Oklo

OKLO · NYSE · Utilities · Financials, fiscal 2021 to 2025

OKLO · Last close · October 26, 2026

$25.94

Oklo reported revenue of $0 million in fiscal 2025. Free cash flow was −$115 million. The diluted share count rose 48.0%.

Oklo Inc. Latest fiscal year ended December 31, 2025 10-K filed March 17, 2026 · 0001628280-26-018698 Updated October 13, 2026

Revenue

$0M

Net margin

—

Net income

−$106M

Free cash flow

−$115M

Return on equity

−12.2%

55.8 pts

Market cap

$4.6B

Oct 26 close

P/E

—

Loss: no P/E

Net margin is net income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on equity is net income as a share of shareholders' equity. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. Oklo has no revenue yet: it is building its first nuclear power plants, and its filings report operating costs only, so revenue is counted as zero.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

Oklo lost money in fiscal 2025: a net loss of $106 million.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red. Where the filings' structured data doesn't give a year's earnings per share, the column is blank.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Oklo yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Oklo's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

The example scenarios need a positive starting cash flow. Oklo's free cash flow was negative in fiscal 2025 and over the last three years, and so is cash from operations minus depreciation. You can still enter your own figures in the calculator.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions Cash and short-term investments minus debt and finance leases at June 30, 2026. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

The standard scenarios, as there is no revenue history to fit them to. Cautious: growth of 2% then 1% a year, 2% after year 10, a 10% discount rate. Base: growth of 5% then 3% a year, 2.5% after year 10, a 9% discount rate. Optimistic: growth of 10% then 6% a year, 3% after year 10, a 8% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $25.94
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

The P/E method needs positive earnings, and Oklo's latest diluted earnings per share were negative or zero.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	3	4	10	228	1,228
Debt incl. finance leases	—	—	—	—	—
Net debt (negative means net cash)	—	—	—	—	—
Net debt to EBITDA	—	—	—	—	—
Debt to equity	—	—	—	—	—
Interest coverage	—	—	—	—	—
Current ratio	13.5x	2.7x	4.4x	43.5x	49.1x
Quick ratio	13.5x	2.7x	4.4x	43.5x	49.1x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought Oklo shares on the open market, and 10 insiders sold $263.4 million, $241.0 million of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Oct 20, 2026	Vivek NarayanadasGeneral Counsel & Secretary	Sold plan	1,021	$26.50	$27,056	Form 4
Oct 19, 2026	Vivek NarayanadasGeneral Counsel & Secretary	Sold plan	2,359	$27.63	$65,179	Form 4
Oct 14, 2026	Alexandra RennerChief Product Officer	Sold	688	$30.75	$21,156	Form 4
Oct 9, 2026	Vivek NarayanadasGeneral Counsel & Secretary	Sold plan	364	$34.69	$12,627	Form 4
Sep 28, 2026	William Carroll Murphy GoodwinChief Strategy Officer	Sold	1,775	$37.39	$66,367	Form 4
Sep 28, 2026	John HansonChief of Staff	Sold	1,100	$37.39	$41,129	Form 4
Sep 14, 2026	John M JansenDirector	Sold	6,354	$36.67	$233,001	Form 4
Sep 9, 2026	Vivek NarayanadasGeneral Counsel & Secretary	Sold plan	365	$43.31	$15,808	Form 4
Sep 8, 2026	Vivek NarayanadasGeneral Counsel & Secretary	Sold plan	238	$42.06	$10,010	Form 4
Sep 4, 2026	Vivek NarayanadasGeneral Counsel & Secretary	Sold plan	538	$39.88	$21,455	Form 4
Sep 1, 2026	Jacob DeWitteCo-Founder, CEO, Director, 10% owner	Sold plan	120,000	$38.59	$4.6 million	Form 4
Sep 1, 2026	Richard Craig BealmearChief Financial Officer	Sold plan	16,430	$38.76	$636,827	Form 4

The latest 12 of 51 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Fail	Fail	Fail
Cash from operations is positive	Fail	Fail	Fail
Return on assets rose	Fail	Fail	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	—	—	—
Current ratio rose	Pass	Pass	Pass
Share count didn't rise	—	Fail	Fail
Gross margin rose	—	—	—
Revenue rose relative to assets	Fail	Fail	Fail
F-score	—	—	—
Accruals ratio	−6.2%	−23.8%	−2.6%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Oklo side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Oklo	FY25	—	—	—	—	—	—
American Electric Power	FY25	10.9%	24.3%	−6.9%	6.7%	5.6x	7	Compare
Constellation Energy	FY25	8.3%	12.1%	5.0%	10.4%	0.9x	5	Compare
Duke Energy	FY25	5.6%	27.2%	−5.3%	5.5%	5.5x	5	Compare
Edison International	FY25	9.8%	36.7%	−3.7%	9.8%	3.9x	6	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

5 years of figures

Fiscal year	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	0	0	0	0	0
Revenue growth	—	—	—	—	—
Gross profit	—	—	—	—	—
Research and development	—	—	10	27	59
Operating income	−1	−2	−19	−53	−139
Net income	−1	4	−32	−74	−106
Diluted EPS (US$)	—	—	−0.47	−0.74	−0.72
Diluted shares (millions)	—	—	69	99	146
Cash flow
Cash from operations	−2	−1	−16	−38	−82
Capital expenditure	—	—	0	0	33
Free cash flow	—	—	−16	−39	−115
Dividends paid	0	0	0	0	0
Share buybacks	0	0	216	0	0
Acquisitions	0	0	0	0	1
Stock-based compensation	—	—	1	12	42
Balance sheet at fiscal year end
Cash and short-term investments	3	4	10	228	1,228
Debt incl. finance leases	—	—	—	—	—
Total assets	505	510	15	282	1,528
Total liabilities	18	19	49	31	52
Shareholders' equity	−13	−3	−34	251	1,476
Margins and ratios
Gross margin	—	—	—	—	—
Operating margin	—	—	—	—	—
Net margin	—	—	—	—	—
Free cash flow margin	—	—	—	—	—
Return on capital	—	—	—	—	—
Return on equity	—	—	—	−68.0%	−12.2%
Return on assets	—	0.8%	−12.3%	−49.6%	−11.7%
Net debt to EBITDA	—	—	—	—	—

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Oklo's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Oklo.