FRMIFermi Inc.

Real Estate Investment Trusts

Revenue: —
Operating margin: —
EBITDA: −$178M
Market cap: $1.7B
Employees: —
Net debt / EBITDA: —; $458M net debt
AI in 10-K: 11.0; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
—
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentNo
—
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AINo
11.0 per 10K words · 94th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.7B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$91M net
Net sales over $10M in 12 months

Financials

Metric	FY2025	YoY	Trend
Operating income	−$178M
Net income	−$486M
Operating cash flow	−$34M
Capex	$569M

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Jul 8, 2026	Caddis Holdings, LP	SCHEDULE 13D/A	16.3%	Passive
Jul 2, 2026	Caddis Holdings, LP	SCHEDULE 13D/A	8.2%	Passive
May 15, 2026	Caddis Holdings, LP	SCHEDULE 13D	9.1%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $91M · 14
Net: −$91M

Pay vs performance

No pay-versus-performance disclosure yet.