SMR
NuScale Power Corporation
SMR offers stronger modeled upside, but that advantage does not outweigh its weaker overall profile.
XEL
Xcel Energy Inc.
XEL 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.
XEL Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Strong | |
| Weak | |
| Weak |
XEL's profitability is currently strong, 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.
XEL PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 19x | $82.36 | +1.1% |
| Current | 19x | $81.50 | — |
| Forward | 19x | $81.50 | — |
| Fair | 22x | $95.70 | +17% |
| Expensive | 25x | $106 | +30% |
Historical ranges are pointers, not guarantees.
XEL's PE is 19x, but its earnings don't support one, so it isn't a reliable read right now.
SMR Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses shrinking | |
| Strong growth | |
| -- | |
| Limited | |
| High |
Analysts expect SMR's losses to shrink, with revenue growing.
XEL Forward outlook
| Metric | Outlook |
|---|---|
| Stable | |
| Growth | |
| Growth | |
| Weakening | |
| Limited | |
| Moderate |
Analysts expect earnings and revenue growth for XEL, but weaker profitability.
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.
XEL Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $4.40 | +2.5% |
| Q3 2026 | $4.29 | +31% |
| Q2 2026 | $3.65 | +1.1% |
| Q1 2026 | $3.47 | +2.1% |
| Q4 2025 | $3.42 | -0.6% |
| Q3 2025 | $3.28 | -2.7% |
| Q2 2025 | $3.61 | +7.8% |
| Q1 2025 | $3.40 | +2.1% |
| Q4 2024 | $3.44 | +7.2% |
XEL 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.
XEL Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $4.2B | +6.6% |
| Q2 2026 | $3.1B | -5.1% |
| Q1 2026 | $4B | +2.9% |
| Q4 2025 | $3.6B | +14% |
| Q3 2025 | $3.9B | +7.4% |
| Q2 2025 | $3.3B | +8.6% |
| Q1 2025 | $3.9B | +7% |
| Q4 2024 | $3.1B | -9.4% |
XEL's revenue has picked up after three years of holding roughly level: $4.2B last quarter, up 6.6% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 29% | +9.4 points |
| Q2 2026 | 23% | +5.1 points |
| Q1 2026 | 19% | +1.4 points |
| Q4 2025 | 16% | +5.2 points |
| Q3 2025 | 19% | -5.9 points |
| Q2 2025 | 18% | +2.7 points |
| Q1 2025 | 17% | -1.3 points |
| Q4 2024 | 11% | -5.6 points |
XEL 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 XEL at down 200%.
XEL Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$1.2B | +$76M |
| Q2 2026 | -$1.8B | -$502M |
| Q1 2026 | -$1.3B | -$365M |
| Q4 2025 | -$3.2B | -$1.7B |
| Q3 2025 | -$1.3B | -$1.2B |
| Q2 2025 | -$1.3B | -$705M |
| Q1 2025 | -$960M | -$473M |
| Q4 2024 | -$1.6B | -$913M |
XEL has burned cash in almost every quarter: −$7.6B over the past year, against −$5.1B 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 | — |
XEL Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.8% | +5M shares |
| 1 year | +6.2% | +37M shares |
| 3 years | +14% | +80M shares |
| 5 years | +17% | +93M shares |
| Available history | +22% | +112M shares |
XEL 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.
XEL Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 6.1x | High |
| Q2 2026 | 6.6x | High |
| Q1 2026 | 6.2x | High |
| Q4 2025 | 6.0x | High |
| Q3 2025 | 6.1x | High |
| Q2 2025 | 5.7x | High |
| Q1 2025 | 5.8x | High |
| Q4 2024 | 5.6x | High |
XEL's net debt is about 6.1 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).
XEL Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 58.9 | Neutral |
| Stochastic | 86.9 | Overbought |
XEL's weekly RSI is 59 (neutral) and its Stochastic is 87 (overbought).
SMR PE vs Utilities Sector
SMR has no meaningful PE right now: it lost money over the past year.
XEL PE vs Utilities Sector
| Metric | XEL | Sector median | Relative |
|---|---|---|---|
| PE | 19x | 20x | 6.9% below |
| PE % | 14 | 44 | 30 pts below |
XEL is trading at 19x earnings, in line with the Utilities sector's median of 20x, though its earnings don't support one.
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.
XEL Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $76.3 | 6.8% above |
| 20 week MA | $77.2 | 5.5% above |
| 50 week MA | $78.1 | 4.4% above |
| 100 week MA | $74.9 | 8.8% above |
| 200 week MA | $68.1 | 20% above |
XEL 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.
XEL Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $63.1 | $64.6 | +2.4% |
| 2021 | $64.6 | $66.6 | +3.1% |
| 2022 | $66.6 | $70.9 | +6.5% |
| 2023 | $70.9 | $61.9 | -13% |
| 2024 | $61.9 | $68.1 | +10% |
| 2025 | $68.1 | $74.4 | +9.2% |
| 2026 YTD | $74.4 | $81.5 | +9.5% |
XEL has the edge over SMR on returns for 2026, with the stronger performance.