Question 1

What is FirstEnergy's P/FCF ratio?

Accepted Answer

FirstEnergy (FE) P/FCF ratio is 15.9× as of July 22, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month free cash flow, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/FCF ratio calculated?

Accepted Answer

P/FCF = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Free Cash Flow, where Free Cash Flow = Operating Cash Flow − Capital Expenditures. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the P/FCF ratio?

Accepted Answer

The price-to-free-cash-flow (P/FCF) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) free cash flow. It is calculated as market cap ÷ TTM free cash flow, where free cash flow = operating cash flow − capital expenditures. Because FCF cannot be inflated by non-cash accounting items, P/FCF is often considered a cleaner measure of "earnings-power valuation" than P/E — especially for capital-intensive businesses where depreciation diverges from real cash outflows.

Question 4

What is a good P/FCF ratio for FirstEnergy?

Accepted Answer

Mature companies that consistently convert profit into cash often trade at 15–25× P/FCF; capital-intensive businesses with lumpy capex typically trade lower. Compare against sector peers and against the company's own multi-year average — single-year P/FCF can be distorted by working-capital swings. For FirstEnergy specifically, the relevant sector benchmark is the current sector median of 45.4×.

Question 5

Is FirstEnergy's P/FCF ratio high or low?

Accepted Answer

FirstEnergy's P/FCF ratio of 15.9× is below its own 5-year average of 158.6× and below the sector median of 45.4×. That places the current reading at the 32th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is FirstEnergy's historical P/FCF ratio range?

Accepted Answer

In the available daily series, FirstEnergy (FE) P/FCF ratio has ranged from a low of 7.3× in 2004 to a high of 750.2× in 2021. The 5-year average is 158.6× and the 5-year median is 62.3×.

Question 7

What was FirstEnergy's P/FCF ratio in 2025?

Accepted Answer

FirstEnergy (FE) P/FCF ratio at the end of 2025 was 10.2×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month free cash flow figure available at that date.

Question 8

Why does FirstEnergy's P/FCF ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (free cash flow). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$25.8B	$2.53B	10.2×	—	Dec 31, 2025
2024	$22.9B	-$1.14B	—	—	Dec 31, 2024
2023	$21.1B	-$1.97B	—	—	Dec 31, 2023
2022	$24B	-$98M	—	—	Dec 31, 2022
2021	$22.8B	$366M	62.3×	—	Dec 31, 2021
2020	$16.6B	-$1.23B	—	—	Dec 31, 2020
2019	$26.3B	-$198M	—	—	Dec 31, 2019
2018	$19.3B	-$1.27B	—	—	Dec 31, 2018
2017	$13.6B	$1.02B	13.3×	-30.4×	Dec 31, 2017
2016	$13.3B	$304M	43.7×	+19.5×	Dec 31, 2016
2015	$13.4B	$553M	24.2×	—	Dec 31, 2015
2014	$16.5B	-$832M	—	—	Dec 31, 2014
2013	$13.8B	-$226M	—	—	Dec 31, 2013
2012	$17.5B	-$644M	—	—	Dec 31, 2012
2011	$18.6B	$785M	23.7×	+13.6×	Dec 31, 2011
2010	$11.3B	$1.11B	10.1×	-43.8×	Dec 31, 2010
2009	$14.1B	$262M	53.9×	—	Dec 31, 2009
2008	$14.8B	-$669M	—	—	Dec 31, 2008
2007	$21.9B	$61M	359.3×	+328.6×	Dec 31, 2007
2006	$19.2B	$624M	30.7×	+14.9×	Dec 31, 2006
2005	$16.1B	$1.01B	15.9×	+3.3×	Dec 31, 2005
2004	$12.9B	$1.03B	12.5×	+2.0×	Dec 31, 2004
2003	$11.6B	$1.1B	10.6×	+0.0×	Dec 31, 2003
2002	$9.65B	$918M	10.5×	—	Dec 31, 2002


Eversource Energy (ES)	110.1×
Constellation Energy (CEG)	86.9×
NextEra Energy (NEE)	82.1×
American States Water (AWR)	77.8×
Middlesex Water (MSEX)	63.1×
Vistra (VST)	45.4×
UGI (UGI)	32.9×
Duke Energy (DUK)	15.4×
Consolidated Edison (ED)	14.6×
American Electric Power Company (AEP)	9.3×

P/FCF Ratio for FirstEnergy (FE) 2002-2026

P/FCF Ratio daily chart for FirstEnergy (FE)

Historical P/FCF Ratio for FirstEnergy (FE) from 2002 to 2025

About P/FCF Ratio at FirstEnergy (FE)

FirstEnergy P/FCF Ratio by Year

FirstEnergy P/FCF Ratio 2025: 10.2×

FirstEnergy P/FCF Ratio 2021: 62.3×

FirstEnergy P/FCF Ratio 2017: 13.3×

FirstEnergy P/FCF Ratio 2016: 43.7×

FirstEnergy P/FCF Ratio 2015: 24.2×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

FirstEnergy (FE) Key Financials