FIRSTENERGY CORP（FE）の決算・業績分析
FIRSTENERGY CORPの2025年有価証券報告書をAI分析。売上高$15.1B(+12.0%)。営業利益$2.2B。Utilities。
目次
FIRSTENERGY CORPの2025年度 業績サマリー
FIRSTENERGY CORP（証券コード: FE）の2025年度決算・業績分析。売上高は$15.1B（前年比+12.0%）。営業利益は$2.2B（前年比-7.1%）。純利益は$1.0B（前年比+4.3%）。有価証券報告書を基に、業績変化の要因・リスク・見通し・セグメント構成を AI が分析しました。
FIRSTENERGY CORPの2024年度 注目ポイント
※ 直近の2025年度XBRLデータは取込済みですが、AI分析は2024年度の10-Kを対象としています。
- Revenue grew 11.9% YoY to $12.5B (XBRL), but net income fell 68.4% YoY to $406M (XBRL) due to legal and regulatory costs.
- High leverage with D/E ratio of 3.63x (XBRL) and liquidity challenges (current ratio 0.48x) raise financial stability concerns.
- Dividend payout ratio of 219.5% (XBRL) reflects aggressive shareholder returns despite declining profitability.
FIRSTENERGY CORPの売上高変化の要因
- •Revenue increased to $12.5B (XBRL), up from $11.1B in FY2023 (Historical Time Series). However, operating income declined to $1.9B (XBRL) from $1.7B in FY2023 (Historical Time Series). Revenue CAGR over 5 years is +3.3% (XBRL), but operating income CAGR is -2.0% (XBRL), reflecting margin compression. Total assets grew to $48.8B (XBRL) in FY2024, up from $46.1B in FY2023 (Historical Time Series).
FIRSTENERGY CORPの営業利益変化の要因
- •Operating margin improved to 15.3% (XBRL), but net margin fell to 3.3% (XBRL) due to a 68.4% YoY drop in net income to $406M (XBRL). EBITDA of $3.3B (26.4% of revenue) (XBRL) indicates strong cash generation from operations despite declining net income. Net income CAGR over 5 years is -3.9% (XBRL), driven by legal and regulatory expenses.
FIRSTENERGY CORPの事業リスクと対応
HB 6-related litigation and investigations could result in fines, penalties, and reputational damage (10-K).
Securities class action litigation (In re FirstEnergy Corp. Securities Litigation) may lead to substantial monetary damages (10-K).
Failure to comply with DPA obligations could trigger criminal prosecution or civil actions (10-K).
High debt (D/E 3.63x) and low liquidity (current ratio 0.48x) pose financial stability risks (XBRL).
Ongoing legal proceedings may divert management focus and resources (10-K).
FIRSTENERGY CORPの事業内容
FirstEnergy Corp (FE) operates as a regulated utility, generating revenue through electricity transmission, distribution, and generation in the Midwest and Mid-Atlantic regions (10-K). Key segments include regulated electric distribution (e.g., OE, CEI, TE), regulated transmission (FET), and generation (MP/AGC) (10-K). The company serves over six million customers across Ohio, Pennsylvania, West Virginia, Maryland, New Jersey, and New York (10-K). Competitive advantages include a $20.6B rate base (10-K), 24,000+ miles of transmission lines, and partnerships like MP/AGC’s 3,604 MW generation capacity (10-K).
FIRSTENERGY CORPのAI業績分析レポート（2024年度）
FirstEnergy Corp (FE) FY2024 Annual Report Analysis
Highlights
Business Overview
FirstEnergy Corp operates as a regulated utility, generating revenue through electricity transmission, distribution, and generation in the Midwest and Mid-Atlantic regions (10-K). Key segments include regulated electric distribution (e.g., OE, CEI, TE), regulated transmission (FET), and generation (MP/AGC) (10-K). The company serves over six million customers across Ohio, Pennsylvania, West Virginia, Maryland, New Jersey, and New York (10-K). Competitive advantages include a $20.6B rate base (10-K), 24,000+ miles of transmission lines, and partnerships like MP/AGC’s 3,604 MW generation capacity (10-K).
Revenue Analysis
Revenue increased to $12.5B (XBRL), up from $11.1B in FY2023 (Historical Time Series). However, operating income declined to $1.9B (XBRL) from $1.7B in FY2023 (Historical Time Series). Revenue CAGR over 5 years is +3.3% (XBRL), but operating income CAGR is -2.0% (XBRL), reflecting margin compression. Total assets grew to $48.8B (XBRL) in FY2024, up from $46.1B in FY2023 (Historical Time Series).
Profitability Analysis
Operating margin improved to 15.3% (XBRL), but net margin fell to 3.3% (XBRL) due to a 68.4% YoY drop in net income to $406M (XBRL). EBITDA of $3.3B (26.4% of revenue) (XBRL) indicates strong cash generation from operations despite declining net income. Net income CAGR over 5 years is -3.9% (XBRL), driven by legal and regulatory expenses.
Balance Sheet Analysis
Equity ratio is 21.4% (XBRL), with total equity rising to $10.4B (XBRL) in FY2024 from $10.2B in FY2023 (Historical Time Series). Total assets increased to $48.8B (XBRL) in FY2024. However, liquidity remains weak with a current ratio of 0.48x (XBRL) and cash reserves of only $137M (XBRL).
Cash Flow Analysis
Operating cash flow was $2.7B (XBRL), but free cash flow was negative at $-393M (XBRL) due to $1.4B in depreciation and amortization (XBRL) and $3.1B in investing cash outflows (XBRL). Dividends paid totaled $891M (XBRL), reflecting a payout ratio of 219.5% (XBRL).
Working Capital Analysis
Cash conversion cycle (CCC) improved to 14 days (XBRL), with receivables days at 39 days, inventory days at 15 days, and payables days at 40 days (XBRL). Asset turnover is 0.26x (XBRL), indicating low efficiency in utilizing assets to generate revenue.
Risks
Outlook
N/A. The 10-K does not provide forward-looking guidance or management outlook for FY2025.
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