SMR
NuScale Power Corporation
SMR offers stronger modeled upside, but that advantage does not outweigh its weaker overall profile.
SWX
Southwest Gas Holdings, Inc.
SWX 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.
SWX Fundamentals
| Metric | Status |
|---|---|
| Weak | |
| Healthy | |
| Unavailable | |
| Weak |
SWX's profitability is currently healthy, but its revenue and balance sheet are weak. There isn't enough data to rate its cash flow.
SMR PE Valuation
SMR has no meaningful PE right now: it lost money over the past year.
SWX PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 14x | $56.01 | -40% |
| Forward | 19x | $93.08 | — |
| Fair | 21x | $84.77 | -8.9% |
| Current | 23x | $93.08 | — |
| Expensive | 29x | $119 | +28% |
Historical ranges are pointers, not guarantees.
SWX's PE is in its fair range at 23x. If earnings grow as analysts expect, today's price would be 19x next year's earnings.
SMR Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses shrinking | |
| Strong growth | |
| -- | |
| Limited | |
| High |
Analysts expect SMR's losses to shrink, with revenue growing.
SWX Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Strong growth | |
| Stable | |
| Strongly improving | |
| Limited | |
| Moderate |
Analysts expect SWX's earnings to grow and its profitability to improve, with its revenue holding steady.
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.
SWX Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $4.82 | +18% |
| Q3 2026 | $4.10 | -36% |
| Q2 2026 | $7.66 | +185% |
| Q1 2026 | $6.90 | +121% |
| Q4 2025 | $6.57 | +138% |
| Q3 2025 | $6.43 | +158% |
| Q2 2025 | $2.69 | +6.3% |
| Q1 2025 | $3.12 | +16% |
| Q4 2024 | $2.76 | +30% |
SWX 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% |
SWX has the stronger quarterly revenue trend. Revenue is down 97% for SMR versus down 55% for SWX.
| 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.
SWX Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q1 2026 | $585.1M | -55% |
| Q4 2025 | $480.7M | -62% |
| Q3 2025 | $316.9M | -71% |
| Q2 2025 | $1.1B | -5.2% |
| Q1 2025 | $1.3B | -18% |
| Q4 2024 | $1.3B | -7.1% |
| Q3 2024 | $1.1B | -7.7% |
| Q2 2024 | $1.2B | -8.6% |
SWX's revenue has slid since its 2023 peak: $585M last quarter, down 55% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q1 2026 | 37% | +22 points |
| Q4 2025 | 33% | +19 points |
| Q3 2025 | 12% | +6 points |
| Q2 2025 | 8.5% | +1.5 points |
| Q1 2025 | 15% | +5.5 points |
| Q4 2024 | 14% | +4.2 points |
| Q3 2024 | 5.7% | +0.5 points |
| Q2 2024 | 7% | +0.5 points |
SWX's operating margin was 37% last quarter, up 22 points from the same quarter a year ago, near the top of its range since 2019.
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 |
SWX has the stronger cash trend. Its trailing FCF is down 127% versus its history, compared with SMR at down 161%.
SWX Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$196.4M | -$90.6M |
| Q2 2026 | -$174.3M | -$80.5M |
| Q1 2026 | -$46.6M | -145% |
| Q4 2025 | -$155.9M | -$121.3M |
| Q3 2025 | -$105.8M | -373% |
| Q2 2025 | -$93.8M | -213% |
| Q1 2025 | $103.8M | -68% |
| Q4 2024 | -$34.7M | -134% |
SWX has burned cash in most quarters: −$573M over the past year, against −$131M 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 | — |
SWX Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.2% | +158K shares |
| 1 year | +0.6% | +418K shares |
| 3 years | +1.4% | +972K shares |
| 5 years | +22% | +13M shares |
| Available history | +34% | +18.5M shares |
SWX 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.
SWX Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 4.1x | High |
| Q2 2026 | 3.8x | Elevated |
| Q1 2026 | 3.4x | Elevated |
| Q4 2025 | 3.3x | Elevated |
| Q3 2025 | 2.9x | Moderate |
| Q2 2025 | 4.4x | High |
| Q1 2025 | 4.8x | High |
| Q4 2024 | 5.1x | High |
SWX's net debt is about 4.1 years of its operating earnings (EBITDA), up from 2.9 years 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).
SWX Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 59.0 | Neutral |
| Stochastic | 86.4 | Overbought |
SWX's weekly RSI is 59 (neutral) and its Stochastic is 86 (overbought).
SMR PE vs Utilities Sector
SMR has no meaningful PE right now: it lost money over the past year.
SWX PE vs Utilities Sector
| Metric | SWX | Sector median | Relative |
|---|---|---|---|
| PE | 23x | 20x | 11% above |
| PE % | 56 | 44 | 12 pts above |
SWX is trading at 23x earnings, a 11% premium to 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.
SWX Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $88.2 | 5.6% above |
| 20 week MA | $89.2 | 4.4% above |
| 50 week MA | $87.6 | 6.3% above |
| 100 week MA | $81.5 | 14% above |
| 200 week MA | $74.1 | 26% above |
SWX 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.
SWX Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $75.2 | $60.1 | -20% |
| 2021 | $60.1 | $71.3 | +19% |
| 2022 | $71.3 | $62.2 | -13% |
| 2023 | $62.2 | $63.4 | +1.8% |
| 2024 | $63.4 | $70.4 | +11% |
| 2025 | $70.4 | $80.8 | +15% |
| 2026 YTD | $80.8 | $93.1 | +15% |
SWX has the edge over SMR on returns for 2026, with the stronger performance.