FirstEnergy (FE)
Utilities · Regulated electric utilities and transmission
FirstEnergy operates one of the nation's largest investor-owned electric utility systems serving 6+ million customers across the Midwest and Mid-Atlantic with transmission, distribution, and regulated generation assets.
What FirstEnergy does
FirstEnergy Corp. is a holding company whose subsidiaries engage principally in the transmission, distribution, and generation of electricity. The company operates through regulated electric utility subsidiaries serving over 6 million customers across Ohio, Pennsylvania, West Virginia, Maryland, New Jersey, and New York, with a combined rate base of approximately $21.3 billion. FirstEnergy's transmission operations include more than 24,000 miles of transmission lines and two regional transmission operation centers, while its generation subsidiaries control 3,610 MWs of generation capacity. The company also holds a 50.1% interest in FirstEnergy Transmission, LLC (FET), a consolidated VIE that owns high-voltage transmission facilities in the PJM Region.
Themes: ["Electric utility infrastructure","Grid modernization","Transmission expansion","Regulated utility rates","Renewable energy integration","Regional transmission markets (PJM)","Infrastructure investment","Midwest and Mid-Atlantic energy"]
Fundamentals
- Price$47.63 as of 2026-07-09 close
- Market cap$27.6B as of 2026-07-10
- 1-year return+18.6% as of 2026-07-09 close
- P/E25.93 as of 2026-07-10
- Net margin+7.2% as of 2026-07-10
- Gross margin+60.8% as of 2026-07-10
- ROE+8.4% as of 2026-07-10
- Debt / equity2.22 as of 2026-07-10
- Revenue growth (YoY)+8.9% as of 2026-07-10
- Revenue CAGR (3y)+6.6% SEC XBRL
- Beta0.45 as of 2026-07-10
Dividend: yield +3.9%; 5-year non-decreasing per-share dividend streak (SEC XBRL).
Key risks (from latest filing)
["Regulatory and rate approval risk: earnings heavily dependent on timely regulatory approvals of rate increases and capital investment recovery from state utility commissions in six different states","Generation capacity and energy market risk: owns regulated generation assets subject to commodity price volatility and must manage power supply contracts to meet customer load obligations","Transmission project execution risk: joint ventures in Valley Link and Grid Growth transmission projects require coordination with multiple partners and PJM awards, creating completion and cost overrun exposure"]
Competitors & peers
Fundamentals: Finnhub, as of 2026-07-10. Filings: SEC EDGAR. Prices are delayed daily-close data.
Last updated 2026-07-09.
Informational only — NOT financial advice. All figures are delayed daily-close data from SEC EDGAR & Finnhub, shown with their as-of date.