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After SMR Stock Pullback, Fluor Emerges as the Safer Nuclear Play

Profits plus a sizable NuScale stake offer nuclear exposure with less early-stage risk.

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Overview

  • Shares of Nano Nuclear, Oklo, and NuScale have dropped sharply from mid-October highs, falling about 46%, 48%, and 62%, respectively.
  • Analysts surveyed by S&P Global Market Intelligence do not expect leading SMR developers to turn profitable before 2030.
  • Only NuScale currently reports revenue, under $64 million annually, while Nano Nuclear and Oklo remain pre-revenue.
  • Fluor is profitable and holds 38.9% of NuScale, providing direct exposure to SMRs alongside its large-scale nuclear EPC capabilities.
  • At an implied $6 billion NuScale valuation, Fluor’s stake is worth roughly $2.3 billion, and the company reports about $1.8 billion more cash than debt.