FirstEnergy (FE)
Market Price (5/13/2026): $44.71 | Market Cap: $25.8 BilSector: Utilities | Industry: Electric Utilities
FirstEnergy (FE)
Market Price (5/13/2026): $44.71Market Cap: $25.8 BilSector: UtilitiesIndustry: Electric Utilities
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.1%, Dividend Yield is 4.0%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.8% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 21%, CFO LTM is 3.2 Bil Low stock price volatilityVol 12M is 15% Megatrend and thematic driversMegatrends include Smart Grids & Grid Modernization, Electrification of Everything, and Renewable Energy Transition. Themes include Grid Automation, Show more. | Weak multi-year price returns2Y Excs Rtn is -19%, 3Y Excs Rtn is -51% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 108% Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -11% Key risksFE key risks include [1] substantial legal, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.1%, Dividend Yield is 4.0%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.8% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 21%, CFO LTM is 3.2 Bil |
| Low stock price volatilityVol 12M is 15% |
| Megatrend and thematic driversMegatrends include Smart Grids & Grid Modernization, Electrification of Everything, and Renewable Energy Transition. Themes include Grid Automation, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -19%, 3Y Excs Rtn is -51% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 108% |
| Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -11% |
| Key risksFE key risks include [1] substantial legal, Show more. |
Qualitative Assessment
AI Analysis | Feedback
1. Consistent Financial Performance and Reaffirmed Outlook. FirstEnergy reported Q4 2025 earnings on February 17, 2026, with adjusted earnings per share (EPS) of $0.53, meeting analysts' estimates, and revenue of $3.797 billion, beating estimates by $540.96 million. For Q1 2026, reported on April 28, 2026, the company achieved Core Earnings of $0.72 per share, a 7.5% increase year-over-year, and revenue of $4.2 billion, surpassing estimates by $283.04 million. FirstEnergy reaffirmed its 2026 core EPS guidance of $2.62 to $2.82 per share and a long-term core EPS compound annual growth rate (CAGR) near the top end of 6-8% through 2030, indicating stable financial projections. Additionally, on February 11, 2026, the company declared a quarterly dividend of 46.5 cents per share, a 4.5% increase, signaling confidence in its financial health.
2. Significant Capital Investment in Infrastructure. The company is executing its substantial Energize365 capital investment plan, reaffirming $6 billion in investments for 2026 and a total of $36 billion from 2026 through 2030. These investments are largely focused on regulated transmission and distribution infrastructure, which are typically formula-rate-backed and support rate base and EPS growth. Key project approvals within this period include a major electric transmission project in central Ohio, a joint venture with Transource Energy, approved on February 16, 2026, to support rising electricity demand. Furthermore, FirstEnergy Transmission was awarded projects by PJM Interconnection on March 2, 2026, to invest approximately $950 million in modernizing equipment and upgrading substations in Ohio and Pennsylvania.
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Stock Movement Drivers
Fundamental Drivers
The -3.7% change in FE stock from 1/31/2026 to 5/12/2026 was primarily driven by a -25.4% change in the company's Net Income Margin (%).| (LTM values as of) | 1312026 | 5122026 | Change |
|---|---|---|---|
| Stock Price ($) | 46.41 | 44.71 | -3.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 14,469 | 15,527 | 7.3% |
| Net Income Margin (%) | 9.2% | 6.9% | -25.4% |
| P/E Multiple | 20.1 | 24.3 | 20.5% |
| Shares Outstanding (Mil) | 577 | 578 | -0.2% |
| Cumulative Contribution | -3.7% |
Market Drivers
1/31/2026 to 5/12/2026| Return | Correlation | |
|---|---|---|
| FE | -3.7% | |
| Market (SPY) | 7.0% | -7.7% |
| Sector (XLU) | 5.2% | 63.5% |
Fundamental Drivers
The 0.5% change in FE stock from 10/31/2025 to 5/12/2026 was primarily driven by a 25.7% change in the company's P/E Multiple.| (LTM values as of) | 10312025 | 5122026 | Change |
|---|---|---|---|
| Stock Price ($) | 44.50 | 44.71 | 0.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 14,469 | 15,527 | 7.3% |
| Net Income Margin (%) | 9.2% | 6.9% | -25.4% |
| P/E Multiple | 19.3 | 24.3 | 25.7% |
| Shares Outstanding (Mil) | 577 | 578 | -0.2% |
| Cumulative Contribution | 0.5% |
Market Drivers
10/31/2025 to 5/12/2026| Return | Correlation | |
|---|---|---|
| FE | 0.5% | |
| Market (SPY) | 8.8% | -5.2% |
| Sector (XLU) | 2.9% | 64.3% |
Fundamental Drivers
The 9.6% change in FE stock from 4/30/2025 to 5/12/2026 was primarily driven by a 11.9% change in the company's P/E Multiple.| (LTM values as of) | 4302025 | 5122026 | Change |
|---|---|---|---|
| Stock Price ($) | 40.78 | 44.71 | 9.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 13,950 | 15,527 | 11.3% |
| Net Income Margin (%) | 7.8% | 6.9% | -11.8% |
| P/E Multiple | 21.7 | 24.3 | 11.9% |
| Shares Outstanding (Mil) | 577 | 578 | -0.2% |
| Cumulative Contribution | 9.6% |
Market Drivers
4/30/2025 to 5/12/2026| Return | Correlation | |
|---|---|---|
| FE | 9.6% | |
| Market (SPY) | 34.6% | -3.1% |
| Sector (XLU) | 17.8% | 66.1% |
Fundamental Drivers
The 28.6% change in FE stock from 4/30/2023 to 5/12/2026 was primarily driven by a 112.5% change in the company's Net Income Margin (%).| (LTM values as of) | 4302023 | 5122026 | Change |
|---|---|---|---|
| Stock Price ($) | 34.76 | 44.71 | 28.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 12,701 | 15,527 | 22.3% |
| Net Income Margin (%) | 3.2% | 6.9% | 112.5% |
| P/E Multiple | 48.5 | 24.3 | -50.0% |
| Shares Outstanding (Mil) | 572 | 578 | -1.0% |
| Cumulative Contribution | 28.6% |
Market Drivers
4/30/2023 to 5/12/2026| Return | Correlation | |
|---|---|---|
| FE | 28.6% | |
| Market (SPY) | 84.4% | 12.7% |
| Sector (XLU) | 43.6% | 71.0% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| FE Return | 42% | 5% | -9% | 13% | 17% | 2% | 83% |
| Peers Return | 19% | 2% | -9% | 17% | 17% | 8% | 65% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 8% | 97% |
Monthly Win Rates [3] | |||||||
| FE Win Rate | 75% | 67% | 42% | 67% | 67% | 40% | |
| Peers Win Rate | 55% | 62% | 53% | 62% | 65% | 56% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 60% | |
Max Drawdowns [4] | |||||||
| FE Max Drawdown | -4% | -12% | -20% | -2% | -4% | -0% | |
| Peers Max Drawdown | -8% | -13% | -20% | -6% | -3% | -1% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: AEP, EXC, D, DUK, SO. See FE Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 5/12/2026 (YTD)
How Low Can It Go
| Event | FE | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -17.7% | -9.5% |
| % Gain to Breakeven | 21.6% | 10.5% |
| Time to Breakeven | 210 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -11.3% | -24.5% |
| % Gain to Breakeven | 12.8% | 32.4% |
| Time to Breakeven | 42 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -36.4% | -33.7% |
| % Gain to Breakeven | 57.1% | 50.9% |
| Time to Breakeven | 744 days | 140 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -13.0% | -3.7% |
| % Gain to Breakeven | 15.0% | 3.9% |
| Time to Breakeven | 77 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -15.5% | -12.2% |
| % Gain to Breakeven | 18.4% | 13.9% |
| Time to Breakeven | 116 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -10.5% | -6.8% |
| % Gain to Breakeven | 11.7% | 7.3% |
| Time to Breakeven | 25 days | 15 days |
In The Past
FirstEnergy's stock fell -6.7% during the 2025 US Tariff Shock. Such a loss loss requires a 7.1% gain to breakeven.
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| Event | FE | S&P 500 |
|---|---|---|
| 2020 COVID-19 Crash | ||
| % Loss | -36.4% | -33.7% |
| % Gain to Breakeven | 57.1% | 50.9% |
| Time to Breakeven | 744 days | 140 days |
| 2013 Taper Tantrum | ||
| % Loss | -31.2% | -0.2% |
| % Gain to Breakeven | 45.4% | 0.2% |
| Time to Breakeven | 1611 days | 1 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -49.2% | -53.4% |
| % Gain to Breakeven | 96.8% | 114.4% |
| Time to Breakeven | 3737 days | 1085 days |
In The Past
FirstEnergy's stock fell -6.7% during the 2025 US Tariff Shock. Such a loss loss requires a 7.1% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About FirstEnergy (FE)
AI Analysis | Feedback
Here are 1-2 brief analogies for FirstEnergy (FE):
- FirstEnergy is like a large, multi-state water or natural gas utility, but for electric power.
- FirstEnergy is essentially the electricity version of a major telecom provider like AT&T or Verizon.
AI Analysis | Feedback
FirstEnergy (FE) primarily provides services related to the electricity utility industry.
- Electricity Generation: FirstEnergy produces electricity using a diverse portfolio of power sources, including fossil fuels, nuclear, hydroelectric, and renewable energy.
- Electricity Transmission: FirstEnergy operates and maintains extensive high-voltage transmission lines that transport electricity from power plants to local distribution networks.
- Electricity Distribution: FirstEnergy manages a vast network of power lines and infrastructure to deliver electricity directly to approximately 6 million residential, commercial, and industrial customers.
AI Analysis | Feedback
```htmlFirstEnergy (symbol: FE) is an electricity utility company that primarily sells electricity directly to end-users rather than to a few major corporate customers.
The company serves approximately 6 million customers across Ohio, Pennsylvania, West Virginia, Maryland, New Jersey, and New York.
Its customer base can be broadly categorized into the following three types:
- Residential Customers: Individual households and families who use electricity for their homes.
- Commercial Customers: Businesses of various sizes, including offices, retail stores, restaurants, and other service-oriented establishments.
- Industrial Customers: Large-scale manufacturing plants, factories, and other industrial operations that require significant amounts of electricity.
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Brian X. Tierney, Board Chair, President and Chief Executive Officer
Brian X. Tierney joined FirstEnergy in June 2023. Prior to this, he served as a Senior Managing Director and Global Head of Operations and Asset Management for Blackstone Infrastructure Partners, a private equity firm, which he joined in 2021. He spent over 23 years at American Electric Power (AEP) in various senior leadership roles, including Executive Vice President of Strategy and Executive Vice President and Chief Financial Officer from 2009-2020. As CFO at AEP, he oversaw finance, accounting, strategy, procurement, supply chain, and fleet operations. He also held the position of Executive Vice President – AEP Utilities East. Earlier in his career, he worked for a subsidiary of Enron Corp. Tierney also served as a United States Peace Corps Volunteer.
Jon A. Taylor, Senior Vice President and Chief Financial Officer
Jon A. Taylor joined FirstEnergy in 2009. He is responsible for accounting, treasury, investor relations, risk, and strategy. Taylor has held several senior financial positions within FirstEnergy, including Assistant Controller for FirstEnergy Utilities and FirstEnergy Solutions, Vice President and Assistant Controller for FirstEnergy Corp., and Vice President, Controller and Chief Accounting Officer. In March 2018, he was named President of Ohio Operations, and in April 2019, he became Vice President, FirstEnergy Utilities, before being elected Senior Vice President and Chief Financial Officer in May 2020. Before joining FirstEnergy, he worked at PricewaterhouseCoopers, LLP.
Toby L. Thomas, Chief Operating Officer
Toby L. Thomas joined FirstEnergy in November 2023. He is responsible for a wide array of transmission and distribution business functions, including planning and protection, engineering and standards, project and construction management, real-time system operations, support operations, and customer care operations. Before joining FirstEnergy, Thomas was the Senior Vice President, Energy Delivery, for American Electric Power.
Hyun Park, Senior Vice President and Chief Legal Officer
Hyun Park joined FirstEnergy in 2021. He leads the company's legal, internal audit, and ethics and compliance functions. Prior to FirstEnergy, he was a Partner and General Counsel for LimNexus LLP, which he joined in October 2019. Before that, he was Of Counsel at Latham & Watkins LLP. From 2006 to 2017, Park served as Senior Vice President and General Counsel for PG&E Corporation and its principal subsidiary, Pacific Gas and Electric Company. His previous executive leadership roles include Vice President, General Counsel and Secretary of Allegheny Energy, Inc. and Senior Vice President, General Counsel and Secretary of Sithe Energies, Inc. He began his legal career at Latham & Watkins, where he became an equity partner.
Wade Smith, President, FirstEnergy Utilities
Wade Smith joined FirstEnergy in December 2023. In this role, he is responsible for overseeing FirstEnergy's Distribution, Integrated and Stand-Alone Transmission business segments, as well as External Affairs. Smith brings over three decades of experience in utility leadership. Most recently, he served as Chief Operating Officer of Puget Sound Energy. Before his time at Puget Sound Energy, Smith spent nearly 32 years at American Electric Power.
AI Analysis | Feedback
The key risks for FirstEnergy (FE) are primarily centered around ongoing regulatory and legal challenges, the increasing impact of extreme weather events, and its relatively high debt levels.
- Regulatory and Legal Risks: FirstEnergy faces significant and ongoing risks stemming from regulatory scrutiny and legal actions, particularly those related to the House Bill 6 (HB6) bribery scandal. This scandal involved a scheme to secure a nuclear plant bailout, leading to federal investigations, civil lawsuits, and substantial financial settlements. The company continues to navigate ongoing state regulatory investigations related to HB6, which can impact its business operations and financial condition. Heightened regulatory oversight and evolving federal and state regulations could affect FirstEnergy's ability to recover costs and influence its financial performance.
- Extreme Weather Events and Climate Change Physical Risks: As an electric utility, FirstEnergy is highly susceptible to the increasing frequency and intensity of extreme weather events, which pose significant operational and financial challenges. Severe windstorms, for example, have recently caused widespread power outages, requiring extensive repair efforts and incurring substantial expenses. These physical risks, including events like flooding and wildfires, can negatively impact FirstEnergy's generation, transmission, and distribution infrastructure, potentially disrupting supply chains and operational efficiency. The company is responding with substantial capital investments in grid modernization to enhance resilience, but the costs and impacts remain a critical risk.
- High Leverage/Debt: FirstEnergy carries a notable level of debt, which presents a financial risk compared to its industry peers. As of March 31, 2023, the company reported a net debt of $22.549 billion against shareholders' equity of $10.731 billion, resulting in a net debt-to-equity ratio of 2.10. This higher reliance on debt can impact the company's financial flexibility, increase its cost of capital, and potentially raise concerns regarding compliance with debt covenants.
AI Analysis | Feedback
The clear emerging threat for FirstEnergy is the proliferation of customer-sited distributed generation and energy storage technologies. This includes rooftop solar panels combined with battery storage systems, which enable customers to generate and store their own electricity. This trend directly threatens FirstEnergy's traditional business model by reducing customer reliance on its centralized generation, transmission, and distribution infrastructure, thereby decreasing electricity sales and volumetric revenue.
AI Analysis | Feedback
The addressable markets for FirstEnergy's main products and services, electricity generation, transmission, and distribution, are represented by the total electricity sales or revenue within their operating regions in the United States. Based on the most recent available data, the market sizes for these regions are as follows:
- Ohio: The total retail electricity sales in Ohio were approximately 153,707,376 MWh in 2024.
- Pennsylvania: The total retail electricity sales in Pennsylvania were approximately 134,609,781 MWh in 2023.
- West Virginia: The total retail electricity sales in West Virginia were approximately 32,990,570 MWh in 2024.
- Maryland: The total retail electricity sales in Maryland were approximately 59,018,688 MWh in 2024.
- New Jersey: The total electricity end-use consumption in New Jersey was approximately 71,096,289 MWh in 2023, converted from 242.6 trillion British thermal units (Btu).
- New York: The annual electricity utility revenue in New York was approximately $27.62 billion in 2024.
AI Analysis | Feedback
FirstEnergy (NYSE: FE) is expected to drive future revenue growth over the next two to three years through several key initiatives:
- Extensive Capital Investment Programs: FirstEnergy's "Energize365" capital investment plan is a primary driver. The company has announced a $36 billion program for 2026-2030, which represents a nearly 30% increase over its previous five-year plan. These investments are directed towards distribution infrastructure renewal, grid modernization, and significant reliability and resiliency enhancements to the high-voltage transmission system.
- Growth in Rate Base and Transmission Investments: The substantial capital investments under Energize365 are projected to result in a 10% compounded annual rate base growth through 2030. A significant portion of this, over $19 billion, is allocated to transmission investments, which are largely recovered through formula rate mechanisms and are expected to drive higher transmission-related earnings. FirstEnergy Transmission has also been awarded projects by PJM Interconnection totaling approximately $950 million to enhance grid reliability and address rising customer demand in Ohio and Pennsylvania.
- Increased Customer Demand: The company anticipates stronger distribution sales and benefits from increased customer demand, including a projected 2% customer demand growth with a 5% increase from industrial customers. This is further supported by the growing electricity demands driven by economic development, the electrification of homes and businesses, and a surge in data center expansion, particularly in the PJM Interconnection regions covering FirstEnergy's service areas.
- Constructive Regulatory Outcomes and New Base Rates: The implementation of new base rates in various jurisdictions, such as Pennsylvania in 2025, has already contributed to core earnings growth. Future revenue growth will continue to be supported by ongoing regulatory strategies that facilitate the recovery of investments and ensure favorable rate adjustments across FirstEnergy's service territories, including recent settlements on grid modernization plans like Grid Mod II in Ohio.
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Share Issuance
- FirstEnergy expects to rely on up to $2 billion in equity or equity-like securities to help fund its $36 billion capital plan for 2026-2030.
- The number of shares outstanding increased slightly from 575 million in 2024 to 577 million in 2025.
Inbound Investments
- In March 2024, FirstEnergy completed the sale of an additional 30% ownership interest in its FirstEnergy Transmission, LLC (FET) business to Brookfield Super-Core Infrastructure Partners for $3.5 billion in an all-cash deal.
- This transaction increased Brookfield's ownership interest in FET from 19.9% to 49.9%, with FirstEnergy retaining a 50.1% interest.
Outbound Investments
- FirstEnergy is pursuing a planned $2.5 billion investment in a 1.2 GW natural gas combined cycle facility in West Virginia, with anticipated commercial operation in 2031.
- The company has been awarded $5 billion in competitive transmission projects since 2022, with expectations for further awards in 2027.
Capital Expenditures
- FirstEnergy's "Energize365" capital investment plan for 2026 through 2030 totals $36 billion, representing a nearly 30% increase compared to its previous five-year investment plan.
- The company deployed $5.6 billion in system investments in 2025 and plans to invest $6 billion in 2026.
- These capital expenditures are primarily focused on distribution infrastructure renewal, grid modernization, and significant reliability and resiliency enhancements to the high-voltage transmission system, with more than $19 billion allocated to transmission investments within the 2026-2030 plan.
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Trade Ideas
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| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 03312026 | SRE | Sempra | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | -2.1% | -2.1% | -4.9% |
| 12122025 | CTRI | Centuri | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | 41.5% | 41.5% | -5.5% |
| 11212025 | PEG | Public Service Enterprise | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 2.1% | 2.1% | -4.0% |
| 10312020 | FE | FirstEnergy | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 30.9% | 35.8% | -9.4% |
Research & Analysis
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Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 78.19 |
| Mkt Cap | 63.4 |
| Rev LTM | 23,609 |
| Op Inc LTM | 5,352 |
| FCF LTM | -3,270 |
| FCF 3Y Avg | -1,838 |
| CFO LTM | 6,896 |
| CFO 3Y Avg | 6,221 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 9.8% |
| Rev Chg 3Y Avg | 4.8% |
| Rev Chg Q | 10.7% |
| QoQ Delta Rev Chg LTM | 2.7% |
| Op Inc Chg LTM | 8.6% |
| Op Inc Chg 3Y Avg | 13.2% |
| Op Mgn LTM | 24.3% |
| Op Mgn 3Y Avg | 24.0% |
| QoQ Delta Op Mgn LTM | -0.3% |
| CFO/Rev LTM | 30.1% |
| CFO/Rev 3Y Avg | 32.3% |
| FCF/Rev LTM | -11.4% |
| FCF/Rev 3Y Avg | -8.8% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 63.4 |
| P/S | 3.1 |
| P/Op Inc | 11.2 |
| P/EBIT | 9.8 |
| P/E | 19.3 |
| P/CFO | 9.3 |
| Total Yield | 8.0% |
| Dividend Yield | 3.2% |
| FCF Yield 3Y Avg | -3.9% |
| D/E | 0.9 |
| Net D/E | 0.9 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -4.4% |
| 3M Rtn | 1.8% |
| 6M Rtn | 3.5% |
| 12M Rtn | 11.7% |
| 3Y Rtn | 37.1% |
| 1M Excs Rtn | -10.8% |
| 3M Excs Rtn | -4.8% |
| 6M Excs Rtn | -6.6% |
| 12M Excs Rtn | -22.2% |
| 3Y Excs Rtn | -44.2% |
Comparison Analyses
Segment Financials
Assets by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Distribution | 19,949 | 19,235 | |||
| Integrated | 18,637 | 17,466 | |||
| Stand-Alone Transmission | 13,528 | 12,142 | |||
| Corporate/ Other | 1,975 | 2,372 | 524 | 1,383 | 1,017 |
| Reconciling Adjustments | -2,045 | -2,448 | 0 | 0 | 0 |
| Regulated Distribution | 31,749 | 30,812 | 30,855 | ||
| Regulated Transmission | 13,835 | 13,237 | 12,592 | ||
| Total | 52,044 | 48,767 | 46,108 | 45,432 | 44,464 |
Price Behavior
| Market Price | $44.71 | |
| Market Cap ($ Bil) | 25.8 | |
| First Trading Date | 11/10/1997 | |
| Distance from 52W High | -13.0% | |
| 50 Days | 200 Days | |
| DMA Price | $49.02 | $45.66 |
| DMA Trend | up | indeterminate |
| Distance from DMA | -8.8% | -2.1% |
| 3M | 1YR | |
| Volatility | 17.5% | 14.9% |
| Downside Capture | 2.53 | -12.92 |
| Upside Capture | -18.92 | 3.76 |
| Correlation (SPY) | -7.7% | -3.1% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.31 | 0.16 | 0.02 | 0.00 | 0.01 | 0.16 |
| Up Beta | 0.13 | 0.20 | 0.13 | 0.20 | 0.07 | 0.26 |
| Down Beta | 0.34 | -0.15 | -0.17 | -0.05 | -0.02 | 0.09 |
| Up Capture | -2% | 7% | 12% | 6% | 7% | 5% |
| Bmk +ve Days | 15 | 22 | 31 | 66 | 141 | 428 |
| Stock +ve Days | 9 | 20 | 33 | 70 | 139 | 406 |
| Down Capture | 131% | 37% | -11% | -22% | -20% | 19% |
| Bmk -ve Days | 4 | 18 | 30 | 56 | 108 | 321 |
| Stock -ve Days | 13 | 22 | 28 | 51 | 108 | 339 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with FE | |
|---|---|---|---|---|
| FE | 9.5% | 15.0% | 0.40 | - |
| Sector ETF (XLU) | 15.9% | 14.4% | 0.80 | 66.0% |
| Equity (SPY) | 32.5% | 12.4% | 1.98 | -3.3% |
| Gold (GLD) | 41.3% | 26.9% | 1.26 | 13.4% |
| Commodities (DBC) | 50.3% | 18.5% | 2.06 | -9.5% |
| Real Estate (VNQ) | 12.8% | 13.5% | 0.65 | 38.3% |
| Bitcoin (BTCUSD) | -21.0% | 41.7% | -0.46 | -3.4% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with FE | |
|---|---|---|---|---|
| FE | 7.9% | 19.4% | 0.31 | - |
| Sector ETF (XLU) | 10.0% | 17.2% | 0.43 | 75.1% |
| Equity (SPY) | 13.7% | 17.1% | 0.63 | 29.7% |
| Gold (GLD) | 21.0% | 17.9% | 0.95 | 17.2% |
| Commodities (DBC) | 11.4% | 19.4% | 0.47 | 8.0% |
| Real Estate (VNQ) | 3.9% | 18.8% | 0.11 | 52.5% |
| Bitcoin (BTCUSD) | 7.2% | 55.9% | 0.34 | 9.9% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with FE | |
|---|---|---|---|---|
| FE | 7.4% | 24.6% | 0.30 | - |
| Sector ETF (XLU) | 9.8% | 19.2% | 0.44 | 71.9% |
| Equity (SPY) | 15.5% | 17.9% | 0.74 | 42.0% |
| Gold (GLD) | 13.4% | 15.9% | 0.70 | 11.6% |
| Commodities (DBC) | 8.4% | 17.9% | 0.39 | 12.3% |
| Real Estate (VNQ) | 5.6% | 20.7% | 0.24 | 56.0% |
| Bitcoin (BTCUSD) | 68.2% | 66.8% | 1.07 | 7.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/28/2026 | -1.3% | -7.5% | |
| 10/22/2025 | -1.6% | -3.2% | -0.6% |
| 7/30/2025 | 2.2% | 3.9% | 5.3% |
| 2/26/2025 | -10.5% | -10.5% | -8.4% |
| 10/29/2024 | -1.5% | -2.2% | 0.5% |
| 7/30/2024 | 0.3% | 0.8% | 5.8% |
| 4/25/2024 | -1.1% | 1.3% | 2.1% |
| 2/8/2024 | 4.2% | 4.2% | 7.7% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 9 | 11 | 13 |
| # Negative | 12 | 10 | 7 |
| Median Positive | 0.7% | 2.2% | 5.2% |
| Median Negative | -1.7% | -3.8% | -7.3% |
| Max Positive | 7.6% | 5.4% | 10.2% |
| Max Negative | -10.5% | -10.5% | -11.2% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 04/28/2026 | 10-Q |
| 12/31/2025 | 02/18/2026 | 10-K |
| 09/30/2025 | 10/28/2025 | 10-Q |
| 06/30/2025 | 07/30/2025 | 10-Q |
| 03/31/2025 | 04/30/2025 | 10-Q |
| 12/31/2024 | 02/27/2025 | 10-K |
| 09/30/2024 | 10/29/2024 | 10-Q |
| 06/30/2024 | 07/30/2024 | 10-Q |
| 03/31/2024 | 04/25/2024 | 10-Q |
| 12/31/2023 | 02/13/2024 | 10-K |
| 09/30/2023 | 10/26/2023 | 10-Q |
| 06/30/2023 | 08/01/2023 | 10-Q |
| 03/31/2023 | 04/27/2023 | 10-Q |
| 12/31/2022 | 02/13/2023 | 10-K |
| 09/30/2022 | 10/25/2022 | 10-Q |
| 06/30/2022 | 07/26/2022 | 10-Q |
Recent Forward Guidance [BETA]
Latest: Q1 2026 Earnings Reported 4/28/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Core Earnings per share | 2.62 | 2.72 | 2.82 | 7.5% | Affirmed | Actual: 2.53 for 2025 | |
| 2030 Core EPS compounded annual growth | 6.0% | 8.0% | 8.0% | 14.3% | Affirmed | Actual: 7.0% for 2025 | |
| 2026 Capital Investments | 6.00 Bil | 9.1% | Higher New | Actual: 5.50 Bil for 2025 | |||
| 2030 Compounded annual rate base growth | 10.0% | -44.4% | Lowered | Guidance: 18.0% for 2030 | |||
Prior: Q3 2025 Earnings Reported 10/22/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 EPS | 2.5 | 2.53 | 2.56 | 1.2% | Raised | Guidance: 2.5 for 2025 | |
| 2025 Capital Expenditures | 5.50 Bil | 10.0% | Raised | Guidance: 5.00 Bil for 2025 | |||
| 2025 EPS Growth | 6.0% | 7.0% | 8.0% | 0 | Affirmed | Guidance: 7.0% for 2025 | |
| 2030 Transmission Investments Growth | 30.0% | Higher New | |||||
| 2030 Compound Transmission Rate Base Growth | 18.0% | Higher New | |||||
| 2031 Regulated Generation Portfolio Increase | 0.35 | Higher New | |||||
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | K., Jon Taylor | SVP, CFO and Strategy | Direct | Sell | 3122026 | 50.94 | 26,800 | 1,365,272 | 6,090,357 | Form |
| 2 | Lisowski, Jason | VP, Controller & CAO | Direct | Sell | 3102026 | 50.84 | 3,000 | 152,520 | 364,844 | Form |
| 3 | Lisowski, Jason | VP, Controller & CAO | Savings Plan | Sell | 3102026 | 50.84 | 1,373 | Form | ||
| 4 | Lisowski, Jason | VP, Controller & CAO | Direct | Sell | 5272025 | 41.97 | 12,000 | 503,652 | 7,685 | Form |
| 5 | K., Jon Taylor | SVP, CFO and Strategy | Direct | Sell | 5092025 | 43.03 | 12,000 | 516,360 | 4,299,515 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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