Portland General Electric Company (POR) 10-Year Financial Performance & Capital Metrics

POR • • Utilities

UtilitiesElectric UtilitiesRegional Electric UtilitiesSingle-State Electric Utilities

AboutPortland General Electric Company, an integrated electric utility company, engages in the generation, wholesale purchase, transmission, distribution, and retail sale of electricity in the state of Oregon. It operates six thermal plants, three wind farms, and seven hydroelectric facilities. As of December 31, 2021, the company owned an electric transmission system consisting of 1,274 circuit miles, including 287 circuit miles of 500 kilovolt line, 415 circuit miles of 230 kilovolt line, and 572 miles of 115 kilovolt line. It has 28,206 circuit miles of distribution lines. The company also purchases and sells wholesale natural gas in the United States and Canada. It serves approximately 917 thousand residential, commercial, and industrial customers in 51 cities. The company was founded in 1889 and is headquartered in Portland, Oregon.Show more

Revenue $3.44B +17.7%
EBITDA $1.01B +18.0%
Net Income $313M +37.3%
Free Cash Flow -$490M +47.8%
EBITDA Margin 29.3% +0.3%
Net Margin 9.1% +16.6%
ROE 8.8% +17.7%
Interest Coverage 2.43 +6.0%
Debt/Equity 1.36 +1.4%
Net Debt/EBITDA 5.12 -1.9%
CapEx / Revenue 36.86% -20.7%
CapEx Coverage 0.61 +98.4%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓10 years of consecutive dividend growth
✓10 consecutive years of dividend growth
✓Healthy dividend yield of 3.9%
✓Trading near 52-week high
✓Trading at only 1.4x book value

✗Weaknesses

✗High leverage: 5.1x Debt/EBITDA

Price & Volume

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Growth Metrics

Revenue CAGR

10Y6.12%

5Y10.13%

3Y12.81%

TTM2.87%

Profit (Net Income) CAGR

10Y5.99%

5Y7.9%

3Y8.66%

TTM-11.66%

EPS CAGR

10Y3.28%

5Y4.72%

3Y3.43%

TTM-17.91%

ROCE

10Y Avg4.57%

5Y Avg4.24%

3Y Avg4.47%

Latest4.76%

Peer Comparison

Single-State Electric Utilities

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	Debt/Equity
IDAIDACORP, Inc.	7.17B	132.73	24.13	3.41%	17.59%	9.11%	0.92
TXNMTXNM Energy, Inc.	6.43B	59.03	22.11	1.65%	8.41%	5.11%	2.25
EVRGEvergy, Inc.	17.45B	75.78	19.99	6.17%	14.41%	8.4%	1.41
OGEOGE Energy Corp.	9.01B	43.72	19.96	11.63%	15.28%	10.49%	1.19
EIXEdison International	23.67B	61.52	18.59	7.72%	17.61%	16.48%	2.13
PNWPinnacle West Capital Corporation	11.09B	92.69	17.69	9.13%	11.2%	8.24%	1.61
PORPortland General Electric Company	5.55B	49.30	16.38	17.69%	8.82%	7.67%	1.36
PCGPacific Gas & Electric Co.	34.68B	15.78	13.72	-0.04%	10.93%	8.4%	1.92

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	1.9B	1.92B	2.01B	1.99B	2.12B	2.15B	2.4B	2.65B	2.92B	3.44B
Revenue Growth %	-0%	0.01%	0.04%	-0.01%	0.07%	0.01%	0.12%	0.1%	0.1%	0.18%
Cost of Revenue	927M	903M	901M	863M	937M	1B	1.13B	1.34B	1.56B	1.85B
Gross Profit+	971M	1.02B	1.11B	1.13B	1.19B	1.14B	1.26B	1.31B	1.36B	1.59B
Gross Margin %	-	-	-	-	-	-	-	-	-	-
Gross Profit Growth %	0.04%	0.05%	0.09%	0.02%	0.05%	-0.04%	0.1%	0.04%	0.04%	0.17%
Operating Expenses+	662M	680M	728M	782M	833M	875M	886M	914M	963M	1.07B
Other Operating Expenses	-	-	-	-	-	-	-	-	-	-
EBITDA+	614M	661M	725M	728M	762M	723M	782M	814M	854M	1.01B
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
EBITDA Growth %	0.03%	0.08%	0.1%	0%	0.05%	-0.05%	0.08%	0.04%	0.05%	0.18%
Depreciation & Amortization+	305M	321M	345M	382M	409M	454M	404M	417M	458M	496M
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income (EBIT)+	309M	340M	380M	346M	353M	269M	378M	397M	396M	512M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	0.05%	0.1%	0.12%	-0.09%	0.02%	-0.24%	0.41%	0.05%	-0%	0.29%
Interest Expense+	114M	112M	120M	124M	128M	136M	137M	156M	173M	211M
Interest Coverage	2.71x	3.04x	3.17x	2.79x	2.76x	1.98x	2.76x	2.54x	2.29x	2.43x
Interest / Revenue %	-	-	-	-	-	-	-	-	-	-
Non-Operating Income	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K
Pretax Income+	217M	243M	273M	229M	241M	155M	267M	272M	273M	350M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	45M	50M	86M	17M	27M	0	23M	39M	45M	37M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	172M	193M	187M	212M	214M	155M	244M	233M	228M	313M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	-0.02%	0.12%	-0.03%	0.13%	0.01%	-0.28%	0.57%	-0.05%	-0.02%	0.37%
EPS (Diluted)+	2.04	2.16	2.10	2.37	2.39	1.72	2.72	2.60	2.33	3.01
EPS Growth %	-0.06%	0.06%	-0.03%	0.13%	0.01%	-0.28%	0.58%	-0.04%	-0.1%	0.29%
EPS (Basic)	2.05	2.17	2.10	2.38	2.39	1.73	2.72	2.61	2.33	3.01
Diluted Shares Outstanding	84.34M	89.05M	89.18M	89.35M	89.56M	89.64M	89.63M	89.64M	97.95M	104.16M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	7.22B	7.53B	7.84B	8.11B	8.39B	9.07B	9.49B	10.46B	11.21B	12.54B
Asset Growth %	0.03%	0.04%	0.04%	0.03%	0.04%	0.08%	0.05%	0.1%	0.07%	0.12%
PP&E (Net)+	5.68B	6.12B	6.43B	6.47B	6.82B	7.22B	7.68B	8.18B	9.19B	10.3B
PP&E / Total Assets %	-	-	-	-	-	-	-	-	-	-
Total Current Assets+	557M	463M	526M	643M	500M	721M	688M	1.21B	935M	1.02B
Cash & Equivalents	4M	6M	39M	119M	30M	257M	52M	165M	5M	12M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Inventory	83M	82M	78M	84M	96M	72M	78M	95M	113M	114M
Other Current Assets	174M	65M	85M	97M	58M	64M	163M	483M	335M	362M
Long-Term Investments	0	0	0	0	0	0	0	0	0	0
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	329M	315M	311M	413M	392M	365M	348M	308M	375M	361M
Other Assets	641M	630M	571M	580M	682M	765M	776M	762M	709M	862M
Total Liabilities	4.96B	5.18B	5.42B	5.6B	5.8B	6.46B	6.79B	7.68B	7.89B	8.75B
Total Debt+	2.2B	2.35B	2.43B	2.53B	2.8B	3.38B	3.6B	3.98B	4.46B	5.17B
Net Debt	2.19B	2.34B	2.39B	2.41B	2.77B	3.13B	3.55B	3.82B	4.45B	5.16B
Long-Term Debt	2.06B	2.2B	2.43B	2.18B	2.6B	2.89B	3.29B	3.39B	3.9B	4.39B
Short-Term Borrowings	1000K	1000K	0	1000K	0	1000K	0	1000K	1000K	1000K
Capital Lease Obligations	0	0	49M	47M	151M	145M	293M	314M	309M	303M
Total Current Liabilities+	626M	577M	432M	791M	519M	815M	768M	1.5B	1.11B	1.12B
Accounts Payable	98M	129M	132M	168M	165M	153M	244M	457M	347M	365M
Accrued Expenses	76M	77M	87M	93M	99M	96M	96M	97M	114M	129M
Deferred Revenue	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	313M	221M	213M	224M	231M	232M	404M	658M	402M	402M
Deferred Taxes	1000K	1000K	1000K	1000K	1000K	1000K	0	1000K	1000K	1000K
Other Liabilities	1.63B	2.41B	2.52B	2.22B	2.13B	2.22B	2.44B	2.05B	2.1B	2.09B
Total Equity+	2.26B	2.34B	2.42B	2.51B	2.59B	2.61B	2.71B	2.78B	3.32B	3.79B
Equity Growth %	0.18%	0.04%	0.03%	0.04%	0.03%	0.01%	0.04%	0.03%	0.19%	0.14%
Shareholders Equity	2.26B	2.34B	2.42B	2.51B	2.59B	2.61B	2.71B	2.78B	3.32B	3.79B
Minority Interest	0	0	0	0	0	0	0	0	0	0
Common Stock	1.2B	1.2B	1.21B	1.21B	1.22B	1.23B	1.24B	1.25B	1.75B	2.12B
Additional Paid-in Capital	0	0	0	0	0	0	0	0	0	0
Retained Earnings	1.07B	1.15B	1.22B	1.3B	1.38B	1.39B	1.48B	1.53B	1.57B	1.68B
Accumulated OCI	-8M	-7M	-8M	-7M	-10M	-11M	-10M	-4M	-5M	-4M
Return on Assets (ROA)	0.02%	0.03%	0.02%	0.03%	0.03%	0.02%	0.03%	0.02%	0.02%	0.03%
Return on Equity (ROE)	0.08%	0.08%	0.08%	0.09%	0.08%	0.06%	0.09%	0.08%	0.07%	0.09%
Debt / Equity	0.97x	1.00x	1.00x	1.01x	1.08x	1.30x	1.33x	1.43x	1.34x	1.36x
Debt / Assets	0.3%	0.31%	0.31%	0.31%	0.33%	0.37%	0.38%	0.38%	0.4%	0.41%
Net Debt / EBITDA	3.57x	3.55x	3.29x	3.31x	3.63x	4.33x	4.54x	4.69x	5.22x	5.12x
Book Value per Share	26.77	26.32	27.09	28.05	28.93	29.15	30.2	31	33.88	36.43

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	517M	553M	597M	630M	546M	567M	532M	674M	420M	778M
Operating CF Growth %	-0%	0.07%	0.08%	0.06%	-0.13%	0.04%	-0.06%	0.27%	-0.38%	0.85%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	172M	193M	187M	212M	214M	155M	244M	233M	228M	313M
Depreciation & Amortization	305M	321M	345M	382M	409M	454M	404M	417M	458M	496M
Deferred Taxes	40M	37M	70M	-17M	6M	-23M	5M	6M	8M	23M
Other Non-Cash Items	102M	13M	21M	83M	29M	22M	-57M	28M	100M	70M
Working Capital Changes	-30M	-11M	-26M	-30M	-112M	-41M	-64M	-10M	-374M	-124M
Capital Expenditures+	-598M	-584M	-514M	-595M	-606M	-784M	-636M	-766M	-1.36B	-1.27B
CapEx / Revenue %	-	-	-	-	-	-	-	-	-	-
CapEx / D&A	-	-	-	-	-	-	-	-	-	-
CapEx Coverage (OCF/CapEx)	-	-	-	-	-	-	-	-	-	-
Cash from Investing+	-522M	-585M	-514M	-471M	-604M	-787M	-656M	-758M	-1.36B	-1.3B
Acquisitions	47M	-2M	0	595M	606M	784M	636M	13M	0	0
Purchase of Investments	-19M	-25M	-18M	-12M	-8M	-6M	-10M	-3M	-1M	-8M
Sale of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0
Other Investing	26M	-1M	-3M	-474M	-609M	-790M	-658M	-5M	0	-21M
Cash from Financing+	-121M	34M	-50M	-79M	-31M	447M	-81M	197M	778M	526M
Dividends Paid	-97M	-110M	-118M	-125M	-134M	-140M	-150M	-158M	-179M	-200M
Dividend Payout Ratio %	0.56%	0.57%	0.63%	0.59%	0.63%	0.9%	0.61%	0.68%	0.79%	0.64%
Debt Issuance (Net)	-1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Stock Issued	271M	0	0	0	0	0	0	0	485M	346M
Share Repurchases	0	0	0	0	0	0	-12M	-18M	0	0
Other Financing	-4M	-7M	-7M	-5M	-17M	-14M	-9M	-12M	-14M	-14M
Net Change in Cash+	-123M	2M	33M	80M	-89M	227M	-205M	113M	-160M	7M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	127M	4M	6M	39M	119M	30M	257M	52M	165M	5M
Cash at End	4M	6M	39M	119M	30M	257M	52M	165M	5M	12M
Free Cash Flow+	-81M	-31M	83M	35M	-60M	-217M	-104M	-92M	-938M	-490M
FCF Growth %	0.83%	0.62%	3.68%	-0.58%	-2.71%	-2.62%	0.52%	0.12%	-9.2%	0.48%
FCF Margin %	-	-	-	-	-	-	-	-	-	-
FCF / Net Income %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	8.25%	8.39%	7.86%	8.61%	8.4%	5.96%	9.17%	8.49%	7.48%	8.8%
EBITDA Margin	32.35%	34.37%	36.09%	36.56%	35.89%	33.71%	32.64%	30.75%	29.22%	29.3%
Net Debt / EBITDA	3.57x	3.55x	3.29x	3.31x	3.63x	4.33x	4.54x	4.69x	5.22x	5.12x
Interest Coverage	2.71x	3.04x	3.17x	2.79x	2.76x	1.98x	2.76x	2.54x	2.29x	2.43x
CapEx / Revenue	31.51%	30.37%	25.58%	29.88%	28.54%	36.55%	26.54%	28.94%	46.46%	36.86%
Dividend Payout Ratio	56.4%	56.99%	63.1%	58.96%	62.62%	90.32%	61.48%	67.81%	78.51%	63.9%
Debt / Equity	0.97x	1.00x	1.00x	1.01x	1.08x	1.30x	1.33x	1.43x	1.34x	1.36x
EPS Growth	-6.42%	5.88%	-2.78%	12.86%	0.84%	-28.03%	58.14%	-4.41%	-10.38%	29.18%

Revenue by Segment

	2018	2019	2020	2021	2022	2023	2024
Residential	948M	981M	1.03B	1.12B	1.16B	1.26B	1.46B
Residential Growth	-	3.48%	4.99%	8.54%	3.58%	9.07%	15.36%
Commercial	647M	636M	616M	690M	723M	800M	914M
Commercial Growth	-	-1.70%	-3.14%	12.01%	4.78%	10.65%	14.25%
Industrial	185M	196M	218M	250M	289M	349M	435M
Industrial Growth	-	5.95%	11.22%	14.68%	15.60%	20.76%	24.64%
Direct Access customers	43M	44M	46M	47M	35M	27M	33M
Direct Access customers Growth	-	2.33%	4.55%	2.17%	-25.53%	-22.86%	22.22%

Frequently Asked Questions

Valuation & Price

Portland General Electric Company (POR) has a price-to-earnings (P/E) ratio of 16.4x. This is roughly in line with market averages.

Growth & Financials

Portland General Electric Company (POR) reported $3.44B in revenue for fiscal year 2024. This represents a 90% increase from $1.81B in 2011.

Portland General Electric Company (POR) grew revenue by 17.7% over the past year. This is strong growth.

Yes, Portland General Electric Company (POR) is profitable, generating $303.0M in net income for fiscal year 2024 (9.1% net margin).

Dividend & Returns

Yes, Portland General Electric Company (POR) pays a dividend with a yield of 3.89%. This makes it attractive for income-focused investors.

Portland General Electric Company (POR) has a return on equity (ROE) of 8.8%. This is below average, suggesting room for improvement.

Portland General Electric Company (POR) had negative free cash flow of $151.0M in fiscal year 2024, likely due to heavy capital investments.

Industry Metrics

Portland General Electric Company (POR) has a dividend payout ratio of 64%. This suggests the dividend is well-covered and sustainable.

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