Portland General Electric Co /Or/ (POR) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
Forensic Analysis · Utilities · as of Aug 11, 2026
Portland General Electric Co /Or/ (POR)
A forensic read on Portland General Electric Co /Or/ built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Grey Zone
Financial health
1.4
Distress distance
Clean
Earnings quality
4
Forensic signals
22.1
P / E (ttm)
7.4%
ROE
$5.6B
Market cap
4.54%
Dividend yield
4.0%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Portland General Electric Co /Or/ earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 1.4, placing it in the Grey zone. 4 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
3.9%
FY2025
Return on invested capital.Return on invested capital is 3.9% in the latest fiscal year and steady — well below its ~6% cost of capital, so reinvested dollars may be destroying value, not building it.
+7.3%/yr
FY2022–FY2025
Share-count dilution.Diluted share count changed +24% over the last 3 years to FY2025 (+7.3%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~7.3% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~19%.
FCF ($71M)
FY2025
Shareholder returns.Returned $225M to shareholders (buybacks + dividends) in FY2025, but free cash flow was ($71M) after capex — there was no free cash flow to fund the payout from at all, though operating cash flow alone was $1.1B — 20% of that. The entire return is coming from debt or cash reserves, not cash the business itself generated — a harder case than returns merely running ahead of free cash flow, since here there was none to run ahead of.
0.4% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 0.4% of revenue in FY2025 — about $0.14 per diluted share. The cost of it is not in the cash flow — no cash left the business — it is in the count, and there it has run at about 7.3% a year and is falling.
Key fundamentals
Latest Revenue$3.58B
Revenue Growth YoY+4.0%
Revenue CAGR (3yr)+10.5%
Net Margin8.6%
Free Cash Flow-$71.0M
Return on Equity7.4%
Debt / Equity1.13x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Portland General Electric Co /Or/'s actual 10-K/10-Q/8-K filings?