Built from weaker models, sales multiples or analyst targets, so treat it as a rough guide.
Not used by alerts or posts.
Treated as a REIT (property company). None of the usual models had enough data, so this uses Net asset value instead.
ACCE opinionFermi Inc. Common Stock (FRMI)
Fair value
Not available
ACCE price target
$2.00
Rating
Not rated
Horizon
12 months
ACCE price target published on 24 Oct 2026, 03:20 CEST; previously $2.60 since 11 Oct 2026, 00:00 CEST.
Price used: $2.55 at the close on 23 Oct 2026, 22:00 CEST.
Models: Net asset value.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
ACCE score
20
out of 100
Analysts
75% buy
8 covering
1-year return
-87.1%
Dividend yield
0.00%
Fermi Inc. Common Stock in four questions
Plain answers, details below
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Overview
ACCE thesis
Fermi Inc. (FRMI) is a specialty REIT that owns and develops large-scale campuses intended for power-intensive tenants, with the stated focus on AI and data center capacity. The thesis rests on the scarcity of powered land: sites with secured interconnection and generation access are the bottleneck for hyperscale buildout, which gives a landlord of such assets pricing power that a conventional office or industrial REIT lacks. The data we have is thin, though. Revenue growth, margins, ROE and forward earnings all show zero in our feed, which more likely reflects a pre-revenue or early-lease-up profile than a true zero, and the company carries a 20/100 composite score with no index membership. A $2.2B market cap at this stage means the valuation is almost entirely a bet on future lease signings and energization timelines, not on current cash flows. It merits a deeper look only if the next filings confirm signed tenant commitments and a credible schedule for delivering powered capacity.
⚠ Investor warnings · 3 flagsAI-assisted·How I use AI
severe
Deeply negative free cash flow
Free cash flow is $-603,455,000 against a $1.6B market cap. Cash burn of this size relative to equity value raises a real funding question for the company.
high
Heavy insider selling, no buying
Insiders sold $8.91M across the last 10 disclosed transactions and bought $0.00M. Insiders own 43.9% of shares, so their selling carries weight.
high
Score deteriorating and price above target
The ACCE score fell from 23 to 20 over 90 days. The price of $2.55 sits 27.5% above the ACCE price target of $2.00.
AI research notes
AI-assisted·How I use AIWritten Oct 24, 2026 · figures from 2026-10-24 · prices to Oct 23, 2026
Why it could do well
Eight analysts cover the stock and six of them rate it Buy or Strong Buy, so the Street is broadly constructive.
The average analyst price target sits far above today's $2.55 share price, implying large upside if those targets prove right.
The latest quarter beat expectations, with a loss per share of $0.04 against a forecast of $0.06 a share.
Why it could disappoint
Free cash flow over the last twelve months was negative $603M, so the business is consuming large amounts of cash.
The company reports no revenue growth and a 0.0% net margin, so there is no reported profit yet to support the price.
A negative free cash flow yield of -32.9% means the business burns cash relative to its share price, raising the risk of dilution.
Each chip shows the exact figure and where it comes from. A claim without a source is not published.
Next results
Nov 12, 2026
We update the fair value about 2 days after the results, once the new figures are filed.Add to calendarGoogle
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Valuation
INVESTOR
Where FRMI's valuation models land
Price
$2.55
Model fair valueConfidence: low
about $1.71
Model
Fair value
Upside
Net asset value
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Quality
INVESTOR
Quality and conviction INVESTOR FEATURE
The full quality picture: a reason under every score, how the scores moved, and the conviction breakdown.
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+Conviction breakdown and growth / value / quality / momentum scores