue $11.8M
FY23
Revenue $22.8M
FY24
Revenue $37.0M
FY25
Revenue $31.5M
Q3 '23
Revenue $7.0M
Q4 '23
Revenue $4.6M
Q1 '24
Revenue $1.4M
Q2 '24
Revenue $1.0M
Q3 '24
Revenue $0.5M
Q4 '24
Revenue $34.2M
Q1 '25
Revenue $13.4M
Q2 '25
Revenue $8.1M
Q3 '25
Revenue $8.2M
Q4 '25
Revenue $1.8M
Q1 '26
Revenue $0.6M
Q2 '26
Revenue $0.1M
FY20
Gross 40.8%
Operating −26,473.8%
Net −14,731.2%
FCF −8,460.2%
FY21
Gross 38.2%
Operating −6,090.1%
Net −3,581.2%
FCF −3,533.0%
FY22
Gross 38.0%
Operating −1,948.4%
Net −219.5%
FCF −1,278.7%
FY23
Gross 16.9%
Operating −1,208.1%
Net −255.9%
FCF −811.0%
FY24
Gross 86.7%
Operating −374.5%
Net −368.8%
FCF −293.5%
FY25
Gross 36.3%
Operating −2,190.6%
Net −1,130.3%
FCF −1,461.7%
Gross
Operating
Net
FCF
Q3 '23
Gross 14.5%
Operating −1,336.9%
Net −275.1%
FCF −399.0%
Q4 '23
Gross 15.8%
Operating −1,558.2%
Net −411.3%
FCF −1,606.6%
Q1 '24
Gross 46.7%
Operating −3,188.8%
Net −1,201.7%
FCF −2,428.5%
Q2 '24
Gross 12.1%
Operating −4,330.7%
Net −2,855.9%
FCF −3,726.2%
Q3 '24
Gross 37.9%
Operating −8,635.6%
Net −3,675.6%
FCF −2,679.6%
Q4 '24
Gross 91.1%
Operating −34.6%
Net −219.1%
FCF −77.3%
Q1 '25
Gross 52.4%
Operating −264.1%
Net −104.7%
FCF −170.9%
Q2 '25
Gross 22.1%
Operating −534.9%
Net −219.0%
FCF −412.9%
Q3 '25
Gross 32.9%
Operating −6,532.9%
Net −3,316.2%
FCF −2,425.9%
Q4 '25
Gross −3.4%
Operating −4,022.2%
Net −2,811.3%
FCF −11,287.1%
Q1 '26
Gross 3.7%
Operating −10,181.2%
Net −7,790.3%
FCF −55,964.6%
Q2 '26
Gross −202.7%
Operating −85,337.3%
Net −63,385.3%
FCF −78,150.7%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY20
Net income −$88.4M
FY21
Net income −$102M
FY22
Net income −$25.9M
FY23
Net income −$58.4M
FY24
Net income −$137M
FY25
Net income −$356M
Q3 '23
Net income −$19.1M
Q4 '23
Net income −$18.8M
Q1 '24
Net income −$16.6M
Q2 '24
Net income −$27.6M
Q3 '24
Net income −$17.5M
Q4 '24
Net income −$75.0M
Q1 '25
Net income −$14.0M
Q2 '25
Net income −$17.6M
Q3 '25
Net income −$273M
Q4 '25
Net income −$50.8M
Q1 '26
Net income −$44.0M
Q2 '26
Net income −$47.5M
FY20
Diluted EPS $0.00
FY21
Diluted EPS $0.00
FY22
Diluted EPS −$0.51
FY23
Diluted EPS −$0.80
FY24
Diluted EPS −$1.47
FY25
Diluted EPS −$2.17
Q3 '23
Diluted EPS −$0.26
Q4 '23
Diluted EPS −$0.25
Q1 '24
Diluted EPS −$0.21
Q2 '24
Diluted EPS −$0.31
Q3 '24
Diluted EPS −$0.18
Q4 '24
Diluted EPS −$0.77
Q1 '25
Diluted EPS −$0.11
Q2 '25
Diluted EPS −$0.13
Q3 '25
Diluted EPS −$1.85
Q4 '25
Diluted EPS −$0.08
Q1 '26
Diluted EPS −$0.14
Q2 '26
Diluted EPS −$0.13
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY20
Return on capital —
Return on equity —
Return on assets −37.7%
FY21
Return on capital —
Return on equity −769.4%
Return on assets −57.6%
FY22
Return on capital —
Return on equity −28.6%
Return on assets −11.0%
FY23
Return on capital —
Return on equity −56.1%
Return on assets −20.4%
FY24
Return on capital —
Return on equity −38.4%
Return on assets −35.5%
FY25
Return on capital —
Return on equity −39.8%
Return on assets −36.4%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was −$460M in fiscal 2025, −1,461.7% of revenue. Cash from operations minus capital spending.
FY20
Free cash flow −$50.8M
FY21
Free cash flow −$101M
FY22
Free cash flow −$151M
FY23
Free cash flow −$185M
FY24
Free cash flow −$109M
FY25
Free cash flow −$460M
Q3 '23
Free cash flow −$27.7M
Q4 '23
Free cash flow −$73.3M
Q1 '24
Free cash flow −$33.5M
Q2 '24
Free cash flow −$36.0M
Q3 '24
Free cash flow −$12.7M
Q4 '24
Free cash flow −$26.5M
Q1 '25
Free cash flow −$22.9M
Q2 '25
Free cash flow −$33.3M
Q3 '25
Free cash flow −$200M
Q4 '25
Free cash flow −$204M
Q1 '26
Free cash flow −$316M
Q2 '26
Free cash flow −$58.6M
FY20
Cash from operations −$47.2M
Capital spending $3.5M
FY21
Cash from operations −$99.2M
Capital spending $2.0M
FY22
Cash from operations −$149M
Capital spending $2.3M
FY23
Cash from operations −$183M
Capital spending $1.7M
FY24
Cash from operations −$109M
Capital spending $0.0M
FY25
Cash from operations −$460M
Capital spending $0.5M
Cash from operations
Capital spending
Q3 '23
Cash from operations −$27.7M
Capital spending $0.1M
Q4 '23
Cash from operations −$73.2M
Capital spending $0.1M
Q1 '24
Cash from operations −$33.5M
Capital spending $0.0M
Q2 '24
Cash from operations −$36.0M
Capital spending $0.0M
Q3 '24
Cash from operations −$12.7M
Capital spending $0.0M
Q4 '24
Cash from operations −$26.4M
Capital spending $0.0M
Q1 '25
Cash from operations −$22.8M
Capital spending $0.1M
Q2 '25
Cash from operations −$33.3M
Capital spending −$0.1M
Q3 '25
Cash from operations −$200M
Capital spending $0.1M
Q4 '25
Cash from operations −$204M
Capital spending $0.4M
Q1 '26
Cash from operations −$315M
Capital spending $1.5M
Q2 '26
Cash from operations −$58.2M
Capital spending $0.4M
Cash from operations
Capital spending
Dividends, buybacks and share count
NUSCALE POWER Corp returned — to shareholders in fiscal 2025. The diluted share count rose 75.6%.
FY20
Dividends —
Buybacks $0.0M
FY21
Dividends —
Buybacks $0.0M
FY22
Dividends —
Buybacks $0.6M
FY23
Dividends —
Buybacks $0.0M
FY24
Dividends —
Buybacks $0.0M
FY25
Dividends —
Buybacks —
Dividends
Buybacks
Q3 '23
Dividends —
Buybacks $0.0M
Q4 '23
Dividends —
Buybacks $0.0M
Q1 '24
Dividends —
Buybacks —
Q2 '24
Dividends —
Buybacks —
Q3 '24
Dividends —
Buybacks —
Q4 '24
Dividends —
Buybacks —
Q1 '25
Dividends —
Buybacks —
Q2 '25
Dividends —
Buybacks —
Q3 '25
Dividends —
Buybacks —
Q4 '25
Dividends —
Buybacks —
Q1 '26
Dividends —
Buybacks —
Q2 '26
Dividends —
Buybacks —
Dividends
Buybacks
FY20
Diluted shares 0.00B
FY21
Diluted shares 0.00B
FY22
Diluted shares 0.05B
FY23
Diluted shares 0.07B
FY24
Diluted shares 0.09B
FY25
Diluted shares 0.16B
Balance sheet
Cash, debt and the ratios that show how comfortably NUSCALE POWER Corp can carry it.
FY20
Cash $1.9M
Debt —
FY21
Cash $77.1M
Debt —
FY22
Cash $268M
Debt —
FY23
Cash $120M
Debt —
FY24
Cash $442M
Debt —
FY25
Cash $1.3B
Debt —
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $77.1M | $268M | $120M | $442M | $1.3B |
| Current ratio | 1.8x | 7.4x | 1.8x | 5.3x | 4.3x |
| Quick ratio | 1.8x | 7.4x | 1.8x | 5.3x | 4.3x |
| Total assets | $121M | $349M | $225M | $545M | $1.4B |
| Total liabilities | $52.8M | $71.5M | $95.5M | $91.6M | $299M |
| Shareholders' equity | $66.3M | $115M | $93.5M | $619M | $1.2B |
| Net debt (− = net cash) | — | — | — | — | — |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|
| Net income is positive | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ |
| Cash from operations is positive | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ |
| Return on assets rose | — | ✕ | ✓ | ✕ | ✓ | ✕ |
| Cash from operations exceeds net income | ✓ | ✓ | ✕ | ✕ | ✓ | ✕ |
| Debt fell relative to assets | — | — | — | — | — | — |
| Current ratio rose | — | ✕ | ✓ | ✕ | ✓ | ✕ |
| Share count didn't rise | — | ✓ | ✕ | ✕ | ✕ | ✕ |
| Gross margin rose | — | ✕ | ✕ | ✕ | ✓ | ✕ |
| Revenue rose relative to assets | — | ✓ | ✓ | ✓ | ✕ | ✕ |
| F-score | — / 3 | 3 / 8 | 3 / 8 | 1 / 8 | 4 / 8 | 0 / 8 |
| Accruals ratio | −17.6% | −1.9% | 52.2% | 43.6% | −7.3% | 10.6% |
| Altman Z'' | −6.04 | −27.33 | 0.17 | −8.74 | 7.72 | 3.67 |
6 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| Revenue | $0.6M | $2.9M | $11.8M | $22.8M | $37.0M | $31.5M |
| Net interest income | — | −$1.7M | $3.8M | $10.8M | — | — |
| Gross profit | $0.2M | $1.1M | $4.5M | $3.8M | $32.1M | $11.4M |
| Research and development | $95.3M | $94.4M | $128M | $156M | $46.8M | $45.5M |
| Operating income | −$159M | −$174M | −$230M | −$276M | −$139M | −$690M |
| Pretax income | −$88.4M | −$102M | −$142M | −$180M | −$346M | −$664M |
| Income tax | $0.0M | $0.0M | $0.0M | $0.0M | $1.9M | $0.3M |
| Net income | −$88.4M | −$102M | −$25.9M | −$58.4M | −$137M | −$356M |
| Net income to common | — | — | — | −$58.4M | −$137M | −$356M |
| Diluted EPS | $0.00 | $0.00 | −$0.51 | −$0.80 | −$1.47 | −$2.17 |
| Diluted shares | 0.00B | 0.00B | 0.05B | 0.07B | 0.09B | 0.16B |
| Cash flow | ||||||
| Cash from operations | −$47.2M | −$99.2M | −$149M | −$183M | −$109M | −$460M |
| Capital expenditure | $3.5M | $2.0M | $2.3M | $1.7M | $0.0M | $0.5M |
| Free cash flow | −$50.8M | −$101M | −$151M | −$185M | −$109M | −$460M |
| Depreciation and amortization | $1.9M | $2.0M | $2.5M | $2.4M | $1.7M | $1.0M |
| Stock-based compensation | $3.7M | $6.4M | $9.3M | $16.2M | $13.6M | $19.2M |
| Share buybacks | $0.0M | $0.0M | $0.6M | $0.0M | $0.0M | — |
| Dividends and buybacks | $0.0M | $0.0M | $0.6M | $0.0M | $0.0M | — |
| Balance sheet | ||||||
| Cash and short-term investments | $1.9M | $77.1M | $268M | $120M | $442M | $1.3B |
| Current assets | $2.1M | $86.1M | $284M | $155M | $471M | $1.3B |
| Current liabilities | $0.0M | $48.4M | $38.6M | $87.5M | $89.7M | $296M |
| Property and equipment, net | — | $5.0M | $4.8M | $4.1M | $2.4M | $1.9M |
| Goodwill | — | $8.3M | $8.3M | $8.3M | $8.3M | $8.3M |
| Intangible assets | — | $1.2M | $1.1M | $0.9M | $0.7M | $0.5M |
| Total assets | $234M | $121M | $349M | $225M | $545M | $1.4B |
| Total liabilities | $41.8M | $52.8M | $71.5M | $95.5M | $91.6M | $299M |
| Shareholders' equity | −$39.6M | $66.3M | $115M | $93.5M | $619M | $1.2B |
| Margins | ||||||
| Gross margin | 40.8% | 38.2% | 38.0% | 16.9% | 86.7% | 36.3% |
| Operating margin | −26,473.8% | −6,090.1% | −1,948.4% | −1,208.1% | −374.5% | −2,190.6% |
| EBITDA margin | −26,157.2% | −6,019.6% | −1,927.1% | −1,197.7% | −370.0% | −2,187.4% |
| Net margin | −14,731.2% | −3,581.2% | −219.5% | −255.9% | −368.8% | −1,130.3% |
| FCF margin | −8,460.2% | −3,533.0% | −1,278.7% | −811.0% | −293.5% | −1,461.7% |
| Net interest share of revenue | — | −59.9% | 31.9% | 47.3% | — | — |
| Returns | ||||||
| Return on capital employed | −67.8% | −239.5% | −74.2% | −200.6% | −30.5% | −61.8% |
| Return on equity | — | −769.4% | −28.6% | −56.1% | −38.4% | −39.8% |
| Return on assets | −37.7% | −57.6% | −11.0% | −20.4% | −35.5% | −36.4% |
| Return on tangible equity | — | −180.6% | −24.6% | −69.2% | −22.4% | −30.7% |
| Growth | ||||||
| Revenue growth | — | 377.0% | 312.4% | 93.2% | 62.4% | −15.0% |
| Share count change | — | — | — | 44.6% | 27.1% | 75.6% |
| Financial health | ||||||
| Current ratio | 43.0x | 1.8x | 7.4x | 1.8x | 5.3x | 4.3x |
| Quick ratio | 43.0x | 1.8x | 7.4x | 1.8x | 5.3x | 4.3x |
| Capital allocation | ||||||
| Capex / revenue | 587.7% | 68.2% | 19.8% | 7.6% | 0.1% | 1.6% |
| Stock comp / revenue | 619.7% | 225.1% | 79.0% | 71.2% | 36.8% | 60.9% |
| Quality scores | ||||||
| Piotroski F-score | — | 3.0 | 3.0 | 1.0 | 4.0 | 0.0 |
| Altman Z'' | −6.0 | −27.3 | 0.2 | −8.7 | 7.7 | 3.7 |
| Accruals ratio | −17.6% | −1.9% | 52.2% | 43.6% | −7.3% | 10.6% |
Source: SEC EDGAR XBRL filings (CIK 0001822966). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.