FE
FIRSTENERGY CORP
Next earnings Jul 28, 2026 (after close) · consensus $0.61 EPS, $3.73B rev
Last earnings +0.3% on 2026-04-28
$48.53
▲ +0.98%$48.53▲ +26.57%
over 1Y
L $38.21H $51.38
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today+1.0%
1W+1.1%
1M+7.1%
3M-4.4%
YTD+9.4%
1Y+26.6%
Hold
Conviction
Horizon
Long (>12mo)
Street · 25 analysts
Buy
Stable regulated utility with a growing rate base, but flat earnings, heavy leverage and a full 26x P/E leave little upside.
Revenue $15.1B · FY2025
The read
Middling fundamentals and a rich price (~32% above fair value) leave little margin of safety — a wait-and-see.
FirstEnergy is a regulated electric utility executing a large transmission-and-distribution build-out (Energize365). The top line is doing the work: revenue rose +12.0% to $15.1B in FY2025 and has climbed steadily from $11.1B in FY2021. Operating cash flow jumped +28.0% to $3.70B. That is the attractive side of a regulated utility — predictable, growing demand and a rate base that compounds.
The problem is that growth is not reaching the bottom line. Net income was $1.02B (+4.3% YoY) — essentially flat versus the $1.28B earned back in FY2021 — and operating income actually fell -7.1%. Net margin is thin at 6.8% and ROE is a weak 8.2%, while operating margin slipped to 14.6%. The balance sheet is stretched: liabilities/equity sits at 3.36x, cash is a token $57M (-48.6%), and capex of $4.71B (+16.7%) comfortably exceeds the $3.70B of operating cash flow. With the $1.02B dividend on top, the growth plan and payout are being funded with debt — which is precisely why management's own forward-looking goals in the MD&A center on 'improving credit metrics, maintaining investment grade ratings, strengthening our balance sheet and growing earnings.'
AI-generated analysis, produced by our proprietary engine from SEC filing data.
Investment recommendation produced by TENK/calls (tenkcalls.com), Luxembourg. Completed Jun 21, 2026, 3:05 PM ET. Ratings & methodology: definitions · All recommendations to date: track record · Conflicts: disclosures. Not investment advice.
Financials · annual, by fiscal year
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | $11.1B | $12.5B | $12.9B | $13.5B | $15.1B |
| Gross profit | — | — | — | — | — |
| Operating income | $1.73B | $1.91B | $2.27B | $2.38B | $2.21B |
| Net income | $1.28B | $406M | $1.10B | $978M | $1.02B |
| Diluted EPS | $2.35 | $0.71 | $1.92 | $1.70 | $1.76 |
| Net margin | 11.5% | 3.3% | 8.6% | 7.3% | 6.8% |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value$28.7B
EV / EBITDA8.2
EV / Sales1.9
EV / FCF—
P / FCF—
PEG (trailing)6.42
Earnings yield3.6%
FCF yield-3.6%
Quality & risk
ROIC (est.)13.2%
Free cash flow-$1.00B
Total debt$723M
Net cash-$666M
Altman Z-Score0.75 distress
Piotroski F-Score5/7
Capital returns
Buyback yield0.0%
Dividend yield (est.)3.6%
Shareholder yield3.6%
Shares Δ YoY+0.2%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsSome governance/structural items recently, but no outright red flags.
- S-3/A Shelf registration (potential raise)2026-06-08
- 8-K Reg FD disclosure2026-06-01
- S-3 Shelf registration (potential raise)2026-05-29
- 8-K Material agreement2026-05-20
- 8-K Earnings results2026-04-28
- 10-Q Quarterly report2026-04-28
- DEF 14A Proxy statement2026-04-01
- 10-K Annual report2026-02-18
- 8-K Earnings results2026-02-17
Recent filings
all on EDGAR ↗11-KPeriod ending 2025-12-312026-06-26open ↗EFFECTFiling2026-06-15open ↗S-3/AFiling2026-06-08open ↗4Period ending 2026-06-012026-06-03open ↗8-KPeriod ending 2026-06-012026-06-01open ↗S-3Filing2026-05-29open ↗8-KPeriod ending 2026-05-202026-05-20open ↗SCHEDULE 13GFiling2026-04-29open ↗10-QPeriod ending 2026-03-312026-04-28open ↗8-KPeriod ending 2026-04-282026-04-28open ↗4Period ending 2026-04-012026-04-03open ↗4Period ending 2026-04-012026-04-03open ↗
Frequently asked
- Is FIRSTENERGY CORP (FE) a buy?
- FE currently carries a Hold rating with 3/5 conviction, derived from its latest SEC filings. Stable regulated utility with a growing rate base, but flat earnings, heavy leverage and a full 26x P/E leave little upside.
- What is FE's fair value?
- A Modified-Graham model based on FE's SEC fundamentals estimates a fair value of about $32.83. It is an estimate from reported earnings, not a price target.
- Is FE overvalued or undervalued?
- Against a Modified-Graham fair-value estimate, FE currently appears overvalued relative to its SEC-grounded earnings power.
- What is FIRSTENERGY CORP's quality score?
- FE scores 69.57813493442475/100 (grade B-) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0001031296, latest 10-Q filed 2026-04-28) · EODHD · Proprietary analysis · as of 6/21/2026, 7:05:49 PM.
Research and education only — not financial advice. TENKis not a registered investment adviser or broker-dealer and gives no personalized advice. Every call is impersonal — identical for all users, generated on a schedule from SEC filings plus a delayed/third-party price feed — may be wrong or out of date, and is not a recommendation to buy or sell any security. The operator and an affiliated trading operation may hold or trade the securities TENK rates; see Disclosures. Past performance does not guarantee future results. Do your own research.