FirstEnergy Corporation (FE)

Return on total capital

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Earnings before interest and tax (EBIT)	US$ in thousands	2,493,000	2,445,000	2,742,000	2,270,000	2,158,000
Long-term debt	US$ in thousands	—	—	—	—	—
Total stockholders’ equity	US$ in thousands	10,437,000	10,166,000	8,675,000	7,237,000	6,975,000
Return on total capital		23.89%	24.05%	31.61%	31.37%	30.94%

December 31, 2023 calculation

Return on total capital = EBIT ÷ (Long-term debt + Total stockholders’ equity)
= $2,493,000K ÷ ($—K + $10,437,000K)
= 23.89%

Firstenergy Corp.'s return on total capital has exhibited some fluctuations over the past five years. In 2023, the return on total capital was 6.91%, showing a slight improvement compared to 6.53% in 2022. However, it remained below the levels seen in 2019 when it was 8.97%. The return on total capital was lowest in 2021 at 5.68% before recovering in 2022 and 2023. Overall, the company's return on total capital indicates varying efficiency in utilizing both debt and equity capital to generate profits over the years.