FirstEnergy Corp.FE
NYSE•Utilities•Utilities - Regulated Electric
FirstEnergy Corp., together with its subsidiaries, engages in the generation, distribution, and transmission of electricity in the United States. It operates through Distribution, Integrated, and Stand-Alone Transmission segments. The company owns and operates coal-fired, nuclear, hydroelectric, wind, and solar power generating facilities. The company operates 252,959 distribution line miles and 24,157 transmission line miles, including overhead pole line and underground conduit carrying primary, secondary, and street lighting circuits. The company serves customers in Ohio, Pennsylvania, New Jersey, West Virginia, Maryland, and New York. FirstEnergy Corp. was incorporated in 1996 and is headquartered in Akron, Ohio.
FirstEnergy Corp. (FE) reported trailing twelve months revenue of $15.53B as of March 2026, a 11.3% increase year-over-year. Quarterly revenue reached $4.20B, reflecting continued top-line momentum.
FirstEnergy Corp. generated $1.06B in TTM net income, with quarterly EBITDA of $828.00M. The operating margin contracted from 20.0% to 19.7%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (19.7%) and net margin (9.6%) indicates moderate non-operating costs. Net margin has improved from 9.6% a year ago, signaling stronger bottom-line efficiency.
FE trades at a P/E of 25.7x (in line with broad market averages) and a P/S of 1.8x. The price-to-book ratio of 2.2x reflects a moderate premium to book value.
The company reported negative free cash flow of $-1.11B, indicating cash consumption over the period. The balance sheet shows $56.92B in total assets with $26.33B in long-term debt against $12.65B in stockholders equity for a debt-to-equity ratio of 2.1, a relatively leveraged position. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are under pressure, averaging 16.2%. The business may lack pricing power or face rising costs.'
ROE is positive at ~8.5% on average, adequate but below the threshold typically associated with wide moats.
Only 1 of the last 8 quarters had positive FCF — the business may require external capital to sustain operations.
TTM revenue has grown consistently (7 of 7 quarters up), with ~17.6% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Operating margins declined 18.9% — watch for continued compression, which may signal competitive or cost pressure.
Free cash flow has been negative in 7 of the last 8 quarters — earnings are not translating to cash.
D/E ratio of 2.1 is elevated and rising. Monitor for further debt accumulation.
Revenue is stable or growing over recent quarters — demand appears durable.
The last 7 consecutive quarters had negative FCF — the company is burning cash and may need external funding.
Share count is stable — no significant dilution or buyback activity.