# FirstEnergy Corp. (FE) — Stock CV

FirstEnergy Corp. 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.

> 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.

## Identity

- **Ticker**: FE
- **Sector**: Utilities
- **Industry**: Electric Services
- **Headquarters**: AKRON, OH
- **Employees**: 11 186
- **Website**: https://www.firstenergycorp.com
- **Market cap**: $26.0B
- **Last price**: $45.00
- **Financial profile**: Strained

## Vitals (TTM)

- **Revenue**: $15.8B
- **Net income**: $1.08B
- **Free cash flow**: -$1.96B
- **Net debt**: $25.8B
- **P/E**: 24.0
- **Revenue growth (YoY)**: 12.6%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 57 |
| Growth | 37 |
| Profitability | 50 |
| Health | 18 |
| Quality | 52 |
| Moat | 0 |

## Qualifications (beginner checklist) — 8 of 11 passed

- [x] Revenue growing — +12.6% YoY
- [x] Profitable — $1.08B TTM
- [x] Profit growing — +35.5% YoY
- [ ] Generates cash — -$1.96B TTM
- [ ] Debt under control — current ratio 0.54
- [x] Established company — $26.0B market cap
- [x] Not printing shares — +6.4% shares over ~5y
- [x] Proven track record — 8/10 profitable years
- [ ] Financially stable — Altman Z 0.5 — distress
- [x] Pays a dividend — yield 3.99%
- [x] Valuation not extreme — P/E 24.0

## Experience (career milestones)

- **2020** — FirstEnergy Corp. completed the separation of its competitive, commodity-exposed generation business—later…
- **Oct 14, 2019** — FirstEnergy Solutions Corp. filed its eighth amended bankruptcy plan on October 14, 2019
- **FY2018** — Turned profitable: $1.35B net income after a loss year
- **FY2018** — Best year on record: $1.35B net income
- **2018** — The move followed several years of restructuring, including the 2018 bankruptcy of its generation subsidiary
- **FY2016** — Revenue already above $10B: $14.6B in first reported year
- **Sep 1, 2001** — FirstEnergy Services Corp. became FirstEnergy Solutions Corp
- **2001** — Through the 2001 acquisition of GPU, FirstEnergy also acquired MYR Group (formerly MYR on the NYSE), a subsidiary…
- **Mar 31, 1998** — It underwent several mergers and fictitious name filings beginning with its first filed merger on March 31, 1998
- **Nov 7, 1997** — FirstEnergy was formed on November 7, 1997, when Ohio Edison acquired Centerior Energy and its subsidiaries for $1.6…
- **Aug 8, 1997** — FirstEnergy Services Corp. was incorporated on August 8, 1997
- **1986** — UtiliCorp purchased Virginia Electric and Power Company's (present day Dominion Resources) West Virginia service…
- **1944** — The Pennsylvania Power Company became a subsidiary of Ohio Edison and is now one of the ten operating utilities

## 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

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $11.1B | $1.28B | $366M |
| FY2022 | $12.5B | $406M | -$73.0M |
| FY2023 | $12.9B | $1.10B | -$1.97B |
| FY2024 | $13.5B | $978M | -$1.14B |
| FY2025 | $15.1B | $1.02B | -$1.00B |

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Source: https://stockcv.com/FE — derived from company filings; may be delayed or incomplete. Information, not investment advice.