NuScale Power (SMR) is back in focus after first quarter 2026 results showed sales of US$0.565 million and a net loss of US$44.02 million, alongside updates on major nuclear projects.

The share price reaction has been choppy, with a 6.95% 1 day share price decline around the weak quarter, set against a 37.34% 30 day share price return that reflects renewed interest as project milestones and regulatory progress stay in focus. Over longer periods, total shareholder return shows a mixed picture, with a 25.69% 1 year decline contrasting with a 51.57% 3 year gain. This underlines how sentiment has swung as investors weigh current losses against NuScale Power’s small modular reactor pipeline.

If this kind of nuclear story has your attention, it can be helpful to see what else is moving in the space, starting with 91 nuclear energy infrastructure stocks

With NuScale Power trading at US$12.58 and sitting below an average analyst price target of US$17, yet still carrying heavy losses and distant commercialization, are you looking at a genuine opportunity or a stock already pricing in future growth?

Most Popular Narrative: 7% Undervalued

At $12.58, the stock sits below a narrative fair value of $13.53, which frames today's price against a detailed view of NuScale Power's path to commercialization.

Ultimately, the success of the NuScale SMR technology is no longer purely a matter of nuclear engineering or regulatory certification. It is now a function of whether ENTRA1 can successfully finance and execute massive infrastructure projects like the 6-gigawatt TVA program and whether NuScale can survive the intense financial and legal pressure of its pre-commercial transition. As Fluor exits the equity structure in mid-2026, NuScale will stand alone, its fate inextricably tied to the commercial efficacy of Wadie Habboush and the ENTRA1 Energy platform.

According to AndrewHabib, this valuation leans heavily on fast compounding revenue, healthier margins, and a future earnings multiple that assumes real traction from power generation projects.

Result: Fair Value of $13.53 (UNDERVALUED)

However, this hinges on ENTRA1 securing financing for projects like the TVA program and on NuScale containing legal, G&A, and potential dilution pressures.

Another View: Our DCF Model Points the Other Way

The narrative fair value of $13.53 suggests NuScale Power is 7% undervalued at $12.58, but our DCF model tells a different story. On those cash flow assumptions, the stock sits above an estimated value of $5.01, which implies a large valuation premium rather than a discount. So which story do you trust more: the growth narrative or the cash flow math?

Simply Wall St performs a discounted cash flow (DCF) on every stock in the world every day (check out NuScale Power for example). We show the entire calculation in full. You can track the result in your watchlist or portfolio and be alerted when this changes, or use our stock screener to discover 51 high quality undervalued stocks. If you save a screener we even alert you when new companies match - so you never miss a potential opportunity.

Next Steps

With sentiment clearly split between risk and reward, it makes sense to move quickly, review the full data, and decide where you stand using our 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.