Rankings Utilities & power Oklo
Oklo
31
15070100
A view of the same findings, not a new score. How it works
The model found several serious problems. That does not mean the stock will fall.
Biggest deductions
- Valuation against own history and peers−24
- Margin−9
- Dilution and ATM programmes−8
Strengths
- Net cash+3
- Regulatory milestones+3
- Validation+2
How the score is built
From 100 to 31, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 2 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 23.52 USD
- Median analyst target
- 65.50 USD
- Upside to median
- +178.5%
- Analysts
- 25
- Target range
- 14.00 – 122.00 USD
- 52-week change
- −82%
- P/E (trailing)
- n/a
- Forward P/E
- n/a
- PEG
- n/a
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 3 findings−17 of −30
- −9MarginOperating loss of $218m TTM on revenue of $1.2m (operating margin about −18,000%). The net loss almost doubled to $48.5m in Q2 from $24.7m a year earlier, and operating expenses were $74.4m in the quarter. The loss counts here and not again under ROIC (−6.8%).
- −5Growth quality / no revenueThere is no core revenue: the first isotope revenue is expected in early 2027 at the earliest from the Idaho laboratory, and the first Aurora reactor (Aurora-INL) in 2028 at the earliest. Analysts expect only $2.7m in revenue in 2026 and $8.9m in 2027, while the net loss widens to −$0.96 and −$1.07 per share.
- −3Business model and capital needsThe build-own-operate model puts the entire construction risk of a new reactor type on Oklo's own balance sheet: 2026 capex guidance has been raised to 400-500m $, the Advanced Fuel Center may require up to 1.68bn $, and there is still no overall cost guidance for Aurora-INL.
Price
Today's multiples against the company's own history and its peers. · 2 findings−28 of −35
- −24Valuation against own history and peersMarket cap $6.45bn and EV about $3.45bn (after the full liquidity of $3.0bn) for a company with no revenue and no licensed commercial reactor; EV/forward revenue about 960x. P/B of 1.96 has fallen from 7.6 (2025) and 10.3 (2024), but is still above NuScale (1.43) and Nano Nuclear (1.34) and close to X-energy (2.3), which has DOE-funded revenue. The stock is -74% over 52 weeks, but the price still pays in full for an option on reactors that lie years in the future.
- −4EV versus customer agreements and pipelineThe pipeline rests on non-binding agreements: Equinix, Diamondback and Prometheus Hyperscale are letters of intent, the 12 GW Switch agreement is not described as binding, and there are no signed power purchase agreements (PPAs). Only the Meta agreement (1.2 GW in Ohio) is a prepayment agreement.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 6 findings−26 of −35
- −8Dilution and ATM programmesShare count has risen 29.9% over a year. In H1 2026, 23.1m shares were sold via ATM for 1.85bn $, and on 11/9-2026 Oklo launched a new ATM programme of up to 1bn $ - at approx. 38 $ that equals approx. 26m shares or approx. 14% more. The stock fell on the news.
- −6Licensing and timelineOklo has still not submitted a new combined licence application (COLA) to the NRC and writes in the 10-Q that it is uncertain when - and whether - the company will obtain NRC approval to design, build and operate its power plants. Aurora-INL operates under DOE authority with a target of start-up in 2028, but commercial plants for data centres require the NRC. The first COLA was rejected by the NRC in 2022.
- −4Cash flow and capital consumptionFCF −$276m TTM (capex $159m). For 2026 operating burn has been raised to $120–150m (from 80–100) and capex to $400–500m (from 350–450); analysts expect FCF of −$522m in 2026. Management guarantees funding for only one year ahead.
- −3HALEU fuelOnly Aurora-INL has secured fuel (DOE allocation of 5 tonnes of HALEU / recovered EBR-II material). The agreement with Centrus on HALEU for up to five power plants is a non-binding letter of intent with deliveries from 2029, and negotiations with the DOE on surplus plutonium have no timetable.
- −3Insider selling and governanceDirector Michael Klein sold $6.7m in September 2025, and the CFO sold $9.4m; CEO Jacob DeWitte sold again in August and on 1/9/2026 under a 10b5-1 plan. Klein's advisory firm (The Klein Group) is meanwhile receiving $250,000 a quarter from Oklo (related party).
- −2Short interest18.1% of shares (21.3% of free float) are sold short, up from 26.0m to 33.7m shares in a month. Kerrisdale has previously shorted the stock, arguing that Oklo must raise billions more before the first reactor runs.
Plus
Only documented strengths. · 3 findings+8 of +15
- +3Net cashCash and securities of $3.0bn ($1.64bn cash, $1.36bn securities) against debt of $4m at 30 Jun 2026, equal to about 47% of market cap. However, the cash comes from share issues and is being spent.
- +3Regulatory milestonesThe Groves isotope reactor in Texas achieved criticality on 5 Aug 2026 under the DOE Reactor Pilot Program, less than a year after construction began. On 11 Jun 2026 the DOE approved the preliminary safety analysis (PDSA) for Aurora-INL, and excavation at the reactor site is nearly complete.
- +2ValidationPrepayment agreement with Meta (5/1/2026) for a 1.2 GW campus in Pike County, Ohio, where Meta finances the build-out and fuel purchases; Kiewit is the construction partner, and PJM grid connection has been applied for.
Caveats
What the score does not capture, or where the data is weak.
Industry: 'Utilities & power' was chosen as the closest for an SMR developer that wants to build, own and operate its own power plants and sell electricity (build-own-operate); there is no category for reactor developers. No meaningful revenue (1.2m $ TTM from acquired businesses), so P/E, P/S and FCF multiples are not meaningful; T2 is based on EV, P/B and peers (X-energy, NuScale, Nano Nuclear, Centrus). Price approx. 34.70 $ (9 Oct 2026), market cap 6.45bn $. Stockanalysis' EV of 3.99bn $ does not include long-term securities; with total liquidity of 3.0bn $ (30 Jun), EV is approx. 3.45bn $. Cash has since been reduced by spending and increased by sales under the new ATM programme from 11 Sep, the extent of which is unknown. Net loss is dampened by 23m $ in interest income in Q2, so operating income is used. The Switch agreement (12 GW) is not described as binding in the 10-Q. Insider selling in 2026 (CEO DeWitte Aug./Sep. under 10b5-1) is only found in secondary sources; Form 4 has not been reviewed. No new short report has been found in 2026.
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