Is the business good?
How good a business is FE?
FirstEnergy earns 4.4% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
4.4%
Return on invested capital · cost of capital 9.0% · 4.6 points below what the capital costs: growth destroys value
- Operating margin
- 15%
Operating margin · Utilities - Regulated Electric median 22% · 12 months to Q1 2026
- Cash conversion
- −1.64×
Cash conversion · −0.62× a year ago · some of the reported profit has not turned into cash yet
- Share count, year on year
- +0.35%
Share count, year on year · flat: no meaningful dilution
| Year | Operating margin |
|---|---|
| FY2020 | 20% |
| FY2021 | 16% |
| FY2022 | 15% |
| FY2023 | 18% |
| FY2024 | 18% |
| FY2025 | 15% |
Details›
- Gross margin12 months to Q1 2026
- 71%
- Operating margin12 months to Q1 2026
- 15%
- Net margin12 months to Q1 2026
- 6.9%
- Free cash flow margin
- −11%
- Revenue, trailing twelve months
- $15.5B
- Free cash flow, trailing twelve months
- −$1.74B
- Net income, trailing twelve months
- $1.06B
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 4.4%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.
Utilities - Regulated Electric
Ranks #13 of 37 by Smart Score