Pembina Pipeline Corp.
PBA Energy Oil & Gas Midstream
Pembina Pipeline Corp.’s revenue for fiscal 2025 (year ended December 2025) was $5.7 billion, up 6.08% from fiscal 2024. In the quarter to June 2026, revenue grew 20.0%, EPS grew 27.7%, free cash flow grew 8.94% and total debt rose 3.64%, each against the same quarter a year earlier.
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Pembina Pipeline Corp. (PBA) Altman Z-score
Pembina Pipeline Corp.'s Altman Z-score for fiscal 2025 is 1.35, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 1.35 | 0.13 |
| FY2024 | 1.22 | (0.11) |
| FY2023 | 1.34 | (0.22) |
| FY2022 | 1.56 | 0.55 |
| FY2021 | 1.01 | 0.37 |
| FY2020 | 0.64 | (0.62) |
| FY2019 | 1.27 | (0.10) |
| FY2018 | 1.36 | 0.11 |
| FY2017 | 1.25 | (0.44) |
| FY2016 | 1.70 | 0.29 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | (0.02) | — | −0.03 | |
| Retained earnings / total assets | (0.07) | — | −0.09 | |
| EBIT / total assets | 0.08 | — | 0.26 | |
| Market value of equity / total liabilities | 1.64 | — | 0.99 | |
| Sales / total assets | 0.22 | — | 0.22 | |
| Altman Z-score | Distress zone | 1.35 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Grey zone | 1.10 | ||
Z and Z″ put Pembina Pipeline Corp. in different zones: distress zone by Z, grey zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| LNG Cheniere Energy, Inc. compare | 2.1× |
| VNOM Viper Energy Inc. compare | 1.5× |
| OKE ONEOK, Inc. compare | 1.4× |
| PBA Pembina Pipeline Corp. | 1.4× |
| VG Venture Global, Inc. compare | 0.9× |
| PAGP Plains Group Holdings, L.P. compare | — |
| CQP Cheniere Energy Partners, L.P. compare | — |
| PAA Plains All American Pipeline, L.P. compare | — |
| WES Western Midstream Partners, LP compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets