Fermi Inc.

FRMIdata completeness 88%1 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'depreciationAmortization'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'realEstateImpairment'; no data for concept 'dividendsPaid'; no data for concept 'incomeTaxExpense'; no data for concept 'pretaxIncome'

The thesis, from the filings

Fermi Inc. earns about -44% 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	−$486.4M¹
Operating cash flow	−$34.2M²
Capital expenditure	$569.3M³
Free cash flow (derived)	−$603.5M²
Total debt	$407.8M⁴
Cash & equivalents	$408.5M⁵
Diluted shares	468.0M

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

shares

Net assets behind them

$23.42

your share of equity

Profit it earned you last year

−$10.39

Free cash flow it threw off

−$12.9

Debt you’d be carrying

$8.71

10 shares is a claim on $23.42 of net worth that earned you −$10.39 and generated −$12.9 of cash last year, against $8.71 of debt.

iii. Is this a good business?

Moat signal · return on equity

-44% avg · 1y

FY25 -44%

It earned an average -44% 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. Total debt has held roughly steady.

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 v0.5.0

DCF · Growth Exit 10Y

not applicable

REIT — real-estate depreciation is an accounting charge on assets that generally appreciate, so it inflates free cash flow and depresses reported earnings and book value at the same time. Every model here reads one of those, and none is a fair base. FFO/AFFO is the applicable measure — see the FFO capitalisation model, which values REITs from it.

DCF · Growth Exit 5Y

not applicable

REIT — real-estate depreciation is an accounting charge on assets that generally appreciate, so it inflates free cash flow and depresses reported earnings and book value at the same time. Every model here reads one of those, and none is a fair base. FFO/AFFO is the applicable measure — see the FFO capitalisation model, which values REITs from it.

Earnings Power Value

not applicable

REIT — real-estate depreciation is an accounting charge on assets that generally appreciate, so it inflates free cash flow and depresses reported earnings and book value at the same time. Every model here reads one of those, and none is a fair base. FFO/AFFO is the applicable measure — see the FFO capitalisation model, which values REITs from it.

FFO · Capitalized

not applicable

FFO constructible for only 0 of the last 1 fiscal years — need ≥3 (net income and depreciation & amortization must both be tagged).

Graham Number

not applicable

REIT — real-estate depreciation is an accounting charge on assets that generally appreciate, so it inflates free cash flow and depresses reported earnings and book value at the same time. Every model here reads one of those, and none is a fair base. FFO/AFFO is the applicable measure — see the FFO capitalisation model, which values REITs from it.

Different models answer different questions — which to trust when →