Fermi (FRMI) Stock Overview

Develops next-gen private electric grids that deliver highly redundant power at gigawatt scale to support next-gen intelligence and AI computing. More details

FRMI fundamental analysis
Snowflake Score
Valuation	2/6
Future Growth	6/6
Past Performance	0/6
Financial Health	2/6
Dividends	0/6

Rewards

Trading at 98.2% below our estimate of its fair value

Earnings are forecast to grow 58.49% per year

Risk Analysis

Highly volatile share price over the past 3 months compared to the UK market

Makes less than USD$1m in revenue ($0)

Significant insider selling over the past 3 months

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Fermi Inc. Competitors

Price History & Performance

Summary of share price highs, lows and changes for Fermi
Historical stock prices
Current Share Price	US$8.37
52 Week High	US$39.00
52 Week Low	US$4.48
Beta	0
1 Month Change	26.44%
3 Month Change	50.27%
1 Year Change	n/a
3 Year Change	n/a
5 Year Change	n/a
Change since IPO	-72.23%

Recent updates

Shareholder Returns

	FRMI	GB Specialized REITs	GB Market
7D	1.7%	1.5%	0.2%
1Y	n/a	-17.1%	18.1%

Return vs Industry: Insufficient data to determine how FRMI performed against the UK Specialized REITs industry.

Return vs Market: Insufficient data to determine how FRMI performed against the UK Market.

Price Volatility

Is FRMI's price volatile compared to industry and market?
FRMI volatility
FRMI Average Weekly Movement	17.4%
Specialized REITs Industry Average Movement	3.2%
Market Average Movement	5.4%
10% most volatile stocks in GB Market	10.8%
10% least volatile stocks in GB Market	2.9%

Stable Share Price: FRMI's share price has been volatile over the past 3 months compared to the UK market.

Volatility Over Time: FRMI's weekly volatility (17%) has been stable over the past year, but is still higher than 75% of UK stocks.

About the Company

Founded	Employees	CEO	Website
2025	35	n/a	www.fermiamerica.com

Fermi Inc. develops next-gen private electric grids that deliver highly redundant power at gigawatt scale to support next-gen intelligence and AI computing. Fermi Inc combines cutting-edge technology with a deep bench of proven world-class multi-disciplinary leaders with a combined 25 gigawatts of experience, to create the world's largest, up to 17 gigawatts next-gen private grid, helping ensure America's energy and AI dominance. The behind-the-meter Project Matador campus is expected to integrate the nation's biggest combined-cycle natural gas project, one of the largest clean, new nuclear power complexes in America, utility grid power, solar power, and battery energy storage, to support hyperscale AI and advanced computing.

Fermi Inc. Fundamentals Summary

How do Fermi's earnings and revenue compare to its market cap?
FRMI fundamental statistics
Market cap	US$5.43b
Earnings (TTM)	-US$718.38m
Revenue (TTM)	n/a

0.0x

P/S Ratio

-7.6x

P/E Ratio

Is FRMI overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report (TTM)
FRMI income statement (TTM)
Revenue	US$0
Cost of Revenue	US$0
Gross Profit	US$0
Other Expenses	US$718.38m
Earnings	-US$718.38m

Last Reported Earnings

Mar 31, 2026

Next Earnings Date

n/a

Earnings per share (EPS)	-1.13
Gross Margin	0.00%
Net Profit Margin	0.00%
Debt/Equity Ratio	39.3%

How did FRMI perform over the long term?

See historical performance and comparison

Company Analysis and Financial Data Status

Data	Last Updated (UTC time)
Company Analysis	2026/07/02 21:20
End of Day Share Price	2026/07/02 00:00
Earnings	2026/03/31
Annual Earnings	2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

^* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Fermi Inc. is covered by 11 analysts. 7 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

Analyst	Institution
Andrew Fisher	Berenberg
Brett Knoblauch	Cantor Fitzgerald & Co.
Derek Soderberg	Cantor Fitzgerald & Co.

Fermi (FRMI) Stock Overview

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Risk Analysis

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Fermi Inc. Competitors

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Price History & Performance

Recent News & Updates

Toby R. Neugebauer Uploads Materials to his Website

Toby Neugebauer Provides Information to the Shareholders

Toby R. Neugebauer Provides Information to the Shareholders

Toby R. Neugebauer Provides Information to Shareholders of Fermi

Texas Business Court Grants Neugebauer's Motion for Expedited Discovery in Lawsuit filed by Fermi Seeking to Block Shareholder Accountability

Toby R. Neugebauer Posts Materials to his Social Media Accounts

Recent updates

Toby R. Neugebauer Uploads Materials to his Website

Toby Neugebauer Provides Information to the Shareholders

Toby R. Neugebauer Provides Information to the Shareholders

Toby R. Neugebauer Provides Information to Shareholders of Fermi

Texas Business Court Grants Neugebauer's Motion for Expedited Discovery in Lawsuit filed by Fermi Seeking to Block Shareholder Accountability

Toby R. Neugebauer Posts Materials to his Social Media Accounts

Fermi Receives Special Meeting Request from Toby Neugebauer

Toby R. Neugebauer Posts Material to Social Media

Diana Shipping Inc. Provides Information to the Shareholders

Toby R. Neugebauer Posts Advertisements on Social Media

Toby R. Neugebauer Posts Advertisements on Social Media

Toby R. Neugebauer Posts Material to Social Media

Fermi Inc. Submits Notification of Proposed Production Activity to Foreign-Trade Zones Board for Modular Nuclear Power Plant and Natural Gas Power Plant in Panhandle, Texas

Toby R. Neugebauer Posts Materials to Social Media Accounts

Chief Nuclear Officer recently sold US$1.0m worth of stock

Toby R. Neugebauer Posts Material to Social Media

Toby Neugebauer Provides Information to Shareholders of Fermi

Toby R. Neugebauer Posts Advertisements on Social Media

Toby R. Neugebauer Provides Information to Shareholders

Toby R. Neugebauer Issues Press Release for Shareholders

Toby Neugebauer Issues Open Letter to Shareholders of Fermi Inc.

Fermi Inc. Issues the Following Statement in Response to an Order from the US District Court

Toby Neugebauer Provides Information to Shareholders of Fermi

Toby R. Neugebauer Provides Information to Shareholders of Fermi

Fermi Inc. to Report Q1, 2026 Results on May 14, 2026

Fermi Inc. Appoints Larry Kellerman as Class III Director, Effective as of May 4, 2026

Fermi Inc. Appoints Robert L. Masson II as Interim Chief Financial Officer, Effective April 29, 2026

Fermi Inc. Announces Appointment of Robert L. Masson as the Principal Financial Officer, Effective April 29, 2026

Fermi Inc. Announces Resignation of Miles Everson as Chief Financial Officer

Forecast breakeven date pushed back to 2027

Fermi Inc. announced that it expects to receive $156.25 million in funding

Fermi Inc. Files Second Clean Air Permit Application with Texas Commission on Environmental Quality for 5 GW of Additional Power for Its Project Matador Private Grid

Fermi America to File Additional 5Gw Clean Air Permit for Project Matador with the Texas Commission on Environmental Quality Upsizing Campus Projections to 17GW of Private Power

Now 27% undervalued after recent price drop

Fermi America Secures Final 6GW Clean Air Permit from the Texas Commission on Environmental Quality (TCEQ) for World's Largest 11 GW Private Power Grid

Fermi Inc. to Report Q4, 2025 Results on Mar 30, 2026

Fermi Inc. announced that it has received $500 million in funding from Mitsubishi UFJ Financial Group, Inc.

Fermi America in Partnership with Texas Tech University System, Announces Arrival of 6 Siemens Energy Sgt-800 Gas Turbines At Port of Houston

The Law Offices of Frank R. Cruz Files Securities Fraud Lawsuit Against Fermi Inc

Now 28% overvalued

Fermi America™ and the State of Texas Announce Preliminary Approval for First 6 GW of One of the World's Largest Clean Natural Gas Facilities on Project Matador's 11 GW Private HyperGrid™ Campus

Shareholder Returns

Price Volatility

About the Company

Fermi Inc. Fundamentals Summary

Earnings & Revenue

Company Analysis and Financial Data Status

Data Sources

Analysis Model and Snowflake

Industry and Sector Metrics

Analyst Sources