PORTLAND GENERAL ELECTRIC CO /OR/ earns about 6% on invested capital, but has diluted owners by 24% over 5 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $22.03 a share. Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | $2.43B1 | $2.64B2 | $2.91B3 | $3.48B3 | $3.56B3 |
| Net income | $244M4 | $233M5 | $228M6 | $313M6 | $306M6 |
| Operating cash flow | $532M7 | $674M8 | $420M9 | $778M9 | $1.12B9 |
| Capital expenditure | $636M10 | $766M11 | $1.36B12 | $1.27B12 | $1.19B12 |
| Free cash flow (derived) | −$104M7,10 | −$92M8,11 | −$938M9,12 | −$490M9,12 | −$71M9,12 |
| Total debt | $3.3B13,14 | $3.66B15,16 | $4.15B17,18 | $4.54B17,18 | $4.68B19,20 |
| Cash & equivalents | $52M21 | $165M22 | $5M22 | $12M22 | $76M22 |
| Diluted shares | 89.6M | 89.6M | 98.0M | 104.2M | 110.7M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom). A derived or summed figure cites every filing line it was built from.
10 shares is a claim on $373.22 of net worth that earned you $27.63 and generated −$6.41 of cash last year, against $422.53 of debt.
It earned an average 6% on invested capital over 5 years. Compare that to what it costs to fund the business.
seeing a moat in the numbers →Share count is up 24% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 42% over the same window.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
assumptions (8)
- Risk-free rate (10Y Treasury)5.00%
- Equity risk premium5.00%
- Beta (β)1.00
- Equity share of capital85.0%
- Debt spread over risk-free1.50%
- Tax rate21.0%
- Normalized earnings$244M
- Growth assumed0.0%
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MeritValue on the App Store →- 10-K filed 2024-02-20 · period ending 2021-12-31 · accession 0000784977-24-000034 (RevenueFromContractWithCustomerIncludingAssessedTax)
- 10-K filed 2025-02-14 · period ending 2022-12-31 · accession 0000784977-25-000012 (RevenueFromContractWithCustomerIncludingAssessedTax)
- 10-K filed 2026-02-17 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001193125-26-052750 (RevenueFromContractWithCustomerIncludingAssessedTax)
- 10-K filed 2024-02-20 · period ending 2021-12-31 · accession 0000784977-24-000034 (ProfitLoss)
- 10-K filed 2025-02-14 · period ending 2022-12-31 · accession 0000784977-25-000012 (ProfitLoss)
- 10-K filed 2026-02-17 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001193125-26-052750 (ProfitLoss)
- 10-K filed 2024-02-20 · period ending 2021-12-31 · accession 0000784977-24-000034 (NetCashProvidedByUsedInOperatingActivities)
- 10-K filed 2025-02-14 · period ending 2022-12-31 · accession 0000784977-25-000012 (NetCashProvidedByUsedInOperatingActivities)
- 10-K filed 2026-02-17 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001193125-26-052750 (NetCashProvidedByUsedInOperatingActivities)
- 10-K filed 2024-02-20 · period ending 2021-12-31 · accession 0000784977-24-000034 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K filed 2025-02-14 · period ending 2022-12-31 · accession 0000784977-25-000012 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K filed 2026-02-17 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001193125-26-052750 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K filed 2022-02-17 · period ending 2021-12-31 · accession 0000784977-22-000009 (LongTermDebt)
- 10-K filed 2022-02-17 · period ending 2021-12-31 · accession 0000784977-22-000009 (ShortTermBorrowings)
- 10-K filed 2024-02-20 · period ending 2022-12-31 · accession 0000784977-24-000034 (LongTermDebt)
- 10-K filed 2024-02-20 · period ending 2022-12-31 · accession 0000784977-24-000034 (ShortTermBorrowings)
- 10-K filed 2025-02-14 · periods ending 2023-12-31, 2024-12-31 · accession 0000784977-25-000012 (LongTermDebt)
- 10-K filed 2025-02-14 · periods ending 2023-12-31, 2024-12-31 · accession 0000784977-25-000012 (ShortTermBorrowings)
- 10-K filed 2026-02-17 · period ending 2025-12-31 · accession 0001193125-26-052750 (LongTermDebt)
- 10-K filed 2026-02-17 · period ending 2025-12-31 · accession 0001193125-26-052750 (ShortTermBorrowings)
- 10-K filed 2025-02-14 · period ending 2021-12-31 · accession 0000784977-25-000012 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
- 10-K filed 2026-02-17 · periods ending 2022-12-31, 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001193125-26-052750 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)