A Business at a Glance
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FIRSTENERGY CORP
FE
$28.9B
Mkt Cap
$49.92
+0.87%
FIRSTENERGY CORP (FE) has a current P/E ratio of 28.4, compared to its historical median P/E of 19.8. The stock is currently considered Fair based on its historical valuation range.
FIRSTENERGY CORP (FE) has a 5-year average return on invested capital (ROIC) of 4.7%. This is below average and may indicate limited pricing power.
FIRSTENERGY CORP (FE) has a market capitalization of $28.9B. It is classified as a large-cap stock.
Yes, FIRSTENERGY CORP (FE) pays a dividend with a trailing twelve-month yield of 3.56%.
Based on historical P/E analysis, FIRSTENERGY CORP (FE) appears fair. The current P/E of 28.4 is 43% above its historical median of 19.8. The estimated fair value CAGR (P/E method) is -1.6%.
FIRSTENERGY CORP (FE) operates in the Electric Services industry, within the Utilities sector.
FIRSTENERGY CORP (FE) reported annual revenue of $15.1 billion in its most recent fiscal year, based on SEC EDGAR filings.
FirstEnergy is a holding company that owns and operates one of the nation's largest investor-owned electric utility systems, serving over six million customers across the Midwest and Mid-Atlantic regions through its principal subsidiaries including Ohio Edison, Cleveland Electric Illuminating, Toledo Edison, FirstEnergy Pennsylvania, Jersey Central Power & Light, and others. The company's business model centers on regulated transmission, distribution, and generation of electricity, with revenues derived from rate-regulated tariffs set by state and federal regulatory commissions based on approved costs and returns on invested capital. FirstEnergy operates more than 24,000 miles of transmission lines through two regional transmission operation centers and controls approximately 3,610 MWs of generation capacity, with its transmission operations positioned to capture growth from data center demand and regional economic development. The company's distribution segment serves approximately 1.2 million customers in New Jersey through JCP&L and millions more across Ohio, Pennsylvania, West Virginia, Maryland, and other states, with capital investments focused on system reliability, resiliency, and modernization through formula rate programs and traditional rate cases. FirstEnergy's competitive advantages include its strategic geographic positioning within PJM, constructive regulatory relationships across multiple jurisdictions, and a diversified portfolio of rate-regulated assets that generate stable, predictable cash flows with minimal commodity price exposure. The company funds its substantial capital investment program through internally generated cash flow, long-term debt issuances, and modest equity raises, targeting investment-grade credit metrics and returns on equity in the 9.5% to 10% range.
【Data center-driven transmission growth】 Management expects FirstEnergy's system peak load to increase approximately 15 GW by 2035, representing nearly 50% growth from current levels, driven primarily by contracted and pipeline data center customers. The company is accelerating transmission investments across its service territory, with transmission rate base expected to more than double through 2030 and transmission capital expenditures growing from $2.4 billion to $3.4 billion annually by 2029. FirstEnergy is pursuing significant generation investments in West Virginia, including a proposed 1.2 GW natural gas facility expected to receive regulatory approval in the second half of 2026, with approximately 1.8 GW of highly credible data center projects in the state representing a 50% increase since February. The company expects to maintain customer bill growth below inflation throughout the planning period while targeting near the top end of its 6% to 8% core earnings compound annual growth rate through 2030, supported by formula rate investments, new base rate recoveries, and disciplined operating expense management.
| Metric | Target | Period |
|---|---|---|
| Core Earnings Per Share | $2.62 to $2.82 | FY2026 |
| Core Earnings Compound Annual Growth Rate | 6% to 8% | 2026 to 2030 |
| Capital Investment Plan | $6 billion | FY2026 |
Core Earnings Per Share (FY2026): “We are on track for a successful year with expected results in line with our 2026 earnings guidance range of $2.62 to $2.82 per share.”
Core Earnings Compound Annual Growth Rate (2026 to 2030): “We're also reaffirming our long-term Core Earnings CAGR of 6%-8% through 2030 and targeting near the top end of that range, with growth based off our 2026 guidance midpoint of $2.72 a share.”
Capital Investment Plan (FY2026): “We are reaffirming this year's capital investment plan of $6 billion and our Core Earnings guidance range of $2.62 a share to $2.82 a share, with most of the remaining earnings growth compared to 2025 materializing in the second half of the year.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 15.5B | 15.1B | 13.5B | 12.9B | 12.5B | 11.1B |
| Net Income | 1.1B | 1.0B | 978M | 1.1B | 406M | 1.3B |
| EPS | $1.84 | $1.76 | $1.70 | $1.92 | $0.71 | $2.35 |
| Free Cash Flow | -1.7B | -1.0B | -1.1B | -2.0B | -165M | 324M |
| ROIC | 4.4% | 4.8% | 5.0% | 5.5% | 3.6% | 4.5% |
| Gross Margin | - | 33.7% | 31.4% | 31.5% | 30.5% | 40.7% |
| Debt/Equity | 2.22 | 2.15 | 1.95 | 2.41 | 2.16 | 2.79 |
| Dividends/Share | $1.78 | $1.78 | $1.70 | $1.60 | $1.56 | $1.56 |
| Operating Income | 2.3B | 2.2B | 2.4B | 2.3B | 1.9B | 1.7B |
| Operating Margin | 14.7% | 14.6% | 17.6% | 17.6% | 15.3% | 15.5% |
| ROE | 8.4% | 8.2% | 8.5% | 10.7% | 4.3% | 16.1% |
| Shares Outstanding | 578M | 580M | 575M | 574M | 572M | 546M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 15.0B | 15.0B | 14.6B | 14.0B | 11.3B | 11.0B | 10.8B | 11.1B | 12.5B | 12.9B | 13.5B | 15.1B | 15.5B |
| Gross Margin | 18.9% | 25.6% | 27.6% | 29.5% | 35.6% | 30.5% | 31.4% | 40.7% | 30.5% | 31.5% | 31.4% | 33.7% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 11.7B | 10.9B | 8.1B | 8.0B | 8.2B | 8.0B | 8.3B | N/A | 9.8B | 10.1B | 10.6B | N/A | N/A |
| EBIT | 1.1B | 2.3B | 2.1B | 2.4B | 2.5B | 2.5B | 2.2B | 1.7B | 1.9B | 2.3B | 2.4B | 2.2B | 2.3B |
| Op. Margin | 7.1% | 15.3% | 14.1% | 17.3% | 22.2% | 22.7% | 20.0% | 15.5% | 15.3% | 17.6% | 17.6% | 14.6% | 14.7% |
| Net Income | 299M | 578M | -6.2B | -1.7B | 981M | 908M | 1.1B | 1.3B | 406M | 1.1B | 978M | 1.0B | 1.1B |
| Net Margin | 2.0% | 3.8% | -42.4% | -12.3% | 8.7% | 8.2% | 10.0% | 11.5% | 3.3% | 8.6% | 7.3% | 6.8% | 6.9% |
| Non-Recurring | 64M | 65M | 850M | 2.5B | 9.0M | 0 | 0 | 109M | 0 | 15M | 115M | 352M | 352M |
| Returns on Capital | |||||||||||||
| ROIC | 3.2% | 4.3% | 3.9% | 5.7% | 7.0% | 7.7% | 6.7% | 4.5% | 3.6% | 5.5% | 5.0% | 4.8% | 4.4% |
| ROE | 2.4% | 4.7% | -66.2% | -33.9% | 18.3% | 13.2% | 15.2% | 16.1% | 4.3% | 10.7% | 8.5% | 8.2% | 8.4% |
| ROA | 0.6% | 1.1% | -13.0% | -4.0% | 2.4% | 2.2% | 2.5% | 2.9% | 0.9% | 2.3% | 1.9% | 1.9% | 1.9% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 2.7B | 3.5B | 3.4B | 3.8B | 1.4B | 2.5B | 1.4B | 2.8B | 2.7B | 1.4B | 2.9B | 3.7B | 3.2B |
| Free Cash Flow | -599M | 756M | 548M | 1.2B | -1.3B | -198M | -1.2B | 324M | -165M | -2.0B | -1.1B | -1.0B | -1.7B |
| Owner Earnings | 1.1B | 1.6B | 1.4B | 2.1B | 26M | 1.3B | 224M | 1.1B | 1.3B | -118M | 1.3B | 2.0B | 1.5B |
| CapEx | 3.3B | 2.7B | 2.8B | 2.6B | 2.7B | 2.7B | 2.7B | 2.5B | 2.8B | 3.4B | 4.0B | 4.7B | 5.0B |
| Maint. CapEx | 1.6B | 1.8B | 2.0B | 1.7B | 1.4B | 1.2B | 1.2B | 1.7B | 1.3B | 1.5B | 1.6B | 1.7B | 1.7B |
| Growth CapEx | 1.7B | 878M | 861M | 887M | 1.3B | 1.4B | 1.5B | 823M | 1.5B | 1.9B | 2.4B | 3.0B | 3.3B |
| D&A | 1.6B | 1.8B | 2.0B | 1.7B | 1.4B | 1.2B | 1.2B | 1.7B | 1.3B | 1.5B | 1.6B | 1.7B | 1.7B |
| CapEx/OCF | 122.1% | 78.2% | 83.8% | 67.9% | 189.7% | 108.0% | 186.7% | 87.0% | 106.1% | 242.0% | 139.4% | 127.2% | 154.3% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 604M | 607M | 611M | 639M | 711M | 814M | 845M | 849M | 891M | 906M | 970M | 1.0B | 1.0B |
| Dividend Yield | 6.9% | 6.6% | 6.4% | 6.6% | 5.6% | 4.5% | 5.3% | 5.2% | 4.4% | 4.6% | 4.5% | 4.3% | 3.6% |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 69M | 32M | 37M | 37M | 0 | 0 | 0 | 43M | 54M | 44M | 43M | 39M | 39M |
| Debt Repayment | 1.8B | 879M | 2.3B | 2.3B | 2.6B | 789M | 1.1B | 532M | 3.0B | 537M | 2.8B | 3.1B | 3.1B |
| Balance Sheet | |||||||||||||
| Net Debt | 21.7B | 21.8B | 22.4B | 19.0B | 18.4B | 20.2B | 23.0B | 22.7B | 21.8B | 25.0B | 24.2B | 26.8B | 28.0B |
| Cash & Equiv. | 85M | 131M | 199M | 588M | 367M | 627M | 1.7B | 1.5B | 160M | 137M | 111M | 57M | 52M |
| Long-Term Debt | 19.2B | 19.1B | 18.2B | 18.7B | 17.8B | 19.6B | 22.1B | 22.2B | 21.2B | 22.9B | 22.5B | 25.5B | 26.3B |
| Debt/Equity | 1.75 | 1.77 | 3.61 | 4.98 | 2.86 | 3.05 | 3.42 | 2.79 | 2.16 | 2.41 | 1.95 | 2.15 | 2.22 |
| Interest Coverage | 1.0 | 2.0 | 2.1 | 2.4 | 2.2 | 2.4 | 2.0 | 1.5 | 1.8 | 2.0 | 2.1 | 1.8 | 57.0 |
| Equity | 12.4B | 12.4B | 6.2B | 3.9B | 6.8B | 7.0B | 7.2B | 8.7B | 10.2B | 10.4B | 12.5B | 12.5B | 12.7B |
| Total Assets | 51.6B | 52.1B | 43.1B | 42.3B | 40.1B | 42.3B | 44.5B | 45.4B | 46.1B | 48.8B | 52.0B | 55.9B | 56.9B |
| Total Liabilities | 39.1B | 6.8B | 36.9B | 38.3B | 40.0B | 35.3B | 37.2B | 36.8B | 35.5B | 37.9B | 38.3B | 42.0B | 42.8B |
| Intangibles | 496M | 331M | 120M | 105M | 93M | 80M | 73M | N/A | N/A | N/A | N/A | N/A | N/A |
| Retained Earnings | 2.3B | 2.3B | -4.5B | -6.3B | -4.9B | -4.0B | -2.9B | -1.6B | -1.2B | -97M | 43M | 35M | 171M |
| Working Capital | -2.2B | -2.6B | -4.2B | -1.0B | -2.2B | -2.4B | -1.3B | -1.2B | -1.5B | -2.8B | -2.2B | -2.3B | -2.8B |
| Current Assets | 3.4B | 3.0B | 3.0B | 3.1B | 2.4B | 2.4B | 3.7B | 3.2B | 2.4B | 2.6B | 2.8B | 3.0B | 3.0B |
| Current Liabilities | 5.6B | 5.6B | 7.1B | 4.1B | 4.6B | 4.9B | 5.0B | 4.4B | 4.0B | 5.4B | 5.0B | 5.3B | 5.8B |
| Per Share Data | |||||||||||||
| EPS | 0.71 | 1.37 | -14.49 | -3.88 | 1.99 | 1.68 | 1.99 | 2.35 | 0.71 | 1.92 | 1.70 | 1.76 | 1.84 |
| Owner EPS | 2.50 | 3.80 | 3.22 | 4.66 | 0.05 | 2.31 | 0.41 | 2.02 | 2.29 | -0.21 | 2.20 | 3.45 | 2.59 |
| Book Value | 29.49 | 29.44 | 14.64 | 8.83 | 13.82 | 12.91 | 13.35 | 15.89 | 17.78 | 18.18 | 21.65 | 21.59 | 21.88 |
| Cash Flow/Share | 6.44 | 8.20 | 7.94 | 8.57 | 2.86 | 4.56 | 2.62 | 5.15 | 4.69 | 2.42 | 5.03 | 6.38 | 4.74 |
| Dividends/Share | 1.44 | 1.44 | 1.44 | 1.44 | 1.82 | 1.53 | 1.56 | 1.56 | 1.56 | 1.60 | 1.70 | 1.78 | 1.78 |
| Shares Out. | 421.1M | 421.9M | 426.3M | 444.3M | 493.0M | 540.5M | 542.2M | 546.0M | 571.8M | 574.0M | 575.3M | 579.5M | 578.4M |
| Valuation | |||||||||||||
| P/E Ratio | 35.2 | 15.5 | N/A | N/A | 13.9 | 22.2 | 12.0 | 14.7 | 51.8 | 17.4 | 22.2 | 25.2 | 27.1 |
| P/FCF | N/A | 11.9 | 16.3 | 7.9 | N/A | N/A | N/A | 58.1 | N/A | N/A | N/A | N/A | N/A |
| EV/EBIT | 30.4 | 13.4 | 15.2 | 11.8 | 13.0 | 15.9 | 15.7 | 23.0 | 22.2 | 19.3 | 19.2 | 23.7 | 24.9 |
| Price/Book | 0.8 | 0.7 | 1.4 | 2.5 | 2.0 | 2.9 | 1.8 | 2.2 | 2.1 | 1.8 | 1.7 | 2.1 | 2.3 |
| Price/Sales | 0.6 | 0.6 | 0.9 | 0.9 | 1.1 | 1.6 | 1.5 | 1.5 | 1.6 | 1.5 | 1.6 | 1.6 | 1.9 |
| FCF Yield | -5.7% | 8.4% | 6.1% | 12.6% | -9.3% | -1.0% | -9.5% | 1.7% | -0.8% | -10.3% | -5.2% | -3.9% | -6.0% |
| Market Cap | 10.5B | 9.0B | 9.0B | 9.7B | 13.7B | 20.2B | 12.9B | 18.8B | 21.0B | 19.1B | 21.7B | 25.7B | 28.9B |
| Avg. Price | 20.67 | 21.81 | 22.26 | 21.75 | 25.69 | 33.15 | 29.33 | 30.10 | 35.04 | 34.17 | 37.35 | 41.24 | 49.92 |
| Year-End Price | 25.02 | 21.28 | 21.00 | 21.73 | 27.72 | 37.31 | 23.86 | 34.47 | 36.76 | 33.33 | 37.71 | 44.43 | 49.92 |
FIRSTENERGY CORP passes 2 of 9 quality checks, indicating weak fundamentals.
FIRSTENERGY CORP trades at 28.4x trailing earnings, compared to its 15-year median P/E of 19.8x, suggesting it is currently Fair relative to its historical range. The company's 5-year average ROIC is 4.7% with a gross margin of 33.5%. Total shareholder yield (dividends) is 3.6%. At current prices, the estimated annualized return to fair value is -28.4%.
FIRSTENERGY CORP (FE) has a net profit margin of 6.8%. This is a modest margin.
FIRSTENERGY CORP (FE) generated $-1.0 billion in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
FIRSTENERGY CORP (FE) has a debt-to-equity ratio of 2.15. This indicates higher leverage, which may increase financial risk.
FIRSTENERGY CORP (FE) reported earnings per share (EPS) of $1.76 in its most recent fiscal year.
FIRSTENERGY CORP (FE) has a return on equity (ROE) of 8.2%. This indicates moderate shareholder returns.
FIRSTENERGY CORP (FE) has a 5-year average gross margin of 33.5%. This indicates decent pricing power.
The Ledger Terminal provides 19 years of financial data for FIRSTENERGY CORP (FE), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
FIRSTENERGY CORP (FE) has a book value per share of $21.59, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects FirstEnergy's system peak load to increase approximately 15 GW by 2035, representing nearly 50% growth from current levels, driven primarily by contracted and pipeline data center customers. The company is accelerating transmission investments across its service territory, with transmission rate base expected to more than double through 2030 and transmission capital expenditures growing from $2.4 billion to $3.4 billion annually by 2029. FirstEnergy is pursuing significant generation investments in West Virginia, including a proposed 1.2 GW natural gas facility expected to receive regulatory approval in the second half of 2026, with approximately 1.8 GW of highly credible data center projects in the state representing a 50% increase since February. The company expects to maintain customer bill growth below inflation throughout the planning period while targeting near the top end of its 6% to 8% core earnings compound annual growth rate through 2030, supported by formula rate investments, new base rate recoveries, and disciplined operating expense management.
Based on recent SEC filings and earnings calls, FIRSTENERGY CORP (FE) has provided the following forward guidance: Core Earnings Per Share: $2.62 to $2.82 (FY2026); Core Earnings Compound Annual Growth Rate: 6% to 8% (2026 to 2030); Capital Investment Plan: $6 billion (FY2026).