FirstEnergy Corp.

Electric Services

FEStrained8 of 11 basics passed

$45.00

+0.33%

Market cap $26.0B

$45.00

+0.33%

Market cap $26.0B

FirstEnergy is an investor-owned holding company with operations across five mid-Atlantic and Midwestern states. FirstEnergy also owns and operates one of the nation's largest electric transmission systems.

It is a $26.0B utility company. Revenue grew 12.6% over the last year, it keeps 7¢ of every dollar of sales as profit, and it carries $25.8B of net debt. It trades at 24.0× earnings — around the middle of its own history.

Website: firstenergycorp.com
Location: Akron, OH
Employees: 11 186
Sector: Utilities
Founded: 1997

Share price · 3 years

$35.02 → $45.00+28.5%

price only — dividends excluded

Key facts · TTM

Revenue: total sales; $15.8B
Profit: keeps 7¢ of every $1 sold; $1.08B
Free cash flow: cash left after running the business; -$1.96B
Net debt: debt minus cash on hand; $25.8B
P/E: years of profit in the price; 24.0
EPS: earnings per share, TTM; $1.88
Dividend: pays out 69% of profit; 3.99%
Shares: up 36% since 2016 — dilution; 578.0M
Volatility: beta vs the market — under 1 swings less; 0.39

Revenue, last 10 years

52-week range

Low $43.02$45.00High $51.91

Today's price is 22% of the way from the year's low to its high.

P/E vs its history5y

24.0×median 21.9×

Higher than 56% of past days — around the middle of its own history.

Valuation vs own history

P/E

24.0×

44%

P/S

1.6×

89%

EV/EBITDA

24.9×

17%

P/B

1.8×

94%

FCF yield

0.3%

18%

Share of the last ~5 years that was pricier than today (in line with its own history). Based on the daily valuation record.

Standing in Utilities

Size$26.0Btop 58%
Revenue growth+7%top 26%
Net margin7%top 84%
Return on equity9%top 93%
P/E24.0×top 79%
Dividend yield3.99%top 20%

Ranked against 44 Utilities companies with a full CV — for P/E, lower ranks higher.

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Growth, Health and Moat lag behind.

Valuation57

P/E vs own history56th pct · 12/25
FCF yield-7.5% · 0/25
P/S1.7x · 25/25
EV/EBITDA12.9x · 20/25

Growth37

Revenue CAGR7.9% · 12/25
Net income CAGR-5.6% · 0/25
EPS CAGR ~5Y-2.3% · 0/25
Fwd implied growth54.8% · 25/25

Profitability50

ROIC2.7% · 5/25
ROE8.5% · 12/25
Net margin6.9% · 13/25
Operating margin17.0% · 20/25

Health18

Altman Z0.53 · 3/25
Current ratio0.54 · 0/25
Interest coverage2.5x · 10/25
Net cash / debtD/A 46% · 5/25

Quality52

Piotroski F6/9 · 15/25
Beneish M-2.54 · 25/25
FCF conversion-181% · 0/25
Margin stabilityσ 12.4% · 12/25

Moat0

ROIC >12% years0/10 yrs · 0/25
Median gross margin16.6% · 0/25
FCF-positive years3/10 yrs · 0/25
Worst-year net marginworst -42.4% · 0/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

2020Acquisition
FirstEnergy Corp. completed the separation of its competitive, commodity-exposed generation business—later…
Oct 14, 2019Milestone
FirstEnergy Solutions Corp. filed its eighth amended bankruptcy plan on October 14, 2019
FY2018Financial
Turned profitable
$1.35B net income after a loss year
FY2018Financial
Best year on record
$1.35B net income
2018Milestone
The move followed several years of restructuring, including the 2018 bankruptcy of its generation subsidiary
FY2016Financial
Revenue already above $10B
$14.6B in first reported year
Sep 1, 2001Milestone
FirstEnergy Services Corp. became FirstEnergy Solutions Corp
2001Acquisition
Through the 2001 acquisition of GPU, FirstEnergy also acquired MYR Group (formerly MYR on the NYSE), a subsidiary…
Mar 31, 1998Acquisition
It underwent several mergers and fictitious name filings beginning with its first filed merger on March 31, 1998
Nov 7, 1997Acquisition
FirstEnergy was formed on November 7, 1997, when Ohio Edison acquired Centerior Energy and its subsidiaries for $1.6…
Aug 8, 1997Founded
FirstEnergy Services Corp. was incorporated on August 8, 1997
1986Acquisition
UtiliCorp purchased Virginia Electric and Power Company's (present day Dominion Resources) West Virginia service…
1944Acquisition
The Pennsylvania Power Company became a subsidiary of Ohio Edison and is now one of the ten operating utilities

Achievements

Verifiable track record, straight from the reported numbers.

$10 000 invested in 2021 would be worth ~$12 016 today — price return only

$15.1B revenue in FY2025

Revenue up 12.6% year over year

Profitable 8 years in a row

11 186 employees

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

High gross margin (60.8%)
Revenue growing 12.6% year over year

Watch-outs

Negative free cash flow (-$2.0B)
Altman Z-Score 0.53 — elevated financial-distress risk
Loss-making in 2 of the recent years

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

8 of 11 checks passed

Revenue growing — the company sells more than a year ago+12.6% YoY
Profitable — makes more than it spends$1.08B TTM
Profit growing — earnings are higher than last year+35.5% YoY
Generates cash — cash left after running and investing-$1.96B TTM
Debt under control — could handle its obligationscurrent ratio 0.54
Established company — not a micro-cap — lower blow-up risk$26.0B market cap
Not printing shares — share count not ballooning — you keep your slice+6.4% shares over ~5y
Proven track record — years of profitability behind it8/10 profitable years
Financially stable — balance sheet not near distressAltman Z 0.5 — distress
Pays a dividend — returns cash to shareholdersyield 3.99%
Valuation not extreme — price not wildly above earningsP/E 24.0

Peer comparisonFirstEnergy Corp. vs 6 largest utilities peers — cap, P/E, growth and margin side by sideOpen ▾

Company	Market cap	P/E	Revenue growth	Net margin	Profile
FE this company	$26.0B	24.0	+12.6%	6.9%	Strained
NEE NextEra Energy, Inc.	$161.3B	17.4	+10.8%	32.4%	Strained
CEG Constellation Energy Corporation	$105.8B	30.5	+26.0%	11.1%	Strained
SO The Southern Company	$99.1B	21.3	+6.4%	15.4%	Strained
DUK Duke Energy Corporation	$90.9B	17.3	+6.3%	15.8%	Strained
WMB Williams Companies Inc.	$89.2B	29.0	+8.7%	25.2%	Strained
KMI Kinder Morgan, Inc.	$72.4B	20.9	+12.5%	19.3%	Strained

Head-to-head: FE vs NEE · FE vs CEG · FE vs SO

References

What covering analysts publish about the company — information only, not a recommendation.

Strong buy 5Buy 11Hold 8

Appendix · Financial records

The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.

Profit & lossRevenue $15.8B · net income $1.08B (TTM)Open ▾

Profit & loss

Revenue and profit over the company's career — the income statement, visualised.

How FY2025 revenue flows to profit

RevenueNet income

Revenue (TTM)

$15.8B

YoY 12.6%

Net income (TTM)

$1.08B

Margin 6.9%

Gross margin

60.8%

Operating margin

17.0%

P/E ratio

24.0

Dividend yield

3.99%

Income statement — full detail

Figures in USD billions · EPS in USD

	2020	2021	2022	2023	2024	2025
Revenue	10.8	11.1	12.5	12.9	13.5	15.1
Gross profit	2.2	1.7	1.9	2.3	2.4	2.2
Operating income (EBIT)	2.2	1.7	1.9	2.3	2.4	2.2
Net income	1.1	1.3	0.4	1.1	1.0	1.0
EPS (diluted)	1.99	2.35	0.71	1.92	1.69	1.76

Cash flowFree cash flow -$1.96B · operating cash flow $3.12B (TTM)Open ▾

Cash flow statement

Cash generated by the business and what is left after investment — year by year.

Operating cash flowFree cash flow

Free cash flow (TTM)

-$1.96B

Margin -12.4%

Operating cash flow (TTM)

$3.12B

FCF margin

-12.4%

Cash flow statement — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Operating cash flow	1.4	2.8	2.7	1.4	2.9	3.7
Capital expenditure	-2.7	-2.4	-2.8	-3.4	-4.0	-4.7
Free cash flow	-1.2	0.4	-0.1	-2.0	-1.1	-1.0
FCF margin	-11.4%	3.3%	-0.6%	-15.3%	-8.5%	-6.7%

Balance sheetAssets $55.9B · net debt $25.8B (FY2025)Open ▾

Balance sheet

How the balance sheet is built — what it owns versus how it is financed.

How $55.9B of assets is financed

77%

23%

Liabilities $42.0B — borrowed moneyEquity $12.5B — owners' stake

Cash vs debt

Total debt $25.8B − cash $57.0M = net debt $25.8B

Cash on hand covers 0% of debt.

Altman Z-Score

0.53

Distress zone

Interest coverage

2.5x

EBIT ÷ interest expense

ROE

8.5%

Profit per $1 of equity

Balance sheet — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Cash & equivalents	1.7	1.5	0.2	0.1	0.1	0.1
Total assets	44.5	45.4	46.1	48.8	52.0	55.9
Total liabilities	37.2	36.8	35.9	37.9	38.3	42.0
Total debt	24.3	22.2	21.3	23.7	23.0	25.8
Equity	7.2	8.7	10.2	10.4	12.5	12.5
Net debt	22.6	20.8	21.1	23.5	22.9	25.8

Want the live picture — intraday moves, valuation history and full analysis?

Deeper analysis of FE on PreMarketPrice

Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $45.00 · market cap $26.0B.