NuScale Power (SMR) is back in focus after its latest quarterly update showed revenue of US$0.565 million, a net loss of US$44.02 million, and an ongoing legal and investor reaction story unfolding in the background.

The share price has come under pressure recently, with the 1 day share price return down 6.88% and the year to date share price return down 31.15%. At the same time, the 3 year total shareholder return of 46.03% contrasts with a 1 year total shareholder return that fell 53.54%. This suggests long term holders have experienced a very different journey from more recent buyers as earnings volatility, legal developments and shifting institutional ownership reset expectations.

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With the stock down sharply over the past year, sitting about 47% below the average analyst price target at US$11.23 versus US$16.50, you have to ask: is NuScale undervalued, or is the market already discounting its future growth?

Most Popular Narrative: 17% Undervalued

Against the last close at $11.23, the most followed narrative pegs NuScale Power's fair value at $13.53, framing the current price as a discount that hinges on ambitious future execution and funding.

The detailed relationships between Fluor, ENTRA1, and NuScale SMR demonstrate a transition from traditional corporate stewardship to a modern, asset-light, developer-led model. Fluor provided the foundational stability but is now fully monetizing its investment, leaving NuScale to navigate the commercial market with ENTRA1 as its primary engine for growth.

Want to see what sits behind that valuation gap, and how future revenue, margins and a long runway on projects feed into it? The narrative leans heavily on projected commercialisation milestones, a long dated growth curve and the potential pay off from NuScale's regulatory position. The full breakdown spells out how those assumptions translate into that $13.53 fair value and why the discount rate matters so much for a pre profit nuclear developer.

Result: Fair Value of $13.53 (UNDERVALUED)

However, this story could change quickly if ENTRA1 struggles to fund projects or if legal and regulatory setbacks increase pressure on NuScale’s cash runway.

Next Steps

With mixed signals around value, risk and execution, it makes sense to review the data yourself, consider both sides, and act on your own judgment using the 1 key reward and 3 important warning signs

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.