Recent News
March 16–17, 2026: FirstEnergy issued power restoration updates following a windstorm across its Ohio, Pennsylvania, West Virginia and Maryland service areas. February–March 2026: Court activity continued in trials related to the Ohio bribery allegations involving former executives, with jury deliberations reported March 17, 2026. January 21, 2026: FirstEnergy Transmission extended an exchange offer deadline for its 4.750% senior notes due 2033. Mid-January 2026: The Public Utilities Commission of Ohio approved a settlement providing customer bill credits; timing for credits and implementation details were published thereafter.
Technical Analysis
Directional Strength (ADX / DI+/DI-): ADX at 24.42 indicates an emerging trend strength. DI+ at 24.69 with an increasing trend reads as bullish; DI- at 19.03 with a decreasing trend reinforces the same directional bias. The combination implies momentum has room to develop but has not reached a mature, very-strong state.
MACD: MACD reads 0.34 with a dip & reversal pattern, indicating a shift toward bullish momentum. MACD and its signal line both sit at 0.34, so momentum has reversed upward but lacks a confirmed net crossover advantage over the signal line.
MRO (Momentum/Regression Oscillator): MRO at 25.64 and labeled peak & reversal signals that price sits above its modeled target and the indicator has begun to roll over; the level implies meaningful downside potential if momentum softens.
RSI: RSI at 58.79 with a dip & reversal indicates renewed buying interest without overbought pressure; the reading aligns with a constructive short-term momentum backdrop rather than an extended advance.
Price vs. Moving Averages and Bands: Last close $51.02 trades above the 20-day average ($50.14), 50-day average ($49.43) and 200-day average ($45.24); the 12-day EMA is increasing. Price sits just under the 1x Bollinger upper band ($51.15), consistent with a modest bullish tilt rather than an extreme breakout.
Volume & Volatility: Session volume of 2,118,796 sits below the 10-, 50- and 200-day averages, suggesting recent moves lack conviction from broader participation. Low 42-day and 52-week betas (0.02 and 0.15) imply muted volatility relative to the market, reducing the probability of rapid directional shifts.
Fundamental Analysis
Revenue & Margins: Total revenue $3,797,000,000 with YoY revenue decline of 42.94% and QoQ revenue growth of -137.24% signals a pronounced contraction on a year-over-year basis and volatile sequential dynamics. Gross margin stands at 63.84%; operating margin equals 15.88% and EBIT margin equals 7.03%. EBIT margin at 7.03% falls below the industry peer mean of 22.23% and the industry peer median of 22.44%, while remaining above the industry peer low of -6.94%. QoQ EBIT margin change of -66.51% and YoY change of -63.86% reflect substantial margin pressure over both horizons.
Profitability & Earnings: Reported EPS $0.53 matched the estimate ($0.53) with an EPS surprise of -0.91%. Net income registered a loss of $49,000,000 while operating income measured $603,000,000. Earnings growth shows mixed timing: an YoY increase of 70.69% contrasted with a QoQ decline of 160.63%.
Cash Flow & Liquidity: Operating cash flow $1,136,000,000 remains a positive cash source, but free cash flow was negative at -$30,000,000 and free cash flow yield measured -0.11%, down 89.58% YoY. Cash on hand $57,000,000 and a current ratio of 0.565 indicate constrained near-term liquidity relative to operating needs; quick ratio 0.456 mirrors tight working-capital liquidity. The cash conversion cycle at -52.75 days (better than some peers’ mean) shows effective working-capital timing despite low cash balances.
Capital Structure & Coverage: Total debt $26,556,000,000 with net debt $26,499,000,000 yields debt-to-assets 47.50% and debt-to-equity 212.28%; debt-to-assets sits near the top of the industry peer high of 47.57% per the peer range. Interest coverage at 1.01 rounds to roughly one times operating income over interest, materially below the industry peer mean (~3.34x), indicating thin coverage margins and sensitivity to interest cost changes.
Returns & Efficiency: Return on equity -0.39% and return on assets -0.088% remain negative, reflecting the recent net loss and heavy leverage. Asset turnover 0.0679 slightly exceeds the industry peer mean of 0.0631, indicating reasonable revenue generation from asset base but not enough to offset high financial obligations.
Dividends: Quarterly dividend rate $0.44475 yields 0.963%. Dividend payout ratio at -524.49% and dividend coverage ratio -19.07% indicate dividends exceeded net income in the period measured; the cash-and-distribution relationship warrants monitoring given negative net earnings and negative free cash flow.
Valuation Summary: WMDST values the stock as under-valued. Key valuation multiples include P/E 87.13 and enterprise multiple 77.30; forward P/E near 61.09. These multiples reflect market pricing that incorporates leverage, cash-flow dynamics and the regulatory/legal overhang; WMDST’s valuation judgment takes those elements into account.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-12-31 |
| REPORT DATE: | 2026-02-17 |
| NEXT REPORT DATE: | 2026-05-19 |
| CASH FLOW | Begin Period Cash Flow | $ 1.4 B |
| Operating Cash Flow | $ 1.1 B | |
| Capital Expenditures | $ -1.17 B | |
| Change In Working Capital | $ 402.0 M | |
| Dividends Paid | $ -257.00 M | |
| Cash Flow Delta | $ -1.33 B | |
| End Period Cash Flow | $ 99.0 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 3.8 B | |
| Forward Revenue | $ -8.23 B | |
| COSTS | ||
| Cost Of Revenue | $ 1.4 B | |
| Depreciation | $ 337.0 M | |
| Depreciation and Amortization | $ 337.0 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 3.2 B | |
| PROFITABILITY | ||
| Gross Profit | $ 2.4 B | |
| EBITDA | $ 688.0 M | |
| EBIT | $ 267.0 M | |
| Operating Income | $ 603.0 M | |
| Interest Income | — | |
| Interest Expense | $ 264.0 M | |
| Net Interest Income | $ -264.00 M | |
| Income Before Tax | $ 3.0 M | |
| Tax Provision | $ -4.00 M | |
| Tax Rate | 21.0 % | |
| Net Income | $ -49.00 M | |
| Net Income From Continuing Operations | $ 7.0 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.53 | |
| EPS Actual | $ 0.53 | |
| EPS Difference | $ 0.00 | |
| EPS Surprise | -0.91 % | |
| Forward EPS | $ 0.74 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 55.9 B | |
| Intangible Assets | $ 5.6 B | |
| Net Tangible Assets | $ 6.9 B | |
| Total Current Assets | $ 3.0 B | |
| Cash and Short-Term Investments | $ 57.0 M | |
| Cash | $ 57.0 M | |
| Net Receivables | $ 939.0 M | |
| Inventory | $ 577.0 M | |
| Long-Term Investments | $ 1.4 B | |
| LIABILITIES | ||
| Accounts Payable | $ 2.0 B | |
| Short-Term Debt | $ 1.0 B | |
| Total Current Liabilities | $ 5.3 B | |
| Net Debt | $ 26.5 B | |
| Total Debt | $ 26.6 B | |
| Total Liabilities | $ 42.0 B | |
| EQUITY | ||
| Total Equity | $ 12.5 B | |
| Retained Earnings | $ 35.0 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 21.65 | |
| Shares Outstanding | 577.851 M | |
| Revenue Per-Share | $ 6.57 | |
| VALUATION | Market Capitalization | $ 26.7 B |
| Enterprise Value | $ 53.2 B | |
| Enterprise Multiple | 77.303 | |
| Enterprise Multiple QoQ | 107.123 % | |
| Enterprise Multiple YoY | 219.912 % | |
| Enterprise Multiple IPRWA | high: 80.229 FE: 77.303 median: 64.053 mean: 57.598 low: 1.664 |
|
| EV/R | 14.007 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 4.469 | |
| Asset To Liability | 1.332 | |
| Debt To Capital | 0.68 | |
| Debt To Assets | 0.475 | |
| Debt To Assets QoQ | -3.361 % | |
| Debt To Assets YoY | 1519.052 % | |
| Debt To Assets IPRWA | high: 0.476 FE: 0.475 median: 0.433 mean: 0.346 low: 0.012 |
|
| Debt To Equity | 2.123 | |
| Debt To Equity QoQ | -1.102 % | |
| Debt To Equity YoY | 1631.468 % | |
| Debt To Equity IPRWA | high: 2.432 FE: 2.123 median: 1.487 mean: 1.266 low: 0.013 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 2.133 | |
| Price To Book QoQ | 6.535 % | |
| Price To Book YoY | 14.245 % | |
| Price To Book IPRWA | high: 3.11 mean: 2.227 FE: 2.133 median: 2.045 low: 0.011 |
|
| Price To Earnings (P/E) | 87.133 | |
| Price To Earnings QoQ | 63.03 % | |
| Price To Earnings YoY | 44.75 % | |
| Price To Earnings IPRWA | high: 181.261 median: 133.353 mean: 119.4 FE: 87.133 low: -114.345 |
|
| PE/G Ratio | -2.411 | |
| Price To Sales (P/S) | 7.028 | |
| Price To Sales QoQ | 13.764 % | |
| Price To Sales YoY | -4.018 % | |
| Price To Sales IPRWA | high: 26.13 mean: 15.256 median: 14.36 FE: 7.028 low: 0.028 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 61.092 | |
| Forward PE/G | -1.69 | |
| Forward P/S | -3.234 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 8.195 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.068 | |
| Asset Turnover Ratio QoQ | -9.835 % | |
| Asset Turnover Ratio YoY | 9.937 % | |
| Asset Turnover Ratio IPRWA | high: 0.166 FE: 0.068 mean: 0.063 median: 0.047 low: 0.031 |
|
| Receivables Turnover | 4.02 | |
| Receivables Turnover Ratio QoQ | -12.872 % | |
| Receivables Turnover Ratio YoY | 15.313 % | |
| Receivables Turnover Ratio IPRWA | high: 4.607 FE: 4.02 mean: 1.979 median: 1.801 low: 0.811 |
|
| Inventory Turnover | 2.377 | |
| Inventory Turnover Ratio QoQ | -7.287 % | |
| Inventory Turnover Ratio YoY | 28.337 % | |
| Inventory Turnover Ratio IPRWA | high: 5.265 median: 2.615 mean: 2.598 FE: 2.377 low: 0.857 |
|
| Days Sales Outstanding (DSO) | 22.698 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | -52.747 | |
| Cash Conversion Cycle Days QoQ | -28.284 % | |
| Cash Conversion Cycle Days YoY | 8.336 % | |
| Cash Conversion Cycle Days IPRWA | high: 81.214 mean: -13.306 median: -42.087 FE: -52.747 low: -68.344 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | -1.657 | |
| CapEx To Revenue | -0.307 | |
| CapEx To Depreciation | -3.46 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 38.0 B | |
| Net Invested Capital | $ 39.1 B | |
| Invested Capital | $ 39.1 B | |
| Net Tangible Assets | $ 6.9 B | |
| Net Working Capital | $ -2.29 B | |
| LIQUIDITY | ||
| Cash Ratio | 0.011 | |
| Current Ratio | 0.565 | |
| Current Ratio QoQ | -24.385 % | |
| Current Ratio YoY | 1.735 % | |
| Current Ratio IPRWA | high: 2.279 mean: 0.817 median: 0.73 FE: 0.565 low: 0.455 |
|
| Quick Ratio | 0.456 | |
| Quick Ratio QoQ | -29.33 % | |
| Quick Ratio YoY | 2.251 % | |
| Quick Ratio IPRWA | high: 1.827 mean: 0.694 median: 0.6 FE: 0.456 low: 0.267 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 38.599 | |
| Cost Of Debt | 0.772 % | |
| Interest Coverage Ratio | 1.011 | |
| Interest Coverage Ratio QoQ | -69.694 % | |
| Interest Coverage Ratio YoY | -60.887 % | |
| Interest Coverage Ratio IPRWA | high: 11.589 mean: 3.343 median: 2.436 FE: 1.011 low: -2.921 |
|
| Operating Cash Flow Ratio | 0.126 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 110.483 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | -0.191 | |
| Dividend Payout Ratio | -5.245 | |
| Dividend Rate | $ 0.44 | |
| Dividend Yield | 0.01 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 0.036 % | |
| Revenue Growth | -8.462 % | |
| Revenue Growth QoQ | -137.241 % | |
| Revenue Growth YoY | -42.94 % | |
| Revenue Growth IPRWA | high: 28.355 % FE: -8.462 % mean: -11.229 % median: -11.565 % low: -30.545 % |
|
| Earnings Growth | -36.145 % | |
| Earnings Growth QoQ | -160.631 % | |
| Earnings Growth YoY | 70.689 % | |
| Earnings Growth IPRWA | high: 26.316 % median: -33.889 % FE: -36.145 % mean: -37.583 % low: -79.31 % |
|
| MARGINS | ||
| Gross Margin | 63.84 % | |
| Gross Margin QoQ | 0.154 % | |
| Gross Margin YoY | -6.607 % | |
| Gross Margin IPRWA | high: 71.162 % FE: 63.84 % median: 57.4 % mean: 51.778 % low: 8.328 % |
|
| EBIT Margin | 7.032 % | |
| EBIT Margin QoQ | -66.511 % | |
| EBIT Margin YoY | -63.861 % | |
| EBIT Margin IPRWA | high: 29.277 % median: 22.438 % mean: 22.225 % FE: 7.032 % low: -6.942 % |
|
| Return On Sales (ROS) | 15.881 % | |
| Return On Sales QoQ | -20.635 % | |
| Return On Sales YoY | -18.383 % | |
| Return On Sales IPRWA | high: 26.505 % median: 19.041 % mean: 18.777 % FE: 15.881 % low: 5.256 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -30.00 M | |
| Free Cash Flow Yield | -0.112 % | |
| Free Cash Flow Yield QoQ | -93.906 % | |
| Free Cash Flow Yield YoY | -89.581 % | |
| Free Cash Flow Yield IPRWA | high: 0.916 % FE: -0.112 % median: -0.185 % mean: -0.861 % low: -9.091 % |
|
| Free Cash Growth | -93.631 % | |
| Free Cash Growth QoQ | -138.011 % | |
| Free Cash Growth YoY | -1121.058 % | |
| Free Cash Growth IPRWA | high: 150.31 % median: -82.083 % FE: -93.631 % mean: -134.031 % low: -401.968 % |
|
| Free Cash To Net Income | 0.612 | |
| Cash Flow Margin | 17.435 % | |
| Cash Flow To Earnings | -13.51 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.02 | |
| Return On Assets (ROA) | -0.088 % | |
| Return On Assets QoQ | -110.986 % | |
| Return On Assets YoY | -117.323 % | |
| Return On Assets IPRWA | high: 2.845 % mean: 0.901 % median: 0.736 % FE: -0.088 % low: -0.509 % |
|
| Return On Capital Employed (ROCE) | 0.527 % | |
| Return On Equity (ROE) | -0.004 | |
| Return On Equity QoQ | -111.376 % | |
| Return On Equity YoY | -118.702 % | |
| Return On Equity IPRWA | high: 0.066 median: 0.028 mean: 0.027 low: 0.008 FE: -0.004 |
|
| DuPont ROE | -0.387 % | |
| Return On Invested Capital (ROIC) | 0.54 % | |
| Return On Invested Capital QoQ | -71.368 % | |
| Return On Invested Capital YoY | -98.416 % | |
| Return On Invested Capital IPRWA | high: 4.647 % mean: 1.473 % median: 1.104 % low: 0.709 % FE: 0.54 % |
|