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Portland GE
(NYSE:POR)
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Rating:56Neutral
Price Target:
$46.00
â–¼(-8.35% Downside)
Action:Reiterated
Date:10/29/26
The score is primarily held back by weak cash-flow quality (persistently negative free cash flow) and a bearish technical setup (price below key moving averages with negative MACD). Offsetting these are stable utility profitability with strong TTM revenue growth, an attractive dividend yield, and a cautiously constructive long-term outlook from management despite the near-term guidance cut and ongoing regulatory uncertainties.
Positive Factors
Regulated utility model
PGE’s regulated framework supports recurring revenue and recovery of eligible operating costs and capital investments. This creates greater earnings visibility than an unregulated model and provides a durable foundation for funding grid reliability, generation, and customer-service infrastructure.
Negative Factors
Persistent negative free cash flow
Persistent negative free cash flow shows that operating cash generation is not currently covering PGE’s substantial investment program. Continued reliance on external funding can constrain financial flexibility, increase financing needs, and make execution of growth projects more sensitive to capital-market conditions.
Read all positive and negative factors
Positive Factors
Negative Factors
Regulated utility model
PGE’s regulated framework supports recurring revenue and recovery of eligible operating costs and capital investments. This creates greater earnings visibility than an unregulated model and provides a durable foundation for funding grid reliability, generation, and customer-service infrastructure.
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
$5.29B
Dividend Yield4.85%
Average Volume (3M)2.52M
Price to Earnings (P/E)18.8
Beta (1Y)0.10
Revenue Growth2.51%
EPS Growth-15.35%
CountryUS
Employees2,877
SectorUtilities
Sector Strength65
IndustryRegulated Electric
Share Statistics
EPS (TTM)2.36
Shares Outstanding117,607,740
10 Day Avg. Volume3,829,222
30 Day Avg. Volume2,519,910
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 Cap1.99
Enterprise Value/Revenue3.02
Enterprise Value/Gross Profit7.55
Enterprise Value/Ebitda9.39
Forecast
1Y Price Target
$51.00Price Target Upside1.61% Upside
Rating ConsensusHold
Number of Analyst Covering7
EPS Forecast (FY)3.31
Revenue Forecast (FY)$3.67B
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
PGE primarily makes money by selling electricity and providing related electric service under regulated rates approved by the Oregon Public Utility Commission. Its core revenue stream is retail electric service, which includes (a) energy supply (t...
Portland GE Earnings Call Summary
Earnings Call Date:Oct 29, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Feb 12, 2027
Earnings Call Sentiment Positive
The call was cautiously positive overall. Management highlighted strong industrial and data-center demand, increased large-load capacity growth expectations, successful EDAM implementation, clean-energy project additions, cost-management benefits, financing access, and reaffirmed long-term growth and dividend guidance. These positives were offset by a weather-driven reduction in 2026 earnings guidance, declines in residential and commercial deliveries, unresolved holding-company conditions, regulatory issues surrounding the Washington acquisition, procurement risks, and uncertainty regarding Colstrip.Positive Updates
Strong Industrial and Large-Load Demand
Industrial demand increased 9% year over year and 5% quarter over quarter, driven by continued demand from high-tech, semiconductor, and data center customers. PGE now expects approximately 12% annual capacity growth from large-load customers through 2030, up from its prior outlook of 10%.
Negative Updates
Full-Year Earnings Guidance Reduced
PGE revised 2026 adjusted earnings guidance from $3.33-$3.53 to $3.18-$3.28 per diluted share as a result of weather-related headwinds. Management said the company would have been solidly within its original guidance range without the second-half weather impacts.
Read all updates
Q3-2026 Updates
Positive
Negative
Strong Industrial and Large-Load Demand
Industrial demand increased 9% year over year and 5% quarter over quarter, driven by continued demand from high-tech, semiconductor, and data center customers. PGE now expects approximately 12% annual capacity growth from large-load customers through 2030, up from its prior outlook of 10%.
Read all positive updates
Company Guidance
Portland General Electric revised 2026 adjusted earnings guidance from $3.33-$3.53 to $3.18-$3.28 per diluted share, updated 2026 weather-adjusted load growth guidance from 1.5%-2.5% to 1%-2%, and reaffirmed long-term earnings and dividend growth guidance of 5%-7% and long-term load growth guidance of 3% through 2030; large load customer capacity growth is now expected at approximately 12% annual through 2030, up from 10%, with the Washington acquisition anticipated to close in 2027 or a mid-2027 close, 2027 forecasted capital expenditures of $2.5 billion including the recently signed projects, 2027 tax credit monetization of $350 million-$400 million and equity issuance of $150 million-$200 million, a 60%-70% payout target, and a quarterly common stock dividend of $0.55125 per share, representing an increase of 5% on an annualized basis.Portland GE Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
63
Positive
Cash Flow
42
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.48B | 3.37B | 3.44B | 2.92B | 2.65B | 2.40B |
| Gross Profit | 1.39B | 1.14B | 1.59B | 1.36B | 1.31B | 1.26B |
| EBITDA | 1.12B | 1.17B | 1.02B | 860.00M | 828.00M | 777.00M |
| Net Income | 273.00M | 306.00M | 313.00M | 228.00M | 233.00M | 244.00M |
Balance Sheet | ||||||
| Total Assets | 13.81B | 13.51B | 12.54B | 11.21B | 10.46B | 9.49B |
| Cash, Cash Equivalents and Short-Term Investments | 69.00M | 76.00M | 12.00M | 5.00M | 165.00M | 52.00M |
| Total Debt | 5.29B | 5.53B | 5.17B | 4.46B | 3.98B | 3.60B |
| Total Liabilities | 9.48B | 9.38B | 8.75B | 7.89B | 7.68B | 6.79B |
| Stockholders Equity | 4.33B | 4.13B | 3.79B | 3.32B | 2.78B | 2.71B |
Cash Flow | ||||||
| Free Cash Flow | -416.00M | -71.00M | -490.00M | -938.00M | -92.00M | -104.00M |
| Operating Cash Flow | 959.00M | 1.12B | 778.00M | 420.00M | 674.00M | 532.00M |
| Investing Cash Flow | -1.38B | -1.20B | -1.30B | -1.36B | -758.00M | -656.00M |
| Financing Cash Flow | 356.00M | 142.00M | 526.00M | 778.00M | 197.00M | -81.00M |
Portland GE Technical Analysis
Negative
50.19
Price Trends
46.30
Negative
48.32
Negative
49.09
Negative
Market Momentum
-0.53
Negative
43.16
Neutral
60.50
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For POR, the sentiment is Negative. The current price of 50.19 is above the 20-day moving average (MA) of 44.46, above the 50-day MA of 46.30, and above the 200-day MA of 49.09, indicating a bearish trend. The MACD of -0.53 indicates Negative momentum. The RSI at 43.16 is Neutral, neither overbought nor oversold. The STOCH value of 60.50 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
66 Neutral | $8.56B | 21.83 | 9.94% | 2.42% | 3.69% | 13.21% | |
66 Neutral | $17.65B | 18.10 | 5.60% | 3.62% | 6.62% | 11.55% | |
65 Neutral | $2.79B | 18.16 | 11.10% | 2.62% | 7.07% | 13.07% | |
59 Neutral | $4.91B | 28.61 | 5.92% | 3.35% | 10.69% | -24.15% | |
56 Neutral | $5.29B | 18.82 | 6.54% | 4.85% | 2.51% | -15.35% | |
56 Neutral | $12.88B | 19.98 | 9.04% | 3.42% | 5.69% | 6.83% | |
52 Neutral | $6.43B | 27.36 | 6.51% | 2.89% | 9.97% | -7.29% |
* Utilities Sector Average
POR
Portland GE
44.42
0.70
1.61%
IDA
IdaCorp
145.38
19.61
15.59%
MGEE
MGE Energy
73.73
-7.14
-8.83%
NWE
Northwestern
79.81
22.40
39.02%
PNW
Pinnacle West Capital
106.28
21.06
24.71%
TXNM
TXNM Energy
58.38
3.20
5.80%
Portland GE Corporate Events
Business Operations and StrategyFinancial Disclosures
Portland General Electric Raises 2026 Earnings Guidance
Positive
Oct 29, 2026
On October 29, 2026, Portland General Electric reported third-quarter 2026 GAAP net income of $119 million, or $1.00 per diluted share, and non-GAAP net income of $125 million, or $1.06 per share, up from the prior year despite the mildest third-q...
Business Operations and StrategyRegulatory Filings and Compliance
Portland GE Files 2026 Clean Energy Resource Plan
Neutral
Oct 16, 2026
On October 15, 2026, Portland General Electric submitted its 2026 Clean Energy Plan and Integrated Resource Plan to Oregon regulators, detailing long‑term strategies to meet the state’s clean energy requirements while maintaining relia...
Business Operations and StrategyLegal ProceedingsRegulatory Filings and Compliance
Portland GE Faces Conditions on Holding Company Reorganization
Negative
Sep 28, 2026
On September 25, 2026, the Oregon Public Utility Commission issued a final order on Portland General Electric’s application to reorganize under a holding company structure, approving a package of customer benefits and rate credits totaling a...
Business Operations and StrategyRegulatory Filings and Compliance
Portland GE advances holding company reorganization stipulation
Positive
Aug 12, 2026
On August 12, 2026, Portland General Electric and Staff of the Public Utility Commission of Oregon entered into a stipulation recommending approval of PGE’s proposed corporate reorganization into a holding company structure, resolving key is...
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...
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.