Utilities · Electric Utilities · US stock · price as of 22 Oct 2026
Key indicators
Price
$46.49
52-week range
$42.67 – $52.34
Market cap
$27.0B
P/E (trailing)
25.3×
EV / EBITDA
24.1×
Free-cash-flow yield
−6.5%
Dividend yield
3.9%
Revenue (last 12 months)
$15.5B
Revenue growth (3y a year)
6.6%
Operating margin
14.7%
Return on invested capital
4.6%
Net debt / EBITDA
12.3×
Fair value
Fair value (average of valid models)$39.60 middle half of models $32 – $47
Versus priceFair−15% to fair value
P/E multiple
$45.40
P/B multiple
$45.31
P/S multiple
$52.43
EV/EBITDA multiple
$32.13
EV/EBIT multiple
$39.54
EV/revenue multiple
$50.17
5-year DCF, EBITDA exit
$20.35
5-year DCF, revenue exit
$23.97
Earnings power value
$47.09
Model uncertainty
Medium
X-Ray Score
41/ 100 · Medium confidence · ahead of 19% of sector peers
Valuation20
Growth83
Profitability44
Financial health14
Dividends60
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
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%.
StocksXray gives Firstenergy Corp an X-Ray Score of 41 out of 100 (medium confidence), ahead of 19% of the S&P 500 stocks in its sector. Its strongest lens is growth (83) and its weakest is financial health (14).
Our fair value (the average of the valid models) is $39.60 (range $32.13 to $47.09). At $46.49 the stock trades 17% above that value, so the label is "Fair" with medium model uncertainty. Fair value is a range, not a price target.
XStocksXray
Firstenergy Corp (FE)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$34.27
$35.91
$32.73
$37.06
$43.46
$46.49
Market cap
$18.7B
$20.5B
$18.8B
$21.4B
$25.1B
$27.0B
P/E
14.6×
50.6×
17.0×
21.8×
24.7×
25.3×
EV / revenue
3.7×
3.4×
3.4×
3.5×
3.5×
3.6×
EV / EBITDA
12.1×
13.2×
19.4×
19.6×
24.0×
24.7×
Price / free cash flow
57.8×
–
–
–
–
–
Free-cash-flow yield
1.7%
−0.8%
−10.5%
−5.3%
−4.0%
−6.5%
Price / book
2.2×
2.0×
1.8×
1.7×
2.0×
2.1×
Dividend yield
4.55%
4.34%
4.89%
4.59%
4.10%
3.91%
Fundamentals checklist ● 4 Good · ● 0 Average · ● 10 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−3.8%Good
Free-cash-flow yield−6.5%Bad
Risk models
Altman Z score0.3×Bad
Piotroski F-Score5 of 9Bad
Growth
EPS growth (3y)35.3%Good
Revenue growth (3y)6.6%Good
Growth consistency90%Good
Balance sheet
Current ratio0.5×Bad
Net debt / EBITDA12.3×Bad
Interest cover1.8×Bad
Valuation
Fair value vs price0.9×Bad
EBIT / EV yield4.0%Bad
Profitability
Return on invested capital4.6%Bad
Operating margin14.7%Bad
XStocksXray
Firstenergy Corp (FE)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
11,132
12,459
12,870
13,472
15,090
15,527
Gross profit
–
–
–
–
–
–
Operating income
1,726
1,910
2,266
2,375
2,206
2,280
Net income
1,283
406
1,102
978
1,020
1,065
Diluted EPS ($)
2.35
0.71
1.92
1.70
1.76
1.84
Free cash flow
324
-165
-1,969
-1,139
-1,005
-1,744
Gross margin
–
–
–
–
–
–
Operating margin
15.5%
15.3%
17.6%
17.6%
14.6%
14.7%
Net margin
11.5%
3.3%
8.6%
7.3%
6.8%
6.9%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
45,432
46,108
48,767
52,044
55,904
56,917
Cash
1,462
160
137
111
57
52
Total debt
23,854
21,654
24,910
24,023
26,556
28,060
Equity
8,675
10,166
10,437
12,455
12,510
12,654
Dividend per share ($)
1.56
1.56
1.60
1.70
1.78
1.80
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value is the average of up to 15 valuation models, most of them anchored to the company's own multiples, so it stays near the price and should be read as a range, not a point. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.
