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Portland GE
(NYSE:POR)
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Rating:61Neutral
Price Target:
$53.00
â–²(1.83% Upside)
Action:Reiterated
Date:08/04/26
The score is driven primarily by stable but not pristine fundamentals: strong TTM revenue growth and steady operating profitability are offset by persistently negative free cash flow and meaningful leverage typical of a capital-intensive utility. Technical indicators are currently weak (negative MACD, below key moving averages), limiting near-term momentum. Valuation is supported by a solid ~4.31% dividend yield but tempered by a ~21.54 P/E. The latest earnings call was constructive with reaffirmed guidance, strong industrial/data-center demand signals, and a dividend increase, partially offset by power-cost timing and regulatory/transaction uncertainty.
Positive Factors
Strong industrial & data-center load growth
Sustained double-digit industrial and data-center load growth expands long-term volumetric demand and supports multi-year revenue visibility. That structural customer mix raises utilization on existing assets, justifies incremental rate-base investments, and creates durable topline tailwinds for regulated earnings and cash flows.
Negative Factors
Persistently negative free cash flow
Consistent negative free cash flow signals that operating cash does not cover heavy capital spending, forcing repeated external financing. Over time this raises refinancing risk, increases interest and issuance costs, and can pressure the company’s ability to fund dividends or opportunistic investments absent regulatory recovery timing that restores cash conversion.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong industrial & data-center load growth
Sustained double-digit industrial and data-center load growth expands long-term volumetric demand and supports multi-year revenue visibility. That structural customer mix raises utilization on existing assets, justifies incremental rate-base investments, and creates durable topline tailwinds for regulated earnings and cash flows.
Read all positive factors
Portland GE Key Performance Indicators (KPIs)
Any
Revenue by Segment
Breaks down where Portland GE earns its money—retail rates, wholesale sales, generation, transmission and services or renewables. A larger regulated retail share typically means more predictable cash flow, while big exposure to wholesale or unregulated generation increases volatility from price swings. Watching how revenue shifts between segments highlights strategic moves, margin drivers, and key sources of risk or upside.
Breaks down where Portland GE earns its money—retail rates, wholesale sales, generation, transmission and services or renewables. A larger regulated retail share typically means more predictable cash flow, while big exposure to wholesale or unregulated generation increases volatility from price swings. Watching how revenue shifts between segments highlights strategic moves, margin drivers, and key sources of risk or upside.
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The Fly
The FlyPortland GE (POR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$5.92B
Dividend Yield4.19%
Average Volume (3M)1.11M
Price to Earnings (P/E)22.2
Beta (1Y)0.08
Revenue Growth2.95%
EPS Growth-17.06%
CountryUS
Employees2,877
SectorUtilities
Sector Strength65
IndustryRegulated Electric
Share Statistics
EPS (TTM)2.29
Shares Outstanding117,607,740
10 Day Avg. Volume920,227
30 Day Avg. Volume1,105,878
Financial Highlights & Ratios
PEG Ratio-2.17
Price to Book (P/B)1.28
Price to Sales (P/S)1.57
P/FCF Ratio-74.67
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$54.80Price Target Upside5.28% Upside
Rating ConsensusHold
Number of Analyst Covering6
EPS Forecast (FY)3.39
Revenue Forecast (FY)$3.68B
Portland GE Business Overview & Revenue Model
Company Description
Portland General Electric (PGE) functions as a fully integrated electric utility, overseeing the generation, wholesale procurement, transmission, distribution, and direct retail sale of electricity throughout Oregon. Its power generation assets in...
How the Company Makes Money
Portland General Electric primarily makes money by providing regulated electric utility service and recovering its costs plus an allowed return through rates approved by the Oregon Public Utility Commission. Its main revenue stream is retail elect...
Portland GE Earnings Call Summary
Earnings Call Date:Jul 31, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 23, 2026
Earnings Call Sentiment Positive
The call communicated multiple constructive operational and financial developments: strong industrial and data center-driven load growth (double-digit industrial growth and ~10% expected CAGR to 2030), reaffirmed full-year EPS guidance, completed key financing transactions, a 5% dividend increase, and regulatory progress on a large-load tariff and renewable procurement. Offsetting items include near-term timing-related power cost headwinds, some weakness in commercial and weather-adjusted residential deliveries, transaction and regulatory uncertainty around the holding company and Washington acquisition, and expiration of a previously helpful reliability recovery mechanism. Overall, positives (demand growth, tariff-driven margin improvement, financing completion, guidance reaffirmation) materially outweigh the manageable near-term headwinds and regulatory timing risks.Positive Updates
Strong Industrial Demand Growth
Industrial demand increased ~11% year-over-year (11.2% reported) and industrial load has grown ~10% CAGR over the last 5 years. Management expects approximately 10% annual large-customer capacity growth through 2030, driven by technology, semiconductor and data center customers.
Negative Updates
Power Cost Timing Headwind Impacting Earnings
Quarterly earnings included a $0.18 per-share decrease related to intra-year timing of revenue collection and power cost recognition, creating a near-term headwind to results.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Industrial Demand Growth
Industrial demand increased ~11% year-over-year (11.2% reported) and industrial load has grown ~10% CAGR over the last 5 years. Management expects approximately 10% annual large-customer capacity growth through 2030, driven by technology, semiconductor and data center customers.
Read all positive updates
Company Guidance
Portland General Electric reiterated its 2026 and multi‑year outlook, reporting Q2 GAAP net income of $68 million ($0.59/share) and non‑GAAP net income of $74 million ($0.64/share) and reaffirming full‑year EPS guidance of $3.33–$3.53 and long‑term earnings/dividend growth of 5–7%; management also reaffirmed 2026 weather‑adjusted load growth of 1.5–2.5% (Q2 retail deliveries +3.9% nominal / +2.7% weather‑adjusted), with industrial demand up 11.2% y/y (industrial load ~10% CAGR over the past 5 years and ~10% CAGR expected through 2030) and a 1.7 GW incremental data‑center pipeline; next week’s GRC filing proposes ~4.8% overall rates effective July 1, 2027 (residential ~3.9%) on a 50/50 capital structure and 9.75% ROE, while net variable power costs are forecast to cut customer prices ~2.4% beginning Jan 1; the recently approved New Large Load Tariff raises data‑center prices ~30% and should boost margins, the company expects improved power costs in H2 2026 and ongoing regulatory recoveries (Seaside battery, DSP) to support results, and financing completed to date includes $550M equity forward, $500M ATM, $350M term loan and a $680M delayed‑draw facility for the Washington acquisition; the Board declared a quarterly dividend of $0.55125/share (5% annualized increase) with a 60–70% payout target.Portland GE Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
63
Positive
Cash Flow
48
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.46B | 3.37B | 3.44B | 2.92B | 2.65B | 2.40B |
| Gross Profit | 1.53B | 1.14B | 1.59B | 1.36B | 1.31B | 1.26B |
| EBITDA | 1.10B | 1.17B | 1.02B | 860.00M | 828.00M | 777.00M |
| Net Income | 257.00M | 306.00M | 313.00M | 228.00M | 233.00M | 244.00M |
Balance Sheet | ||||||
| Total Assets | 13.64B | 13.51B | 12.54B | 11.21B | 10.46B | 9.49B |
| Cash, Cash Equivalents and Short-Term Investments | 35.00M | 76.00M | 12.00M | 5.00M | 165.00M | 52.00M |
| Total Debt | 5.21B | 5.53B | 5.17B | 4.46B | 3.98B | 3.60B |
| Total Liabilities | 9.52B | 9.38B | 8.75B | 7.89B | 7.68B | 6.79B |
| Stockholders Equity | 4.12B | 4.13B | 3.79B | 3.32B | 2.78B | 2.71B |
Cash Flow | ||||||
| Free Cash Flow | -189.00M | -71.00M | -490.00M | -938.00M | -92.00M | -104.00M |
| Operating Cash Flow | 1.04B | 1.12B | 778.00M | 420.00M | 674.00M | 532.00M |
| Investing Cash Flow | -1.24B | -1.20B | -1.30B | -1.36B | -758.00M | -656.00M |
| Financing Cash Flow | 177.00M | 142.00M | 526.00M | 778.00M | 197.00M | -81.00M |
Portland GE Technical Analysis
Positive
52.05
Price Trends
50.84
Negative
50.57
Negative
49.66
Positive
Market Momentum
-0.68
Positive
50.17
Neutral
44.47
Neutral
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 52.05 is above the 20-day moving average (MA) of 50.47, above the 50-day MA of 50.84, and above the 200-day MA of 49.66, indicating a neutral trend. The MACD of -0.68 indicates Positive momentum. The RSI at 50.17 is Neutral, neither overbought nor oversold. The STOCH value of 44.47 is Neutral, 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 33 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 |
|---|---|---|---|---|---|---|---|
67 Neutral | $6.11B | 11.11 | 10.70% | 4.41% | 9.54% | 294.77% | |
66 Neutral | $17.65B | 18.10 | 5.60% | 3.62% | 6.62% | 11.55% | |
63 Neutral | $9.71B | 20.74 | 9.56% | 3.45% | 0.63% | -6.14% | |
61 Neutral | $5.92B | 22.17 | 6.30% | 4.09% | 2.95% | -17.06% | |
60 Neutral | $8.16B | 23.08 | 9.36% | 2.36% | -1.11% | 8.18% | |
60 Neutral | $12.21B | 19.08 | 9.04% | 3.44% | 5.69% | 6.83% | |
52 Neutral | $5.91B | 31.83 | 5.67% | 2.84% | 9.97% | -7.29% |
* Utilities Sector Average
POR
Portland GE
50.76
10.13
24.94%
IDA
IdaCorp
142.61
20.35
16.65%
OGE
OGE Energy
47.50
4.03
9.28%
PNW
Pinnacle West Capital
101.48
13.55
15.40%
TXNM
TXNM Energy
57.40
2.13
3.85%
ENIC
Enel Chile SA
4.53
1.28
39.26%
Portland GE Corporate Events
Business Operations and StrategyDividendsFinancial DisclosuresRegulatory Filings and Compliance
Portland GE posts Q2 results, maintains 2026 guidance
Positive
Jul 31, 2026
Portland General Electric reported second quarter 2026 GAAP net income of $68 million, or $0.59 per diluted share, and non-GAAP net income of $74 million, or $0.64 per share, modestly above 2025 GAAP results but slightly below non-GAAP performance...
Business Operations and StrategyFinancial DisclosuresM&A Transactions
Portland General to Acquire PacifiCorp Washington Utility Assets
Positive
May 12, 2026
On May 12, 2026, Portland General Electric released an investor presentation outlining plans to acquire electric utility operations and certain assets in Washington state from PacifiCorp, a move that would expand its regional footprint. The combin...
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.