C

NuScale Power Corporation — Earnings Quality Grade C

SMR · Industrials

Some red flags

Revenue
$31M
2025
Net Income
-$356M
2025
Gross Margin
36.3%
Free Cash Flow
-$460M
01

Screening Summary

8
Passed
6
Watch
1
Failed
-3.66
M-Score

Management Signals

No recent CEO, CFO, board, or accounting leadership signals found in SEC 8-K filings.
02

Financial Trends

Revenue & Net Income ($B)

Margins (%)

03

18-Point Screening

01

Revenue Quality

A1DSO Change

DSO 97 days, change -111 days YoY

A2AR vs Revenue Growth

AR growth -60.3% vs revenue growth -15.0%

A3Revenue vs CFFO

Revenue -15.0%, CFFO -323.0%. Cash follows revenue

02

Expense Quality

B1Inventory vs COGS

No material inventory

!
B2CapEx vs Revenue

CapEx growth 1054.5% is >2x revenue growth -15.0%

!
B3SG&A Ratio

SG&A/Gross Profit = 5334.8%, exceeds 70%

!
B4Gross Margin

Gross margin swung -50.4pp (86.7% → 36.3%)

03

Cash Flow Quality

C1CFFO vs Net Income

CFFO/NI = 1.29. Profits backed by cash

!
C2Free Cash Flow

FCF is negative ($-0.5B)

!
C3Accruals Ratio

Accruals ratio = 7.3%. Elevated

C4Cash vs Debt

Insufficient data

04

Balance Sheet Health

D1Goodwill + Intangibles

Goodwill+Intangibles $0.0B = 2% of equity. Manageable

D2Leverage

Insufficient data

!
D3Soft Asset Growth

Other assets grew 735.8% vs revenue -15.0%

D4Asset Impairment

No write-off data

05

Acquisition Risk

E1Serial Acquirer FCF

FCF after acquisitions negative for 3 years

E2Goodwill Surge

Goodwill+Intangibles change -1% YoY. Normal

06

Manipulation Score

F1Beneish M-Score

M-Score = -3.66 (< -2.22). Unlikely manipulator

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04

Beneish M-Score

Manipulation Probability-3.66
-4.0 Clean-2.22 Grey-1.78 Danger0
0.467
DSRI
AR growing faster than revenue?
2.387
GMI
Gross margin declining?
0.748
AQI
Asset quality deteriorating?
0.85
SGI
Revenue growth rate
1.136
DEPI
Depreciation slowing?
9.455
SGAI
SG&A ratio changing?
0.0735
TATA
Accruals level
1.272
LVGI
Leverage increasing?
05

Altman Z-Score

3.67
Safe Zone
0 Distress1.102.605.0+ Safe
0.6913
Liquidity
-0.5188
Cumulative profit
-0.4882
Operating efficiency
3.9097
Leverage

Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25