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FirstEnergy Corporation

FE Utilities Utilities Regulated Electric

FirstEnergy Corporation’s revenue for fiscal 2025 (year ended December 2025) was $15.1 billion, up 12.0% from fiscal 2024.

Revenue
+9.86%
EPS
+26.3%
Free cash flow
−44.5%
Total debt
+9.40%

Quarter to September 2026, against a year earlier

47.04 0.14 −0.30%
Market cap
$27.3B
P/E
22.6×
Fwd P/E
17.1×
Dividend yield
4.86%
F-score
5/9
Altman Z
0.72
Beneish M
−2.58
Dividend safety
16/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by products and services Fiscal 2025

  • Distribution services and retail generation
  • Transmission
  • Other

Every year since 2010 →

Insider Decisions last twelve months

Sold, $m 1.99
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — 3 — — — — — — — —
Insider Ownership 0.20%

Capital & Financial Ratios $m

Size
Market Cap 27,270.00
Revenue ttm 16,234.00
Net income ttm 1,440.00
Free cash flow ttm (2,159.00)
Net debt Q 29,920.00
Valuation
P/E 22.62
Forward P/E 17.10
Price / sales 1.68
Forward P/S Powerpack
Price / FCF 0.00
Price / book 1.88
Financial health
Current ratio Q 0.38 (below 1: weak)
Debt / equity Q 2.07 (above 2: weak)
Interest coverage Q 2.71
Growth
Revenue growth Q +9.86% (above 0%: growing)
Operating income growth Q +12.65% (above 0%: growing)
EPS, this year +7.46%
EPS, next year A +7.48%
Revenue, next year A +5.31%
EPS, past 5 yrs −2.43% (below 0%: weak)
EPS, next 5 yrs A +7.77%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 3.5×, against a ten-year median of 3.6×; over the ten years it ranged from 2.4× in 2016 to 4.7× in 2017.
P/E against its own 10 years 51.38%
10-year low 10-year high
P/S against its own 10 years 38.28%
10-year low 10-year high
P/B against its own 10 years 29.12%
10-year low 10-year high
EV/Sales against its own 10 years 40.08%
10-year low 10-year high

Dividends raised 4 years running

Yield
4.86%
Annual rate
2.29
Payout ratio
109.9%
Growth, 2018–26
+3.11%/yr
  1. 1.44 ’18
  2. 1.52 ’19 +6
  3. 1.56 ’20 +3
  4. 1.56 ’21 +0
  5. 1.56 ’22 +0
  6. 1.58 ’23 +1
  7. 1.69 ’24 +7
  8. 1.76 ’25 +4
  9. 1.84 ’26 +5
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 179 154 99 132
Receivables 1,584 1,833 2,021 2,143
Inventory 512 549 577 605
Other — — — —
2,568 2,776 2,979 3,277
2023 2024 2025 Q'26
Payables 1,362 1,575 2,002 2,473
ST’ Debt 2,025 1,527 1,048 4,126
Other 468 449 537 556
5,386 4,997 5,271 8,730

Compound Annual Growth %

10y 5y 3y
Sales 0.04% 6.94% 6.59%
Cash Flow 0.67% 21.06% 11.31%
Earnings 5.84% (1.12%) 35.94%
Book Value 1.15% 13.99% 9.38%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.90 Actual 0.98

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.52 0.53 Beat by 0.01
Q1 FY26 0.72 0.72 Met by 0.00
Q2 FY26 0.49 0.50 Beat by 0.01
Q3 FY26 0.90 0.98 Beat by 0.08
Q4 FY26 0.62 — Reports 16 February 2027

EPS $

Mar Jun Sep Dec Year
’26 0.70 0.50 0.96 — —
’25 0.62 0.46 0.76 (0.08) 1.76
’24 0.44 0.08 0.73 0.45 1.70
’23 0.51 0.41 0.69 0.30 1.96
’22 0.51 0.33 0.58 (0.71) 0.71
’21 0.62 0.11 0.85 0.77 2.35
’20 0.14 0.57 0.84 0.45 1.99
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 4,202 3,678 4,557 — —
’25 3,765 3,380 4,148 3,797 15,090
’24 3,287 3,280 3,729 3,176 13,472
’23 3,231 3,006 3,487 3,146 12,870
’22 2,989 2,818 3,475 3,177 12,459
’21 2,726 2,622 3,124 2,660 11,132
’20 2,709 2,522 3,022 2,537 10,790
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 148 989 921 — —
’25 637 1,082 845 1,136 3,700
’24 (40) 1,112 775 1,044 2,891
’23 (112) (101) 642 958 1,387
’22 355 928 554 846 2,683
’21 533 814 757 707 2,811
’20 (560) 710 701 572 1,423
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (1,107) (356) (666) — —
’25 (368) (146) (461) (30) (1,005)
’24 (830) 170 (229) (250) (1,139)
’23 (761) (870) (206) (132) (1,969)
’22 (184) 281 (112) (150) (165)
’21 (71) 192 215 (12) 324
’20 (1,176) 34 14 (106) (1,234)
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 17.6% a year for ten years.

Implied
17.6%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 10,700 10,928 11,261 11,035 10,790 11,132 12,459 12,870 13,472 15,090 16,234 +3.9% 15,892 16,786 17,764 +5.6%
Gross margin, % 63.73 68.68 67.61 68.97 71.55 69.05 63.14 63.90 67.52 65.31 63.43 +1.6 pt
EBT 1,078 1,426 1,512 1,117 1,129 1,559 1,439 1,464 1,504 1,559 1,735 +4.2%
EBT margin, % 10.07 13.05 13.43 10.12 10.46 14.00 11.55 11.38 11.16 10.33 10.69 +0.3 pt
Net income (6,177) (1,724) 1,348 912 1,079 1,283 439 1,176 1,127 1,271 1,440 n/m
Per share, $
Per share, $ Revenue 25.12 24.61 22.89 20.63 19.91 20.43 21.82 22.46 23.43 26.15 28.04 +0.4%
Earnings (14.50) (3.88) 1.99 1.70 1.99 2.35 0.71 1.96 1.70 1.77 2.08 n/m
Cash flow 7.94 8.58 2.87 4.61 2.63 5.16 4.70 2.42 5.03 6.41 5.52 (2.3%)
Capex (6.62) (4.95) (4.57) (4.98) (4.90) (4.56) (4.99) (5.86) (7.01) (8.15) (9.25) +2.3%
Free cash flow 1.32 3.62 (1.71) (0.37) (2.28) 0.59 (0.29) (3.44) (1.98) (1.74) (3.73) n/m
Book value 14.65 8.84 13.85 13.04 13.35 15.92 18.64 19.05 23.86 24.14 25.04 +5.7%
Shares, m 426 444 492 535 542 545 571 573 575 577 578 +3.4%
Valuation, ×
Valuation, × P/E 0.00 0.00 18.23 28.59 15.31 17.70 59.20 19.48 23.40 25.44 22.62 20.7
P/S 1.23 1.25 1.64 2.36 1.54 2.04 1.93 1.67 1.70 1.71 1.68 1.7
P/B 2.11 3.49 2.74 3.73 2.29 2.61 2.25 1.96 1.67 1.86 1.88 2.5
EV/Sales 3.32 2.98 3.33 4.20 3.64 4.04 3.65 3.59 3.47 3.47 3.52 3.6
EV/FCF 63.12 20.25 (44.70) (233.94) (31.82) 138.92 (275.44) (23.44) (41.04) (52.03) (26.47) (48.0)
Cash, $m
Cash, $m Operating cash flow 3,383 3,808 1,410 2,467 1,423 2,811 2,683 1,387 2,891 3,700 3,194 +1.0%
Capex (2,820) (2,199) (2,250) (2,665) (2,657) (2,487) (2,848) (3,356) (4,030) (4,705) (5,353) +5.9%
Free cash flow 563 1,609 (840) (198) (1,234) 324 (165) (1,969) (1,139) (1,005) (2,159) n/m
Balance, $m
Balance, $m Working capital (4,176) (1,003) (2,242) (2,418) (1,290) (1,179) (1,543) (2,818) (2,221) (2,292) (5,453) (6.4%)
Net debt 22,353 18,906 19,075 20,319 22,676 22,343 21,448 24,731 23,869 26,457 29,920 +1.9%
Shareholders’ equity 6,241 3,925 6,814 6,975 7,237 8,675 10,643 10,916 13,720 13,926 14,499 +9.3%
Returns, %
Returns, % ROA (12.97) (4.04) 2.38 2.20 2.49 2.85 0.89 2.32 1.94 1.89 2.08 +14.9 pt
ROIC 4.49 6.65 6.04 5.75 4.52 3.48 3.72 3.97 3.95 3.41 3.40 (1.1) pt
ROE (66.20) (33.92) 18.39 13.24 15.18 16.13 4.20 10.22 7.94 7.38 8.37 +73.6 pt
People
People Employees 15,707 15,617 12,494 12,316 12,153 12,395 12,335 12,042 12,294 11,186 — (3.7%)
Revenue/emp, $m 0.68 0.70 0.90 0.90 0.89 0.90 1.01 1.07 1.10 1.35 — +7.9%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Business profile

Updated

FirstEnergy Corporation is a regulated electric utility that delivers electricity to homes and businesses and operates transmission lines that carry power across the Midwest and Mid-Atlantic. It also generates electricity, principally for customers in West Virginia. Founded in 1997 and headquartered in Akron, the company is led by Chairman, President and Chief Executive Officer Brian X. Tierney.

The business has three segments. Distribution delivers power through local utility networks in Ohio and Pennsylvania. Integrated combines distribution and transmission operations in New Jersey, West Virginia and Maryland with regulated generation in West Virginia. Stand-Alone Transmission owns high-voltage facilities that move electricity across the regional grid.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by products and services, and margins
Distribution services and retail generation 12,189 80.78%
Transmission 2,311 15.31%
Other 590 3.91%
Gross margin 65.31%
Operating margin 14.62%
Pre-tax margin 10.33%

Revenue by segment since 2010

FirstEnergy Corporation vs peers in Utilities Regulated Electric (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
FTS Fortis $31.3B 23.2× 22.6× +4.39% (above 0%: growing) +28.66% (above 0%: growing) −10.20% (below 0%: shrinking) 47.83% 30.08% Compare
AEE Ameren Corporation $31.2B 19.7× 20.5× −5.81% (below 0%: shrinking) +11.76% (above 0%: growing) −51.22% (below 0%: shrinking) 73.90% 21.94% Compare
PCG Pacific Gas & Electric Co. $29.1B 9.8× 11.2× −0.99% (below 0%: shrinking) −8.11% (below 0%: shrinking) −892.50% (below 0%: shrinking) 83.63% 20.18% Compare
DTE DTE Energy Company $28.1B 20.5× 18.8× +5.67% (above 0%: growing) +11.88% (above 0%: growing) +230.17% (above 0%: growing) 0.00% 16.18% Compare
FE FirstEnergy Corporation $27.3B 22.6× 17.1× +9.86% (above 0%: growing) +26.32% (above 0%: growing) −44.47% (below 0%: shrinking) 63.57% 20.52%
PPL PPL Corporation $27.1B 21.2× 18.7× +4.25% (above 0%: growing) +24.00% (above 0%: growing) −112.80% (below 0%: shrinking) 71.67% 22.50% Compare
ES Eversource Energy $27.1B 18.6× 15.6× +2.29% (above 0%: growing) −85.42% (below 0%: shrinking) +398.93% (above 0%: growing) 67.64% 18.63% Compare
CNP CenterPoint Energy, Inc. $26.5B 22.8× 23.3× +10.21% (above 0%: growing) +11.29% (above 0%: growing) −27.29% (below 0%: shrinking) 91.42% 30.44% Compare
EIX Edison International $23.4B 6.5× 9.9× −15.03% (below 0%: shrinking) −12.96% (below 0%: shrinking) +41.59% (above 0%: growing) 65.47% 20.06% Compare
Median of peers $27.6B 20.1× 18.8× +3.27% +11.52% −18.74% 69.66% 21.06%

All 39 Utilities Regulated Electric stocks →

From the latest earnings call

Updated

  • CEO Brian Tierney said FirstEnergy had 7.9 GW of contracted data center demand and was negotiating approximately 4 GW of additional load.
  • Tierney expects at least a 25% increase in the current transmission investment plan, while CFO Jon Taylor said most of the increase would support the existing system.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 89.00%
Held by the ten largest 57.48%
Holder Shares Stake Change
Capital Group 78.67m 13.60% +179.68k
Vanguard 69.21m 11.96% +474.19k
BlackRock 49.76m 8.60% +722.83k
State Street 40.61m 7.02% −19.32k
Blackstone Inc. 28.83m 4.98% 0.00
Boston Partners 18.47m 3.19% +855.14k
Geode Capital Management 13.97m 2.42% +199.49k
Invesco 11.98m 2.07% +1.68k
Allspring Global Investments Holdings, LLC 10.86m 1.88% +884.78k
Morgan Stanley 10.23m 1.77% −794.01k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 1 April 2026

Ownership

Directors and executive officers, together less than 1% of Common
Capital World Investors 13.60% of the votes
The Vanguard Group 11.31% of the votes
BlackRock Inc. 7.20% of the votes
State Street Corporation 7.19% of the votes
GIC Private Limited 5.03% of the votes
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

FirstEnergy Corporation (FE) Latest News

29 Oct

Impact 4 · · utilitydive.com
Impact 3 · · Simply Wall St.

28 Oct

Impact 4 · · beaconjournal.com
Impact 4 · · PR Newswire
Impact 4 · · The Motley Fool transcript
Impact 4 · · MarketBeat
Impact 4 · · Zacks
Impact 3 · · Associated Press

27 Oct

Impact 4 · · PR Newswire
Impact 3 · · Zacks
Impact 3 · · PR Newswire
Impact 3 · · utilitydive.com

24 Oct

Impact 3 · · Simply Wall St.

23 Oct

Impact 4 · · Simply Wall St.
Impact 3 · · Zacks

22 Oct

Impact 3 · · Investing.com
Impact 3 · · Zacks

21 Oct

Impact 3 · · Zacks

20 Oct

Impact 3 · · Zacks

19 Oct

Impact 4 · · Zacks
Impact 3 · · PR Newswire

13 Oct

Impact 3 · · MT Newswires

12 Oct

Impact 3 · · Barchart

30 Sep

Impact 4 · · Zacks

25 Sep

Impact 3 · · Zacks
Impact 3 · · Zacks
Impact 3 · · Business Wire
Impact 3 ·

18 Sep

Impact 3 ·

11 Sep

Impact 4 ·

FE metrics, ten years each

stockrow.com/FE · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com