SMR
NuScale Power Corporation
SMR offers stronger modeled upside, but that advantage does not outweigh its weaker overall profile.
TAC
TransAlta Corporation
TAC 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.
TAC Fundamentals
| Metric | Status |
|---|---|
| Under pressure | |
| Stable | |
| Strong | |
| Weak |
TAC's cash flow is currently strong, and its profitability is stable, but its revenue and balance sheet are under pressure.
SMR PE Valuation
SMR has no meaningful PE right now: it lost money over the past year.
TAC PE Valuation
TAC has no meaningful PE right now: it lost money over the past year.
SMR Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses shrinking | |
| Strong growth | |
| -- | |
| Limited | |
| High |
Analysts expect SMR's losses to shrink, with revenue growing.
TAC Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Strong growth | |
| Stable | |
| Strongly improving | |
| Limited | |
| High |
Analysts expect TAC'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.
TAC Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q2 2026 | -$0.17 | +$0.23 |
| Q1 2026 | -$0.52 | -$0.51 |
| Q4 2025 | -$0.45 | -215% |
| Q3 2025 | -$0.46 | -212% |
| Q2 2025 | -$0.40 | -127% |
| Q1 2025 | -$0.01 | -101% |
| Q4 2024 | $0.39 | -78% |
| Q3 2024 | $0.41 | -76% |
TAC is still losing money, but far less than before: $0.17 per share over the past year, against $1.63 at its worst in late 2021.
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 has the edge over TAC on sales, with more consistent year-over-year improvement.
| 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.
TAC Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $342.4M | +12% |
| Q1 2026 | $398.2M | -25% |
| Q4 2025 | $420.8M | -12% |
| Q3 2025 | $432.4M | -3.6% |
| Q2 2025 | $304.4M | -26% |
| Q1 2025 | $532.9M | -20% |
| Q4 2024 | $476.7M | +8.7% |
| Q3 2024 | $448.5M | -37% |
TAC's revenue is recovering but still below its 2023 peak: $342M last quarter, up 12% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 29% | +30 points |
| Q1 2026 | 4.3% | -8.9 points |
| Q4 2025 | -15% | -16 points |
| Q3 2025 | 1.8% | -13 points |
| Q2 2025 | -0.5% | -28 points |
| Q1 2025 | 13% | -22 points |
| Q4 2024 | 0.9% | -2.5 points |
| Q3 2024 | 14% | -36 points |
TAC 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 |
TAC has the stronger cash trend. Its trailing FCF is up 36% versus its history, compared with SMR at down 161%.
TAC Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $12M | -78% |
| Q1 2026 | $65.6M | +$84.5M |
| Q4 2025 | $103.3M | +45% |
| Q3 2025 | $137.8M | +29% |
| Q2 2025 | $55.5M | +68% |
| Q1 2025 | -$19M | -115% |
| Q4 2024 | $71M | +40% |
| Q3 2024 | $106.9M | -70% |
TAC still generates free cash flow, though less than at its 2023 peak: $319M over the past year.
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 | — |
TAC Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +1.7% | +5M shares |
| 1 year | +1.3% | +4M shares |
| 3 years | +14% | +38M shares |
| 5 years | +12% | +32M shares |
| Available history | +7.1% | +20M shares |
TAC has the edge over SMR on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q2 2026 | — |
| Q1 2026 | — |
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | $14.8M |
| Q1 2025 | $2.1M |
| Q4 2024 | $20.4M |
| Q3 2024 | $16.9M |
TAC hasn't bought back shares in the past year.
SMR Net Leverage
SMR's operating earnings (EBITDA) were negative over the past year, so its debt can't be measured against them.
TAC Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 4.9x | High |
| Q1 2026 | 6.1x | High |
| Q4 2025 | 5.7x | High |
| Q3 2025 | 5.8x | High |
| Q2 2025 | 5.7x | High |
| Q1 2025 | 4.8x | High |
| Q4 2024 | 3.8x | Elevated |
| Q3 2024 | 3.5x | Elevated |
TAC's net debt is about 4.9 years of its operating earnings (EBITDA), down from 5.7 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).
TAC Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 53.9 | Neutral |
| Stochastic | 65.9 | Neutral |
TAC's weekly RSI is 54 (neutral) and its Stochastic is 66 (neutral).
SMR PE vs Utilities Sector
SMR has no meaningful PE right now: it lost money over the past year.
TAC PE vs Utilities Sector
| Metric | TAC | Sector median | Relative |
|---|---|---|---|
| PE | N/A | 20x | — |
TAC has no meaningful PE right now: it lost money over the past year.
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.
TAC Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $12.7 | 4.8% above |
| 20 week MA | $12.7 | 4.4% above |
| 50 week MA | $12.9 | 2.6% above |
| 100 week MA | $12.5 | 6.6% above |
| 200 week MA | $10.5 | 26% above |
TAC 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.
TAC Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $7.03 | $7.37 | +4.8% |
| 2021 | $7.37 | $11.1 | +51% |
| 2022 | $11.1 | $8.78 | -21% |
| 2023 | $8.78 | $8.31 | -5.4% |
| 2024 | $8.31 | $14.2 | +71% |
| 2025 | $14.2 | $12.8 | -9.8% |
| 2026 YTD | $12.8 | $13.3 | +3.4% |
TAC has the edge over SMR on returns for 2026, with the stronger performance.