Portland General Electric Company (POR) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-246.0%

-$66.19

vs $45.34 price

Levered DCF

-$1.88

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.91

Distress zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	17.32×	14.49×	18.6×	18.77×	19.46×	24.72×	23.34×	19.26×
P/B	1.28×	1.2×	1.28×	1.57×	1.75×	1.46×	1.92×	1.63×
P/S	1.57×	1.32×	1.45×	1.65×	1.98×	1.78×	2.35×	2.05×
EV / EBITDA	9.2×	9.54×	10.11×	9.89×	10.67×	9.69×	10.24×	9.07×
Gross margin	33.6%	46.1%	46.5%	49.5%	52.8%	53.3%	55.9%	56.7%
Operating margin	16.4%	14.9%	13.5%	15.0%	15.8%	12.5%	16.6%	17.4%
Net margin	9.1%	9.1%	7.8%	8.8%	10.2%	7.2%	10.1%	10.6%
Current ratio	1.08×	0.92×	0.84×	0.81×	0.9×	0.88×	0.96×	0.81×
Debt / equity	1.34×	1.36×	1.34×	1.43×	1.33×	1.3×	1.08×	1.01×
Interest coverage	2.38×	2.43×	2.29×	2.54×	2.76×	1.98×	2.76×	2.79×
Dividend yield	4.2%	4.4%	4.2%	3.6%	3.2%	3.7%	2.7%	3.1%
Payout ratio	73.5%	63.9%	78.5%	67.8%	61.5%	90.3%	62.6%	59.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	7.4%	8.2%	6.9%	8.4%	9.0%	5.9%	8.3%	8.5%
Return on invested capital	3.7%	3.9%	3.2%	3.7%	3.9%	3.1%	4.0%	4.2%
Return on assets	2.3%	2.5%	2.0%	2.2%	2.6%	1.7%	2.5%	2.6%
Free cash flow yield	-1.3%	-10.8%	-22.1%	-2.1%	-2.2%	-5.7%	-1.2%	0.9%
Earnings yield	5.8%	6.9%	5.4%	5.3%	5.2%	4.0%	4.3%	5.2%
Enterprise value	$10.8B	$9.7B	$8.7B	$8.2B	$8.3B	$7B	$7.8B	$6.5B
Net debt / EBITDA	4.67×	5.08×	5.18×	4.61×	4.57×	4.36×	3.66×	3.36×
Cash conversion cycle (days)	16	-1	-3	-44	-3	17	17	17