| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 20 | — | 17.3x | Bottom tier | |
Growth | 15 | — | 7.1% | Bottom tier | |
Quality | 11 | -25.1% | 4.5% | Bottom tier | |
Safety | 55 | — | 2.6x | Around median | |
Capital Return | 9 | 0.00% | 0.06% | Bottom tier | |
Momentum | 6 | -82.1% | -1.6% | Bottom tier | |
Sentiment | 33 | 4 | 3 | Bottom tier |
10-year US Treasury yield 4.96% as of 2026-10-22. Estimates computed from company data and analyst targets, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Fermi Inc. is developing the Project Matador campus in Texas to provide private power and integrated infrastructure for artificial intelligence data centers. Its business model relies on entering into long-term contracts with cloud computing and data center operators, then financing and building generation capacity and site facilities to meet each tenant's needs; management stated on May 14, 2026 that the contracts under discussion typically span 15 to 20 years.
The operating plan is based on tangible assets at Project Matador, which as of May 14, 2026 included cumulative investments exceeding $1.4 billion, approximately 2.2 gigawatts of gas generation equipment, a 6-gigawatt clean air permit, and an application for another 5-gigawatt permit. The company also completed more than 11 miles of fencing, approximately 5 miles of high-pressure gas lines, 7 miles of water networks, a two-million-gallon tank, and connected the site to 86 megawatts of electrical capacity.
In Q2 of fiscal year 2026, Fermi recorded a net loss of $25.8 million and a loss per share of $0.04, compared with a net loss of $188.7 million and a loss per share of $0.30 in Q1 of fiscal year 2026. The company explained that the Q1 fiscal year 2026 loss included approximately 70% in non-cash items, driven primarily by stock-based compensation, along with a $25 million loss from the extinguishment of the Macquarie loan; spending on property, plant, and equipment totaled $441 million during that quarter.
Automated analysis for informational purposes only — not investment advice.
The analyst consensus is “Buy,” with an average price target of $10.6 and a wide range between $6 and $17. The average target and the highest target are below the 52-week range high of $36.99, while the range low was $4.47, highlighting the broad repricing range associated with progress in contracts, financing, and execution. No price-to-earnings ratio is available due to losses, so the valuation depends more heavily on converting the $6.5 billion TensorWave contract and Project Matador assets into actual operations and deliveries beginning in 2027.
Figures in the text are as of 2026-08-31; the live price is shown at the top of the page.
The growth story centers on Project Matador, a campus in Texas intended to provide private power and infrastructure for artificial intelligence data centers. On August 10, 2026, Fermi signed a binding contract with TensorWave to provide 222 megawatts, with expected contractual value of up to $6.5 billion. Deliveries are scheduled to begin in 2027, with the partnership targeted to expand to more than 650 megawatts of capacity.
The company said on May 14, 2026 that it controlled approximately 2.2 gigawatts of gas generation equipment located on-site or secured under contracts. This includes 1.1 gigawatts of combined-cycle turbines and six additional Siemens SGT-800 units scheduled for delivery in 2028. The project also obtained a 6-gigawatt clean air permit, and the company submitted a separate application to add another 5 gigawatts.
Fermi ended Q1 of fiscal year 2026 with total cash of $243 million after investing $441 million in property, plant, and equipment during the quarter. It had secured $785 million in equipment financing facilities, including $500 million from MUFG, and more than $156 million from Yorkville that it had not drawn as of May 14, 2026. The Hillcore agreement announced on August 11, 2026 also relies on the partner financing, building, owning, and operating a 2.6-gigawatt complex before transferring it, thereby limiting the need for direct capital expenditure by Fermi on that complex.
Net loss was $25.8 million in Q2 of fiscal year 2026, with a loss per share of $0.04. This compares with a net loss of $188.7 million and a loss per share of $0.30 in Q1 of fiscal year 2026. The company explained that approximately 70% of the Q1 fiscal year 2026 loss was non-cash and driven primarily by stock-based compensation, while the quarter also included a $25 million loss from the extinguishment of the Macquarie loan.
The board of directors stated during the May 14, 2026 call that it had dismissed Toby Neugebauer in April 2026 from his positions as president, chief executive officer, and board member for a stated cause. As of the call date, Jacobo Ortiz Blanes and Anna Bofa were leading the office of the co-chief executive officers, while Robert Masson was serving as interim chief financial officer. Marius Haas, chairman of the board, also said the company had retained an executive search firm to conduct a search for a new chief executive officer and that the process was underway as of May 14, 2026.
The main risks are the concentration of the commercial launch in the first major customer, TensorWave, and the delay in beginning deliveries under its 222-megawatt contract until 2027. Additional risks include a net loss of approximately $1 billion during the twelve-month period ended in fiscal year 2026 and Project Matador's need for project financing and tenants before additional development phases can resume. The application for the additional 5-gigawatt gas permit and the foreign-trade zone application also remained pending as of May 14, 2026, while analyst targets ranged from $6 to $17, reflecting a high degree of valuation uncertainty.