Portland General Electric Company (POR)
NYSE:POR
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Portland GE
(NYSE:POR)
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Rating:64Neutral
Price Target:
$55.00
▲(2.48% Upside)
Action:ReiteratedDate:03/25/26
The score is primarily held back by persistent negative free cash flow and financing dependence, alongside some inconsistency in the latest-period reported balance sheet/margin fields. Offsetting this, the earnings call was constructive with firm 2026 guidance and reaffirmed long-term growth supported by industrial load and the planned Washington acquisition, while valuation is helped by a reasonable P/E and a solid dividend yield. Technically, the longer-term trend is supported, but near-term momentum remains weak.
Positive Factors
Regulated Revenue Growth
As a regulated electric utility, PGE’s steady top-line growth demonstrates durable demand and rate-base expansion rather than cyclical retail swings. Predictable retail revenues and allowed returns support long-term earnings stability and fund capital programs and dividend targets over multi-year horizons.
Negative Factors
Negative Free Cash Flow
Persistent negative free cash flow reflects heavy, ongoing capital investment that operating cash generation does not fully cover. That structural funding gap makes the company reliant on equity/debt issuance and committed financings, increasing dilution or leverage risk and constraining financial flexibility.
Read all positive and negative factors
Positive Factors
Negative Factors
Regulated Revenue Growth
As a regulated electric utility, PGE’s steady top-line growth demonstrates durable demand and rate-base expansion rather than cyclical retail swings. Predictable retail revenues and allowed returns support long-term earnings stability and fund capital programs and dividend targets over multi-year horizons.
Read all positive factors
Portland GE (POR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$6.78B
Dividend Yield4.38%
Average Volume (3M)1.49M
Price to Earnings (P/E)17.3
Beta (1Y)0.10
Revenue Growth7.53%
EPS Growth-17.59%
CountryUS
Employees2,915
SectorUtilities
Sector Strength65
IndustryRegulated Electric
Share Statistics
EPS (TTM)0.47
Shares Outstanding126,410,560
10 Day Avg. Volume1,365,031
30 Day Avg. Volume1,490,050
Financial Highlights & Ratios
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 Cap1.72
Enterprise Value/Revenue3.38
Enterprise Value/Gross Profit8.11
Enterprise Value/Ebitda9.89
Forecast
1Y Price Target
$54.00Price Target Upside0.61% Upside
Rating ConsensusHold
Number of Analyst Covering6
EPS Forecast (FY)3.41
Revenue Forecast (FY)$3.76B
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...
How the Company Makes Money
Portland General Electric primarily makes money by charging customers for electric service under rates approved by the Oregon Public Utility Commission (OPUC). Its main revenue stream is retail electricity sales to residential, commercial, industr...
Portland GE Earnings Call Summary
Earnings Call Date:Feb 17, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 24, 2026
Earnings Call Sentiment Positive
The call emphasized multiple strategic positives: a sizable, accretive Washington acquisition with a credible financing partner (Manulife), strong industrial/data-center-driven load growth, solid 2025 results (despite weather headwinds), clear 2026 guidance, ongoing cost-savings delivery, and a robust clean-energy project pipeline supported by tax credits. Key risks include regulatory approval timelines and conditions, financing and integration uncertainties, weather-driven volatility already impacting 2025 earnings (~$0.17 EPS), potential break fees (~$35M), and concentrated near-term capital spending. On balance, the favorable operational momentum, transaction structure, financing commitments, and reaffirmed long-term 5%–7% EPS/dividend growth guidance outweigh the listed risks.Positive Updates
Strategic Washington Acquisition
Definitive agreement to acquire PacifiCorp's Washington electric utility business for $1.9 billion; transaction expands PGE's portfolio ~18% overall (generation & transmission +22%, distribution +14%, customers +15%) and adds ~140,000 Washington customers across ~2,700 square miles. Manulife/John Hancock to hold 49% minority stake; deal expected accretive in first full year.
Negative Updates
Weather-Related Earnings Headwind
Unprecedented warm weather in Nov–Dec 2025 reduced earnings by $0.17 per share (December alone ~$0.14), negatively impacting Q4 and overall 2025 GAAP results.
Read all updates
Q4-2025 Updates
Positive
Negative
Strategic Washington Acquisition
Definitive agreement to acquire PacifiCorp's Washington electric utility business for $1.9 billion; transaction expands PGE's portfolio ~18% overall (generation & transmission +22%, distribution +14%, customers +15%) and adds ~140,000 Washington customers across ~2,700 square miles. Manulife/John Hancock to hold 49% minority stake; deal expected accretive in first full year.
Read all positive updates
Company Guidance
PGE guided 2026 EPS of $3.33–$3.53 per share and 2026 weather‑adjusted load growth of 2.5%–3.5%, reaffirming long‑term load growth of 3% through 2030 and long‑term EPS and dividend growth of 5%–7%. Year‑end liquidity was $954 million and 2025 CFO/debt exceeded 19%; the company expects a base equity need of $300 million in 2026 (tapering to ~ $50 million in 2027), $350 million of total equity needs to fund 2023 RFP projects across 2026–27, an upsized ATM to $500 million and up to $350 million of debt issuance in 2026. PGE noted a 2025 GAAP net income of $306 million ($2.77/share) and non‑GAAP $336 million ($3.05/share), with abnormal Q4 weather reducing 2025 EPS by $0.17 (December ≈ $0.14). The company also expects the $1.9 billion Washington acquisition (adding ~140,000 customers and increasing portfolio ≈18%) to be accretive in year one and to bolster the stated growth and financing trajectory.Portland GE Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
62
Positive
Cash Flow
48
Neutral
| 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
Positive
53.67
Price Trends
51.63
Positive
49.87
Positive
45.62
Positive
Market Momentum
0.28
Negative
62.93
Neutral
93.45
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 53.67 is above the 20-day moving average (MA) of 52.14, above the 50-day MA of 51.63, and above the 200-day MA of 45.62, indicating a bullish trend. The MACD of 0.28 indicates Negative momentum. The RSI at 62.93 is Neutral, neither overbought nor oversold. The STOCH value of 93.45 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for POR.
Portland GE Risk Analysis
Portland GE disclosed 32 risk factors in its most recent earnings report. Portland GE reported the most risks in the "Legal & Regulatory" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Portland GE Peers Comparison
UnderperformOutperform
Sector (66)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
66 Neutral | $17.65B | 18.10 | 5.60% | 3.62% | 6.62% | 11.55% | |
65 Neutral | $12.42B | 17.22 | 8.91% | 4.15% | 5.70% | -8.25% | |
64 Neutral | $6.78B | 17.33 | 7.76% | 4.38% | 7.53% | -17.59% | |
64 Neutral | $5.64B | 10.38 | 7.43% | 5.63% | -25.78% | -91.93% | |
62 Neutral | $7.92B | 21.22 | 9.38% | 2.72% | -1.58% | 8.49% | |
59 Neutral | $10.06B | 31.15 | 9.89% | 3.82% | 18.03% | 29.46% | |
50 Neutral | $6.41B | 36.18 | 4.85% | 2.80% | 10.65% | -10.67% |
* Utilities Sector Average
POR
Portland GE
53.67
12.91
31.66%
IDA
IdaCorp
144.27
32.98
29.64%
OGE
OGE Energy
48.76
6.75
16.06%
PNW
Pinnacle West Capital
102.70
15.14
17.30%
TXNM
TXNM Energy
58.85
9.06
18.20%
ENIC
Enel Chile SA
4.08
1.13
38.40%
Portland GE Corporate Events
Business Operations and StrategyFinancial DisclosuresRegulatory Filings and Compliance
Portland GE Gains Clarity on 2024 Cost Recovery
Negative
Mar 24, 2026
On March 18, 2026, the Oregon Public Utility Commission issued two final orders allowing Portland General Electric to recover a combined $110 million of previously deferred 2024 costs tied to its reliability contingency event mechanism and January...
Business Operations and StrategyPrivate Placements and Financing
Portland GE Prices Equity Offering to Fund Energy Transition
Positive
Feb 19, 2026
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 exerc...
Business Operations and StrategyPrivate Placements and Financing
Portland General Electric Announces Major Equity Financing Initiatives
Positive
Feb 17, 2026
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 s...
Business Operations and StrategyFinancial DisclosuresM&A TransactionsPrivate Placements and Financing
Portland GE to Acquire PacifiCorp’s Washington Utility Assets
Positive
Feb 17, 2026
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 ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.