FirstEnergy Corp.
- Open
- 48.45
- Day high
- 48.58
- Day low
- 47.91
- Prev close
- 48.47
- Volume
- 807K
- Mkt cap
- $27.3B
- P/E (TTM)
- 25.8
- EPS (TTM)
- $1.87
- P/B
- 2.2
- P/S
- 1.8
- Yield
- 3.81%
- Per share
- $1.80
FirstEnergy Corp. (FE) is a Utilities company listed on NYSE. The stock is up 18% over the past year.
FirstEnergy Corp. (FE) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 4 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
FE earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 29, 2026 | $0.72 | $0.72 | +0.0% | $4.2B | +10.5% |
| Feb 17, 2026 | $0.52 | $0.53 | +1.9% | $3.8B | -5.5% |
| Oct 22, 2025 | $0.74 | $0.83 | +12.0% | $4.1B | +6.7% |
| Jul 30, 2025 | $0.49 | $0.52 | +6.9% | $3.4B | +1.3% |
| Apr 23, 2025 | $0.61 | $0.67 | +10.6% | $3.8B | +6.8% |
| Feb 26, 2025 | $0.71 | $0.67 | -5.5% | $3.2B | -6.7% |
| Apr 25, 2024 | $0.56 | $0.55 | -1.8% | $3.3B | +2.0% |
| Feb 8, 2024 | $0.60 | $0.62 | +3.3% | $3.1B | +0.4% |
| Oct 26, 2023 | $0.85 | $0.88 | +3.5% | $3.5B | -1.7% |
| Aug 1, 2023 | $0.45 | $0.47 | +4.4% | $3.0B | +4.0% |
| Apr 27, 2023 | $0.61 | $0.60 | -1.6% | $3.2B | +6.1% |
| Feb 13, 2023 | $0.53 | $0.50 | -5.7% | $3.2B | +35.6% |
FE insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Apr 3, 2026 | Hicks Lisa Winstondirector | Grant | 837 | — |
| Apr 3, 2026 | ONEIL JAMES Fdirector | Grant | 837 | — |
| Apr 3, 2026 | Williams Melvin D.director | Grant | 837 | — |
| Apr 3, 2026 | SOMERHALDER JOHN W IIdirector | Grant | 837 | $50.73 |
| Apr 3, 2026 | Turner Leslie Mdirector | Grant | 837 | — |
| Apr 3, 2026 | KALETA PAUL Jdirector | Grant | 837 | — |
| Apr 3, 2026 | DEMETRIOU STEVEN J.director | Grant | 837 | — |
| Apr 3, 2026 | Croom Jana Tdirector | Grant | 837 | — |
| Mar 13, 2026 | ONEIL JAMES Fdirector | Sell | 7,945 | $50.60 |
| Mar 12, 2026 | K. Jon Taylorofficer: SVP, CFO and Strategy | Sell | 26,800 | $50.94 |
| Mar 10, 2026 | Lisowski Jasonofficer: VP, Controller & CAO | Sell | 3,000 | $50.84 |
| Mar 10, 2026 | Lisowski Jasonofficer: VP, Controller & CAO | Sell | 1,373 | $50.84 |
| Mar 3, 2026 | Park Hyunofficer: SVP & CLO | Grant | 13,941 | — |
| Mar 3, 2026 | Park Hyunofficer: SVP & CLO | Option | 38,656 | — |
| Mar 3, 2026 | Thomas Toby L.officer: Chief Operating Officer | Option | 24,156 | — |
Source: FE SEC Form 4 filings, latest Apr 3, 2026. For informational purposes only — not investment advice.
See the full FE insider & 13F page →FirstEnergy Corp. company profile
Overview
FirstEnergy Corp. (NYSE:FE) is a major regulated electric utility company that was incorporated in 1996 and went public in 1997. Headquartered in Akron, Ohio, the company has evolved from its origins as a traditional electric utility into one of the largest investor-owned electric systems in the United States. FirstEnergy serves approximately 6 million customers across six states in the Mid-Atlantic and Great Lakes regions, operating through a network of subsidiaries that generate, transmit, and distribute electricity. The company has undergone significant strategic transformation in recent years, including the divestiture of its competitive generation assets and a renewed focus on regulated utility operations following regulatory challenges and leadership changes.
Business
FirstEnergy operates as a regulated electric utility in the traditional utility industry, which involves the generation, transmission, and distribution of electricity to residential, commercial, and industrial customers. The electric utility industry is heavily regulated by state public utility commissions and federal agencies, with utilities typically granted monopolistic service territories in exchange for rate regulation and service obligations. The company operates through two primary business segments that reflect the structure of the modern electric grid. The Regulated Distribution segment encompasses the local delivery of electricity to end customers through an extensive network of power lines, substations, and related infrastructure. This segment includes 273,295 miles of overhead pole lines and underground conduit systems that carry primary, secondary, and street lighting circuits directly to homes and businesses. The distribution business represents the largest portion of FirstEnergy's operations and earnings. The Regulated Transmission segment focuses on the high-voltage transportation of electricity across longer distances through 24,074 circuit miles of overhead and underground transmission lines. This segment operates under the PJM Interconnection, a regional transmission organization that coordinates electricity transmission across 13 states. Transmission assets typically earn returns through formula rate mechanisms that provide more predictable revenue streams compared to traditional rate cases. FirstEnergy also owns and operates various electricity generation facilities, including coal-fired, nuclear, hydroelectric, natural gas, wind, and solar power plants, though the company has been transitioning away from competitive generation toward purely regulated utility operations. The company maintains a small mining operation through Signal Peak, though this represents less than 10% of total earnings and is considered a non-core asset targeted for eventual divestiture.
Revenue model
FirstEnergy generates revenue primarily through regulated utility rate structures approved by state public utility commissions in Ohio, Pennsylvania, West Virginia, Maryland, New Jersey, and New York. The company's business model is based on cost-of-service regulation, where utilities are allowed to recover their prudently incurred costs plus earn a regulated return on invested capital. Revenue comes from monthly electric bills paid by approximately 6 million residential, commercial, and industrial customers. The distribution business earns revenue through base distribution rates that recover the costs of maintaining and operating the local electric grid, plus various riders and surcharges for specific programs like grid modernization. The transmission business operates under formula rate mechanisms through PJM, which automatically adjust rates annually based on actual capital investments and operating costs, providing more predictable cash flows. Approximately 75% of FirstEnergy's investments now fall under formula rate programs. Several factors influence FirstEnergy's profitability margins. Weather patterns significantly impact customer demand, with mild winters and summers reducing heating and cooling loads. Economic conditions affect industrial and commercial electricity usage, though the company has limited exposure to heavy industry compared to other utilities. Energy efficiency programs and distributed solar installations can reduce customer demand over time. Regulatory outcomes in rate cases directly impact allowed returns on equity and capital structures, with the company typically seeking returns in the 9-10% range. Capital investment opportunities represent a key margin driver, as utilities earn returns on prudently invested capital. FirstEnergy's $28 billion Energize365 investment program through 2029 focuses on grid modernization, reliability improvements, and system upgrades. Interest rates affect financing costs for capital-intensive operations, while commodity costs for fuel and purchased power can impact margins, though most are passed through to customers. The growing interest in data center connections presents significant load growth opportunities that could drive additional transmission and distribution investments.
Competitive moat
FirstEnergy's competitive moat stems from its position as a regulated monopoly utility serving essential electric service in six states, which provides inherent barriers to entry and relatively predictable cash flows. The company's most significant moat is its exclusive franchise territories granted by state regulators, meaning customers cannot choose alternative providers for distribution services. This creates a natural monopoly due to the impracticality of building duplicate electric infrastructure. The company's extensive transmission and distribution infrastructure represents billions of dollars in sunk costs that would be prohibitively expensive for competitors to replicate. FirstEnergy's 24,074 circuit miles of transmission lines and 273,295 miles of distribution infrastructure create substantial barriers to entry. The company's participation in the PJM regional transmission organization provides additional stability through coordinated planning and cost recovery mechanisms. However, FirstEnergy's moat faces several challenges. Regulatory risk remains significant, as state utility commissions can reduce allowed returns, reject rate increases, or impose additional requirements. The company has faced regulatory scrutiny related to past political activities and corruption investigations, which damaged its reputation and led to leadership changes. Distributed energy resources like rooftop solar and battery storage could potentially reduce customer dependence on the traditional grid over time, though this threat remains limited in FirstEnergy's service territories. Political and environmental pressures to transition toward renewable energy sources may require substantial additional investments while potentially stranding existing assets. The company's historically coal-heavy generation portfolio has required significant capital to comply with environmental regulations. Competition from other utilities for large industrial customers and data centers could pressure margins, though FirstEnergy's transmission capacity provides advantages in serving these high-demand customers. Overall, FirstEnergy maintains a moderate moat through its regulated utility status and infrastructure assets, but regulatory oversight and energy transition challenges limit the strength of these competitive advantages compared to utilities with stronger regulatory relationships and cleaner energy profiles.
Risks & safety
FirstEnergy presents moderate financial risk with some liquidity concerns but manageable debt levels for a utility company. • Liquidity and Cash Position: Limited cash position of $132 million as of Q1 2025, with negative free cash flow of -$368 million indicating heavy capital investment phase. Current ratio of 0.42 suggests potential short-term liquidity pressure. • Debt and Solvency: Debt-to-equity ratio of 1.97 is elevated but typical for utilities undergoing major capital investment programs. Total debt represents reasonable leverage for regulated utility operations with predictable cash flows. • Valuation Metrics: Trading at 16.2x P/E ratio and 1.86x book value, which appears reasonable for a utility. EV/EBITDA of 10.0x is within normal utility ranges. • Credit Profile: Company targeting 14-15% FFO-to-debt ratio improvement, with ongoing efforts to strengthen credit metrics following past regulatory challenges. • Capital Intensity: $28 billion investment program through 2029 requires substantial capital deployment, though management indicates no equity issuance needs beyond employee programs. • Regulatory Overhang: Past compliance issues and ongoing regulatory proceedings create some uncertainty, though recent settlement progress appears constructive.
Recent development
FirstEnergy has undergone significant strategic transformation over the past several years, shifting from a diversified energy company to a purely regulated utility operation. The company completed a major portfolio restructuring by selling stakes in its transmission business, including a 19.9% stake to Brookfield for $2.4 billion in 2022 and an additional 30% stake for $3.5 billion, while retaining operational control. The company launched its Energize365 capital investment program, committing $28 billion through 2029 focused on grid modernization, reliability improvements, and system upgrades. This represents a substantial increase from previous investment levels, with 2025 planned investments of $5 billion compared to historical levels around $3-4 billion annually. Approximately 75% of these investments fall under formula rate mechanisms, providing more predictable cost recovery. Leadership and organizational changes have been central to FirstEnergy's recent development, with Brian Tierney joining as President and CEO, bringing utility industry experience and focusing on decentralized decision-making and operational efficiency. The company has emphasized cultural transformation and continuous improvement initiatives to enhance operational performance. Regulatory strategy evolution has included withdrawing from competitive market activities like the Ohio ESP-5 proceeding and focusing on traditional rate case mechanisms. The company has filed base rate cases across multiple states and achieved settlements in Pennsylvania and Grid Modernization programs in Ohio, seeking to update authorized returns and capital structures while maintaining customer affordability. Load growth opportunities have emerged as a significant strategic focus, particularly around data center development. FirstEnergy has received over 60 large load study requests representing potential gigawatts of new demand, with companies like Meta announcing major data center investments in the company's service territory. This represents a potential inflection point for load growth after years of flat or declining electricity demand. The company has also explored potential regulated generation investments, particularly in West Virginia where coal plants are retiring, representing a possible $3-6 billion investment opportunity over 12-15 years to replace retiring generation with new dispatchable resources under regulated cost recovery mechanisms.
FE company profile · for informational purposes only — not investment advice.
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