At a glance
Portland General Electric Co is worth $5.27B, about 16 times its fiscal 2025 earnings. Revenue grew 4.0% to $3.58B in fiscal 2025, with 8.6% kept as profit; over 5 years it has grown 10.8% a year. It pays a 4.88% dividend yield, raised every year for at least 9 years, and returned $942.0M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +0.8% over the past year with dividends reinvested and +2.4% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 36.4% in the 2020 crash (S&P 500: 33.7%) and 24.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 68 months and 37 months after the lows.
The business in plain English
Portland General Electric (PGE) is a vertically integrated electric utility based in Portland, Oregon. That means it handles every step: it generates electricity, buys and sells power on the wholesale market, moves it over high-voltage transmission lines and delivers it to homes and businesses. Its service area covers 4,000 square miles, all in Oregon, and includes 51 incorporated cities. It served about 960,000 retail customers as of December 31, 2025, after adding 10,000 that year.
PGE does not set its own prices. The Public Utility Commission of Oregon (OPUC) approves its rate base (the investment it earns a return on), its allowed return on equity (the profit rate on shareholders' money) and its customer prices, based on the forecast cost of serving customers. So earnings tend to grow as PGE invests in plants, lines and grid equipment that regulators accept. Annual updates adjust prices for fuel and purchased power. Revenue was $3.58 billion in fiscal 2025, and net income was $306 million.
PGE reports one business segment, so it gives no revenue split by product or region. Its power comes from company-owned plants, including hydroelectric and natural gas plants, plus power bought from others. Oregon law requires it to cut greenhouse gas emissions 80% by 2030, 90% by 2035 and 100% by 2040, which may speed up spending on renewable energy.
Price history
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POR +0.8% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $971.0M, up 2% from a year earlier, and net income was $119.0M (+15.5%).
- For fiscal 2025, revenue was $3.58B (+4.0% year over year; +10.8% a year from FY2020 to FY2025) with a 8.6% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +10.8% good |
|---|---|
| Operating margin | 15.5% good |
| Free cash flow margin | -2% weak |
| Return on equity (FY2025) | 7.4% weak |
| Return on assets (FY2025) | 2.3% weak |
| Net cash (cash minus debt) | $-4.94B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $2.15B | $155.0M | $-217.0M |
| FY2021 | $2.40B | $244.0M | $-104.0M |
| FY2022 | $2.65B | $233.0M | $-92.0M |
| FY2023 | $2.92B | $228.0M | $-938.0M |
| FY2024 | $3.44B | $313.0M | $-490.0M |
| FY2025 | $3.58B | $306.0M | $-71.0M |
Valuation snapshot
| Market value | $5.27B |
|---|---|
| P/E ratio | 16 |
| Dividend yield | 4.88% |
Rank among 1514 US companies
Market value at each year end
Portland General Electric’s market value went from $3.85B at the end of 2016 to $5.27B on Oct 28, 2026, up 37%; since the end of 2025 it is down 2%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $5.27B | -2.3% |
| 2025 | $5.40B | +17.4% |
| 2024 | $4.60B | +5.0% |
| 2023 | $4.38B | +0.2% |
| 2022 | $4.37B | -7.5% |
| 2021 | $4.73B | +23.6% |
| 2020 | $3.83B | -23.2% |
| 2019 | $4.99B | +21.9% |
| 2018 | $4.09B | +0.8% |
| 2017 | $4.06B | +5.4% |
| 2016 | $3.85B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| POR price data to Oct 28, 2026 | -4.7% | +0.8% | +8.5% | +2.4% | +4.1% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -4.7% |
| 2025 | +15.4% |
| 2024 | +5.3% |
| 2023 | -7.8% |
| 2022 | -4.0% |
| 2021 | +28.1% |
| 2020 | -20.2% |
| 2019 | +25.1% |
| 2018 | +4.0% |
| 2017 | +8.3% |
| 2016 | +22.7% |
| 2015 | -0.6% |
| 2014 | +29.4% |
| 2013 | +14.6% |
| 2012 | +12.7% |
| 2011 | +21.8% |
| 2010 | +12.0% |
| 2009 | +10.5% |
| 2008 | -26.7% |
| 2007 | +5.5% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 39.7% over that stretch · deepest drop along the way 46.5%, back to its old high 24.9 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 36.2% over that stretch · deepest drop along the way 36.4%, back to its old high 67.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 17.7% over that stretch · deepest drop along the way 24.6%, back to its old high 37.1 months after the low |
Insider activity
Form 4 filings from 2025-10-30 to 2026-10-30 (25 read): 1 open-market purchases ($98K) and 8 sales ($1.2M), 2 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| May 6, 2026 | Joseph R JR Trpik SVP, CFO | sell | $363K |
| Feb 27, 2026 | Benjamin Felton EVP, COO | sell (plan) | $266K |
| May 7, 2026 | Maria Angelica Espinosa SVP, CLO, CCA & CC Officer | sell | $210K |
| May 8, 2026 | Juan Diego Gallegos VP, CHRO | sell | $134K |
| May 11, 2026 | Robert N Hoglund Director | buy | $98K |
Who owns it
Large shareholders (13G filings)
| Vanguard Portfolio Management | 5.83% | Mar 31, 2026 |
| Vanguard Capital Management | 5.34% | Jun 30, 2026 |
| Clearbridge Investments, LLC | 4.8% | Jun 30, 2026 |
ETFs with the most weight in POR
| SCAP Infrastructure Capital Small Cap Income ETF | 2.56% |
| REGL ProShares S&P MidCap 400 Dividend Aristocrats ETF | 2.15% |
| PEY Invesco High Yield Equity Dividend Achievers™ ETF | 2.09% |
| CSB VictoryShares US Small Cap High Dividend Volatility Wtd ETF | 1.87% |
| WBIY WBI Power Factor High Dividend ETF | 1.84% |
| HSMV First Trust Horizon Managed Volatility Small/Mid ETF | 1.57% |
| SMOT VanEck Morningstar SMID Moat ETF | 1.53% |
| XMLV Invesco S&P MidCap Low Volatility ETF | 1.47% |
What could go wrong
- Wildfires could bring costly liability. PGE's power lines could spark wildfires, bringing lawsuits and liability. Without laws limiting wildfire liability or creating a relief fund, its credit rating could suffer, and insurance may not cover all losses.
- A major acquisition may not go smoothly. PGE agreed to an asset purchase that would bring Washington state regulation and substantially change its size. The deal might not close, could face lawsuits, or may fail to deliver the expected cost savings.
- Data center demand may not materialize. PGE is investing to serve expected data centers and other large customers. If they don't arrive, or arrive and later move elsewhere, it may not recover those investment costs or meet its strategic goals.
- Regulators control prices and cost recovery. The OPUC sets PGE's prices and can refuse to let it recover costs, such as spending on new facilities. Worries about rising customer bills could also make future price increases harder to win.
- Severe weather and climate change. Ice storms, high winds, heat waves and drought can knock out power, raise repair and power-buying costs, and swing demand. Climate change could make such events more frequent and intense.
- Dependence on outside financing. Operating cash hasn't covered capital spending in any fiscal year from 2020 to 2025, so PGE relies on borrowing and new shares. Tighter credit markets or a ratings downgrade could raise its financing costs.
Recent events
- Quarterly results released; Investor presentation or announcement
- Other company announcement
- Other company announcement
- Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Shareholder vote results
- Major agreement signed; New debt or financial obligation; Investor presentation or announcement
- Other company announcement
For income and retirement investors
PGE has raised its regular dividend in every fiscal year from 2016 through 2025, a streak of at least nine increases that may be longer. Dividends per share grew from $1.585 in fiscal 2020 to $2.075 in fiscal 2025, about 5.5% a year, and the yield was 4.88% as of October 28, 2026. Dividends took 73.5% of fiscal 2025 earnings. Free cash flow (operating cash left after capital spending) was negative every year from fiscal 2020 to 2025, so investment and dividends are funded partly with borrowing and new shares. The share count rose 31.5% between July 2021 and July 2026. Buybacks were small: $30 million over fiscal 2021–2025, compared with $912 million in dividends.
In downturns the stock fell 46.5% during the 2008 financial crisis and 36.4% in the 2020 COVID crash. It did not get back to its pre-COVID level until November 11, 2025, more than five years later. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Portland General Electric make money?
By selling electricity to about 960,000 retail customers in Oregon, as of December 31, 2025. PGE generates power at its own plants, buys more on the wholesale market and delivers it over its own transmission and distribution lines. The Public Utility Commission of Oregon sets its prices to cover the forecast cost of serving customers plus a reasonable return on its investment. Revenue was $3.58 billion in fiscal 2025, and net income was $306 million.
Does Portland General Electric raise its dividend every year?
Yes. It raised the dividend in every fiscal year from 2016 through 2025, a streak of at least nine increases that may be longer. The regular dividend reached $2.075 per share in fiscal 2025, up from $1.585 in fiscal 2020, or about 5.5% a year. The company says future dividends are up to the board, are not guaranteed, and in some cases can be limited by the terms of its debt.
What is Portland General Electric's dividend yield?
The yield was 4.88% as of October 28, 2026, when the stock traded at about 16 times fiscal 2025 earnings. Dividends used 73.5% of fiscal 2025 earnings. Free cash flow, the cash from operations left after capital spending, was negative every year from fiscal 2020 to 2025, so PGE relies on borrowing and new shares to fund its investment and its dividend. Many regulated utilities work this way, but it adds financing risk if credit tightens.
How much debt does Portland General Electric have?
About $4.93 billion of total debt as of June 30, 2026, against just $35 million in cash and investments. Shareholders' equity was $4.12 billion and total assets were $13.64 billion. Heavy borrowing is normal for utilities, which build costly long-lived plants and power lines, but it makes PGE sensitive to interest rates and credit ratings. The company warns that a ratings downgrade could raise its borrowing costs and limit its access to capital.
How did POR stock hold up in past market crashes?
It fell sharply and was slow to recover. The stock dropped 46.5% from peak to low during the 2008 financial crisis and took until April 2011 to recover. It fell 36.4% in the 2020 COVID crash and 24.6% in the 2022 bear market, and did not get back to either earlier high until November 11, 2025. Its largest decline in more than 20 years of trading history was 50.3%. Over the 10 years to October 28, 2026, the stock returned about 4.1% a year.