(PAA) Plains All American Pipeline - Overview
Sector: Energy | Industry: Oil & Gas Midstream | Exchange: NASDAQ (USA) | Market Cap: 15.825m USD | Total Return: 48% in 12m
Avg Turnover: 56.1M
EPS Trend: -36.5%
Qual. Beats: 0
Rev. Trend: -76.0%
Qual. Beats: 0
Warnings
Beneish M-Score 1.00 > -1.5 - likely earnings manipulation
Tailwinds
Idiosyncratic Leader, Confidence
Plains All American Pipeline, L.P. (PAA) is a midstream energy infrastructure provider headquartered in Houston, Texas. The company operates an extensive network of pipelines and storage facilities for crude oil and natural gas liquids (NGL) across the United States and Canada. Its business model is divided into two primary segments: Crude Oil and NGL, covering gathering, transportation, fractionation, and terminal services.
As a midstream operator, PAA functions as a vital link between upstream producers and downstream refiners. The company utilizes a fee-based model for many of its assets, which typically provides more stable cash flows compared to the highly volatile price cycles of the exploration and production sector. Its NGL segment produces essential components like ethane and propane, which serve as critical feedstocks for the petrochemical industry and heating fuel markets.
Investors can evaluate the company’s long-term distribution sustainability and growth prospects by reviewing the detailed financial metrics available on ValueRay. PAA continues to operate as a subsidiary of Plains GP Holdings, L.P., maintaining a significant presence in major North American basins such as the Permian.
- Permian Basin crude oil production volumes drive pipeline throughput and fee-based revenue
- NGL fractionation and processing margins fluctuate with commodity price spreads
- Strategic joint ventures in regional pipelines impact capital expenditure and cash flow
- Global crude oil demand volatility influences storage utilization and terminaling service rates
- Regulatory shifts in North American pipeline permitting affect long-term infrastructure expansion projects
| Net Income: 1.15b TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.07 > 0.02 and ΔFCF/TA -1.09 > 1.0 |
| NWC/Revenue: -0.84% < 20% (prev 0.09%; Δ -0.93% < -1%) |
| CFO/TA 0.09 > 3% & CFO 2.71b > Net Income 1.15b |
| Net Debt (11.6b) to EBITDA (2.64b): 4.40 < 3 |
| Current Ratio: 0.94 > 1.5 & < 3 |
| Outstanding Shares: last quarter (706.0m) vs 12m ago 0.28% < -2% |
| Gross Margin: 4.20% > 18% (prev 27.32%; Δ -23.12% > 0.5%) |
| Asset Turnover: 153.9% > 50% (prev 184.5%; Δ -30.56% > 0%) |
| Interest Coverage Ratio: 2.87 > 6 (EBIT TTM 1.71b / Interest Expense TTM 594.0m) |
| DSRI: 1.39 (Receivables 4.82b/3.82b, Revenue 45.2b/49.9b) |
| GMI: 6.51 (GM 27.32% / 4.20%) |
| AQI: 1.21 (AQ_t 0.27 / AQ_t-1 0.22) |
| SGI: 0.90 (Revenue 45.2b / 49.9b) |
| TATA: -0.05 (NI 1.15b - CFO 2.71b) / TA 31.6b) |
| Beneish M = 2.34 (Cap -4..+1) = D |
As of June 06, 2026, the stock is trading at USD 22.92 with a total of 1,408,180 shares traded.
Over the past week, the price has changed by +0.53%,
over one month by +1.19%,
over three months by +6.93% and
over the past year by +48.04%.
Plains All American Pipeline has received a consensus analysts rating of 3.69. Therefore, it is recommended to hold PAA.
- StrongBuy: 6
- Buy: 1
- Hold: 7
- Sell: 2
- StrongSell: 0
| Analysts Target Price | 23 | 0.3% |
P/E Trailing = 20.2072
P/E Forward = 12.1951
P/S = 0.3497
P/B = 1.649
P/EG = 2.3518
Revenue TTM = 45.2b USD
EBIT TTM = 1.71b USD
EBITDA TTM = 2.64b USD
Long Term Debt = 11.0b USD (from longTermDebt, last quarter)
Short Term Debt = 420.0m USD (from shortTermDebt, last quarter)
Debt = 11.8b USD (from shortLongTermDebtTotal, last quarter) + Leases 202.0m
Net Debt = 11.6b USD (calculated: Debt 11.8b - CCE 171.0m)
Enterprise Value = 27.4b USD (15.8b + Debt 11.8b - CCE 171.0m)
Interest Coverage Ratio = 2.87 (Ebit TTM 1.71b / Interest Expense TTM 594.0m)
EV/FCF = 12.86x (Enterprise Value 27.4b / FCF TTM 2.13b)
FCF Yield = 7.78% (FCF TTM 2.13b / Enterprise Value 27.4b)
FCF Margin = 4.72% (FCF TTM 2.13b / Revenue TTM 45.2b)
Net Margin = 2.54% (Net Income TTM 1.15b / Revenue TTM 45.2b)
Gross Margin = 4.20% ((Revenue TTM 45.2b - Cost of Revenue TTM 43.3b) / Revenue TTM)
Gross Margin QoQ = 2.79% (prev 6.74%)
Tobins Q-Ratio = 0.87 (Enterprise Value 27.4b / Total Assets 31.6b)
Interest Expense / Debt = 5.04% (Interest Expense 594.0m / Debt 11.8b)
Taxrate = 0.67% (9.00m / 1.35b)
NOPAT = 1.69b (EBIT 1.71b * (1 - 0.67%))
Current Ratio = 0.94 (Total Current Assets 6.16b / Total Current Liabilities 6.54b)
Debt / Equity = 1.23 (Debt 11.8b / totalStockholderEquity, last quarter 9.60b)
Debt / EBITDA = 4.40 (Net Debt 11.6b / EBITDA 2.64b)
Debt / FCF = 5.44 (Net Debt 11.6b / FCF TTM 2.13b)
Total Stockholder Equity = 9.73b (last 4 quarters mean from totalStockholderEquity)
RoA = 3.90% (Net Income 1.15b / Total Assets 31.6b)
RoE = 11.77% (Net Income TTM 1.15b / Total Stockholder Equity 9.73b)
RoCE = 8.24% (EBIT 1.71b / Capital Employed (Equity 9.73b + L.T.Debt 11.0b))
RoIC = 6.68% (NOPAT 1.69b / Invested Capital 25.3b)
WACC = 6.41% (E(15.8b)/V(27.6b) * Re(7.46%) + D(11.8b)/V(27.6b) * Rd(5.04%) * (1-Tc(0.01)))
Discount Rate = 7.46% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 82.22 | Cagr: 0.32%
[DCF] Terminal Value 75.52% ; FCFF base≈2.13b ; Y1≈2.15b ; Y5≈2.30b
[DCF] Fair Price = 34.15 (EV 35.7b - Net Debt 11.6b = Equity 24.1b / Shares 705.5m; r=8.35% [WACC [floored]]; 5y FCF grow 0.61% → 2.50% )
EPS Correlation: -36.54 | EPS CAGR: -9.43% | SUE: -0.18 | # QB: 0
Revenue Correlation: -75.98 | Revenue CAGR: -3.48% | SUE: 0.46 | # QB: 0
EPS current Quarter (2026-06-30): EPS=0.46 | Chg30d=+10.66% | Revisions=+14% | Analysts=5
EPS next Quarter (2026-09-30): EPS=0.49 | Chg30d=+12.25% | Revisions=+14% | Analysts=5
EPS current Year (2026-12-31): EPS=1.84 | Chg30d=+5.85% | Revisions=-14% | GrowthEPS=+19.6% | GrowthRev=+18.9%
EPS next Year (2027-12-31): EPS=1.97 | Chg30d=+15.42% | Revisions=+11% | GrowthEPS=+6.9% | GrowthRev=-1.5%
[Analyst] Revisions Ratio: +14%