Upside case
Bull case
$83+81.3%
FE would need investors to value it at roughly 30x earnings — about 14x more generous than today's 17x forward P/E. That requires meaningful multiple expansion on top of continued earnings growth.
Analysis OverviewHoldUpdated May 1, 2026
FirstEnergy Corp. (FE) Stock Analysis
Wall Street verdict, consensus price target, and analyst rating breakdown — everything needed to frame the risk/reward at today's price.
Analyst consensus
Hold
Covering
27
analysts
11 bullish · 0 bearish · 27 covering FE
Strong Buy
0
Buy
11
Hold
16
Sell
0
Strong Sell
0
Consensus Target
$51
+12.1% vs today
Scenario Range
$37 – $83
Model bear to bull value window
Coverage
27
Published analyst ratings
Valuation Context
16.8x
Forward P/E · Market cap $26.5B
FE price targets
Three scenarios for where FE stock could go
Current
~$46
Confidence
54 / 100
Updated
May 1, 2026
Where we are now
Current · $46
Bear
$37
Base
$59
Bull
$83
Market caseClosest to today
Base case
$59+29.4%
At 22x on FY1 earnings, the base case reflects a reasonable but not stretched valuation. It prices in continued growth without assuming an exceptional setup.
Stress case
Bear case
$37-20.3%
If investor confidence fades or macro conditions deteriorate, a 3x multiple contraction could push FE down roughly 20% from where it trades now.
Not financial advice. Model confidence reflects internal scenario assumptions, not a guarantee of returns. Past performance does not predict future results.
FirstEnergy Corp.
FE · NYSEUtilitiesRegulated ElectricDecember year-end
FirstEnergy is a regulated electric utility that generates, transmits, and distributes electricity to approximately 6 million customers across six Mid-Atlantic and Midwestern states. It makes money primarily through regulated rate structures — with its distribution segment contributing about 60% of revenue and transmission about 40% — earning a government-approved return on its infrastructure investments. Its key advantage is its monopoly-like position as a regulated utility with exclusive service territories, providing stable cash flows through cost-plus regulation.
Market Cap
$26.5B
Revenue TTM
$15.5B
Net Income TTM
$1.1B
Net Margin
6.9%
FE Revenue and Earnings Performance
Quarterly beat-or-miss track record against analyst estimates, plus forward revenue and EPS outlook for the next two fiscal years.
EPS Beat Rate
58%Exceptional
12 quarters tracked
Revenue Beat Rate
67%Exceptional
vs consensus estimates
Avg EPS Surprise
+2.2%
above Street consensus
Beat / Miss Record
BeatMissLeft = EPS · Right = Revenue
Q3 2025
Q4 2025
Q1 2026
Q2 2026
Last 4 Quarters
EPS beats: 3 of 4Q3 2025
EPS
$0.52/$0.49
Revenue
$3.4B/$3.3B
Q4 2025
EPS
$0.83/$0.74
Revenue
$4.1B/$3.9B
Q1 2026
EPS
$0.53/$0.54
Revenue
$3.8B/$3.1B
Q2 2026
EPS
$0.72/$0.72
Revenue
$4.2B/$3.8B
| Quarter | EPS (Actual / Est) | EPS Surprise | Revenue (Actual / Est) | Rev Surprise |
|---|---|---|---|---|
| Q3 2025 | $0.52/$0.49 | +6.9% | $3.4B/$3.3B | +1.3% |
| Q4 2025 | $0.83/$0.74 | +12.0% | $4.1B/$3.9B | +6.7% |
| Q1 2026 | $0.53/$0.54 | -2.6% | $3.8B/$3.1B | +23.9% |
| Q2 2026 | $0.72/$0.72 | +0.0% | $4.2B/$3.8B | +10.5% |
FY1–FY2 Estimates
Revenue Outlook
FY1
$16.4B
+5.4% YoY
FY2
$17.6B
+7.7% YoY
EPS Outlook
FY1
$2.18
+18.9% YoY
FY2
$2.28
+4.3% YoY
Trailing FCF (TTM)$1.8B
FCF Margin: 11.6%
Next Earnings
—
Expected EPS
—
Expected Revenue
—
FE beat EPS estimates in 3 of 4 tracked quarters. A strong delivery record supports forward estimate credibility.
FE Revenue Breakdown by Segment
Product and geographic revenue mix from the latest annual disclosure, with year-over-year growth by segment.
Latest disclosure
FY 2025
Total disclosed revenue $9.5B
Product Mix
Latest annual revenue by segment or product family
Regulated Distribution
79.8%
+10.0% YoY
Tap, hover, or focus a slice to inspect segment detail.
Geographic Mix
Latest annual revenue by reported region
Segment breakdown not available for this company.
Regulated Distribution is the largest disclosed segment at 79.8% of FY 2025 revenue, up 10.0% YoY.
FE Valuation Snapshot
Current multiples compared to the S&P 500, the company's sector, and its own five-year average.
Relative Value Signal
Slightly Undervalued
Fair value est. $51 — implies +9.3% from today's price.
Upside to Fair Value
9.3%
potential upside
Deep DiscountFair ValueVery Expensive
vs S&P 500 Trailing P/E
FE
26.1x
vs
S&P 500
25.1x
In line with benchmark
vs Utilities Trailing P/E
FE
26.1x
vs
Utilities
20.1x
+30% premium
vs FE 5Y Avg P/E
Today
26.1x
vs
5Y Average
28.9x
10% discount
Forward PE
16.8x
S&P 500
19.1x
-12%
Utilities
17.5x
-4%
5Y Avg
—
—
Trailing PE
26.1x
S&P 500
25.1x
+4%
Utilities
20.1x
+30%
5Y Avg
28.9x
-10%
PEG Ratio
—
S&P 500
1.72x
—
Utilities
1.69x
—
5Y Avg
—
—
EV/EBITDA
12.2x
S&P 500
15.2x
-20%
Utilities
11.4x
+7%
5Y Avg
12.7x
-4%
Price/FCF
—
S&P 500
21.1x
—
Utilities
15.1x
—
5Y Avg
62.0x
—
Price/Sales
1.8x
S&P 500
3.1x
-44%
Utilities
2.2x
-18%
5Y Avg
1.8x
-3%
Dividend Yield
3.83%
S&P 500
1.87%
+105%
Utilities
3.06%
+25%
5Y Avg
3.98%
-4%
| Metric | FE | S&P 500 | Utilities | 5Y Avg FE |
|---|---|---|---|---|
| Forward PE | 16.8x | 19.1x-12% | 17.5x | — |
| Trailing PE | 26.1x | 25.1x | 20.1x+30% | 28.9x |
| PEG Ratio | — | 1.72x | 1.69x | — |
| EV/EBITDA | 12.2x | 15.2x-20% | 11.4x | 12.7x |
| Price/FCF | — | 21.1x | 15.1x | 62.0x |
| Price/Sales | 1.8x | 3.1x-44% | 2.2x-18% | 1.8x |
| Dividend Yield | 3.83% | 1.87% | 3.06% | 3.98% |
FE trades above S&P 500 benchmarks on 0 of 4 measured multiples — appears modestly priced relative to the S&P 500 on most measures.
Forward P/E and PEG reflect analyst consensus estimates. Historical averages use trailing ratios where forward data is unavailable.S&P 500 and sector benchmarks both use trailing median P/E — similar readings indicate the broader index and sector are priced alike.
Open valuation toolFE Financial Health
Verdict
Exceptional
FE earns 18.7% operating margin on regulated earnings, 3.8% dividend yield. Utilities carry higher leverage than industrials as a structural feature of the business model.
Regulated Operations
Revenue, regulated margins, and earnings
Revenue (TTM)
Trailing-twelve-month sales base
$15.5B
Revenue Growth
TTM vs prior year
+11.3%
Operating Margin
Operating income divided by revenue
18.7%
Net Margin
Net income divided by revenue
6.9%
EPS (TTM)
Diluted earnings per share, trailing twelve months
$1.84
Operating Margin
Operating income over revenue — primary regulated earnings signal
18.7%
Capital Quality
ROIC, leverage, and debt serviceability
ROIC
Return on invested capital — primary competitive quality signal
5.4%
ROA
Return on assets, trailing twelve months
1.9%
Cash & Equivalents
Liquid assets on the balance sheet
$99M
Net Debt
Total debt minus cash
$27.0B
Debt Serviceability
Net debt as a multiple of annual free cash flow
15.0× FCF
Regulated utilities typically operate at 3–5× net debt/FCF — this is structural, not a risk flag.
ROE
Return on equity, trailing twelve months
7.6%
Shareholder Returns
How capital is returned to owners
Total shareholder yield
3.8%
Dividend
3.8%
Buyback
0.0%
Share Repurchases
Trailing buyback outflow — dollar magnitude of capital returned
$0
Dividend / Share
Annualized trailing dividend per share
$1.76
Payout Ratio
Share of earnings distributed as dividends
99.6%
Shares Outstanding
Current diluted share count
578M
All figures from the trailing twelve months. Utilities operate with structural leverage (3–5× net debt/FCF) due to regulated, predictable cash flows.
Open full ratios pageFE Stock Risk Factors
Key factors that could pressure the stock price, compress the multiple, or weigh on future results.
AI analysis · updated April 11, 2026
High Risk
Leverage & Liquidity Risk
FirstEnergy’s debt-to-equity ratio stands at 192.8x, far exceeding typical utilities benchmarks, indicating heavy reliance on borrowed capital. Its current ratio of 0.6x signals limited short‑term liquidity, potentially constraining operational flexibility and debt servicing. These metrics expose the company to significant financial distress if cash flows deteriorate.
Medium
Regulatory & Government Investigation Risk
The company faces potential investigations and agreements with government regulators, as well as ongoing regulatory developments that could impose additional compliance costs or operational restrictions. Such actions may delay projects or increase capital expenditures, impacting profitability.
Medium
Weather & Natural Disaster Exposure
FirstEnergy operates in regions prone to severe weather events and natural disasters, which can disrupt generation and transmission assets. Unexpected outages could lead to costly repairs and revenue losses, especially during peak demand periods.
Medium
Cyber & Physical Security Risk
The utility’s critical infrastructure is vulnerable to cyber attacks and physical security breaches. A successful attack could compromise grid reliability, trigger regulatory penalties, and erode customer trust.
Medium
Capital Market Access Risk
The company’s high leverage may limit its ability to raise additional capital on favorable terms, potentially forcing higher-cost debt or equity issuances during market downturns. This could increase financing costs and dilute shareholder value.
Lower
Environmental Regulation & Tax Law Change Risk
Environmental regulations and changes in tax law could impose new compliance costs or alter the tax treatment of revenues, affecting FirstEnergy’s operating margins. While less immediate than other risks, these factors could erode profitability over time.
These are risk mechanisms, not predictions. The key question is which would force a cut to earnings estimates or a lower multiple than the market currently prices in.
Why FE Stock Could Outperform
Structural drivers behind the upside case and why the stock could outperform over the next 12 months.
AI analysis · updated April 11, 2026
Dual-Brand Strategy
Faraday Future operates a dual‑brand approach: the premium "Faraday Future" brand offers ultra‑luxury, low‑volume vehicles such as the FF 91 series targeting affluent early adopters, while the "Faraday X" brand delivers mass‑market models like the FX Super One and FX4 aimed at a broader consumer base.
Product Development & Market Expansion
The company is actively launching new models, with the FX Super One already making commercial forays into the Middle East and securing pre‑orders. It also plans to expand into New York, introducing premium leasing services to capture a wider market.
AI‑Driven Mobility Ecosystem
Faraday Future positions itself as an AI‑powered mobility ecosystem provider, integrating AI across its vehicles and operations. Its focus on "Embodied AI" (EAI) is highlighted as a key differentiator in the competitive EV landscape.
Strong Financing & Investor Support
Despite financial challenges, the firm has secured significant financing commitments, including recent funding rounds and convertible notes. Institutional investors such as Vanguard and BlackRock have increased their holdings, underscoring confidence in the company’s upside.
Strategic Partnerships & Ecosystem Integration
Faraday Future is pursuing a "Dual‑Flywheel and Dual‑Bridge" ecosystem strategy, blending traditional operations with digital platforms. It has announced a partnership with AIxCrypto, further expanding its ecosystem reach.
A real bull case compounds — each driver matters most when it strengthens margins, supports capital returns, and keeps the company above the market's minimum growth bar simultaneously.
FE Stock Price Performance
52-week range context and price returns across multiple time horizons. Dividend contribution is shown separately in the Capital Return section.
Current Price
$45.88
52W Range Position
51%
52-Week Range
Current price plotted between the 52-week low and high.
52-Week Low
$39.28
+16.8% from the low
52-Week High
$52.34
-12.3% from the high
1 Month
-10.07%
3 Month
-2.36%
YTD
+1.4%
1 Year
+6.5%
3Y CAGR
+4.9%
5Y CAGR
+3.9%
10Y CAGR
+3.2%
Range context matters because valuation compression and earnings misses rarely hit from the same starting point. A stock already far below its high can still fall, but it is no longer carrying the same embedded optimism as one pressing a fresh peak.
FE vs Peers
Valuation, growth, and margin comparison against the closest publicly traded peers for this company.
Peer Set
Accurate peer set
Forward PE
16.8x
vs 16.2x median
+4% above peer median
Revenue Growth
+5.4%
vs +3.8% median
+40% above peer median
Net Margin
6.9%
vs 13.1% median
-47% below peer median
| Company | Mkt Cap | Fwd PE | Rev Grw | Margin | Rating | Upside |
|---|---|---|---|---|---|---|
FE FE FirstEnergy Corp. | $26.5B | 16.8x | +5.4% | 6.9% | Hold | +12.1% |
EXC EXC Exelon Corporation | $46.6B | 16.2x | +3.7% | 11.6% | Hold | +6.5% |
PPL PPL PPL Corporation | $27.8B | 19.2x | +6.8% | 13.1% | Buy | +11.3% |
ES ES Eversource Energy | $25.9B | 14.6x | +2.4% | 10.2% | Hold | +7.4% |
ETR ETR Entergy Corporation | $53.7B | 26.7x | +4.9% | 13.6% | Buy | -0.4% |
EIX EIX Edison International | $26.5B | 11.3x | +3.8% | 18.9% | Buy | +8.4% |
This peer comparison reflects companies with similar business models, product lines, or market positioning, supplemented by industry grouping when direct matches are limited.
FE Dividend and Capital Return
FE returns 3.8% total yield, led by a 3.83% dividend.
Dividend At RiskFCF Adequate
Total Shareholder Yield
3.8%
Dividend + buyback return per year
Buyback Yield
0.0%
Dividend Yield
3.83%
Payout Ratio
99.6%
How FE Splits Its Return
Div 3.83%
Dividend 3.83%Buybacks 0.0%
Dividend Profile
Yield, cadence, and growth quality
Dividend / Share
Trailing annualized cash dividend
$1.76
Growth Streak
Consecutive years of dividend increases
4Y
3Y Div CAGR
4.1%
5Y Div CAGR
2.4%
Ex-Dividend Date
—
Payment Cadence
Semi-Annual
5 payments over the last 12 months
Buyback Engine
How much per-share support comes from repurchases
Repurchases (TTM)
Cash used for buybacks in the latest trailing period
$0
Estimated Shares Retired
0
Approx. Share Reduction
0.0%
Shares Outstanding
Current diluted share count from the screening snapshot
578M
| Year | Div / Share | YoY Grw | BB Yield | Total Yield |
|---|---|---|---|---|
| 2026 | $0.91 | — | — | — |
| 2025 | $1.76 | +4.5% | 0.0% | 3.9% |
| 2024 | $1.69 | +6.6% | 0.0% | 4.2% |
| 2023 | $1.58 | +1.3% | 0.0% | 4.3% |
| 2022 | $1.56 | 0.0% | 0.0% | 3.7% |
FAQ
7 questionsFE Investor Questions
Common questions answered from live analyst data and company financials.
01Is FirstEnergy Corp. (FE) stock a buy or sell in 2026?
FirstEnergy Corp. (FE) is rated Hold by Wall Street analysts as of 2026. Of 27 analysts covering the stock, 11 rate it Buy or Strong Buy, 16 rate it Hold, and 0 rate it Sell or Strong Sell. The consensus 12-month price target is $51, implying +12.1% from the current price of $46. The bear case scenario is $37 and the bull case is $83.
02What is the FE stock price target for 2026?
The Wall Street consensus price target for FE is $51 based on 27 analyst estimates. The high-end target is $56 (+22.1% from today), and the low-end target is $46 (+0.3%). The base case model target is $59.
03Is FirstEnergy Corp. (FE) stock overvalued in 2026?
FE trades at 16.8x times forward earnings. The stock's valuation is broadly in line with the broader market. Based on current multiples versus the peer group, the relative model signals slightly undervalued. Whether the stock is over or undervalued ultimately depends on whether consensus earnings estimates are achievable.
04What are the main risks for FirstEnergy Corp. (FE) stock in 2026?
The primary risks for FE in 2026 are: (1) Leverage & Liquidity Risk — FirstEnergy’s debt-to-equity ratio stands at 192. (2) Regulatory & Government Investigation Risk — The company faces potential investigations and agreements with government regulators, as well as ongoing regulatory developments that could impose additional compliance costs or operational restrictions. (3) Weather & Natural Disaster Exposure — FirstEnergy operates in regions prone to severe weather events and natural disasters, which can disrupt generation and transmission assets. Each factor has the potential to pressure earnings or compress the stock's valuation multiple.
05What is FirstEnergy Corp.'s revenue and earnings forecast?
Analyst consensus estimates FE will report consensus revenue of $16.4B (+5.4% year-over-year) and EPS of $2.18 (+18.9% year-over-year) for the upcoming fiscal year. The following year, analysts project $17.6B in revenue.
06When does FirstEnergy Corp. (FE) report its next earnings?
A confirmed upcoming earnings date for FE is not yet available. Check the Earnings section above for the most recent quarterly report dates and forward estimates.
07How much free cash flow does FirstEnergy Corp. generate?
FirstEnergy Corp. (FE) generated $1.8B in free cash flow over the trailing twelve months — a free cash flow margin of 11.6%. FE returns capital to shareholders through dividends (3.8% yield) and share repurchases ($0 TTM).