Portland General Electric
POR on NYSE. Portland General Electric sells electricity to homes, businesses, and industries in Oregon. Market value $5.2bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Utilities stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-3.63 of spare cash in the past 12 months. A savings account pays about $4.
You pay 20.9 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns 5 cents a year. Above 10 is good.
Quality score: 64 of 100. Price score: 44 of 100. Our list needs 70 on quality and 60 on price.
$44.27 a share, 3% above its 1-year low
Over the past year the price has ranged from $43.15 to $54.62.
Dividend: 4.3% a year
Paid every year for at least 5 years
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
Spare cash swings from quarter to quarter here: a shortfall of $189 million in the past 12 months, a shortfall of $71 million in the year to December 2025.
| Revenue | |||||
| Revenue | $2.4bn | $2.6bn | $2.9bn | $3.4bn | $3.6bn |
| Operating margin | |||||
| Operating margin | 15.8% | 15.0% | 13.5% | 14.9% | 15.5% |
| Debt to equity | |||||
| Debt to equity | 1.33 | 1.43 | 1.34 | 1.28 | 1.20 |
| Shares outstanding | |||||
| Shares outstanding | 0.09bn | 0.10bn | 0.11bn | 0.11bn | 0.12bn |
Health checks
- Free cash flow positive0 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)5 of 8 checks we could run
- Profit backed by cash (accruals)Yes
- Debt1.20× equity
- Revenue growth, five yearsStrong, 10.8% a year
- Buying back its own sharesNo, 32% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $814 million last quarter, up 1% on a year ago.
- Profit: $68 million, up 10% on a year ago.
- It keeps 14 cents of each $1 of sales as operating profit, down from 15 cents a year earlier.
- Over the past 12 months it spent $189 million more cash than it brought in, compared with $260 million a year earlier.
- 6% more shares than a year ago. Each share owns a bit less of the company.
- Debt is $5.2 billion more than cash, up from $5 billion a year ago.
- Sales grew on a year ago in 3 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $929m |
| December 2024 | $824m |
| March 2025 | $928m |
| June 2025 | $807m |
| September 2025 | $952m |
| December 2025 | $889m |
| March 2026 | $879m |
| June 2026 | $814m |
| Quarter to | Amount |
|---|---|
| September 2024 | $94m |
| December 2024 | $38m |
| March 2025 | $100m |
| June 2025 | $62m |
| September 2025 | $103m |
| December 2025 | $41m |
| March 2026 | $45m |
| June 2026 | $68m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 17 February 2026
- Next quarterly (estimated, 10-Q)
- 30 October 2026
Who owns it
7 long-term investors we follow own it, unchanged from 7 last quarter. 504 funds in all.
- GAMCO InvestorsMario Gabelli
- Value
- $2m
- Share of fund
- <0.1%
- Cullen Capital ManagementJames Cullen
- Value
- $394,530
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| LSV Asset ManagementJosef Lakonishok | $39m | <0.1% | Cut |
| Nuance InvestmentsScott Moore | $14m | 2.4% | Added |
| Hotchkis & WileyHotchkis & Wiley team | $14m | <0.1% | Added |
| Boston PartnersBoston Partners team | $3m | <0.1% | Cut |
| First Manhattan Co.First Manhattan partners | $3m | <0.1% | Cut |
| GAMCO InvestorsMario Gabelli | $2m | <0.1% | |
| Cullen Capital ManagementJames Cullen | $394,530 | <0.1% |
Largest holders overall
- BlackRock$970mAdded
- Vanguard Portfolio Management$378m
- Clearbridge Investments$330mAdded
- Vanguard Capital Management$271m
- State Street$263mAdded
- AQR Capital Management$246mAdded
- Fuller & Thaler Asset Management$199mCut
- TWO Sigma Investments, LP$170mAdded
- Geode Capital Management$168mAdded
- Invesco$167mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
3 investors own more than 5%.
- Vanguard Portfolio ManagementPassive investor5.8%Since 31 March 2026
- Vanguard Capital ManagementPassive investor5.3%Since 30 June 2026
- ClearBridge Investments LtdPassive investorat least 4.8%(filed with 1 related holder)Since 30 June 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Vanguard Portfolio Management Passive investor | 5.8% | 31 March 2026 | |
Vanguard Capital Management Passive investor | 5.3% | 30 June 2026 | |
ClearBridge Investments Ltd Passive investor | at least 4.8% (filed with 1 related holder) | 30 June 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 1 insider bought $97,600 of shares on the open market. 6 sold $1m, $345,802 of it under preset trading plans.
- Lewis Michael ADirectorSoldunder a preset trading plan
- Date
- 27 July 2026
- Shares
- 1,537
- Price
- $51.83
- Value
- $79,663
- McFarland John CarterSVP, Commercial & CustomerSold
- Date
- 11 May 2026
- Shares
- 2,390
- Price
- $48.52
- Value
- $115,970
- HOGLUND ROBERT NDirectorBought
- Date
- 11 May 2026
- Shares
- 2,000
- Price
- $48.80
- Value
- $97,600
- Gallegos Juan DiegoVP, CHROSold
- Date
- 8 May 2026
- Shares
- 2,750
- Price
- $48.68
- Value
- $133,870
- Espinosa Maria AngelicaSVP, CLO, CCA & CC OfficerSold
- Date
- 7 May 2026
- Shares
- 4,300
- Price
- $48.81
- Value
- $209,883
- Trpik Joseph R JRSVP, CFOSold
- Date
- 6 May 2026
- Shares
- 7,500
- Price
- $49.03
- Value
- $367,728
- Felton BenjaminEVP, COOSoldunder a preset trading plan
- Date
- 27 February 2026
- Shares
- 4,969
- Price
- $53.56
- Value
- $266,140
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 27 July 2026 | Lewis Michael A Director | Sold under a preset trading plan | 1,537 | $51.83 | $79,663 |
| 11 May 2026 | McFarland John Carter SVP, Commercial & Customer | Sold | 2,390 | $48.52 | $115,970 |
| 11 May 2026 | HOGLUND ROBERT N Director | Bought | 2,000 | $48.80 | $97,600 |
| 8 May 2026 | Gallegos Juan Diego VP, CHRO | Sold | 2,750 | $48.68 | $133,870 |
| 7 May 2026 | Espinosa Maria Angelica SVP, CLO, CCA & CC Officer | Sold | 4,300 | $48.81 | $209,883 |
| 6 May 2026 | Trpik Joseph R JR SVP, CFO | Sold | 7,500 | $49.03 | $367,728 |
| 27 February 2026 | Felton Benjamin EVP, COO | Sold under a preset trading plan | 4,969 | $53.56 | $266,140 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 17 Feb 2026, plus the 10-Q filed 31 Jul 2026 and 8 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.