SMR vs. GEV: Which Small Modular Reactor Stock is a Better Pick?

NuScale Power SMR and GE Vernova GEV are both important companies in the nuclear energy industry. NuScale Power focuses on building small modular reactors for clean energy projects. GE Vernova focuses on power and grid solutions, and through a global alliance with Hitachi, it develops nuclear fuel, services, and small modular reactors like the BWRX-300.

According to a report from Fortune Business Insights, the global small modular reactor market was valued at $5.96 billion in 2025. This is expected reach $8.77 billion by 2032 from $6.13 billion in 2026, witnessing a CAGR of about 4.59%. Both NuScale Power and GE Vernova are well-positioned to benefit from this growth because their technologies can help meet rising demand for safe, reliable, and carbon-free nuclear energy.

However, from an investment point of view, one stock offers a more favorable outlook than the other right now. Let’s break down their fundamentals, growth prospects, market challenges and valuation to determine which stock offers a more compelling investment case.

The Case for NuScale Power Stock

NuScale Power is moving forward in the small modular reactor market. The company is still the only small modular reactor vendor with U.S. Nuclear Regulatory Commission (NRC) design approval, which gives it a clear advantage over other players. NuScale Power also received approval for its 77-MW uprate, which strengthens its product and is important for customers who need more reliable power.

A key development is the 6-GW plan announced by ENTRA1 and Tennessee Valley Authority (TVA). This is the largest small modular reactor program announced in the United States and represents 72 modules across up to six plants. NuScale Power stated that it already has 12 modules in production for the first project. TVA leadership has also publicly shown that they want new nuclear power.

However, the company faces several risks. NuScale Power’s revenues are still very small, with $8.2 million reported for the third quarter of 2025. The company also paid $128.5 million to ENTRA1 during the third quarter as part of its milestone agreement. Moreover, the management stated that total payments across all six TVA projects could reach several billion dollars before NuScale Power receives any equipment orders. 

Another key risk is that the TVA agreement is not a binding Power Purchase Agreement (PPA) yet, and delays in signing PPAs could push out orders and revenues. Additionally, Project timelines are long, with the first plant expected around 2030, which shows that meaningful revenues are still years away.

The Case for GE Vernova Stock

GE Vernova is expanding its presence in the small modular reactor (SMR) market through the BWRX-300. This work is done through GE Vernova Hitachi Nuclear Energy (GVH), which is GE Vernova’s nuclear energy business operated through its global alliance with Hitachi. The BWRX-300 is designed to produce around 300 megawatts of electricity per unit.

The company's partnership with Samsung C&T bodes well for its prospects. Through this partnership, GVH plans to support the deployment of the BWRX-300 in global markets outside North America. The companies will work together on supply chain development and project delivery solutions. The partnership includes work toward the potential deployment of five BWRX-300 units in Sweden, which supports GEV’s push into Europe. These areas matter because small modular reactor deployments depend heavily on execution, timelines, and access to key components.

GEV is making progress in the U.K. regulatory process. The BWRX-300 completed Step 1 of the U.K. Generic Design Assessment process in December 2024 and Step 2 in December 2025, where the company's design for BWRX-300 passed the necessary environmental and safety checklists.

Project progress in North America bodes well for GEV's prospects. The first BWRX-300 is under construction at Ontario Power Generation’s Darlington site in Canada, where four units are planned. In the United States, the Nuclear Regulatory Commission is reviewing TVA’s application to build a BWRX-300 at the Clinch River site in Tennessee. Overall, these steps show GEV is building its SMR presence through partnerships, approvals, and project progress.

How Do Earnings Estimates Compare for SMR & GEV?

GE Vernova has a steady earnings growth outlook compared with NuScale Power.

The Zacks Consensus Estimate for NuScale Power’s 2026 bottom line is pegged at a loss of 62 cents per share. The current estimate has narrowed from a loss of 67 cents per share projected 30 days ago. The bottom-line estimates indicate a robust improvement from 2025's projected loss of $2.23 per share.

The Zacks Consensus Estimate for GE Vernova’s 2026 earnings is pegged at $13.27 per share. The current estimate has been revised upward from the earlier estimate of $12.77, projected over the past 60 days. The bottom-line estimates indicate a robust improvement from 2025's projected earnings of $7.29 per share.

SMR vs. GEV: Price Performance and Valuation

In the past six months, GE Vernova shares have risen 6.5%, while shares of NuScale Power have lost 58.2%.

SMR Vs. GEV: 6-Month Price Return Performance

Currently, NuScale Power is trading at a forward sales multiple of 43.12X, higher than GE Vernova’s forward sales multiple of 4.36X. GE Vernova’s reasonable valuation makes it more attractive for investors looking for value and stability.

SMR vs. GEV: Forward 12-Month P/S Ratio

Conclusion: Hold GEV, Sell SMR Right Now

Both NuScale Power and GE Vernova are poised to benefit from the nuclear energy boom. NuScale Power has important technology advantages and major long-term project announcements, but its revenues remain very small, project timelines are long, and key agreements are not yet firm. 

In contrast, GE Vernova is making progress through the BWRX-300 by building partnerships, moving through U.K. regulatory steps, and showing real project development in Canada and the United States. GEV’s reasonable valuation offers make the stock a better pick for investors looking for stability and steady upside.

GE Vernova carries a Zacks Rank #3 (Hold), making it a clear winner over NuScale Power, which has a Zacks Rank #5 (Strong Sell) at present. 
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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This article originally published on Zacks Investment Research (zacks.com).

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