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Fermi Inc. (FRMI) stock

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NASDAQ: FRMI Nasdaq Data Center REITs Next results ~November 12, 2026

Fermi Inc. is a US-listed company in the data center REITs industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$1.6

Book value (net assets)

Base case. Range ~$1.6–$1.6. Net assets per share: the value if returns just equal the cost of equity.

Price vs value

No Buy/Hold/Sell rating is issued: limited reported history: available models are shown without a Buy/Hold/Sell rating.

Fermi Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 7 selling0 purchases and 14 sales by directors and officers, last 12 monthsInsider trades
  • Funds231 adding, 82 cuttingOf 57 active managers that changed their stake, 37 added; quarter to June 30, 2026Fund buyers and sellers

The Fundamentalytics view

Next results ~November 12, 2026 (estimated)

Current signal Results well ahead of expectations: Reported earnings per share beat the analysts' consensus estimate by 34% in the quarter to 2026-06-30.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

Nothing in Fermi Inc.'s latest figures clears our strength thresholds.

Things to watch

  • Results due soon. Results are expected around 12 November; the share price can move sharply on the day.
  • Volatile shares. Over the past year the shares showed annualised volatility of 118% and a beta of 3.2 against the S&P 500.
  • Insiders selling. 7 insiders sold $91M of stock over the past 365 days and none bought (0% under pre-set trading plans).
  • Heavily shorted. 16.5% of the shares available to trade are sold short (3.0 days of average volume to cover).
  • Missing expectations. Earnings per share fell short of the consensus estimate in 3 of the last four quarters.
  • Estimates being cut. Analysts' consensus for next year's earnings per share has fallen 33.4% over 90 days.

Latest results

Earnings per share
-$0.04 against an average estimate of -$0.06: beat by 33.6%
Share reaction
-15.8% in the first session after the results on August 13, 2026, against +0.5% for the S&P 500
Next report
November 12, 2026; average EPS estimate -$0.07

Fermi's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-15.5%
  • 1 week-13.2%
  • 1 month-45.3%
  • This year-72.4%
  • 1 year-91.6%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Earnings

Last results
August 13, 2026
Next results (est.)
November 12, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Insider trade
  2. Announcement
  3. Announcement
  4. Announcement
  5. Announcement
  6. Insider trade
  7. Insider trade
  8. Announcement
  9. Announcement
  10. Announcement
  11. Announcement
  12. Announcement
  13. Announcement
  14. Announcement
  15. Announcement
  16. Leadership
  17. Results
  18. Leadership
  19. Agreement
  20. Leadership
  21. Announcement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Fermi Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: limited reported history: available models are shown without a Buy/Hold/Sell rating.

Valuation models

We value Fermi Inc. as an equity reit, with every model that fits that kind of business. Cost of equity 8%: the 10-year Treasury yield (4.9%) plus a beta of 0.67 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Funds-from-operations model Funds from operations growing 2.5% a year, discounted at 8%. — Does not apply: funds from operations not available or not positive
Price-to-FFO vs peers Funds from operations per share times peers' typical (harmonic-mean) price-to-FFO. — Does not apply: no positive funds from operations in the latest twelve months
Dividend discount (growing dividend) Today's dividend growing 2.5% a year, discounted at the cost of equity. — Does not apply: pays no regular dividend
Book value (net assets) Net assets per share: the value if returns just equal the cost of equity. ~$1.6 Primary model, counts double
Combined value Weighted average of the models that apply: the primary model (book value (net assets)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$1.6 1 model

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Fermi Inc. with equity REITs in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Low.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 12, 2026, before the open. Analysts expect revenue of $6m and EPS of −$0.07 (range −$0.13 to −$0.04) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current −$0.28 +75% $77m 0%
Next $0.22 +179% $718m +837%

Next year's EPS estimate has moved −33.4% in 90 days, across 4 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −16.9% on 90 days ago. In the last 30 days, 1 analyst raised Fermi Inc.'s forecast and 0 cut it.

Consensus EPS forecast Fermi Inc., last 90 days
−$0.40 −$0.20 $0.00 $0.20 $0.40 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: −$0.34 Current fiscal year, 60 days ago: −$0.36 Current fiscal year, 30 days ago: −$0.28 Current fiscal year, 7 days ago: −$0.28 Current fiscal year, Now: −$0.28 −$0.28 Next fiscal year, 90 days ago: $0.33 Next fiscal year, 60 days ago: $0.12 Next fiscal year, 30 days ago: $0.13 Next fiscal year, 7 days ago: $0.13 Next fiscal year, Now: $0.22 $0.22

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago −$0.34$0.33
60 days ago −$0.36$0.12
30 days ago −$0.28$0.13
7 days ago −$0.28$0.13
Now −$0.28$0.22

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 −$0.06 −$0.04 +33.6%
Mar 2026 −$0.05 −$0.30 −508.6%
Dec 2025 −$0.02 −$0.18 −951.4%
Sept 2025 −$0.02 −$0.84 −3317.4%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 13, 2026

No numeric guidance in Fermi Inc.'s latest earnings release (filed August 13, 2026). Some companies give their outlook only on the earnings call.

Analyst recommendations

8 analysts, Oct 2026
Buy675%
Hold225%
Sell00%

Monthly trend

  1. Oct 20261528
  2. Sep 20261528
  3. Aug 20261528
  4. Jul 20261528

Counts of recommendations published by analysts covering Fermi Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
16.5%
of tradable shares
Days to cover
2.99
at average volume
Short interest, 1 month
−0%
to October 15, 2026
Held by institutions
26%
of shares
Held by insiders
43.9%
of shares
Employees
35
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Return and risk by year

Calendar year 2026 to date
Return
FRMI−72%
Industry peers (median)—
S&P 500+11%
Months that ended higher
FRMI36%
S&P 50046%
Largest fall from a high during the year
FRMI−81%
S&P 500−9%

Worst fall since October 1, 2025: 93% from October 1, 2025 to November 2, 2026. Getting back needed a 1375% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$2.21 – $27.95
From 52-week high
−92.1%
vs 50-day average
−47.4%
vs 200-day average
−65.7%
Volatility (1 year)
118%
Beta vs S&P 500
3.18

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
1 up, 3 down
typical move ±9.9%
After a week
1 up, 3 down
typical move ±16.8%
After a month
1 up, 3 down
typical move ±28.4%
Results releasedNext dayS&P 500 next day5 days21 days
August 13, 2026 −15.8% +0.5% −21.4% −33.6%
May 14, 2026 +8.5% −0.4% +1.0% +24.7%
March 30, 2026 −5.5% +2.6% −20.1% −18.6%
November 10, 2025 −10.0% +1.8% −24.6% −36.8%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Fundamentals

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Who owns it

Funds buying and selling
Reported value
$1.5B
Institutions reporting
293
Shares held vs prior quarter
▲ 120.5%
Positions opened / closed
124 / 40

Top buyers and sellers, Q2 2026: 231 institutions bought and 82 sold ; the biggest buyer was SRS Investment Management, LLC (+20.2M shares) and the biggest seller UBS Group AG (−5.7M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
SRS Investment Management, LLC $185M 20.2M 12.5% New
Citadel Advisors LLC $78.7M 8.6M 5.3% ▲ 38.0%
Point72 Asset Management, L.P. $64.5M 7.0M 4.4% ▲ 464.9%
D. E. Shaw & Co., Inc. $49.6M 5.4M 3.4% ▲ 554.2%
Millennium Management LLC $39.4M 4.3M 2.7% ▲ 7174.7%
Blackrock, Inc. $38.5M 4.2M 2.6% ▲ 421.6%
Marshall Wace, LLP $38.1M 4.2M 2.6% ▲ 1403.3%
Exoduspoint Capital Management, LP $37.3M 4.1M 2.5% ▲ 13125.9%
Gotham Asset Management, LLC $36.1M 3.9M 2.4% ▲ 1004.1%
Nexpoint Asset Management, L.P. $36.1M 3.9M 2.4% ▲ 202.8%
Vanguard Portfolio Management LLC $35.3M 3.9M 2.4% ▲ 2168.3%
Goldman Sachs Group Inc $34.8M 3.8M 2.4% ▼ 30.1%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Fermi Inc.'s complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $90.8M 14 trades by 7 insiders · 0% under pre-set plans
Net ▼ $90.8M net selling
Insider Date Trade Shares Price Value
Neugebauer Toby R 10% owner October 20, 2026 Sell 420,749 $3.04 $1.3M
Neugebauer Toby R 10% owner October 14, 2026 Sell 1,297,200 $3.15 $4.1M
Neugebauer Toby R 10% owner October 13, 2026 Sell 2,750,000 $3.73 $10.3M
Perry James Richard Director June 30, 2026 Sell 863,637 $7.31 $6.3M
Uzman Mesut Chief Nuclear Constr. Officer June 3, 2026 Sell 79,032 $6.31 $498,692
Uzman Mesut Chief Nuclear Constr. Officer June 3, 2026 Sell 79,509 $6.31 $501,702
Everson Miles E. Chief Financial Officer April 9, 2026 Sell 427,004 $4.58 $2M
Ortiz Blanes Jacobo Chief Operating Officer April 9, 2026 Sell 427,363 $4.58 $2M
Hamilton Charles Lynn Chief Site Development Officer April 9, 2026 Sell 398,140 $4.58 $1.8M
Everson Miles E. Chief Financial Officer April 8, 2026 Sell 403,205 $4.91 $2M
Ortiz Blanes Jacobo Chief Operating Officer April 8, 2026 Sell 403,545 $4.91 $2M
Hamilton Charles Lynn Chief Site Development Officer April 8, 2026 Sell 375,950 $4.91 $1.8M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around November 12, 2026 estimated from the company's past filing pattern, not announced

  • August 13, 2026
  • May 14, 2026
  • March 30, 2026
  • November 10, 2025

Recent SEC filings

Data status

When each part of this page on Fermi Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Fermi Inc. in brief

What does Fermi Inc. do?
Fermi Inc. is a US-listed company in the data center REITs industry. Its financial year ends in December.
What is Fermi Inc.'s stock ticker?
Fermi Inc. trades under the ticker FRMI on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
Who are Fermi Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are SRS Investment Management, LLC, Citadel Advisors LLC and Point72 Asset Management, L.P. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Are insiders buying or selling Fermi Inc. stock?
Over the last 12 months, Fermi Inc.'s directors and officers reported 0 open-market purchases and 14 sales on Form 4. The insider trading page charts every trade.
When is Fermi Inc.'s next earnings date?
Around November 12, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Fermi Inc. announces its own schedule.