FE
FirstEnergy Corp.
FE's fundamentals are weak: its operating margin fell 5 points to 15% and free cash flow was negative, though revenue grew 12%. At 22x earnings, it's trading right at its usual valuation. Analysts expect earnings growth, though they disagree widely on how much.
FE Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Weak | |
| Weak |
FE's profitability is currently healthy, and its revenue is stable, but its cash flow and balance sheet are weak.
FE PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 16x | $46.50 | — |
| Cheap | 19x | $38.99 | -16% |
| Fair | 22x | $46.73 | +0.5% |
| Current | 22x | $46.50 | — |
| Expensive | 32x | $66.22 | +42% |
Historical ranges are pointers, not guarantees.
FE's PE is in its fair range at 22x. If earnings grow as analysts expect, today's price would be 16x next year's earnings, in its cheap range.
FE Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Growth | |
| Growth | |
| Strongly weakening | |
| Limited | |
| Low |
Analysts expect earnings and revenue growth for FE, but weaker profitability. However, they disagree widely on these estimates.
FE Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $2.88 | +38% |
| Q3 2026 | $2.08 | -9.2% |
| Q2 2026 | $1.88 | -17% |
| Q1 2026 | $1.84 | -2.1% |
| Q4 2025 | $1.76 | +3.5% |
| Q3 2025 | $2.29 | +47% |
| Q2 2025 | $2.26 | +49% |
| Q1 2025 | $1.88 | +1.6% |
| Q4 2024 | $1.70 | -11% |
FE earned $2.08 per share over the past year, down 9.2% from the year before.
FE Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $4.6B | +9.9% |
| Q2 2026 | $3.7B | +8.8% |
| Q1 2026 | $4.2B | +12% |
| Q4 2025 | $3.8B | +20% |
| Q3 2025 | $4.1B | +11% |
| Q2 2025 | $3.4B | +3% |
| Q1 2025 | $3.8B | +15% |
| Q4 2024 | $3.2B | +1% |
FE's revenue has grown year over year for 11 quarters in a row: $4.6B last quarter, up 9.9% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 21% | +0.5 points |
| Q2 2026 | 18% | -0.7 points |
| Q1 2026 | 20% | -0.3 points |
| Q4 2025 | -0.6% | -20 points |
| Q3 2025 | 20% | +0.5 points |
| Q2 2025 | 19% | +6.2 points |
| Q1 2025 | 20% | +1.4 points |
| Q4 2024 | 19% | +1.3 points |
FE's operating margin was 21% last quarter, up 0.5 points from the same quarter a year ago.
FE Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$666M | -$195M |
| Q2 2026 | -$356M | -$220M |
| Q1 2026 | -$1.1B | -$739M |
| Q4 2025 | -$30M | +$220M |
| Q3 2025 | -$471M | -$242M |
| Q2 2025 | -$136M | -180% |
| Q1 2025 | -$368M | +$462M |
| Q4 2024 | -$250M | -$118M |
FE has burned cash in most quarters: −$2.2B over the past year, against −$1.2B the year before.
FE Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.2% | +1M shares |
| 1 year | +0.3% | +2M shares |
| 3 years | +1% | +6M shares |
| 5 years | +6.4% | +35M shares |
| Available history | +7% | +38M shares |
FE has 580M diluted shares, about the same as a year ago.
FE Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 7.3x | High |
| Q2 2026 | 7.2x | High |
| Q1 2026 | 7.1x | High |
| Q4 2025 | 6.9x | High |
| Q3 2025 | 5.8x | High |
| Q2 2025 | 5.8x | High |
| Q1 2025 | 6.0x | High |
| Q4 2024 | 6.0x | High |
FE's net debt is about 7.3 years of its operating earnings (EBITDA), up from 5.8 years a year ago.
FE Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 50.1 | Neutral |
| Stochastic | 60.8 | Neutral |
FE's weekly RSI is 50 (neutral) and its Stochastic is 61 (neutral).
FE PE vs Utilities Sector
| Metric | FE | Sector median | Relative |
|---|---|---|---|
| PE | 22x | 20x | 9.6% above |
| PE % | 49 | 44 | 5 pts above |
FE is trading at 22x earnings, in line with the Utilities sector's median of 20x.
FE Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $45.5 | 2.2% above |
| 20 week MA | $46.6 | 0.2% below |
| 50 week MA | $47.2 | 1.4% below |
| 100 week MA | $44.7 | 4.1% above |
| 200 week MA | $41.9 | 11% above |
FE's trend is mixed: it's above three of its five weekly moving averages, and 11% above its 200-week average.
FE Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $48.4 | $29.7 | -39% |
| 2021 | $29.7 | $40.5 | +37% |
| 2022 | $40.5 | $42.0 | +3.6% |
| 2023 | $42.0 | $36.7 | -13% |
| 2024 | $36.7 | $39.7 | +8.2% |
| 2025 | $39.7 | $44.9 | +13% |
| 2026 YTD | $44.9 | $46.5 | +3.7% |
FE has finished higher in four of the last six years. It's up 3.7% so far in 2026.