Ticker Teardown Dossier
NuScale Power ($SMR), taken apart the way the desk does.
NuScale Power (SMR) Teardown Dossier · As of 2026-11-05, refreshed after Q3 2026 results
The SMR dossier is the desk's NuScale Power teardown written out as a document, plus what a five-minute video cannot carry: the last eight quarters of NuScale Power's own SEC filings in one table (fiscal years for a foreign filer whose quarterly reports carry no structured data), a peer comparison with numbers, the level map rebuilt from the latest close, and a link to every filing used. Rebuilt after each quarterly print.
Look inside before you buy
2,043 words · about 9 min to read · 10 sections · data as of 5 November 2026 · last refreshed after Q3 2026 results
Table of contents
- What is in this dossier
- What this is not
- 1. The teardown
- The setup
- The business: what it sells
- The bull case: one gate
- The pathway: not signed
- The cash: company figures
- The bear case: no order
- The burn: and the downgrade
- The peer map: a story stock
- The tape: friday's close
- The level: be honest
- The verdict: the lines that decide
- 2. What changed since it was written
- 3. The filings: the last eight quarters
- 4. Valuation against the peers
- 5. Level map
- 6. Sources
- 7. What this dossier cannot do
- More dossiers in this theme
Excerpt
1. The teardown
Written 2026-09-28, with prices as of 2026-09-25. Figures in this part are as the desk read them that day; parts 2 to 5 carry the numbers as of 2026-11-05.
The setup
NuScale owns the only small modular reactor design the American regulator has approved. The stock is down 84% from its high anyway, and last quarter it booked $75,000 of revenue. A regulatory moat, or a moat around nothing?
The business: what it sells
A light water reactor module of 77 megawatts, built in a factory and stacked six to a plant, for 462 megawatts. NuScale does not build or own the plants. Entra One Energy is its exclusive commercial partner, and NuScale gets paid for modules and engineering when Entra One lands a project. Today, that means it is essentially pre revenue.
The bull case: one gate
The bull case is one gate that nobody else has passed. In May 2025 the NRC gave the seventy seven megawatt design its Standard Design Approval. It is still the only SMR design with that approval in the United States. Competitors face years of licensing. NuScale has already done it.
The pathway: not signed
And there is a pathway to real volume. In September 2025, Entra One and the Tennessee Valley Authority announced a program for up to 6 gigawatts of NuScale plants. That is roughly thirteen full plants. But read the status carefully. As of the second quarter update it is still at the power purchase agreement discussion stage. Nothing is signed.
One table from the document
3. The filings: the last eight quarters
| USD millions, period ended | 2024-12-31 | 2025-03-31 | 2025-06-30 | 2025-09-30 | 2025-12-31 | 2026-03-31 | 2026-06-30 | 2026-09-30 |
|---|---|---|---|---|---|---|---|---|
| Fiscal period | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | Q3 2026 |
| Source filing | 10-K 2025-03-03 | 10-Q 2025-05-12 | 10-Q 2025-08-07 | 10-Q 2025-11-06 | 10-K 2026-02-26 | 10-Q 2026-05-07 | 10-Q 2026-08-05 | 10-Q 2026-11-05 |
| Revenue | 34.2 | 13.4 | 8.1 | 8.2 | 1.8 | 0.6 | 0.1 | 0.3 |
| Gross margin | 91.1% | 52.4% | 22.1% | 32.9% | -3.4% | 3.7% | -202.7% | 47.3% |
| Operating income | -11.9 | -35.3 | -43.1 | -538.4 | -72.7 | -57.5 | -64.0 | -64.8 |
| Net income | -75.0 | -14.0 | -17.6 | -273.3 | -50.8 | -44.0 | -47.5 | -43.7 |
| Operating cash flow | -26.4 | -22.8 | -33.3 | -199.8 | -203.7 | -314.7 | -58.2 | -28.6 |
| Capex | -0.0 | -0.1 | 0.1 | -0.1 | -0.4 | -1.5 | -0.4 | -0.1 |
| Free cash flow | -26.5 | -22.9 | -33.3 | -199.9 | -204.1 | -316.2 | -58.6 | -28.7 |
| Cash and equivalents | 401.6 | 491.4 | 297.7 | 407.6 | 836.4 | 341.1 | 766.5 | 513.4 |
| Debt (book, excl. leases) | n/r | n/r | n/r | n/r | n/r | n/r | n/r | n/r |
| Diluted shares (M) | 93.2* | 127.7 | 133.4 | 147.7 | 163.7* | 319.7 | 364.5 | 410.5 |
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What the dossier has that the video does not
The filings themselves: revenue, gross margin, operating income, net income, operating cash flow, capex, free cash flow, cash, debt and diluted shares, quarter by quarter, each column dated with the filing it comes from. A foreign filer whose quarterly reports carry no structured data gets its fiscal years, and the dossier says so.
Never stale
Every dossier carries an "as of" date and the quarter it was last refreshed after. It is rebuilt after each print, and the desk's daily check flags any dossier left more than 45 days without a refresh. The written teardown keeps its date, and a "what changed since" section gives the move in the price and the filings since.
What is inside
- The teardown in writing: the business, the bull case, the full bear case and the verdict, dated.
- What changed since it was written: the price move and every SEC filing since.
- Eight quarters of the company's own SEC filings in one table, each column dated, with a plain read of what the table says.
- Peers with numbers: market cap, revenue growth, operating margin, EV / sales and distance from the 52-week high.
- The level map rebuilt from the latest close: where the price sits against the 52-week range and each level.
- Sources: a link to every filing and results release used.
Buy it if
- You hold or watch $SMR and want a structured read before acting.
- You want levels you can check on the chart, not an opinion.
Skip it if
- You want a buy signal. A dossier explains and maps; it does not signal.
- You want every name on the desk. The Teardown Library covers every dossier, current and future, for less than four dossiers.
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An educational research publication, not investment advice, trade signals, a managed account, or an advisory service. Nothing in it is a recommendation to buy or sell any security. See our disclosures.