2 models fit FirstEnergy Corp. Common Stock and they disagree: 0 of 2 land within 15% of the average.
Two or more of our models back this value.
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Valued as a utility: Dividend discount, P/E comparison, EV/EBITDA comparison, and Discounted cash flow.
ACCE opinionFirstEnergy Corp. Common Stock (FE)
Fair value (2 models)
$34.06
ACCE price target
$46.00
Rating
Overvalued
Horizon
12 months
Fair value published on 21 Oct 2026, 13:04 CEST; previously $35.69 since 12 Oct 2026, 00:00 CEST.
ACCE price target published on 24 Sept 2026, 00:00 CEST.
Rating published on 21 Oct 2026, 13:04 CEST.
Price used: $46.15 at the close on 23 Oct 2026, 22:00 CEST.
Models: P/E comparison and Dividend discount.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
Price vs fair value
35.5% above
-26.2% to fair value
ACCE score
53
out of 100
Analysts
56% buy
16 covering
P/E
24.7x
forward 15.7x
1-year return
-0.8%
Dividend yield
4.00%
FirstEnergy Corp. Common Stock in four questions
Plain answers, details below
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Overview
ACCE thesis
FirstEnergy runs regulated electric transmission and distribution utilities across Ohio, Pennsylvania, New Jersey and other states, earning returns on rate base set by state commissions rather than on commodity prices, which makes its earnings stream comparatively predictable. The structural case rests on that regulated rate base growing as utilities replace aging poles, wires and substations, and on the company's transmission assets, which carry federal rate treatment. The near-term story is the forward multiple: trailing P/E of 24.3 compresses to 15.4 on forward earnings, so the market is pricing in a meaningful earnings recovery. Revenue grew 8.8% and the company is a $26.2B market cap with a 9.5% ROE, which is modest for the sector and leaves room for improvement if rate case outcomes cooperate. The composite score of 53/100 and absence from any major index argue this stays a name to scrutinize carefully before anything else, with regulatory risk and the depth of the recovery in earnings as the central questions.