NRG
NRG Energy, Inc.
NRG has the edge over SMR overall, supported by stronger fundamentals and lower modeled downside.
SMR
NuScale Power Corporation
SMR offers stronger valuation, but that advantage does not outweigh its weaker overall profile.
NRG Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Stable | |
| Under pressure | |
| Weak |
NRG's revenue is currently healthy, and its profitability 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.
NRG PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 2.4x | $13.57 | -86% |
| Fair | 9.9x | $56.75 | -42% |
| Forward | 10x | $98.05 | — |
| Current | 17x | $98.05 | — |
| Expensive | 28x | $158 | +62% |
Historical ranges are pointers, not guarantees.
NRG's PE is in its fair range at 17x. If earnings grow as analysts expect, today's price would be 10x next year's earnings.
SMR PE Valuation
SMR has no meaningful PE right now: it lost money over the past year.
NRG Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Growth | |
| Weakening | |
| Limited | |
| Low |
Analysts expect earnings and revenue growth for NRG, but weaker profitability. However, they disagree widely on these estimates.
SMR Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses shrinking | |
| Strong growth | |
| -- | |
| Limited | |
| High |
Analysts expect SMR's losses to shrink, with revenue growing.
NRG Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $9.49 | +65% |
| Q3 2026 | $5.75 | -15% |
| Q2 2026 | $3.85 | +67% |
| Q1 2026 | $0.92 | -85% |
| Q4 2025 | $4.01 | -20% |
| Q3 2025 | $6.78 | +73% |
| Q2 2025 | $2.30 | -75% |
| Q1 2025 | $6.29 | -10% |
| Q4 2024 | $4.99 | +$6.11 |
NRG 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.
NRG Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $9.5B | +24% |
| Q2 2026 | $7.5B | +11% |
| Q1 2026 | $10.3B | +19% |
| Q4 2025 | $7.8B | +14% |
| Q3 2025 | $7.6B | +5.7% |
| Q2 2025 | $6.7B | +1.2% |
| Q1 2025 | $8.6B | +16% |
| Q4 2024 | $6.8B | +0.2% |
NRG's revenue has grown year over year for eight quarters in a row: $9.5B last quarter, up 24% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 11% | +6 points |
| Q2 2026 | 13% | +13 points |
| Q1 2026 | 3.2% | -10 points |
| Q4 2025 | 3.8% | -10 points |
| Q3 2025 | 5.4% | +17 points |
| Q2 2025 | 0% | -21 points |
| Q1 2025 | 13% | +1.5 points |
| Q4 2024 | 14% | +1.7 points |
NRG 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.
NRG Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $571M | +148% |
| Q2 2026 | $779M | +967% |
| Q1 2026 | -$486M | -176% |
| Q4 2025 | -$175M | -123% |
| Q3 2025 | $230M | +$313M |
| Q2 2025 | $73M | -92% |
| Q1 2025 | $638M | +222% |
| Q4 2024 | $766M | +463% |
NRG has the stronger cash trend. Its trailing FCF is up 17% 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.
NRG Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.9% | -2M shares |
| 1 year | +7.7% | +15M shares |
| 3 years | -9.5% | -22M shares |
| 5 years | -14% | -35M shares |
| Available history | -17% | -43M shares |
NRG has the edge over SMR on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $42M |
| Q2 2026 | $450M |
| Q1 2026 | $481M |
| Q4 2025 | $353M |
| Q3 2025 | $355M |
| Q2 2025 | $289M |
| Q1 2025 | $314M |
| Q4 2024 | $619M |
NRG spent $1.3B buying back its own shares over the past year, down 16% from 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 | — |
NRG Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 5.1x | High |
| Q2 2026 | 6.3x | High |
| Q1 2026 | 9.0x | High |
| Q4 2025 | 3.6x | Elevated |
| Q3 2025 | 2.9x | Moderate |
| Q2 2025 | 4.1x | High |
| Q1 2025 | 2.5x | Moderate |
| Q4 2024 | 2.7x | Moderate |
NRG's net debt is about 5.1 years of its operating earnings (EBITDA), up from 2.9 years 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.
NRG Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 41.0 | Neutral |
| Stochastic | 20.9 | Neutral |
NRG's weekly RSI is 41 (neutral) and its Stochastic is 21 (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).
NRG PE vs Utilities Sector
| Metric | NRG | Sector median | Relative |
|---|---|---|---|
| PE | 17x | 20x | 16% below |
| PE % | 59 | 44 | 15 pts above |
NRG is trading at 17x earnings, a 16% discount to the Utilities sector's median of 20x.
SMR PE vs Utilities Sector
SMR has no meaningful PE right now: it lost money over the past year.
NRG Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $97.8 | 0.3% above |
| 20 week MA | $113.4 | 14% below |
| 50 week MA | $136.8 | 28% below |
| 100 week MA | $135.8 | 28% below |
| 200 week MA | $96.5 | 1.6% above |
NRG 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.
NRG Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $39.2 | $35.1 | -11% |
| 2021 | $35.1 | $42.2 | +20% |
| 2022 | $42.2 | $31.9 | -24% |
| 2023 | $31.9 | $51.7 | +62% |
| 2024 | $51.7 | $92.0 | +78% |
| 2025 | $92.0 | $160.9 | +75% |
| 2026 YTD | $160.9 | $98.1 | -39% |
NRG 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.