Latest Ratios: P/E Ratio -6.5x · EV/EBITDA N/A · ROE -44.4%. (2025–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 |
|---|---|---|
| Market Cap | $4.7B | — |
| Enterprise Value | $4.4B | — |
| P/E Ratio → | -6.53 | — |
| P/S Ratio | — | — |
| P/B Ratio | 3.15 | — |
| P/FCF | — | — |
| P/OCF | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 |
|---|---|---|
| EV / Revenue | — | — |
| EV / EBITDA | — | — |
| EV / EBIT | — | — |
| EV / FCF | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 |
|---|---|---|
| Gross Margin | — | — |
| Operating Margin | — | — |
| Net Profit Margin | — | — |
| Metric | TTM | FY 2025 |
|---|---|---|
| ROE | -44.4% | -44.4% |
| ROA | -34.4% | -34.4% |
| ROIC | — | — |
| ROCE | -14.4% | -14.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 |
|---|---|---|
| Debt / Equity | 0.12 | 0.12 |
| Debt / EBITDA | — | — |
| Net Debt / Equity | — | -0.25 |
| Net Debt / EBITDA | — | — |
| Debt / FCF | — | — |
| Interest Coverage | — | — |
Net cash position: cash ($409M) exceeds total debt ($131M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 |
|---|---|---|
| Current Ratio | 2.31 | 2.31 |
| Quick Ratio | 2.31 | 2.31 |
| Cash Ratio | 2.31 | 2.31 |
| Asset Turnover | — | — |
| Inventory Turnover | — | — |
| Days Sales Outstanding | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 |
|---|---|---|
| Dividend Yield | — | — |
| Payout Ratio | — | — |
| Metric | TTM | FY 2025 |
|---|---|---|
| Earnings Yield | — | — |
| FCF Yield | — | — |
| Buyback Yield | 0.0% | — |
| Total Shareholder Yield | 0.0% | — |
| Shares Outstanding | — | $468M |
Pre-revenue operational insolvency
As reported in financial statements, Fermi Inc.'s forward P/E of 162.22 suggests that market participants are pricing in extreme future growth expectations, which appears highly speculative given the company's current lack of revenue and the negative TTM P/E of 8.40 observed in recent filings.
The valuation multiples are currently untethered from fundamental performance, as the company lacks the revenue base to support traditional P/S or EV/EBITDA metrics. Investors should monitor whether the premium valuation can be sustained as the company transitions from capital-intensive development to potential commercialization.
Based on Fermi Inc.'s reported figures, the ROIC has consistently trended in negative territory, reaching -14.8% in 2026Q1, which indicates that the company is currently destroying shareholder value through its aggressive capital deployment phase rather than compounding returns on invested capital.
The persistent negative ROIC reflects the heavy burden of non-productive assets that have yet to generate operational cash flow. This trend suggests that the company's current strategy prioritizes infrastructure scale over immediate capital efficiency, which warrants further investigation into the timeline for achieving positive returns.
According to recent SEC filings, Fermi Inc. maintained a current ratio of 2.31 as of 2025Q4, which appears to provide a temporary liquidity cushion, though this metric is likely to deteriorate rapidly as the company continues to burn cash without any offsetting revenue streams.
While the current ratio suggests an ability to meet short-term obligations, the lack of revenue means this liquidity is entirely dependent on external financing. Investors should monitor the cash burn rate relative to the remaining balance sheet liquidity to assess the risk of future dilutive capital raises.
As indicated by the provided financial data, the Price-to-Book ratio of 4.05 is frequently misapplied to Fermi Inc., as it obscures the reality that the company's book value is heavily comprised of non-productive, capital-intensive assets rather than cash-generating operational infrastructure.
Using P/B to value this business model is misleading because it fails to account for the high probability of asset impairment if commercialization efforts fail. A more appropriate focus would be on the cash runway and the efficiency of capital expenditure relative to technical milestones.
Includes 30+ ratios · 1 years · Updated daily
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying FRMI stock.
Fermi Inc. Common Stock's current P/E ratio is -6.5x. This places it at the 50th percentile of its historical range.
Fermi Inc. Common Stock's return on equity (ROE) is -44.4%. The historical average is -44.4%.
Based on historical data, Fermi Inc. Common Stock is trading at a P/E of -6.5x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.