SMR
NuScale Power Corporation
SMR offers stronger modeled upside, but that advantage does not outweigh its weaker overall profile.
TXNM
TXNM Energy, Inc.
TXNM has a slight 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.
TXNM Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Weak | |
| Weak |
TXNM's revenue and profitability are currently healthy, 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.
TXNM PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 20x | $41.86 | -29% |
| Forward | 23x | $58.82 | — |
| Fair | 25x | $52.35 | -11% |
| Current | 28x | $58.82 | — |
| Expensive | 40x | $84.15 | +43% |
Historical ranges are pointers, not guarantees.
TXNM's PE is in its fair range at 28x. On analysts' estimates for next year's earnings, today's price would be 23x.
SMR Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses shrinking | |
| Strong growth | |
| -- | |
| Limited | |
| High |
Analysts expect SMR's losses to shrink, with revenue growing.
TXNM Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Decline | |
| Growth | |
| Strongly weakening | |
| Limited | |
| Low |
Analysts expect TXNM's revenue to grow, but its earnings and profitability to decline. 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.
TXNM Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $2.59 | +23% |
| Q3 2026 | $2.11 | +23% |
| Q2 2026 | $1.83 | -5.7% |
| Q1 2026 | $1.41 | -37% |
| Q4 2025 | $1.48 | -45% |
| Q3 2025 | $1.71 | -10% |
| Q2 2025 | $1.94 | +116% |
| Q1 2025 | $2.25 | +150% |
| Q4 2024 | $2.67 | +162% |
TXNM 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.
TXNM Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $733.3M | +13% |
| Q2 2026 | $548.6M | +9.2% |
| Q1 2026 | $505M | +4.6% |
| Q4 2025 | $533.2M | +12% |
| Q3 2025 | $647.2M | +14% |
| Q2 2025 | $502.4M | +2.9% |
| Q1 2025 | $482.8M | +11% |
| Q4 2024 | $477M | +16% |
TXNM's revenue has grown year over year for 10 quarters in a row: $733M last quarter, up 13% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 37% | +5.6 points |
| Q2 2026 | 22% | +8 points |
| Q1 2026 | 15% | +0.4 points |
| Q4 2025 | 18% | +1.6 points |
| Q3 2025 | 31% | -2.2 points |
| Q2 2025 | 14% | -7.2 points |
| Q1 2025 | 15% | -3.6 points |
| Q4 2024 | 16% | +27 points |
TXNM 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 |
TXNM has the stronger cash trend. Its trailing FCF is down 30% versus its history, compared with SMR at down 161%.
TXNM Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$95.9M | -2148% |
| Q2 2026 | -$195M | +$67.6M |
| Q1 2026 | -$159.5M | +$41.8M |
| Q4 2025 | -$152.1M | +$30.8M |
| Q3 2025 | $4.7M | +$148.4M |
| Q2 2025 | -$262.6M | -$46.6M |
| Q1 2025 | -$201.4M | -$5.1M |
| Q4 2024 | -$182.9M | -$53.6M |
TXNM has burned cash in almost every quarter: −$603M over the past year, against −$642M 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 | — |
TXNM Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -2.1% | -2.3M shares |
| 1 year | +1.2% | +1.3M shares |
| 3 years | +26% | +22.6M shares |
| 5 years | +26% | +22.6M shares |
| Available history | +36% | +28.8M shares |
TXNM has the edge over SMR on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $104,000 |
| Q2 2026 | $980,000 |
| Q1 2026 | $5.4M |
| Q4 2025 | $3.5M |
| Q3 2025 | $184,000 |
| Q2 2025 | $1.9M |
| Q1 2025 | $6.3M |
| Q4 2024 | $477,000 |
TXNM spent $10M buying back its own shares over the past year, up 12% from the year before.
SMR Net Leverage
SMR's operating earnings (EBITDA) were negative over the past year, so its debt can't be measured against them.
TXNM Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 5.6x | High |
| Q2 2026 | 5.9x | High |
| Q1 2026 | 6.0x | High |
| Q4 2025 | 6.0x | High |
| Q3 2025 | 6.0x | High |
| Q2 2025 | 6.4x | High |
| Q1 2025 | 6.7x | High |
| Q4 2024 | 6.3x | High |
TXNM's net debt is about 5.6 years of its operating earnings (EBITDA), down from 6.0 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).
TXNM Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 57.8 | Neutral |
| Stochastic | 72.5 | Neutral |
TXNM's weekly RSI is 58 (neutral) and its Stochastic is 72 (neutral).
SMR PE vs Utilities Sector
SMR has no meaningful PE right now: it lost money over the past year.
TXNM PE vs Utilities Sector
| Metric | TXNM | Sector median | Relative |
|---|---|---|---|
| PE | 28x | 20x | 37% above |
| PE % | 65 | 44 | 21 pts above |
TXNM is trading at 28x earnings, a 37% 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.
TXNM Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $58.5 | 0.6% above |
| 20 week MA | $58.0 | 1.5% above |
| 50 week MA | $58.5 | 0.6% above |
| 100 week MA | $56.3 | 4.4% above |
| 200 week MA | $49.6 | 19% above |
TXNM 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.
TXNM Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $50.5 | $48.7 | -3.6% |
| 2021 | $48.7 | $45.1 | -7.4% |
| 2022 | $45.1 | $48.7 | +8.1% |
| 2023 | $48.7 | $41.6 | -15% |
| 2024 | $41.6 | $48.5 | +16% |
| 2025 | $48.5 | $58.9 | +22% |
| 2026 YTD | $58.9 | $58.8 | -0.2% |
TXNM has the edge over SMR on returns for 2026, with the stronger performance.