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Fermi

FRMI on Nasdaq. Fermi builds and leases power campuses to artificial intelligence computing companies. Market value $2.6bn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.

Should I look at this?

Look carefully before going further

Why it could be worth it

What to watch out for

Read the warning sign in its own filings

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
past 12 months to June 2026
-47.8%low

For every $100 of what the whole company costs, it produced $-47.79 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to June 2026
n/a

The filings do not give us enough to work this out.

Return on capital
five annual reports to December 2025
n/a

The filings do not give us enough to work this out.

Quality score: not known. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.

$4.06 a share, 4% above its 1-year low

Over the past year the price has ranged from $3.92 to $32.39.

Pays no dividend

Prices from Monday’s close (5 October).

Five years of cash, in billions

-0.6
-1.2
202512 monthsto Jun '26

Spare cash swings from quarter to quarter here: a shortfall of $1.2 billion in the past 12 months, a shortfall of $603 million in the year to December 2025.

Revenue
n/a
Operating margin
n/a
Debt to equity
0.27
Shares outstanding
0.64bn

Health checks

  • Free cash flow positive0 of 1 years
  • Accounting looks honest (Beneish)Not enough data
  • Financial strength (Piotroski)Not enough data
  • Profit backed by cash (accruals)Not enough data
  • Debt0.27× equity
  • Revenue growth, five yearsUnknown
  • Buying back its own sharesRoughly flat

Dates

Next results (estimated)
n/a
Last annual report (10-K)
30 March 2026
Next quarterly (estimated, 10-Q)
13 November 2026

Who owns it

3 long-term investors we follow own it, down from 4 last quarter. 295 funds in all.

Dec '25
Jun '26

Sold out this quarter

Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

5 investors own more than 5%.

  • Toby Neugebauer
    Passive investor
    at least 24.1%
    (filed with 2 related holders)
    Since 30 September 2025
  • Caddis Holdings, LP
    Passive investor
    9.7%−3.0 pts
    Since 31 March 2026
  • Caddis Holdings, LP
    Passive investor
    at least 8.2%0.0 pts
    (filed with 1 related holder)
    Since 16 July 2026
  • Perry Griffin
    Insider or founder
    8.2%0.0 pts
    Since 30 June 2026
    What they said

    This amendment to the Schedule 13D/A filed on July 2, 2026 is being filed to correct a clerical error in the disclosure of the number of shares sold pursuant to the Option. The Reporting Persons originally acquired the Common Stock reported herein as a Co-Founder of the Issuer…

    Read the filing
  • Pencross Energy, LLC
    Passive investor
    at least 4.5%−4.0 pts
    (filed with 1 related holder)
    Since 31 March 2026
  • Robert Randolph Neugebauer
    Passive investor
    Sold down below 5%
    Since 30 June 2026

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought shares on the open market in the last 12 months. 5 sold $19m.

  • Perry James Richard
    Director
    Sold
    Date
    30 June 2026
    Shares
    863,637
    Price
    $7.31
    Value
    $6m
  • Uzman Mesut
    Chief Nuclear Constr. Officer
    Sold
    Date
    3 June 2026
    Shares
    158,541
    Price
    $6.31
    Value
    $1m
  • Hamilton Charles Lynn
    Chief Site Development Officer
    Sold
    Date
    9 April 2026
    Shares
    398,140
    Price
    $4.58
    Value
    $2m
  • Ortiz Blanes Jacobo
    Chief Operating Officer
    Sold
    Date
    9 April 2026
    Shares
    427,363
    Price
    $4.58
    Value
    $2m
  • Everson Miles E.
    Chief Financial Officer
    Sold
    Date
    9 April 2026
    Shares
    427,004
    Price
    $4.58
    Value
    $2m
  • Hamilton Charles Lynn
    Chief Site Development Officer
    Sold
    Date
    8 April 2026
    Shares
    375,950
    Price
    $4.91
    Value
    $2m
  • Ortiz Blanes Jacobo
    Chief Operating Officer
    Sold
    Date
    8 April 2026
    Shares
    403,545
    Price
    $4.91
    Value
    $2m
  • Everson Miles E.
    Chief Financial Officer
    Sold
    Date
    8 April 2026
    Shares
    403,205
    Price
    $4.91
    Value
    $2m

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

1 serious warning sign in Fermi’s filings.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 30 Mar 2026, plus the 10-Q filed 14 Aug 2026 and 14 later 8-Ks.

  • Weak checks on its own accounts

    Serious

    The company said its checks on its own accounts did not work at the end of its latest quarter. Mistakes could slip into the numbers.

    “Financial Officer concluded that our disclosure controls and procedures were not effective at the reasonable assurance level as of June 30, 2026, due to the material weakness in our internal control over financial reporting described below.”

    From the 10-Q filed 14 August 2026, Part I, Item 4. Controls and Procedures. Read it in the filing

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.