SMR
NuScale Power Corporation
SMR offers stronger modeled upside, but that advantage does not outweigh its weaker overall profile.
SO
The Southern Company
SO has the edge over SMR overall, supported by stronger fundamentals and lower modeled downside.
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.
SO Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Weak | |
| Weak |
SO's profitability is currently healthy, and its revenue is stable, but its cash flow and balance sheet are weak.
SMR PE Valuation
SMR has no meaningful PE right now: it lost money over the past year.
SO PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 19x | $84.47 | -8.6% |
| Forward | 19x | $92.47 | — |
| Current | 21x | $92.47 | — |
| Fair | 22x | $94.68 | +2.4% |
| Expensive | 25x | $107 | +16% |
Historical ranges are pointers, not guarantees.
SO's PE is in its fair range at 21x. If earnings grow as analysts expect, today's price would be 19x next year's earnings, in its cheap range.
SMR Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses shrinking | |
| Strong growth | |
| -- | |
| Limited | |
| High |
Analysts expect SMR's losses to shrink, with revenue growing.
SO Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Growth | |
| Weakening | |
| Limited | |
| Low |
Analysts expect earnings and revenue growth for SO, but weaker profitability. However, they disagree widely on these estimates.
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.
SO Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $4.76 | +9% |
| Q3 2026 | $4.37 | +8.7% |
| Q2 2026 | $4.15 | +7.2% |
| Q1 2026 | $3.91 | -6.2% |
| Q4 2025 | $3.92 | -1.8% |
| Q3 2025 | $4.02 | -6.3% |
| Q2 2025 | $3.87 | -7.6% |
| Q1 2025 | $4.17 | +8% |
| Q4 2024 | $3.99 | +10% |
SO has the edge over SMR on earnings quality, reporting a profit while its opponent remains loss making.
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.
SO Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $8.8B | +13% |
| Q2 2026 | $7B | +0.1% |
| Q1 2026 | $8.4B | +8% |
| Q4 2025 | $7B | +10% |
| Q3 2025 | $7.8B | +7.5% |
| Q2 2025 | $7B | +7.9% |
| Q1 2025 | $7.8B | +17% |
| Q4 2024 | $6.3B | +4.9% |
SO's revenue has grown year over year for 11 quarters in a row: $8.8B last quarter, up 13% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 34% | +0.8 points |
| Q2 2026 | 25% | +0.2 points |
| Q1 2026 | 24% | -1.8 points |
| Q4 2025 | 13% | -3.6 points |
| Q3 2025 | 33% | +0.6 points |
| Q2 2025 | 25% | -4.7 points |
| Q1 2025 | 26% | +0.2 points |
| Q4 2024 | 17% | -3.3 points |
SO has the edge over SMR on profitability, with a higher operating margin.
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 the stronger cash trend. Its trailing FCF is down 161% versus its history, compared with SO at down 211%.
SO Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $39M | -93% |
| Q2 2026 | -$641M | -$22M |
| Q1 2026 | -$1.7B | -$531M |
| Q4 2025 | -$1.7B | -$1.1B |
| Q3 2025 | $559M | -57% |
| Q2 2025 | -$619M | -210% |
| Q1 2025 | -$1.2B | -$728M |
| Q4 2024 | -$576M | +$145M |
SO has burned cash in most quarters: −$4B over the past year, against −$1.8B 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 | — |
SO Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +1.7% | +19M shares |
| 1 year | +4.5% | +50M shares |
| 3 years | +5.6% | +61M shares |
| 5 years | +8.6% | +92M shares |
| Available history | +10% | +106M shares |
SO has the edge over SMR on shareholder dilution, with a more favorable share count trend.
SMR Net Leverage
SMR's operating earnings (EBITDA) were negative over the past year, so its debt can't be measured against them.
SO Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 5.1x | High |
| Q2 2026 | 5.3x | High |
| Q1 2026 | 5.5x | High |
| Q4 2025 | 5.3x | High |
| Q3 2025 | 5.2x | High |
| Q2 2025 | 5.3x | High |
| Q1 2025 | 5.2x | High |
| Q4 2024 | 5.2x | High |
SO's net debt is about 5.1 years of its operating earnings (EBITDA), about the same as a year ago.
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).
SO Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 53.0 | Neutral |
| Stochastic | 74.3 | Neutral |
SO's weekly RSI is 53 (neutral) and its Stochastic is 74 (neutral).
SMR PE vs Utilities Sector
SMR has no meaningful PE right now: it lost money over the past year.
SO PE vs Utilities Sector
| Metric | SO | Sector median | Relative |
|---|---|---|---|
| PE | 21x | 20x | 3.7% above |
| PE % | 40 | 44 | 4 pts below |
SO is trading at 21x earnings, in line with the Utilities sector's median of 20x.
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.
SO Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $89.4 | 3.4% above |
| 20 week MA | $91.0 | 1.6% above |
| 50 week MA | $91.8 | 0.7% above |
| 100 week MA | $91.1 | 1.5% above |
| 200 week MA | $82.7 | 12% above |
SO has the edge over SMR on trend strength, trading above more of its moving averages.
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.
SO Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $63.5 | $59.8 | -5.8% |
| 2021 | $59.8 | $66.5 | +11% |
| 2022 | $66.5 | $71.7 | +7.8% |
| 2023 | $71.7 | $70.1 | -2.3% |
| 2024 | $70.1 | $83.1 | +19% |
| 2025 | $83.1 | $87.2 | +4.8% |
| 2026 YTD | $87.2 | $92.5 | +6.1% |
SO has the edge over SMR on returns for 2026, with the stronger performance.