Fermi Inc.

FRMI

Fermi Inc. ( Fermi, we, us, or our ) exists to power the artificial intelligence needs of tomorrow. We are building a private power campus for AI-centric customers developing and leasing large-scale, grid-independent energy generation and high-performance computing facilities purpose-built for the hyperscale era.

Valuation & Multiples

Based on TTM earnings · Diluted shares

Market Cap$1.17B

EPS-$1.45

P/E-1.26

P/FCF-0.94

EV/EBITDA-6.02

FCF Yield–

Div. Yield–

Net Debt/FCF-0.8x

Fermi Inc. intrinsic value

52-Week Range

$1.82$5.46

Profitability & Returns

TTM as of 2026-06 · YoY vs prior year · ROIC = NOPAT / invested capital

Revenue

N/A

Net Income (TTM)

-$695M

Op. Margin

–

ROIC

-18.18%

Cash Flow & Balance Sheet

FCF = operating cash flow + capex · Net debt = total debt − cash · Balance sheet from latest filing

FCF (TTM)

-$1.24B

Op. Cash Flow (TTM)

-$88M

Net Debt

$1.03B

Cash & Equiv.

$63M

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Quality Scorecard

Is this a high-quality business?

Dividends

Payout safety and growth

Intrinsic Value

What is it worth?

Financials

Full income, cash flow, balance sheet

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Held by ETFs

FRMI is in 24 US ETFs. The largest of them, with FRMI's weight in each:

Fermi (FRMI) in three numbers

Quality score: 0/100; Rated lower-quality on 0 checks.; Quality
Dividend: None; No dividend in the SEC filings we hold.; Dividends
P/E: -1.26; Negative: a loss over the last twelve months. Price to free cash flow -0.94.; Financials

Questions about Fermi

Is Fermi a high-quality business?

Fermi scores 0 out of 100 on Intrinsiqq's quality score, which makes it a lower-quality business on these measures. The score blends 0 checks computed from SEC filings. The Quality tab shows every check against its target.

Does Fermi (FRMI) pay a dividend?

No. Fermi (FRMI) does not pay a dividend, and no dividend payment appears anywhere in the filing history we hold. Nor has its share count fallen meaningfully over the last twelve months, so cash is kept in the business. The Dividends tab shows its cash returns.

Source: 10-Q filed 10 Aug 2026 (period ending 30 Jun 2026), SEC. Price: last close 4 Nov 2026. How this is calculated. Sector medians are approximate S&P 500 benchmarks and update periodically. Analysis, not investment advice.

Spot a number that looks wrong? Check it in FRMI's SEC filings or

Download this analysis as a PDF (Pro)

Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.

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