Recent News
On February 17, 2026, FirstEnergy published full-year 2025 results and affirmed 2026 guidance while outlining a longer-term financial outlook; the release highlighted litigation and regulatory risks. On February 13, 2026, refunds tied to the HB6 matter began appearing on customer bills in the company’s Ohio service area. In early March 2026 FirstEnergy petitioned state regulators for additional time to meet certain outage restoration benchmarks, prompting objections from some municipalities. The company’s Q1 2026 results remained scheduled for release on April 28, 2026.
Technical Analysis
ADX at 19.9 indicates no established trend; lack of trend reduces conviction around any immediate directional breakout and amplifies sensitivity to upcoming news-driven moves.
DI+ stands at 19.17 and trends downward while DI– reads 22.86 and trends upward; that DI+/DI– pattern signals increasing downside pressure on price momentum and aligns with short-term bearish directional bias.
MACD sits at –0.17 and is decreasing, below its signal line at 0.07; negative, falling MACD denotes bearish momentum and argues the short-term trend favors lower prices until momentum stabilizes or MACD crosses back above its signal line.
MRO equals 7.38 and shows a peak-and-reversal; the positive but low MRO implies price currently sits modestly above target and carries a limited downside bias consistent with a corrective move rather than a deep re-pricing.
RSI at 53.29 and falling places momentum near neutral but tilting lower; RSI decline supports the view of short-term selling pressure rather than oversold strength.
Price trades at $49.41, below short-term averages (20-day ~ $50.32, 12-day EMA ~ $49.83) but above the 200-day average of $46.01; this mix indicates short-term weakness layered onto a structurally higher longer-term base, so short-term moves will likely respond to near-term catalysts.
Bands and cloud: price sits just above the 1x Bollinger lower band (~$49.10) and below Ichimoku Tenkan/Kijun (~$50.29/$50.27), reinforcing short-horizon downside vulnerability while preserving a wider range for mean reversion toward the 200-day average if selling extends.
Fundamental Analysis
Revenue totaled $3.797B with year-over-year revenue change of –42.94% and QoQ revenue change of –137.24%; the deep YoY and QoQ declines substantially reduce operating leverage and explain pressure on margins and profitability.
Operating income stood at $603.0M and operating margin equals 15.88%, down 20.64 percentage points QoQ and down 18.38 percentage points YoY; EBIT equals $267.0M with an EBIT margin of 7.03%, which sits well below the industry peer mean of 22.23% and the industry peer median of 22.44%, indicating materially weaker operating profitability versus peers.
Net income registered a loss of $49.0M while operating cash flow reached $1.136B and free cash flow equaled –$30.0M; the combination of positive operating cash flow and slightly negative free cash flow points to ongoing capital spending needs (capital expenditures $1.166B) that compress free cash generation in the near term.
Leverage remains elevated: total debt about $26.556B, debt-to-equity 2.12x, and debt-to-EBITDA roughly 38.6x; interest coverage near 1.01x signals limited flexibility for additional near-term interest cost absorption and increases sensitivity to cash-flow swings and refinancing conditions.
EPS actual came in at $0.53 versus an estimate of $0.53 (EPS surprise ≈ –0.91%), while reported PE stands at 87.13 and price-to-book near 2.13x; WMDST’s current valuation assessment places the stock under-valued, a conclusion that reflects the interplay of depressed operating margins, solid operating cash flow, and elevated leverage rather than a simple multiple comparison.
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 | $ -8.25 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 % |
|