FirstEnergy Corp. (FE) Stock Price & How to Invest
Last updated July 2026
Short answer
FirstEnergy (FE) is a large, fully regulated electric transmission and distribution utility serving about 6 million customers across the Midwest and Mid-Atlantic, so it tends to appeal to investors who want steady dividend income and rate-base growth rather than fast capital appreciation.
FE stock price
As of 2026-07-17, FirstEnergy Corp. (FE) last closed at $48.53, up 19.0% over the past year. Over the past 52 weeks it has traded between $40.78 and $51.91.
Prices are daily closing prices from Yahoo Finance and may be delayed. For the live quote, check your broker or FirstEnergy Corp.'s investor relations page. Walnut is informational, not investment advice.
What does FirstEnergy Corp. (FE) do?
FirstEnergy Corp is one of the largest investor-owned electric systems in the United States, delivering electricity to roughly 6 million customers across Ohio, Pennsylvania, New Jersey, West Virginia, Maryland, and a sliver of New York. The company was formed in 1997 and expanded through the GPU (2001) and Allegheny Energy (2011) acquisitions. Today it operates almost entirely as a regulated wires business, organized into Regulated Distribution and Regulated Transmission segments, with more than 24,000 miles of transmission lines and a rate base of roughly $27 billion. The vast majority of earnings come from regulated activity under state and federal oversight, which produces relatively predictable cash flows.
The investment picture is a classic regulated-utility one: modest, dependable earnings growth funded by heavy capital spending, paired with a meaningful dividend. FirstEnergy is pursuing its Energize365 program, a roughly $36 billion investment plan for 2026 through 2030 aimed at grid reliability, transmission, and system modernization, which management expects to drive around 10% annual rate-base growth. The main tension is that this growth requires large, ongoing capital raises and carries a high debt load, and the company is still managing reputational and regulatory fallout from the Ohio House Bill 6 bribery scandal that surfaced in 2020.
What's driving FirstEnergy Corp. (FE)?
1. Energize365 capital program and rate-base growth
FirstEnergy plans about $6 billion of capital spending in 2026 within a roughly $36 billion Energize365 program running through 2030. Regulated utilities earn a return on this invested capital, so the plan is designed to support around 10% annual rate-base growth. Execution of these investments is the primary engine behind the company's targeted core earnings growth.
2. Regulated, predictable earnings base
Nearly all of FirstEnergy's earnings come from regulated transmission and distribution, insulating it from commodity-price swings and merchant-generation risk. The company reaffirmed 2026 core EPS guidance of roughly $2.62 to $2.82 and reported a trailing consolidated return on equity near 9.8%. This regulated model gives the business relatively stable, visible cash flows.
3. Dividend income
FE pays a quarterly dividend yielding roughly 3.6%, which is a central part of the total-return case for most utility holders. The dividend is supported by regulated cash flows, though it competes with heavy capital needs for those same funds. Utility investors typically watch payout sustainability alongside rate-base growth.
4. Electrification and load growth tailwind
Rising electricity demand from data centers, electrification, and grid resilience needs supports the case for continued transmission and distribution investment. Growing load across FirstEnergy's Midwest and Mid-Atlantic footprint can justify additional regulated capital spending. This structural demand backdrop underpins the multi-year investment plan.
What are the risks to FirstEnergy Corp. (FE)?
FirstEnergy carries a large debt load of roughly $28 billion and negative free cash flow, so it depends on continued access to capital markets and periodic equity issuance, which can dilute shareholders. Rising interest rates increase financing costs for capital-intensive utilities and can pressure the stock. The lingering Ohio House Bill 6 bribery scandal continues to shape rate cases, with consumer advocates pushing for a lower authorized return on equity as a penalty, which could crimp Ohio earnings. Regulatory outcomes across its multiple states are the single largest swing factor, since commissions set the allowed returns that determine profitability. As a regulated utility, FE also offers limited upside compared with growth stocks and can lag in strong equity bull markets.
How is FirstEnergy Corp. (FE) valued? (approximate, July 2026)
A simple financial snapshot. These are approximations and refresh quarterly; for current figures see FirstEnergy Corp.'s investor relations page or your broker.
- Market cap: ~$28 billion
- Share price: ~$49
- Revenue (TTM): ~$14 billion
- 2026 core EPS guidance: ~$2.62 to $2.82
- Dividend yield: ~3.6%
- Total debt: ~$28 billion
FirstEnergy trades around 18 times forward core earnings, roughly in line with regulated-utility peers, reflecting steady but modest growth expectations. Q1 2026 core earnings rose about 7.5% year over year to $0.72 per share, and management reaffirmed full-year guidance with more growth weighted to the second half. Valuation and debt levels are the two figures most worth watching given the heavy capital program.
Who competes with FirstEnergy Corp. (FE)?
Large regulated electric utilities
Peers such as American Electric Power (AEP), Duke Energy (DUK), Exelon (EXC), and Southern Company (SO) run similar regulated transmission-and-distribution models across overlapping or adjacent regions, competing for capital, regulatory approvals, and income-focused investors.
Mid-Atlantic and Midwest regional utilities
Companies like PPL Corporation (PPL), PSEG (PEG), and Dominion Energy (D) operate in FirstEnergy's broader footprint and face the same state regulators and demand trends, making them direct comparables for grid-investment and rate-case outcomes.
Broad utility and dividend income vehicles
Utility index funds and dividend ETFs (for example the Utilities Select Sector SPDR, XLU) compete for the income-and-defense allocation in a portfolio, offering diversified exposure to the same sector without single-company regulatory risk.
How to invest in FirstEnergy Corp. (FE)
There are three common ways to get FE exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic basket, so FE sits alongside other stocks that express the same thesis.
Walnut takes the basket route. Describe a thesis where FE fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.
The bottom line on FirstEnergy Corp. (FE)
FE is a defensive, income-oriented regulated utility whose story hinges on executing its large grid-investment plan while working through the lingering regulatory shadow of the Ohio HB6 scandal.
More on FirstEnergy Corp. (FE)
Whether FE is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is FE a buy?, and where the stock could go from here in the FE stock forecast.
For income investors, whether FE pays a dividend and how the payout looks is covered in does FE pay a dividend?
Build a basket around FE with Walnut
Use FirstEnergy Corp. as one constituent in a thematic basket Walnut's AI helps you assemble. Describe a thesis you believe in, the AI proposes the holdings and weights, and you approve before any broker order.
FAQ
What does FirstEnergy do?
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FirstEnergy is a regulated electric utility that transmits and distributes electricity to roughly 6 million customers across Ohio, Pennsylvania, New Jersey, West Virginia, Maryland, and part of New York. It operates through Regulated Distribution and Regulated Transmission segments and owns more than 24,000 miles of transmission lines.
Does FirstEnergy pay a dividend?
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Yes. FE pays a quarterly cash dividend, and as of July 2026 the yield is roughly 3.6%. The dividend is funded by regulated cash flows and is a central part of the total-return case for most utility investors, though it competes with the company's large capital needs.
Is FirstEnergy a regulated utility?
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Yes. Nearly all of FirstEnergy's earnings come from regulated transmission and distribution operations overseen by state commissions and federal regulators. This regulated structure produces relatively predictable cash flows but caps upside, since allowed returns are set by regulators rather than markets.
What is the Ohio HB6 scandal and does it still matter?
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House Bill 6 was a 2019 Ohio law tied to a bribery scandal in which FirstEnergy paid roughly $60 million to advance the legislation. The company resolved criminal and securities matters years ago through settlements totaling hundreds of millions of dollars, but the fallout still influences current Ohio rate cases, where consumer advocates seek a lower authorized return.
What is FirstEnergy's Energize365 plan?
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Energize365 is FirstEnergy's roughly $36 billion capital investment program for 2026 through 2030, focused on grid reliability, transmission, and modernization. Management expects it to support around 10% annual rate-base growth, which is the main driver behind the company's targeted core earnings growth.
How did FirstEnergy perform in Q1 2026?
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FirstEnergy reported GAAP earnings of about $405 million, or $0.70 per share, on roughly $4.2 billion of revenue, beating estimates. Core (non-GAAP) earnings rose about 7.5% year over year to $0.72 per share, and the company reaffirmed full-year 2026 core EPS guidance of roughly $2.62 to $2.82.
What are the main risks of owning FE?
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The biggest risks are its large roughly $28 billion debt load, negative free cash flow, sensitivity to interest rates, and regulatory outcomes across multiple states, including the lingering effect of the HB6 scandal on Ohio rate cases. Rate commissions ultimately set the allowed returns that determine profitability.
How does FirstEnergy compare with other utilities?
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FE competes with large regulated peers like American Electric Power, Duke Energy, Exelon, and Southern Company, as well as regional players such as PPL and PSEG. It trades at a valuation roughly in line with the group, and utility index funds like XLU offer diversified sector exposure without single-company regulatory risk.
Walnut is informational, not investment advice. Financial figures on this page are approximations; always verify current numbers with FirstEnergy Corp.'s investor relations page or your broker before making investment decisions.