Portland General Electric Company

POR

Regulated Electric · Utilities

Price

$52.43

-0.39 (-0.74%)

Market Cap

$6.07B

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

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)

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.

Winston Score History

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

-5.3% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-54.9% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

0.5%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$8M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

Portland General Electric Company's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

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.

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Quality

Gross Margin

58.9%

Premium pricing power — 58.9% gross margin

Operating Margin

12.2%

Healthy — 12.2% operating margin

ROCE

1.2%

Weak — 1.2% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+1.1%

Nearly flat sales (1.1% YoY)

EPS YoY

-21.3%

Earnings shrinking (-21.3% YoY)

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

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

460%

Turns 460% of profit into real cash

FCF Margin

1.9%

Thin free cash flow (1.9%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

1.13

Elevated debt (1.13)

Interest Cover

2.25x

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

P/E Ratio (TTM)

23.2x

Growth-priced — P/E 23.2

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

P/E vs Forward

+9.2

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (23.2 → 14.0)

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Dividends

Dividend Yield

4.03%

Healthy income — 4.03% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend Growth

+5.0%

Dividend growing modestly (5.0% YoY)

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