Demonstrações financeiras detalhadas de Portland General Electric Company (POR): demonstração de resultados, balanço patrimonial e fluxo de caixa. Acompanhe a evolução de margens, dívida, liquidez e rentabilidade ano a ano com até 20 anos de histórico.
Resumo da Análise
Portland General Electric Company registou receitas de $3.37B no último exercício, com um CAGR de 5 anos de 9.5%. O lucro líquido atingiu $306.0M, com CAGR de 5 anos de 14.6%.
Margens dos últimos 12 meses: margem bruta 44.4%, margem operacional 15.5%, margem líquida 7.4%.
Ao preço atual de $48.23, POR negocia a um P/L de 20.92 e um ROE de 6.30%. A capitalização de mercado é de $5.6B.
Demonstração de Resultados (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Receita | $1.92B | $2.01B | $1.99B | $2.12B | $2.15B | $2.40B | $2.65B | $2.92B | $3.44B | $3.37B |
| Custo da Receita | $903.0M | $901.0M | $863.0M | $937.0M | $1.00B | $1.13B | $1.34B | $1.56B | $1.85B | $2.24B |
| Lucro Bruto | $1.02B | $1.11B | $1.13B | $1.19B | $1.14B | $1.26B | $1.31B | $1.36B | $1.59B | $1.14B |
| P&D | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Despesas Gerais e Administrativas | $252.0M | $267.0M | $282.0M | $295.0M | $288.0M | $341.0M | $326.0M | $335.0M | $395.0M | $392.0M |
| Despesas Operacionais | $680.0M | $728.0M | $782.0M | $833.0M | $875.0M | $886.0M | $914.0M | $963.0M | $1.07B | $582.0M |
| Lucro Operacional | $340.0M | $380.0M | $346.0M | $353.0M | $269.0M | $378.0M | $397.0M | $396.0M | $512.0M | $553.0M |
| EBITDA | $649.0M | $718.0M | $717.0M | $757.0M | $718.0M | $777.0M | $828.0M | $860.0M | $1.02B | $1.17B |
| Despesas com Juros | $112.0M | $120.0M | $124.0M | $128.0M | $136.0M | $137.0M | $156.0M | $173.0M | $211.0M | $232.0M |
| Lucro Antes de Impostos | $243.0M | $273.0M | $229.0M | $241.0M | $155.0M | $267.0M | $272.0M | $273.0M | $350.0M | $359.0M |
| Imposto | $50.0M | $86.0M | $17.0M | $27.0M | 0 | $23.0M | $39.0M | $45.0M | $37.0M | $53.0M |
| Lucro Líquido | $193.0M | $187.0M | $212.0M | $214.0M | $155.0M | $244.0M | $233.0M | $228.0M | $313.0M | $306.0M |
| LPA | $2.17 | $2.10 | $2.38 | $2.39 | $1.73 | $2.72 | $2.61 | $2.33 | $3.01 | $2.77 |
| LPA Diluído | $2.16 | $2.10 | $2.37 | $2.39 | $1.72 | $2.72 | $2.60 | $2.33 | $3.01 | $2.76 |
| Ações em Circulação (Diluídas) | $89.1M | $89.2M | $89.3M | $89.6M | $89.6M | $89.6M | $89.6M | $98.0M | $104.2M | $110.7M |
Demonstração de Resultados (Trimestral)
| Ano | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Receita | $952.0M | $840.0M | $879.0M | $787.0M |
| Lucro Bruto | $468.0M | $283.0M | $518.0M | $265.0M |
| Lucro Operacional | $174.0M | $131.0M | $107.0M | $123.0M |
| EBITDA | $331.0M | $250.0M | $258.0M | $266.0M |
| Lucro Líquido | $103.0M | $41.0M | $45.0M | $68.0M |
| LPA | $0.94 | $0.35 | $0.41 | $0.59 |
| LPA Diluído | $0.94 | $0.35 | $0.41 | $0.58 |
Balanço (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caixa e Equivalentes | $6.0M | $39.0M | $119.0M | $30.0M | $257.0M | $52.0M | $165.0M | $5.0M | $12.0M | $76.0M |
| Investimentos de Curto Prazo | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Contas a Receber | $262.0M | $274.0M | $289.0M | $253.0M | $271.0M | $329.0M | $398.0M | $414.0M | $456.0M | $460.0M |
| Estoque | $82.0M | $78.0M | $84.0M | $96.0M | $72.0M | $78.0M | $95.0M | $113.0M | $114.0M | $124.0M |
| Ativos Circulantes | $463.0M | $526.0M | $643.0M | $500.0M | $721.0M | $688.0M | $1.21B | $935.0M | $1.02B | $1.07B |
| Imobilizado | $6.12B | $6.43B | $6.47B | $6.82B | $7.22B | $7.68B | $8.18B | $9.19B | $10.30B | $10.93B |
| Ágio | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Ativos Intangíveis | $315.0M | $311.0M | $413.0M | $392.0M | $365.0M | $348.0M | $308.0M | $375.0M | $361.0M | $366.0M |
| Ativos Totais | $7.53B | $7.84B | $8.11B | $8.39B | $9.07B | $9.49B | $10.46B | $11.21B | $12.54B | $13.51B |
| Contas a Pagar | $129.0M | $132.0M | $168.0M | $165.0M | $153.0M | $244.0M | $457.0M | $347.0M | $365.0M | $330.0M |
| Dívida de Curto Prazo | $150.0M | 0 | $304.0M | 0 | $310.0M | $24.0M | $260.0M | $226.0M | $170.0M | $53.0M |
| Passivos Circulantes | $577.0M | $432.0M | $791.0M | $519.0M | $815.0M | $768.0M | $1.50B | $1.11B | $1.12B | $993.0M |
| Dívida de Longo Prazo | $2.20B | $2.43B | $2.18B | $2.60B | $2.89B | $3.29B | $3.39B | $3.90B | $4.39B | $4.94B |
| Passivos Totais | $5.18B | $5.42B | $5.60B | $5.80B | $6.46B | $6.79B | $7.68B | $7.89B | $8.75B | $9.38B |
| Reservas | $1.15B | $1.22B | $1.30B | $1.38B | $1.39B | $1.48B | $1.53B | $1.57B | $1.68B | $1.75B |
| Patrimônio Líquido | $2.34B | $2.42B | $2.51B | $2.59B | $2.61B | $2.71B | $2.78B | $3.32B | $3.79B | $4.13B |
| Dívida Total | $2.35B | $2.43B | $2.53B | $2.80B | $3.38B | $3.60B | $3.98B | $4.46B | $5.17B | $5.53B |
| Dívida Líquida | $2.34B | $2.39B | $2.41B | $2.77B | $3.13B | $3.55B | $3.82B | $4.45B | $5.16B | $5.46B |
| Capital de Giro | -$114.0M | $94.0M | -$148.0M | -$19.0M | -$94.0M | -$80.0M | -$286.0M | -$177.0M | -$94.0M | $79.0M |
Balanço (Trimestral)
| Ano | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caixa e Equivalentes | $137.0M | $76.0M | $8.0M | $35.0M |
| Ativos Totais | $13.01B | $13.51B | $13.20B | $13.64B |
| Passivos Totais | $9.06B | $9.38B | $9.08B | $9.52B |
| Patrimônio Líquido | $3.95B | $4.13B | $4.12B | $4.12B |
| Dívida Total | $5.02B | $5.53B | $4.95B | $5.21B |
Fluxo de Caixa (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Lucro Líquido | $193.0M | $187.0M | $212.0M | $214.0M | $155.0M | $244.0M | $233.0M | $228.0M | $313.0M | $306.0M |
| Depreciação e Amortização | $321.0M | $345.0M | $382.0M | $409.0M | $454.0M | $404.0M | $417.0M | $458.0M | $496.0M | $578.0M |
| Compensação em Ações | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $16.0M |
| Variação Capital de Giro | -$11.0M | -$26.0M | -$30.0M | -$112.0M | -$41.0M | -$64.0M | -$10.0M | -$374.0M | -$124.0M | -$38.0M |
| Fluxo de Caixa Operacional | $553.0M | $597.0M | $630.0M | $546.0M | $567.0M | $532.0M | $674.0M | $420.0M | $778.0M | $1.12B |
| CapEx | -$584.0M | -$514.0M | -$595.0M | -$606.0M | -$784.0M | -$636.0M | -$766.0M | -$1.36B | -$1.27B | -$1.19B |
| Aquisições | -$2.0M | 0 | $595.0M | $606.0M | $784.0M | $636.0M | $13.0M | 0 | 0 | 0 |
| Recompra de Ações | 0 | 0 | 0 | 0 | 0 | -$12.0M | -$18.0M | 0 | 0 | 0 |
| Dividendos Pagos | -$110.0M | -$118.0M | -$125.0M | -$134.0M | -$140.0M | -$150.0M | -$158.0M | -$179.0M | -$200.0M | -$225.0M |
| Fluxo de Caixa Livre | -$31.0M | $83.0M | $35.0M | -$60.0M | -$217.0M | -$104.0M | -$92.0M | -$938.0M | -$490.0M | -$71.0M |
Fluxo de Caixa (Trimestral)
| Ano | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Fluxo de Caixa Operacional | $403.0M | $148.0M | $268.0M | $220.0M |
| CapEx | -$303.0M | -$290.0M | -$259.0M | -$376.0M |
| Fluxo de Caixa Livre | $100.0M | -$142.0M | $9.0M | -$156.0M |
| Dividendos Pagos | -$58.0M | -$58.0M | -$60.0M | -$60.0M |
| Compensação em Ações | 0 | 0 | 0 | 0 |
Crescimento e Margens (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crescimento Receita (anual) | | +4.5% | -0.9% | +6.6% | +1.0% | +11.7% | +10.5% | +10.4% | +17.7% | -1.9% |
| Crescimento Lucro Líquido (anual) | | -3.1% | +13.4% | +0.9% | -27.6% | +57.4% | -4.5% | -2.1% | +37.3% | -2.2% |
| Crescimento LPA (anual) | | -3.2% | +13.3% | +0.4% | -27.6% | +57.2% | -4.0% | -10.7% | +29.2% | -8.0% |
| Variação de Ações (anual) | | +0.1% | +0.2% | +0.2% | +0.1% | -0.0% | +0.0% | +9.3% | +6.3% | +6.3% |
| Crescimento FCF (anual) | | +367.7% | -57.8% | -271.4% | -261.7% | +52.1% | +11.5% | -919.6% | +47.8% | +85.5% |
| Margem Bruta | 53.0% | 55.2% | 56.7% | 55.9% | 53.3% | 52.8% | 49.5% | 46.5% | 46.1% | 33.6% |
| Margem Operacional | 17.7% | 18.9% | 17.4% | 16.6% | 12.5% | 15.8% | 15.0% | 13.5% | 14.9% | 16.4% |
| Margem EBITDA | 33.7% | 35.7% | 36.0% | 35.7% | 33.5% | 32.4% | 31.3% | 29.4% | 29.5% | 34.7% |
| Margem Líquida | 10.0% | 9.3% | 10.6% | 10.1% | 7.2% | 10.2% | 8.8% | 7.8% | 9.1% | 9.1% |
| Margem FCF | -1.6% | 4.1% | 1.8% | -2.8% | -10.1% | -4.3% | -3.5% | -32.1% | -14.2% | -2.1% |
| Taxa Efetiva de Imposto | 20.6% | 31.5% | 7.4% | 11.2% | 0.0% | 8.6% | 14.3% | 16.5% | 10.6% | 14.8% |
Dados por Ação (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Ação | $-0.35 | $0.93 | $0.39 | $-0.67 | $-2.42 | $-1.16 | $-1.03 | $-9.58 | $-4.70 | $-0.64 |
| Dividendo por Ação | $1.24 | $1.32 | $1.40 | $1.50 | $1.56 | $1.67 | $1.76 | $1.83 | $1.92 | $2.03 |
| Ações em Circulação (Básicas) | $88.9M | $89.1M | $89.2M | $89.4M | $89.5M | $89.5M | $89.3M | $97.8M | $103.9M | $110.5M |
O que olhar em Utilities
Negócios regulados com crescimento lento mas dividendos fiáveis. São obrigações com esteroides — olha dívida, juros e consistência do payout.
- ROE regulado (8-12%) — Utilities têm ROE "permitido" pelo regulador. Fora do intervalo = anomalia
- Crescimento EPS 5 anos — Utilities estáveis crescem EPS 4-6% ao ano — mais = anomalia, menos = morto
- Crescimento dividendo 10 anos — Top utilities ("Dividend Aristocrats") sobem dividendo 25+ anos seguidos
- Dívida líquida / EBITDA — Utilities usam muita dívida — >6x com juros altos é alarme
- Interest Coverage — EBITDA / juros. Se cair abaixo de 3x numa subida de juros, o dividendo fica em risco
- Payout Ratio — Em utilities é normalmente alto (60-80%), mas >90% indica stress
Rentabilidade
| Retorno sobre patrimônio | 6.30% |
| Retorno sobre capital investido | 3.67% |
| Retorno sobre ativos | 1.88% |
| Margem bruta | 44.36% |
| Margem operacional | 15.47% |
| Margem líquida | 7.43% |
Saúde financeira
| Dívida / Patrimônio | 1.26 |
| Liquidez corrente | 0.98 |
Índices Chave (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/L | 19.97 | 21.70 | 19.26 | 23.34 | 24.72 | 19.46 | 18.77 | 18.60 | 14.49 | 17.32 |
| P/VP | 1.64 | 1.68 | 1.63 | 1.92 | 1.46 | 1.75 | 1.57 | 1.28 | 1.20 | 1.28 |
| P/V | 2.00 | 2.02 | 2.05 | 2.35 | 1.78 | 1.98 | 1.65 | 1.45 | 1.32 | 1.57 |
| Margem Bruta | 53.0% | 55.2% | 56.7% | 55.9% | 53.3% | 52.8% | 49.5% | 46.5% | 46.1% | 33.6% |
| Margem Operacional | 17.7% | 18.9% | 17.4% | 16.6% | 12.5% | 15.8% | 15.0% | 13.5% | 14.9% | 16.4% |
| Margem Líquida | 10.0% | 9.3% | 10.6% | 10.1% | 7.2% | 10.2% | 8.8% | 7.8% | 9.1% | 9.1% |