FirstEnergy (FE)
Market Price (11/1/2026): $0 | Market Cap: $-Investor Relations Sector: Utilities | Industry: Electric Utilities
FirstEnergy (FE)
Market Price (11/1/2026): $0Market Cap: $-Sector: 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 8.3%, Dividend Yield is 3.9% Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 12% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 20%, CFO LTM is 3.2 Bil Low stock price volatilityVol 12M is 16% 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 -16%, 3Y Excs Rtn is -36% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 110% Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -13% 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 8.3%, Dividend Yield is 3.9% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 12% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 20%, CFO LTM is 3.2 Bil |
| Low stock price volatilityVol 12M is 16% |
| 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 -16%, 3Y Excs Rtn is -36% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 110% |
| Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -13% |
| Key risksFE key risks include [1] substantial legal, Show more. |
Qualitative Assessment
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FirstEnergy (FE) stock has remained largely at the same level since 7/31/2026 because of the following key factors:
1. FirstEnergy's robust fiscal Q3 2026 performance and strong growth outlook provided intrinsic support.
FirstEnergy reported core earnings per share (EPS) of $0.98 for fiscal Q3 2026, an 18.1% increase from the prior-year period, surpassing analyst estimates. The company also reaffirmed its full-year 2026 core EPS guidance of $2.62 to $2.82 and reiterated a long-term compound annual growth rate near the top end of 6-8% through 2030, underpinned by a $36 billion five-year capital investment plan, Energize365. This positive outlook was further reinforced by a significantly expanding data center pipeline, signaling strong internal demand and growth opportunities.
2. The broader utilities sector experienced headwinds from rising interest rates, acting as a counterbalance.
Despite FirstEnergy's individual strength, the utilities sector as a whole underperformed in fiscal Q3 2026, declining by 12.4%. This sector-wide pressure stemmed primarily from a backup in long-term Treasury yields, which rose above 4.6% during the quarter. Utilities, often viewed as "bond proxies" due to their stable cash flows and dividends, become less attractive to investors when risk-free bond yields offer a competitive return, thereby exerting downward pressure on their stock valuations.
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FirstEnergy (FE) stock has remained largely at the same level since 7/31/2026 because of the following key factors:
1. FirstEnergy's robust fiscal Q3 2026 performance and strong growth outlook provided intrinsic support.
FirstEnergy reported core earnings per share (EPS) of $0.98 for fiscal Q3 2026, an 18.1% increase from the prior-year period, surpassing analyst estimates. The company also reaffirmed its full-year 2026 core EPS guidance of $2.62 to $2.82 and reiterated a long-term compound annual growth rate near the top end of 6-8% through 2030, underpinned by a $36 billion five-year capital investment plan, Energize365. This positive outlook was further reinforced by a significantly expanding data center pipeline, signaling strong internal demand and growth opportunities.
2. The broader utilities sector experienced headwinds from rising interest rates, acting as a counterbalance.
Despite FirstEnergy's individual strength, the utilities sector as a whole underperformed in fiscal Q3 2026, declining by 12.4%. This sector-wide pressure stemmed primarily from a backup in long-term Treasury yields, which rose above 4.6% during the quarter. Utilities, often viewed as "bond proxies" due to their stable cash flows and dividends, become less attractive to investors when risk-free bond yields offer a competitive return, thereby exerting downward pressure on their stock valuations.
3. Persistent inflation and concerns about Federal Reserve tightening contributed to a challenging macroeconomic environment.
The period was marked by persistent elevated inflation, with the Personal Consumption Expenditures (PCE) price index growing at an annual rate of 3.7%, considerably exceeding the Federal Reserve's 2.0% target. This inflationary environment, coupled with market expectations of additional Federal Reserve tightening, contributed to higher interest rates and increased overall market volatility throughout fiscal Q3 2026. Such conditions negatively impact capital-intensive utility companies by increasing their financing costs and tempering investor enthusiasm for rate-sensitive assets.
4. The stock's stability resulted from a dynamic offset between strong company-specific performance and external market pressures.
FirstEnergy's stock largely maintained its level due to a balance where its robust operational performance and positive long-term strategic initiatives were offset by challenging external factors. Strong fiscal Q3 2026 earnings and a clear capital investment plan bolstered investor confidence in the company's fundamentals. However, these internal positives were largely neutralized by the broader utility sector's underperformance driven by rising interest rates and the macroeconomic concerns of persistent inflation, which broadly dampened valuations for the industry. This interplay of opposing forces led to the observed relative stability in FirstEnergy's stock price.
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Stock Movement Drivers
Fundamental Drivers
The -1.9% change in FE stock from 7/31/2026 to 10/31/2026 was primarily driven by a -11.3% change in the company's P/E Multiple.| (LTM values as of) | 7312026 | 10312026 | Change |
|---|---|---|---|
| Stock Price ($) | 47.84 | 46.91 | -1.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 15,825 | 16,234 | 2.6% |
| Net Income Margin (%) | 6.9% | 7.4% | 7.9% |
| P/E Multiple | 25.5 | 22.6 | -11.3% |
| Shares Outstanding (Mil) | 578 | 579 | -0.2% |
| Cumulative Contribution | -1.9% |
Market Drivers
7/31/2026 to 10/31/2026| Return | Correlation | |
|---|---|---|
| FE | -1.9% | |
| Market (SPY) | 1.2% | -1.0% |
| Sector (XLU) | -2.1% | 83.0% |
Fundamental Drivers
The 0.7% change in FE stock from 4/30/2026 to 10/31/2026 was primarily driven by a 7.9% change in the company's Net Income Margin (%).| (LTM values as of) | 4302026 | 10312026 | Change |
|---|---|---|---|
| Stock Price ($) | 46.57 | 46.91 | 0.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 15,527 | 16,234 | 4.6% |
| Net Income Margin (%) | 6.9% | 7.4% | 7.9% |
| P/E Multiple | 25.3 | 22.6 | -10.5% |
| Shares Outstanding (Mil) | 578 | 579 | -0.2% |
| Cumulative Contribution | 0.7% |
Market Drivers
4/30/2026 to 10/31/2026| Return | Correlation | |
|---|---|---|
| FE | 0.7% | |
| Market (SPY) | 5.4% | -12.2% |
| Sector (XLU) | -6.7% | 80.2% |
Fundamental Drivers
The 6.5% change in FE stock from 10/31/2025 to 10/31/2026 was primarily driven by a 18.3% change in the company's P/E Multiple.| (LTM values as of) | 10312025 | 10312026 | Change |
|---|---|---|---|
| Stock Price ($) | 44.06 | 46.91 | 6.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 14,469 | 16,234 | 12.2% |
| Net Income Margin (%) | 9.2% | 7.4% | -19.5% |
| P/E Multiple | 19.1 | 22.6 | 18.3% |
| Shares Outstanding (Mil) | 577 | 579 | -0.3% |
| Cumulative Contribution | 6.5% |
Market Drivers
10/31/2025 to 10/31/2026| Return | Correlation | |
|---|---|---|
| FE | 6.5% | |
| Market (SPY) | 11.7% | -6.9% |
| Sector (XLU) | -0.5% | 73.2% |
Fundamental Drivers
The 49.3% change in FE stock from 10/31/2023 to 10/31/2026 was primarily driven by a 82.1% change in the company's Net Income Margin (%).| (LTM values as of) | 10312023 | 10312026 | Change |
|---|---|---|---|
| Stock Price ($) | 31.43 | 46.91 | 49.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 12,901 | 16,234 | 25.8% |
| Net Income Margin (%) | 4.1% | 7.4% | 82.1% |
| P/E Multiple | 34.4 | 22.6 | -34.2% |
| Shares Outstanding (Mil) | 573 | 579 | -1.0% |
| Cumulative Contribution | 49.3% |
Market Drivers
10/31/2023 to 10/31/2026| Return | Correlation | |
|---|---|---|
| FE | 49.3% | |
| Market (SPY) | 86.9% | 8.1% |
| Sector (XLU) | 58.0% | 69.8% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| FE Return | 42% | 5% | -9% | 13% | 17% | 8% | 94% |
| Peers Return | 19% | 2% | -9% | 17% | 17% | 13% | 71% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| FE Win Rate | 75% | 67% | 42% | 67% | 67% | 50% | |
| Peers Win Rate | 55% | 62% | 53% | 62% | 65% | 52% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| FE Max Drawdown | -11% | -25% | -22% | -11% | -13% | -15% | |
| Peers Max Drawdown | -10% | -26% | -22% | -12% | -12% | -15% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[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 10/30/2026 (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)
FirstEnergy (FE) is a major U.S. electric utility company primarily involved in generating, transmitting, and distributing electricity. The company operates through two main segments: Regulated Distribution, which manages the local power grid delivering electricity to homes and businesses, and Regulated Transmission, responsible for the high-voltage lines that move electricity over longer distances.
To power its operations, FirstEnergy owns and operates a diverse portfolio of electricity generation facilities, including coal-fired, nuclear, hydroelectric, natural gas, wind, and solar plants. Its extensive infrastructure includes over 24,000 circuit miles of transmission lines and more than 273,000 miles of distribution systems, ensuring reliable delivery across its service territory.
FirstEnergy serves approximately 6 million residential, commercial, and industrial customers across a multi-state region in the eastern United States. Its primary markets include Ohio, Pennsylvania, West Virginia, Maryland, New Jersey, and New York, making it a key provider of essential electric services in these areas.
```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.
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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.
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FirstEnergy (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.
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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.
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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.
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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.
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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.
Peer Outperformance in Electric Utilities
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| FE | FirstEnergy | 8.0% | 22.6x | 6.5% | 47.4% | 49.2% | — |
| VST | Vistra | 6.7% | 21.0x | -26.1% | 318.4% | 669.6% | +620pp |
| AEP | American Electric Power | 7.1% | 21.1x | 11.6% | 89.7% | 84.0% | +35pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Independent Power Producers & Energy Traders | 5 | -43.4% | 106.0% | 148.5% | NRG 172% · OKLO 149% · TAC 26% |
| Multi-Utilities | 18 | 7.2% | 57.0% | 51.7% | NI 112% · PNW 105% · MDU 100% |
| Electric Utilities ← | 24 | 6.5% | 52.7% | 50.3% | VST 670% · ETR 157% · AEP 84% |
| Gas Utilities | 10 | 8.0% | 66.2% | 49.3% | ATO 112% · SR 74% · NJR 69% |
| Water Utilities | 11 | 8.2% | 4.3% | -7.7% | WTRG 9% · AWR 6% · HTO 3% |
| Renewable Electricity | 6 | -72.8% | -65.6% | -86.8% | ORA 28% · CWEN 18% |
Latest Trefis Analyses
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 80.17 |
| Mkt Cap | 64.9 |
| Rev LTM | 24,776 |
| Op Inc LTM | 5,559 |
| FCF LTM | -3,772 |
| FCF 3Y Avg | -1,919 |
| CFO LTM | 7,114 |
| CFO 3Y Avg | 6,582 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 8.9% |
| Rev Chg 3Y Avg | 7.2% |
| Rev Chg Q | 9.5% |
| QoQ Delta Rev Chg LTM | 2.5% |
| Op Inc Chg LTM | 3.5% |
| Op Inc Chg 3Y Avg | 12.7% |
| Op Mgn LTM | 24.0% |
| Op Mgn 3Y Avg | 24.3% |
| QoQ Delta Op Mgn LTM | 0.3% |
| CFO/Rev LTM | 30.8% |
| CFO/Rev 3Y Avg | 33.0% |
| FCF/Rev LTM | -13.1% |
| FCF/Rev 3Y Avg | -8.7% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 64.9 |
| P/S | 3.0 |
| P/Op Inc | 11.0 |
| P/EBIT | 9.9 |
| P/E | 21.5 |
| P/CFO | 9.0 |
| Total Yield | 8.4% |
| Dividend Yield | 3.5% |
| FCF Yield 3Y Avg | -5.1% |
| D/E | 0.9 |
| Net D/E | 0.9 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 10.9% |
| 3M Rtn | 1.1% |
| 6M Rtn | 1.3% |
| 12M Rtn | 6.4% |
| 3Y Rtn | 55.7% |
| 1M Excs Rtn | 9.9% |
| 3M Excs Rtn | 0.3% |
| 6M Excs Rtn | -5.8% |
| 12M Excs Rtn | -5.9% |
| 3Y Excs Rtn | -26.0% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Distribution | 7,547 | 6,863 | 6,854 | 6,425 | |
| Integrated | 5,683 | 4,876 | 4,320 | 4,470 | |
| Stand-Alone Transmission | 1,905 | 1,787 | 1,748 | 1,597 | |
| Corporate/ Other | 18 | 9 | 11 | 27 | 14 |
| Reconciling Adjustments | -63 | -63 | -63 | -60 | -211 |
| Regulated Distribution | 9,711 | ||||
| Regulated Transmission | 1,618 | ||||
| Total | 15,090 | 13,472 | 12,870 | 12,459 | 11,132 |
| $ Mil | 2000 | 1999 | 1998 |
|---|---|---|---|
| Regulated Businesses | 916 | ||
| Competitive Services | 128 | ||
| Other | 3 | ||
| All Other | 35 | 1 | |
| Electric Utililies | 545 | 478 | |
| FE Trading & Power Marketing | -8 | -52 | |
| Total | 1,047 | 572 | 427 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Integrated | 588 | 535 | 300 | 265 | |
| Distribution | 363 | 624 | 587 | 674 | |
| Stand-Alone Transmission | 357 | 294 | 399 | 315 | |
| Reconciling Adjustments | 0 | 0 | 0 | 0 | 0 |
| Corporate/ Other | -288 | -475 | -163 | -848 | -457 |
| Regulated Distribution | 1,288 | ||||
| Regulated Transmission | 408 | ||||
| Total | 1,020 | 978 | 1,123 | 406 | 1,239 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Distribution | 20,653 | 19,949 | |||
| Integrated | 20,352 | 18,637 | |||
| Stand-Alone Transmission | 14,903 | 13,528 | |||
| Corporate/ Other | 1,793 | 1,975 | 683 | 524 | 1,383 |
| Reconciling Adjustments | -1,797 | -2,045 | 0 | 0 | |
| Regulated Distribution | 32,929 | 31,749 | 30,812 | ||
| Regulated Transmission | 15,155 | 13,835 | 13,237 | ||
| Total | 55,904 | 52,044 | 48,767 | 46,108 | 45,432 |
Price Behavior
| Market Price | $46.91 | |
| Market Cap ($ Bil) | 27.2 | |
| First Trading Date | 11/10/1997 | |
| Distance from 52W High | -7.8% | |
| 50 Days | 200 Days | |
| DMA Price | $45.42 | $46.95 |
| DMA Trend | down | indeterminate |
| Distance from DMA | 3.3% | -0.1% |
| 3M | 1YR | |
| Volatility | 14.8% | 16.3% |
| Downside Capture | 23.29 | -14.92 |
| Upside Capture | 2.03 | -6.46 |
| Correlation (S&P 500) | -0.7% | -6.7% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.37 | 0.04 | -0.01 | -0.17 | -0.09 | 0.09 |
| Up Beta | 0.15 | 0.06 | 0.03 | -0.11 | 0.06 | 0.21 |
| Down Beta | -0.38 | -0.63 | -0.65 | -0.15 | -0.11 | 0.08 |
| Up Capture | 30% | 32% | 8% | -12% | -5% | 2% |
| Bmk +ve Days | 12 | 18 | 28 | 62 | 130 | 427 |
| Stock +ve Days | 17 | 25 | 34 | 72 | 141 | 413 |
| Down Capture | -96% | 13% | 23% | -28% | -27% | -13% |
| Bmk -ve Days | 10 | 25 | 36 | 64 | 121 | 325 |
| Stock -ve Days | 5 | 18 | 30 | 54 | 106 | 332 |
[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 | 6.6% | 16.3% | 0.20 | - |
| Sector ETF (XLU) | -1.6% | 15.7% | -0.30 | 73.0% |
| Equity (SPY) | 10.9% | 12.8% | 0.52 | -7.5% |
| Gold (GLD) | -2.0% | 28.6% | -0.08 | 6.5% |
| Commodities (DBC) | 48.2% | 20.6% | 1.79 | -8.1% |
| Real Estate (VNQ) | 10.2% | 13.7% | 0.45 | 45.7% |
| Bitcoin (BTCUSD) | -30.0% | 43.5% | -0.70 | -4.8% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with FE | |
|---|---|---|---|---|
| FE | 8.8% | 19.3% | 0.33 | - |
| Sector ETF (XLU) | 8.3% | 17.4% | 0.32 | 76.1% |
| Equity (SPY) | 12.2% | 17.1% | 0.53 | 26.7% |
| Gold (GLD) | 16.2% | 19.0% | 0.68 | 15.0% |
| Commodities (DBC) | 9.2% | 19.5% | 0.35 | 6.0% |
| Real Estate (VNQ) | 0.9% | 18.9% | -0.06 | 53.0% |
| Bitcoin (BTCUSD) | 4.9% | 51.6% | 0.28 | 8.2% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with FE | |
|---|---|---|---|---|
| FE | 8.0% | 24.5% | 0.32 | - |
| Sector ETF (XLU) | 9.4% | 19.3% | 0.41 | 71.9% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 41.0% |
| Gold (GLD) | 11.4% | 16.5% | 0.56 | 10.7% |
| Commodities (DBC) | 8.2% | 18.1% | 0.37 | 10.7% |
| Real Estate (VNQ) | 5.3% | 20.7% | 0.21 | 56.0% |
| Bitcoin (BTCUSD) | 61.8% | 66.2% | 1.02 | 7.3% |
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Returns Analyses
Earnings Returns History
Updated 10/30/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/27/2026 | 0.3% | ||
| 7/28/2026 | -1.0% | -2.8% | -4.9% |
| 4/28/2026 | -1.3% | -7.5% | -5.9% |
| 2/17/2026 | -0.8% | 2.6% | 2.7% |
| 10/22/2025 | -1.6% | -3.2% | -0.6% |
| 7/30/2025 | 2.2% | 3.9% | 5.3% |
| 4/23/2025 | -0.7% | 0.7% | -0.3% |
| 2/26/2025 | -10.5% | -10.5% | -8.4% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 10 | 13 | 14 |
| # Negative | 15 | 11 | 10 |
| Median Positive | 0.8% | 2.2% | 5.2% |
| Median Negative | -1.5% | -3.2% | -5.9% |
| Max Positive | 7.2% | 7.2% | 8.4% |
| Max Negative | -10.5% | -10.5% | -11.2% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/27/2026 | 0.3% | ||
| 7/28/2026 | -1.0% | -2.8% | -4.9% |
| 4/28/2026 | -1.3% | -7.5% | -5.9% |
| 2/17/2026 | -0.8% | 2.6% | 2.7% |
| 10/22/2025 | -1.6% | -3.2% | -0.6% |
| 7/30/2025 | 2.2% | 3.9% | 5.3% |
| 4/23/2025 | -0.7% | 0.7% | -0.3% |
| 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% |
| 10/26/2023 | -2.6% | 1.4% | 5.2% |
| 8/1/2023 | -0.9% | -5.4% | -5.9% |
| 4/27/2023 | -3.2% | -4.4% | -9.8% |
| 2/13/2023 | -0.5% | 0.2% | -1.7% |
| 10/25/2022 | -3.2% | 2.2% | 6.2% |
| 7/26/2022 | 0.6% | 1.5% | 4.9% |
| 4/21/2022 | -4.4% | -7.0% | -11.2% |
| 2/10/2022 | 0.3% | -0.7% | 6.8% |
| 10/28/2021 | 1.7% | 3.7% | 4.1% |
| 7/22/2021 | -1.7% | -2.8% | 0.9% |
| 4/22/2021 | 1.0% | 3.8% | 5.7% |
| 2/18/2021 | 7.2% | 7.2% | 8.4% |
| 11/2/2020 | 0.7% | -0.9% | -7.3% |
| SUMMARY STATS | |||
| # Positive | 10 | 13 | 14 |
| # Negative | 15 | 11 | 10 |
| Median Positive | 0.8% | 2.2% | 5.2% |
| Median Negative | -1.5% | -3.2% | -5.9% |
| Max Positive | 7.2% | 7.2% | 8.4% |
| Max Negative | -10.5% | -10.5% | -11.2% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 10/28/2026 | 10-Q |
| 06/30/2026 | 07/28/2026 | 10-Q |
| 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 |
| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 10/28/2026 | 10-Q |
| 06/30/2026 | 07/28/2026 | 10-Q |
| 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 |
| 03/31/2022 | 04/21/2022 | 10-Q |
| 12/31/2021 | 02/16/2022 | 10-K |
| 09/30/2021 | 10/28/2021 | 10-Q |
| 06/30/2021 | 07/22/2021 | 10-Q |
| 03/31/2021 | 04/22/2021 | 10-Q |
| 12/31/2020 | 02/18/2021 | 10-K |
| 09/30/2020 | 11/19/2020 | 10-Q |
| 06/30/2020 | 08/17/2020 | 10-Q |
| 03/31/2020 | 04/23/2020 | 10-Q |
| 12/31/2019 | 02/10/2020 | 10-K |
Recent Forward Guidance
Updated 10/28/2026Latest: Q3 2026 Earnings Reported 10/27/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Core Earnings Per Share | Reported | 2.62 | 2.72 | 2.82 | 0.0% | Affirmed | Guidance: 2.72 for 2026 | |
| 2030 Core Earnings Compound Annual Growth Rate | Reported | 6.0% | 7.0% | 8.0% | ||||
Prior: Q2 2026 Earnings Reported 7/28/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Core Earnings | Reported | 2.62 | 2.72 | 2.82 | 0 | Affirmed | Guidance: 2.72 for 2026 | |
| 2026 Capital Expenditures | Reported | 6.00 Bil | 0 | Affirmed | Guidance: 6.00 Bil for 2026 | |||
| 2026-2030 Core Earnings Growth | Reported | 6.0% | 7.0% | 8.0% | ||||
| 2026-2030 Capital Expenditures | Reported | 36.00 Bil | ||||||
Q1 2026 Earnings Reported 4/28/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Capital Investments | Reported | 6.00 Bil | 0 | Affirmed | Guidance: 6.00 Bil for 2026 | |||
| 2026 Core Earnings per share | Reported | 2.62 | 2.72 | 2.82 | 0 | Affirmed | Guidance: 2.72 for 2026 | |
| 2030 Compounded annual rate base growth | Reported | 10.0% | 0 | Affirmed | Guidance: 10.0% for 2030 | |||
| 2030 Core EPS compounded annual growth | Reported | 6.0% | 8.0% | 8.0% | 0 | Affirmed | Guidance: 8.0% for 2030 | |
Q4 2025 Earnings Reported 2/17/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Core Earnings | Reported | 2.62 | 2.72 | 2.82 | ||||
| 2026 Capital Investment Plan | Reported | 6.00 Bil | ||||||
| 2030 Capital Investment Plan | Reported | 36.00 Bil | ||||||
| 2030 Core Earnings compounded annual growth | Reported | 6.0% | 8.0% | 8.0% | ||||
| 2030 Rate base growth | Reported | 10.0% | -8.0% | Lowered | Guidance: 18.0% for 2030 | |||
Insider Activity
Updated 10/5/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Oneil, James F | Direct | Sell | 3132026 | 50.60 | 7,945 | 402,041 | 94,577 | Form | |
| 2 | K., Jon Taylor | SVP, CFO and Strategy | Direct | Sell | 3122026 | 50.94 | 26,800 | 1,365,272 | 6,090,357 | Form |
| 3 | Lisowski, Jason | VP, Controller & CAO | Direct | Sell | 3102026 | 50.84 | 3,000 | 152,520 | 364,844 | Form |
| 4 | Lisowski, Jason | VP, Controller & CAO | Savings Plan | Sell | 3102026 | 50.84 | 1,373 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Oneil, James F | Direct | Sell | 3132026 | 50.60 | 7,945 | 402,041 | 94,577 | Form | |
| 2 | K., Jon Taylor | SVP, CFO and Strategy | Direct | Sell | 3122026 | 50.94 | 26,800 | 1,365,272 | 6,090,357 | Form |
| 3 | Lisowski, Jason | VP, Controller & CAO | Direct | Sell | 3102026 | 50.84 | 3,000 | 152,520 | 364,844 | Form |
| 4 | Lisowski, Jason | VP, Controller & CAO | Savings Plan | Sell | 3102026 | 50.84 | 1,373 | Form |
Investor Activity (13F)
Updated Nov 1, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
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Industry Resources
| Utilities Resources |
| Data.gov Energy Infrastructure |
| Data.gov Energy Resources |
| Utility Dive |
| Electric Utilities Resources |
| T&D World |
| Edison Electric Institute (EEI) |
| Smart Energy International |
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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