---
title: FirstEnergy (FE) — intrinsic value and fair price
canonical: https://sweetvaluelab.com/stocks/fe
ticker: FE
as_of: 2026-10-17
sector: Utilities
industry: Regulated Electric
---
# FirstEnergy (FE)

FirstEnergy (FE) closed at $46.19 on Oct 16, 2026, undervalued by 13% vs its model value of $53.29 (from its own five-year median P/E applied to its earnings).

## Key figures

| Figure | Value |
| --- | ---: |
| Last close | $46.19 (Oct 16, 2026) |
| Model value (from its own five-year median P/E applied to its earnings) | $53.29 |
| Price vs model | undervalued by 13% vs model |
| Range of that model | $44.32 – $62.40 |
| Market value | $26.7B |
| P/E (fiscal 2025) | 26.2 |
| Net margin (fiscal 2025) | 6.8% |
| Free cash flow (fiscal 2025) | -$1.0B |
| Dividend yield (trailing twelve months) | 3.94% |
| Beta | 0.42 |
| Cost of capital (WACC) | 5.89% |
| Business classification | Dividend Payer (Low/slowing growth (~8% recent), Moderate margins (7% net margin), Strong dividend yield, Highly cyclical earnings, High leverage (D/E 2.1x), Negative free cash flow) |

## Dividends

| Figure | Value |
| --- | ---: |
| Trailing dividend yield | 3.94% |
| Dividends per share, last 12 months | $1.82 |
| Coverage | — |
| Raised | 3 years in a row |
| Growth over 5 years | 3.1% a year |
| Latest payment | $0.465, ex-date Aug 7, 2026, paid Sep 1, 2026 |

| Year of payments | Dividends per share |
| --- | ---: |
| To Aug 5, 2021 | $1.56 |
| To Aug 4, 2022 | $1.56 |
| To Aug 4, 2023 | $1.56 |
| To Aug 7, 2024 | $1.67 |
| To Aug 7, 2025 | $1.74 |
| Trailing twelve months (to Aug 7, 2026) | $1.82 |

## Valuation models

Each model's value per share and the role the engine gave it for this business. The headline above is one model's value; every other model is listed with its own, and each has a page of its own under the valuation. Computed Oct 17, 2026.

| Model | Role | Value per share | Low | High |
| --- | --- | ---: | ---: | ---: |
| DCF · Perpetuity growth · 5y | cross check | $32.09 | $0.00 | $98.13 |
| DCF · Perpetuity growth · 10y | cross check | $36.10 | $0.08 | $109.69 |
| DCF · EBITDA exit · 5y | cross check | $87.75 | $40.59 | $143.70 |
| DCF · EBITDA exit · 10y | cross check | $87.96 | $37.01 | $157.35 |
| P/E · peers | cross check | $42.26 | $41.04 | $51.34 |
| P/E · own history | primary | $53.29 | $44.32 | $62.40 |
| PEG | sanity check | $53.89 | $53.89 | $53.89 |
| EV/EBITDA · peers | cross check | $37.65 | $29.14 | $44.46 |
| EV/Revenue · peers | cross check | $82.88 | $53.44 | $104.50 |
| Earnings power value | cross check | $0.00 | $0.00 | $0.00 |
| Dividend discount | cross check | $39.46 | $25.96 | $71.13 |

## Insider activity (SEC Form 4)

No open-market insider buys or sales filed in the past 90 days.

| Date | Insider | Relationship | Transaction | Shares | Value |
| --- | --- | --- | --- | ---: | ---: |
| Oct 1, 2026 | Turner Leslie M | Director | Grant / award | 986 | $0 |
| Oct 1, 2026 | SOMERHALDER JOHN W II | Director | Grant / award | 986 | $42,496.6 |
| Oct 1, 2026 | ONEIL JAMES F | Director | Grant / award | 986 | $0 |
| Oct 5, 2026 | KALETA PAUL J | Director | Grant / award | 986 | $0 |
| Oct 1, 2026 | Hicks Lisa Winston | Director | Grant / award | 986 | $0 |

## Recent SEC filings

| Filed | Form | What | Filing |
| --- | --- | --- | --- |
| Jul 28, 2026 | 10-Q | Quarterly report | https://www.sec.gov/Archives/edgar/data/1031296/000103129626000123/fe-20260630.htm |
| Jul 28, 2026 | 8-K | 2.02 Results of Operations (Earnings); 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/1031296/000103129626000122/fe-20260728.htm |
| Jun 8, 2026 | S-3/A | Shelf registration (amended) | https://www.sec.gov/Archives/edgar/data/1031296/000119312526261805/d57576ds3a.htm |
| Jun 1, 2026 | 8-K | 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/1031296/000103129626000092/fe-20260601.htm |
| May 29, 2026 | S-3 | Shelf registration | https://www.sec.gov/Archives/edgar/data/1031296/000119312526248378/d57576ds3.htm |

## Superinvestors holding it (latest 13F)

| Manager | Quarter | Shares | Value |
| --- | --- | ---: | ---: |
| Bridgewater | 2026-06-30 | 381,107 | $18.1M |
| Soros | 2026-06-30 | 20,946 | $995,773 |

2 tracked managers in all.

## About

FirstEnergy Corp. is an American utility company that, through its subsidiaries, provides comprehensive electricity services, encompassing generation, transmission, and distribution throughout the United States. Its operations are structured into Regulated Distribution and Regulated Transmission segments. The company leverages a diverse portfolio of power sources, operating facilities that produce electricity from coal, nuclear, hydroelectric, natural gas, wind, and solar technologies. Its vast infrastructure includes 24,074 circuit miles of overhead and underground transmission lines, complemented by an extensive electric distribution network featuring 273,295 miles of overhead pole lines and underground conduits for primary, secondary, and street lighting circuits. FirstEnergy serves approximately 6 million customers across six states: Ohio, Pennsylvania, West Virginia, Maryland, New J…

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Source: https://sweetvaluelab.com/stocks/fe (SweetValueLab, free, no account). Prices and statements from Financial Modeling Prep; filings from SEC EDGAR. Research and educational data, not investment advice; nothing here is a recommendation to buy, sell or hold any security.