Portland General Electric Company POR
POR is a hold at $50.87 as of the close on 2026-08-17. The stock trades at a 24.6% EV/EBITDA discount and 33.9% P/S discount to regulated-electric peers, and Q2 2026 results confirmed 11% YoY industrial demand growth with reaffirmed 2026 adjusted EPS guidance of $3.33–$3.53.
However, FY2025 gross margin compressed sharply to 33.65% from 46.1% in FY2024, EPS declined 8.31% to $2.76, free cash flow remained negative at -$71M, and the smart money score has faded to 0.0067 as of Q2 2026 from 0.0173 in Q3 2025 — making the demand-growth narrative insufficient to justify a more aggressive stance until margin trends stabilize.
What could go wrong
- Gross margin compression. FY2025 gross margin fell to 33.65% from 46.1% in FY2024, potentially reflecting structural power-cost pressures rather than purely timing effects.
- Persistent negative FCF. Free cash flow was -$71M in FY2025 against capex of $1.189B, and total debt rose to $5.532B from $5.171B year-over-year.
- Regulatory and rate-case risk. Oregon regulatory outcomes could constrain cost recovery and earnings, particularly given the margin pressure already evident in FY2025.
- Declining institutional conviction. Smart money score fell to 0.0067 as of Q2 2026 from 0.0173 in Q3 2025, signaling waning interest among sophisticated funds despite a rising fund count.
What would change my mind
Where this comes from: peer_relative · peer_relative · Q2 2026 results (PRNewsWire, 2026-07-31) · Q2 2026 results (PRNewsWire, 2026-07-31). Orin's read on POR; not advice.
Twelve months actual closes to 2026-09-24 · actual filings
50-day average 200-day average · volume below
On file
All POR filingsLargest holders · 13F Q2 2026
Money flow| Filer | Position | Of fund |
|---|---|---|
| Vanguard Portfolio Management | $378.3M | 0.0% of fund |
| Vanguard Capital Management | $271.4M | 0.0% of fund |
| State Street | $262.8M | 0.0% of fund |
| Aqr Capital Management | $246.2M | 0.1% of fund |
| Two Sigma Investments | $169.8M | 0.1% of fund |
| Geode Capital Management | $168.2M | 0.0% of fund |
65 filers · quarter ended Q2 2026 · positions, not flows
Insiders, last 24 months: 176 Form 4 filings, net $9.4M. Of the 50 on hand, 1 was an open-market purchase and 9 sales— the rest are grants, option exercises and tax withholding.
Ask Orin about POR
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Start 3 free days →Where it trades
| Metric | Now | Own median | Sector |
|---|---|---|---|
| P/E | 20.3× | — | 25.9× |
| EV/EBITDA | 9.6× | — | — |
| P/S | 1.56× | — | — |
| P/B | 1.3× | — | — |
What Wall Street published
$52
$51 – $52 · +12% against today's price
- 8 buy or overweight
- 15 hold
- 1 underweight or sell
The analysts’ consensus and their own ratings, not Orin’s. A target is a twelve-month opinion published by the firm that wrote it.
Against the companies it is compared to
| Company | Market cap | P/E | EV/EBITDA | Gross | Net | ROE |
|---|---|---|---|---|---|---|
| PORPortland General Electric Company | $5B | 20.3× | 9.6× | 44.4% | 7.4% | 6% |
| BKHBlack Hills Corporation | $5B | 17.6× | 12.6× | 42.9% | 13.0% | 8% |
| CMSCMS Energy Corporation | $20B | 18.6× | 12.4× | 69.7% | 11.6% | 11% |
| IDAIDACORP, Inc. | $7B | 20.7× | 13.8× | 21.7% | 18.8% | 9% |
| LNTAlliant Energy Corporation | $16B | 20.0× | 13.7× | 42.0% | 18.4% | 11% |
| NWENorthwestern Energy Group Inc | $4B | 24.4× | 13.1× | 66.5% | 10.1% | 6% |
| PNWPinnacle West Capital Corporation | $11B | 17.1× | 10.3× | 55.5% | 11.5% | 9% |
| TXNMTXNM Energy, Inc. | $6B | 32.3× | 7.1× | 39.6% | 8.8% | 6% |
The median is of the 7 peers listed above and nothing else — check it against the column. This company trades 1.9% above it. The peer set is the vendor’s, so a company can appear here that a person would not have chosen.
What it has traded at
What its sector has traded at
Two scales, drawn separately on purpose: a sector median and one company’s multiple are not the same number and putting them on one axis invites a comparison neither series supports.
Every estimate on one scale
The vertical rule is the current price. Ranges and point estimates are the backend’s, published as they were calculated; an arrow means the estimate sits beyond this scale, and its number is on the right.