Almost exactly a year ago, on Oct. 15, 2025, shares of NuScale Power (NYSE:SMR) finished the day at a record $53.43. On Monday, they ended at $5.69. That's around 89% lower, and it's the stock's lowest close since May 2024. Shares are down about 60% for 2026, including a 26% fall from their Oct. 7 close at $7.67. At this price, most of what a buyer pays for every share is cash. To me, that's the biggest shift in this stock over the last year. A stock trading so close to its cash can look like a value stock. But it isn't necessarily cheap when the company keeps selling new shares to refill the cash.
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