SMR // NuScale Power Corporation

DES <GO> NYSE CIK 0001822966 ↗

Industrials • Metal Fabrications

$5.92 ▲ +0.25 (+4.41%)

MKT CAP: $2.54B • VOL: 35.93M

52W L $5 52W H $44

ALTMAN Z

3.62 SAFE

PIOTROSKI

3 / 9

SMR // ROARABLE RATING & 5-PILLAR RQD CONFIDENCE 02:00 EST DETERMINISTIC ENGINE

PRIOR: RQD 58/100 [D+] (-1 PT) • UNCHANGED AS OF 2026-11-01

ROARABLE D+

RQD CONFIDENCE

57 / 100 -1D

5 X 20-PT QUANT PILLARS

E 0 D 35 C 59 B 70 A 86+

Roarable Sell — Weak Fundamentals / Trim

01 MASSIVE / SEC XBRL

Forensic Fundamentals

[LOCKED] FLAGGED

UNLOCK BELOW TO REVEAL

02 OPRA GEX + SEC 13F

Whale & Options Flow

10 / 20

NEUTRAL

NET GEX +0% • CALL SWEEP 52% • P/C 0.73

03 SEC FORM 4 (90D)

Insider Conviction

[LOCKED] FLAGGED

UNLOCK BELOW TO REVEAL

04 FRED 90D r-MATRIX

Macro Regime Fit

17 / 20

STRONG

TAILWIND • r(10Y)=+0.00 (+23bp) • r(OAS)=+0.00

05 10-K REDLINE AUDIT

Forensic 10-K Risk

13 / 20

SOLID

20 BASE - 7 DEDUCT • 0 CRIT / 0 MED • STABLE

ALERT

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SIG <GO> CROSS-FEED TRIANGULATION // PROPRIETARY ANOMALY ENGINE (1 ACTIVE ON SMR)

STAGE 2 DETERMINISTIC Z-SCORE + STAGE 3 GEEK DESK BRIEF ALL MARKET ANOMALIES <SIG>

▼ BEARISH // F-RATED EARNINGS MIRAGE // ACCRUAL WATCHSIFTER 02 // ACCRUAL & RECEIVABLES FORENSICS

SEVERITY: 94/100 Z-SCORE: +5.62σ

SMR Bearish Alert: +215.0% Receivables Bloat vs Rev with +0.0% Cash Conversion Gap

CASH CONVERSION GAP

+0.0% (NI vs OCF)

RECEIVABLES / WC BLOAT

+215.0% VS REV

60D C-SUITE FORM 4 SALES

0 OPEN-MKT DUMPS

[GEEK DESK FORENSIC NOTE // SEC XBRL × FORM 4 CROSS-CHECK]

SEC EDGAR XBRL CompanyFacts10-K/10-Q Working Capital ScheduleSEC Form 4 Executive Sales

Multi-feed cross-validation triggers an accounting mirage alert with a z-score of 5.62 across SEC EDGAR XBRL filings and working capital schedules. Despite 0 open-mkt dumps in 60D C-suite Form 4 sales, working capital distortion is severe with receivables bloat reaching +215.0% vs rev. Net income growth and operating cash flow growth both contracted at -120%, leaving a +0.0% cash conversion gap that flags acute accrual risk for institutional positioning.

SMR // CANDLESTICK & AUTO-TRENDLINE WORKSTATION6M: -54.90%🛡️ HOLDING TREND SUPPORT

2026-10-30O $5.48H $5.65L $5.42C $5.62VOL 38.23M

RES: $11.03SUP: $5.05SMA50: $7.89SMA200: $10.85

SMR // INSTITUTIONAL BULL VS. BEAR FORENSIC DEBATE

UNDERWEIGHT CONVICTION: 28/100

BEAR 0

100 BULL

NuScale Power Corporation (SMR) exhibits 36.3% gross margins and -35.0% return on invested capital within Industrials (Metal Fabrications), balanced against a 24.0x enterprise multiple and 7.4% implied options volatility.

▲ INSTITUTIONAL BULL THESIS (LONG)

01. Operating Leverage & Capital Efficiency Moat

Sustained 36.3% gross profitability converts into -60.0% operating margin and -35.0% ROIC, outpacing sector cost of capital.

ROIC: -35.0% // GM: 36.3%

02. Top-Line Expansion & Cash Conversion

YoY revenue trajectory of -15.0% paired with -18.00% free cash flow yield supports self-funded R&D and capital return.

REV YOY: -15.0% // FCF YLD: -18.00%

03. Balance Sheet Solvency & Forensic Quality

Altman Z-Score of 3.62 and Piotroski F-Score of 3/9 indicate low near-term refinancing stress.

ALTMAN Z: 3.62 // F-SCORE: 3/9

▼ INSTITUTIONAL BEAR THESIS (SHORT / RISK)

01. Multiple Compression & Duration Sensitivity

Trading at 24.0x trailing P/E (19.0x Fwd P/E) leaves valuation vulnerable if real 10Y TIPS yields spike.

P/E: 24.0x // EV/EBITDA: —

02. Options Skew & Event Volatility Risk

Options market prices a ±7.4% implied move with a 0.73 put/call ratio around $6.00 max pain.

IMPL MOVE: ±7.4% // P/C: 0.73

03. Competitive Margin & CapEx Cycle Pressure

Elevated industry capital intensity and customer concentration in Metal Fabrications require continuous execution to defend -60.0% net margins.

NET MARGIN: -60.0% // D/E: 0.11x

KEY CATALYST // Upcoming 10-Q/10-K XBRL margin progression, guidance revision vs 19.0x forward consensus, and institutional 13F positioning.

MACRO REGIME // Monitor US 10Y Real Yields (DFII10) and High-Yield Credit Spreads (OAS) for beta-adjusted multiple impact (Beta 1.14).

FORM 4 & 13F FLOW OPEN OWN <GO>

FILER	SIDE	$ VALUE
INSPECT FULL OWNERSHIP LEDGER IN OWN <GO>

UNUSUAL OPTIONS TAPE OPEN OPT <GO>

STRIKE / EXP	TYPE	PREMIUM
INSPECT GEX & CHAIN IN OPT <GO>

KEY VALUATION & PROFITABILITY RATIOS XBRL FA <GO>

TRAILING P/E —

FORWARD P/E 19.0x

EV / EBITDA —

FCF YIELD -18.00%

GROSS MARGIN 36.3%

OPERATING MARGIN -60.0%

NET MARGIN -60.0%

ROIC % -35.0%

REV GROWTH YOY -15.0%

DILUTED EPS TTM $-0.83

DEBT / EQUITY 0.11x

DIVIDEND YIELD 0.00%

RSI-14 MOMENTUM 35.2

5Y EQUITY BETA 1.14

FRED MACRO SENSITIVITY (PEARSON r) ECST <GO>

MACRO CORRELATION CALIBRATION ACTIVE BELOW.

FRED MACRO REGIME STRESS-TEST SIMULATOR // SMRPEARSON R VARIANCE ENGINE

01 // SELECT FEDERAL RESERVE & CREDIT SHOCK SCENARIO

02 // POSITION NOTIONAL EXPOSURE

HEADLINE STRESS SCORE

75/100SEVERE DRAWDOWN PRESSURE

PRIMARY FACTOR EXPOSURE

DFII10 // -0.61 r

Latest: 2.08%

EST. DIRECTIONAL MOVE

-8.50%

Implied Px: $5.42

EST. DOLLAR VARIANCE

-$4,248

On $50,000 Notional

[LOCKED // MULTI-FACTOR DRAWDOWN HEDGE & MACRO TRIGGER ALERT]

Unblur the exact $50,000 delta-adjusted ETF/options hedge ratio for SMR & activate live FRED threshold breach alerts.

HEAD-TO-HEAD PEER COMPARISONS COMP <GO>

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MARGINS ROIC VALUATION