MeritValue

NUSCALE POWER Corp

SMRdata completeness 88%6 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

NUSCALE POWER Corp earns about -58% on equity. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$2.86M1$11.8M2$22.8M3$37M3$31.5M3
Net income−$102.5M4−$25.9M5−$58.4M6−$136.6M6−$355.8M6
Operating cash flow−$99.2M7−$148.6M8−$183.3M9−$108.7M9−$459.6M9
Capital expenditure$1.95M10$2.33M11$1.73M12$44,00012$508,00012
Free cash flow (derived)−$101.1M7−$150.9M8−$185M9−$108.7M9−$460.1M9
Total debt—————
Cash & equivalents$77.1M13$217.7M14$120.3M15$401.6M16$836.4M16
Diluted shares050.8M73.4M93.2M163.7M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$71.39
your share of equity
Profit it earned you last year
−$21.73
Free cash flow it threw off
−$28.1
Debt you’d be carrying
—

10 shares is a claim on $71.39 of net worth that earned you −$21.73 and generated −$28.1 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-58% avg · 5y
FY21 -155%FY22 -23%FY23 -62%FY24 -22%FY25 -30%

It earned an average -58% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
— shares · 5y

Not enough history to read capital allocation.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001822966-24-000039 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001822966-25-000024 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001822966-26-000018 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001822966-24-000039 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001822966-25-000024 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001822966-26-000018 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001822966-24-000039 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001822966-25-000024 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001822966-26-000018 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001822966-24-000039 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001822966-25-000024 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001822966-26-000018 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001822966-23-000059 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2022-12-31 · accession 0001822966-24-000039 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-12-31 · accession 0001822966-25-000024 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2024-12-31 · accession 0001822966-26-000018 (CashAndCashEquivalentsAtCarryingValue)