The balance sheet shows a deceptive strength with a 0.00 debt-to-equity ratio and $2.1B in equity, but this capital structure is the result of continuous equity financing for losses rather than earnings-generated growth, leaving PPE net at a negligible $9.6M.
NuScale Power Corporation (SMR) balance sheet — 7-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Total Assets | 2.05B | 1.41B | 544.67M | 224.86M | 348.63M | 121.2M | 47.06M | 75.69M |
| Asset Growth % | 731.69% | 159.33% | 142.23% | -35.5% | 187.66% | 157.55% | -37.83% | - |
| PP&E (Net) | 9.58M | 1.92M | 2.42M | 6.68M | 8.64M | 6.23M | 7.72M | 6.33M |
| PP&E / Total Assets % | 0.47% | 0.14% | 0.44% | 2.97% | 2.48% | 5.14% | 16.41% | 8.37% |
| Total Current Assets | 1.1B | 1.27B | 471.14M | 154.55M | 284.42M | 86.07M | 11.63M | 41.27M |
| Cash & Equivalents | 766.46M | 836.42M | 401.56M | 120.27M | 217.69M | 77.09M | 4.86M | 17.13M |
| Receivables | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Assets | 5.1M | 7.21M | 5.1M | 5.1M | 0 | 0 | 0 | 0 |
| Long-Term Investments | 1.03B | 32.95M | 0 | 0 | 0 | 0 | 0 | 0 |
| Goodwill | 8.26M | 8.26M | 8.26M | 8.26M | 8.26M | 8.26M | 8.26M | 8.26M |
| Intangible Assets | 438K | 527K | 17.6M | 17.78M | 1.06M | 1.24M | 1.41M | 1.59M |
| Other Assets | 108.98M | 96.28M | 45.26M | 37.59M | 46.27M | 19.4M | 18.04M | 18.24M |
| Total Liabilities | 35.54M | 298.96M | 91.55M | 95.52M | 71.55M | 54.94M | 76.2M | 39.03M |
| Total Debt | 6.69M | 0 | 0 | 2.94M | 4.35M | 15.44M | 36.89M | 16.83M |
| Net Debt | -759.77M | -836.42M | -401.56M | -117.33M | -213.33M | -61.65M | 32.03M | -303K |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Short-Term Borrowings | 0 | 0 | 0 | 0 | 0 | 14.04M | 33.91M | 13.21M |
| Capital Lease Obligations | 7.42M | 0 | 0 | 2.94M | 4.35M | 1.4M | 2.98M | 3.62M |
| Total Current Liabilities | 29.07M | 296.06M | 89.72M | 87.46M | 38.56M | 48.41M | 70.54M | 34.67M |
| Accounts Payable | 19.76M | 286.51M | 47.95M | 40.84M | 20.26M | 18.49M | 14.56M | 8.88M |
| Accrued Expenses | 9.52M | 648K | 1.36M | 8.55M | 16.73M | 14.68M | 7.13M | 11.14M |
| Deferred Revenue | 240K | 613K | 762K | 898K | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 0 | 8.28M | 39.66M | 36.57M | 0 | 0 | 13.36M | 0 |
| Deferred Taxes | 0 | 0 | 0 | -1000K | 0 | 0 | 0 | 0 |
| Other Liabilities | 19K | 2.9M | 1.65M | 7.16M | 30.2M | 6.32M | 4.25M | 2.18M |
| Total Equity | 2.01B | 1.11B | 453.12M | 129.34M | 277.09M | 66.26M | -29.14M | 36.66M |
| Equity Growth % | 941.48% | 145.75% | 250.34% | -53.32% | 318.19% | 327.39% | -179.49% | - |
| Shareholders Equity | 2.06B | 1.17B | 618.7M | 93.46M | 114.68M | 66.26M | -29.14M | 36.66M |
| Minority Interest | -47.65M | -55.29M | -165.57M | 35.88M | 162.41M | 0 | 0 | 0 |
| Common Stock | 43K | 34K | 27K | 23K | 23K | 28.18M | 20.9M | 17.19M |
| Additional Paid-in Capital | 2.89B | 1.9B | 995.75M | 333.89M | 296.75M | 0 | 0 | 0 |
| Retained Earnings | -824.42M | -732.87M | -377.08M | -240.45M | -182.09M | -781.62M | -679.13M | -590.74M |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Return on Assets (ROA) | -30.27% | -36.36% | -35.51% | -20.35% | -24.29% | -121.83% | -144.01% | -93.94% |
| Return on Equity (ROE) | -35.59% | -45.42% | -46.91% | -28.72% | -33.24% | -552.24% | -2351.03% | -193.97% |
| Debt / Equity | 0.00x | - | - | 0.02x | 0.02x | 0.23x | - | 0.46x |
| Debt / Assets | 0.33% | - | - | 1.31% | 1.25% | 12.74% | 78.4% | 22.23% |
| Net Debt / EBITDA | 1.04x | - | - | - | - | - | - | - |
| Book Value per Share | 12.3 | 6.8 | 4.86 | 1.76 | 5.46 | 1.52 | -0.67 | 0.84 |
Quick answers to the most common questions about buying SMR stock.
As of 2025, NuScale Power Corporation (SMR) had total assets of $1.41B including $1.27B in current assets.
NuScale Power Corporation (SMR) carries total debt of $0.0M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
NuScale Power Corporation (SMR) has total shareholders' equity (book value) of $1.17B ($6.80 book value per share). Book value represents the net worth of the company belonging to common stock holders.
NuScale Power Corporation (SMR) reported a current ratio of 4.30x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Existential liquidity risk without revenue
Metrics are mathematically derived from official filings.
Asset Growth Driven by Cash, Not Rate Base
Total assets surged to $2.0B in Q2 2026, but PPE net remains a negligible $9.6M, indicating the balance sheet expansion is fueled by cash from equity raises, not regulated asset growth.
The company's asset base has ballooned from $229.8M in Q1 2024 to $2.0B, yet its regulated asset base (PPE net) has actually declined from $3.6M to $9.6M over the same period. This disconnect, with equity at $2.1B supporting almost no rate base, confirms the trajectory is driven by speculative capital raises for a pre-commercial technology, not utility-like asset growth.
Minimal Regulated Asset Base
PPE net of $9.6M in Q2 2026 represents less than 0.5% of total assets, highlighting the near-complete absence of a regulated, earnings-generating asset base for the company.
Unlike a traditional utility where PPE constitutes the vast majority of assets and earns a regulated return, NuScale's PPE has remained flat and insignificant for ten quarters. This confirms the company has no material rate base to support earnings or regulatory filings, making traditional utility valuation metrics irrelevant.
Equity-Funded Structure Masks True Risk
The company reported a D/E ratio of 0.00 in Q2 2026, with total debt of just $6.7M against $2.1B in equity, creating a deceptively strong capital structure that is actually the result of continuous equity funding for losses.
A zero debt-to-equity ratio is not a sign of conservative leverage but rather reflects NuScale's inability to access debt markets as a pre-revenue entity. The minimal debt appears to be operational in nature, not project financing, and the structure is entirely reliant on the willingness of equity holders to fund ongoing, material cash burn.
Liquidity Runway Dependent on Equity Infusions
Cash and equivalents of $1.1B in Q2 2026, paired with a current ratio of 37.88, provide a substantial but finite liquidity buffer that is being rapidly consumed by operational losses and development spending.
The company's liquidity position is strong on a static basis but precarious when viewed against the cash flow profile. With operating cash outflows averaging tens of millions per quarter and recent capex surging to $459.3M, the $1.1B cash balance represents a runway that requires successful capital market access to extend. The extremely high current ratio is a function of negative working capital needs, not operational strength.
No Visible Path to Regulated Earnings
With zero contracted revenue post-UAMPS cancellation and no active rate case or regulatory recovery mechanisms, the company has no foreseeable path to converting its cash burn into a regulated earnings stream.
The prior income statement analysis confirms revenue has collapsed to $75K. The balance sheet shows no regulatory assets, deferred charges, or construction work in progress (CWIP) that would indicate a pending rate case or cost recovery application. This absence of regulatory infrastructure, combined with negative equity returns (ROE of -3.0%), suggests the business model is currently broken with no visible replacement mechanism.
Existential Liquidity and Going Concern Risk
The most significant risk is that NuScale's $1.1B cash balance, while large, funds a negative cash flow model with no revenue, creating a potential going concern if equity markets close or dilution becomes too severe.
Unlike a utility with regulated cash flows, NuScale's survival depends entirely on external capital. The Q2 2026 balance sheet shows a $1.1B cash pile but also $58.2M in quarterly operating losses and a recent capex spike. The risk is that persistent negative ROE, failed commercialization (as seen with UAMPS), and a stock price supported by narrative rather than fundamentals could eventually impair the company's ability to raise further equity, turning the current liquidity buffer into a rapidly diminishing runway.