The business behind the dividend
| Measure | FE | Median | Formula |
|---|---|---|---|
| Return on equity | 8.2% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | 5.7% | 10.1% | Operating income ÷ (equity + total debt) |
| Owner earnings | $-2.02bn | $632.00m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-1.00bn | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | 14.6% | 15.0% | Operating income ÷ revenue |
| Net margin | 6.8% | 10.2% | Net income ÷ revenue |
| Debt to equity | 2.10x | 0.79x | Total debt ÷ shareholders’ equity |
| Interest cover | 1.81x | 4.43x | Operating income ÷ interest expense |
| Current ratio | 0.57x | 1.25x | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 3.63x | 1.78x | Operating cash flow ÷ net income |
Not computed here: Long-term debt to working capital — why a blank is not a zero.
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 8.2% | 7.9% | 10.6% | 4.0% | 14.8% | 14.9% | 13.1% | 19.8% | -43.9% | -99.0% | 8.2% |
| Return on capital employed | 5.7% | 6.6% | 6.6% | 6.0% | 5.3% | 7.3% | 9.3% | 10.0% | 10.5% | 7.9% | 6.6% |
| Operating margin | 14.6% | 17.6% | 17.6% | 15.3% | 15.5% | 20.2% | 23.2% | 22.9% | 22.2% | 19.2% | 17.6% |
| Net margin | 6.8% | 7.3% | 8.6% | 3.3% | 11.5% | 10.1% | 8.4% | 12.3% | -15.8% | -57.7% | 7.3% |
| Debt to equity | 2.10x | 1.88x | 2.31x | 2.12x | 2.75x | 3.08x | 2.87x | 2.68x | 4.90x | 3.18x | 2.68x |
| Current ratio | 0.57x | 0.56x | 0.48x | 0.61x | 0.73x | 0.74x | 0.50x | 0.52x | 0.76x | 0.41x | 0.56x |
| Cash conversion | 3.63x | 2.96x | 1.26x | 6.61x | 2.19x | 1.32x | 2.71x | 1.05x | — | — | 2.71x |
How it compares in utilities
Among the 57 utilities companies here measured on GAAP earnings, Firstenergy pays out less than 3 of them. The median for that group is 61.5%, against this company’s 100.6%.
Closest on GAAP earnings
- NorthWestern Energy Group (NWE) 89.8%
- Williams Companies (WMB) 93.5%
- Sempra (SRE) 93.8%
- Antero Midstream (AM) 105.9%
Same sector and same denominator, so the figures are comparable. All 58 in utilities →