NYSE: FE · Electric Utilities
FirstEnergy
FirstEnergy is a regulated electric utility holding company whose operating companies form one of the nation's largest investor-owned electric systems, serving over six million customers in Ohio, Pennsylvania, New Jersey, West Virginia and Maryland. It reports Distribution, Integrated and Stand-Alone Transmission segments. 2025 revenue was $15,090 million and capital investments $4,705 million. It is still defending securities class actions over the Ohio HB 6 bribery scandal, after a 2021 deferred prosecution agreement that included a $230 million penalty; it considers a loss in the main case probable but cannot estimate it.
Last updated
Analysis last edited: October 31, 2026 · Financial data fetched: October 24, 2026 09:38 (SEC EDGAR) · Source 10-K filed: February 18, 2026
Built on10-K FY2025 · filed 2026-02-1810-Q (quarter ended 2026-09-30) · filed 2026-10-28Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 6.9%
- Operating marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- 14.6%
- ROIC minus WACCROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- -0.6 pts
- Net debt ÷ EBITDAEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- 6.6x
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 3.63x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- 3 of 5
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 26.4x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 0.30
Higher than 40% of 372 non-financial companies
Average yearly growth over the years shown
Higher than 37% of 311 non-financial companies
Latest fiscal year (FY2025)
Higher than 26% of 311 non-financial companies
Return on capital above (or below) its estimated cost
Higher than 95% of 304 non-financial companies
Below 0 means more cash than debt
Higher than 92% of 349 non-financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; fiscal FY2025
Above 1 = moves more than the market
Each marker shows where this company sits among the non-financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$46.53close on 2026-11-04
Market cap$26.89B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 26.4x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 2.1x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- 13.5x
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- -3.7%
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- 3.8%
At FY2025 year-end: 25.4x
Earnings: fiscal FY2025
At FY2025 year-end: 2.1x
Book value at FY2025 year-end
At FY2025 year-end: 13.3x
EBITDA for FY2025
At FY2025 year-end: -3.9%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Mar 31, 2026.
These figures are behind: a newer quarter was reported on Oct 27, 2026, but SEC's structured data doesn't include it yet. Read the release ↗
- Revenue$3.77B → $4.2B (vs. a year earlier)↑ +11.6%$3.77B → $4.2B (vs. a year earlier)
- Operating margin20.0% → 19.7% (vs. a year earlier)↓ −0.3 pts20.0% → 19.7% (vs. a year earlier)
- Net income$360M → $405M (vs. a year earlier)↑ +12.5%$360M → $405M (vs. a year earlier)
- Diluted EPS$0.62 → $0.70 (vs. a year earlier)↑ +12.9%$0.62 → $0.70 (vs. a year earlier)
- Cash$57M → $52M (vs. previous quarter-end)↓ −8.8%$57M → $52M (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
From the earnings release of Oct 27, 2026.
Management outlook → Reaffirmed
Reaffirmed 2026 Core Earnings guidance of $2.62–$2.82 per share. Source sentence
FirstEnergy reaffirmed its 2026 Core Earnings guidance range of $2.62 to $2.82 per share and expects results at or slightly above the midpoint.
Key changes
Year-to-date Core Earnings $2.20 per share, up 9%. Source sentence
Year-to-date Core Earnings through September 30, 2026, were $2.20 per share, a 9% increase from $2.02 per share in the same period of 2025.
Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗
04
Company profileFrom SEC dataShow
- Legal name
- FIRSTENERGY CORP
- Headquarters
- AKRON, OH
- Incorporated in
- Ohio
- Fiscal year end
- 12/31
- Exchange & ticker
- NYSE: FE
- Industry
- Electric Utilities
- CIK
- 1031296
Workforce (as of FY2025 year-end)
Employees
11,186
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q4 FY2026
Quarter end: December 2026. In past years, Q4 results were released 39–57 days after quarter end (Feb 17, 2026; Feb 26, 2025; Feb 8, 2024). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around December 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 22–57 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q3 FY2026 | Sep 30, 2026 | Oct 27, 2026 (+27 days) | Oct 28, 2026 10-Q (+28 days) |
| Q2 FY2026 | Jun 30, 2026 | Jul 28, 2026 (+28 days) | Jul 28, 2026 10-Q (+28 days) |
| Q1 FY2026 | Mar 31, 2026 | Apr 28, 2026 (+28 days) | Apr 28, 2026 10-Q (+28 days) |
| Q4 FY2025 | Dec 31, 2025 | Feb 17, 2026 (+48 days) | Feb 18, 2026 10-K (+49 days) |
| Q3 FY2025 | Sep 30, 2025 | Oct 22, 2025 (+22 days) | Oct 28, 2025 10-Q (+28 days) |
| Q2 FY2025 | Jun 30, 2025 | Jul 30, 2025 (+30 days) | Jul 30, 2025 10-Q (+30 days) |
| Q1 FY2025 | Mar 31, 2025 | Apr 23, 2025 (+23 days) | Apr 30, 2025 10-Q (+30 days) |
| Q4 FY2024 | Dec 31, 2024 | Feb 26, 2025 (+57 days) | Feb 27, 2025 10-K (+58 days) |
| Q3 FY2024 | Sep 30, 2024 | Oct 29, 2024 (+29 days) | Oct 29, 2024 10-Q (+29 days) |
| Q2 FY2024 | Jun 30, 2024 | Jul 30, 2024 (+30 days) | Jul 30, 2024 10-Q (+30 days) |
| Q1 FY2024 | Mar 31, 2024 | Apr 25, 2024 (+25 days) | Apr 25, 2024 10-Q (+25 days) |
| Q4 FY2023 | Dec 31, 2023 | Feb 8, 2024 (+39 days) | Feb 13, 2024 10-K (+44 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
Distribution
Electric distribution
Ohio Edison, CEI, Toledo Edison and FE PA service territories.
Integrated
Integrated electric utilities
Mon Power, Potomac Edison and JCP&L, including West Virginia generation.
Transmission
Stand-alone transmission
FERC-regulated transmission through FirstEnergy Transmission, LLC.
From the Form 10-K, FY2025.
U.S., worldwide and country/regional share of flagship products/services
Only shares the company itself states (in its filings or press releases, sometimes citing a research firm) are shown. Scope and timing vary by figure — treat these as approximate.
Electric utility service
U.S. investor-owned electric systems
U.S. share
One of the largest
Company-disclosed“One of the nation’s largest investor-owned electric systems, serving over six million customers.”
Worldwide share
—
Not disclosed
07
Recent strategic focusSite analysis
Recent developments.
Q3 2026
GAAP EPS $0.96 (vs $0.76) on revenue of $4.6B; Core EPS $0.98 (vs $0.83). Nine-month Core EPS of $2.20 is up 9%. FirstEnergy expects 2026 Core EPS at or slightly above the midpoint of $2.62–2.82 and growth near the top of 6–8% a year through 2030, backed by a $36B five-year capital plan.
Source: Q3 2026 earnings release
Securities litigation
The S.D. Ohio recertified the plaintiff class on April 30, 2026; FE petitioned the Sixth Circuit on May 14, 2026.
Source: Form 10-Q (quarter ended 2026-09-30)
Dividend
Quarterly dividend raised to $0.465 per share, payable June 1, 2026.
Source: Form 10-K (FY2025)
Capex ÷ D&A (FY2025)
2.83x
Well above depreciation — expansion-stage investment
formulacapital expenditures ÷ depreciation & amortization
e.g.$4,705M ÷ $1,664M = 2.83x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Where the money goes, over time
Unit: $M. Capex went from $2.66B in FY2020 to $4.71B in FY2025
- Capex
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-18
08
Key figures at a glanceFrom SEC data
FY2020–FY2025, 6 years.
Revenue (FY2025)
$15.09B
As reported in the 10-K
Revenue CAGR (5 years)
+6.9%▲favorable
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($15,090M ÷ $10,790M) ^ (1÷5) − 1 = 6.9%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2025)
14.6%▼caution
-5.4pt vs. 5 years ago
formulaoperating income ÷ revenue × 100
e.g.$2,206M ÷ $15,090M × 100 = 14.6%
ROE (FY2025)
8.2%▲favorable
6-year average: 10.5%
As reported in the 10-K
P/B (FY2025 end)
2.07x
formulafiscal year-end closing price ÷ book value per share
e.g.$44.77 ÷ $21.65 = 2.07x
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2025 end)
13.3x
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
e.g.($25,870M + $25,508M − $57M) ÷ ($2,206M + $1,664M) = 13.3x
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ▲
Revenue grew +6.9% a year over 5 years (strong growth)
From $10.79B in FY2020 to $15.09B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ▼
Operating margin declined: 20.0% → 14.6%
How much operating profit is left per $100 of revenue. It moved -5.4 points over 5 years — pricing power, cost control, and product mix all show up here.
- ▼
Equity ratio is 22.4% (relatively heavy reliance on debt)
The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).
- ▼
Free cash flow was positive in 1 of 6 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ▲
ROE averaged 10.5% over 6 years (latest: 8.2%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
No partners or suppliers named in the filings.
07 · what it does
Key activities
- Distribution (Ohio companies and FE PA)
- Integrated utilities (MP, PE, JCP&L)
- Stand-alone transmission
06 · what it draws on
Key resources
- 11,186 employees (all in the U.S.)
- Capital investments of $4.7B (2025)
- Interest-bearing debt of about $25.5B
02 · why customers buy
Value propositions
- Electricity delivery and transmission in Ohio, Pennsylvania, New Jersey, West Virginia and Maryland.
04 · how it keeps them
Customer relationships
- Regulated service at rates set by state commissions and FERC.
03 · how it reaches them
Channels
- Its own regulated distribution and transmission networks.
01 · who it serves
Customer segments
- Over six million customers in five states
09 · where money goes
Cost structure
FY2025, share of revenue ($15.09B)
- Other operating costs (incl. cost of goods sold)85.4%
Operating profit left: 14.6% of revenue. Depreciation & amortization (inside the costs above): $1.66B. Capital spending: $4.71B.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
- Distribution $7,547M
- Integrated $5,683M
- Stand-Alone Transmission $1,905M (2025)
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Delivers electricity under state commission rates (PUCO, PPUC, NJBPU, WVPSC, MDPSC) and FERC transmission rates; owns regulated generation in West Virginia.
01 what it draws on
Inputs & resources
- 11,186 employees (all in the U.S.)
- Capital investments of $4.7B (2025)
- Interest-bearing debt of about $25.5B
02 what it does
Activities
- Distribution (Ohio companies and FE PA)
- Integrated utilities (MP, PE, JCP&L)
- Stand-alone transmission
03 who it serves
Customers
- Over six million customers in five states
04 how money comes in
How it earns
- Distribution $7,547M
- Integrated $5,683M
- Stand-Alone Transmission $1,905M (2025)
How the business makes money
- FE PA operates under a default service plan through May 2027.
- Industrial deliveries rose in Q2 2026 on manufacturing growth.
- Quarterly dividend raised 4.5% to $0.465 in 2026.
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
FirstEnergy’s rates are set by state commissions; its lobbying on Ohio HB 6 led to investigations.
Regulated prices & reimbursement
Ohio base rate case
The PUCO authorized a 9.63% ROE for the Ohio Companies in November 2025.
Supports and constrainsTouches: How it earnsSource: Form 10-K (FY2025)
Political engagement
HB 6 lobbying investigation
Faced a U.S. Attorney’s Office investigation relating to its lobbying and governmental affairs activities on Ohio HB 6.
Constrains the businessTouches: ActivitiesSource: Form 10-K (FY2025)
Revenue by segment (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
Distribution
7,547 (50%)Integrated
5,683 (38%)Stand-Alone Transmission
1,905 (13%)
Source: Form 10-K (FY2025) — segment information Total revenues $15,090M including $(45)M of corporate/other and reconciling adjustments.
10
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
11
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Residential, commercial and industrial electricity customers in Ohio, Pennsylvania, New Jersey, West Virginia and Maryland.
Named by the company
No customer is named.
Suppliers
Purchased power, fuel and equipment suppliers.
Named by the company
No supplier is named.
12
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
FirstEnergy’s utilities serve franchised territories; the 10-K names no competitors.
Competitors named in the 10-K
No competitor is named in the 10-K.
Peer group the company chose
2025 utility peer group (21 companies), from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
Utilities used with a 33-company general industry group to benchmark executive pay.
- Amerensite ↗
- Duke Energysite ↗
- NiSourcesite ↗
- American Electric Powersite ↗
- Edison Internationalsite ↗
- PG&Esite ↗
- CenterPoint Energysite ↗
- Entergysite ↗
- PPLsite ↗
- CMS Energysite ↗
- Evergysite ↗
- PSEGsite ↗
- Consolidated Edisonsite ↗
- Eversource Energysite ↗
- Southern Companysite ↗
- Dominion Energysite ↗
- Exelonsite ↗
- WEC Energy Groupsite ↗
- DTE Energysite ↗
- NextEra Energysite ↗
- Xcel Energysite ↗
Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
13
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-18
Profit over time (operating → net)
Unit: $M
- Operating income
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-18
Margins over time
Unit: %
- Operating margin
- Net margin
formulaoperating income ÷ revenue × 100
formulanet income attributable to the company ÷ revenue × 100
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-18
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
- Dividend per share
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-18
| Line item | FY202010-K on EDGAR ↗ | FY202110-K on EDGAR ↗ | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 10,790 | 11,132 | 12,459 | 12,870 | 13,472 | 15,090 |
| Operating income | 2,162 | 1,726 | 1,910 | 2,266 | 2,375 | 2,206 |
| Pretax income | 1,129 | 1,559 | 1,439 | 1,464 | 1,504 | 1,559 |
| Net income (attributable) | 1,079 | 1,283 | 406 | 1,102 | 978 | 1,020 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 3.2% | 11.9% | 3.3% | 4.7% | 12.0% |
| Operating margincalcoperating income ÷ revenue × 100 | 20.0% | 15.5% | 15.3% | 17.6% | 17.6% | 14.6% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | 10.0% | 11.5% | 3.3% | 8.6% | 7.3% | 6.8% |
| Balance sheet ($M) | ||||||
| Total assets | 44,464 | 45,432 | 46,108 | 48,767 | 52,044 | 55,904 |
| Total equity | 7,237 | 8,675 | 10,643 | 10,916 | 13,720 | 13,926 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 22,131 | 22,248 | 21,203 | 22,885 | 22,496 | 25,508 |
| Equity ratio | 16.3% | 19.1% | 22.0% | 21.4% | 23.9% | 22.4% |
| ROE | 14.9% | 16.1% | 4.3% | 10.7% | 8.5% | 8.2% |
| Cash flow ($M) | ||||||
| Operating CF | 1,423 | 2,811 | 2,683 | 1,387 | 2,891 | 3,700 |
| Investing CF | -2,908 | -2,559 | -3,076 | -3,652 | -4,350 | -5,065 |
| Financing CF | 2,607 | -542 | -912 | 2,238 | 1,434 | 1,310 |
| Free cash flowcalccash flow from operations − capital expenditures | -1,234 | 324 | -165 | -1,969 | -1,139 | -1,005 |
| Cash and equivalents | 1,734 | 1,462 | 160 | 137 | 111 | 57 |
| Per share & other | ||||||
| EPS ($) | 1.99 | 2.35 | 0.71 | 1.92 | 1.70 | 1.76 |
| BVPS ($) | 13.32 | 15.21 | 17.77 | 18.17 | 21.60 | 21.65 |
| Dividend per share ($) | 1.56 | 1.56 | 1.56 | 1.60 | 1.70 | 1.78 |
| Payout ratiocalcdividend per share ÷ diluted EPS × 100 | 78.4% | 66.4% | 219.7% | 83.3% | 100.0% | 101.1% |
| P/E (x) | 15.4 | 17.7 | 59.1 | 19.1 | 23.4 | 25.4 |
| EV/EBITDA (x)calc(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization) | 11.0 | 13.1 | 14.0 | 11.8 | 11.5 | 13.3 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 2.30 | 2.73 | 2.36 | 2.02 | 1.84 | 2.07 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Operating income | Net income | Diluted EPS |
|---|---|---|---|---|
| 2026-03-31 | $4.2B+11.6% | $828M+9.8% | $405M+12.5% | $0.70 |
| 2025-12-31 † | $3.8B+19.6% | −$24M-103.9% | −$49M-118.8% | — |
| 2025-09-30 | $4.15B+11.2% | $830M+14.2% | $441M+5.3% | $0.76 |
| 2025-06-30 | $3.38B+3.0% | $646M+52.7% | $268M+495.6% | $0.46 |
| 2025-03-31 | $3.77B | $754M | $360M | $0.62 |
| 2024-12-31 † | $3.18B | $613M | $261M | — |
| 2024-09-30 | $3.73B | $727M | $419M | $0.73 |
| 2024-06-30 | $3.28B | $423M | $45M | $0.08 |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
14
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
ROIC (FY2025)
4.6%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
e.g.$2,206M × (1 − 20.5%) ÷ $37,825M × 100 = 4.6%
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
WACC (this site’s estimate)
5.21%
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
e.g.Equity weight: $25.87B ÷ ($25.87B + $25.51B) = 50.4%
e.g.Debt weight: $25.51B ÷ ($25.87B + $25.51B) = 49.6%
e.g.WACC: 6.6% × 50.4% + 4.8% × (1 − 20.5%) × 49.6% = 5.21%
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
How firm is this? With the equity risk premium ±1 point and beta ±0.2, WACC runs 4.6%–6.0% and ROIC − WACC runs −1.4 to +0.0 points. The sign flips inside this range, so the result depends on the assumptions. This describes the latest year and does not predict future value creation.
WACC 5.21% is this site’s estimate under the assumptions below (not a figure the company has published)
- Risk-free rate
- 4.95% (10-year Treasury, 2026-11-03)
- β
- 0.30 (price-derived adjusted beta, but correlation with the market is low (R² 0.00), so reliability is limited)
- Equity risk premium
- 5.5%
- Cost of equity
- 6.60%
- Cost of debt
- 4.77%
- Tax rate
- 20.5% (effective rate, FY2023–FY2025)
- Capital structure (equity : debt)
- 50% : 50%
ROIC over time, vs. WACC
Unit: % — bars = each period's ROIC, horizontal line = latest WACC. Bars above the line are green, below are red
- ROIC (above WACC)
- ROIC (below WACC)
- WACC 5.21%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
Try different WACC assumptions
β and the equity risk premium are estimates with a real range of plausible values — move the sliders to check whether ROIC > WACC still holds. The risk-free rate starts at the 10-year Treasury yield on 2026-11-03 (U.S. Treasury).
Initial β: 0.30 (price-derived adjusted beta. Raw β -0.04, R² 0.00, 130 weeks)
formula0.67 × β + 0.33 (β = the slope of weekly stock returns regressed on weekly market returns)
e.g.0.67 × -0.042 + 0.33 = 0.302
termsβ (beta)
Period 2024-05-10–2026-11-04, using S&P 500 ETF (SPY) as the market proxy. Source: Yahoo Finance price history.
formularisk-free rate + β × equity risk premium
e.g.5.0% + 0.3 × 5.5% = 6.6%
termsCAPM · Risk-free rate · β (beta) · Equity risk premium (market risk premium)
formulafiscal year-end closing price × shares outstanding (= market cap)
formulainterest expense ÷ interest-bearing debt × 100 (clamped to 0–10%; falls back to the risk-free rate if there’s no debt)
15
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Not enough data for this calculation (FY2025): it needs positive free cash flow, a fiscal year-end P/E, and a positive enterprise value.
16
Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
- ✓
Operating CF ÷ net income: averages 2.99x
Profit is backed by cash coming in.
- ✓
Accrual ratio (latest): -5.0%
A small share of profit rests on accounting estimates.
- ✓
Core-earnings share (operating income ÷ pretax income): 142%
Most profit comes from core operations.
- ✓
Days sales outstanding: 41 → 39 days
No major slowdown in collecting on sales.
Operating CF vs. net income
Unit: $M — operating CF above net income means profit is backed by cash
- Operating CF
- Net income
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formula(net income − operating CF) ÷ average total assets × 100
termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-18
Profit bridge (FY2025)
Unit: $M — what moved profit from operating income to net income
- Profit (each stage)
- Pushed profit up
- Pushed profit down
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-18
Receivables & inventory days
Unit: days — days grow when receivables or inventory build up faster than sales
- Days sales outstanding
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
Worked examples (latest period)
formulacash flow from operations ÷ net income attributable to the company
e.g.$3,700M ÷ $1,020M = 3.63x
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
e.g.$2,206M ÷ $1,559M × 100 = 142%
termsOperating income · Income before income taxes (pretax income)
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
e.g.($1,530M + $1,726M) ÷ 2 ÷ $15,090M × 365 = 39 days
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
17
Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 89.5%
- Directors & officers (shares)
- <1%
- Everyone else (est.)
- 10.5%
- Directors & officers (voting power)
- <1%
- Institutional-ownership rank
- 197 of 416
- Beta (adjusted)
- 0.30
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 47% of covered companies have more
above 1 = swings more than the market
- 517.6M shares reported by 928 13F filers ÷ 578.4M shares outstanding on 2026-03-31. Option positions are excluded.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table (percentage computed from the group’s share count ÷ shares outstanding); includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-04-01 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-03-31)
18
Strengths & weaknessesSite analysis
Strengths
1. Rate base growth
Capital investments rose from $2.5B (2021) to $4.7B (2025).
Evidence: SEC EDGAR XBRL
2. Regulated, domestic business
All revenue comes from regulated U.S. utilities.
Evidence: Form 10-K FY2025
Weaknesses
1. High leverage
Interest-bearing debt of $25.5B against equity of $13.9B at end-2025.
Evidence: SEC EDGAR XBRL
2. HB 6 legacy
Securities class actions from the HB 6 scandal remain pending, with a probable loss.
Evidence: Form 10-Q (quarter ended 2026-09-30) — Note 10, Commitments, Guarantees and Contingencies
3. Political conduct history
Faced a U.S. Attorney’s Office investigation into its lobbying related to Ohio HB 6.
Evidence: Form 10-K (FY2025)
19
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
25.4x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
3.98%
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
101%
Dividends per share ÷ diluted EPS
FCF yield (FY2025)
-3.9%
(Operating CF − capex) ÷ market cap
1. Steady dividend growth
Dividend per share rose from $1.56 (2022) to $1.78 (2025).
- What has to hold
- Regulated earnings grow with rate base.
- The other side
- HB 6 litigation costs.
Evidence: SEC EDGAR XBRL
Net income includes noncontrolling interests in FirstEnergy Transmission.
20
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
Cash & short-term investments ÷ debt due within a year
0.1x
$57M vs. $1.05B
Interest coverage (operating income ÷ interest expense)
1.8x
$2.21B vs. $1.22B
Free cash flow ÷ dividends paid
-1.0x
−$1.01B vs. $1.02B (FCF = operating CF − capex)
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | No decline in the record | — |
| Operating income | -20.2% in FY2021 ($2.16B → $1.73B) | Yes, by FY2023 |
Covers only the 6 fiscal years on record (FY2020–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Regulated revenue
Rates set by commissions provide stable revenue.
Source: Form 10-K FY2025
21
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
FirstEnergy’s main legal exposure stems from the Ohio HB 6 scandal: a 2021 deferred prosecution agreement and pending securities suits. Other matters are ordinary-course.
3 open matters (1 flagged as major) · 1 settled or closed
In re FirstEnergy Corp. Securities Litigation
On appealClass actionMajorLos Angeles County Employees Retirement Association (lead plaintiff) v. FE and current/former officers (S.D. Ohio)
Putative class of FE securities purchasers (Feb 2017–Jul 2020) alleges Exchange Act and Securities Act violations over HB 6-related disclosures; FE believes a loss is probable but cannot estimate it.
- Next step
- Class recertified April 30, 2026; FE petitioned the Sixth Circuit on May 14, 2026.
Source: Form 10-Q (quarter ended 2026-09-30) — Note 10, Commitments, Guarantees and Contingencies
MFS and Brighthouse opt-out suits
PendingLawsuitMFS Series Trust I et al.; Brighthouse Funds II et al. v. FE (S.D. Ohio)
Stockholder complaints filed December 2021 and February 2022 seek the same relief as the class action; FE believes losses are probable.
Source: Form 10-Q (quarter ended 2026-09-30) — Note 10, Commitments, Guarantees and Contingencies
NJBPU reliability penalty proceeding
PendingRegulatory proceedingNew Jersey Board of Public Utilities v. JCP&L
The NJBPU’s August 2025 Order to Show Cause alleges JCP&L missed minimum reliability levels for 2022–2024; on April 13, 2026 NJBPU staff said it would recommend a $44 million penalty, which JCP&L disputes. JCP&L believes a loss is probable but cannot estimate it. On October 20, 2026 the NJBPU opened a new docket on JCP&L's 2025 reliability levels.
- Amounts
- $44 million recommended by staff
- Next step
- Settlement discussions; a pre-hearing conference was scheduled for October 29, 2026.
Source: Form 10-Q (quarter ended 2026-09-30) — Note 10, Commitments, Guarantees and Contingencies
Deferred prosecution agreement (HB 6)
ResolvedGovernment investigationU.S. Attorney’s Office (S.D. Ohio) and FE
FE entered a three-year DPA in July 2021 and paid a $230 million penalty; it completed the term obligations by July 22, 2024 but must keep cooperating until related prosecutions end.
- Amounts
- $230 million
- Next step
- Criminal information to be dismissed after related matters conclude.
Source: Form 10-Q (quarter ended 2026-09-30) — Note 10, Commitments, Guarantees and Contingencies
Company statement: Other proceedings are described as ordinary-course and not expected to be material.
Based on Form 10-Q (quarter ended 2026-09-30) — Legal Proceedings, reviewed 2026-10-24. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
22
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1Law & regulation
Rate case outcomes
- Company disclosure (summarized from the 10-K)
- Earnings depend on state commission and FERC decisions in five states.
- Company’s stated mitigation
- Multi-year infrastructure programs and settlements.
- This site’s assessment
- Impact High / Likelihood Med
- 2Governance & quality
HB 6 litigation
- Company disclosure (summarized from the 10-K)
- Securities class actions allege misrepresentations about HB 6-related conduct; FE expects a probable loss it cannot estimate.
- Company’s stated mitigation
- Defending; appealing class certification.
- This site’s assessment
- Impact High / Likelihood High
- 3Funding & liquidity
Financing large capital plans
- Company disclosure (summarized from the 10-K)
- Rising capital spending requires debt and equity financing.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 4Law & regulation
Environmental rules
- Company disclosure (summarized from the 10-K)
- EPA rules on coal ash, effluent limits and ozone transport could require capital spending.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 5Disaster
Severe weather
- Company disclosure (summarized from the 10-K)
- Storms can damage the delivery system.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
23
What changed in the risk factorsFrom SEC data
Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.
New or substantially reworded (8)
FERC, at the instruction of the U.S. Secretary of Energy, is also considering whether to develop regulations intended to speed interconnection of AI data centers and “hybrid” data center/electric generation facilities (collectively, “large loads”) to the transmission system. Final regulations, if any, from FERC are expected in the second quarter of 2026. To the extent the new regulations promulgated by FERC do not permit transmission utilities to fully recover costs associated with transmission network upgrades required to serve new large loads, our strategy of investing in transmission could be adversely affected.
External pressures beyond our control may increase customer rates and, when combined with state and federal regulatory action to mitigate bill impacts, may impair our ability to earn a fair and equitable return on our investments and execute our strategy.
PJM’s recent capacity auctions have been subject to a “price collar” that has resulted from all-time high generation capacity prices in recent auction outcomes. Read more
These all-time high capacity prices ultimately are passed through in retail rates and can result in material increases in retail customers’ monthly electric utility bills. On January 16, 2026, the PJM board along with various federal and state officials, expressed interest in extending the price collar through mid-2030.
In addition, the parties to the Statement of Principles suggested that PJM should conduct a “backstop” auction to procure additional generation capacity, with the costs to be allocated first to “new” data centers and second to existing PJM loads. If the PJM capacity auctions continue to clear at the auction cap, and if PJM conducts a “backstop” capacity auction that clears at a high price point, customer resistance to the resulting market driven increases on the generation portion of their bills could lead to increased pressure for state and federal utility regulators to limit the needed capital investment in transmission and distribution systems required for safe, reliable and resilient service to customers, which may impair our ability to earn a fair and equitable return on our investments and execute our strategy.
Our investments in transmission and distribution infrastructure modernization, reliability improvements, environmental compliance and storm hardening may increase customer bills over time and the resulting higher electric bills, when combined with the external pressures discussed above, may place pressure on residential customers’ affordability, particularly in portions of our service territory with lower median household income or high energy burdens and/or amongst those customers who have already seen significant retail bill increases. State and federal regulators may also adopt or modify policies intended to mitigate customer bill impacts – including disallowance or delayed recovery of certain capital investments or operating expenses, mandated bill assistance programs, changes to rate design, or restrictions on rate increases. Customer concerns regarding affordability may result in…
mitigation requirements, or disallowances, any of which could adversely affect our ability to recover costs or earn our authorized return on equity. Read more
In addition, sustained increases in customer bills may lead to reduced electricity usage through conservation, energy efficiency, or distributed generation, which could limit future load growth and revenues.
Regulatory agencies may also require utilities to offset portions of rising costs related to grid modernization, resilience investments, environmental compliance, or rapidly evolving market conditions if they determine that such costs would unduly affect customer affordability. Any such actions could limit or delay our ability to recover costs or investments, earn a fair and equitable return, or maintain expected cash flows and could have an adverse effect on our businesses, financial condition, results of operations and cash flows.
Additionally, the operations of the Electric Companies are affected by the economic conditions in their respective service territories and those conditions could negatively impact the rate of delinquent customer accounts and our collections of accounts receivable, which could adversely impact our financial condition, results of operations and cash flows.
No longer in the text (4)
There are several ongoing HB 6 related state regulatory matters including, but not limited to, the below HB 6-related matters, each of which was stayed for a third time by the PUCO on August 23, 2023, at the request of the U.S. Read more
Attorney for the Southern District of Ohio, for a period of an additional six months. The stay on the following matters was lifted on February 26, 2024:
• On September 8, 2020, the OCC filed motions in the Ohio Companies’ corporate separation audit and DMR audit dockets, requesting the PUCO to open an investigation and management audit, hire an independent auditor, and require FirstEnergy to show it did not improperly use money collected from consumers or violate any utility regulatory laws, rules or orders in its activities regarding HB 6. On February 26, 2024, this proceeding was consolidated with the expanded DCR rider audit proceeding described below and on November 22, 2024, the administrative law judge ordered that the bifurcated portion of the corporate separation audit, discussed further below, be consolidated with the already-consolidated DMR audit and expanded DCR rider audit proceeding. Evidentiary hearings are scheduled to begin May 13, 2025;
• On September 15, 2020, the PUCO opened a new proceeding to review the political and charitable spending by the Ohio Companies in support of HB 6 and the subsequent referendum effort. Read more
On September 30, 2024, the third-party auditor’s report was filed. See ”Outlook - State Regulation - Ohio” below for additional information regarding the auditor’s findings. Comments have been filed on the audit report and remain pending with the PUCO;
• On December 30, 2020, the PUCO directed PUCO staff to solicit a third-party auditor and conduct a full review of the DMR to ensure funds collected from customers through the DMR were only used for the purposes established in ESP IV. Read more
The auditor’s report was filed on January 14, 2022, and the parties submitted final comments and responses in the second quarter 2022. See ”Outlook - State Regulation - Ohio” below for additional information regarding the auditor’s findings. On February 26, 2024, this proceeding was consolidated with the expanded DCR rider audit proceeding described below and on November 22, 2024, the administrative law judge ordered that the bifurcated portion of the corporate separation audit, discussed further below, be consolidated with the already-consolidated DMR audit and expanded DCR rider audit proceeding. Evidentiary hearings are scheduled to begin May 13, 2025;…
18 more paragraphs differ; the filings below have the full text.
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Feb 18, 2026 ↗ with the 10-K filed Feb 27, 2025 ↗.
24
What to watch going forwardSite analysis
- Sixth Circuit appeal of the April 2026 class recertification in In re FirstEnergy Corp. Securities Litigation.
- Outcome of the NJBPU reliability penalty proceeding against JCP&L (staff recommended $44 million).
- Pennsylvania and Maryland regulatory outcomes, including Maryland’s Utility RELIEF Act.
- Execution of the growing capital investment program.
25
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Other sources referenced in the analysis
Last updated
Analysis last edited: October 31, 2026 · Financial data fetched: October 24, 2026 09:38 (SEC EDGAR) · Source 10-K filed: February 18, 2026
Built on10-K FY2025 · filed 2026-02-18Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent FirstEnergy’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.