NYSE: FE
FirstEnergy
Utilities · Electric Services
52-week range
$42.67$52.34
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Mar 31, 2026. Hover or tap a column for another year.$29.3B
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| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $13.7B |
| FY2017, ended Dec 31, 2017 | $14.6B |
| FY2018, ended Dec 31, 2018 | $19.9B |
| FY2019, ended Dec 31, 2019 | $26.3B |
| FY2020, ended Dec 31, 2020 | $16.6B |
| FY2021, ended Dec 31, 2021 | $23.7B |
| FY2022, ended Dec 31, 2022 | $24.0B |
| FY2023, ended Dec 31, 2023 | $21.1B |
| FY2024, ended Dec 31, 2024 | $22.9B |
| FY2025, ended Dec 31, 2025 | $25.9B |
| Trailing 12 months to Mar 31, 2026 (through Q1 FY2026) | $29.3B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Mar 31, 2026. Hover or tap a column for another year.$15.5B
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| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $14.6B |
| FY2017, ended Dec 31, 2017 | $14.0B |
| FY2018, ended Dec 31, 2018 | $11.3B |
| FY2019, ended Dec 31, 2019 | $11.0B |
| FY2020, ended Dec 31, 2020 | $10.8B |
| FY2021, ended Dec 31, 2021 | $11.1B |
| FY2022, ended Dec 31, 2022 | $12.5B |
| FY2023, ended Dec 31, 2023 | $12.9B |
| FY2024, ended Dec 31, 2024 | $13.5B |
| FY2025, ended Dec 31, 2025 | $15.1B |
| Trailing 12 months to Mar 31, 2026 (through Q1 FY2026) | $15.5B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Mar 31, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | −$6.18B | $548M |
| FY2017, ended Dec 31, 2017 | −$1.72B | $1.22B |
| FY2018, ended Dec 31, 2018 | $1.35B | −$1.26B |
| FY2019, ended Dec 31, 2019 | $912M | −$198M |
| FY2020, ended Dec 31, 2020 | $1.08B | −$1.23B |
| FY2021, ended Dec 31, 2021 | $1.28B | $324M |
| FY2022, ended Dec 31, 2022 | $406M | −$165M |
| FY2023, ended Dec 31, 2023 | $1.10B | −$1.97B |
| FY2024, ended Dec 31, 2024 | $978M | −$1.14B |
| FY2025, ended Dec 31, 2025 | $1.02B | −$1.00B |
| Trailing 12 months to Mar 31, 2026 (through Q1 FY2026) | $1.06B | −$1.74B |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Mar 31, 2026. Hover or tap a column for another year.$52.0M
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $199M |
| FY2017, ended Dec 31, 2017 | $588M |
| FY2018, ended Dec 31, 2018 | $367M |
| FY2019, ended Dec 31, 2019 | $627M |
| FY2020, ended Dec 31, 2020 | $1.73B |
| FY2021, ended Dec 31, 2021 | $1.46B |
| FY2022, ended Dec 31, 2022 | $160M |
| FY2023, ended Dec 31, 2023 | $137M |
| FY2024, ended Dec 31, 2024 | $111M |
| FY2025, ended Dec 31, 2025 | $57.0M |
| Trailing 12 months to Mar 31, 2026 (through Q1 FY2026) | $52.0M |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Mar 31, 2026. Hover or tap a column for another year.$28.1B
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| Period | Total debt |
|---|---|
| FY2016, ended Dec 31, 2016 | $22.6B |
| FY2017, ended Dec 31, 2017 | $19.5B |
| FY2018, ended Dec 31, 2018 | $19.5B |
| FY2019, ended Dec 31, 2019 | $21.0B |
| FY2020, ended Dec 31, 2020 | $24.5B |
| FY2021, ended Dec 31, 2021 | $23.9B |
| FY2022, ended Dec 31, 2022 | $21.7B |
| FY2023, ended Dec 31, 2023 | $24.9B |
| FY2024, ended Dec 31, 2024 | $24.0B |
| FY2025, ended Dec 31, 2025 | $26.6B |
| Trailing 12 months to Mar 31, 2026 (through Q1 FY2026) | $28.1B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Up 30.7% since 2016.Figures shown are for the trailing 12 months to Mar 31, 2026. Hover or tap a column for another year.578M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 442M |
| FY2017, ended Dec 31, 2017 | 476M |
| FY2018, ended Dec 31, 2018 | 530M |
| FY2019, ended Dec 31, 2019 | 541M |
| FY2020, ended Dec 31, 2020 | 543M |
| FY2021, ended Dec 31, 2021 | 570M |
| FY2022, ended Dec 31, 2022 | 572M |
| FY2023, ended Dec 31, 2023 | 574M |
| FY2024, ended Dec 31, 2024 | 577M |
| FY2025, ended Dec 31, 2025 | 578M |
| Trailing 12 months to Mar 31, 2026 (through Q1 FY2026) | 578M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Mar 31, 2026. Hover or tap a column for another year.Net: —
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| Period | Paid to employees | Sold for cash |
|---|---|---|
| FY2016, ended Dec 31, 2016 | — | $0 |
| FY2017, ended Dec 31, 2017 | — | $0 |
| FY2018, ended Dec 31, 2018 | $0 | $850M |
| FY2019, ended Dec 31, 2019 | $0 | $0 |
| FY2020, ended Dec 31, 2020 | $0 | $0 |
| FY2021, ended Dec 31, 2021 | — | $1.00B |
| FY2022, ended Dec 31, 2022 | — | $0 |
| FY2023, ended Dec 31, 2023 | — | $0 |
| FY2024, ended Dec 31, 2024 | — | — |
| FY2025, ended Dec 31, 2025 | — | — |
| Trailing 12 months to Mar 31, 2026 (through Q1 FY2026) | — | — |
Revenue (TTM)
$15.5B
+11.3% YoY
Net income (TTM)
$1.06B
−1.8% YoY
Cash
$52.0M
−60.6% YoY
Total debt
$28.1B
+13.2% YoY
Valuation
At current price- Market Cap
- $27.1B
- P/E
- 25.5×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 1.7×
- Price / Book
- 2.1×
- EV / EBITDA
- 13.9×
Growth
Trailing 12 months- Revenue (TTM)
- $15.5B
- Revenue Growth YoY
- 11.3%
- Revenue CAGR 3Y
- 6.6%
- Revenue CAGR 5Y
- 6.9%
- EPS Growth YoY
- −2.1%
- Net Income Growth YoY
- −1.8%
Profitability
Trailing 12 months- Gross Margin
- —
- Operating Margin
- 14.7%
- Net Margin
- 6.9%
- FCF Margin
- −11.2%
- Return on Equity
- 8.4%
Earnings
Trailing 12 months- Net Income
- $1.06B
- EPS (diluted)
- $1.84
- EBITDA
- $3.95B
- Operating Income
- $2.28B
Balance Sheet
As of Mar 31, 2026- Cash and cash equivalents
- $52.0M
- Total Debt
- $28.1B
- Net Debt
- $28.0B
- Total Assets
- $56.9B
- Total Liabilities
- $42.8B
- Shareholders' Equity
- $12.7B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $3.21B
- Capital Expenditure
- $4.96B
- Free Cash Flow
- −$1.74B
Dividends and risk
Last 12 months- Dividend Yield
- 3.9%
- Dividend / Share
- $1.82
- Beta (5Y)
- 0.43
Every ratio is calculated from the company’s reported figures.
Strength
Revenue is up 11.3% year over year, at $15.5B.
Watch
Operating margin narrowed 3.4 pts in a year, to 14.7%.
Watch
Net debt is 7.1× EBITDA ($28.0B), a heavy load.
Watch
Free cash flow was negative (−$1.74B) over the last year.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-Q for the quarter ended Sep 30, 2026 · filed Oct 28, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2025 · 10-K47Some concerns
47Some concerns
10-K for the fiscal year ended Dec 31, 2025
Filed Feb 18, 2026 · Read the filing on EDGAR
- Revenue rose 12% to $15.09 billion and earnings rose 4% to $1.02 billion, but earnings from the largest segment, Distribution, fell $261 million.
- Ohio regulators' decisions led to a $352 million impairment and a $275 million customer refund settlement, which replaced about $250 million in penalties tied to the HB 6 audits.
- The five-year investment plan grew about 25% to $36 billion for 2026 through 2030, and the quarterly dividend will rise to $0.465 per share.
- S&P upgraded FirstEnergy's credit rating, and operating cash flow rose to $3.7 billion from $2.9 billion.
Business momentum
Mixed
“Distribution segment's earnings attributable to FE decreased $261 million in 2025, as compared to 2024”
Outlook
Positive
“FirstEnergy recently increased its customer-focused Energize365 investment plan for the 2026 to 2030 time period to $36 billion, approximately 25% higher than the previous 2025 to 2029 five-year plan”
Financial stress
Low
“The Registrants expect their existing sources of liquidity to remain sufficient to meet their respective anticipated obligations.”
Tone against the previous report
About the same
Red flags
- Medium
Large write-down
“As a result of the order, the Ohio Companies recognized a $352 million pre-tax impairment charge related to the disallowance from future recovery of certain previously capitalized amounts.”
- Medium
Other
“A $275 million (pre-tax) charge recognized in the fourth quarter of 2025 resulting from the Ohio Companies' PUCO-approved settlement that will provide restitution and refunds to customers”
- Minor
Restated accounts
“JCP&L evaluated the error, and the specific impact on each affected prior period was not material, however, as a result of the cumulative impact, JCP&L determined it should revise previously issued financial statements”
Positives
Five-year investment plan raised about 25% to $36 billion
“FirstEnergy recently increased its customer-focused Energize365 investment plan for the 2026 to 2030 time period to $36 billion”
S&P raised the company's credit rating
“On December 23, 2025, S&P upgraded FE's corporate credit rating to BBB+ from BBB and its senior unsecured rating to BBB from BBB-”
Cash from operations grew strongly for a second year
“Net cash provided from operating activities was $3,700 million during 2025, $2,891 million during 2024, and $1,387 million during 2023.”
Concerns
Ohio rate increase was small and is being reheard
“the PUCO issued an order in the rate case lifting the rate freeze and approving a net increase in base distribution revenues of the Ohio Companies of approximately $34 million”
Securities lawsuit loss is expected but cannot yet be estimated
“FE believes that it is probable that it will incur a loss in connection with the resolution of this lawsuit.”
Investment plan needs new debt and share sales
“Energize365 capital investments included in the current five-year plan are expected to be funded with a combination of organic cash flows, the issuance of debt, including hybrid securities, and the issuance of common equity.”
New risks since the previous report
Rising power bills could push regulators to limit grid spending
“customer resistance to the resulting market driven increases on the generation portion of their bills could lead to increased pressure for state and federal utility regulators to limit the needed capital investment”
Data center demand could strain supply, or fall short of forecasts
“A need to serve the load obligations of these data centers, which could be up to 16,985 MWs through 2035, has the potential to adversely impact our business, results of operations, financial condition, or cash flows.”
New federal data center rules may not allow full cost recovery
“To the extent the new regulations promulgated by FERC do not permit transmission utilities to fully recover costs associated with transmission network upgrades required to serve new large loads, our strategy of investing in transmission could be adversely affected.”
Ohio law ends the electric security plans that recover key costs
“HB 15 permits the Ohio Companies to continue ESP IV until their final auction delivery period on May 31, 2029, at which time ESP IV must terminate.”
New state actions in Ohio and New Jersey could affect rate cases
“Evolving legislation and executive actions related to our rates enacted by individual states, such as Ohio Senate Bill 2 of 2025 and Executive Order No. 2 of 2026 issued by the New Jersey governor on January 20, 2026, may also affect outcomes”
Biggest risks named
- HB 6 securities lawsuits and remaining deferred prosecution obligations
- State and federal regulators delaying or denying cost recovery, especially in Ohio
- Customer bill affordability pressure from record power capacity prices
- Executing and funding the $36 billion investment plan amid inflation and tariffs
- Uncertain data center demand and related federal rules
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | −3 | |
| Outlook | +3 | |
| Tone against the previous report | 0 | |
| Financial stress | 0 | |
| Red flags | −10.8 | |
| New risks | −2 | |
| Score | 47 | |
Written by AI (Claude Opus 5.5) from the report’s text. 17 of 17 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-Q | Oct 28, 2026 | Pro | |||
| 10-K | Feb 18, 2026 | 47 | Mixed | 2 medium1 minor | |
| 10-K | Feb 27, 2025 | 49 | Mixed | 3 medium1 minor | |
| 10-K | Feb 13, 2024 | 57 | Mixed | 1 medium | |
| 10-K | Feb 13, 2023 | 35 | Sharp deterioration | 2 medium3 minor | |
| 10-K | Feb 16, 2022 | 48 | Mixed | 5 medium | |
| 10-K | Feb 18, 2021 | 11 | Mixed | 2 serious2 medium1 minor | |
| 10-K | Feb 10, 2020 | 54 | Mixed | 2 medium | |
| 10-K | Feb 19, 2019 | 65 | Strong improvement | 1 medium | |
| 10-K | Feb 20, 2018 | 6 | Improving | 1 serious3 medium1 minor |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q1 FY2026 (period ended Mar 31, 2026), filed Apr 28, 2026. View filings on SEC EDGAR