FirstEnergy Corp.

FE · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997
Valuation
Market cap	$25,862	$22,926	$21,036	$23,979	$23,714	$17,453	$27,711	$21,411	$13,622	$13,199	$13,423	$16,376	$13,786	$17,456	$17,676	$11,254	$14,121	$14,768	$22,136	$19,537	$16,069	$12,929	$10,701	$9,660	$8,045	$7,020	$5,156	$7,371	$4,550
Enterprise value	$54,291	$48,346	$46,288	$45,956	$46,106	$40,196	$48,082	$40,548	$32,579	$35,552	$35,266	$38,072	$34,221	$36,440	$34,830	$24,968	$28,168	$28,228	$33,793	$30,957	$26,934	$24,000	$22,652	$23,132	$21,740	$13,949	$12,226	$14,776	$12,194
P/E (TTM) at period end	25.35×	23.44×	19.09×	59.06×	18.48×	16.18×	30.52×	21.83×	–	–	23.22×	54.77×	35.17×	22.67×	19.97×	15.17×	16.19×	11.00×	16.91×	15.58×	18.66×	14.74×	25.36×	17.50×	12.45×	11.72×	9.07×	17.94×	14.88×
P/S (TTM) at period end	1.71×	1.70×	1.63×	1.92×	2.13×	1.62×	2.51×	1.90×	0.97×	0.91×	0.89×	1.09×	0.93×	1.14×	1.67×	1.15×	1.09×	1.08×	1.73×	1.70×	1.34×	1.04×	0.87×	0.79×	1.01×	1.00×	0.82×	1.26×	1.61×
P/B at period end	2.07×	1.84×	2.02×	2.36×	2.73×	2.41×	3.97×	3.14×	3.47×	2.11×	1.08×	1.32×	1.09×	1.33×	1.33×	1.25×	1.65×	1.78×	2.47×	2.16×	1.75×	1.51×	1.29×	1.36×	1.09×	1.47×	1.10×	1.61×	1.06×
EV / EBITDA (TTM)	14.03×	12.22×	12.42×	14.24×	13.60×	11.96×	12.90×	10.43×	7.89×	8.83×	8.56×	16.68×	12.29×	11.20×	11.35×	7.77×	8.14×	6.76×	7.38×	8.47×	7.44×	6.59×	6.71×	7.10×	8.17×	5.49×	4.76×	–	–
EV / Sales (TTM)	3.60×	3.59×	3.60×	3.69×	4.14×	3.73×	4.36×	3.60×	2.32×	2.44×	2.35×	2.53×	2.30×	2.39×	3.29×	2.54×	2.17×	2.07×	2.64×	2.69×	2.25×	1.93×	1.84×	1.90×	2.72×	1.98×	1.93×	2.52×	4.32×
Returns
Return on equity	8.2%	7.9%	10.6%	4.0%	14.8%	14.9%	13.0%	14.4%	(43.9%)	(99.0%)	4.7%	2.4%	3.1%	5.9%	6.7%	8.3%	10.2%	16.2%	14.6%	13.9%	9.4%	10.2%	5.1%	7.8%	8.7%	12.5%	12.1%	9.0%	7.1%
Return on invested capital	4.4%	4.7%	5.2%	1.8%	4.4%	6.4%	7.4%	8.8%	–	4.7%	6.7%	3.1%	3.1%	3.9%	3.3%	4.7%	6.1%	8.0%	8.2%	6.3%	4.4%	5.2%	4.1%	5.6%	4.6%	7.9%	7.7%	6.5%	4.3%
Dividend yield	3.9%	4.2%	4.3%	3.7%	3.6%	4.8%	2.9%	3.3%	4.7%	4.6%	4.5%	3.7%	6.7%	5.3%	5.0%	6.0%	4.7%	4.5%	2.8%	3.0%	3.4%	3.8%	4.2%	4.6%	4.2%	4.8%	6.6%	4.6%	5.2%
Financial health
Current ratio	0.57×	0.56×	0.48×	0.61×	0.73×	0.74×	0.50×	0.52×	0.76×	0.41×	0.54×	0.60×	0.53×	0.50×	0.69×	0.79×	0.64×	0.43×	0.43×	0.40×	0.42×	0.61×	0.50×	0.47×	0.54×	0.56×	0.55×	0.49×	0.55×
Debt / equity	2.06×	1.85×	2.27×	2.10×	2.56×	3.36×	2.96×	2.79×	4.84×	3.34×	1.68×	1.69×	1.52×	1.31×	1.18×	1.48×	1.53×	1.39×	1.31×	1.27×	1.19×	1.30×	1.46×	1.92×	1.88×	1.46×	1.53×	1.64×	1.81×
Effective tax rate	18.5%	25.1%	18.2%	69.5%	20.5%	11.2%	19.1%	32.4%	120.3%	48.9%	35.3%	(24.6%)	34.2%	41.9%	39.2%	39.2%	17.7%	36.7%	40.2%	38.7%	46.3%	43.4%	49.0%	44.5%	42.0%	38.6%	41.0%	42.2%	37.5%
Share count
Diluted shares outstanding	578	577	574	572	546	543	542	494	444	426	424	421	419	419	401	305	306	307	310	327	330	328	305	294	230	223	227	226	157

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997
Revenue and gross profit
Revenue	$15,825	$15,090	$13,472	$12,870	$12,459	$11,132	$10,790	$11,035	$11,261	$14,017	$14,562	$15,026	$15,049	$14,892	$15,255	$10,573	$9,820	$12,967	$13,627	$12,802	$11,501	$11,989	$12,453	$12,307	$12,152	$7,999	$7,029	$6,320	$5,861	$2,821
Cost of revenue	($7,370)	($6,825)	($4,376)	($4,646)	($4,593)	($3,445)	($3,070)	($3,424)	($3,647)	–	–	($6,278)	($6,996)	($6,459)	($6,717)	–	–	($5,883)	($5,631)	($5,014)	($4,253)	–	–	–	–	($2,242)	($1,664)	($877)	($984)	–
Gross profit	$8,455	$8,265	$9,096	$8,224	$7,866	$7,687	$7,720	$7,611	$7,614	–	–	$8,748	$8,053	$8,433	$8,538	–	–	$7,090	$7,996	$7,788	$7,248	–	–	–	–	$5,758	$5,365	$5,443	$4,891	–
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	–	–	–	($78)	$72	$382	($477)	($674)	($144)	($102)	($102)	($242)	($835)	$256	($609)	($507)	($190)	($2,697)	($3,045)	–	–	–	–	–	–	–	–	–	–	–
Total operating expenses	($6,144)	($6,059)	($6,721)	($5,958)	($5,956)	($5,961)	($5,558)	($5,101)	($5,112)	–	–	($6,456)	($6,991)	($6,851)	($6,404)	–	–	($5,407)	($5,237)	($4,970)	($5,142)	–	–	–	–	($4,073)	($3,860)	($3,907)	($3,545)	–
Total costs and expenses	($13,514)	($12,884)	($11,097)	($10,604)	($10,549)	($9,406)	($8,628)	($8,525)	($8,759)	($11,589)	($12,508)	($12,734)	($13,987)	($13,310)	($13,121)	($8,896)	($8,077)	($11,284)	($10,868)	($9,984)	($9,395)	($10,327)	($10,661)	($10,666)	($10,062)	($6,314)	($5,524)	($4,784)	($4,515)	($1,999)
Operating income	$2,311	$2,206	$2,375	$2,266	$1,910	$1,726	$2,162	$2,510	$2,502	$2,428	$2,054	$2,292	$1,062	$1,582	$2,134	$1,677	$1,743	$1,683	$2,759	$2,818	$2,106	$1,662	$1,792	$1,641	$2,090	$1,685	$1,505	$1,535	$1,346	$823
Earnings
EBITDA	$3,994	$3,870	$3,956	$3,727	$3,227	$3,390	$3,361	$3,727	$3,886	$4,128	$4,028	$4,118	$2,282	$2,784	$3,253	$3,068	$3,215	$3,459	$4,173	$4,576	$3,653	$3,622	$3,641	$3,377	$3,260	$2,661	$2,540	$2,568	–	–
Interest income	–	–	–	–	–	–	–	$243	$205	$53	$44	($22)	$72	$33	$77	$114	$117	$204	$59	$120	–	–	–	–	–	–	–	–	–	–
Interest expense	($1,293)	($1,217)	($1,144)	($1,124)	($1,039)	($1,141)	($1,065)	($1,033)	($1,116)	($1,005)	($973)	($1,132)	($1,081)	($1,016)	($1,001)	($1,008)	($845)	($978)	($754)	($775)	–	–	–	–	–	–	–	–	–	–
Pre-tax income	$1,661	$1,559	$1,504	$1,464	$1,439	$1,559	$1,129	$1,117	$1,512	$1,426	$1,078	$893	$171	$570	$1,300	$1,443	$1,180	$1,040	$2,116	$2,195	$2,053	$1,627	$1,545	$828	$1,236	$1,129	$976	$963	$763	$490
Income tax expense	($304)	($288)	($377)	($267)	($1,000)	($320)	($126)	($213)	($490)	($1,715)	($527)	($315)	$42	($195)	($545)	($566)	($462)	($184)	($777)	($883)	($795)	($754)	($671)	($406)	($549)	($474)	($377)	($395)	($322)	($184)
Net income	$1,085	$1,020	$978	$1,102	$406	$1,283	$1,079	$912	$1,348	($1,724)	($6,177)	$578	$299	$392	$770	$885	$742	$872	$1,342	$1,309	$1,254	$861	$877	$422	$552	$646	$599	$568	$411	$306
Per share
Diluted EPS (GAAP)	$1.88	$1.76	$1.70	$1.92	$0.71	$2.35	$1.99	$1.68	$1.99	($3.88)	($14.49)	$1.37	$0.71	$0.94	$1.84	$2.21	$2.42	$2.85	$4.38	$4.22	$3.81	$2.61	$2.67	$1.39	$1.88	$2.81	$2.69	$2.50	$1.82	$1.94
Basic EPS (GAAP)	$1.88	$1.77	$1.70	$1.92	$0.71	$2.35	$1.99	$1.70	$1.99	($3.88)	($14.49)	$1.37	$0.71	$0.94	$1.85	$2.22	$2.44	$2.87	$4.41	$4.27	$3.84	$2.62	$2.68	$1.39	$1.89	$2.82	$2.69	$2.50	$1.82	$1.94
Basic shares outstanding	578	577	575	573	571	545	542	535	492	444	426	422	420	418	418	399	304	304	304	306	324	328	327	304	293	230	222	227	226	157
Margins
Gross margin	53.4%	54.8%	67.5%	63.9%	63.1%	69.1%	71.5%	69.0%	67.6%	–	–	58.2%	53.5%	56.6%	56.0%	–	–	54.7%	58.7%	60.8%	63.0%	–	–	–	–	72.0%	76.3%	86.1%	83.5%	–
Operating margin	14.6%	14.6%	17.6%	17.6%	15.3%	15.5%	20.0%	22.7%	22.2%	17.3%	14.1%	15.3%	7.1%	10.6%	14.0%	15.9%	17.7%	13.0%	20.2%	22.0%	18.3%	13.9%	14.4%	13.3%	17.2%	21.1%	21.4%	24.3%	23.0%	29.2%
Net margin	6.9%	6.8%	7.3%	8.6%	3.3%	11.5%	10.0%	8.3%	12.0%	(12.3%)	(42.4%)	3.8%	2.0%	2.6%	5.0%	8.4%	7.6%	6.7%	9.8%	10.2%	10.9%	7.2%	7.0%	3.4%	4.5%	8.1%	8.5%	9.0%	7.0%	10.8%

Analyst consensus

Hold28 analysts

Bearish · 0 · Hold · 16 · Bullish · 12

Earnings history

	EPS	Estimate
Q3 2024	$0.85	$0.90	Miss
Q4 2024	$0.67	$0.71	Miss
Q1 2025	$0.67	$0.61	Beat
Q2 2025	$0.52	$0.49	Beat
Q3 2025	$0.83	$0.74	Beat
Q4 2025	$0.53	$0.54	Miss
Q1 2026	$0.72	$0.72	Match
Q2 2026	$0.50	$0.50	Match

Peers

Company overview

IPO dateNov 10, 1997

CEOBrian X. Tierney

Employees11,186

SectorUtilities

IndustryRegulated Electric

CountryUS

ExchangeNew York Stock Exchange

Websitewww.firstenergycorp.com

FirstEnergy Corp. is an American utility company that, through its subsidiaries, provides comprehensive electricity services, encompassing generation, transmission, and distribution throughout the United States. Its operations are structured into Regulated Distribution and Regulated Transmission segments. The company leverages a diverse portfolio of power sources, operating facilities that produce electricity from coal, nuclear, hydroelectric, natural gas, wind, and solar technologies. Its vast infrastructure includes 24,074 circuit miles of overhead and underground transmission lines, complemented by an extensive electric distribution network featuring 273,295 miles of overhead pole lines and underground conduits for primary, secondary, and street lighting circuits. FirstEnergy serves approximately 6 million customers across six states: Ohio, Pennsylvania, West Virginia, Maryland, New Jersey, and New York. The corporation was established in 1996 and is based in Akron, Ohio.

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