Firstenergy Corp (FE)
Utilities · Electric Utilities · US stock · S&P 500 component
$46.49
▲ +0.98 (2.15%)
Fair valueFair
$40 −14.8% to fair value
$20fair band $34–$48$59
Day's range
$45.57 – $46.54
52-week range
$42.67 – $52.34
About Firstenergy Corp
FirstEnergy is an electric utility holding company whose regulated subsidiaries deliver power to homes, businesses and industrial customers across parts of the Midwest and Mid-Atlantic regions of the United States. Its operations are centred on local distribution networks and high-voltage transmission lines. The rates it may charge for these delivery services are set by state and federal regulators, so the business is closely tied to the regulatory process.
Revenue comes mainly from regulated charges for delivering electricity to customers, along with transmission fees. The last twelve months produced $15.5 billion, and revenue has grown at 6.6% a year across the last three years. The operating margin is 14.7%, and the business earns a profit of 5% on the capital invested in it. It carries net debt of 12.3 times EBITDA. A dividend is paid, with a yield of 3.9%. On the site's X-Ray Score it receives 41 out of 100.
Price chart
52-wk range $42.67 – $52.34Volume 5,369,313Daily, split-adjusted
Vitals
Market cap$27.0B
52-week range$42.67 – $52.34
Volume (last day)5,369,313
P/E (TTM)25.3
EBIT / EV yield4.0%
Free-cash-flow yield-6.5%
Dividend yield3.9%
Revenue (TTM)$15.5B
Net income (TTM)$1.1B
Operating margin14.7%
Return on capital4.6%
Debt incl. leases$28.1B
Cash & securities$52M
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$40middle half of models $32 – $47
Fair
−14.8% to fair value
Average of the 9 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is Medium, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.
Price $46
Undervalued < $34Fair $34 – $48Overvalued > $48
P/E multiple
$45
P/B multiple
$45
P/S multiple
$52
EV/EBITDA multiple
$32
EV/EBIT multiple
$40
EV/revenue multiple
$50
5-year DCF, EBITDA exit
$20
5-year DCF, revenue exit
$24
5-year DCF, growth exit · not used
$10
Dividend discount, stable · not used
$126
Dividend discount, multi-stage · not used
$231
Earnings power value
$47
Growth the price implies
16.3%/yr
A model estimate, not a price target or recommendation. Inputs: risk-free 5.13%, equity risk premium 4.30% (Damodaran). How it works.
What this means
Weak business, fairly priced
The price sits inside our fair-value band. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Utilities peers. Open a lens to see the numbers behind it.
Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data
Valuation
Weak
20/100
Expensive against its sector on earnings and cash flow.
See the numbers →
EBIT / EV yield4.0%
Free-cash-flow yield-6.5%
Fair value vs price0.9×
Growth
Strong
83/100
Growing faster than most of its sector.
See the numbers →
Revenue growth (3y)6.6%
EPS growth (3y)35.3%
Growth consistency90%
Profitability
Weak
44/100
Earns lower returns on its capital than most peers.
See the numbers →
Return on invested capital4.6%
Operating margin14.7%
Financial health
Weak
14/100
Balance sheet is more stretched than most peers.
See the numbers →
Piotroski F-Score5 / 9
Net debt / EBITDA12.3×
Interest cover1.8×
Dividends
Fair
60/100
Dividend is typical for its sector.
See the numbers →
Dividend yield3.9%
Dividend growth4.5%
Quarterly results: last 6 quarters
+1.0%
Dec '24
+14.5%
Mar '25
+3.0%
Jun '25
+11.2%
Sep '25
+19.6%
Dec '25
+11.6%
Mar '26
Revenue against the same quarter a year earlier. Latest quarter revenue $4.2B, diluted EPS $0.70.
Compare with peers
EIX Edison International71 ES Eversource Energy65 EXC Exelon Corp62 DUK Duke Energy CORP58Other Electric Utilities companies by X-Ray Score.
SWOT analysis: Firstenergy Corp
Strengthsinside the company
- Earnings per share have compounded at 35.3% a year over three years.
Weaknessesinside the company
- Return on invested capital is only 4.6% (median 5.5% for industry peers), so the business earns little above its cost of capital.
- Free cash flow is negative, so spending or debt has to be financed from outside.
- Net debt is 12.3x EBITDA, above the 3x level that lenders usually watch.
- Operating profit covers interest only 1.8x.
Opportunitiesvaluation and setting
- Revenue growth picked up to 12.0% last year from 6.6% a year over three years.
Threatsvaluation and setting
- Heavy debt makes profits sensitive to interest rates and refinancing conditions.
- Our Market Compass rates the backdrop for Utilities as unfavourable.
Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.
Compare FE with peers and sector
Medians of 14 Electric Utilities peers and of 30 Utilities stocks in our universe.
Largest peers (X-Ray Score): SO 45, DUK 58, CEG 49, AEP 58, ETR 43, VST 53.
| Metric | FE | Peers | Sector |
|---|---|---|---|
| X-Ray Score (out of 100) | 41 | 52 | 51 |
| Valuation | 20 | 50 | 50 |
| Growth | 83 | 53 | 53 |
| Profitability | 44 | 56 | 50 |
| Financial health | 14 | 55 | 52 |
| Dividends | 60 | 49 | 53 |
Sector leaders: highest X-Ray Score in Utilities
FE ranks #25 of 31 in Utilities and #14 of 15 in Electric Utilities by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.
Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.
Factor ratings for FE
Each factor is rated by where FE stands among the 31 Utilities stocks in our universe.
Rating against the sector
Goodthe top third of these stocks
Averagethe middle third of these stocks
Badthe bottom third of these stocks
"Beats" is the share of those stocks it is ahead of.
Against its own history
The last columns set today's figure against the company's own median of its last five financial years:
▲ Betterbetter than its usual level
▼ Worseworse than its usual level
≈ In linewithin its usual range
For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.
In total: 6 Good · 3 Average · 11 Bad of 20
Growth: 3 · 0 · 0
Profitability: 0 · 0 · 4
Financial strength: 0 · 0 · 4
Valuation: 1 · 1 · 3
Cash flow: 2 · 1 · 0
Efficiency: 0 · 1 · 0
| Factor | FE | Rating | Sector median | Own 5-year median | Against own history |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth, 3 years a year | +6.6% | Good beats 88% | +3.4% | – | – |
| Revenue growth, last year | +12.0% | Good beats 72% | +9.6% | +4.7% | ▲ Better |
| EPS growth, 3 years a year | +35.3% | Good beats 91% | +8.1% | – | – |
| Profitability | |||||
| Operating margin | 14.7% | Bad beats 5% | 22.9% | 15.5% | ≈ In line |
| Net margin | 6.9% | Bad beats 12% | 14.4% | 7.3% | ≈ In line |
| Return on invested capital | 4.6% | Bad beats 11% | 5.5% | – | – |
| Return on equity | 8.4% | Bad beats 15% | 10.1% | 8.2% | ≈ In line |
| Financial strength | |||||
| Net debt / EBITDA | 12.3x | Bad beats 2% | 5.8x | 10.1x | ▼ Worse |
| Interest cover | 1.8x | Bad beats 11% | 2.5x | 1.8x | ≈ In line |
| Current ratio | 0.52 | Bad beats 8% | 0.78 | 0.57 | ≈ In line |
| Piotroski F-score | 5 / 9 | Bad beats 32% | 6 / 9 | – | – |
| Valuation | |||||
| P/E ratio | 25.3x | Bad beats 21% | 21.8x | 23.5x | ≈ In line |
| Price / book | 2.1x | Average beats 50% | 2.1x | 2.1x | ≈ In line |
| Price / sales | 1.7x | Good beats 85% | 2.9x | 1.7x | ≈ In line |
| EV / EBITDA | 24.7x | Bad beats 2% | 14.0x | 19.7x | ▼ Worse |
| Free cash flow yield | -6.5% | Bad beats 31% | -4.9% | -3.9% | ▼ Worse |
| Cash flow | |||||
| Free cash flow margin | -11.2% | Average beats 42% | -9.1% | -6.7% | ▼ Worse |
| Cash from operations / net income | 3.02 | Good beats 85% | 2.20 | 2.96 | ≈ In line |
| Accruals (lower is better) | −3.8% | Good beats 79% | −3.3% | – | – |
| Efficiency | |||||
| Days sales outstanding | 39 days | Average beats 66% | 44 days | 39 days | ≈ In line |
These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings). A dash in the history columns means fewer than three usable years.
Fundamentals checklist
● 4 Good · ● 0 Average · ● 10 BadCash quality
Earnings backed by cashGood
Free-cash-flow yieldBad
Risk models
Altman Z''Bad
Piotroski F-ScoreBad
Growth
EPS growth (3y)Good
Revenue growth (3y)Good
Growth consistencyGood
Balance sheet
Current ratioBad
Net debt / EBITDABad
Interest coverBad
Valuation
Fair value vs priceBad
EBIT / EV yieldBad
Profitability
Return on invested capitalBad
Operating marginBad
Each check is graded against the company's sector, not a fixed number. Checklist score 36/100.
Financials
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $11.1B | $12.5B | $12.9B | $13.5B | $15.1B |
| Operating income | $1.7B | $1.9B | $2.3B | $2.4B | $2.2B |
| Net income | $1.3B | $406M | $1.1B | $978M | $1.0B |
| Operating cash flow | $2.8B | $2.7B | $1.4B | $2.9B | $3.7B |
| Operating margin | 15.5% | 15.3% | 17.6% | 17.6% | 14.6% |
| Free cash flow | $324M | −$165M | −$2.0B | −$1.1B | −$1.0B |
| Diluted EPS | $2.35 | $0.71 | $1.92 | $1.70 | $1.76 |
Fiscal years, from SEC filings.
Technical summary
Daily
Bullish
11 bullish · 1 neutral · 4 bearish
Weekly
Bullish
8 bullish · 1 neutral · 3 bearish
Monthly
Strongly bullish
6 bullish · 1 neutral · 1 bearish
Moving averages (daily)
| SMA 10 | 45.57 | Bullish |
| EMA 10 | 45.52 | Bullish |
| SMA 20 | 44.65 | Bullish |
| EMA 20 | 45.22 | Bullish |
| SMA 50 | 45.51 | Bullish |
| EMA 50 | 45.51 | Bullish |
| SMA 100 | 46.41 | Bullish |
| EMA 100 | 46.00 | Bullish |
| SMA 200 | 46.87 | Bearish |
| EMA 200 | 45.84 | Bullish |
Oscillators (daily)
| RSI (14) | 62.21 | Neutral |
| MACD (12, 26) | 0.21 | Bullish |
| Momentum (12) | 5.04 | Bullish |
| Stochastic %K (14) | 98.57 | Bearish |
| Williams %R (14) | -1.43 | Bearish |
| CCI (20) | 113.0 | Bearish |
Pivot points (classic, last session)
S3 44.89 | S2 45.23 | S1 45.86 | Pivot 46.20 | R1 46.83 | R2 47.17 | R3 47.80 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
Dividends
Paid, last 12 months
1.82 USD
Yield on today's price
3.91%
Frequency
Quarterly
Next ex-dividend date
6 Nov 2026
| Ex-dividend date | Amount per share |
|---|---|
| (upcoming) | 0.4650 |
| 0.4650 | |
| 0.4650 | |
| 0.4450 | |
| 0.4450 | |
| 0.4450 | |
| 0.4450 | |
| 0.4250 | |
| 0.4250 | |
| 0.4250 | |
| 0.4250 | |
| 0.4100 |
Ex-dividend dates and amounts from EODHD. Shown as declared, before tax.
ETFs that hold FE
| ETF | Share of the fund |
|---|---|
| XLU Utilities Select Sector SPDR | 1.74% |
| FUTY Fidelity MSCI Utilities Index | 1.73% |
| VPU Vanguard Utilities | 1.68% |
| IDU iShares U.S. Utilities | 1.64% |
| SPHD Invesco S&P 500 High Dividend Low Vola... | 1.64% |
| EMLP First Trust North American Energy Infr... | 1.53% |
| SPLV Invesco S&P 500 Low Volatility | 1.34% |
| SPYD SPDR Portfolio S&P 500 High Dividend | 1.20% |
The eight funds with the largest weight in FE among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.
FE stock splits
FE has split its stock once since 2003. The latest was a 1-for-3 reverse split on 4 Apr 2003.
Full FE stock split history →FE SEC filings
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations; Regulation FD disclosure
8-KSEC EDGAR
Regulation FD disclosure
8-KSEC EDGAR
Entered a material agreement; Shareholder vote results
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations; Regulation FD disclosure
DEF 14ASEC EDGAR
Proxy statement
10-KSEC EDGAR
Annual report
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.