PORPORTLAND GENERAL ELECTRIC CO /OR/

Electric Services

Revenue: $3.6B; 2.2% YoY
Operating margin: 15.6%; 6.1% YoY
EBITDA: $1.1B; 12% YoY
Market cap: $5.3B
Employees: 2,877; $1M revenue each
Net debt / EBITDA: 3.9×; $4.4B net debt
AI in 10-K: 0.1; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
579% of net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
20% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentNo
96% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$1M · 47th pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.1 per 10K words · 9th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
3.9× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$5.3B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$1M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$2.4B	$2.6B	$2.9B	$3.5B	$3.6B	2.2%
Operating income	$378M	$397M	$396M	$512M	$555M	8.4%
Operating cash flow	$532M	$674M	$420M	$778M	$1.1B	44%
Capex	$636M	$766M	$1.4B	$1.3B	$1.2B	6.2%
Stock-based comp	$14M	$15M	$17M	$24M	$16M	33%
Buybacks	$12M	$18M	$0	$0	—
Dividends	$150M	$158M	$179M	$200M	$225M	13%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $98K · 1
Open-market sells, 12 mo: $1M · 8
Net: −$1M

Pay vs performance

No pay-versus-performance disclosure yet.