A Business at a Glance
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PLAINS ALL AMERICAN PIPELINE LP
PAA
$12.5B
Mkt Cap
$24.60
-0.36%
PLAINS ALL AMERICAN PIPELINE LP (PAA) has a current P/E ratio of 12.1, compared to its historical median P/E of 8.0. The stock is currently considered Fair based on its historical valuation range.
PLAINS ALL AMERICAN PIPELINE LP (PAA) has a 5-year average return on invested capital (ROIC) of 7.0%. This is below average and may indicate limited pricing power.
PLAINS ALL AMERICAN PIPELINE LP (PAA) does not currently pay a regular dividend.
Based on historical P/E analysis, PLAINS ALL AMERICAN PIPELINE LP (PAA) appears fair. The current P/E of 12.1 is 52% above its historical median of 8.0. The estimated fair value CAGR (P/E method) is -7.7%.
PLAINS ALL AMERICAN PIPELINE LP (PAA) operates in the Pipe Lines (No Natural Gas) industry, within the Industrials sector.
PLAINS ALL AMERICAN PIPELINE LP (PAA) reported annual revenue of $44.3 billion in its most recent fiscal year, based on SEC EDGAR filings.
PLAINS ALL AMERICAN PIPELINE LP (PAA) has a net profit margin of 3.2%. This is a modest margin.
Items 1 and 2. Business and Properties Plains All American Pipeline, L.P. is a publicly traded Delaware limited partnership. Our common units are listed on the Nasdaq Global Select Market (“Nasdaq”) under the ticker symbol “PAA.” Our business model integrates large-scale supply aggregation capabilities with the ownership and operation of critical midstream infrastructure systems that connect major producing regions to key demand centers and export terminals. As one of the largest crude oil midstream service providers in North America, we own an extensive network of pipeline transportation, terminalling, storage and gathering assets in key crude oil and NGL producing basins (including the Permian Basin) and transportation corridors and at major market hubs in the United States and Canada. In June 2025, we entered into a definitive Share Purchase Agreement (“SPA”) with Keyera Corp.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 44.3B | 44.3B | 48.9B | 47.3B | 57.3B | 42.1B |
| Net Income | 1.4B | 1.4B | 772M | 1.2B | 1.0B | 593M |
| EPS | $0.00 | - | - | - | - | - |
| Free Cash Flow | 2.3B | 2.3B | 2.0B | 2.3B | 2.0B | 1.7B |
| ROIC | 6.6% | 9.2% | 5.7% | 8.6% | 6.2% | 5.4% |
| Gross Margin | 8.7% | 8.7% | 7.6% | 7.2% | 7.3% | 8.5% |
| Debt/Equity | 1.20 | 1.20 | 0.77 | 0.79 | 0.84 | 0.87 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 1.4B | 1.4B | 868M | 1.3B | 1.3B | 851M |
| Operating Margin | 3.2% | 3.2% | 1.8% | 2.7% | 2.3% | 2.0% |
| ROE | 14.6% | 14.6% | 7.6% | 12.0% | 10.4% | 6.1% |
| Shares Outstanding | 0M | - | - | - | - | - |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 43.5B | 23.2B | 20.2B | 26.2B | 34.1B | 33.7B | 23.3B | 42.1B | 57.3B | 47.3B | 48.9B | 44.3B | 44.3B |
| Gross Margin | 5.3% | 14.8% | 14.6% | 12.3% | 12.5% | 12.5% | 12.3% | 8.5% | 7.3% | 7.2% | 7.6% | 8.7% | 8.7% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 325M | 278M | 279M | 276M | 316M | 297M | 271M | 292M | 325M | 299M | 328M | 342M | 342M |
| EBIT | 1.8B | 1.3B | 994M | 1.2B | 2.3B | 2.0B | -2.4B | 851M | 1.3B | 1.3B | 868M | 1.4B | 1.4B |
| Op. Margin | 4.1% | 5.5% | 4.9% | 4.4% | 6.7% | 5.9% | -10.2% | 2.0% | 2.3% | 2.7% | 1.8% | 3.2% | 3.2% |
| Net Income | 1.4B | 903M | 726M | 856M | 2.2B | 2.2B | -2.6B | 593M | 1.0B | 1.2B | 772M | 1.4B | 1.4B |
| Net Margin | 3.2% | 3.9% | 3.6% | 3.3% | 6.5% | 6.4% | -11.1% | 1.4% | 1.8% | 2.6% | 1.6% | 3.2% | 3.2% |
| Non-Recurring | 290M | 115M | 20M | 109M | 0 | 0 | 2.5B | 0 | 0 | 152M | 159M | 54M | 54M |
| Returns on Capital | |||||||||||||
| ROIC | 10.1% | 6.3% | 6.4% | 7.2% | 13.0% | 11.1% | -16.0% | 5.4% | 6.2% | 8.6% | 5.7% | 9.2% | 6.6% |
| ROE | 17.5% | 11.3% | 8.7% | 8.7% | 19.3% | 17.3% | -22.9% | 6.1% | 10.4% | 12.0% | 7.6% | 14.6% | 14.6% |
| ROA | 6.5% | 4.1% | 3.1% | 3.5% | 8.7% | 8.0% | -9.7% | 2.2% | 3.7% | 4.5% | 2.9% | 5.1% | 4.8% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 2.0B | 1.4B | 733M | 2.5B | 2.6B | 2.5B | 1.5B | 2.0B | 2.4B | 2.7B | 2.5B | 2.9B | 2.9B |
| Free Cash Flow | 72M | -721M | -601M | 1.5B | 974M | 1.3B | 776M | 1.7B | 2.0B | 2.3B | 2.0B | 2.3B | 2.3B |
| Owner Earnings | 1.5B | 899M | 159M | 1.9B | 2.0B | 1.9B | 846M | 1.2B | 1.4B | 1.8B | 1.5B | 1.9B | 1.9B |
| CapEx | 1.9B | 2.1B | 1.3B | 1.0B | 1.6B | 1.2B | 738M | 336M | 455M | 408M | 448M | 643M | 643M |
| Maint. CapEx | 384M | 432M | 514M | 517M | 520M | 601M | 653M | 774M | 965M | 909M | 901M | 953M | 953M |
| Growth CapEx | 1.5B | 1.6B | 820M | 507M | 1.1B | 580M | 85M | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 384M | 432M | 514M | 517M | 520M | 601M | 653M | 774M | 965M | 909M | 901M | 953M | 953M |
| CapEx/OCF | 96.4% | 154.7% | 182.0% | 41.0% | 62.7% | 47.2% | 48.7% | 16.8% | 18.9% | 20.5% | 18.0% | 21.9% | 21.9% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 50M | 178M | 74M | 0 | 0 | 8.0M | 8.0M |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | 1.2% | 3.8% | 1.2% | N/A | N/A | 0.1% | 0.0% |
| Stock-Based Comp | 98M | 27M | 60M | 41M | 79M | 34M | 15M | 23M | 40M | 50M | 50M | 49M | 49M |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | 9.2B | 12.0B | 11.2B | 9.2B | 9.0B | 9.7B | 10.6B | 8.2B | 8.0B | 7.7B | 7.2B | 11.5B | 11.5B |
| Cash & Equiv. | 403M | 27M | 47M | 37M | 66M | 45M | 22M | 449M | 401M | 450M | 348M | 328M | 328M |
| Long-Term Debt | 8.7B | 10.4B | 10.1B | 9.2B | 9.1B | 9.2B | 9.4B | 8.4B | 7.3B | 7.3B | 7.2B | 10.7B | 10.7B |
| Debt/Equity | 1.18 | 1.52 | 1.29 | 0.84 | 0.76 | 0.75 | 1.11 | 0.87 | 0.84 | 0.79 | 0.77 | 1.20 | 1.20 |
| Interest Coverage | 5.2 | 2.9 | 2.1 | 2.3 | 5.3 | 4.7 | -5.4 | 2.0 | 3.2 | 3.3 | 2.0 | 2.6 | 2.6 |
| Equity | 8.1B | 7.9B | 8.8B | 11.0B | 12.0B | 13.1B | 9.6B | 10.0B | 10.1B | 10.4B | 9.8B | 9.8B | 9.8B |
| Total Assets | 22.2B | 22.3B | 24.2B | 25.4B | 25.5B | 28.7B | 24.5B | 28.6B | 27.9B | 27.4B | 26.6B | 30.2B | 30.2B |
| Total Liabilities | 14.1B | 14.4B | 15.5B | 14.4B | 13.5B | 15.6B | 14.9B | 18.6B | 17.5B | 16.6B | 16.3B | 19.9B | 19.9B |
| Intangibles | 345M | 283M | 242M | 844M | 772M | 707M | 805M | 2.0B | 2.1B | 1.9B | 1.7B | 1.8B | 1.8B |
| Retained Earnings | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Working Capital | -576M | -438M | -392M | -531M | 77M | -405M | -588M | -95M | -536M | -90M | -148M | -198M | -198M |
| Current Assets | 4.2B | 3.0B | 4.3B | 4.0B | 3.5B | 4.6B | 3.7B | 6.1B | 5.4B | 4.9B | 4.8B | 4.7B | 4.7B |
| Current Liabilities | 4.8B | 3.4B | 4.7B | 4.5B | 3.5B | 5.0B | 4.3B | 6.2B | 5.9B | 5.0B | 5.0B | 4.9B | 4.9B |
| Per Share Data | |||||||||||||
| EPS | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Owner EPS | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Book Value | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Cash Flow/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0M |
| Valuation | |||||||||||||
| P/E Ratio | 6.4 | 8.2 | 17.0 | 9.7 | 3.8 | 3.9 | N/A | 8.0 | 6.2 | 7.4 | 14.1 | 8.7 | N/A |
| P/FCF | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| EV/EBIT | 5.9 | 7.9 | 16.0 | 8.7 | 3.8 | 4.8 | N/A | 6.5 | 6.2 | 6.1 | 12.8 | 10.1 | 8.0 |
| Price/Book | 1.1 | 0.9 | 1.4 | 3.0 | 0.7 | 0.6 | 0.4 | 0.5 | 0.6 | 0.9 | 1.1 | 1.3 | N/A |
| Price/Sales | 0.2 | 0.5 | 0.5 | 0.4 | 0.3 | 0.3 | 0.2 | 0.1 | 0.1 | 0.2 | 0.2 | 0.3 | N/A |
| FCF Yield | 0.8% | -9.8% | -4.9% | 17.7% | 11.5% | 15.8% | 18.7% | 35.2% | 30.6% | 25.5% | 18.8% | 18.4% | N/A |
| Market Cap | 8.9B | 7.4B | 12.3B | 8.3B | 8.5B | 8.4B | 4.1B | 4.7B | 6.4B | 9.1B | 10.9B | 12.5B | 0 |
| Avg. Price | 23.41 | 17.97 | 13.04 | 13.72 | 13.35 | 13.24 | 6.04 | 6.98 | 8.49 | 11.56 | 15.34 | 17.28 | 24.60 |
| Year-End Price | 22.26 | 10.92 | 16.97 | 11.46 | 11.61 | 11.62 | 5.88 | 6.76 | 9.12 | 12.91 | 15.43 | 17.65 | 24.60 |
PLAINS ALL AMERICAN PIPELINE LP passes 2 of 9 quality checks, indicating weak fundamentals.
PLAINS ALL AMERICAN PIPELINE LP trades at 12.1x trailing earnings, compared to its 15-year median P/E of 8.0x, suggesting it is currently Fair relative to its historical range. The company's 5-year average ROIC is 7.0% with a gross margin of 7.8%. At current prices, the estimated annualized return to fair value is -7.7%.
PLAINS ALL AMERICAN PIPELINE LP (PAA) generated $2.3 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
PLAINS ALL AMERICAN PIPELINE LP (PAA) has a debt-to-equity ratio of 1.20. This indicates moderate leverage.
PLAINS ALL AMERICAN PIPELINE LP (PAA) has a return on equity (ROE) of 14.6%. This indicates moderate shareholder returns.
PLAINS ALL AMERICAN PIPELINE LP (PAA) has a 5-year average gross margin of 7.8%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 16 years of financial data for PLAINS ALL AMERICAN PIPELINE LP (PAA), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.