Plains All American Pipeline, L.P. (PAA) vs Plains Group Holdings, L.P. (PAGP)

Plains All American Pipeline, L.P. and Plains Group Holdings, L.P. are both Oil & Gas Midstream companies. Plains Group Holdings, L.P. is the larger, with a market value of $20.3B against $17.4B — 1.2× the size. Plains All American Pipeline, L.P. trades at the lower P/E: 6.8× against 9.5×. Plains All American Pipeline, L.P. has the higher net margin (4.87% vs 1.06%) and the higher return on invested capital (4.74% vs 4.51%). Both pay a dividend; Plains All American Pipeline, L.P. yields more (7.20% vs 6.88%). Across the 19 metrics below, Plains All American Pipeline, L.P. leads on 10 and Plains Group Holdings, L.P. on 9.

Valuation

Metric PAA PAGP Oil & Gas Midstream median
P/E 6.76 9.47 13.19
P/S 0.33 0.10 2.60
P/B 1.41 0.34 2.08
Price to free cash flow 7.07 2.16 10.14
EV/EBITDA 9.42 4.84 8.11
EV/Sales 0.47 0.24 3.89
Earnings yield 14.78% 10.56% 6.83%
Free cash flow yield 14.15% 46.37% 6.94%

Profitability

Metric PAA PAGP Oil & Gas Midstream median
Gross margin 5.55% 5.55% 58.81%
Operating margin 3.14% 3.13% 32.14%
Net margin 4.87% 1.06% 21.16%
Free cash flow margin 4.66% 4.65% 10.15%
Return on equity 21.98% 3.77% 11.30%
Return on assets 9.03% 1.90% 5.00%
Return on invested capital 4.74% 4.51% 6.13%

Growth

Metric PAA PAGP Oil & Gas Midstream median
Revenue growth (TTM) 13.08% 13.08% 15.44%
EPS growth (last fiscal year) 127.40% 150.00% —
Revenue growth, 5-year CAGR 13.70% 13.70% 8.96%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric PAA PAGP Oil & Gas Midstream median
Debt to equity 0.59 0.55 0.78
Current ratio 1.12 1.12 1.19
Net debt to EBITDA 4.58 4.59 3.42

Dividend

Metric PAA PAGP Oil & Gas Midstream median
Dividend yield 7.20% 6.88% 7.29%
Payout ratio — — 0.64

Size

Metric PAA PAGP Oil & Gas Midstream median
Market cap 17.39b 20.34b 3.61b

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