In an era where energy solutions are rapidly evolving, I am excited to compare two significant players in the utility sector: Exelon Corporation (EXC) and NuScale Power Corporation (SMR). Both companies operate within the utilities industry but take distinct approaches towards energy generation and innovation. Exelon is known for its diverse energy portfolio, while NuScale focuses on pioneering modular nuclear reactors. Join me as we explore their strategies to determine which company presents the most compelling opportunity for investors.
Table of contents
Company Overview
Exelon Corporation Overview
Exelon Corporation (EXC) is a leading utility services holding company focused on energy generation, delivery, and marketing in the U.S. and Canada. With a diverse portfolio that includes nuclear, fossil, wind, hydroelectric, biomass, and solar energy facilities, Exelon aims to provide reliable and sustainable energy solutions. It serves a wide range of customers, including distribution utilities, municipalities, and residential users, while also engaging in regulated retail sales of electricity and natural gas. Headquartered in Chicago, Illinois, Exelon emphasizes innovation and sustainability in its operations to adapt to the evolving energy landscape. As of now, Exelon has a market capitalization of approximately $46.2B.
NuScale Power Corporation Overview
NuScale Power Corporation (SMR) specializes in the development of modular light water reactor nuclear power plants, providing advanced solutions for electrical generation and other applications, such as district heating and hydrogen production. Founded in 2007 and based in Portland, Oregon, NuScale is dedicated to innovative nuclear technology that enhances energy efficiency and reduces environmental impact. Its flagship product, the NuScale Power Module, has the capacity to generate 77 megawatts of electricity, catering to diverse customer needs with scalable solutions. With a market capitalization of around $5.6B, NuScale is positioned at the forefront of the renewable utilities sector.
Key similarities and differences in their business models include their focus on the utilities sector, with Exelon primarily engaged in a broad range of energy generation and distribution services, while NuScale is more specialized, concentrating on modular nuclear technology. Both companies emphasize sustainability, yet they operate distinctly within the energy spectrum.
Income Statement Comparison
The following table compares the income statements of Exelon Corporation (EXC) and NuScale Power Corporation (SMR) for the most recent fiscal year, highlighting their financial performance metrics.
| Metric | Exelon Corporation (EXC) | NuScale Power Corporation (SMR) |
|---|---|---|
| Revenue | 23.03B | 37.05M |
| EBITDA | 8.18B | -134.65M |
| EBIT | 4.58B | -135.49M |
| Net Income | 2.46B | -136.62M |
| EPS | 2.45 | -1.47 |
Interpretation of Income Statement
In fiscal year 2024, Exelon Corporation demonstrated solid revenue growth, increasing from 21.73B in 2023 to 23.03B, alongside a net income rise from 2.33B to 2.46B. Its margins remained stable, indicating effective cost management. Conversely, NuScale Power struggled, reporting a significant drop in revenue from 22.81M in 2023 to 37.05M in 2024, alongside persistent losses. The negative EBITDA and EBIT reveal substantial operational challenges, warranting caution for potential investors. Exelon’s consistent performance contrasts sharply with NuScale’s difficult trajectory, underscoring the importance of evaluating financial stability when selecting stocks.
Financial Ratios Comparison
Below is a comparative analysis of the most recent revenue and financial ratios for Exelon Corporation (EXC) and NuScale Power Corporation (SMR).
| Metric | [Company A: EXC] | [Company B: SMR] |
|---|---|---|
| ROE | 9.14% | -22.08% |
| ROIC | 3.93% | -30.66% |
| P/E | 15.35 | N/A |
| P/B | 1.40 | 2.58 |
| Current Ratio | 0.87 | 5.25 |
| Quick Ratio | 0.78 | 5.25 |
| D/E | 1.73 | 0.03 |
| Debt-to-Assets | 43.28% | 1.31% |
| Interest Coverage | 2.26 | N/A |
| Asset Turnover | 0.21 | 0.07 |
| Fixed Asset Turnover | 0.29 | 15.30 |
| Payout ratio | 61.95% | 0% |
| Dividend yield | 4.04% | 0% |
Interpretation of Financial Ratios
Exelon (EXC) demonstrates solid profitability with a positive ROE and manageable debt levels. However, its current and quick ratios suggest liquidity concerns. Conversely, NuScale (SMR) exhibits severe financial distress with negative profitability ratios, indicating significant operational challenges. While it has a high current and quick ratio, its overall financial health appears weak, posing a high-risk investment.
Dividend and Shareholder Returns
Exelon Corporation (EXC) pays dividends with a payout ratio of approximately 62%, offering a yield of 4.04%. The dividend per share has shown a consistent upward trend, supported by stable cash flows, although caution is advised regarding potential unsustainability if cash flow declines. In contrast, NuScale Power Corporation (SMR) does not pay dividends, focusing instead on reinvestment for growth during its high development phase. However, it does engage in share buybacks, which may enhance shareholder value in the long run. Overall, EXC’s dividends indicate a commitment to shareholder returns, while SMR’s approach aligns with long-term value creation through reinvestment.
Strategic Positioning
Exelon Corporation (EXC) commands a significant share in the regulated electric utilities sector, leveraging its diverse energy generation portfolio, which includes nuclear and renewable sources. In contrast, NuScale Power Corporation (SMR), a newcomer specializing in modular nuclear reactors, faces intense competitive pressure as it seeks to carve out its niche in the renewable utilities market. Both companies must navigate rapid technological advancements and regulatory challenges, which could disrupt traditional energy models and affect market positioning.
Stock Comparison
In reviewing the stock price movements of Exelon Corporation (EXC) and NuScale Power Corporation (SMR) over the past year, we observe significant volatility and notable price dynamics that reflect investor sentiment and market conditions.
Trend Analysis
Exelon Corporation (EXC) The stock has experienced a price change of +25.85% over the past year, indicating a bullish trend. Notably, the highest price reached was 48.04, while the lowest was 33.84. The trend shows acceleration, with a standard deviation of 3.92, suggesting moderate volatility. In the recent analysis period from September 14, 2025, to November 30, 2025, EXC recorded a price change of +5.34%, with a standard deviation of 1.46, confirming continued upward momentum.
NuScale Power Corporation (SMR) SMR has seen an extraordinary price change of +612.21% over the past year, categorizing it as a bullish trend as well. Despite this remarkable increase, the trend shows deceleration, with a standard deviation of 13.08, indicating higher volatility. Over the recent period from September 14, 2025, to November 30, 2025, SMR’s price dropped by -48.65%, with a trend slope of -2.08 and a standard deviation of 9.57, suggesting a significant correction phase.
Both stocks present compelling narratives for investors, yet the contrasting recent performance of SMR warrants caution.
Analyst Opinions
Recent analyst recommendations for Exelon Corporation (EXC) indicate a “Buy” rating, attributed to strong discounted cash flow and solid return on assets, suggesting potential for growth. Analysts praise EXC’s performance metrics, with an overall score of 3. In contrast, NuScale Power Corporation (SMR) has received a “Sell” rating, with a disappointing overall score of 1, primarily due to weak performance in key financial areas. The consensus for the current year favors a “Buy” for EXC while advising caution with SMR.
Stock Grades
In the current landscape of stock evaluations, reliable grades indicate a consensus among analysts regarding the performance of specific companies. Here’s a summary of the latest stock grades for Exelon Corporation and NuScale Power Corporation.
Exelon Corporation Grades
| Grading Company | Action | New Grade | Date |
|---|---|---|---|
| Morgan Stanley | maintain | Equal Weight | 2025-10-22 |
| Keybanc | maintain | Underweight | 2025-10-15 |
| Jefferies | maintain | Buy | 2025-10-15 |
| Barclays | maintain | Overweight | 2025-10-14 |
| UBS | maintain | Neutral | 2025-10-10 |
| Morgan Stanley | maintain | Equal Weight | 2025-09-25 |
| Keybanc | maintain | Underweight | 2025-07-16 |
| UBS | maintain | Neutral | 2025-07-11 |
| UBS | maintain | Neutral | 2025-06-02 |
| Morgan Stanley | maintain | Equal Weight | 2025-05-22 |
NuScale Power Corporation Grades
| Grading Company | Action | New Grade | Date |
|---|---|---|---|
| RBC Capital | maintain | Sector Perform | 2025-11-10 |
| Citigroup | downgrade | Sell | 2025-10-21 |
| B of A Securities | downgrade | Underperform | 2025-09-30 |
| Canaccord Genuity | maintain | Buy | 2025-09-03 |
| UBS | maintain | Neutral | 2025-08-11 |
| Canaccord Genuity | maintain | Buy | 2025-08-11 |
| BTIG | downgrade | Neutral | 2025-06-25 |
| Canaccord Genuity | maintain | Buy | 2025-05-29 |
| UBS | maintain | Neutral | 2025-05-29 |
| CLSA | maintain | Outperform | 2025-05-27 |
Overall, the grades for Exelon Corporation show stability, with multiple analysts maintaining their grades. In contrast, NuScale Power Corporation has experienced some downgrades, particularly from Citigroup and B of A Securities, indicating a shift in investor sentiment. As always, I recommend monitoring these trends closely while managing risks effectively.
Target Prices
The consensus target prices for Exelon Corporation (EXC) and NuScale Power Corporation (SMR) indicate varied expectations from analysts.
| Company | Target High | Target Low | Consensus |
|---|---|---|---|
| Exelon Corporation | 57 | 42 | 51.67 |
| NuScale Power Corporation | 55 | 20 | 36.57 |
For Exelon Corporation, the consensus target price of 51.67 suggests a potential upside compared to the current stock price of 45.68. In contrast, NuScale Power’s consensus at 36.57 indicates a more modest outlook from its current price of 18.685.
Strengths and Weaknesses
The following table outlines the strengths and weaknesses of Exelon Corporation (EXC) and NuScale Power Corporation (SMR) based on the most recent financial data.
| Criterion | Exelon Corporation (EXC) | NuScale Power Corporation (SMR) |
|---|---|---|
| Diversification | Strong portfolio with nuclear, solar, wind, and gas assets | Focused on modular nuclear technology |
| Profitability | Net profit margin: 10.7% | Negative margins; currently unprofitable |
| Innovation | Investments in renewable energy technologies | Pioneering modular reactor designs |
| Global presence | Operates in the US and Canada | Primarily US-focused with potential for global expansion |
| Market Share | Significant share in regulated utilities | Emerging player in nuclear power |
| Debt level | Debt-to-equity ratio: 1.73 | Low debt levels, but high reliance on equity financing |
Key takeaways indicate that Exelon demonstrates solid profitability and diversification, making it a stable choice for investors. In contrast, NuScale, while innovative, is still in early development stages and faces significant profitability challenges.
Risk Analysis
The table below outlines the potential risks associated with Exelon Corporation (EXC) and NuScale Power Corporation (SMR).
| Metric | Exelon Corporation | NuScale Power Corporation |
|---|---|---|
| Market Risk | Moderate | High |
| Regulatory Risk | High | Very High |
| Operational Risk | Moderate | Very High |
| Environmental Risk | Moderate | High |
| Geopolitical Risk | Low | Moderate |
Both companies face significant regulatory risks, especially NuScale, which operates in a highly scrutinized industry. Recent developments in energy policies could pose challenges, particularly for firms transitioning to renewable sources.
Which one to choose?
When comparing Exelon Corporation (EXC) and NuScale Power Corporation (SMR), the fundamentals strongly favor EXC. With a market cap of 38B, it shows a robust profit margin of approximately 10.68% and a price-to-earnings ratio of 15.35, which indicates a fair valuation. Analyst ratings give EXC a solid grade of B, suggesting a stable outlook. In contrast, SMR, with a market cap of 3.7B, struggles with a negative net profit margin and a D+ rating, indicating significant operational challenges and high volatility in stock trends.
For risk-averse investors or those seeking steady income, EXC appears favorable for long-term investment. However, aggressive investors looking for high-risk, high-reward opportunities may consider SMR, despite its current instability.
Specific risks include operational challenges for SMR and market dependence for EXC.
Disclaimer: This article is not financial advice. Each investor is responsible for their own investment decisions.
Go further
I encourage you to read the complete analyses of Exelon Corporation and NuScale Power Corporation to enhance your investment decisions:
