Fermi Inc. (FRMI) Stock Price & Analysis

Fermi Inc. (FRMI) closed at USD 2.65 on Thursday, October 22, 2026, down 7.34% on the day. The US market is currently closed (pre-market); this is not a live price.

The prior close was USD 2.86; the Oct 22, 2026 session ranged USD 2.59–2.82 on volume of 19,643,608 shares. Market capitalization is $1.70B, with a 52-week range of USD 2.59–30.9 (NMS). Source: Nexqual, retrieved October 23, 2026 at 10:03 UTC.

Also available as compact Markdown for AI agents: nexqual.com/FRMI.md

Key facts (FRMI)

• 1 of 80 tracked superinvestors hold FRMI (13F, Q2 2026): 0 new, 1 added, 0 reduced, 0 unchanged.
• Insider open-market sales, last ~7 months: 7 Form 4 filings, $34.5M; 7 not under a Rule 10b5-1 plan ($34.5M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
• Analysts: Buy (mean 2.13 on a 1–5 scale) (8 analysts), mean target USD 16.63 (range 6–35).
• Total return with dividends: 1Y -86.6% vs S&P 500 +14.9%; 5Y -90.7% vs S&P 500 +80.3%.
• Next earnings: 2026-11-12, EPS estimate USD -0.07, revenue estimate $6.0M.

Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters) (FRMI)

Fiscal years end Dec. EPS is split-adjusted.

Valuation (price ÷ last four quarters, through Jun 30, 2026) (FRMI)

P/B 1.6x · FCF yield -70.27% · Earnings yield -40.87% · Net debt $978M · EV $2.68B

Superinvestors (SEC 13F-HR, Q2 2026) (FRMI)

1 of 80 tracked investors hold FRMI. Each row is the investor's latest 13F; change is vs their prior-quarter share count.

Insider sales (SEC Form 4, open-market, last ~7 months) (FRMI)

0 of 7 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.

% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).

Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

Analysts (FRMI)

Consensus Buy (mean 2.13 on a 1–5 scale), 8 analysts; mean target USD 16.63 (low 6, high 35).

Rating changes, last 120 days:

Total return (dividends reinvested) (FRMI)

FRMI suppliers, customers and competitors (named in its 10-K)

Quoted from the company's 10-K filed Mar 30, 2026.

Companies that name FRMI in their SEC reports

FRMI company outlook (results filed Aug 13, 2026)

• “Earlier this week, the Company announced that it has signed a 15-year turnkey binding lease agreement with TensorWave, a premier Neocloud provider positioned in the heart of the AI infrastructure ecosystem, to become the first customer at the Project Matador campus.”
• “With more than 40 years of experience across Bechtel, CH2M Hill, and TerraPower, McIntire has built large-scale natural gas generation projects, nuclear programs from advanced reactor development through commercial execution, and civil mega-projects on the scale of the Panama Canal expansion.”
• “Deepening Strategic Partnerships and Relationships with Proven Contractors On August 11, the Company announced a build-own-operate-transfer strategic alliance with Hillcore Energy Capital Corporation ("Hillcore") for approximately 2.6 GW of incremental power generation at Project Matador.”
• “First power of approximately 350 MW is targeted within 24 months of notice to proceed, with subsequent blocks triggered only by contracted end-user demand and each power purchase agreement term matched to the corresponding customer lease – linking generation buildout to signed commercial demand rather than forecasts.”

Quoted word-for-word from the SEC 8-K results press release.

FRMI analyst estimates and revisions

FRMI options: expected move

Options price a move of about ±26.6% (±$0.70) by Nov 13, 2026, which includes earnings on Nov 12, 2026; the earnings reaction alone is priced at about ±14.9%. Over the last 4 reports the stock moved ±10% on average.

30-day implied volatility 116.6% vs 90.2% realized over the last 30 trading days. Put/call ratio (volume) 0.63. Cboe delayed quotes (15 min). Expected move = at-the-money straddle.

Key Statistics (as of October 23, 2026 at 10:03 UTC)

Technical Analysis (FRMI)

Nexqual's technical model rates FRMI "SELL" based on 2 bullish and 5 bearish signals across 127 daily candles, as of October 23, 2026 at 10:03 UTC.

Analyst Ratings (FRMI)

Wall Street analysts rate FRMI "Buy" based on 8 analysts, with a mean price target of USD 16.63 (range USD 6–35), per Nexqual as of October 23, 2026 at 10:03 UTC.

Earnings (FRMI)

Recent Earnings History

Source: Nexqual, October 23, 2026 at 10:03 UTC.

Financials & Fundamentals (FRMI)

Source: Nexqual, October 23, 2026 at 10:03 UTC.

Financial Health Score (FRMI)

Nexqual rates Fermi Inc.'s overall financial health "Mixed" across five dimensions, as of October 23, 2026 at 10:03 UTC.

Ownership (FRMI)

Source: Nexqual, October 23, 2026 at 10:03 UTC.

Leadership (FRMI)

Fermi Inc. is led by Lee Alan McIntire, Chief Executive Officer, per Nexqual as of October 23, 2026 at 10:03 UTC.

Major Backers & Investors (FRMI)

Notable institutional backers of Fermi Inc. include Srs Investment Management, Llc, Citadel, Point72 Asset Management, L.P., according to Nexqual as of October 23, 2026 at 10:03 UTC.

Active Investors

Index Funds (Passive)

Source: Nexqual, October 23, 2026 at 10:03 UTC.

From Fermi Inc.'s Latest SEC 10-K Filing (filed 2026-03-30)

Key Strengths & Strategy (as disclosed to the SEC)

• To finance our infrastructure, we intend to rely on a combination of equity capital, tenant-funded amounts, and non-recourse or limited-recourse equipment and project-level debt raised through special purpose entities ("SPEs") whose collateral may consist of specific power generation, energy infrastructure, or other campus assets and the associated tenant payment streams under applicable lease arrangements.
• Our approach is designed to provide initial power availability in the second half of 2026, expand to approximately 1.5 GW of simple cycle capacity under our direct control—with staged energization and commercial operation expected to begin in the first half of 2027—and then convert early-stage simple cycle assets into combined cycle configurations to increase efficiency and net output as the campus scales.

Partnerships

• We have entered into a front-end engineering design ("FEED") agreement with Hyundai Engineering & Construction Co., Ltd. to advance site layout, constructability planning, cooling-system strategy, civil design, cost estimates, and scheduling for the planned deployment of AP1000 units at Project Matador.
• We have also executed a forging material readiness agreement with Doosan Enerbility Co., Ltd. intended to support long-lead nuclear forgings and production readiness for reactor components, subject to contractual milestones.

Legal & Regulatory Risks (Item 1A, quoted)

• Failure to secure timely approvals, maintain regulatory compliance, or meet critical milestones may delay or prevent the commencement of construction and the operation of our nuclear units.
• Changes in regulatory guidance, inspection regimes, or political oversight of nuclear infrastructure could affect the scope, timing, or cost of reactor design, development, construction, interconnection to the grid (if applicable), and operation.
• We may not obtain timely or successful regulatory approvals for nuclear development, which would materially impair our business model.
• We may not be able to obtain sufficient water resources for our operations, which could materially impair our operations or impact our ability to expand our operations.

Source: SEC EDGAR 10-K, official filing. Curated by Nexqual.

Peers & Related Stocks

Data source: Nexqual — market data, technical indicators, analyst consensus, earnings, SEC EDGAR filings. Last updated: October 23, 2026 at 10:03 UTC. This page is informational and not investment advice.

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