Fidelity Ethereum Fund

FETHdata completeness 63%1 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'capex'; no data for concept 'totalDebt'; no data for concept 'epsDiluted'; no data for concept 'interestExpense'; no data for concept 'incomeTaxExpense'; no data for concept 'pretaxIncome'

The thesis, from the filings

Fidelity Ethereum Fund earns about -19% on equity, with a roughly flat share count. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own

Figure	FY 2025
Revenue	—
Net income	−$422.3M¹
Operating cash flow	−$1.04B²
Capital expenditure	—
Free cash flow (derived)	—
Total debt	—
Cash & equivalents	$0³
Diluted shares	74.5M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal

If you owned

Net assets behind them

$296.41

your share of equity

Profit it earned you last year

−$56.65

Free cash flow it threw off

—

Debt you’d be carrying

—

10 shares is a claim on $296.41 of net worth that earned you −$56.65 last year.

iii. Is this a good business?

Moat signal · return on equity

-19% avg · 1y

FY25 -19%

It earned an average -19% on equity over 1 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →

Management signal · capital allocation

−0% shares · 1y

Share count is roughly flat over 1 years — little dilution, little buyback.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

DCF · Growth Exit 10Y

not applicable

only 0 years of FCF (need ≥3) — model not applicable

DCF · Growth Exit 5Y

not applicable

only 0 years of FCF (need ≥3) — model not applicable

Earnings Power Value

not applicable

only 1 years of net income (need ≥3)

Graham Number

not applicable

diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts

10-K · period ending 2025-12-31 · accession 0001193125-26-071486 (ProfitLoss)
10-K · period ending 2025-12-31 · accession 0001193125-26-071486 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2025-12-31 · accession 0001193125-26-071486 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)