Firstenergy Corp. (FE) intrinsic value & 10-year financials
Firstenergy Corp. (FE) has a Graham intrinsic value of $7.62 per share. At $46.19 on Oct 17, 2026, the stock trades 506% above that value. Over the last 10 fiscal years revenue grew 0.4% a year to $15.1B, with an average return on invested capital of 2.5%.
- Graham intrinsic value
- $7.62
- Share price (Oct 17, 2026)
- $46.19
- Price vs Graham value
- 506% above
- Market cap
- $26.7B
- Revenue (FY2025)
- $15.1B
- Revenue growth (10-yr CAGR)
- 0.4%
- ROIC (10-yr avg)
- 2.5%
- Free cash flow (FY2025)
- -$1.0B
FE 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $15.1B | $1.0B | $1.76 | -$1.0B | 14.6% | 4.7% |
| FY2024 | $13.5B | $978.0M | $1.70 | -$1.1B | 17.6% | 5.0% |
| FY2023 | $12.9B | $1.1B | $1.92 | -$2.0B | 17.6% | 5.7% |
| FY2022 | $12.5B | $406.0M | $0.71 | -$73.0M | 15.3% | 3.1% |
| FY2021 | $11.1B | $1.3B | $2.35 | $366.0M | 15.5% | 4.8% |
| FY2020 | $10.7B | $1.1B | $1.99 | -$1.2B | 20.2% | 7.2% |
| FY2019 | $10.8B | $912.0M | $1.68 | -$198.0M | 23.2% | 8.1% |
| FY2018 | $10.9B | $1.3B | $1.99 | -$1.3B | 22.9% | 7.9% |
| FY2017 | $14.0B | -$1.7B | -$3.88 | $1.2B | 1.2% | 0.7% |
| FY2016 | $14.6B | -$6.2B | -$14.49 | $536.0M | -56.7% | -22.8% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
FirstEnergy has demonstrated mature, steady growth, with revenue compounding at 0.4% annually over the past decade.
FirstEnergy has historically struggled to out-earn its cost of capital, averaging just 2.5% ROIC.
FirstEnergy has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, FirstEnergy is modeled at -1.7% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $7.62 per share.