FirstEnergy Corporation
- Отрасль
- Electric Utilities
- Биржа
- США
- Страна / Регион
- USA
- Дата IPO
- 10 ноября 1997 г.
- Сотрудники
- 11 186
Сводный диапазон оценки · консервативный $20–$23 / справедливый $35–$40 / оптимистичный $55–$60. При $49.32, Между справедливым и оптимистичным диапазонами.
На момент публикации $46.78 (28 мая 2026 г.)
Данные EODHD, показаны в валюте отчётности; только для справки, не является инвестиционной рекомендацией.
FirstEnergy Corp., together with its subsidiaries, engages in the generation, distribution, and transmission of electricity in the United States. It operates through Distribution, Integrated, and Stand-Alone Transmission segments. The company owns and operates coal-fired, nuclear, hydroelectric, wind, and solar power generating facilities. The company operates 252,959 distribution line miles and 24,157 transmission line miles, including overhead pole line and underground conduit carrying primary, secondary, and street lighting circuits. The company serves customers in Ohio, Pennsylvania, New Jersey, West Virginia, Maryland, and New York. FirstEnergy Corp. was incorporated in 1996 and is headquartered in Akron, Ohio.
История
FirstEnergy Corporation was incorporated in 1996, completed its IPO on November 10, 1997, and is headquartered in Akron, Ohio. It has grown into a regulated electric utility serving more than 6 million customers across Ohio, Pennsylvania, New Jersey, West Virginia, Maryland, and New York, operating roughly 252,959 distribution line miles and about 24,157 transmission line miles, and owning coal-fired, nuclear, hydroelectric, wind, and solar generating facilities. Management now organizes operations into three segments: Distribution, Integrated, and Stand-Alone Transmission. A defining recent chapter was governance and balance-sheet repair: around 2020 the company became entangled in an Ohio political bribery matter and related investigations, and per its 2025 FactBook it completed the three-year obligations of a deferred prosecution agreement with the U.S. Department of Justice and reached settlements with the SEC and Ohio parties. Since the end of 2021 it raised cumulatively about $7 billion of equity-type capital through transactions including a Brookfield deal and a Blackstone investment, and the holding company's long-term debt as a share of total debt fell from 33% at year-end 2021 toward about 25% by year-end 2025, with a plan to reach roughly 20%. Total assets expanded from $45.43 billion in 2021 to $55.90 billion in 2025 and $56.92 billion at the end of the first quarter of 2026, while revenue rose from $11.13 billion in 2021 to $15.09 billion in 2025; basic weighted-average shares outstanding increased from about 545 million in 2021 to roughly 577 million in 2025 and 578.4 million by the first quarter of 2026. The company employs 11,186 people and has set a 2026-2030 plan calling for about $36 billion of investment and roughly 10% FE-owned rate base CAGR.
Положение в отрасли
FirstEnergy operates as a regulated electric utility whose revenue is recovered mainly through state regulation and FERC formula rates, giving it a stable-demand, regulated-return profile. Within its 2026-2030 plan, roughly 75% of investment sits under formula or formula-like rate frameworks. Its Stand-Alone Transmission business represents about $6 billion of 2026 forecast FE-owned rate base, with principal assets under 100% FERC forward formula rates and allowed ROEs of roughly 9.88%-12.7% at major transmission subsidiaries, while state-level allowed ROEs run roughly 9.5%-10.45%; stand-alone transmission rate base is projected to grow at about 13% CAGR. Rather than competing primarily for local retail customers, FirstEnergy competes with other large regulated utilities for investor capital, including AEP, DUK, XEL, and WEC; on recent market data the market capitalizations were approximately $70.88 billion for AEP, $97.65 billion for DUK, $50.71 billion for XEL, and $37.14 billion for WEC, against about $27.13 billion for FirstEnergy, placing it below the largest peers but not as a marginal player. Its competitive barriers derive from licensing and regulatory hurdles, regional franchise characteristics, sunk capital, and system scale, alongside real-world system and institutional switching costs that make it impractical for a rival to replicate the existing network, licenses, historical assets, and customer connections within the same service territory and regulatory framework. The company maintains an investment-grade credit profile around BBB/Baa2 and targets roughly 14% FFO/Debt.
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