Portland General Electric Company

POR

Regulated Electric · Utilities

Price

$49.59

-0.58 (-1.16%)

Market Cap

$5.74B

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Weak

Cash Flow

Good

Stability

Mixed

Valuation

Strong

Dividends

Strong

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Share count rising — dilution

+23.6% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 89.6M (2021) → 110.7M (2025)

Winston Score History

The full picture

Portland General Electric (PGE) is a regulated electric utility based in Portland, Oregon. It generates, transmits, and distributes electricity to roughly 900,000 customers across the state, including homes, businesses, and industrial users. PGE owns and operates a mix of power plants, including hydroelectric, natural gas, wind, and solar facilities.

PGE makes money by charging customers for electricity under rates approved by the Oregon Public Utility Commission, which limits both its profits and its losses. It operates entirely within Oregon, making it a relatively small, regional utility with a market cap around $5.7 billion. Regulated utilities like PGE have a built-in moat because they operate as government-approved monopolies in their service territory, meaning customers cannot switch providers. The key growth driver is rising electricity demand from data centers and electric vehicles in the Pacific Northwest, while the main risk is the cost of upgrading aging infrastructure and managing wildfire liability in the region.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-2.5% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+5.4% YoY

YoY Growth Rate

Slow EPS growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

0.5%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~2 months

$108M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Short runway — potential dilution ahead through share issuance

Cash watch

Portland General Electric Company has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

33.7%

Modest — 33.7% gross margin

Profit after running costs

Operating Margin

15.6%

Healthy — 15.6% operating margin

Return on the money invested

ROCE

5.9%

Weak — 5.9% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

-0.9%

Shrinking sales (-0.9% YoY)

Profit growth

EPS YoY

-16.1%

Earnings shrinking (-16.1% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

404%

Turns 404% of profit into real cash

Spare cash per sale

FCF Margin

-5.5%

Burning cash (-5.5%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

1.20

Elevated debt (1.20)

Covers its interest

Interest Cover

2.23x

Tight — interest eats into profit (2.2x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit

P/E Ratio (TTM)

21.7x

Growth-priced — P/E 21.7

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year

P/E vs Forward

+8.7

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (21.7 → 13.0)

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Dividends

Dividend

Dividend Yield

4.33%

Healthy income — 4.33% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record

Dividend Growth

+5.0%

Dividend growing modestly (5.0% YoY)

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