Does NUSCALE POWER CORPORATION have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores NUSCALE POWER CORPORATION (SMR) 30.6 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 36, returns on capital 0, balance-sheet safety 55, capital discipline 44.

How has SMR's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 30.6 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

NUSCALE POWER CORPORATION

SMR · Industrials · FY2025 filings · No moat ·

Doesn't clear the bar

No moat

The four filters

Pricing power36

Median gross margin 38.1% over 6y, variable.

Returns on capital0

Median ROIC -107.2%, above the 9% hurdle in 0% of years.

Balance-sheet safety55

Net cash position — no leverage risk.

Capital discipline44

Owner earnings trend unclear, share count n/a.

Margin of safety

Above valueOn sale

No price data

Owner earnings (normalized): —
Est. intrinsic value / share: —
Recent price: $7.71
Discount to value: No price data

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

7 years of fundamentals

The business, in plain English

NUSCALE POWER CORPORATION booked $31.5M of revenue in FY2025 in the Industrials sector and kept 36.3% of it as gross profit — a solid-margin business by that measure. After every other cost, −1130.3% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $600000 (FY2020) to $31.5M (FY2025) — about 120.8% a year compounded over 5 years.

SMR's filings don't disclose total debt in a form the methodology can use, so leverage is treated as unmeasured — never assumed to be zero.

Put together: Balance-Sheet Safety is the strongest of the four filters (55/100) and Returns on Capital the weakest (0/100), which is how SMR lands at 31/100 — a None moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

RevenueSales, as filed$31.5M FY2025

Gross marginRevenue kept after cost of goods36.3% FY2025

Return on invested capitalOperating profit on the capital employed−163.9% FY2025

Owner earningsCash an owner could take out−$356.3M FY2025

Gaps in a line mean that item isn’t in SMR’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale30.6 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — SMR has read No moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Industrials context

#196 of 309 scored Industrials companies, ranked by Moat Score.

Nearest peers by Moat Score

#194CHRN ChronoScale Holdings Corp30.9 out of 100, No moatNo moat
#195QXO QXO, Inc.30.6 out of 100, No moatNo moat
#197AMSC American Superconductor Corporation30.2 out of 100, No moatNo moat
#198ASH ASHLAND INC.30.2 out of 100, No moatNo moat

Compare SMR with its nearest peers →All Industrials companies on the Index →

Common questions about SMR

Does NUSCALE POWER CORPORATION have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores NUSCALE POWER CORPORATION (SMR) 30.6 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 36, returns on capital 0, balance-sheet safety 55, capital discipline 44.
How has SMR's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 30.6 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell SMR. See the disclaimer.