SMR NYSE Fabricated Plate Work (Boiler Shops) Financials FY2020βFY2025
NUSCALE POWER Corp had $31.5M of revenue in fiscal 2025, down 15.0% on the year before. Over five years, revenue changed +120.8% a year on average.
Last close Β· Oct 23, 2026
$5.38
0.0%Hi! I read NUSCALE POWER Corpβs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
β15.0%
No. Sales fell 15.0% last year.
Does it make a profit?
β1,130.3%
No. It lost money last year.
Does profit turn into cash?
β1,461.7%
No. It spent more cash than it brought in.
How healthy are the accounts?
0 / 8
Weak. It passes 0 of 8 health tests.
How is the share priced?
β
No P/E: it made no profit over the last four quarters.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
KIRA Β· NUSCALE POWER Corp had $31.5M of revenue in fiscal 2025, down 15.0% on the year before. Over five years, revenue changed +120.8% a year on average. Its operating margin was β2,190.6%, down 1,816.1Β pts: of every 100 in sales, about β2,191 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA Β· NUSCALE POWER Corp lost $356M in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was β$460M in fiscal 2025, β1,461.7% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· In the last 12 months, insiders sold $1.8B of shares on the open market and bought none.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$1.8B
8 insiders
Of sales under plans
0%
$1.9M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Oct 1, 2026 | Robert Ramsey HamadyChief Financial Officer | Sold plan | 20,000 | $7.89 | $0.2M | Form 4 |
| Aug 27, 2026 | Robert Ramsey HamadyChief Financial Officer | Sold | 29,880 | $9.39 | $0.3M | Form 4 |
| Aug 18, 2026 | Shinji FujinoDirector | Sold | 20,000 | $8.86 | $0.2M | Form 4 |
| Aug 5, 2026 | Carl M. FisherChief Operating Officer | Sold | 18,771 | $9.36 | $0.2M | Form 4 |
| Jun 30, 2026 | Robert Ramsey HamadyChief Financial Officer | Sold plan | 20,000 | $10.14 | $0.2M | Form 4 |
| Apr 21, 2026 | Fluor CorpDirector | Sold | 13,500,000 | $11.81 | $159M | Form 4 |
| Apr 15, 2026 | Fluor CorpDirector | Sold | 12,936,472 | $11.63 | $150M | Form 4 |
| Apr 9, 2026 | Fluor CorpDirector, 10% owner | Sold | 13,500,000 | $12.07 | $163M | Form 4 |
| Mar 25, 2026 | David A TonnelChief Accounting Officer | Sold | 2,290 | $11.85 | $0.0M | Form 4 |
| Mar 4, 2026 | Carl M. FisherChief Operating Officer | Sold plan | 49,277 | $12.64 | $0.6M | Form 4 |
| Mar 3, 2026 | Carl M. FisherChief Operating Officer | Sold | 22,197 | $12.22 | $0.3M | Form 4 |
| Mar 3, 2026 | Robert Ramsey HamadyChief Financial Officer | Sold | 18,570 | $12.22 | $0.2M | Form 4 |
| Mar 3, 2026 | John Lawrence HopkinsChief Executive Officer, Director | Sold | 82,667 | $12.22 | $1.0M | Form 4 |
| Mar 2, 2026 | Clayton ScottChief Commercial Officer | Sold | 22,478 | $12.22 | $0.3M | Form 4 |
| Mar 2, 2026 | Jose N Reyes JrChief Technology Officer | Sold | 25,951 | $12.22 | $0.3M | Form 4 |
| Feb 26, 2026 | Fluor CorpDirector, 10% owner | Sold | 463,747 | $13.15 | $6.1M | Form 4 |
| Feb 13, 2026 | Fluor CorpDirector, 10% owner | Sold | 71,000,000 | $19.05 | $1.4B | Form 4 |
| Dec 8, 2025 | Robert Ramsey HamadyChief Financial Officer | Sold plan | 40,000 | $22.17 | $0.9M | Form 4 |
| Oct 8, 2025 | Fluor CorpDirector, 10% owner | Sold | 87,900 | $39.58 | $3.5M | Form 4 |
| Oct 7, 2025 | Fluor CorpDirector, 10% owner | Sold | 820,861 | $40.68 | $33.4M | Form 4 |
| Oct 6, 2025 | Fluor CorpDirector, 10% owner | Sold | 854,033 | $42.41 | $36.2M | Form 4 |
| Oct 3, 2025 | Fluor CorpDirector, 10% owner | Sold | 797,572 | $39.97 | $31.9M | Form 4 |
| Oct 2, 2025 | Fluor CorpDirector, 10% owner | Sold | 863,912 | $38.42 | $33.2M | Form 4 |
| Oct 1, 2025 | Jose N Reyes JrChief Technology Officer | Sold plan | 33,000 | $36.50 | $1.2M | Form 4 |
| Oct 1, 2025 | Fluor CorpDirector, 10% owner | Sold | 532,354 | $36.52 | $19.4M | Form 4 |
| Sep 30, 2025 | Fluor CorpDirector, 10% owner | Sold | 909,055 | $36.72 | $33.4M | Form 4 |
| Sep 29, 2025 | Fluor CorpDirector, 10% owner | Sold | 697,210 | $38.95 | $27.2M | Form 4 |
| Jul 1, 2025 | Jose N Reyes JrChief Technology Officer | Sold plan | 33,000 | $36.62 | $1.2M | Form 4 |
Can it carry its debts, and how well does it use its money?
Cash, debt and the ratios that show how comfortably NUSCALE POWER Corp can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| 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 (β = net cash) | β | β | β | β | β |
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· NUSCALE POWER Corp passes 0 of 8 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β |
| F-score | β / 3 | 3 / 8 | 3 / 8 | 1 / 8 | 4 / 8 | 0 / 8 |
| Accruals ratio | β17.6% | β1.9% | 52.2% | 43.6% | β7.3% | 10.6% |
| Altman Z'' | β6.04 | β27.33 | 0.17 | β8.74 | 7.72 | 3.67 |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| 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 | β | β$1.7M | $3.8M | $10.8M | β | β |
| 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 | β$159M | β$174M | β$230M | β$276M | β$139M | β$690M |
| Pretax income | β$88.4M | β$102M | β$142M | β$180M | β$346M | β$664M |
| Income tax | $0.0M | $0.0M | $0.0M | $0.0M | $1.9M | $0.3M |
| Net income | β$88.4M | β$102M | β$25.9M | β$58.4M | β$137M | β$356M |
| Net income to common | β | β | β | β$58.4M | β$137M | β$356M |
| Diluted EPS | $0.00 | $0.00 | β$0.51 | β$0.80 | β$1.47 | β$2.17 |
| Diluted shares | 0.00B | 0.00B | 0.05B | 0.07B | 0.09B | 0.16B |
| Cash flow | ||||||
| Cash from operations | β$47.2M | β$99.2M | β$149M | β$183M | β$109M | β$460M |
| Capital expenditure | $3.5M | $2.0M | $2.3M | $1.7M | $0.0M | $0.5M |
| Free cash flow | β$50.8M | β$101M | β$151M | β$185M | β$109M | β$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 | β |
| Dividends and buybacks | $0.0M | $0.0M | $0.6M | $0.0M | $0.0M | β |
| 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 | β | $5.0M | $4.8M | $4.1M | $2.4M | $1.9M |
| Goodwill | β | $8.3M | $8.3M | $8.3M | $8.3M | $8.3M |
| Intangible assets | β | $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 | β$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 | β26,473.8% | β6,090.1% | β1,948.4% | β1,208.1% | β374.5% | β2,190.6% |
| EBITDA margin | β26,157.2% | β6,019.6% | β1,927.1% | β1,197.7% | β370.0% | β2,187.4% |
| Net margin | β14,731.2% | β3,581.2% | β219.5% | β255.9% | β368.8% | β1,130.3% |
| FCF margin | β8,460.2% | β3,533.0% | β1,278.7% | β811.0% | β293.5% | β1,461.7% |
| Net interest share of revenue | β | β59.9% | 31.9% | 47.3% | β | β |
| Returns | ||||||
| Return on capital employed | β67.8% | β239.5% | β74.2% | β200.6% | β30.5% | β61.8% |
| Return on equity | β | β769.4% | β28.6% | β56.1% | β38.4% | β39.8% |
| Return on assets | β37.7% | β57.6% | β11.0% | β20.4% | β35.5% | β36.4% |
| Return on tangible equity | β | β180.6% | β24.6% | β69.2% | β22.4% | β30.7% |
| Growth | ||||||
| Revenue growth | β | 377.0% | 312.4% | 93.2% | 62.4% | β15.0% |
| Share count change | β | β | β | 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 | β | 3.0 | 3.0 | 1.0 | 4.0 | 0.0 |
| Altman Z'' | β6.0 | β27.3 | 0.2 | β8.7 | 7.7 | 3.7 |
| Accruals ratio | β17.6% | β1.9% | 52.2% | 43.6% | β7.3% | 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 β not investment advice. Check the original filings before relying on any figure.
