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.
Follow PBA
Pembina Pipeline Corp. (PBA) Piotroski F-score
Pembina Pipeline Corp.'s Piotroski F-score for fiscal 2025 is 5 out of 9: 5 of nine tests of profitability, leverage and efficiency passed, up from 4 in fiscal 2024.
Piotroski F-score, annual
Embed this chart
Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2025 | 5 | 1.00 |
| FY2024 | 4 | (3.00) |
| FY2023 | 7 | 0.00 |
| FY2022 | 7 | 1.00 |
| FY2021 | 6 | 2.00 |
| FY2020 | 4 | (1.00) |
| FY2019 | 5 | (2.00) |
| FY2018 | 7 | 1.00 |
| FY2017 | 6 | 1.00 |
| FY2016 | 5 | — |
How fiscal 2025’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | 4.29% | 4.98% | Pass | 1 |
| Positive operating cash flow | 2.36b | 2.35b | Pass | 1 |
| Rising return on assets | 4.29% | 4.98% | Fail | 0 |
| Cash flow above net income | 1.25b | 1.09b | Pass | 1 |
| Falling long-term leverage | 0.33 | 0.32 | Fail | 0 |
| Rising current ratio | 0.61 | 0.54 | Pass | 1 |
| No new shares issued | 581,000,000 | 573,000,000 | Fail | 0 |
| Rising gross margin | 39.98% | 44.91% | Fail | 0 |
| Rising asset turnover | 0.22 | 0.21 | Pass | 1 |
| Piotroski F-score | Mixed | 5 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| CQP Cheniere Energy Partners, L.P. compare | 8 |
| LNG Cheniere Energy, Inc. compare | 8 |
| VG Venture Global, Inc. compare | 6 |
| OKE ONEOK, Inc. compare | 5 |
| PBA Pembina Pipeline Corp. | 5 |
| PAA Plains All American Pipeline, L.P. compare | 5 |
| PAGP Plains Group Holdings, L.P. compare | 5 |
| WES Western Midstream Partners, LP compare | 4 |
| VNOM Viper Energy Inc. compare | 2 |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover