Oklo Vs. Nuscale Power: Which Utilities Stock Is A Better…

In its latest annual report covering FY 2025, revenue reached approximately $31.5 million, which was a decrease of roughly 15% from the previous year. The company reported a net loss of nearly $355.8 million during this period. This loss widened significantly from the roughly $136.6 million loss in the prior fiscal year. These figures reflect the substantial research and development costs required to bring advanced nuclear technology to market.

Based on its December 2025 balance sheet, NuScale Power carries a debt-to-equity ratio of 0.0x. This indicates that total debt is essentially zero compared to equity. The current ratio stands at approximately 4.3x, showing the company can comfortably meet its short-term obligations. Free cash flow for FY 2025 was nearly negative $460.1 million. This measure of cash generation is vital for understanding how much capital the business requires for its ongoing expansion efforts.

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SMR & OKLO: Performance Comparison

Key Financial Metrics

SMR – NuScale Power

$7.68

–0.90% (-$0.07)

OKLO – Oklo

$35.97

+0.28% (+$0.10)

Market Cap

$3.2B

52wk Range

$7.21 – $57.42

Gross Margin

16.03%

P/E Ratio

-3.37

EPS (TTM)

-$2.28

Market Cap

$6.7B

52wk Range

$34.38 – $193.84

Gross Margin

-2347.11%

P/E Ratio

-38.27

EPS (TTM)

-$0.94

SMR – NuScale Power

$7.68

–0.90% (-$0.07)

Market Cap

$3.2B

52wk Range

$7.21 – $57.42

Gross Margin

16.03%

P/E Ratio

-3.37

EPS (TTM)

-$2.28

OKLO – Oklo

$35.97

+0.28% (+$0.10)

Market Cap

$6.7B

52wk Range

$34.38 – $193.84

Gross Margin

-2347.11%

P/E Ratio

-38.27

EPS (TTM)

-$0.94

Risk profile comparison

Oklo faces the hurdle of having no current commercial operating history, making its deployment of first-of-a-kind powerhouses highly complex. Revenue depends on turning non-binding agreements into binding ones and securing high-assay low-enriched uranium fuel. Supply of this fuel is subject to geopolitical sanctions and market volatility. Furthermore, the company is managing potential cybersecurity threats and legal investigations regarding its previous public disclosures.

NuScale Power is currently navigating federal securities class action lawsuits alleging misrepresentations about its commercial strategy. The company relies heavily on its partnership with ENTRA1 for development, which could limit its ability to pursue other independent projects. There is also a risk related to the lack of binding contracts for its modules and potential liquidity challenges from tax-related payments. These factors suggest significant hurdles as the company moves toward full-scale commercialization.

Valuation comparison

The Forward P/E for both companies is unavailable due to negative future earnings estimates, but Oklo carries a measurable sales multiple.

Valuation metrics include sourcing from Financial Modeling Prep (FMP) and may differ from other data providers.

Which stock would I buy in 2026?

Historically, nuclear energy has had a bad reputation due to high-profile disasters and concerns over radioactive waste. But companies Oklo and NuScale Power represent a fundamental shift in the nuclear power industry. Small modular reactors (SMRs) and microreactors incorporate newer safety features and designs, and many believe they could play an important role in the future of carbon-free energy. Considering the enormous electricity demands of data centers, there also appears to be significant potential for these companies to thrive.

NuScale is currently the only SMR designer with design approval from the U.S. Nuclear Regulatory Commission, giving it regulatory traction that Oklo lacks for the time being. It generated $31.5 million in revenue in fiscal 2025, supported by partners ENTRA1 and RoPower. It has been burning significant cash, though, with a net loss of $355.8 million in FY 2025. And while its partnerships are helping it move toward deployment, they also create considerable reliance on those partners.

By contrast, Oklo is pre-revenue and reported a $105.7 million net loss for FY 2025. It has prepayment agreements with partners Meta Platforms, suggesting there could be strong demand once it achieves regulatory approval and begins deployment. Although it currently carries no debt, its future remains largely unproven.

Investors seeking exposure to the next generation of nuclear energy providers may find NuScale the more attractive investment because it is already generating revenue and has achieved regulatory approval for its SMR design. But both stocks carry significant risks. I would choose NuScale, but would definitely make it a small part of a well-diversified portfolio.

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About the Author

Pamela Kock (“cook”) is a contributing writer at The Motley Fool. She has worked as a copyeditor for The Motley Fool since 2021, polishing editorial and SEO-driven evergreen content with a focus on clarity and accuracy. She holds a B.A. in English/Professional Writing from Wright State University, and has been a small-business owner with a retail shop in her town’s historic business district since 2012. Motto: Stay curious!

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