CluenexPortland General Electric POR
Portland General Electric scores weak on business quality (4.2 of 10). Here is why, in plain words, and what our sealed record shows.
Why it matters
- What Portland General Electric does
Portland General Electric generates and distributes electricity to over 900 thousand retail customers across Oregon. Residential and commercial users pay regulated utility rates to fund its generation and transmission network.
- What it does best
PGE locks in captive regional demand across its Oregon service territory, backed by a regulated monopoly framework. Its gross margin of 47.7% sits well below peer IDA at 78.6%, reflecting higher local power procurement costs.
- The main risk
Heavy capital expenditure demands keep free cash flow deeply negative at -$189M, forcing continuous debt reliance. Total debt of $4.95B paired with an interest coverage ratio of 2.3x leaves earnings vulnerable to rate case delays or rising borrowing costs.
Quality, check by check
Scored against its own industry, from company filings.
Operating margin sits at 14.9% while free cash flow margin is deeply negative, ranking in the 70th sector percentile. Heavy capital spending required for grid maintenance prevents scaling profitability.
PGE operates a regulated utility monopoly locked in by state franchise rights, serving residents who cannot switch providers. Its operating margin ranks in the bottom quartile at 12th percentile in its sector.
Revenue grew 3.9% to $3.5B over the latest period, slowing down from prior years when top-line expansion outpaced current levels as regional demand normalizes.
Total debt sits at $4.95B against $192M in cash, supported by a thin interest coverage ratio of 2.3x. Free cash flow remains deeply negative at -$189M due to heavy capex of $1.2B, keeping the financial profile under pressure.
Insiders
Executives and directors, from SEC Form 4 filings we read ourselves. Open market trades only; grants, option exercises and pre-planned sales left out.
No open market buys or unplanned sales by executives or directors.
Our sealed record on POR
Verdicts appear here 30 days after we publish them; members see today's. Each one is in the nightly ledger, fingerprinted the night it was made.
The first sealed verdicts appear here on Oct 11, 2026.
Questions
Portland General Electric scores weak on the Cluenex quality check (4.2 of 10), measured against its own industry. Profitability is weak, moat weak, growth slow and financial health fair.
In the last 90 days of SEC Form 4 filings: No open market buys or unplanned sales by executives or directors.
Oct 29, 2026.
See POR today
- Today's verdict on POR, and why
- Fair value with cautious, base and optimistic cases
- The exact price that would change the verdict
- Which stocks each signal names, the night it fires
Cite this page: Cluenex, “Portland General Electric (POR)”, https://cluenex.com/stocks/por/, data as of Oct 10, 2026.