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Regulated electric transmission-and-distribution utility serving Ohio, Pennsylvania, New Jersey and other mid-Atlantic states.
Regulated electric transmission-and-distribution utility serving Ohio, Pennsylvania, New Jersey and other mid-Atlantic states.
Earns an allowed return on its wires, with transmission paid on formula rates that adjust to investment each year. Its old power-plant arm went through a 2018 bankruptcy and was split off, so it is now almost entirely regulated networks. A 2020 Ohio bribery scandal led to a settlement with federal prosecutors and a leadership overhaul.
Moat: narrow (regulatory licence, scale). Regulated state monopoly distribution territories under cost-of-service rate recovery.
Headquarters: Akron, Ohio, US · Founded: 1997 · Employees: 11,186
Size FirstEnergy (FE) is a United States Utilities company (Electric Utilities) with a market value of $26.9B, the 401st largest of 3,117 United States companies the cockpit tracks. Shares closed at $46.43 on 6 Nov 2026.
Performance Over six months the shares gained 4.7%, against -1.7% for the median peer and -1.1% for the United States market (cap-weighted) — 7th highest of 21 in its peer set.
Growth Revenue grew 12.2% over the last twelve months (peer median +7.1%); the operating margin is 18.7% (peer median 24.3%).
Valuation It trades at 16.1× forward earnings against a peer median of 17.8× (7th cheapest of 20).
Capital Return on invested capital runs 0.6 points below its cost of capital (6.0% WACC).
Credit FirstEnergy has 10 bonds outstanding ($7.76B), rated BBB by the agencies and trading like BBB+ at a weighted spread of 89 bp.
Short interest Short interest is 5.4% of the free float (15 Oct 2026).
Next results Next results expected around 11 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $16.2B | $15.1B | $13.5B | $12.9B | $12.5B |
| Revenue growth | — | +12% | +5% | +3% | — |
| Gross profit | $4.41B | $4.18B | $3.59B | $3.43B | $3.04B |
| EBITDA | $3.86B | $4.39B | $3.73B | $3.47B | $2.92B |
| Net income | $1.20B | $1.02B | $978M | $1.10B | $406M |
| Free cash flow | -$2.16B | -$1.00B | -$1.14B | -$1.97B | -$73.0M |
| Capital expenditure | $5.35B | $4.71B | $4.03B | $3.36B | $2.76B |
| Total debt | $30.1B | $26.8B | $24.3B | $25.1B | $21.9B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| FirstEnergy FE | $26.9B | +5% | +12% | 19% | 16.1× | n/a |
| American Electric Power AEP | $68.9B | -3% | +10% | 24% | 18.5× | n/a |
| Exelon EXC | $47.2B | +5% | +7% | 20% | 15.2× | n/a |
| PPL PPL | $26.9B | 0% | +7% | 24% | 17.0× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | FE | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +3.5% | +6.3% | 6th lowest of 21 |
| 6-month return | +4.7% | -1.7% | 7th highest of 21 |
| Distance from 52-week high | -10.4% | -9.4% | 8th lowest of 21 |
| Revenue growth (TTM) | +12.2% | +7.1% | 4th highest of 21 |
| Operating margin | 18.7% | 24.3% | 6th lowest of 21 |
| Forward P/E | 16.1× | 17.8× | 7th cheapest of 20 |
| ROIC minus cost of capital | -0.6 pp | -1.1 pp | 8th highest of 21 |
| EV / EBITDA | 15.1× | 12.5× | 4th most expensive of 18 |
| Net debt / EBITDA | 7.8× | 5.3× | most indebted of 18 |
| Bond spread | 89 bp | 79 bp | 4th widest of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| FirstEnergy FE | United States | $26.9B | +5% | +12% | 19% | 16.1× | n/a | n/a |
| PPL PPL | United States | $26.9B | 0% | +7% | 24% | 17.0× | n/a | n/a |
| CenterPoint Energy CNP | United States | $27.0B | -2% | +8% | 24% | 19.9× | n/a | n/a |
| Eversource Energy ES | United States | $26.3B | +6% | +8% | 22% | 14.3× | -8.6% | +8.8% |
| Clp 0002.HK | Hong Kong | $26.1B | +7% | -2% | 16% | 17.9× | 1.6% | +2.0% |
| DTE Energy DTE | United States | $28.1B | -3% | +18% | 13% | 16.6× | n/a | n/a |
| Power Grid Corporation of India POWERGRID.NS | India | $25.6B | -17% | +3% | 55% | 14.4× | n/a | n/a |
| PG&E PCG | United States | $28.6B | -19% | +4% | 20% | 7.4× | n/a | n/a |
| Hydro One H.TO | Canada | $24.7B | -2% | +9% | 24% | 24.5× | n/a | n/a |
| Orsted ORSTED.CO | Denmark | $29.5B | -8% | +15% | 2% | 20.4× | n/a | n/a |
| China National Nuclear Power 601985.SS | China | $29.8B | +7% | -2% | 27% | 26.1× | n/a | n/a |
| ENBW Energie Baden-Wuerttemberg EBK.DE | Germany | $24.2B | -3% | +9% | 5% | n/a | 5.2% | +11.8% |
| Huaneng Lancang River Hydropower 600025.SS | China | $30.7B | +15% | +4% | 48% | 23.1× | 3.8% | +6.6% |
| Fortum FORTUM.HE | Finland | $23.3B | +15% | +14% | 17% | 23.4× | 9.2% | -36.7% |
| Fortis FTS.TO | Canada | $31.0B | +11% | +4% | 28% | 22.5× | n/a | n/a |
| Ameren AEE | United States | $31.2B | +4% | +4% | 25% | 20.0× | n/a | n/a |
| Edison International EIX | United States | $22.8B | -14% | +3% | 27% | 9.2× | n/a | n/a |
| CGN Power 1816.HK | Hong Kong | $32.3B | -1% | -16% | 31% | 13.8× | n/a | n/a |
| Terna TRN.MI | Italy | $22.0B | -2% | +11% | 42% | 17.8× | n/a | n/a |
| NTPC NTPC.NS | India | $33.2B | -19% | +7% | 20% | 12.3× | n/a | n/a |
| CMS Energy CMS | United States | $21.7B | -5% | +8% | 20% | 17.1× | n/a | n/a |
FirstEnergy has 10 bonds outstanding with $7.76B face value. The agencies rate it BBB; its bonds trade like BBB+. Weighted yield 5.77%, a spread of 89 bp over government bonds.