Oklo (OKLO): Evaluating a High Price-to-Book Valuation After a Volatile Share Price Surge

Oklo (OKLO) has been on a volatile run lately, with the stock up sharply this year even after a pullback over the past month and past 3 months. Investors are trying to reconcile that surge with a pre revenue, loss making profile.

See our latest analysis for Oklo.

That mix of hype and hesitation is showing up in the numbers, with Oklo’s share price returning 272 percent year to date but sliding over the past quarter as early investors reassess execution risk versus long term potential.

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With Oklo still pre revenue but trading well below analyst targets, investors are left weighing an early stage nuclear disruptor against execution and regulatory risk. Is there genuine upside left, or is future growth already priced in?

Price to Book of 10.5x: Is it justified?

Oklo trades at a hefty valuation, with the last close of $81.31 reflecting a price to book ratio far above typical utility peers.

The price to book multiple compares the company’s market value to its net assets, which is often a useful sanity check for capital intensive, asset heavy utilities. In Oklo’s case, paying 10.5 times its book value suggests investors are assigning a substantial premium to its future nuclear deployment rather than its current balance sheet.

That premium stands out against both the broader US Electric Utilities industry and Oklo’s closest peers. The sector averages around 1.9 times book, while peers sit near 1.8 times. Oklo’s 10.5 times multiple is several times higher and indicates that the current market price embeds a significant expectation for successful execution.

See what the numbers say about this price — find out in our valuation breakdown.

Result: Price to Book of 10.5x (OVERVALUED)

However, investors still face meaningful risks, including prolonged zero revenue, ongoing net losses of $76.56 million, and regulatory setbacks that could delay commercialization.

Find out about the key risks to this Oklo narrative.

Build Your Own Oklo Narrative

If you see the numbers differently or want to dig into the details yourself, you can build a tailored view in just minutes: Do it your way.

A great starting point for your Oklo research is our analysis highlighting 4 important warning signs that could impact your investment decision.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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