FirstEnergy Piotroski F-Score

: 6 (As of Today)

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The zones of discrimination were as such:

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

FirstEnergy has an F-score of 6 indicating the company's financial situation is typical for a stable company.

The historical rank and industry rank for FirstEnergy's Piotroski F-Score or its related term are showing as below:

FE' s Piotroski F-Score Range Over the Past 10 Years
Min: 3 Med: 6 Max: 9
Current: 6

During the past 13 years, the highest Piotroski F-Score of FirstEnergy was 9. The lowest was 3. And the median was 6.

FirstEnergy Piotroski F-Score Historical Data

The historical data trend for FirstEnergy's Piotroski F-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

FirstEnergy Annual Data

Trend

Dec12

Dec13

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Piotroski F-Score

6.00

5.00

7.00

5.00

FirstEnergy Quarterly Data
	Sep17	Dec17	Mar18	Jun18	Sep18	Dec18	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22
Piotroski F-Score																6.00	5.00	5.00	5.00	6.00

Competitive Comparison

For the Utilities - Regulated Electric subindustry, FirstEnergy's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Annual Data Quarterly Data

FirstEnergy Piotroski F-Score Distribution

For the Utilities - Regulated industry and Utilities sector, FirstEnergy's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where FirstEnergy's Piotroski F-Score falls into.

How is the Piotroski F-Score calculated?

This Year (Jun22) TTM:

Last Year (Jun21) TTM:

Net Income was 463 + 427 + 288 + 187 = $1,365 Mil.
Cash Flow from Operations was 757 + 707 + 355 + 928 = $2,747 Mil.
Revenue was 3124 + 2660 + 2989 + 2818 = $11,591 Mil.
Gross Profit was 2118 + 1783 + 1974 + 1826 = $7,701 Mil.
Average Total Assets from the begining of this year (Jun21)
to the end of this year (Jun22) was
(44363 + 43854 + 45432 + 44617 + 45120) / 5 = $44677.2 Mil.
Total Assets at the begining of this year (Jun21) was $44,363 Mil.
Long-Term Debt & Capital Lease Obligation was $20,763 Mil.
Total Current Assets was $2,539 Mil.
Total Current Liabilities was $3,370 Mil.

Net Income was 454 + 242 + 335 + 58 = $1,089 Mil.

Revenue was 3022 + 2537 + 2726 + 2622 = $10,907 Mil.
Gross Profit was 2155 + 1816 + 1890 + 1896 = $7,757 Mil.
Average Total Assets from the begining of last year (Jun20)
to the end of last year (Jun21) was
(42403 + 42938 + 44464 + 44117 + 44363) / 5 = $43657 Mil.
Total Assets at the begining of last year (Jun20) was $42,403 Mil.
Long-Term Debt & Capital Lease Obligation was $23,025 Mil.
Total Current Assets was $3,196 Mil.
Total Current Liabilities was $3,871 Mil.

*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.

Profitability

Question 1. Return on Assets (ROA)

Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

FirstEnergy's current Net Income (TTM) was 1,365. ==> Positive ==> Score 1.

Question 2. Cash Flow Return on Assets (CFROA)

Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

FirstEnergy's current Cash Flow from Operations (TTM) was 2,747. ==> Positive ==> Score 1.

Question 3. Change in Return on Assets

Compare this year's return on assets (1) to last year's return on assets.

Score 1 if it's higher, 0 if it's lower.

ROA (This Year)	=	Net Income	/	Total Assets (Jun21)
	=	1365	/	44363
	=	0.03076888

ROA (Last Year)	=	Net Income	/	Total Assets (Jun20)
	=	1089	/	42403
	=	0.02568215

FirstEnergy's return on assets of this year was 0.03076888. FirstEnergy's return on assets of last year was 0.02568215. ==> This year is higher. ==> Score 1.

Question 4. Quality of Earnings (Accrual)

Compare Cash flow return on assets (2) to return on assets (1)

Score 1 if CFROA > ROA, 0 if CFROA <= ROA.

FirstEnergy's current Net Income (TTM) was 1,365. FirstEnergy's current Cash Flow from Operations (TTM) was 2,747. ==> 2,747 > 1,365 ==> CFROA > ROA ==> Score 1.

Funding

Question 5. Change in Gearing or Leverage

Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.

Score 0 if this year's gearing is higher, 1 otherwise.

Gearing (This Year: Jun22)	=	Long-Term Debt & Capital Lease Obligation	/	Average Total Assets from Jun21 to Jun22
	=	20763	/	44677.2
	=	0.46473369

Gearing (Last Year: Jun21)	=	Long-Term Debt & Capital Lease Obligation	/	Average Total Assets from Jun20 to Jun21
	=	23025	/	43657
	=	0.52740683

FirstEnergy's gearing of this year was 0.46473369. FirstEnergy's gearing of last year was 0.52740683. ==> This year is lower or equal to last year. ==> Score 1.

Question 6. Change in Working Capital (Liquidity)

Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.

Score 1 if this year's current ratio is higher, 0 if it's lower

Current Ratio (This Year: Jun22)	=	Total Current Assets	/	Total Current Liabilities
	=	2539	/	3370
	=	0.75341246

Current Ratio (Last Year: Jun21)	=	Total Current Assets	/	Total Current Liabilities
	=	3196	/	3871
	=	0.82562645

FirstEnergy's current ratio of this year was 0.75341246. FirstEnergy's current ratio of last year was 0.82562645. ==> Last year's current ratio is higher ==> Score 0.

Question 7. Change in Shares in Issue

Compare the number of shares in issue this year, to the number in issue last year.

Score 0 if there is larger number of shares in issue this year, 1 otherwise.

FirstEnergy's number of shares in issue this year was 572. FirstEnergy's number of shares in issue last year was 545. ==> There is larger number of shares in issue this year. ==> Score 0.

Efficiency

Question 8. Change in Gross Margin

Compare this year's gross margin (Gross Profit divided by sales) to last year's.

Score 1 if this year's gross margin is higher, 0 if it's lower.

Gross Margin (This Year: TTM)	=	Gross Profit	/	Revenue
	=	7701	/	11591
	=	0.66439479

Gross Margin (Last Year: TTM)	=	Gross Profit	/	Revenue
	=	7757	/	10907
	=	0.71119465

FirstEnergy's gross margin of this year was 0.66439479. FirstEnergy's gross margin of last year was 0.71119465. ==> Last year's gross margin is higher ==> Score 0.

Question 9. Change in asset turnover

Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.

Score 1 if this year's asset turnover ratio is higher, 0 if it's lower

Asset Turnover (This Year)	=	Revenue	/	Total Assets at the Beginning of This Year (Jun21)
	=	11591	/	44363
	=	0.26127629

Asset Turnover (Last Year)	=	Revenue	/	Total Assets at the Beginning of Last Year (Jun20)
	=	10907	/	42403
	=	0.25722237

FirstEnergy's asset turnover of this year was 0.26127629. FirstEnergy's asset turnover of last year was 0.25722237. ==> This year's asset turnover is higher. ==> Score 1.

Evaluation

Piotroski F-Score

Que. 1

Que. 2

Que. 3

Que. 4

Que. 5

Que. 6

Que. 7

Que. 8

Que. 9

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

FirstEnergy has an F-score of 6 indicating the company's financial situation is typical for a stable company.

FirstEnergy (NYSE:FE) Piotroski F-Score Explanation

The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.

He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.

In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).

He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.

What he found was something that exceeded his most optimistic expectations.

Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.

Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).

Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.

FirstEnergy Piotroski F-Score Related Terms

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FirstEnergy Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Utilities » Utilities - Regulated » FirstEnergy Corp (NYSE:FE) » Definitions » Piotroski F-Score

Comparable Companies

NYSE:ETR NYSE:AEE NYSE:DTE NYSE:PPL NYSE:EIX NYSE:PCG NYSE:CNP NYSE:CMS NYSE:AGR NYSE:ES NYSE:NEE NYSE:DUK NYSE:SO NYSE:D NAS:AEP LSE:NG. NAS:EXC NAS:XEL NYSE:ED NYSE:PEG

Traded in Other Exchanges

FE:Mexico 0IPB:UK FE7:Germany FE7:Germany FE7:Germany F1EC34:Brazil

Address

76 South Main Street, Akron, OH, USA, 44308

Website

https://www.firstenergycorp.com

FirstEnergy is one of the largest investor-owned utilities in the United States with 10 regulated distribution companies across six mid-Atlantic and Midwestern states. FirstEnergy also owns and operates one of the nation's largest electric transmission systems with 24,000 miles of lines.

Executives

Croom Jana T	director	1205 KIMBALL BLVD. JASPER IN 47546
Klimczak Sean	director	C/O THE BLACKSTONE GROUP 345 PARK AVE. NEW YORK NY 10154
Hicks Lisa Winston	director	76 S. MAIN ST AKRON OH 44308
Kaleta Paul J	director	P O BOX 30150 RENO NV 89520
Williams Melvin D.	director	76 SOUTH MAIN STREET AKRON OH 44308
Teno Andrew	director	C/O FIR TREE INC. 55 WEST 46TH STREET, 29TH FLOOR NEW YORK NY 10036
Lynn Jesse	director	C/O ICAHN ENTERPRISES L.P. 16690 COLLINS AVE., PH SUNNY ISLES FL 33160
Somerhalder John W Ii	director, officer: Vice Chair & Exec Director	76 SOUTH MAIN STREET AKRON OH 44308
Park Hyun	officer: SVP & CLO	76 SOUTH MAIN STREET AKRON OH 44308
Turner Leslie M	director	THE HERSHEY COMPANY 100 CRYSTAL A DRIVE HERSHEY PA 17036
Mikkelsen Eileen	officer: VP, Rates & Regulatory Affairs	76 SOUTH MAIN STREET AKRON OH 44308
Prezelj Irena	officer: VP, Investor Relations	76 SOUTH MAIN STREET AKRON OH 44308
Walker Christine	officer: VP, Human Resources	76 SOUTH MAIN STREET AKRON OH 44308
Belcher Samuel	officer: SVP & President, FE Utilities	76 SOUTH MAIN STREET AKRON OH 44308
Lisowski Jason	officer: VP, Controller & CAO	76 SOUTH MAIN STREET AKRON OH 44333