At a glance
FirstEnergy Corporation is worth $27.57B, about 27 times its fiscal 2025 earnings. Revenue grew 12.0% to $15.09B in fiscal 2025, with 6.8% kept as profit; over 5 years it has grown 6.9% a year. It pays a 3.86% dividend yield, raised every year for at least 3 years, and returned $4.63B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +8.1% over the past year with dividends reinvested and +8.3% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 36.4% in the 2020 crash (S&P 500: 33.7%) and 25.2% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 24 months and 26 months after the lows.
The business in plain English
FirstEnergy is a regulated electric utility. Its companies deliver power to more than six million customers across Ohio, Pennsylvania, West Virginia, Maryland, New Jersey and New York, an area home to about 14 million people. It also runs more than 24,000 miles of high-voltage transmission lines. State and federal regulators set the rates it charges. The company makes money mainly by investing in its grid and earning an approved return on that investment through customer bills. Regulators call the value of those grid assets the rate base.
FirstEnergy reports three segments. Distribution covers its Ohio and Pennsylvania utilities. It serves about 4.3 million customers and had $11.1 billion of rate base as of December 31, 2025. Integrated serves about 2 million customers in New Jersey, West Virginia and Maryland. It has $10.2 billion of rate base and 3,610 megawatts (MW) of generating capacity, mostly in West Virginia and Virginia. Stand-Alone Transmission had $5.4 billion of FirstEnergy-owned rate base. Most of it sits in FET, which is 50.1% owned by FirstEnergy and 49.9% by Brookfield.
In fiscal 2025, revenue was $15.1 billion, up 12%. Distribution services and retail generation made up 80.8%, transmission 15.3% and other sources 3.9%. Transmission revenue comes from formula rates. These are set each year from projected costs and investment, then adjusted to match actual results.
Price history
The interactive chart needs JavaScript.
FE +8.1% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Distribution services and retail generation | $12.19B | 80.8% |
| Transmission | $2.31B | 15.3% |
| Other | $590.0M | 3.9% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $4.56B, up 9.9% from a year earlier, and net income was $557.0M (+26.3%).
- For fiscal 2025, revenue was $15.09B (+12.0% year over year; +6.9% a year from FY2020 to FY2025) with a 6.8% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +6.9% good |
|---|---|
| Operating margin | 14.6% watch |
| Free cash flow margin | -6.7% weak |
| Return on equity (FY2025) | 8.2% watch |
| Return on assets (FY2025) | 1.8% weak |
| Net cash (cash minus debt) | $-29.39B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $10.79B | $1.08B | $-1.23B |
| FY2021 | $11.13B | $1.28B | $324.0M |
| FY2022 | $12.46B | $406.0M | $-165.0M |
| FY2023 | $12.87B | $1.10B | $-1.97B |
| FY2024 | $13.47B | $978.0M | $-1.14B |
| FY2025 | $15.09B | $1.02B | $-1.00B |
Valuation snapshot
| Market value | $27.57B |
|---|---|
| P/E ratio | 27.1 |
| Dividend yield | 3.86% |
Rank among 1514 US companies
Market value at each year end
FirstEnergy’s market value went from $13.19B at the end of 2016 to $27.57B on Nov 2, 2026, about 2.1 times as much; since the end of 2025 it is up 7%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $27.57B | +6.6% |
| 2025 | $25.86B | +12.8% |
| 2024 | $22.93B | +9.0% |
| 2023 | $21.04B | -12.3% |
| 2022 | $23.98B | +5.9% |
| 2021 | $22.64B | +36.3% |
| 2020 | $16.61B | -36.8% |
| 2019 | $26.26B | +36.7% |
| 2018 | $19.20B | +41.0% |
| 2017 | $13.62B | +3.3% |
| 2016 | $13.19B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| FE price data to Nov 2, 2026 | +9.6% | +8.1% | +13.9% | +8.3% | +8.0% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +9.6% |
| 2025 | +17.3% |
| 2024 | +13.3% |
| 2023 | -8.9% |
| 2022 | +4.8% |
| 2021 | +41.8% |
| 2020 | -34.2% |
| 2019 | +34.1% |
| 2018 | +27.8% |
| 2017 | +3.6% |
| 2016 | +1.9% |
| 2015 | -15.2% |
| 2014 | +23.5% |
| 2013 | -16.5% |
| 2012 | -1.1% |
| 2011 | +29.6% |
| 2010 | -15.6% |
| 2009 | +0.5% |
| 2008 | -30.6% |
| 2007 | +23.7% |
| 2006 | +27.3% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 41.9% over that stretch · deepest drop along the way 54.2%, back to its old high 126.3 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 36.4% over that stretch · deepest drop along the way 36.4%, back to its old high 24.4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 9.8% over that stretch · deepest drop along the way 25.2%, back to its old high 26.4 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 2 sales ($1.8M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Mar 10, 2026 | Jon Taylor K. SVP, CFO and Strategy | sell | $1.4M |
| Mar 11, 2026 | James F Oneil Director | sell | $402K |
Who owns it
Large shareholders (13G filings)
| Capital World Investors | 13.6% | Jun 30, 2025 |
| Vanguard Capital Management | 6.98% | Mar 31, 2026 |
| GIC Private Ltd | 5.03% | Apr 9, 2025 |
ETFs with the most weight in FE
| ZAP Global X U.S. Electrification ETF | 3.93% |
| RSPU Invesco S&P 500 Equal Weight Utilities ETF | 3.37% |
| FXU First Trust Utilities AlphaDEX Fund | 2.55% |
| SDOG ALPS Sector Dividend Dogs ETF | 2.11% |
| BMVP Invesco Bloomberg MVP Multi-factor ETF | 1.96% |
| HUSV First Trust Horizon Managed Volatility Domestic ETF | 1.81% |
| FUTY Fidelity MSCI Utilities Index ETF | 1.69% |
| DVY iShares Select Dividend ETF | 1.42% |
What could go wrong
- Shareholder lawsuit over the HB 6 scandal. Shareholders filed a class action, a lawsuit on behalf of many investors, after a federal probe of FirstEnergy's HB 6 lobbying in Ohio. The company calls a loss probable but cannot yet estimate it.
- Lingering duties under its prosecution agreement. FirstEnergy paid a $230 million penalty in 2021 under a deferred prosecution agreement. Its duties last until related cases end, including charges against two former officers. A breach could revive prosecution and trigger credit-agreement defaults.
- Regulators may limit cost recovery. State and federal regulators can delay or deny recovery of costs in customer rates. Rising bills may also push regulators to hold rates down, reducing the return FirstEnergy earns on grid investment.
- Heavy debt and credit-rating pressure. As of September 30, 2026, total debt was about $30.1 billion against $667 million of cash and investments. A credit-rating downgrade could raise borrowing costs, limit access to capital and require posting collateral.
- Coal plants face environmental and climate rules. MP, its West Virginia utility, owns coal-fired generation. Rules on coal, greenhouse gases and coal ash could raise costs. Owning coal plants also carries financial and reputational risks.
- Big building projects could overrun or slip. FirstEnergy shares in transmission projects awarded by PJM, the regional grid operator, and has proposed about $2.5 billion of new West Virginia solar and gas plants. Any could exceed budgets, run late or be canceled.
Recent events
- Quarterly results released; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Investor presentation or announcement
- Major agreement signed; Shareholder vote results
- Quarterly results released; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Executive or board change
- Investor presentation or announcement
- Investor presentation or announcement
For income and retirement investors
FirstEnergy pays a regular dividend. It held the payout at $1.56 per share from fiscal 2020 through 2022, then raised it three years running to $1.78 in fiscal 2025, an average gain of about 2.7% a year. The yield was 3.97% as of October 28, 2026. Coverage was thin: dividends paid in fiscal 2025 equaled 99.6% of net income. Free cash flow (cash left after capital spending) was negative in five of the six fiscal years from 2020 through 2025. FirstEnergy made no buybacks in fiscal 2021–2025, and its share count rose 1.5% between January 2022 and September 2026.
The stock has fallen hard in past downturns. It dropped 54% between July 2008 and March 2009 and did not regain that peak until September 2019. It fell 36% in the 2020 COVID crash and recovered about two years later. It fell 25% in the 2022 bear market and recovered by August 2024. Single stocks carry more risk than diversified funds.
Questions investors ask
How does FirstEnergy make money?
FirstEnergy makes money by delivering electricity over regulated power lines. State and federal regulators set its rates. Those rates are meant to cover its costs and pay a return on its rate base, the value of the grid assets it has invested in. In fiscal 2025, distribution services and retail generation produced 80.8% of its $15.1 billion revenue, transmission 15.3% and other sources 3.9%. It serves more than six million customers in Ohio, Pennsylvania, West Virginia, Maryland, New Jersey and New York.
Does FirstEnergy raise its dividend every year?
No. FirstEnergy paid $1.56 per share in each of fiscal 2020, 2021 and 2022. It then raised the dividend three years in a row, to $1.60 in fiscal 2023, $1.70 in 2024 and $1.78 in 2025. Its 10-K says it cannot assure shareholders that future dividends will be paid, or in what amounts. As a holding company, FirstEnergy depends on cash from its utility subsidiaries to pay them.
What is FirstEnergy's dividend yield?
FirstEnergy's dividend yield was 3.97% as of October 28, 2026. The yield is the yearly dividend divided by the share price. Coverage was tight. Dividends paid in fiscal 2025 equaled 99.6% of net income, and the $1.78 per-share dividend was about the same as diluted earnings of $1.76 per share. Free cash flow, the cash left after capital spending, was negative by about $1.0 billion in fiscal 2025, so it did not cover the dividend.
What was FirstEnergy's HB 6 scandal?
Federal prosecutors investigated FirstEnergy's lobbying tied to HB 6, an Ohio bill. In July 2021 the company signed a three-year deferred prosecution agreement, a deal to dismiss charges if it meets set conditions, and paid a $230 million penalty. It finished that term in July 2024, but some duties last until related cases end, including the January 17, 2025 indictment of two former senior officers. Its 10-K filed February 18, 2026 said a loss from a shareholder class action was probable but could not yet be estimated.
How has FirstEnergy stock performed over the long run?
Returns have been positive but uneven. Based on its share price, FirstEnergy returned about 7.5% a year over the 10 years to October 28, 2026, 8.5% a year over five years and 4.6% over one year. Calendar years swung widely, from a 34.2% loss in 2020 to a 41.8% gain in 2021. The deepest decline in about 21 years of price history was 55.7%, and recovering from the 2008 crisis took more than ten years.