FRMI
Fermi Inc. Common StockUtilities·Regulated Electric
$6.98
$4.5B market cap
Revenue
$0.0M
Free Cash Flow
$-947.4M
Rev Growth
+0.0%
FCF Margin
0.0%
P/FCF
--
EV/FCF
--
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
Fermi, Inc. engages in the development of energy infrastructure. It intends to develop an energy and data center development campus to support the needs of to-be-built AI infrastructure. The company was founded by Rick Perry, Toby Neugebauer and Griffin Perry on January 10, 2025 and is headquartered in Amrillo, TX.
2-Year Price History
$5.98-79.1%
Quarterly Financials & Projections
Quarterly Waterfall ($ M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2026-Q1 | 0.0 | -188.7 | -166.2 | -188.7 | -7.3 | -448.5 | -441.2 | 207.5 | 0.0 | 629.8 | -203.3% | -- | -- |
| Act | 2025-Q4 | 0.0 | -134.3 | -134.3 | -133.2 | -25.9 | -498.8 | -473.0 | 408.5 | 131.1 | 629.8 | -110.3% | -- | -- |
Valuation & Metrics
Market Stats
Price$6.98
Market Cap$4.5B
Enterprise Value$4.2B
P/S Ratio0.0x
P/FCF--
EV/FCF--
FCF Margin (TTM)0.0%
FCF Yield-21.3%
Dividend Yield (TTM)--
Annual Dilution0.0%
CurrencyUSD
TTM Financial Snapshot
Revenue$0.0M
Net Income$-321.9M
Free Cash Flow$-947.4M
Revenue Growth (YoY)+0.0%
EBITDA Margin0.0%
Net Margin0.0%
FCF Margin0.0%
CapEx % of Revenue0.0%
SBC % of Revenue0.0%
ROIC-156.8%
WC Change % Rev0.0%
Interest Coverage--
Forward Outlook & Risk
Short Interest
Short % of Float--
Short Shares36.4M
Days to Cover1.5
Change (vs Prior)+72.8%
Need at least 2 settlement dates for chart
Cash Runway
2.6months
CRITICAL
Institutional Ownership
Headline & net flow
NEUTRAL
Net flow · —still filing
No float data — flow unavailable.
Ownership composition
Active
10.3%(+1.7% YoY)
197 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
0.4%(-0.1% YoY)
7 filers
Vanguard, iShares, SPDR
Market makers
0.3%(+0.1% YoY)
4 filers
Citadel, Susquehanna
Insiders
—
Form 4 — latest per insider
ActiveRetail fundsPassiveMarket makersRetail direct
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| UBS Group AG | $52.1M | $6.48 | +$36.6M | +$52.1M | -0.3% | $562.11B |
| CITADEL ADVISORS LLC | $36.3M | $6.27 | +$29.1M | +$36.3M | -0.4% | $138.22B |
| GOLDMAN SACHS GROUP INC | $31.8M | $5.87 | +$31.4M | +$31.8M | -0.2% | $760.93B |
| BARCLAYS PLC | $17.7M | $5.89 | +$17.3M | +$17.7M | -0.1% | $279.69B |
| T. Rowe Price Investment Management, Inc. | $14.4M | $5.84 | +$14.4M | +$14.4M | -1.3% | $145.22B |
| Weiss Asset Management LP | $14.1M | $6.25 | +$11.5M | +$14.1M | +2.8% | $4.24B |
| TORTOISE CAPITAL ADVISORS, L.L.C. | $13.3M | $6.87 | +$7.0M | +$13.3M | +1.9% | $9.60B |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | $13.1M | $6.63 | +$8.4M | +$13.1M | -0.1% | $64.61B |
| CAPTRUST FINANCIAL ADVISORS | $9.3M | $5.84 | +$9.3M | +$9.3M | -0.2% | $57.15B |
| Alyeska Investment Group, L.P. | $9.2M | $5.84 | +$9.2M | +$9.2M | -0.5% | $35.33B |
| M&G Plc | $8.8M | $8.00 | −$2.0M | +$8.8M | -0.8% | $18.83B |
| Schonfeld Strategic Advisors LLC | $8.8M | $6.99 | +$4.1M | +$8.8M | +1.3% | $12.20B |
| RENAISSANCE TECHNOLOGIES LLC | $8.2M | $6.37 | +$6.2M | +$8.2M | +1.2% | $63.91B |
| SUSQUEHANNA INTERNATIONAL GROUP, LLPMM | $8.1M | $7.18 | +$3.1M | +$8.1M | -0.6% | $77.14B |
| HIGHLAND CAPITAL MANAGEMENT FUND ADVISORS, L.P. | $7.6M | $8.00 | +$0 | +$7.6M | -2.4% | $1.43B |
| Point72 Asset Management, L.P. | $7.3M | $8.00 | −$5.7M | +$7.3M | +0.9% | $54.88B |
| Cetera Investment Advisers | $7.0M | $5.90 | +$6.8M | +$7.0M | -0.2% | $93.23B |
| MORGAN STANLEY | $7.0M | $6.38 | +$5.2M | +$7.0M | -0.3% | $1.65T |
| STIFEL FINANCIAL CORP | $6.5M | $5.96 | +$6.2M | +$6.5M | -0.3% | $108.17B |
| Boston Partners | $6.4M | $8.00 | −$557K | +$6.4M | +0.5% | $95.40B |
Cost basis is a volume-weighted estimate from accumulation periods within our 13F history; holders who built their position before our window started will show a stale basis. % above the cost basis is the unrealized gain at the current price.
Trading behavior
Smart-money alpha (lifetime, %/qtr)BULLISH
Holders
-0.06%
avg per quarter
Holders (ex-self)
-0.06%
excl. this stock
Buyers (this Q)
+0.01%
138 buyers · $0.24B in
Sellers (this Q)
-0.59%
33 sellers · $0.14B out
alpha coverage: 100% of $ has a lifetime-alpha record
Holder behavior on this stocksource: stock
On big dips (−10%+)
-18.0%
how holders react when this stock falls
On quiet Qs
-4.6%
−10% to +10% baseline
On rallies (+10%+)
-11.5%
how they react when this stock rises
Holders' portfolio flow this Q
+7.7%
inflows — adds are organic
Sellers' portfolio flow this Q
-6.2%
Sellers shed AUM broadly — partly forced.
▸ Compare to holder-profile behavior (across all their stocks)
Holder dip (any stock)
-5.3%
Holder mid (any stock)
-4.6%
Holder rally (any stock)
-11.5%
Biggest decreases this quarter
BALYASNY ASSET MANAGEMENT LLC−$6.2Mα-0.4Point72 Asset Management, L.P.−$5.7Mα+0.9Philadelphia Financial Management of San Francisco, LLCexited−$5.4MVerition Fund Management LLC−$4.0Mα-0.4Woodline Partners LPexited−$3.2MHel Ved Capital Management Ltdexited−$2.2MHRT FINANCIAL LPexited−$2.0MM&G Plc−$2.0Mα-0.8Ratan Capital Management LPexited−$1.9MXTX Topco Ltdexited−$1.1M
New buyers this quarter
Top-5 holders · 35.8%
UBS Group AG--
CITADEL ADVISORS LLC--
GOLDMAN SACHS GROUP INC--
BARCLAYS PLC--
T. Rowe Price Investment Management, Inc.--
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
hover the chart for per-quarter detailprice (right axis)
UBS Group AG8.9MCITADEL ADVISORS LLC6.2MGOLDMAN SACHS GROUP INC5.4MJefferies Financial Group Inc.27KPoint72 Asset Management, L.P.1.2MBARCLAYS PLC3.0MBALYASNY ASSET MANAGEMENT LLC1.0MT. Rowe Price Investment Management, Inc.2.5MM&G Plc1.5MBANK OF AMERICA CORP /DE/495K
Analyst Coverage
Analyst Coverage
Price Targets
Last Quarter (3 analysts)$8.331930.0%
Last Year (10 analysts)$25.1025960.0%
Current Price$6.98
Analyst Ratings
2
1
Buy: 2Hold: 1Consensus: Buy
Corporate
Insider Trading (last 12mo)
Open-market only (Form 4 P-Purchase + S-Sale). Excludes grants, option exercises, tax withholding, gifts.
Officers & directors
Buys ($, 12mo)
$0
0 txns · 0 insiders · 0 sh
Sells ($, 12mo)
$11.54M
6 txns · 3 insiders · 2,435,207 sh
Major holders (≥10% beneficial owners)
Buys ($, 12mo)
$0
0 txns · 0 insiders · 0 sh
Sells ($, 12mo)
$56.27M
2 txns · 1 insider · 11,000,000 sh
Recent transactions
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2026-04-09 | SELL | Everson Miles E. | officer: Chief Financial Officer | 427,004 | $4.58 | $1.96M | $45.66M |
| 2026-04-09 | SELL | Hamilton Charles Lynn | officer: Chief Site Development Officer | 398,140 | $4.58 | $1.82M | $25.31M |
| 2026-04-09 | SELL | Ortiz Blanes Jacobo | officer: Chief Operating Officer | 427,363 | $4.58 | $1.96M | $25.05M |
| 2026-04-08 | SELL | Everson Miles E. | officer: Chief Financial Officer | 403,205 | $4.91 | $1.98M | $51.05M |
| 2026-04-08 | SELL | Hamilton Charles Lynn | officer: Chief Site Development Officer | 375,950 | $4.91 | $1.85M | $29.09M |
| 2026-04-08 | SELL | Ortiz Blanes Jacobo | officer: Chief Operating Officer | 403,545 | $4.91 | $1.98M | $28.95M |
| 2026-03-31 | SELL | Perry Griffin | 10 percent owner | 2,000,000 | $5.54 | $11.08M | $337.55M |
| 2026-03-30 | SELL | Perry Griffin | 10 percent owner | 9,000,000 | $5.02 | $45.19M | $316.07M |
Order Flow (FINRA, ~3w lag)
33.6%retail+4.8pp
18.3%dark-3.4pp
week of 2026-04-27
Off-exchange volume from FINRA. Retail = non-ATS (wholesaler PFOF + broker internalization). Dark = ATS (dark-pool crossing networks, institutional). Lit-exchange = remainder.
Filing Risk Analysis
Filing Risk Scores
Fermi Inc.: Nuclear-Powered Data Center Ambitions Fueled by Toxic Financing and Pre-IPO Insider Value Extraction
Overall Risk
8/10
Fraud
5/10
Dilution
9/10
Insolvency
6/10
Earnings Overstated
3/10
Hidden Liabilities
8/10
Legal
4/10
Audit Warnings
6/10
Hidden Upside
7/10
Contextually Acceptable
3/10