Forensic Analysis · Industrials / Manufacturing / Defense · as of Sep 10, 2026
Nuscale Power Corp (SMR)
A forensic read on Nuscale Power Corp built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Grey Zone
Financial health
12.2
Distress distance
Watch
Earnings quality
5
Forensic signals
-3.8
P / E (ttm)
-30.4%
ROE
$3.7B
Market cap
0.00%
Dividend yield
-15.0%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence, going concern, valuation). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Nuscale Power Corp earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 12.2, placing it in the Grey zone. 5 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).
What the filings flag
+137.3%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +137.3% relative to their own average in FY2025 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building sharply — a large slice of profit sits in operating assets, not cash. An accrual is a claim that still has to be collected or written down, so the gap resolves in a later period whichever way it goes. A cash-flow measure on the same base agrees: reported earnings ran ahead of operating cash by 63% of net operating assets, against an accruals ratio of 137.3%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average.
stopped
FY2022→FY2024
Shareholder returns — halted.Capital returns have STOPPED — $566,000 of buybacks + dividends in FY2022, but ~$0 in FY2024. A halt usually means the company is conserving cash.
-$751.5M
FY2023–FY2025
Cash burn vs. reported loss.Over FY2023–FY2025, the company reported a cumulative net loss of $550.8M against operating cash flow of -$751.5M. Cash burn ran heavier than the reported loss — something outside net income (working capital, a cash item not in the P&L) is consuming cash faster than the loss alone implies.
n/m (stock split)
FY2022–FY2025
Share count (stock split).Diluted share count changed +223% over the last 3 years to FY2025, but that includes a large one-time change around FY2025 consistent with a stock split or reverse split, not gradual buybacks or issuance — a split changes the count with NO effect on any holder's proportional ownership, so the raw +47.7%/yr figure isn't a real buyback/dilution read here.
Key fundamentals
Latest Revenue$31.5M
Revenue Growth YoY-15.0%
Revenue CAGR (3yr)+38.7%
Net Margin-1130.3%
Free Cash Flow-$460.1M
Return on Equity-30.4%
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Nuscale Power Corp's actual 10-K/10-Q/8-K filings?
Data from SEC EDGAR public filings · metrics as of Sep 10, 2026. Forensic signals flag probability, not certainty.
Nuscale Power Corp (SMR) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
61% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 61% of revenue in FY2025 — about $0.12 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 35.8% a year, and the rate is falling. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.