Forensic Analysis · Electric Utilities · as of Nov 8, 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
Clean
Earnings quality
4
Forensic signals
7.7%
ROE
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 (auditor quality, say on pay, board independence, going concern). 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. 4 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
4.0%
FY2025
Return on invested capital.Return on invested capital is 4.0% in the latest fiscal year and steady across FY2023–FY2025, inside a 1.0-point range. After-tax operating profit was $331M in FY2023 and $473M in FY2025, with operating income at 13.5% of revenue in FY2023, 14.9% in FY2024 and 15.5% in FY2025. The capital base behind it grew +17% across FY2023–FY2025, from $10.2B to $11.9B, and the return did not fall doing it, so the dollars added over that window earned at least the 3.3% the older base was already earning.
+6.3%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +13% over the last 2 years to FY2025 (+6.3%/yr). The count is growing — 98.0M shares in FY2023, 110.7M in FY2025: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~6.3% 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 FY2023 has been diluted ~12%.
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. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 6.3% a year across FY2023–FY2025 and that rate is not falling, so total profit has to grow by that much annually before any of it reaches a share. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
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. Capex and the payout together ran $296M past operating cash flow — a harder case than returns merely running ahead of free cash flow, since here there was none to run ahead of. New debt covered part of it: total debt rose $138M over FY2025, while cash rose $64M — $74M of the $296M. The FY2025 cash-flow statement filed $310M of debt issued against $170M repaid; $250M from shares issued; $4M of investments sold or matured; net cash used in investing activities of $1.2B; net cash provided by financing activities of $142M.
Key fundamentals
Latest Revenue$3.58B
Revenue Growth YoY+4.0%
Revenue CAGR (2yr)+10.6%
Net Margin8.6%
Free Cash Flow-$71.0M
Return on Equity7.7%
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?