FRMI Fermi Inc. - Common Stock
NASDAQ · Real Estate · View on SEC EDGAR ↗ close Oct 2, 2026 10-K/10-Q Aug 14, 2026
$4.03
· of 52w range
· above low
· to high
$3.9252w low
$32.3952w high
Market Cap (MRQ)
$2.57B
P/E
-7.1
EPS
$-1.13
your badges
52W Range
$4–$32
Analyst Rating
BUY
Price Target
$17
P/E
-7.1
ROE
·
Net Profit Margin
·
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FRMI Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$4.03
Market Cap (MRQ)
$2.57B
P/E
-7.1
EPS
$-1.13
52W Range
$4–$32
FRMI Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
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10-Year Performance Revenue, net income, margins and EPS trends
EPS$-1.132025-12-31 → 2025-12-31
Valuation & Ratios
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
| Metric | 5Y trend | FRMI | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| P/E | -7.1 | · | · | · | |
| P/B (MRQ) | 2.5 | · | 4.0 | Overvalued | |
| Price / FCF (TTM) | -2.1 | · | · | · | |
| Price / Cash Flow (TTM) | -29.4 | · | · | · | |
| Price / Tangible Book | 4.6 | · | · | · |
Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.
Profitability Gross, operating and net margins; ROE, ROA, ROIC
No data for this ratio group yet
Not enough fundamentals data to compute this ratio group yet.
Financial Health Debt, liquidity, solvency — balance sheet strength
No data for this ratio group yet
Not enough fundamentals data to compute this ratio group yet.
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
No data for this ratio group yet
Not enough fundamentals data to compute this ratio group yet.
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
No data for this ratio group yet
Not enough fundamentals data to compute this ratio group yet.
value · ≈ 5Y avg · industry median · verdict relative to median
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
-400.8%
Next Report
Nov 09, 2026
| Period | Report | EPS Actual | EPS Est | Surprise |
|---|---|---|---|---|
| June 30, 2026 | Aug 13, 2026 | $-0.04 | $-0.07 | 44.8% |
| March 31, 2026 | May 14, 2026 | $-0.30 | $-0.05 | -508.5% |
| Dec. 31, 2025 | $-0.18 | $-0.02 | -977.8% | |
| Sept. 30, 2025 | $-0.08 | $-0.03 | -161.4% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement
| Metric | Trend | 2025 |
|---|---|---|
| SG&A Expense | $178M | |
| Operating Expenses | $178M | |
| Operating Income | $-178M | |
| Other Non-op | $-312M | |
| Net Income | $-486M | |
| EPS (Basic) | $-1.13 | |
| EPS (Diluted) | $-1.13 | |
| Shares (Basic) | 467,963,408 | |
| Shares (Diluted) | 467,963,408 |
Balance Sheet
| Metric | Trend | 2025 |
|---|---|---|
| Cash & Equivalents | $409M | |
| PP&E (Net) | $935M | |
| PP&E (Gross) | $935M | |
| Accum. Depreciation | $0 | |
| Total Assets | $1.41B | |
| Short-term Debt | $149M | |
| Total Liabilities | $317M | |
| Long-term Debt | $110M | |
| Common Stock | $628.0K | |
| Paid-in Capital | $1.23B | |
| Retained Earnings | $-133M | |
| Stockholders' Equity | $1.10B | |
| Liabilities + Equity | $1.41B | |
| Shares Outstanding | 629,839,790 |
Cash Flow
| Metric | Trend | 2025 |
|---|---|---|
| Operating Cash Flow | $-34M | |
| CapEx | $569M | |
| Investing Cash Flow | $-570M | |
| Financing Cash Flow | $1.01B |
Per Share
| Metric | Trend | 2025 |
|---|---|---|
| EPS (TTM) | $-1.13 |
Valuation (TTM)
| Metric | Trend | 2025 |
|---|---|---|
| Net Income TTM | $-486M | |
| P/E | -7.1 | |
| P / Tangible Book | 4.6 | |
| Earnings Yield | -14.1% |
Income Statement
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 |
|---|---|---|---|---|---|---|---|
| SG&A Expense | $27M | $166M | $134M | $38M | $6M | $78.0K | |
| Operating Expenses | $27M | $166M | $134M | $38M | $6M | $78.0K | |
| Operating Income | $-27M | $-166M | $-134M | $-38M | $-6M | $-78.0K | |
| Other Non-op | $0 | $-25M | $-3M | $-309M | $0 | $0 | |
| Net Income | $-26M | $-189M | $-133M | $-347M | $-6M | $-78.0K | |
| EPS (Basic) | $-0.04 | $-0.30 | $-0.18 | $-0.84 | $-0.02 | $0.00 | |
| EPS (Diluted) | $-0.04 | $-0.30 | $-0.18 | $-0.84 | $-0.02 | $0.00 | |
| Shares (Basic) | 637,325,436 | 629,839,790 | · | 466,493,415 | 408,977,385 | 73,687,500 | |
| Shares (Diluted) | 637,325,436 | 629,839,790 | · | 466,493,415 | 408,977,385 | 73,687,500 | |
| EBITDA | $-27M | $-166M | · | $-38M | · | · |
Balance Sheet
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 |
|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $63M | $208M | $409M | $84M | · | · | |
| PP&E (Net) | $1.55B | $1.43B | $935M | · | · | · | |
| PP&E (Gross) | $1.55B | $1.43B | $935M | · | · | · | |
| Accum. Depreciation | $0 | $0 | $0 | · | · | · | |
| Total Assets | $1.76B | $1.78B | $1.41B | $503M | · | · | |
| Short-term Debt | · | · | $149M | $154M | · | · | |
| Total Liabilities | $731M | $705M | $317M | $200M | · | · | |
| Long-term Debt | $520M | $421M | $149M | $154M | · | · | |
| Total Debt | · | · | · | $154M | · | · | |
| Common Stock | $638.0K | $628.0K | $628.0K | $575.0K | · | · | |
| Paid-in Capital | $1.38B | $1.39B | $1.23B | $302M | · | · | |
| Retained Earnings | $-348M | $-322M | $-133M | · | · | · | |
| Stockholders' Equity | $1.03B | $1.07B | $1.10B | $302M | · | · | |
| Liabilities + Equity | $1.76B | $1.78B | $1.41B | $503M | · | · | |
| Shares Outstanding | 638,115,075 | 629,839,790 | 629,839,790 | 574,977,840 | · | · |
Cash Flow
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 |
|---|---|---|---|---|---|---|---|
| Stock-based Comp | · | $134M | · | · | · | $0 | |
| Operating Cash Flow | $-49M | $-7M | $-26M | $-6M | $-3M | $-46.0K | |
| CapEx | $185M | $441M | $480M | $49M | $40M | $32.0K | |
| Investing Cash Flow | $-185M | $-441M | $-474M | $-53M | $-43M | $-32.0K | |
| Financing Cash Flow | $82M | $283M | $725M | $202M | $86M | $297.0K | |
| Free Cash Flow | · | $-449M | · | · | · | · |
Profitability
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 |
|---|---|---|---|---|---|---|---|
| ROA | -2.9% | -21.2% | · | -138.0% | · | · | |
| ROE | -5.0% | -35.2% | · | -229.3% | · | · |
Liquidity & Solvency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 |
|---|---|---|---|---|---|---|---|
| Debt / Equity | · | · | · | 0.5 | · | · |
Per Share
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 |
|---|---|---|---|---|---|---|---|
| Book Value / Share | $1.62 | $1.70 | · | $0.53 | · | · | |
| Cash Flow / Share | · | $-0.01 | · | · | · | · | |
| Cash / Share | $0.10 | $0.33 | · | $0.15 | · | · | |
| EPS (TTM) | $-1.36 | $-1.34 | · | · | · | · |
Valuation (TTM)
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 |
|---|---|---|---|---|---|---|---|
| Net Income TTM | $-695M | $-675M | · | · | · | · | |
| Market Cap | $5.85B | $3.68B | · | · | · | · | |
| P/E | -6.7 | -4.4 | · | · | · | · | |
| P/B | 5.7 | 3.4 | · | · | · | · | |
| P / Tangible Book | 5.7 | 3.4 | · | · | · | · | |
| P / Cash Flow | · | -500.8 | · | · | · | · | |
| Earnings Yield | -14.8% | -22.9% | · | · | · | · |
Most recent period on the left · null values shown as ·
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
| Metric | 2025-12-31 |
|---|---|
| Net Income | $-486M |
| Diluted EPS | $-1.13 |
No data for this statement
Not enough fundamentals data to build this statement yet.
No data for this statement
Not enough fundamentals data to build this statement yet.
Institutional owners (13F) 348 filers · $1.8B total · As of Sept. 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Holders
348
Value held
$1.8B
New positions
154
Exited positions
39
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 154 (+43 vs prior Q) | 39 (+6 vs prior Q) | 121 (+36 vs prior Q) | 49 (+16 vs prior Q) | +107.2M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| SRS Investment Management, LLC | $185,083,104 | 20,205,579 | 10.44% | Shares |
| CITADEL ADVISORS LLC | $78,657,424 | 8,587,055 | 4.44% | Shares |
| Point72 Asset Management, L.P. | $64,450,887 | 7,036,123 | 3.64% | Shares |
| D. E. Shaw & Co., Inc. | $49,637,042 | 5,418,891 | 2.80% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $45,238,492 | 4,938,700 | 2.55% | Call option |
| MILLENNIUM MANAGEMENT LLC | $39,421,150 | 4,303,619 | 2.22% | Shares |
| BlackRock, Inc. | $38,499,342 | 4,202,985 | 2.17% | Shares |
| MARSHALL WACE, LLP | $38,108,258 | 4,160,290 | 2.15% | Shares |
| ExodusPoint Capital Management, LP | $37,265,646 | 4,068,302 | 2.10% | Shares |
| Gotham Asset Management, LLC | $36,121,581 | 3,943,404 | 2.04% | Shares |
| NEXPOINT ASSET MANAGEMENT, L.P. | $36,103,929 | 3,941,477 | 2.04% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $35,292,353 | 3,852,877 | 1.99% | Shares |
| GOLDMAN SACHS GROUP INC | $34,831,110 | 3,802,523 | 1.97% | Shares |
| BlueCrest Capital Management Ltd | $33,276,402 | 3,632,795 | 1.88% | Shares |
| CastleKnight Management LP | $30,154,922 | 3,292,022 | 1.70% | Shares |
| UBS Group AG | $29,353,495 | 3,204,530 | 1.66% | Shares |
| Cetera Investment Advisers | $29,045,897 | 3,170,950 | 1.64% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $28,806,395 | 3,144,803 | 1.63% | Shares |
| CITADEL ADVISORS LLC | $27,902,276 | 3,046,100 | 1.57% | Call option |
| Alyeska Investment Group, L.P. | $26,443,418 | 2,886,836 | 1.49% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $26,232,408 | 2,863,800 | 1.48% | Put option |
| ExodusPoint Capital Management, LP | $26,077,500 | 2,850,000 | 1.47% | Call option |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $24,755,596 | 2,702,576 | 1.40% | Shares |
| PEAK6 LLC | $23,780,276 | 2,596,100 | 1.34% | Call option |
| JANE STREET GROUP, LLC | $23,051,140 | 2,516,500 | 1.30% | Call option |
| CITADEL ADVISORS LLC | $22,489,632 | 2,455,200 | 1.27% | Put option |
| Ratan Capital Management LP | $19,774,141 | 2,158,749 | 1.12% | Shares |
| JANE STREET GROUP, LLC | $19,634,158 | 2,143,467 | 1.11% | Shares |
| TWO SIGMA INVESTMENTS, LP | $19,530,815 | 2,132,185 | 1.10% | Shares |
| STATE STREET CORP | $19,370,863 | 2,114,723 | 1.09% | Shares |
| BANK OF AMERICA CORP /DE/ | $17,859,234 | 1,949,698 | 1.01% | Shares |
| JANE STREET GROUP, LLC | $16,270,908 | 1,776,300 | 0.92% | Put option |
| Balyasny Asset Management L.P. | $15,144,411 | 1,653,320 | 0.85% | Shares |
| CAPTRUST FINANCIAL ADVISORS | $14,812,101 | 1,617,042 | 0.84% | Shares |
| STIFEL FINANCIAL CORP | $14,783,738 | 1,613,946 | 0.83% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $14,737,880 | 1,608,939 | 0.83% | Shares |
| Schonfeld Strategic Advisors LLC | $14,420,367 | 1,574,276 | 0.81% | Shares |
| Texas Capital Bank Wealth Management Services Inc | $13,334,001 | 1,455,677 | 0.75% | Shares |
| STEADFAST CAPITAL MANAGEMENT LP | $13,260,016 | 1,447,600 | 0.75% | Shares |
| Value Aligned Research Advisors, LLC | $12,530,834 | 1,367,995 | 0.71% | Shares |
| Walleye Trading LLC | $12,516,160 | 1,366,393 | 0.71% | Shares |
| Whetstone Capital Advisors, LLC | $12,008,778 | 1,311,002 | 0.68% | Shares |
| GROUP ONE TRADING LLC | $11,227,293 | 1,225,687 | 0.63% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $11,155,964 | 1,217,900 | 0.63% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $11,119,571 | 1,213,927 | 0.63% | Shares |
| Ascentis Wealth Management, LLC | $10,332,460 | 1,127,998 | 0.58% | Shares |
| OpenArc Corporate Advisory, LLC | $9,850,985 | 1,075,435 | 0.56% | Shares |
| Aberdeen Group plc | $9,195,724 | 1,003,900 | 0.52% | Shares |
| Parsifal Capital Management, LP | $9,160,000 | 1,000,000 | 0.52% | Call option |
| Hiddenite Capital Partners LP | $9,160,000 | 1,000,000 | 0.52% | Call option |
Activists & 5%+ owners 1 position
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| Caddis Holdings, LP, Perry Griffin ×3 filings | July 8, 2026 | 8.20% | Amendment | Passive investment | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
Company insiders 10 insiders · 5 officers · 7 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Lee A Mcintire | Chief Executive Officer | Aug. 14, 2026 A | 784,913 | 0 | 0 | $0 |
| Blanes Jacobo Ortiz | Chief Operating Officer | Aug. 20, 2026 A | 5,616,151 | 0 | 2 | $-3,938,729 |
| Mesut Uzman | Chief Nuclear Constr. Officer | June 3, 2026 S | 670,491 | 0 | 2 | $-1,000,394 |
| Lawrence M. Kellerman | Chief Power Officer | June 1, 2026 A | 35,818 | 0 | 0 | $0 |
| Charles Lynn Hamilton | Chief Site Development Officer | April 9, 2026 S | 5,525,910 | 0 | 2 | $-3,669,395 |
| James Richard Perry | Director | June 30, 2026 S | 15,827,807 | 0 | 1 | $-6,313,186 |
| Miles E. Everson | Director | June 1, 2026 A | 10,005,519 | 0 | 2 | $-3,935,415 |
| Cordel Robbin-Coker | Director | June 1, 2026 A | 175,094 | 0 | 0 | $0 |
| Jeffrey Scott Stein | Director | June 1, 2026 A | 250,000 | 0 | 0 | $0 |
| Marius Haas | Director | June 1, 2026 A | 1,075,094 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 23 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| SRVR · Pacer Funds Trust | 1.12% | 730,708 NS | July 31, 2026 | N-PORT |
| SOVF · Elevation Series Trust | 0.85% | 130,984 NS | July 31, 2026 | N-PORT |
| EQAL · Invesco Exchange-Traded Fund Trust … | 0.12% | 227,617 SH | Oct. 2, 2026 | Daily |
| BKSE · BNY Mellon ETF Trust | 0.06% | 9,670 NS | July 31, 2026 | N-PORT |
| BBSC · J.P. Morgan Exchange-Traded Fund Tr… | 0.06% | 74,728 NS | July 31, 2026 | N-PORT |
| NFRA · FlexShares Trust | 0.02% | 124,335 NS | July 31, 2026 | N-PORT |
| TEXN · iShares Trust | 0.02% | 639 SH | Sept. 11, 2026 | Daily |
| SMMD · iShares Trust | 0.02% | 108,888 SH | Sept. 11, 2026 | Daily |
| WSML · iShares Trust | 0.01% | 17,617 SH | Sept. 11, 2026 | Daily |
| IWS · iShares Trust | 0.01% | 304,925 SH | Sept. 11, 2026 | Daily |
| VB · VANGUARD INDEX FUNDS | 0.01% | 2,198,127 SH | Aug. 19, 2026 | Daily |
| VBK · VANGUARD INDEX FUNDS | 0.01% | 628,805 SH | Aug. 19, 2026 | Daily |
| VBR · VANGUARD INDEX FUNDS | 0.01% | 696,908 SH | Aug. 19, 2026 | Daily |
| VONV · VANGUARD SCOTTSDALE FUNDS | 0.01% | 123,692 SH | Aug. 19, 2026 | Daily |
| IWR · iShares Trust | 0.01% | 834,237 SH | Sept. 11, 2026 | Daily |
| OMFL · Invesco Exchange-Traded Self-Indexe… | 0.00% | 36,307 SH | Oct. 2, 2026 | Daily |
| IWD · iShares Trust | 0.00% | 455,554 SH | Sept. 11, 2026 | Daily |
| IWB · iShares Trust | 0.00% | 141,670 SH | Sept. 11, 2026 | Daily |
| IWV · iShares Trust | 0.00% | 56,389 SH | Sept. 10, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 3,041,000 SH | Aug. 19, 2026 | Daily |
| VONE · VANGUARD SCOTTSDALE FUNDS | 0.00% | 33,791 SH | Aug. 19, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 17,327 SH | Aug. 19, 2026 | Daily |
| ISCB · iShares Trust | · | 12,744 SH | Sept. 11, 2026 | Daily |
FRMI Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
rating · 16 analysts
BUY
Median target
$13.50
+235.0%
4 25.0%
Strong Buy
9 56.2%
Buy
3 18.8%
Hold
0 0.0%
Sell
0 0.0%
Strong Sell
12-Month Price Target
8 analysts · 2026-10-01Mean target $17.12 +324.9%
← Below all targets
Current price $4.03
Low$6.00
Mean$17.12
High$35.00
Peer comparison (GICS sub-industry) Key metrics vs sector peers
FY basis, prices as of each company's last fiscal year-end close.
Latest News Recent headlines mentioning this company
Fermi (FRMI) Powers 22.6% After Earning This AI Giant’s Backing
Yahoo Finance · 3 months, 3 weeks ago
Fermi's Chief Nuclear Officer Sold Nearly 160,000 Company Shares for $1 Million. Here's What That Means for Investors.
Nasdaq · 3 months, 3 weeks ago
Stock Market Today, May 14: Fermi Surges After "Fermi 2.0" Plan Spurs Investor Optimism
Nasdaq · 4 months, 2 weeks ago
Stock Market Today, April 20: Fermi Shares Plunge on CEO and CFO Resignations
Nasdaq · 5 months, 1 week ago
Fermi (FRMI) Secures Up to $156.25M in Committed Financing
Yahoo Finance · 5 months, 2 weeks ago
UBS Cautious on Fermi (FRMI) Outlook As It Awaits First Tenant Lease
Yahoo Finance · 5 months, 3 weeks ago
My Metrics Your personal watchlist — selected rows from Full Fundamentals
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Source: SEC 10-Q filed Aug 14, 2026