FEFIRSTENERGY CORP

Electric Services

Revenue: $15.1B; 12% YoY
Operating margin: 14.6%; 17% YoY
EBITDA: $3.9B; 2.2% YoY
Market cap: $27.1B
Employees: 1,013; $15M revenue each
Net debt / EBITDA: 6.8×; $26.3B net debt
AI in 10-K: 0.5; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
363% of net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
27% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
10% of assets
Over 40% of assets
Shareholder dissentNo
96% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$15M · 94th pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.5 per 10K words · 21st pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
6.8× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$27.1B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DYes
1 filing
Active-intent 13D in 18 months
Net insider sellingNo
−$2M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$11.1B	$12.5B	$12.9B	$13.5B	$15.1B	12%
Operating income	$1.7B	$1.9B	$2.3B	$2.4B	$2.2B	7.1%
Net income	$1.3B	$406M	$1.1B	$978M	$1.0B	4.3%
Operating cash flow	$2.8B	$2.7B	$1.4B	$2.9B	$3.7B	28%
Capex	$2.5B	$2.8B	$3.4B	$4.0B	$4.7B	17%
Dividends	$849M	$891M	$906M	$970M	$1.0B	4.7%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Aug 22, 2025	Blackstone Holdings III L.P.	SCHEDULE 13D/A	5.0%	Active
Jun 10, 2022	Blackstone Holdings III L.P.	SC 13D/A	4.4%	Active
May 19, 2022	Blackstone Holdings III L.P.	SC 13D/A	—	Active
Dec 23, 2021	Blackstone Holdings III L.P.	SC 13D	5.3%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $2M · 4
Net: −$2M

Pay vs performance

No pay-versus-performance disclosure yet.