FRMI · sample dossier
Fermi Inc. Common Stock
36/100
OutdatedGenerated Nov 7, 2026 · 11:00 AM UTC · 1 day ago
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EquityFermi Inc. Common Stock · XNAS
Decision context
Recommendation
Weighed down by weak Momentum (15/100) and Quality (25/100) scores.
A cautious picture — if you own it, consider taking some off.
AlphaDog Fair Value
Executive thesis & key metrics
Executive Investment Thesis
Neutral valuation (55/100), but weak momentum (15/100) — P/E -1.2x.
Key Metrics to Watch
What changed recently
No material changes found in the last 30 days.
Why this rating
Score 36 · Sell
Data through
OutdatedJun 30, 2026
A newer quarter has been reported and is not in these statements.
Composite 36/100 — weak across most factors.
Levels unavailable — AlphaDog quantitative valuation model did not produce an estimate from comps or DCF
Re-evaluate if
- Severe accounting disclosures (auditor / restatement / going concern) in SEC filings
- Net margin falls below -5.0% (was 0.0%)
Trim / reconsider if
- Gross margin falls below -10.0% (was 0.0%)
Dollar levels aren’t available for this run — the view above still stands.
A Calmer Look · Devil's Advocate
A second set of eyes on FRMI
The consensus verdict to sell FRMI reflexively prices in imminent liquidation following a -94.1% 1-year and -57.1% 1-month share price collapse, ignoring critical balance sheet resilience.
May be overlooked
Altman Z-score of 2.77 places Fermi well outside the distress zone (<1.81), conflicting with the consensus assumption that bankruptcy is imminent given a manageable Debt/Equity ratio of 0.6.
The bear case's class-action litigation risk cites a March 6, 2026 lead plaintiff deadline, which is over eight months stale as of November 2026 and lacks any quantified damage assessment.
Consensus completely discounts Srs Investment Management's 20.2M share holding, which provides substantial institutional incentive to facilitate a rescue refinancing rather than accept an equity wipeout.
Expectations look stretched
Consensus bears extrapolate the historic -$1.95 TTM FCF per share burn into perpetuity, failing to credit the 86.7% QoQ reduction in EPS loss from -$0.30 to -$0.04.
The prevailing thesis assumes the P/B multiple of 0.97 to 1.0 offers zero liquidation protection, despite moderate leverage reflected in the 0.56 Debt/Equity ratio.
The debate judge treats $57.3M in insider outflows over three months as conclusive evidence of corporate demise, ignoring that Fermi still commands a $1.01B market capitalization.
Cash after investing — See whether FRMI still makes cash after it spends to grow.
Net margin expands above 0.0% for two consecutive quarters
Market context
Snapshot returns at report publication
1 month
-57.1%
3 months
-73.3%
6 months
-70.0%
1 year
-94.1%
At a Glance
A smaller company is in a pullback at unprofitable earnings.
Top Holders
As of Jun 30, 2026Financial trajectory
Go deeper
For learning and research only — not investment advice. AlphaDog doesn’t hold stocks and isn’t your financial advisor.
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