KEP
Korea Electric Power Corporation
KEP has the edge over SMR overall, supported by stronger fundamentals and lower modeled downside.
SMR
NuScale Power Corporation
SMR offers stronger modeled upside, but that advantage does not outweigh its weaker overall profile.
KEP Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Under pressure | |
| Weak |
KEP's profitability is currently healthy, and its revenue is stable, but its cash flow and balance sheet are under pressure.
SMR Fundamentals
| Metric | Status |
|---|---|
| Weak | |
| Weak | |
| Weak | |
| Unavailable |
SMR's revenue, profitability and cash flow are currently weak. There isn't enough data to rate its balance sheet.
KEP PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Current | 2.4x | $11.13 | — |
| Cheap | 3.3x | $15.18 | +36% |
| Fair | 4.9x | $22.53 | +102% |
| Expensive | 12x | $56.81 | +410% |
Historical ranges are pointers, not guarantees.
KEP's PE is 2.4x, but its earnings don't support one, so it isn't a reliable read right now.
SMR PE Valuation
SMR has no meaningful PE right now: it lost money over the past year.
KEP Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Strong decline | |
| Stable | |
| Strongly weakening | |
| Limited | |
| High |
Analysts expect KEP's earnings and profitability to decline, with its revenue holding steady.
SMR Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses shrinking | |
| Strong growth | |
| -- | |
| Limited | |
| High |
Analysts expect SMR's losses to shrink, with revenue growing.
KEP Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q2 2026 | $4.57 | +24% |
| Q1 2026 | $5.08 | +65% |
| Q4 2025 | $4.98 | +144% |
| Q3 2025 | $4.81 | +123% |
| Q2 2025 | $3.69 | +138% |
| Q1 2025 | $3.07 | +667% |
| Q4 2024 | $2.04 | +$4.85 |
| Q3 2024 | $2.16 | +$10.25 |
KEP has the edge over SMR on earnings quality, reporting a profit while its opponent remains loss making.
SMR Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | -$0.72 | +$2.14 |
| Q2 2026 | -$2.46 | -$1.27 |
| Q1 2026 | -$2.46 | -$1.09 |
| Q4 2025 | -$2.43 | -$0.96 |
| Q3 2025 | -$2.86 | -$1.91 |
| Q2 2025 | -$1.19 | -$0.16 |
| Q1 2025 | -$1.37 | -$0.52 |
| Q4 2024 | -$1.47 | -$0.67 |
SMR is still losing money, but far less than before: $0.72 per share over the past year, against $2.86 at its worst in late 2025.
KEP Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $16.4B | -0.1% |
| Q1 2026 | $18.3B | +0.7% |
| Q4 2025 | $17.1B | +0.5% |
| Q3 2025 | $20.7B | +5.6% |
| Q2 2025 | $16.4B | +7.2% |
| Q1 2025 | $18.2B | +4% |
| Q4 2024 | $17B | +0.8% |
| Q3 2024 | $19.6B | +6.7% |
KEP's revenue grew through 2024 and has held roughly level since: $16.4B last quarter, about level with the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 5.5% | -4.3 points |
| Q1 2026 | 16% | +0.2 points |
| Q4 2025 | 8.7% | -2.4 points |
| Q3 2025 | 21% | +7.6 points |
| Q2 2025 | 9.7% | +3.6 points |
| Q1 2025 | 16% | +9.9 points |
| Q4 2024 | 11% | +2.6 points |
| Q3 2024 | 13% | +4.8 points |
KEP has the edge over SMR on profitability, with a higher operating margin.
SMR Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $281K | -97% |
| Q2 2026 | $75K | -99% |
| Q1 2026 | $565K | -96% |
| Q4 2025 | $1.8M | -95% |
| Q3 2025 | $8.2M | +1635% |
| Q2 2025 | $8.1M | +733% |
| Q1 2025 | $13.4M | +870% |
| Q4 2024 | $34.2M | +651% |
SMR's revenue has slid since its 2024 peak: $281,000 last quarter, down 97% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -23068% | -16535 points |
| Q2 2026 | -85337% | -84802 points |
| Q1 2026 | -10181% | -9917 points |
| Q4 2025 | -4022% | -3988 points |
| Q3 2025 | -6533% | +2103 points |
| Q2 2025 | -535% | +3796 points |
| Q1 2025 | -264% | +2925 points |
| Q4 2024 | -35% | +1524 points |
SMR's operating margin was −23068% last quarter, down 16535 points from the same quarter a year ago, near the bottom of its range since 2022.
KEP Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | -$3.2B | -$2.8B |
| Q1 2026 | $2.4B | +8.3% |
| Q4 2025 | -$365.4M | +$353.7M |
| Q3 2025 | $2.3B | +63% |
| Q2 2025 | -$432.9M | +$942.2M |
| Q1 2025 | $2.2B | +18% |
| Q4 2024 | -$719.2M | +$401M |
| Q3 2024 | $1.4B | +54% |
KEP has the stronger cash trend. Its trailing FCF is up 116% versus its history, compared with SMR at down 161%.
SMR Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | -$58.6M | -$25.3M |
| Q1 2026 | -$316.2M | -$293.3M |
| Q4 2025 | -$204.1M | -$177.6M |
| Q2 2025 | -$33.3M | +$2.7M |
| Q1 2025 | -$22.9M | +$10.6M |
| Q4 2024 | -$26.5M | +$46.8M |
| Q3 2024 | -$12.7M | +$15M |
| Q2 2024 | -$36M | +$4.5M |
SMR has burned cash in almost every quarter: −$608M over the past year, against −$95M the year before.
KEP Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -1% | -13.4M shares |
| 1 year | 0% | -- |
| 3 years | 0% | -- |
| 5 years | 0% | -- |
| Available history | 0% | -- |
KEP has the edge over SMR on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q2 2026 | — |
| Q1 2026 | — |
| Q4 2025 | $174.4M |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | — |
| Q4 2024 | — |
| Q3 2024 | — |
KEP spent $174M buying back its own shares over the past year, after none the year before.
SMR Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +13% | +45.9M shares |
| 1 year | +178% | +263M shares |
| 3 years | +448% | +336M shares |
SMR has 410M diluted shares, up 178% from a year ago.
| Quarter | Spent |
|---|---|
| Q4 2023 | — |
| Q3 2023 | — |
| Q2 2023 | — |
| Q1 2023 | — |
| Q4 2022 | — |
| Q3 2022 | — |
KEP Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 4.7x | High |
| Q1 2026 | 4.3x | High |
| Q4 2025 | 4.4x | High |
| Q3 2025 | 4.4x | High |
| Q2 2025 | 0.9x | Very low |
| Q1 2025 | 0.7x | Very low |
| Q4 2024 | 0.9x | Very low |
| Q3 2024 | 5.6x | High |
KEP's net debt is about 4.7 years of its operating earnings (EBITDA), up from less than a year a year ago.
SMR Net Leverage
SMR's operating earnings (EBITDA) were negative over the past year, so its debt can't be measured against them.
KEP Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 42.0 | Neutral |
| Stochastic | 26.2 | Neutral |
KEP's weekly RSI is 42 (neutral) and its Stochastic is 26 (neutral).
SMR Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 29.5 | Oversold |
| Stochastic | 8.6 | Oversold |
SMR's weekly RSI is 30 (oversold) and its Stochastic is 9 (oversold).
KEP PE vs Utilities Sector
| Metric | KEP | Sector median | Relative |
|---|---|---|---|
| PE | 2.4x | 20x | 88% below |
| PE % | 6 | 44 | 38 pts below |
KEP is trading at 2.4x earnings, a 88% discount to the Utilities sector's median of 20x, though its earnings don't support one.
SMR PE vs Utilities Sector
SMR has no meaningful PE right now: it lost money over the past year.
KEP Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $10.9 | 2.3% above |
| 20 week MA | $11.5 | 3% below |
| 50 week MA | $14.4 | 23% below |
| 100 week MA | $12.7 | 13% below |
| 200 week MA | $10.1 | 10% above |
KEP has the edge over SMR on trend strength, trading above more of its moving averages.
SMR Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $6.26 | 23% below |
| 20 week MA | $7.88 | 39% below |
| 50 week MA | $11.4 | 58% below |
| 100 week MA | $20.2 | 76% below |
| 200 week MA | $14.4 | 67% below |
SMR is in a downtrend: it's below all five of its weekly moving averages, and 67% below its 200-week average.
KEP Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $11.8 | $12.0 | +1.9% |
| 2021 | $12.0 | $9.07 | -25% |
| 2022 | $9.07 | $8.57 | -5.5% |
| 2023 | $8.57 | $7.25 | -15% |
| 2024 | $7.25 | $6.94 | -4.3% |
| 2025 | $6.94 | $17.1 | +146% |
| 2026 YTD | $17.1 | $11.1 | -35% |
KEP has the edge over SMR on returns for 2026, with the stronger performance.
SMR Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $10.1 | $10.3 | +1.2% |
| 2021 | $10.3 | $10.1 | -1.9% |
| 2022 | $10.1 | $10.1 | +0.5% |
| 2023 | $10.1 | $3.29 | -67% |
| 2024 | $3.29 | $19.5 | +493% |
| 2025 | $19.5 | $14.9 | -24% |
| 2026 YTD | $14.9 | $4.82 | -68% |
SMR's yearly returns have swung widely, from +493% in 2024 to −67% in 2023. It's down 68% so far in 2026.