Fermi Inc. Common Stock (FRMI)
Key Financials
| Current Price | $2.55 |
| Market Cap | $1.6B |
| P/E Ratio | -2.01 |
| ROE | —% |
| Dividend Yield | 0% |
| Sector | Real Estate |
AI Analysis
AI-generated, general educational analysis — not personal investment advice.
As a REIT, depreciation distorts EPS and P/E, so I set aside the Graham Number and margin-of-safety arithmetic. The right REIT measures, FFO and AFFO, are not in the data; I lean on dividend yield, leverage, revenue trend and price-to-book. At the 2026-10-16 close of $3.16, Fermi has a $2.0B market cap and a FairStock P/B of 1.95, yet the filed figures show no revenue and heavy losses: net income was -$486.4M in FY2025, -$346.8M in fiscal Q3 2025, -$188.7M in fiscal Q1 2026, and -$25.8M in fiscal Q2 2026. Trailing free cash flow is -$1.2B, a FairStock FCF yield of -61.3%, and FairStock's Piotroski F-Score is 0/9 while Altman Z-Score is 1.47. Debt/equity of 0.56 is not alarming by itself, but it sits beside enormous cash burn. The business—17 GW of private electric grids for AI compute and the behind-the-meter Project Matador—is a large, exciting vision, but it is pre-revenue and unproven as an operating REIT. There is no dividend yield, no FFO/AFFO in the data, and no revenue trend to judge. A $2.0B price for a company with 35 employees, negative earnings, and a 52-week range of $3.00-$30.90 is still a promise, not a proven bargain. I see speculative hope more than investment value.
In plain English: Fermi is trying to build private electric grids for AI computing, but it has no reported revenue and is losing large amounts of money. The business looks very early and financially weak, and at $3.16 the price looks expensive relative to its accounting value and heavy cash spending.
The full AI analysis, bull and bear case and key monitorables are in FairStock Pro.
Data as of 2026-10-16 close · note generated 2026-10-20 · model deepseek-flash
Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31)
Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer