Fervo Energy (FRVO)
Develops enhanced-geothermal power plants using standardized GeoBlocks and horizontal drilling.
Something off on this page? Send us feedback.
Develops, owns and operates enhanced-geothermal power plants, intending to sell electricity through long-term PPAs and monetize related tax attributes. Its scaling model combines repeatable GeoBlocks, leased GeoClusters and oilfield-derived drilling methods, while utility-scale revenue depends on Cape Station commissioning and reservoir performance.
Develops, owns and operates geothermal power plants built around enhanced geothermal systems. Horizontal drilling, multistage stimulation, computational modeling and downhole fiber-optic monitoring create controlled subsurface flow pathways; standardized GeoBlocks use Organic Rankine Cycle equipment, while GeoClusters organize leased development areas. Electricity is intended to be sold under long-term power purchase agreements, with project tax attributes monetized separately.
Operates entirely in the western United States, with construction concentrated at Cape Station in Utah and commercial demand from California, Nevada and Shell retail load. Project Red is a limited proof of concept; utility-scale output depends on commissioning Cape Station, reservoir performance, specialized equipment suppliers, permits, water and transmission interconnection. Founder control persists through the dual-class share structure.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Sep 10, 2026 | Northland Securities | Target | Target: — | Target: $27 |
| Sep 1, 2026 | Morgan Stanley | Upgrade | Rating: — | |
| Aug 13, 2026 | Robert W. Baird | Target | Target: $50 | Target: $35 |
| Jul 20, 2026 | Jefferies | Upgrade | Target: $42 | Target: $34 |
| Jul 17, 2026 | B of A Securities | Upgrade |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $2.11B · Total debt $338.3M · Total assets $3.54B · Shareholders' equity $2.79B
- Revenue
- $113.0K
- Operating income
- −$28.7M
- Net income
- −$59.5M
No dividends on record.
| Institutions | 64.88% | 186.10M shares | |
|---|---|---|---|
| 196 holders · as of Jun 30, 2026 | |||
| Other | 35.12% | 100.76M shares | |
| remainder | |||
286.86M company shares as of Aug 21, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
The share count has not been confirmed by a second filing; stakes use it as it stands.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Devon Energy Corp/DEInstitution | 12.45% | 35.73M | as of Jun 30, 2026 |
Capricorn Investment Group LLCInstitution | 11.93% | 34.23M | as of Jun 30, 2026 |
JPMorgan Chase & CoInstitution | 2.64% | 7.57M | as of Jun 30, 2026 |
Canada Pension Plan Investment BoardInstitution | 2.54% | 7.30M | as of Jun 30, 2026 |
Capital Research Global InvestorsInstitution | 2.09% | 6.00M | as of Jun 30, 2026 |
Insider tradesForm 4
Nothing filed in the last 12 months.
- Ormat Technologies
Direct geothermal rival with plants, equipment, and emerging EGS.
- Constellation Energy
California geothermal leader with a dominant 730 MW operating fleet.
- AES
Utility-scale solar-plus-storage PPA bidder for 24/7 clean power.
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Fervo Energy | $16.67 | −0.97% | $4.83B | — | — | — | — |
| Ormat Technologies | $97.16 | +0.66% | $5.93B | 47.5 | 51.5 | 5.0 | +10.6% |
| Constellation Energy | $263.67 | +0.59% | $94.12B | 25.5 | 21.2 | 3.0 | +23.0% |
| AES | $14.83 | +0.03% | $10.58B | 5.6 | 7.7 | 0.8 | +19.9% |
| Median | 25.5 | 21.2 | 3.0 | +19.9% |