First Gen (FGEN) Stock Overview

Engages in the power generation business in the Philippines. More details

FGEN fundamental analysis
Snowflake Score
Valuation	5/6
Future Growth	0/6
Past Performance	1/6
Financial Health	4/6
Dividends	3/6

Rewards

Trading at 54.5% below our estimate of its fair value

Became profitable this year

Trading at good value compared to peers and industry

Risk Analysis

Highly volatile share price over the past 3 months compared to the PH market

Earnings are forecast to decline by an average of 7.1% per year for the next 3 years

Large one-off items impacting financial results

Dividend of 2.97% is not well covered by free cash flows

FGEN Community Fair Values

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First Gen Corporation Competitors

Price History & Performance

Summary of share price highs, lows and changes for First Gen
Historical stock prices
Current Share Price	₱26.90
52 Week High	₱31.85
52 Week Low	₱15.02
Beta	0.18
1 Month Change	26.29%
3 Month Change	74.68%
1 Year Change	64.02%
3 Year Change	44.47%
5 Year Change	-15.41%
Change since IPO	-11.32%

Recent updates

Shareholder Returns

	FGEN	PH Renewable Energy	PH Market
7D	1.1%	-0.7%	1.0%
1Y	64.0%	12.9%	-0.2%

Return vs Industry: FGEN exceeded the PH Renewable Energy industry which returned 12.9% over the past year.

Return vs Market: FGEN exceeded the PH Market which returned -0.2% over the past year.

Price Volatility

Is FGEN's price volatile compared to industry and market?
FGEN volatility
FGEN Average Weekly Movement	12.3%
Renewable Energy Industry Average Movement	5.1%
Market Average Movement	5.3%
10% most volatile stocks in PH Market	10.9%
10% least volatile stocks in PH Market	2.6%

Stable Share Price: FGEN's share price has been volatile over the past 3 months compared to the PH market.

Volatility Over Time: FGEN's weekly volatility (12%) has been stable over the past year, but is still higher than 75% of PH stocks.

About the Company

Founded	Employees	CEO	Website
1993	2,241	Federico Lopez	www.firstgen.com.ph

First Gen Corporation engages in the power generation business in the Philippines. The company operates 1,000 megawatts (MW) Santa Rita, 500 MW San Lorenzo, 420 MW San Gabriel, and 97 MW Avion natural gas-fired power plants, as well as owns and operates the offshore LNG terminal. It also owns and operates 150 MW Burgos wind and 6.82 MW Burgos solar power plants; 132 MW Pantabangan-Masiway hydroelectric plant; 165 MW Casecnan hydroelectric power plant; 130 MW Bacon-Manito, 578.97 MW Unified Leyte, 123 MW Tongonan, 49.4 MW Nasulo, 172.5 MW Palinpon I and II, and 106.99 MW Mindanao 1, 2 and 3 geothermal power plants.

First Gen Corporation Fundamentals Summary

How do First Gen's earnings and revenue compare to its market cap?
FGEN fundamental statistics
Market cap	₱96.75b
Earnings (TTM)	₱17.18b
Revenue (TTM)	₱73.13b

5.6x

P/E Ratio

1.3x

P/S Ratio

Is FGEN overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report (TTM)
FGEN income statement (TTM)
Revenue	₱73.13b
Cost of Revenue	₱44.11b
Gross Profit	₱29.02b
Other Expenses	₱11.83b
Earnings	₱17.18b

Last Reported Earnings

Jun 30, 2026

Next Earnings Date

n/a

Earnings per share (EPS)	4.78
Gross Margin	39.68%
Net Profit Margin	23.50%
Debt/Equity Ratio	41.8%

How did FGEN perform over the long term?

See historical performance and comparison

Dividends

3.0%

Current Dividend Yield

Payout Ratio

Company Analysis and Financial Data Status

Data	Last Updated (UTC time)
Company Analysis	2026/09/10 17:38
End of Day Share Price	2026/09/10 00:00
Earnings	2026/06/30
Annual Earnings	2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

^* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

First Gen Corporation is covered by 10 analysts. 2 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

Analyst	Institution
Julian Vincent Roxas	BofA Global Research
Edser Trinidad	CGS International
Jan Derrick Guarin	CLSA

First Gen (FGEN) Stock Overview

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Risk Analysis

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First Gen Corporation Competitors

Acen

Lopez Holdings

Aboitiz Equity Ventures

Aboitiz Power

Price History & Performance

Recent News & Updates

Kohlberg Kravis Roberts & Co. L.P. cancelled the acquisition of 8.43% stake in First Gen Corporation (PSE:FGEN) from First Philippine Holdings Corporation (PSE:FPH).

Second quarter 2026 earnings released: EPS: ₱1.33 (vs ₱0.19 in 2Q 2025)

New major risk - Share price stability

Consensus revenue estimates increase by 10%

Investor sentiment improves as stock rises 19%

Dividend of ₱0.40 announced

Recent updates

Kohlberg Kravis Roberts & Co. L.P. cancelled the acquisition of 8.43% stake in First Gen Corporation (PSE:FGEN) from First Philippine Holdings Corporation (PSE:FPH).

Second quarter 2026 earnings released: EPS: ₱1.33 (vs ₱0.19 in 2Q 2025)

New major risk - Share price stability

Consensus revenue estimates increase by 10%

Investor sentiment improves as stock rises 19%

Dividend of ₱0.40 announced

First Gen Corporation Declares Cash Dividend, Payable on June 30, 2026

Full year 2025 earnings: EPS exceeds analyst expectations while revenues lag behind

First Gen Corporation, Annual General Meeting, May 28, 2026

First Gen Corporation Announces Resignation of Ernie G. Imperial as Chief Digital Officer, Effective January 5, 2026

Dividend of ₱0.40 announced

First Gen Corporation Declares Cash Dividends, Payable on December 22, 2025

Third quarter 2025 earnings released: EPS: US$0.015 (vs US$0.015 in 3Q 2024)

Second quarter 2025 earnings released: EPS: US$0.022 (vs US$0.02 in 2Q 2024)

Consensus revenue estimates fall by 21%

Dividend of ₱0.40 announced

Prime Infrastructure Capital, Inc. executed a term sheet to acquire 60% stake in Assets of First Gen Corporation (PSE:FGEN) for PHP 50 billion.

Investor sentiment improves as stock rises 16%

Now 20% overvalued

First quarter 2025 earnings released: EPS: US$0.023 (vs US$0.022 in 1Q 2024)

New major risk - Dividend sustainability

First Gen Corporation Announces the Resignation of Senior Vice President Teodorico Jose R. Delfin

First Gen Corporation, Annual General Meeting, May 29, 2025

Dividend of ₱0.45 announced

First Gen Corporation Declares Cash Dividends on Common Shares, Payable on December 23, 2024

Third quarter 2024 earnings released: EPS: US$0.015 (vs US$0.02 in 3Q 2023)

Now 20% undervalued after recent price drop

Now 20% undervalued after recent price drop

Second quarter 2024 earnings released: EPS: US$0.021 (vs US$0.02 in 2Q 2023)

Now 25% undervalued after recent price drop

Upcoming dividend of ₱0.45 per share

Dividend of ₱0.45 announced

First Gen Corporation Declares Cash Dividend, Payable on July 9, 2024

First quarter 2024 earnings released: EPS: US$0.022 (vs US$0.025 in 1Q 2023)

Full year 2023 earnings: EPS and revenues miss analyst expectations

First Gen Corporation, Annual General Meeting, May 31, 2024

Upcoming dividend of ₱0.50 per share at 2.8% yield

First Gen Corporation Declares Dividend on Common Shares, Payable on December 22, 2023

Third quarter 2023 earnings released: EPS: US$0.023 (vs US$0.018 in 3Q 2022)

Second quarter 2023 earnings released: EPS: US$0.021 (vs US$0.016 in 2Q 2022)

First Gen Corporation Announces the Resignation of Richard B. Tantoco as Executive Vice President

Upcoming dividend of ₱0.40 per share at 4.3% yield

Consensus EPS estimates increase by 17%

First Gen Corporation Declares Dividend on Common Shares, Payable on June 30, 2023

First quarter 2023 earnings released: EPS: US$0.025 (vs US$0.017 in 1Q 2022)

Investor sentiment improves as stock rises 16%

Full year 2022 earnings: EPS in line with analyst expectations despite revenue beat

Insider recently bought ₱205k worth of stock

Upcoming dividend of ₱0.42 per share

Less than half of directors are independent

Chairman Emeritus recently sold ₱82m worth of stock

Second quarter 2022 earnings released

Upcoming dividend of ₱0.35 per share

First quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind

Less than half of directors are independent

Consensus forecasts updated

Full year 2021 earnings: Revenues exceed analysts expectations while EPS lags behind

Executive VP & Executive Director recently sold ₱3.0m worth of stock

Third quarter 2021 earnings released: EPS US$0.018 (vs US$0.016 in 3Q 2020)

Insider recently sold ₱9.9m worth of stock

Investor sentiment deteriorated over the past week

Second quarter 2021 earnings released: EPS US$0.017 (vs US$0.018 in 2Q 2020)