Portland GE (POR) AI Stock Analysis

• Market Cap: $6.81B
• Dividend Yield: 4.38%
• Average Volume (3M): 1.40M
• Price to Earnings (P/E): 17.3
• Beta (1Y): 0.05
• Revenue Growth: 7.53%
• EPS Growth: -17.59%
• Country: US
• Employees: 2,915
• Sector: Utilities
• Sector Strength: 65
• Industry: Regulated Electric
• EPS (TTM): 0.47
• Shares Outstanding: 126,410,560
• 10 Day Avg. Volume: 2,174,566
• 30 Day Avg. Volume: 1,398,814
• PEG Ratio: -2.17
• Price to Book (P/B): 1.28
• Price to Sales (P/S): 1.54
• P/FCF Ratio: -74.67
• Enterprise Value/Market Cap: 1.71
• Enterprise Value/Revenue: 3.37
• Enterprise Value/Gross Profit: 8.08
• Enterprise Value/Ebitda: 9.86
• 1Y Price Target: $53.17
• Price Target Upside: -1.85% Downside
• Rating Consensus: Hold
• Number of Analyst Covering: 7
• EPS Forecast (FY): 3.41
• Revenue Forecast (FY): $3.76B

• Rating: 69 Neutral
• Price Target: $57.00 ▲(5.22% Upside)
• Action: Reiterated Date: 02/20/26
• Date: Action: Reiterated 02/20/26

The score is driven primarily by mixed fundamentals: steady regulated earnings and revenue growth are offset by persistently negative free cash flow and some 2025 data inconsistencies. Technicals are supportive (uptrend with positive momentum), valuation is reasonable with a ~4% yield, and the latest earnings call was broadly constructive with reaffirmed growth targets—tempered by regulatory and financing execution risk.

Positive Factors

Revenue Growth

Steady topline growth over 2020–2025 in a regulated framework signals durable demand and predictable revenue streams. For a utility, rising revenues reflect expanding customer loads and contracted sales that underpin earnings stability, support rate-base growth, and increase capacity to fund long-term grid investments.

Strategic Acquisition & Partnered Financing

The Washington acquisition meaningfully enlarges PGE's regulated footprint and customer base, creating scale and diversification benefits. A committed Manulife equity stake reduces immediate funding pressure and shares long-term risks, improving certainty around accretion and supporting stated EPS/dividend growth targets if approvals proceed.

Load Growth & Clean-energy Pipeline

Strong industrial and data-center demand provides a durable structural tailwind, boosting long‑term load and contracted revenues. Combined with a sizeable renewables and storage pipeline eligible for tax credits, this supports higher utilization of new assets, predictable contracted cash flows and the company's multi-year growth and decarbonization plans.

Negative Factors

Negative Free Cash Flow

Persistent negative free cash flow indicates capital spending exceeds internally generated cash, requiring repeated external financing to fund projects. Over time this increases exposure to market financing conditions, elevates funding costs, and constrains balance-sheet flexibility, making long-term investment plans more execution‑sensitive.

High Near-term Capital Needs

Concentrated near‑term funding requirements for acquisitions and RFP projects raise execution risk. Large planned equity and debt raises can pressure credit metrics, increase dilution or leverage, and make the company sensitive to timing and market conditions, complicating delivery of accretion and long‑term earnings targets.

Regulatory Approval Uncertainty

Lengthy, multi-jurisdictional regulatory reviews can delay or alter the value of strategic transactions and hinder integration timing. Protracted processes may force concessions, affect financing plans, or postpone expected synergies and accretion, creating persistent uncertainty around the company’s growth trajectory until approvals are secured.

Portland GE Business Overview & Revenue Model

Company Description

Portland General Electric Company, an integrated electric utility company, engages in the generation, wholesale purchase, transmission, distribution, and retail sale of electricity in the state of Oregon. It operates six thermal plants, three wind farms, and seven hydroelectric facilities. As of December 31, 2021, the company owned an electric transmission system consisting of 1,274 circuit miles, including 287 circuit miles of 500 kilovolt line, 415 circuit miles of 230 kilovolt line, and 572 miles of 115 kilovolt line. It has 28,206 circuit miles of distribution lines. The company also purchases and sells wholesale natural gas in the United States and Canada. It serves approximately 917 thousand residential, commercial, and industrial customers in 51 cities. The company was founded in 1889 and is headquartered in Portland, Oregon.

How the Company Makes Money

Portland General Electric generates revenue primarily through the sale of electricity to its customers, which includes residential, commercial, and industrial clients. The company operates under a regulated rate structure, meaning that its prices are approved by state regulatory bodies. Key revenue streams include retail electricity sales, which account for the majority of its income. Additionally, POR earns revenue from transmission and distribution services, as well as ancillary services that support grid reliability. Partnerships with renewable energy developers also contribute to its revenue, as the company invests in and purchases power from renewable sources like wind and solar. Factors contributing to its earnings include regulatory frameworks, demand for electricity, and the ongoing transition to cleaner energy solutions.

Portland GE Financial Statement Overview

Summary

Income statement strength is solid (steady revenue growth and stable utility-level profitability), but cash flow is a notable drag due to consistently negative free cash flow, signaling ongoing reliance on external financing for capex. Data inconsistencies in 2025 balance sheet and margin fields also reduce confidence in the latest-period leverage/margin trend.

Income Statement

Revenue has expanded steadily from $2.15B (2020) to $3.58B (2025), indicating constructive top-line momentum. Profitability is stable for a regulated utility, with net margins mostly in the ~7%–10% range and net income reaching $306M in 2025. A key weakness is margin consistency at the operating level: the 2025 gross profit and EBIT margin fields appear inconsistent with prior years (reported as 0%), which limits confidence in year-to-year operating margin trend analysis from the provided data.

Balance Sheet

The balance sheet shows typical utility leverage through 2020–2024, with debt-to-equity around ~1.30–1.43 and equity rising over time; returns on equity are steady (~6%–9%), consistent with a regulated profile. The main concern is data inconsistency in 2025: total debt is reported at only $290M (vs. $5.17B in 2024) and total assets are missing, which makes leverage trend interpretation for the latest period unreliable. Excluding that anomaly, leverage remains meaningful and is a structural risk if rates or capital needs rise.

Cash Flow

Operating cash flow has improved materially, reaching $1.12B in 2025 (from $420M in 2023), supporting earnings quality in the most recent year. However, free cash flow is consistently negative across all years shown (including -$71M in 2025 and -$490M in 2024), implying ongoing heavy capital spending that is not being self-funded. Free cash flow relative to net income is also negative throughout, highlighting reliance on external financing (debt/equity) to fund investment programs.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	3.45B	3.44B	2.92B	2.65B	2.40B
Gross Profit	1.44B	1.59B	1.36B	1.31B	1.26B
EBITDA	1.18B	1.02B	860.00M	828.00M	777.00M
Net Income	306.00M	313.00M	228.00M	233.00M	244.00M
Balance Sheet
Total Assets	13.51B	12.54B	11.21B	10.46B	9.49B
Cash, Cash Equivalents and Short-Term Investments	76.00M	12.00M	5.00M	165.00M	52.00M
Total Debt	5.53B	5.17B	4.46B	3.98B	3.60B
Total Liabilities	9.38B	8.75B	7.89B	7.68B	6.79B
Stockholders Equity	4.13B	3.79B	3.32B	2.78B	2.71B
Cash Flow
Free Cash Flow	-71.00M	-490.00M	-938.00M	-92.00M	-104.00M
Operating Cash Flow	1.12B	778.00M	420.00M	674.00M	532.00M
Investing Cash Flow	-1.20B	-1.30B	-1.36B	-758.00M	-656.00M
Financing Cash Flow	142.00M	526.00M	778.00M	197.00M	-81.00M

Portland GE Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 54.17
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For POR, the sentiment is Positive. The current price of 54.17 is above the 20-day moving average (MA) of 52.52, above the 50-day MA of 50.40, and above the 200-day MA of 44.79, indicating a bullish trend. The MACD of 1.05 indicates Negative momentum. The RSI at 66.55 is Neutral, neither overbought nor oversold. The STOCH value of 90.52 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for POR.

Portland GE Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
POR	69 Neutral	$6.81B	17.33	7.72%	4.38%	7.53%	-17.59%
Sector *	66 Neutral	$17.65B	18.10	5.60%	3.62%	6.62%	11.55%
PNW	65 Neutral	$12.33B	17.22	8.93%	4.15%	5.70%	-8.25%
OGE	64 Neutral	$10.07B	31.15	9.79%	3.82%	18.03%	29.46%
IDA	62 Neutral	$7.89B	21.22	9.37%	2.72%	-1.58%	8.49%
ENIC	61 Neutral	$5.45B	10.38	1.30%	5.63%	-25.78%	-91.93%
TXNM	50 Neutral	$6.42B	36.18	5.09%	2.80%	10.65%	-10.67%

Portland GE Corporate Events

Portland GE Prices Equity Offering to Fund Energy Transition

On February 17, 2026, Portland General Electric Company priced an underwritten public offering of common stock at $50.70 per share and entered into forward sale and underwriting agreements covering up to 10,848,125 shares, including the full exercise of the underwriters’ option for additional shares. The forward purchasers or their affiliates borrowed and sold the shares to underwriters at the February 19, 2026 closing, with PGE planning to physically settle the forward agreements by delivering shares by February 22, 2028 in exchange for cash proceeds to be used for general corporate purposes and investments in renewable energy and non-emitting dispatchable capacity, including potential debt repayment.

The transaction structure means PGE will not initially receive proceeds from the share sales by the forward purchasers but will raise equity capital over time as it settles the forward agreements. This financing supports the utility’s capital needs tied to its 2023 All-Source Request for Proposal and reinforces its strategic shift toward cleaner generation resources, with implications for balance-sheet flexibility and funding of its energy transition investments.

The most recent analyst rating on (POR) stock is a Buy with a $58.00 price target. To see the full list of analyst forecasts on Portland GE stock, see the POR Stock Forecast page.

Portland General Electric Announces Major Equity Financing Initiatives

On February 17, 2026, Portland General Electric Company entered into an equity distribution agreement for an at-the-market program to sell up to $500 million of common stock through a syndicate of major banks, including the option to use forward sale agreements. The shares may be issued over time via ordinary market transactions, with agents earning up to 2% commissions, giving the utility flexible access to equity capital for balance-sheet support and strategic investments.

That same day, the company launched an underwritten public offering tied to forward sale agreements for $480 million of common stock, with a 30-day option for underwriters to purchase an additional $70 million of shares. Portland General Electric plans to use net proceeds from these equity financings for general corporate purposes, debt repayment and to fund renewable energy and non-emitting dispatchable capacity linked to its 2023 All-Source Request for Proposal, reinforcing its shift toward cleaner generation.

The most recent analyst rating on (POR) stock is a Hold with a $53.00 price target. To see the full list of analyst forecasts on Portland GE stock, see the POR Stock Forecast page.

Portland GE to Acquire PacifiCorp’s Washington Utility Assets

On February 15, 2026, Portland General Electric agreed to acquire PacifiCorp’s Washington state electric utility operations and selected generation and grid assets for $1.9 billion, in a deal structured through a new subsidiary and financed with a mix of bridge and term debt and up to $600 million of equity from Manulife Investment Management. The transaction, which will add about 140,000 customers, 805 MW of gas and wind generation, and 4,500 miles of lines, is subject to extensive state and federal approvals, but PGE expects the Washington business to be accretive in its first full year and to bolster long-term EPS and dividend growth while expanding its regulated footprint in the Pacific Northwest.

PGE also reported full-year 2025 GAAP earnings of $2.77 per share and adjusted earnings of $3.05 per share, reflecting strong industrial demand—particularly from data centers and high-tech customers—partly offset by severe fourth-quarter weather. The utility outlined an aggressive build-out of solar and battery projects totaling 615 MW of largely company-owned capacity plus multiple long-duration storage contracts, initiated 2026 adjusted EPS guidance of $3.33 to $3.53, and highlighted robust data center growth that is shaping its resource procurement strategy and supporting its long-term growth outlook.

The most recent analyst rating on (POR) stock is a Hold with a $53.00 price target. To see the full list of analyst forecasts on Portland GE stock, see the POR Stock Forecast page.