Stability also means stagnation. The fact that they're (nearly) a monopoly in the GIS space means that they're more concerned with grooming their current clients rather than breaking new ground, at least in my experience.
My work was fairly stagnant and boring within the organization. There is plenty of opportunity for advancement internally, but I found it easier to just leave and join a different company.
The Portland office is extremely homogeneous. Efforts to diversify the workplace are lackluster, and the hiring manager I spoke to about it did not inspire confidence.
No referral hiring bonuses.
Salary is a bit below what you could be getting elsewhere.
It's a pretty conservative company, in many senses of the word. For example, in the summer of 2020 it took way too long before leadership put out anything explicitly saying "Black Lives Matter", and even then the statement was pretty wishy-washy. I don't think it was followed up by any substantive actions.
Esri makes software for police departments, the military, ICE, and border patrol. That's never going to change. There's a moral hazard to working there, depending on your politics.