In the evolving energy landscape, NuScale Power Corporation (SMR) and Oklo Inc. (OKLO) stand out as pioneering players in advanced nuclear technology. Both companies focus on modular and innovative nuclear power solutions aimed at meeting growing energy demands sustainably. While NuScale emphasizes scalable light water reactors, Oklo develops cutting-edge fission plants with fuel recycling. This article will help you decide which company presents the most compelling investment opportunity in 2026.
Table of contents
Companies Overview
I will begin the comparison between NuScale Power Corporation and Oklo Inc. by providing an overview of these two companies and their main differences.
NuScale Power Corporation Overview
NuScale Power Corporation develops and sells modular light water reactor nuclear power plants designed to supply energy for electrical generation, district heating, desalination, hydrogen production, and other process heat applications. Founded in 2007 and headquartered in Portland, Oregon, NuScale operates as a subsidiary of Fluor Enterprises, Inc. The company offers scalable solutions such as the NuScale Power Module and VOYGR series plants tailored to customer needs.
Oklo Inc. Overview
Oklo Inc. designs and develops fission power plants to provide reliable, commercial-scale energy primarily in the United States. Additionally, it offers used nuclear fuel recycling services. Established in 2013 and based in Santa Clara, California, Oklo focuses on delivering innovative nuclear energy solutions within the regulated electric sector. The company emphasizes sustainability and advanced technology in its operations.
Key similarities and differences
Both NuScale and Oklo operate in the utilities sector, focusing on nuclear power generation with an emphasis on innovation in reactor technology. NuScale specializes in modular light water reactors and offers multiple plant configurations, while Oklo develops fission power plants coupled with fuel recycling services. NuScale has a larger workforce and market capitalization, whereas Oklo maintains a lower beta, indicating potentially less volatility in stock price movement.
Income Statement Comparison
This table presents a side-by-side comparison of key income statement metrics for NuScale Power Corporation and Oklo Inc. for the fiscal year 2024.
| Metric | NuScale Power Corporation (SMR) | Oklo Inc. (OKLO) |
|---|---|---|
| Market Cap | 4.9B | 12.2B |
| Revenue | 37M | 0 |
| EBITDA | -134M | -53M |
| EBIT | -135M | -53M |
| Net Income | -137M | -74M |
| EPS | -1.47 | -0.74 |
| Fiscal Year | 2024 | 2024 |
Income Statement Interpretations
NuScale Power Corporation
NuScale Power Corporation shows strong revenue growth from 600K in 2020 to 37M in 2024, reflecting a 6074% increase overall, with net income remaining negative but improving somewhat. Gross margins are favorable at 86.67%, while EBIT and net margins are negative. The latest year saw revenue growth slow to 62%, though gross profit expanded significantly, indicating improving operational efficiency.
Oklo Inc.
Oklo Inc. reported no revenue from 2021 to 2024, with consistent net losses deepening over time. Margins remain unfavorable; gross and EBIT margins are zero due to no sales, and net margins are negative. The company’s expenses appear stable, but a decline in EBIT and EPS in 2024 suggests worsening profitability without revenue generation.
Which one has the stronger fundamentals?
NuScale Power Corporation exhibits a more favorable income statement profile with strong revenue growth, improving gross margins, and some operational gains despite ongoing net losses. Oklo Inc., lacking revenue and facing increasing losses, presents predominantly unfavorable income metrics. Based on income statement fundamentals alone, NuScale demonstrates stronger financial trends over the period.
Financial Ratios Comparison
The table below presents a side-by-side comparison of key financial ratios for NuScale Power Corporation (SMR) and Oklo Inc. (OKLO) based on their most recent fiscal year data for 2024.
| Ratios | NuScale Power Corporation (SMR) | Oklo Inc. (OKLO) |
|---|---|---|
| ROE | -22.1% | -29.3% |
| ROIC | -30.7% | -19.2% |
| P/E | -12.2 | -28.5 |
| P/B | 2.70 | 8.37 |
| Current Ratio | 5.25 | 43.47 |
| Quick Ratio | 5.25 | 43.47 |
| D/E (Debt-to-Equity) | 0 | 0.0051 |
| Debt-to-Assets | 0 | 0.0046 |
| Interest Coverage | 0 | 0 |
| Asset Turnover | 0.068 | 0 |
| Fixed Asset Turnover | 15.30 | 0 |
| Payout ratio | 0 | 0 |
| Dividend yield | 0 | 0 |
Interpretation of the Ratios
NuScale Power Corporation
NuScale Power shows several unfavorable ratios, including a deeply negative net margin (-368.8%) and return on equity (-22.08%), indicating weak profitability and efficiency. Its high current ratio (5.25) is marked unfavorable, suggesting possible liquidity management concerns despite a favorable quick ratio. The company does not pay dividends, reflecting a reinvestment strategy typical for a growth phase.
Oklo Inc.
Oklo Inc. also exhibits unfavorable profitability ratios, with negative return on equity (-29.35%) and net margin at zero, indicating lack of earnings. Its very high current ratio (43.47) is unfavorable, reflecting potential asset utilization issues, while the quick ratio is favorable. Oklo does not pay dividends, likely prioritizing reinvestment and development activities over shareholder payouts.
Which one has the best ratios?
Both companies have predominantly unfavorable financial ratios, with NuScale showing slightly better asset turnover and lower debt levels, while Oklo’s weighted average cost of capital is favorable. However, Oklo has a higher proportion of unfavorable ratios overall (64.29% vs. 57.14%). Neither company currently provides dividends, reflecting a focus on growth and reinvestment rather than immediate shareholder returns.
Strategic Positioning
This section compares the strategic positioning of NuScale Power Corporation and Oklo Inc. across Market position, Key segments, and Exposure to technological disruption:
NuScale Power Corporation
- Positioned in renewable utilities with modular nuclear reactors; faces competitive pressure in energy innovation.
- Key segments include modular light water reactors for energy generation, district heating, desalination, and hydrogen production.
- Exposure includes advanced modular reactor technology, aiming to disrupt traditional nuclear power generation methods.
Oklo Inc.
- Focused on regulated electric industry with fission power plants; competitive pressure from nuclear and recycling sectors.
- Concentrated on fission power plant design and used nuclear fuel recycling services in the U.S. market.
- Faces disruption risks from evolving nuclear fuel recycling and advanced fission technologies.
NuScale Power Corporation vs Oklo Inc. Positioning
NuScale demonstrates a diversified approach with multiple energy applications, while Oklo maintains a more concentrated focus on fission power plants and recycling. NuScale’s broader segment coverage contrasts with Oklo’s niche specialization, reflecting different strategic priorities and operational scales.
Which has the best competitive advantage?
Both companies are shedding value per MOAT analysis, but NuScale shows a growing ROIC trend, suggesting improving profitability, whereas Oklo’s declining ROIC indicates deteriorating performance, reflecting a weaker competitive advantage.
Stock Comparison
The stock price movements of NuScale Power Corporation (SMR) and Oklo Inc. (OKLO) over the past 12 months reveal strong bullish trends with significant gains, followed by notable recent declines reflecting shifting trading dynamics.
Trend Analysis
NuScale Power Corporation’s stock showed a robust 504.07% gain over the past year, marking a bullish trend with deceleration. Its price ranged from 2.6 to 51.67, with recent weeks seeing a 63.14% drop and a slight seller dominance.
Oklo Inc.’s stock increased 424.61% over 12 months, also bullish with deceleration. It experienced higher volatility (std dev 38.71) and a price range from 5.59 to 163.39. Recently, it dropped 52.38%, displaying stronger seller dominance.
Comparing both, NuScale Power delivered the highest market performance with a 504.07% gain versus Oklo’s 424.61%, despite recent downward trends in both stocks.
Target Prices
The current target price consensus indicates a positive outlook for both NuScale Power Corporation and Oklo Inc.
| Company | Target High | Target Low | Consensus |
|---|---|---|---|
| NuScale Power Corporation | 55 | 20 | 33.83 |
| Oklo Inc. | 150 | 95 | 129.6 |
Analysts expect NuScale Power’s price to rise significantly from its current 16.32 USD, while Oklo’s consensus target of 129.6 USD suggests strong growth potential above its current 77.8 USD price.
Analyst Opinions Comparison
This section compares analysts’ ratings and grades for NuScale Power Corporation (SMR) and Oklo Inc. (OKLO):
Rating Comparison
SMR Rating
- Rating: D+, considered Very Favorable
- Discounted Cash Flow Score: 1, Very Unfavorable
- ROE Score: 1, Very Unfavorable
- ROA Score: 1, Very Unfavorable
- Debt To Equity Score: 1, Very Unfavorable
- Overall Score: 1, Very Unfavorable
OKLO Rating
- Rating: C+, considered Very Favorable
- Discounted Cash Flow Score: 3, Moderate
- ROE Score: 1, Very Unfavorable
- ROA Score: 1, Very Unfavorable
- Debt To Equity Score: 5, Very Favorable
- Overall Score: 2, Moderate
Which one is the best rated?
Based strictly on the data, OKLO has a higher overall rating and better scores in discounted cash flow and debt-to-equity metrics, while SMR’s scores uniformly indicate very unfavorable financial standings.
Scores Comparison
Here is a comparison of the financial scores for NuScale Power Corporation and Oklo Inc.:
NuScale Power Corporation Scores
- Altman Z-Score: 7.92, indicating a safe zone with low bankruptcy risk.
- Piotroski Score: 2, classified as very weak financial strength.
Oklo Inc. Scores
- Altman Z-Score: 339.43, well into the safe zone, indicating extremely low bankruptcy risk.
- Piotroski Score: 2, also classified as very weak financial strength.
Which company has the best scores?
Oklo Inc. has a significantly higher Altman Z-Score than NuScale Power, suggesting stronger financial stability. Both companies share the same very weak Piotroski Score, indicating limited financial strength by that measure.
Grades Comparison
The following section compares the latest grades assigned to NuScale Power Corporation and Oklo Inc. by reputable grading firms:
NuScale Power Corporation Grades
This table summarizes recent analyst grades for NuScale Power Corporation (SMR):
| Grading Company | Action | New Grade | Date |
|---|---|---|---|
| B. Riley Securities | Maintain | Buy | 2025-12-22 |
| Goldman Sachs | Maintain | Neutral | 2025-12-12 |
| UBS | Maintain | Neutral | 2025-11-25 |
| 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 |
NuScale Power shows a mixed trend with several neutral and buy ratings, but recent downgrades to sell and underperform suggest some caution among analysts.
Oklo Inc. Grades
This table presents the latest grades for Oklo Inc. (OKLO):
| Grading Company | Action | New Grade | Date |
|---|---|---|---|
| Seaport Global | Upgrade | Buy | 2025-12-08 |
| UBS | Maintain | Neutral | 2025-12-03 |
| B of A Securities | Maintain | Neutral | 2025-11-12 |
| B. Riley Securities | Maintain | Buy | 2025-11-12 |
| Wedbush | Maintain | Outperform | 2025-11-12 |
| B of A Securities | Downgrade | Neutral | 2025-09-30 |
| Seaport Global | Downgrade | Neutral | 2025-09-23 |
| Wedbush | Maintain | Outperform | 2025-09-22 |
| Wedbush | Maintain | Outperform | 2025-08-14 |
| Wedbush | Maintain | Outperform | 2025-08-12 |
Oklo Inc. benefits from a solid overall rating profile with multiple outperform and buy grades, showing analyst confidence despite a few recent downgrades to neutral.
Which company has the best grades?
Oklo Inc. generally holds higher and more consistent grades, including multiple outperform ratings, compared to NuScale Power’s mixed and somewhat cautious ratings. Investors might interpret this as Oklo having relatively stronger analyst support.
Strengths and Weaknesses
Below is a comparison of key strengths and weaknesses for NuScale Power Corporation (SMR) and Oklo Inc. (OKLO) based on their latest financial and strategic data.
| Criterion | NuScale Power Corporation (SMR) | Oklo Inc. (OKLO) |
|---|---|---|
| Diversification | Limited product range; primarily focused on small modular reactors | Narrow focus on advanced nuclear technologies |
| Profitability | Negative net margin (-368.8%), ROIC -30.66%, shedding value but ROIC improving | Negative profitability; ROIC -19.23%, declining |
| Innovation | Strong innovation in nuclear SMR technology; growing ROIC trend indicates improving efficiency | Innovation in advanced reactors but declining ROIC signals challenges in execution |
| Global presence | Emerging global footprint, still limited market penetration | Early-stage with minimal global presence |
| Market Share | Small share in nuclear energy market, potential growth | Very small market share, highly niche segment |
In summary, both companies are currently unprofitable and value-destroying, with SMR showing an improving profitability trend while OKLO faces declining returns. NuScale has a slight edge due to its growing ROIC and stronger operational ratios, but both remain high-risk investment options with limited diversification and market reach.
Risk Analysis
Below is a summary table outlining key risk factors for NuScale Power Corporation (SMR) and Oklo Inc. (OKLO) based on the most recent 2024 data:
| Metric | NuScale Power Corporation (SMR) | Oklo Inc. (OKLO) |
|---|---|---|
| Market Risk | High volatility (Beta 2.1) | Moderate volatility (Beta 0.75) |
| Debt level | Very low (Debt to Equity 0) | Very low (Debt to Equity 0.01) |
| Regulatory Risk | Significant (nuclear energy sector) | Significant (nuclear energy sector) |
| Operational Risk | Moderate (new modular reactor tech) | Moderate (advanced fission tech) |
| Environmental Risk | Moderate (nuclear safety & waste) | Moderate (nuclear safety & waste) |
| Geopolitical Risk | Moderate (US-based, sensitive sector) | Moderate (US-based, sensitive sector) |
The most impactful risks for both companies are regulatory and market risks due to their positions in the tightly controlled nuclear energy sector and exposure to market volatility. NuScale’s high beta indicates greater price swings, increasing market risk. Both companies maintain minimal debt, which reduces financial risk. Recent advances in modular and fission technologies carry operational uncertainties but may offer growth opportunities. Environmental and geopolitical risks remain relevant given the nuclear industry’s sensitivity to policy and public opinion.
Which Stock to Choose?
NuScale Power Corporation (SMR) shows a favorable income evolution with strong revenue and gross profit growth, despite negative profitability metrics and high debt levels. Its financial ratios are mostly unfavorable, yet some liquidity and turnover measures are positive. The company’s rating is very favorable, though scores suggest financial weakness.
Oklo Inc. (OKLO) has an unfavorable income evolution with no revenue growth and declining profitability. Its financial ratios are largely unfavorable, with a few favorable debt-related indicators. The rating is very favorable overall, but score evaluations reveal weak financial health and declining return on invested capital.
For risk-tolerant investors focused on growth, NuScale Power’s improving income statement and growing ROIC might appear more appealing. Conversely, those prioritizing financial stability could view Oklo’s moderate rating and strong debt management as a cautious signal, despite its unfavorable profitability trends.
Disclaimer: Investment carries a risk of loss of initial capital. The past performance is not a reliable indicator of future results. Be sure to understand risks before making an investment decision.
Go Further
I encourage you to read the complete analyses of NuScale Power Corporation and Oklo Inc. to enhance your investment decisions:
