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FirstEnergy (FE) stock

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NYSE: FE NYSE Electric Utilities Next results ~February 16, 2027

C Fundamentals grade

FirstEnergy is a US-listed company in the electric utilities industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$37

Valuation models combined (5)

Base case. Range ~$28–$46. Weighted average of 5 models (utility earnings model, forward price-to-earnings vs peers, justified price-to-book, residual income, dividend discount (two-stage)), the utility earnings model counting double.

Price vs value

Overvalued

The price is above our entire value range; our base value is 22% below it.

Price used: $47.63, November 2, 2026

FirstEnergy valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter FirstEnergy files

10-Q filed October 28: FirstEnergy

FirstEnergy generated $16.2bn in revenue over the twelve months to September 2026, up 12.2% on a year earlier and roughly in line with the pace set a quarter earlier. Among the 16 electric utilities we cover, that growth rate ranks third. Profitability moved the other way, however. Free-cash-flow margin fell to -13.3% from -8.5% a year earlier, while operating margin narrowed to 14.9% from 19.6%. As a result, the fundamentals grade slips from C+ to C. Our model value is little changed at $34.95 a share, well below the current share price of $46.40. Given that gap, the rating stays Sell.

Source: 10-Q filed October 28, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where FirstEnergy stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $15.8bn, up 12.6% on a year earlier, faster than 11.3% a quarter earlier. That growth ranks 3 of 12 among the electric utilities companies we cover. Free-cash-flow margin fell to -12.3% from -7.1% a year earlier. Operating margin narrowed to 14.6% from 19.5%. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 0 of our 3 financial-health checks. Our valuation models combined value is $32.99 a share, against a share price of $45.77.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 16, 2027 (estimated)

FirstEnergy's trailing-twelve-month revenue grew 12.2% year on year, with a free-cash-flow margin of -13.3%. Where it stands out: revenue growth of 12.2% ranks 3 of 25 electric utilities companies we cover. Where it lags: net margin of 7.4% ranks 24 of 25 electric utilities companies we cover.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 76.2% while net income fell 9.7%: a 67pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

Nothing in FirstEnergy's latest figures clears our strength thresholds.

Things to watch

  • Priced above our value. The share price of $47.63 is 22% above our value per share of $37.
  • Margins narrowing. Operating margin is down 4.8 points on a year ago.
  • Burning cash. Free cash flow was -13.3% of revenue over the last 12 months.
  • High debt. Long-term debt exceeds cash by $25.9bn, more than 1.5 times annual revenue.
  • Weak cash conversion. Free cash flow was -180% of net income over the last 12 months.
  • Below peers: net margin. Net margin of 7.4% ranks 24 of 25 electric utilities companies we cover (median 13.3%).

Latest results: FY2026 Q3

Filed October 28, 2026
Earnings per share
$0.98 against an average estimate of $0.90: beat by 8.9%
Revenue
$4.56bn, up 9.9% on a year earlier
Share reaction
+0.5% in the first session after the results on October 27, 2026, against +0.9% for the S&P 500
Guidance given
core Earnings (non-GAAP) per share $2.62 to $2.82 (2026); core Earnings (non-GAAP) compound annual growth rate growth 6% to 8% (through 2030)
Next report
October 27, 2026; average EPS estimate $0.62

FirstEnergy's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+1.5%
  • 1 week+3.1%
  • 1 month+9.9%
  • This year+9.6%
  • 1 year+8.1%
  • 5 years+48.7%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$16.2B
Operating margin
14.9%
Net margin
7.4%
EPS (TTM, diluted)
$2.07

Growth

Revenue growth
+12.2%
Change in growth rate
−0.4 pts
Share count change
+0.2%

Cash

Free cash flow (TTM)
-$2.2B
FCF margin
-13.3%

Earnings

Last results
October 27, 2026
Next results (est.)
February 16, 2027

News & updates

Updated November 3, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Leadership
  2. Announcement
  3. Announcement
  4. Announcement
  5. Announcement
  6. Announcement
  7. Announcement
  8. Announcement
  9. Results
  10. Guidance
  11. Our research
  12. Financing
  13. Dividend
  14. Financing
  15. Announcement
  16. Announcement
  17. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

FirstEnergy valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$37
Price used
$47.18close November 3, 2026
Implied change
▼ 21%
Uncertainty
Low

How we got here: the combined value of 5 valuation models built for a business like FirstEnergy (see the models table below and how they are combined) , with a 7% cost of equity. The models span ~$28–~$46; that spread sets a 15% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Valuation models

We value FirstEnergy as an utility or power producer, with every model that fits that kind of business. Cost of equity 7%: the 10-year Treasury yield (4.9%) plus a beta of 0.41 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Utility earnings model Net income growing 3% a year, discounted at 8%: for regulated investment that makes free cash flow negative. ~$43 ~$35–$54 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$46 ~$45–$57 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$30 ~$26–$36 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$28 ~$21–$39 Included
Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. ~$32 ~$26–$42 Included
Combined value Weighted average of the models that apply: the primary model (utility earnings model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$37 ~$28–$46 5 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare FirstEnergy with utilities and power producers in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$20.27$20.67$21.41$27.38$36.72$24.17$34.27$35.91$32.73$37.06$43.46$47.63
Market value$8.6bn$8.8bn$9.5bn$13.5bn$19.9bn$13.1bn$18.7bn$20.5bn$18.8bn$21.4bn$25.1bn$27.6bn
+ Net debt (− = net cash)$21.8bn$22.4bn$22.0bn$19.1bn$20.4bn$22.7bn$22.4bn$21.5bn$24.8bn$23.9bn$26.5bn$30.0bn
Enterprise value$30.4bn$31.2bn$31.5bn$32.7bn$40.3bn$35.9bn$41.1bn$42.0bn$43.6bn$45.3bn$51.6bn$57.6bn
Multiples
Price / sales 0.6x0.8x0.9x1.2x1.8x1.2x1.7x1.6x1.5x1.6x1.7x1.7x
Price / earnings 14.9x——10.0x21.8x12.2x14.6x50.6x17.0x21.9x24.6x23.0x
Price / free cash flow 11.4x16.1x7.8x———57.8x—————
EV / EBITDA 7.4x7.7x7.6x8.4x10.8x10.7x12.1x13.0x11.7x11.5x13.3x14.0x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

27 /100

Weak moat

How hard FirstEnergy's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median 1.9% of total assets over 10 years.

  • Durability 5 / 20

    Operating margin has been a median 17.3%; its worst year was -60.2%.

  • Cash conversion 2 / 20

    Free cash flow was positive in 2 of 10 years, at a median -8.0% of revenue.

  • Discipline 15 / 20

    The diluted share count rose 6.4% over five years; stock-based pay has been a median -0.1% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $2.73 +7% $15.9bn +5%
Next $2.95 +8% $16.8bn +6%

Next year's EPS estimate has moved −0.2% in 90 days, across 17 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −0.1% on 90 days ago. In the last 30 days, 1 analyst raised FirstEnergy's forecast and 0 cut it.

Consensus EPS forecast FirstEnergy, last 90 days
$2.70 $2.80 $2.90 $3.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $2.74 Current fiscal year, 60 days ago: $2.73 Current fiscal year, 30 days ago: $2.73 Current fiscal year, 7 days ago: $2.74 Current fiscal year, Now: $2.73 $2.73 Next fiscal year, 90 days ago: $2.95 Next fiscal year, 60 days ago: $2.95 Next fiscal year, 30 days ago: $2.95 Next fiscal year, 7 days ago: $2.95 Next fiscal year, Now: $2.95 $2.95

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $2.74$2.95
60 days ago $2.73$2.95
30 days ago $2.73$2.95
7 days ago $2.74$2.95
Now $2.73$2.95

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $0.90 $0.98 +8.9%
Jun 2026 $0.50 $0.50 −0.5%
Mar 2026 $0.72 $0.72 +0.6%
Dec 2025 $0.53 $0.53 −0.9%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 27, 2026
  • Core Earnings (non-GAAP) per share 2026 $2.62 to $2.82 Non-GAAP Maintained
    “FirstEnergy reaffirmed its 2026 Core Earnings guidance range of $2.62 to $2.82 per share and expects results at or slightly above the midpoint.” source
  • Core Earnings (non-GAAP) compound annual growth rate through 2030 6% growth to 8% growth Non-GAAP Maintained
    “The long-term outlook continues to reflect a Core Earnings compound annual growth rate near the top end of the 6% to 8% range through 2030.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

18 analysts, Oct 2026
Buy1161%
Hold739%
Sell00%

Monthly trend

  1. Oct 202647718
  2. Sep 202645716
  3. Aug 202635816
  4. Jul 202635917

Counts of recommendations published by analysts covering FirstEnergy, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
7.3%
of tradable shares
Days to cover
7.61
at average volume
Short interest, 1 month
+10%
to September 30, 2026
Held by institutions
96%
of shares
Held by insiders
0.1%
of shares
Employees
11,186
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +8.1%

$44.06 on October 31, 2025 to $47.63

ThenNowEffect
Revenue (last 12 months) $14.1bn $15.8bn +12.6%
Net margin 9.3% 6.9% −26.4%
P/E multiple 19.5x 25.4x +30.5%
Share count 578m 579m −0.1%

Biggest factor: net margin.

Last 3 years +46.5%

$32.51 on November 3, 2023 to $47.63

ThenNowEffect
Revenue (last 12 months) $12.9bn $15.8bn +22.8%
Net margin 3.6% 6.9% +92.9%
P/E multiple 40.7x 25.4x −37.5%
Share count 573m 579m −1.0%

Biggest factor: net margin.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
FE+42%+5%−9%+13%+17%+10%
Industry peers (median)+18%−1%−4%+16%+16%+4%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
FE75%67%42%67%67%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
FE−11%−25%−22%−11%−13%−15%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 48% from February 18, 2020 to July 22, 2020. Getting back needed a 91% gain, reached on April 6, 2022, 623 days after the low.

Price behaviour

52-week range
$42.74 – $50.88
From 52-week high
−6.4%
vs 50-day average
+4.8%
vs 200-day average
+1.4%
Volatility (1 year)
16%
Beta vs S&P 500
-0.09

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
4 up, 8 down
typical move ±2.4%
After a week
6 up, 5 down
typical move ±3.7%
After a month
5 up, 6 down
typical move ±4.1%
Results releasedNext dayS&P 500 next day5 days21 days
October 27, 2026 +0.5% +0.9% — —
July 28, 2026 −0.4% −1.3% −2.1% −4.3%
April 28, 2026 −1.0% −0.5% −7.2% −5.6%
February 17, 2026 −2.3% +0.7% +1.1% +1.1%
October 22, 2025 −1.2% +0.1% −2.7% −0.1%
July 30, 2025 +2.2% −0.5% +3.9% +5.3%
April 23, 2025 −1.0% +3.7% +0.4% −0.7%
February 26, 2025 −11.4% −1.5% −11.4% −9.3%
October 29, 2024 −3.5% −0.1% −4.1% −1.4%
July 30, 2024 +0.9% +1.1% +1.5% +6.5%
April 25, 2024 −0.4% +0.6% +2.1% +2.9%
February 8, 2024 +4.1% +0.6% +4.1% +7.5%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How FirstEnergy’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Options look fairly priced

Implied volatility is within its normal range against realised. Selling options earns the usual premium, nothing extra.

  • Implied is 1.14× the last 60 days’ realised volatility , richer than 39% of the 229 stocks we screen today.
  • Puts are priced 6 points richer than calls (25-delta): the market is paying up for downside protection, which favours selling puts over calls.
  • Why: implied is not far enough above realised, or not unusual against our coverage.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

FE FirstEnergy Grade C $47.49

Own 100 shares, sell the $48.00 call expiring December 18, 2026 (46 days) for $0.80 a share — $80.00 per contract.

Previous session · Bid $0.80, ask $0.95, quoted Mon 2 Nov, 17:23 New York time with FE at $47.49. Option prices move with the shares: check the live chain at your broker before trading.

  • If FE ends below $48.00: you keep your shares and the $80.00 — 1.7% extra on the position, 13.4% a year at that pace.
  • If it ends above $48.00: your shares are sold at $48.00, a total return of 2.8% including the premium — at or above our value of ~$37.
$131 $0 −$934 Break-even $46.69 Price $47.49 ← Our value ~$37
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$80.00
Annualised
13.4%
Break-even
$46.69
Max gain
$131
Chance of selling
~47%

Collar

Own the shares, buy the $47.00 put and sell the $48.00 call, both expiring December 18, 2026 (46 days).

  • Net cost of $0.40 a share ($40.00 per contract of 100 shares).
  • Worst case at expiry: -1.9%, if the shares fall below $47.00 (-1.0% from today).
  • Best case at expiry: +0.2%, if the shares rise above $48.00 (+1.1%); gains beyond that go to the call buyer.

Offered because the shares trade at or above our fair value of $37.00: a way to hold on with a floor under the price, paid for by giving up upside the model does not expect. Strikes near 25-delta; the put at its ask and the call at its bid. Protection has a cost over time: research on protective puts finds they have usually lowered returns.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

FirstEnergy in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) FirstEnergy
$12B $13B $14B $15B $16B $17B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $12.9B Revenue (TTM), FY24 Q1: $12.9B Revenue (TTM), FY24 Q2: $13.2B Revenue (TTM), FY24 Q3: $13.4B Revenue (TTM), FY24 Q4: $13.5B Revenue (TTM), FY25 Q1: $14B Revenue (TTM), FY25 Q2: $14.1B Revenue (TTM), FY25 Q3: $14.5B Revenue (TTM), FY25 Q4: $15.1B Revenue (TTM), FY26 Q1: $15.5B Revenue (TTM), FY26 Q2: $15.8B Revenue (TTM), FY26 Q3: $16.2B $16.2B

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $12.9B
FY24 Q1 $12.9B
FY24 Q2 $13.2B
FY24 Q3 $13.4B
FY24 Q4 $13.5B
FY25 Q1 $14B
FY25 Q2 $14.1B
FY25 Q3 $14.5B
FY25 Q4 $15.1B
FY26 Q1 $15.5B
FY26 Q2 $15.8B
FY26 Q3 $16.2B
Revenue growth, TTM YoY FirstEnergy
0% 5% 10% 15% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 3.3% Revenue growth, TTM YoY, FY24 Q1: 1.8% Revenue growth, TTM YoY, FY24 Q2: 2.4% Revenue growth, TTM YoY, FY24 Q3: 4.2% Revenue growth, TTM YoY, FY24 Q4: 4.7% Revenue growth, TTM YoY, FY25 Q1: 7.9% Revenue growth, TTM YoY, FY25 Q2: 6.4% Revenue growth, TTM YoY, FY25 Q3: 7.6% Revenue growth, TTM YoY, FY25 Q4: 12.0% Revenue growth, TTM YoY, FY26 Q1: 11.3% Revenue growth, TTM YoY, FY26 Q2: 12.6% Revenue growth, TTM YoY, FY26 Q3: 12.2% 12.2%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 3.3%
FY24 Q1 1.8%
FY24 Q2 2.4%
FY24 Q3 4.2%
FY24 Q4 4.7%
FY25 Q1 7.9%
FY25 Q2 6.4%
FY25 Q3 7.6%
FY25 Q4 12.0%
FY26 Q1 11.3%
FY26 Q2 12.6%
FY26 Q3 12.2%
Operating margin (TTM) FirstEnergy
14% 16% 18% 20% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 17.6% Operating margin (TTM), FY24 Q1: 18.0% Operating margin (TTM), FY24 Q2: 17.2% Operating margin (TTM), FY24 Q3: 17.3% Operating margin (TTM), FY24 Q4: 17.6% Operating margin (TTM), FY25 Q1: 18.0% Operating margin (TTM), FY25 Q2: 19.5% Operating margin (TTM), FY25 Q3: 19.6% Operating margin (TTM), FY25 Q4: 14.6% Operating margin (TTM), FY26 Q1: 14.7% Operating margin (TTM), FY26 Q2: 14.6% Operating margin (TTM), FY26 Q3: 14.9% 14.9%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 17.6%
FY24 Q1 18.0%
FY24 Q2 17.2%
FY24 Q3 17.3%
FY24 Q4 17.6%
FY25 Q1 18.0%
FY25 Q2 19.5%
FY25 Q3 19.6%
FY25 Q4 14.6%
FY26 Q1 14.7%
FY26 Q2 14.6%
FY26 Q3 14.9%
FCF margin (TTM) FirstEnergy
-20% -15% -10% -5% 0% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: -15.3% FCF margin (TTM), FY24 Q1: -15.8% FCF margin (TTM), FY24 Q2: -7.6% FCF margin (TTM), FY24 Q3: -7.6% FCF margin (TTM), FY24 Q4: -8.5% FCF margin (TTM), FY25 Q1: -4.9% FCF margin (TTM), FY25 Q2: -7.1% FCF margin (TTM), FY25 Q3: -8.5% FCF margin (TTM), FY25 Q4: -6.7% FCF margin (TTM), FY26 Q1: -11.2% FCF margin (TTM), FY26 Q2: -12.3% FCF margin (TTM), FY26 Q3: -13.3% -13.3%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 -15.3%
FY24 Q1 -15.8%
FY24 Q2 -7.6%
FY24 Q3 -7.6%
FY24 Q4 -8.5%
FY25 Q1 -4.9%
FY25 Q2 -7.1%
FY25 Q3 -8.5%
FY25 Q4 -6.7%
FY26 Q1 -11.2%
FY26 Q2 -12.3%
FY26 Q3 -13.3%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar FirstEnergy took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $15.1B
  2. Other operating costs $12.9B · 85.4%
  3. Operating income $2.2B · 14.6%
  4. Income tax $288M · 1.9%
  5. Interest and other $898M · 6.0%
  6. Net income $1B · 6.8%

Shares of revenue. Source: FirstEnergy's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 13.0 13.3 16.1 15.3 14.9 15.0 15.0 10.7 10.9 11.3 11.0 10.8 11.1 12.5 12.9 13.5 15.1 16.2
EBITDA 3.5 3.2 3.1 3.2 3.6 2.7 4.1 4.0 4.1 3.9 3.7 3.4 3.4 3.2 3.7 4.0 3.9 4.1
Operating income 1.7 1.7 1.7 2.1 1.6 1.1 2.3 2.1 2.4 2.5 2.5 2.2 1.7 1.9 2.3 2.4 2.2 2.4
Net income 0.9 0.7 0.9 0.8 0.4 0.3 0.6 −6.2 −1.7 1.3 0.9 1.1 1.3 0.4 1.1 1.0 1.0 1.2
Diluted EPS $2.85 $2.42 $2.21 $1.84 $0.94 $0.71 $1.37 −$14.49 −$3.88 $1.99 $1.68 $1.99 $2.35 $0.71 $1.92 $1.70 $1.76 $2.07
Growth (year on year)
Revenue −4.8% +2.9% +20.7% −5.3% −2.4% +1.1% −0.2% −28.8% +2.1% +3.0% −2.0% −2.2% +3.2% +11.9% +3.3% +4.7% +12.0% +12.2%
EBITDA −17.1% −7.1% −4.6% +3.8% +13.2% −26.4% +55.2% −2.2% +2.5% −5.9% −4.1% −9.8% +0.9% −4.8% +15.5% +6.1% −2.2% −8.5%
Operating income −39.0% +3.6% −3.8% +27.3% −25.9% −32.9% +115.8% −10.4% +18.2% +3.0% +0.3% −13.9% −20.2% +10.7% +18.6% +4.8% −7.1% −15.0%
Net income −35.0% −14.9% +19.3% −13.0% −49.1% −23.7% — <−999% — — −32.3% +18.3% +18.9% −68.4% +171.4% −11.3% +4.3% −9.7%
Diluted EPS −34.9% −15.1% −8.7% −16.7% −48.9% −24.5% — <−999% — — −15.6% +18.5% +18.1% −69.8% +170.4% −11.5% +3.5% −9.9%
Margins
EBITDA margin 26.7% 24.1% 19.1% 20.9% 24.2% 17.6% 27.4% 37.6% 37.8% 34.5% 33.8% 31.1% 30.5% 25.9% 29.0% 29.4% 25.6% 25.3%
Operating margin 13.0% 13.1% 10.4% 14.0% 10.6% 7.1% 15.3% 19.2% 22.2% 22.2% 22.7% 20.0% 15.5% 15.3% 17.6% 17.6% 14.6% 14.9%
Net margin 6.7% 5.6% 5.5% 5.0% 2.6% 2.0% 3.8% −57.7% −15.8% 12.0% 8.3% 10.0% 11.5% 3.3% 8.6% 7.3% 6.8% 7.4%
Free-cash-flow margin 2.0% 9.7% 5.8% −2.3% 0.2% −4.0% 5.0% 5.1% 11.2% −11.2% −1.8% −11.4% 2.9% −1.3% −15.3% −8.5% −6.7% −13.3%
Cash flow
Cash from operations 2.5 3.1 3.1 2.3 2.7 2.7 3.5 3.4 3.8 1.4 2.5 1.4 2.8 2.7 1.4 2.9 3.7 3.2
Capital spending 2.2 1.8 2.1 2.7 2.6 3.3 2.7 2.8 2.6 2.7 2.7 2.7 2.5 2.8 3.4 4.0 4.7 5.4
Free cash flow 0.3 1.3 0.9 −0.4 0.0 −0.6 0.8 0.5 1.2 −1.3 −0.2 −1.2 0.3 −0.2 −2.0 −1.1 −1.0 −2.2
Stock-based pay 0.0 −0.0 −0.0 0.1 0.1 0.1 — — — 0.0 0.0 0.0 — — — — — —
Free cash flow after stock pay 0.2 1.3 0.9 −0.4 −0.0 −0.7 — — — −1.3 −0.2 −1.2 — — — — — —
Balance sheet
Cash 0.9 1.0 0.2 0.2 0.2 0.1 0.1 0.2 0.6 0.4 0.6 1.7 1.5 0.2 0.1 0.1 0.1 0.0
Total debt 14.9 14.8 17.3 19.1 20.7 21.8 22.0 22.6 22.6 19.5 21.0 24.5 23.9 21.7 24.9 24.0 26.6 30.1
Net debt (negative = net cash) 14.0 13.7 17.1 19.0 20.4 21.7 21.8 22.4 22.0 19.1 20.4 22.7 22.4 21.5 24.8 23.9 26.5 30.0
Diluted shares 306m 305m 401m 419m 419m 421m 424m 426m 444m 494m 542m 543m 546m 572m 574m 577m 578m 579m
Returned to shareholders
Dividends 0.7 0.7 0.9 0.9 0.9 0.6 0.6 0.6 0.6 0.7 0.8 0.8 0.8 0.9 0.9 1.0 1.0 1.1
Buybacks 0.0 — — — — — — — — — — — — — — — — —
Total returned 0.7 0.7 0.9 0.9 0.9 0.6 0.6 0.6 0.6 0.7 0.8 0.8 0.8 0.9 0.9 1.0 1.0 1.1

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

1 of 7 checks passed · September 30, 2026
What it owns · $59.8bn
Short-term assets $3.3bnLonger-term assets $56.6bn
What it owes, and who funded it · $58.3bn
Short-term liabilities $8.7bnLonger-term liabilities $36.6bnShareholders' equity $13.0bn
  • Short-term assets cover short-term liabilities $3.3bn of assets due within a year against $8.7bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $3.3bn short-term assets against $36.6bn of longer-dated liabilities.
  • More cash than debt $48m of cash against $27.9bn of debt.
  • Debt below 40% of shareholders' equity Debt is 215% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 248% to 215% over five years.
  • A year's operating cash flow covers at least 20% of debt $3.2bn of operating cash flow against $27.9bn of debt.
  • Operating profit covers interest at least five times over Operating income of $2.4bn against $1.3bn of interest.

From FirstEnergy's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Dividends (TTM)
$1.1B
Returned to shareholders
-49%
of free cash flow
Diluted share count
+0.2%
year over year
Dividend payout ratio
88%
of net income paid out
Days sales outstanding
41 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in electric utilities
Last 12 months unless stated FE EIX ES VST ETR PEG Median
Revenue, last 12 months $16.2bn $18.6bn $14.0bn $19.2bn $13.5bn $12.3bn $9.4bn
Revenue growth, last 12 months 12.2% 2.6% 7.8% 3.8% 9.5% 5.3% 6.4%
Revenue growth, 3-year average 8.0% 3.7% 3.4% 4.9% 0.4% 1.6% 3.7%
Revenue growth, latest quarter 9.9% −15.0% 2.3% −5.5% 5.9% −6.4% 4.3%
Operating margin 14.9% 31.8% 21.5% 18.5% 22.9% 21.6% 22.3%
Operating margin, 3-year average 17.3% 25.7% 21.2% 17.0% 22.9% 23.8% 22.4%
Net margin 7.4% 19.6% 10.4% 11.6% 13.3% 14.3% 13.3%
Cash from operations / revenue 19.7% 37.5% 31.6% 26.7% 45.1% 26.4% 27.0%
Free-cash-flow margin −13.3% −0.7% 2.1% 11.7% −22.0% −1.4% −10.0%
Free-cash-flow margin, 3-year average −9.8% −3.4% −9.4% 12.2% −18.8% −3.8% −8.2%
Stock pay / revenue 0.1% 0.2% — 0.7% — — 0.4%
Change in share count 0.2% 0.0% 2.6% −1.0% 4.9% 0.0% 1.7%

Median of all 25 companies we cover in electric utilities. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

25 electric utilities companies
Measure Company Peer median Rank
Revenue growth Growth 12.2% 6.4% 3 of 25
Change in growth rate Growth -0.4pp -0.1pp 14 of 25
Operating margin Profitability 14.9% 22.5% 20 of 24
Net margin Profitability 7.4% 13.3% 24 of 25
Free-cash-flow margin Cash generation -13.3% -10.0% 16 of 24
Long-term debt as % of assets Balance sheet 43.3% 40.9% 21 of 24
Change in share count Balance sheet 0.2% 1.7% 5 of 23
Days sales outstanding Balance sheet 41 days 45 days 5 of 18

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Electricity Us Regulated $12.2B 80.8% ▲ 11.1%
Electric Transmission $2.3B 15.3% ▲ 7.6%
Electric Worldwide Unregulated Revenue $590M 3.9% ▲ 69.5%

From FirstEnergy's 10-K filed February 18, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$24.6B
Institutions reporting
925
Shares held vs prior quarter
▼ 0.9%
Positions opened / closed
93 / 93

Top buyers and sellers, Q2 2026: 504 institutions bought and 344 sold ; the biggest buyer was Marshall Wace, LLP (+1.7M shares) and the biggest seller Millennium Management LLC (−7.1M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Capital World Investors $3.7B 77.8M 15.0% ▲ 0.2%
Blackrock, Inc. $2.4B 49.8M 9.6% ▲ 1.5%
State Street Corp $1.9B 40.6M 7.8% 0.0%
Vanguard Capital Management LLC $1.7B 34.9M 6.7% ▲ 0.5%
Blackstone Inc. $1.4B 28.8M 5.6% 0.0%
Vanguard Portfolio Management LLC $1.4B 28.4M 5.5% ▲ 0.6%
Boston Partners $879M 18.5M 3.6% ▲ 4.9%
Geode Capital Management, LLC $662M 14.0M 2.7% ▲ 1.4%
Invesco Ltd. $570M 12.0M 2.3% 0.0%
Allspring Global Investments Holdings, LLC $511M 10.9M 2.1% ▲ 8.9%
Morgan Stanley $486M 10.2M 2.0% ▼ 7.2%
Federated Hermes, Inc. $466M 9.8M 1.9% ▲ 0.4%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not FirstEnergy's complete shareholder register. Values are as reported by the filers ; 2 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $2M 4 trades by 3 insiders · 0% under pre-set plans
Net ▼ $2M net selling
Insider Date Trade Shares Price Value
Oneil James F Director March 11, 2026 Sell 7,945 $50.60 $402,041
K. Jon Taylor SVP, CFO and Strategy March 10, 2026 Sell 26,800 $50.94 $1.4M
Lisowski Jason VP, Controller & CAO March 6, 2026 Sell 1,373 $50.84 $69,788
Lisowski Jason VP, Controller & CAO March 6, 2026 Sell 3,000 $50.84 $152,520

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 11 trades and filings

In the last 12 months, 1 member of Congress disclosed 1 purchase and 0 sales of FirstEnergy shares.

  • Dan Newhouse(R-WA 4):Purchase, $1,001 - $15,000, traded July 10, 2026, filed July 17, 2026
  • Earl Blumenauer(D-OR 3):Purchase, $1,001 - $15,000, traded February 11, 2022, filed March 7, 2022
  • Lois Frankel(D-FL 21):Sale (partial), $1,001 - $15,000, traded July 28, 2020, filed August 24, 2020

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 16, 2027 estimated from the company's past filing pattern, not announced

  • October 27, 2026
  • July 28, 2026
  • April 28, 2026
  • February 17, 2026
  • October 22, 2025
  • July 30, 2025

Recent SEC filings

Data status

When each part of this page on FirstEnergy was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

FirstEnergy in brief

What does FirstEnergy do?
FirstEnergy is a US-listed company in the electric utilities industry. Its financial year ends in December.
What is FirstEnergy's stock ticker?
FirstEnergy trades under the ticker FE on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is FirstEnergy's revenue, and how fast is it growing?
Over its most recent trailing twelve months, FirstEnergy reported revenue of $16.2B, 12.2% higher than a year earlier, according to its SEC filings.
What is FirstEnergy's free cash flow?
FirstEnergy's free-cash-flow margin is -13.3% of revenue over the trailing twelve months, ranking 16 of the 24 electric utilities companies we cover.
Who are FirstEnergy's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Capital World Investors, Blackrock, Inc. and State Street Corp. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is FirstEnergy's market cap?
On November 2, 2026, FirstEnergy's market capitalisation was about $27.6B, with a price-to-earnings ratio of 23.0 and net debt of $30B. Market figures come from third-party market data and may be delayed.
Does FirstEnergy pay a dividend?
Yes: FirstEnergy paid $1.1B in dividends over the trailing twelve months and a payout ratio of 87.6%.
How much debt does FirstEnergy have?
FirstEnergy's debt-to-equity ratio is 215.0%, from its latest balance sheet (248.5% five years earlier). The financial health section below sets out its other solvency checks.
Who are FirstEnergy's competitors?
In our Electric Utilities peer group, the companies closest to FirstEnergy are Edison International, Eversource Energy, Vistra Corp., Entergy and Public Service Enterprise Group. The side-by-side comparison below sets their revenue, margins and growth against FirstEnergy's.
Are insiders buying or selling FirstEnergy stock?
Over the last 12 months, FirstEnergy's directors and officers reported 0 open-market purchases and 4 sales on Form 4. The insider trading page charts every trade.
When is FirstEnergy's next earnings date?
Around February 16, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — FirstEnergy announces its own schedule.