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Plains Group Holdings, L.P.

PAGP Energy Oil & Gas Midstream

Plains Group Holdings, L.P.’s revenue for fiscal 2025 (year ended December 2025) was $44.3 billion, down 9.46% from fiscal 2024.

Revenue
+66.3%
EPS
+1,213.3%
Free cash flow
+50.9%
Total debt
−2.74%

Quarter to June 2026, against a year earlier

26.42 0.51 −1.89%
Market cap
$20.1B
P/E
9.4×
Fwd P/E
9.6×
Dividend yield
6.32%
F-score
5/9
Altman Z
n/a
Beneish M
−2.95
Dividend safety
62/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • Crude Oil
  • NGL

Every year since 2011 →

Insider Decisions last twelve months

Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 2.84%

Capital & Financial Ratios $m

Size
Market Cap 20,110.00
Revenue ttm 52,306.00
Net income ttm 2,948.00
Free cash flow ttm 2,434.00
Net debt Q 7,381.00
Valuation
P/E 9.44
Forward P/E 9.59
Price / sales 0.10
Forward P/S Powerpack
Price / FCF 2.15
Price / book 0.34
Financial health
Current ratio Q 1.12
Debt / equity Q 0.55
Interest coverage Q 2.94
Growth
Revenue growth Q +66.26% (above 0%: growing)
Operating income growth Q +67.51% (above 0%: growing)
EPS, this year +93.33% (at or above 15%: strong)
EPS, next year A −26.64% (below 0%: weak)
Revenue, next year A +29.88% (at or above 10%: strong)
EPS, past 5 yrs —
EPS, next 5 yrs A +15.29% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 0.2×, against a ten-year median of 0.4×; over the ten years it ranged from 0.2× in 2022 to 0.8× in 2016.
P/E against its own 10 years 13.30%
10-year low 10-year high
P/S against its own 10 years 62.63%
10-year low 10-year high
P/B against its own 10 years 96.11%
10-year low 10-year high
EV/Sales against its own 10 years 28.93%
10-year low 10-year high
EV/FCF against its own 10 years 30.22%
10-year low 10-year high

Dividends raised 5 years running

Yield
6.32%
Annual rate
1.67
Payout ratio
59.9%
Growth, 2018–26
+4.22%/yr
  1. 1.20 ’18
  2. 1.38 ’19 +15
  3. 0.90 ’20 −35
  4. 0.72 ’21 −20
  5. 0.83 ’22 +16
  6. 1.07 ’23 +29
  7. 1.27 ’24 +19
  8. 1.52 ’25 +20
  9. 1.67 ’26 +10
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 453 349 329 1,060
Receivables 3,760 3,679 3,598 5,267
Inventory 548 261 211 84
Other 155 72 87 119
4,916 4,776 4,704 6,530
2023 2024 2025 Q'26
Payables 3,845 3,647 3,457 4,942
ST’ Debt 446 407 563 9
Other 714 520 500 746
5,005 4,924 4,902 5,851

Compound Annual Growth %

10y 5y 3y
Sales 6.70% 13.70% (8.27%)
Cash Flow 8.08% 14.18% 6.83%
Earnings 8.22% 0.00% 15.67%
Book Value 4.41% 4.90% (0.97%)

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate 0.43 Actual −0.37

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 0.42 0.31 Miss by 0.11
Q4 FY25 0.55 0.17 Miss by 0.38
Q1 FY26 0.62 0.24 Miss by 0.38
Q2 FY26 0.43 −0.37 Miss by 0.80
Q3 FY26 1.10 — Reports 6 November 2026

EPS $

Mar Jun Sep Dec Year
’26 0.10 1.97 — — —
’25 0.42 0.15 0.41 0.31 1.30
’24 0.21 0.20 0.17 (0.05) 0.51
’23 0.35 0.25 0.15 0.27 1.00
’22 0.11 0.16 0.36 0.23 0.86
’21 0.36 (0.35) (0.12) 0.43 0.31
’20 (3.18) 0.09 0.09 (0.11) (3.07)
Fiscal quarters ending in the months shown.

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
’26 418 952 — — —
’25 638 692 817 784 2,931
’24 418 652 688 726 2,484
’23 742 887 83 1,010 2,722
’22 339 790 941 334 2,404
’21 789 234 335 633 1,991
’20 889 83 281 257 1,510
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 291 815 — — —
’25 501 540 638 690 2,369
’24 264 577 581 625 2,047
’23 904 742 (52) 1,048 2,642
’22 291 705 820 193 2,009
’21 713 150 1,116 557 2,536
’20 748 (3) 148 308 1,201
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing −11.3% a year for ten years.

Implied
−11.3%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

2.4
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
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 52,306 +9.1% 57,486 57,309 59,640 +10.5%
Gross margin, % 8.76 7.84 8.81 8.65 7.66 5.96 4.97 4.89 4.61 6.04 5.55 (2.7) pt
EBT 738 896 2,409 2,238 (2,607) 712 1,409 1,362 963 1,395 1,486 +7.3%
EBT margin, % 3.66 3.42 7.07 6.65 (11.19) 1.69 2.46 2.88 1.97 3.15 2.84 (0.5) pt
Net income 660 (41) 2,107 2,062 (2,440) 600 1,163 1,425 1,070 1,686 2,948 +11.0%
Per share, $
Per share, $ Revenue 203.86 180.85 215.54 200.41 125.22 216.90 295.58 242.75 248.17 223.55 264.17 +1.0%
Earnings 0.94 (5.03) 2.12 1.97 (3.06) 0.31 0.86 1.01 0.52 1.31 2.80 +3.8%
Cash flow 7.25 17.21 16.48 14.88 8.12 10.26 12.39 13.96 12.61 14.80 15.01 +8.3%
Capex (6.87) 0.41 (1.90) (6.57) (1.66) 2.81 (2.04) (0.41) (2.22) (2.84) (2.71) (9.4%)
Free cash flow 0.38 17.62 14.58 8.31 6.46 13.07 10.36 13.55 10.39 11.96 12.29 +46.5%
Book value 108.15 85.23 84.30 86.22 60.16 73.08 75.45 76.78 72.67 71.80 77.34 (4.4%)
Shares, m 99 145 158 168 186 194 194 195 197 198 198 +8.0%
Valuation, ×
Valuation, × P/E 36.51 0.00 9.53 9.48 0.00 31.69 14.17 15.79 34.68 14.72 9.44 16.7
P/S 0.17 0.12 0.09 0.09 0.07 0.05 0.04 0.07 0.07 0.09 0.10 0.1
P/B 0.32 0.26 0.24 0.22 0.14 0.14 0.16 0.21 0.25 0.27 0.34 0.2
EV/Sales 0.76 0.50 0.36 0.38 0.50 0.26 0.18 0.22 0.22 0.33 0.24 0.4
EV/FCF 401.42 5.14 5.35 9.16 9.76 4.23 5.18 3.95 5.32 6.21 5.18 45.6
Cash, $m
Cash, $m Operating cash flow 718 2,496 2,604 2,500 1,510 1,991 2,404 2,722 2,484 2,931 2,971 +16.9%
Capex (680) 59 (300) (1,104) (309) 545 (395) (80) (437) (562) (537) (2.1%)
Free cash flow 38 2,555 2,304 1,396 1,201 2,536 2,009 2,642 2,047 2,369 2,434 +58.3%
Balance, $m
Balance, $m Working capital (391) (530) 78 (405) (587) (94) (535) (89) (148) (198) 679 (7.3%)
Net debt 11,789 9,880 9,140 9,607 10,150 8,768 8,042 7,298 7,269 10,930 7,381 (0.8%)
Shareholders’ equity 10,707 12,358 13,319 14,485 11,190 14,177 14,638 14,972 14,316 14,216 15,314 +3.2%
Returns, %
Returns, % ROA 0.37 (2.77) 1.25 1.17 (2.03) 0.21 0.57 0.69 0.37 0.88 1.90 +0.5 pt
ROIC 2.75 3.22 6.32 5.14 (6.98) 2.29 3.54 3.51 2.50 3.55 4.51 +0.8 pt
ROE 0.94 (6.34) 2.60 2.38 (4.42) 0.47 1.17 1.34 0.70 1.82 3.77 +0.9 pt
People
People Employees 5,100 4,850 4,900 5,000 4,400 4,100 4,100 4,200 4,200 3,900 — (2.9%)
Revenue/emp, $m 3.96 5.41 6.95 6.73 5.29 10.26 13.99 11.27 11.64 11.35 — +12.4%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026 · fundamentals updated 26 Oct 2026

Business profile

Updated

Plains GP Holdings, L.P. (PAGP) gives shareholders an indirect economic interest in Plains All American Pipeline, L.P. (PAA), a North American energy infrastructure and logistics business. PAGP is a limited partnership that elected to be taxed as a corporation for U.S. federal income tax purposes. It was formed in 2013.

PAGP does not directly own operating assets. Its cash-generating asset is an interest in Plains AAP, L.P. (AAP), which owns PAA common units. PAA and its subsidiaries conduct the operations described below. PAGP also owns the managing member of AAP’s general partner.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Crude Oil 44,087 99.60%
NGL 150 0.34%
Gross margin 6.04%
Operating margin 3.23%
Pre-tax margin 3.15%

Revenue by segment since 2011

Plains Group Holdings, 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. $28.8B 8.6× 8.5× +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. $27.7B 9.3× 14.7× +7.07% (above 0%: growing) +65.03% (above 0%: growing) +16.72% (above 0%: growing) 39.59% 31.66% Compare
PBA Pembina Pipeline Corp. $27.7B 23.3× 23.2× +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. $20.1B 9.4× 9.6× +66.26% (above 0%: growing) +1,213.33% (above 0%: growing) +50.93% (above 0%: growing) 4.57% 2.24%
PAA Plains All American Pipeline, L.P. $17.3B 6.8× 7.2× +66.26% (above 0%: growing) +1,095.24% (above 0%: growing) +50.92% (above 0%: growing) 4.57% 2.25% Compare
WES Western Midstream Partners, LP $16.5B 12.9× 12.5× +25.38% (above 0%: growing) −9.20% (below 0%: shrinking) +44.45% (above 0%: growing) 89.81% 38.65% Compare
VNOM Viper Energy Inc. $14.4B 18.1× 16.7× +58.13% (above 0%: growing) n/m +57.25% (above 0%: growing) 100.00% 60.36% Compare
DTM DT Midstream, Inc. $11.5B 24.4× 26.7× +7.01% (above 0%: growing) +4.92% (above 0%: growing) +40.46% (above 0%: growing) 100.00% 48.51% Compare
FRO Frontline PLC $10.0B 6.7× 5.4× +112.25% (above 0%: growing) +745.71% (above 0%: growing) +155.42% (above 0%: growing) 74.15% 65.92% Compare
Median of peers $16.9B 11.1× 13.6× +36.51% +65.03% +42.46% 68.95% 43.22%

All 57 Oil & Gas Midstream stocks →

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 75.87%
Held by the ten largest 33.89%
Holder Shares Stake Change
TORTOISE CAPITAL ADVISORS, L.L.C. 11.12m 5.62% −682.30k
MFS Investment Management 8.93m 4.51% −135.31k
CHICKASAW CAPITAL MANAGEMENT LLC 8.63m 4.36% −44.97k
Two Sigma 7.20m 3.64% +9.64k
Franklin Templeton 6.85m 3.46% −91.12k
Goldman Sachs 6.56m 3.31% −521.92k
Artemis Investment Management LLP 5.28m 2.67% −1.44m
Invesco 4.42m 2.24% +36.78k
BARROW HANLEY MEWHINNEY & STRAUSS LLC 4.21m 2.13% −270.88k
Bank of America 3.87m 1.95% +112.89k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 10 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 12.30m 18.63m 320.92
2024 8.51m 11.89m 280.34
2023 7.45m 16.43m 230.75
2022 8.30m 14.46m 165.74
2021 4.39m 4.79m 122.18

Ownership

Directors and executive officers, together 6.90%
Plains All American Pipeline, L.P. 69.50%
John T. Raymond 4.40%
Tortoise Capital Advisors, L.L.C. 2.80%
Greg L. Armstrong 1.00%
Arrowtown LP less than 1%
Harry N. Pefanis less than 1%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Plains Group Holdings, L.P. (PAGP) Latest News

9 Oct

Impact 3 · · Zacks

29 Sep

Impact 3 · · GlobeNewswire

25 Sep

Impact 3 · · Zacks
Impact 3 · · Zacks

23 Sep

Impact 3 · · Zacks

17 Sep

Impact 4 · · offshore-technology.com

16 Sep

Impact 4 ·
Impact 3 ·

7 Aug

Impact 4 ·
Impact 3 ·

15 Jun

Impact 3 ·

12 May

Impact 4 · · GlobeNewswire
Impact 4 · · Simply Wall St.

8 May

Impact 4 · · Moby
Impact 4 · · GlobeNewswire

5 May

Impact 4 · · GlobeNewswire

15 Apr

Impact 3 · · Insider Monkey

8 Apr

Impact 3 · · Simply Wall St.

30 Mar

Impact 4 · · GlobeNewswire

27 Feb

Impact 4 · · Insider Monkey

8 Feb

Impact 3 · · Simply Wall St.MT NewswiresZacksAssociated Press FinanceGuruFocus.comSimply Wall St.

6 Feb

Impact 4 · transcript
Impact 4 · · GlobeNewswire
Impact 3 · · Associated Press FinanceAssociated Press FinanceSimply Wall St.Associated Press Finance

4 Feb

Impact 3 · · Zacks

24 Jan

Impact 3 · · Simply Wall St.

22 Jan

Impact 3 · · Zacks

16 Jan

Impact 4 ·

9 Jan

Impact 4 · · Simply Wall St.ZacksSimply Wall St.Simply Wall St.Simply Wall St.Simply Wall St.Simply Wall St.Simply Wall St.

7 Jan

Impact 3 · · Zacks

PAGP metrics, ten years each

stockrow.com/PAGP · Data as of Oct 26, 2026 · For information only; not investment advice. · © 2026 stockrow.com