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Plains All American Pipeline, L.P.

PAA Energy Oil & Gas Midstream

Plains All American Pipeline, L.P.’s revenue for fiscal 2025 (year ended December 2025) was $44.3 billion, down 9.46% from fiscal 2024. In the quarter to June 2026, revenue grew 66.3%, EPS grew 1,095.2%, free cash flow grew 50.9% and total debt fell 2.74%, each against the same quarter a year earlier. Dividend growth for five consecutive years.

25.25 0.10 +0.40%
Market cap
$17.7B
P/E
7.0×
Fwd P/E
13.5×
Dividend yield
8.12%
F-score
5/9
Altman Z
n/a
Beneish M
−2.94
Dividend safety
37/100
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total sells 0.05
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell — — — — — — — 1 — — — —
Insider Ownership 35.28%

Capital & Financial Ratios $m

Market Cap 17,740.00
Revenue 52,306.00
Net Income 3,112.00
Free Cash Flow 2,439.00
Net Debt 7,382.00
Current Ratio 1.12
Debt/Equity 0.59
P/E ratio 6.99
Fwd P/E 13.50
P/S ratio 0.34
P/B ratio 1.45
Past 5Y EPS Growth —
This Y EPS Growth 3.13%
Next Y EPS Growth 11.09%
Next Y revenue growth (6.74%) (below 0%: weak)
Next 5Y EPS Growth 8.71%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 0.5×, against a ten-year median of 0.6×; over the ten years it ranged from 0.3× in 2022 to 1.5× in 2017.
P/E against its own 10 years 12.85%
10-year low 10-year high
P/S against its own 10 years 58.90%
10-year low 10-year high
P/B against its own 10 years 69.41%
10-year low 10-year high
EV/Sales against its own 10 years 43.38%
10-year low 10-year high
EV/FCF against its own 10 years 48.96%
10-year low 10-year high

Dividends

Payout Ratio 0.57
Annual Dividend Rate 2.05
Annual Dividend Yield 8.12%
total individual payouts
2028 Powerpack
2027 Powerpack
2026 1.18
0.42
0.42
0.42
0.42
2025 1.09
0.38
0.38
0.38
0.38
2024 1.27
0.32
0.32
0.32
0.32
2023 1.07
0.27
0.27
0.27
0.27
2022 0.83
0.18
0.22
0.22
0.22
2021 0.72
0.18
0.18
0.18
0.18
2020 1.08
0.36
0.18
0.18
0.18
0.18
2019 1.38
0.30
0.36
0.36
0.36
2018 1.20
0.30
0.30
0.30
0.30
2017 1.95
0.55
0.55
0.55
0.30
2016 2.65
0.70
0.70
0.70
0.55
predictions special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 450 348 328 1,059
Receivables 3,760 3,679 3,598 5,267
Inventory 548 261 211 84
Other 155 99 117 127
4,913 4,802 4,733 6,537
2023 2024 2025 Q'26
Payables 3,844 3,647 3,457 4,942
ST’ Debt 446 407 563 9
Other 713 546 529 754
5,003 4,950 4,931 5,859

Compound Annual Growth %

10y 5y 3y
Sales 6.70% 13.70% (8.27%)
Cash Flow 8.02% 14.16% 6.83%
Earnings 14.38% 0.00% 12.05%
Book Value 5.12% 6.08% (0.62%)

Revenue $m

Mar Jun Sep Dec Year
’26 12,470 17,693 — — —
’25 11,477 10,642 11,578 10,565 44,262
’24 11,995 12,757 12,456 11,681 48,889
’23 12,341 11,602 12,071 11,322 47,336
’22 13,694 16,359 14,336 12,953 57,342
’21 8,383 9,930 10,776 12,989 42,078
’20 8,269 3,225 5,833 5,963 23,290
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 418 955 — — —
’25 639 694 817 786 2,936
’24 419 653 691 727 2,490
’23 743 888 85 1,011 2,727
’22 340 792 942 334 2,408
’21 791 235 335 635 1,996
’20 890 84 282 258 1,514
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 291 818 — — —
’25 502 542 638 692 2,374
’24 265 578 584 626 2,053
’23 905 743 (50) 1,049 2,647
’22 292 707 821 193 2,013
’21 715 151 1,116 559 2,541
’20 749 (2) 149 309 1,205
Fiscal quarters ending in the months shown.

EPS $

Mar Jun Sep Dec Year
’26 0.14 2.51 — — —
’25 0.49 0.21 0.55 0.41 1.66
’24 0.29 0.26 0.22 (0.04) 0.73
’23 0.52 0.32 0.20 0.35 1.40
’22 0.19 0.22 0.48 0.30 1.19
’21 0.51 (0.37) (0.15) 0.56 0.55
’20 (3.98) 0.13 0.13 (0.11) (3.83)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2.3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 14.82 18.38 19.34 16.77 3.00 8.07 9.10 11.28 15.03 15.58

Analyst estimates 2026–2028

Powerpack
High 33.95 33.24 27.70 25.27 19.39 12.38 12.75 16.05 19.17 21.00
People
People Employees 5,100 4,850 4,900 5,000 4,400 4,100 4,100 4,200 4,200 3,900
Revenue/emp, $m 3.96 5.41 6.95 6.73 5.29 10.26 13.99 11.27 11.64 11.35
Income, $m
Income, $m Revenue 20,182 26,223 34,055 33,669 23,290 42,078 57,342 47,336 48,889 44,262
Gross margin, % 8.76 7.84 8.81 8.65 7.66 5.96 4.97 4.89 4.61 6.04
EBT 755 902 2,414 2,246 (2,599) 721 1,417 1,371 969 1,401
EBT margin, % 3.74 3.44 7.09 6.67 (11.16) 1.71 2.47 2.90 1.98 3.17
Net income 730 858 2,216 2,180 (2,580) 648 1,228 1,502 1,113 1,769
Depreciation 514 517 520 601 3,168 774 965 909 901 953
Per share, $
Per share, $ Revenue 43.50 36.57 46.91 46.31 31.99 58.77 81.80 67.72 69.64 62.87
Earnings 0.43 0.96 2.77 2.70 (3.83) 0.55 1.19 1.40 0.73 1.66
Cash flow 1.58 3.49 3.59 3.44 2.08 2.79 3.44 3.90 3.55 4.17
Capex (1.47) 0.08 (0.41) (1.52) (0.42) 0.76 (0.56) (0.11) (0.62) (0.80)
Free cash flow 0.11 3.57 3.18 1.93 1.66 3.55 2.87 3.79 2.92 3.37
Book value 19.00 15.28 16.53 18.15 13.38 17.89 19.01 19.65 18.66 18.58
Shares, m 464 717 726 727 728 716 701 699 702 704
Valuation, ×
Valuation, × P/E 79.73 21.72 7.23 6.81 0.00 16.98 9.71 11.01 23.40 10.82
P/S 0.75 0.58 0.43 0.40 0.26 0.16 0.14 0.23 0.25 0.29
P/B 2.08 1.76 1.50 1.23 0.81 0.64 0.73 0.94 1.11 1.14
EV/Sales 1.34 0.96 0.70 0.68 0.69 0.37 0.28 0.38 0.39 0.53
EV/FCF 508.68 9.83 10.27 16.41 13.40 6.08 8.02 6.80 9.38 9.93
Cash, $m
Cash, $m Operating cash flow 733 2,499 2,608 2,504 1,514 1,996 2,408 2,727 2,490 2,936
Capex (680) 59 (300) (1,104) (309) 545 (395) (80) (437) (562)
Free cash flow 53 2,558 2,308 1,400 1,205 2,541 2,013 2,647 2,053 2,374
Balance, $m
Balance, $m Working capital (392) (531) 77 (405) (588) (95) (536) (90) (148) (198)
Total debt 11,839 9,920 9,209 9,691 10,213 9,220 8,446 7,751 7,618 11,259
Net debt 11,792 9,883 9,143 9,609 10,153 8,771 8,045 7,301 7,270 10,931
Shareholders’ equity 8,816 10,958 12,002 13,195 9,738 12,810 13,325 13,732 13,096 13,080
Returns, %
Returns, % ROA 0.86 2.76 7.90 7.26 (10.49) 1.48 2.94 3.53 1.91 4.12
ROIC 3.01 3.46 6.73 5.45 (7.46) 2.46 3.78 3.74 2.66 3.73
ROE 2.62 8.58 21.87 19.09 (30.41) 4.38 7.71 8.69 4.62 10.71
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Plains All American Pipeline, L.P. vs peers in Oil & Gas Midstream (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
VG Venture Global, Inc. $31.3B 9.4× 8.8× +47.63% (above 0%: growing) +260.00% (above 0%: growing) −8.21% (below 0%: shrinking) 63.74% 47.79% Compare
CQP Cheniere Energy Partners, L.P. $30.1B 11.1× 16.9× +5.21% (above 0%: growing) +135.16% (above 0%: growing) −11.63% (below 0%: shrinking) 59.74% 51.88% Compare
PBA Pembina Pipeline Corp. $28.0B 24.4× 22.9× +19.97% (above 0%: growing) +27.66% (above 0%: growing) +8.94% (above 0%: growing) 43.36% 37.45% Compare
PAGP Plains Group Holdings, L.P. $20.7B 9.8× 15.6× +66.26% (above 0%: growing) +1,213.33% (above 0%: growing) +50.93% (above 0%: growing) 4.57% 2.24% Compare
WES Western Midstream Partners, LP $18.2B 14.0× 12.6× +29.97% (above 0%: growing) +12.50% (above 0%: growing) −36.19% (below 0%: shrinking) 90.41% 43.01% Compare
PAA Plains All American Pipeline, L.P. $17.7B 7.0× 13.5× +66.26% (above 0%: growing) +1,095.24% (above 0%: growing) +50.92% (above 0%: growing) 4.57% 2.25%
VNOM Viper Energy Inc. $15.7B 322× 18.4× +127.95% (above 0%: growing) +160.71% (above 0%: growing) +146.15% (above 0%: growing) 100.00% 63.22% Compare
DTM DT Midstream, Inc. $12.1B 26.9× 29.8× +11.00% (above 0%: growing) +4.76% (above 0%: growing) +12.50% (above 0%: growing) 100.00% 50.44% Compare
FRO Frontline PLC $11.7B 7.9× 4.6× +112.25% (above 0%: growing) +745.71% (above 0%: growing) +155.42% (above 0%: growing) 74.15% 65.92% Compare
Median of peers $19.5B 12.6× 16.3× +38.80% +147.94% +10.72% 68.95% 49.12%

All 58 Oil & Gas Midstream stocks →

Plains All American Pipeline, L.P. (PAA) key facts

  • Concern: Plains All American Pipeline, L.P.’s revenue for fiscal 2025 (year ended December 2025) was $44.3 billion, down 9.46% from fiscal 2024.
  • Plains All American Pipeline, L.P. (PAA) is an Oil & Gas Midstream company in the Energy sector, listed on Nasdaq.
  • As of October 16, 2026, PAA traded at $25.25, a market capitalization of $17.7 billion.
  • Plains All American Pipeline, L.P. pays an annual dividend of $2.05 per share, a yield of 8.12%, with a payout ratio of 56.8%.
  • Return on equity was 10.7% and debt-to-equity 0.59.
  • Its Piotroski F-score is 5 out of 9 for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Plains All American Pipeline, L.P. (PAA) Latest News

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stockrow.com/PAA · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com