# FirstEnergy Corp. (FE)

> Source: Nexqual · https://nexqual.com/FE · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, FirstEnergy Corp. (FE), nexqual.com/FE" · informational, not investment advice.

**Price:** USD 46.49 (+2.15% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 45.51 · day 45.57–46.54 · 52w 42.67–52.34 · market cap $26.9B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $15.8B, net income $1.08B (6.9% margin), free cash flow -$1.95B (SEC filings).
- Valuation: P/E 24.8x (avg 22.7x at the last 3 fiscal year-ends), EV/EBITDA 13.8x, net debt $28.4B.
- Earnings quality: non-operating income -$650M vs operating income $2.31B over the last four quarters; P/E excluding non-operating income ≈16.6x (estimate: non-operating income taxed at the company's 18.3% effective rate).
- Total return with dividends: 1Y +4.0% vs S&P 500 +14.9%; 5Y +50.9% vs S&P 500 +80.3%.
- Next earnings: 2026-10-27, EPS estimate USD 0.9, revenue estimate $4.29B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $11.1B | $12.5B | $12.9B | $13.5B | $15.1B | $15.8B |
| Operating income | $1.73B | $1.91B | $2.27B | $2.38B | $2.21B | $2.31B |
| Net income | $1.28B | $406M | $1.10B | $978M | $1.02B | $1.08B |
| EPS (diluted) | $2.35 | $0.71 | $1.92 | $1.70 | $1.76 | — |
| Free cash flow | $324M | -$165M | -$1.97B | -$1.14B | -$1.00B | -$1.95B |
| Operating margin | 15.5% | 15.3% | 17.6% | 17.6% | 14.6% | 14.6% |
| Net margin | 11.5% | 3.3% | 8.6% | 7.3% | 6.8% | 6.9% |
| Revenue growth | +3.2% | +11.9% | +3.3% | +4.7% | +12.0% | — |
| Cash + short-term investments | $1.46B | $160M | $137M | $111M | $57.0M | — |
| Total debt | $23.9B | $21.6B | $24.1B | $23.5B | $26.2B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 24.8x · P/E ex non-operating (est.) ≈16.6x · P/S 1.7x · EV/EBITDA 13.8x · EV/Sales 3.5x · P/B 2.1x · FCF yield -7.26% · Earnings yield 4.03% · Dividend yield (paid, TTM) 3.87% · Net debt $28.4B · EV $55.3B
P/E at fiscal year-ends: Dec 2025 25.4x, Dec 2024 23.5x, Dec 2023 19.1x.

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-22 | HSBC | Initiated | Buy | $50 |
| 2026-10-21 | Morgan Stanley | Target raised | Overweight | $49 → $50 |
| 2026-10-19 | JP Morgan | Target lowered | Neutral | $52 → $50 |
| 2026-10-12 | Barclays | Target lowered | Overweight | $54 → $49 |
| 2026-09-18 | Morgan Stanley | Target lowered | Overweight | $52 → $49 |
| 2026-08-21 | Morgan Stanley | Target lowered | Overweight | $53 → $52 |
| 2026-07-31 | Barclays | Target lowered | Overweight | $55 → $54 |
| 2026-07-20 | Barclays | Target raised | Overweight | $53 → $55 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +4.0% | +50.9% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +4.0% | +8.6% |
| Volatility (annualized) | 16.3% | 19.4% |
| Max drawdown | -15.4% (Apr 2026→Sep 2026) | -23.7% (Apr 2022→Jun 2022) |

## Peers (Utilities - Regulated Electric)
CNP (CenterPoint Energy, Inc (Holdin) USD 41.2 +2.18% · PPL (PPL Corporation) USD 35.35 +2.23% · DTE (DTE Energy Company) USD 133.06 +2.63% · ES (Eversource Energy (D/B/A)) USD 67.84 +3.41% · FTS (Fortis Inc.) USD 57.88 +3.41% · AEE (Ameren Corporation) USD 108.94 +2.31%

## More
Full page: https://nexqual.com/FE · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Distribution | $1.71B | 46.6% | +2.3% |
| Integrated | $1.43B | 39.0% | +13.7% |
| Stand-Alone Transmission | $544.0M | 14.8% | +19.3% |
| Regulated Transmission | $544.0M | 14.8% | +19.3% |
| Total revenue | $3.68B | 100% | — |
The lines above cover 115.2% of total revenue.

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Distribution services and retail generation | $2.79B | 75.8% | +3.3% |
| Transmission | $686.0M | 18.7% | +22.1% |
| Other | $205.0M | 5.6% | +70.8% |
| Transmission | $149.0M | 4.1% | +34.2% |
| Other revenue from contracts with customers | $18.0M | 0.5% | -10.0% |
| Other revenue unrelated to contracts with customers | $17.0M | 0.5% | -15.0% |
| Wholesale | $5.0M | 0.1% | +66.7% |
| Total revenue | $3.68B | 100% | — |
The lines above cover 105.1% of total revenue.

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.90 | $0.93 | -3.0% | $4.29B | 11 |
| Next quarter (ends 2026-12-31) | $0.62 | $0.60 | +3.1% | $3.83B | 9 |
| Current fiscal year (ends 2026-12-31) | $2.73 | $2.74 | -0.1% | $15.87B | 14 |
| Next fiscal year (ends 2027-12-31) | $2.95 | $2.95 | -0.2% | $16.77B | 16 |