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Develops enhanced geothermal systems (EGS) that use oil-and-gas-style horizontal drilling to generate clean, always-on power.
Develops enhanced geothermal systems (EGS) that use oil-and-gas-style horizontal drilling to generate clean, always-on power.
Sells the electricity from its geothermal plants under long-term power purchase agreements, contracts that fix a buyer and terms for years, so value depends on building plants on schedule and drilling wells that perform as modelled. Cape Station in Utah is the flagship project, developed in phases.
Moat: narrow (IP / patents, process know-how). Applies proprietary horizontal-drilling/fiber-optic monitoring techniques to unlock geothermal resources others can't reach economically.
Headquarters: Houston, Texas, US · Founded: 2017 · Employees: 199
Size Fervo Energy (FRVO) is a United States Utilities company (Alternative Power Generation) with a market value of $2.66B, the 1613th largest of 3,117 United States companies the cockpit tracks. Shares closed at $9.03 on 6 Nov 2026.
Growth Revenue fell 30.6% over the last twelve months (peer median +7.0%); the operating margin is -35,366.7% (peer median 27.1%).
Valuation It trades at 7,819.8× enterprise value to sales against a peer median of 8.4× (most expensive of 21).
Capital Return on invested capital runs 9.0 points below its cost of capital (6.3% WACC).
Short interest Short interest is 8.2% of the free float (15 Oct 2026).
Next results Next results expected around 9 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | |
|---|---|---|---|
| Revenue | n/a | $138,000 | $199,000 |
| Revenue growth | — | -31% | — |
| Gross profit | n/a | -$540,000 | -$305,000 |
| EBITDA | n/a | -$48.5M | -$41.7M |
| Net income | n/a | -$70.5M | -$41.1M |
| Free cash flow | n/a | -$497M | -$233M |
| Capital expenditure | n/a | $466M | $179M |
| Total debt | $338M | $250M | $81.8M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| Fervo Energy FRVO | $2.66B | n/a | -31% | -35,367% | 7,819.8× | n/a |
| Ormat Technologies ORA | $5.65B | -24% | +31% | 19% | 7.3× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | FRVO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -34.6% | -3.6% | lowest of 21 |
| Distance from 52-week high | -78.8% | -28.4% | lowest of 21 |
| Revenue growth (TTM) | -30.6% | +7.0% | lowest of 21 |
| Operating margin | -35,366.7% | 27.1% | lowest of 21 |
| EV / Sales | 7,819.8× | 8.4× | most expensive of 21 |
| ROIC minus cost of capital | -9.0 pp | -1.0 pp | 2nd lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Fervo Energy FRVO | United States | $2.66B | n/a | -31% | -35,367% | 7,819.8× | n/a | n/a |
| CECEP Solar Energy 000591.SZ | China | $2.65B | -9% | -13% | 28% | 9.0× | 0.4% | -1.5% |
| ReNew Energy Global RNW | United States | $2.53B | +23% | +11% | 42% | 6.5× | n/a | n/a |
| Solaria Energia y Medio Ambiente SLR.MC | Spain | $2.40B | -33% | +26% | 92% | 11.4× | n/a | n/a |
| Aker Solutions AKSO.OL | Norway | $1.89B | -17% | -9% | 5% | 0.3× | -14.7% | +16.9% |
| ERG ERG.MI | Italy | $3.77B | -3% | +5% | 28% | 7.3× | 10.0% | -2.8% |
| Grandtop Yongxing 601033.SS | China | $1.83B | -2% | +6% | 26% | 4.8× | -5.1% | +18.4% |
| Luenmei Quantum 600167.SS | China | $1.76B | -21% | -11% | 15% | 2.8× | -8.9% | -2.1% |
| Jiaze Renewables 601619.SS | China | $1.65B | -34% | -5% | 43% | 10.3× | 0.2% | +19.7% |
| Nyocor 600821.SS | China | $1.63B | -29% | -12% | 12% | 12.0× | 6.8% | +20.6% |
| Clean Max Enviro Energy Solutions CLEANMAX.NS | India | $1.57B | +8% | +28% | 44% | 16.0× | n/a | n/a |
| Fujian Funeng 600483.SS | China | $4.53B | +9% | -1% | 22% | 3.5× | -4.9% | +7.5% |
| Hubei Energy 000883.SZ | China | $4.58B | -11% | -5% | 15% | 4.5× | -0.4% | +0.6% |
| Juniper Green Energy JNPR.NS | India | $1.54B | n/a | +1,313% | 52% | 37.9× | n/a | n/a |
| Scatec SCATC.OL | Norway | $1.50B | -16% | +16% | 29% | 10.3× | n/a | n/a |
| XPLR Infrastructure, LP XIFR | United States | $1.38B | -38% | -1% | 3% | 11.8× | n/a | n/a |
| Alerion Clean Power ARN.MI | Italy | $1.11B | -35% | +13% | 51% | 7.8× | n/a | n/a |
| Cox Infrastructure COXG.MC | Spain | $1.05B | -12% | +72% | 9% | 2.6× | n/a | n/a |
| Clearway Energy CWEN | United States | $7.00B | -11% | +8% | 13% | 13.0× | 33.1% | +2.4% |
| NTPC Green Energy NTPCGREEN.NS | India | $7.37B | -24% | +49% | 50% | 29.5× | n/a | n/a |
| SK Eternix 475150.KS | South Korea | $949M | -35% | +39% | 9% | 3.1× | n/a | n/a |