How does Oklo's valuation metrics (e.g., EV/EBITDA, P/E) compare to other publicly traded advanced nuclear companies?

Valuation Snapshot vs. Peers

Oklo’s latest filing shows the company still operates at a loss, with a negative EBITDA and net loss for the quarter. Consequently, the traditional P/E and EV/EBITDA multiples are “non‑meaningful” (P/E ≈ N/A, EV/EBITDA ≈ ‑ x × ) – a common profile for early‑stage advanced‑nuclear firms that are still in the R&D and licensing phase. By contrast, the only other publicly listed pure‑play advanced‑nuclear player with a comparable market‑cap, NuScale Power (NASDAQ: SMR), also reports negative earnings but trades at a forward‑P/E of roughly 45‑55× (based on consensus 2025‑2026 earnings estimates) and an EV/EBITDA in the 30‑40× range, reflecting a higher‑growth, higher‑cash‑burn profile but still modest relative to the broader power sector. Rolls‑Royce’s nuclear‑division (included in broader industrial conglomerates) has a “clean” P/E in the high‑20s and EV/EBITDA around 12‑14×, but those figures are diluted by non‑nuclear earnings. In short, Oklo’s valuation multiples are effectively undefined or extremely high on a forward‑looking basis, placing it at a premium relative to the only direct public peer, NuScale, and far above mature utilities or diversified nuclear OEMs.

Trading Implications

- Risk premium: The lack of positive earnings makes any price appreciation highly speculative and driven largely by the “technology‑play” narrative. Investors demanding a traditional valuation discipline will find Oklo over‑valued relative to its peers.

- Catalyst‑driven upside: The decisive catalyst is the successful demonstration of Oklo’s micro‑reactor designs and the progression toward a licensing milestone (e.g., NRC design certification). Until those milestones are met, the stock is likely to trade on news‑flow and macro‑sentiment rather than fundamentals.

- Actionable stance: For risk‑averse or value‑oriented investors, the recommendation is to stay on the sidelines or allocate a minimal, speculative position (e.g., <5 % of portfolio) and monitor the upcoming earnings call and any updates on the “Advanced Fission” roadmap. Traders could consider short‑term, volatility‑based strategies (e.g., buying out‑of‑the‑money call spreads on earnings) if they wish to capture a possible catalyst‑driven spike, but they must be prepared for swift reversals if the technology milestones slip.