Portland General Electric faces a combination of negative analyst estimate revisions of nearly 20%, a critical free cash flow deficit of negative 120% relative to net income, and below-floor business quality, making the current stock price unattractive with negative implied upside to target and no clear catalyst for a fundamental turnaround.
Thesis pillars
- Negative Fcf Quality Red Flag→Stable
- Estimate Revision Deterioration↑Improving
- Regulatory Geographic Dual Concentration↑Improving
- +1 more pillar — see the Why tab for full reasoning
Portland General Electric Co (POR) Stock Analysis
Utilities · Utilities - Regulated Electric
Sell if holding. Engine safety override at $52.05: a dimension score below its floor triggers a hard block regardless of the otherwise-positive setup — overall score 4.2/10. Specifically: Below-average business quality; Negative price momentum.
Portland General Electric Company is a vertically integrated regulated electric utility serving approximately 960,000 retail customers across a 4,000-square-mile service territory entirely within Oregon, generating $3.07 billion in total retail revenues in 2025. Retail prices... Read more
Sell if holding. Engine safety override at $52.05: a dimension score below its floor triggers a hard block regardless of the otherwise-positive setup — overall score 4.2/10. Specifically: Below-average business quality; Negative price momentum. Chart setup: No clear chart pattern; technical signals are mixed. Score 4.2/10, moderate confidence.
Passes 4/7 gates (clean insider activity, no SEC red flags, semi cycle peak clear, materials cycle peak clear). Fails on weak momentum and favorable risk/reward ratio and earnings proximity 5d<=7d. Suitability: moderate.
About Portland General Electric Co
About Portland General Electric Co
Portland General Electric served 960,000 retail customers across a 4,000-square-mile Oregon service territory at December 31, 2025, generating $3.07 billion in total retail revenues. The utility added 10,000 net customers during 2025, with data center and industrial load growth pushing industrial energy deliveries to 35% of total retail deliveries—up from 29% in 2023. The Public Utility Commission of Oregon (OPUC) sets all retail prices through a General Rate Case process that also authorizes capital structure and return on equity.
Portland General Electric earns regulated returns under OPUC-authorized cost-of-service pricing, with annual price adjustments available through the Annual Power Cost Update Tariff reflecting changes in net variable power costs—purchased power, fuel, and settled financial contracts net of wholesale revenues. The Power Cost Adjustment Mechanism allows sharing of cost variances with customers. Generation resources include natural gas plants near Clatskanie, Oregon (Port Westward Units 1 and 2 and Beaver) supplied by the Kelso-Beaver Pipeline, in which PGE holds a 79.5% ownership interest. The company participates in the California Independent System Operator's western Energy Imbalance Market for real-time five-minute load balancing. Wholesale revenues represented 12% of total revenues in 2025, down from 16% in 2024, as retail load absorption grew. No single retail customer represented more than 9% of total retail revenues during 2025.
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Prior to a pending acquisition, PGE's assets and operations were concentrated entirely in Oregon and subject to OPUC oversight exclusively. The pending asset purchase would add approximately 140,000 customers in Washington state—across Lewis, Yakima, Walla Walla, Columbia, Garfield, and Benton counties, including the Chehalis combined cycle gas turbine and Goodnoe Hills and Marengo wind facilities—bringing PGE under the Washington Utilities and Transportation Commission, which uses different rate-making procedures and environmental mandates. If the acquisition fails to close, the company may be required to pay a termination fee of $35 million. Oregon House Bill 2021 targets 80% greenhouse gas emissions reduction by 2030 and 100% decarbonization by 2040, independent of the acquisition outcome.
See also: Utilities · Utilities - Regulated Electric
From Portland General Electric Co's most recent 10-K filing, extracted June 11, 2026.
Recent developments
updated 2026-07-25Recent Developments — Portland General Electric Co
Latest news
- NEWS BMO Capital Maintains Market Perform on Portland General Electric, Lowers Price Target to $54 — benzinga Jul 22, 2026 negative
- NEWS Portland Gen Electric Q1 2026 Earnings Call Transcript — benzinga May 1, 2026 neutral
- NEWS Earnings Scheduled For May 1, 2026 — benzinga May 1, 2026 neutral
- NEWS Portland General Electric Affirms FY2026 Adj EPS Guidance of $3.33-$3.53 vs $3.42 Est — benzinga May 1, 2026 positive
- NEWS Portland Gen Electric Q1 Adj. EPS $0.58 Misses $0.88 Estimate, Sales $879.000M Miss $957.286M Estimate — benzinga May 1, 2026 negative
Generated 2026-07-27T18:52:51Z.
Upcoming dated catalysts
Thesis
Key Metrics
Quality Signals
Options Flow
Concentration Risks(10-K Item 1A)
- HIGHregulatoryOregon OPUC10-K Item 1A: 'PGE's assets and operations were primarily concentrated in Oregon and subject to the regulatory oversight of the Public Utility Commission of Oregon (OPUC)'
- HIGHGeographicOregon10-K Item 1: 'PGE generates revenue primarily through the sale and delivery of electricity to retail customers located exclusively in Oregon'
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Rating Breakdown
5 floor-breakers
Revenue shrinking — -5.3% YoY. Growth thesis broken unless recovery story develops.static
Ranks in the bottom of its industry peers on the composite signal. Better names in the same sector exist.static
No near-term catalyst priced in. Thesis progression will come from fundamentals grinding, not event reaction.static
Quality below the gate floor. Component breakdown shows what dragged the score down.static
Momentum below the gate floor. Component breakdown shows what dragged the score down.static
Price Targets
Position Sizing
Risk Alerts
Earnings
Verdict History
Frequently Asked Questions
Sell if holding. Engine safety override at $52.05: a dimension score below its floor triggers a hard block regardless of the otherwise-positive setup — overall score 4.2/10. Specifically: Below-average business quality; Negative price momentum. Chart setup: No clear chart pattern; technical signals are mixed. Prior stop was $50.11. Score 4.2/10, moderate confidence.
Take-profit target: $53.00 (-11.3% upside). Prior stop was $50.11. Stop-loss: $50.11.
Concentration risk — Regulatory: Oregon OPUC; Concentration risk — Geographic: Oregon; Target reached (-11.3% upside).
Portland General Electric Co trades at a P/E of 23.3 (forward 14.5). TrendMatrix value score: 5.9/10. Verdict: Sell.
19 analysts cover POR with a consensus score of 2.7/5. Average price target: $53.
What does Portland General Electric Co do?Portland General Electric Company is a vertically integrated regulated electric utility serving approximately 960,000...
Portland General Electric Company is a vertically integrated regulated electric utility serving approximately 960,000 retail customers across a 4,000-square-mile service territory entirely within Oregon, generating $3.07 billion in total retail revenues in 2025. Retail prices are set by the Public Utility Commission of Oregon through General Rate Cases, with residential (48%), commercial (32%), and industrial (18%) customer classes.