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    Oklo (OKLO): Assessing Valuation After a 464% One-Year Share Price Surge

    Simply Wall St·12/10/2025 01:33:06
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    Oklo (OKLO) has been on a wild ride, and with the stock up more than 4,600% over the past year, investors are asking whether this nuclear upstart is still reasonably priced or already overheated.

    See our latest analysis for Oklo.

    That explosive 464.22% one year total shareholder return has been powered by excitement around Oklo’s advanced fission plans and fuel recycling ambitions, even though the 1 day share price return of minus 0.65% shows momentum cooling a touch after a 40.92% 90 day share price run.

    If Oklo’s surge has you rethinking where the next big move could come from, it is worth exploring aerospace and defense stocks as another way to uncover high conviction ideas in complex, long cycle industries.

    With Oklo still trading below its analyst price target despite eye watering gains and essentially no current revenue, investors now face a key question: is this a rare entry point, or is the market already assuming flawless execution and rapid growth?

    Price to Book of 13.5x: Is it justified?

    Oklo’s last close at $103.93 sits on top of a lofty 13.5x price to book multiple, signaling investors are paying a steep premium versus peers.

    The price to book ratio compares a company’s market value to its net assets, which is especially relevant for capital intensive, asset heavy utilities and energy names. For Oklo, that 13.5x figure reflects a market that is willing to look far beyond today’s zero revenue and rising losses, effectively capitalizing future reactors and fuel recycling infrastructure that have yet to generate cash.

    Compared with the peer average of 1.7x, Oklo’s price to book is described as expensive, implying the market is pricing in highly optimistic outcomes rather than current fundamentals. The US Electric Utilities industry average of 1.8x only reinforces how extreme this valuation is, suggesting that Oklo’s story driven premium could compress sharply if execution or timelines disappoint.

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

    Result: Price to book of 13.5x (OVERVALUED)

    However, Oklo’s zero current revenue and ongoing net losses mean any delays in commercialization or regulatory setbacks could quickly undermine today’s premium valuation.

    Find out about the key risks to this Oklo narrative.

    Build Your Own Oklo Narrative

    If this perspective does not fully align with your view, or you would rather dig into the numbers yourself, you can build a custom storyline in just a few minutes, Do it your way

    A great starting point for your Oklo research is our analysis highlighting 5 important warning signs that could impact your investment decision.

    Ready for your next opportunity?

    Do not stop at one story; use the Simply Wall Street Screener today to uncover fresh, data backed ideas before the market fully catches on.

    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.