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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 $20.1B against $17.3B — 1.2× the size. Plains All American Pipeline, L.P. trades at the lower P/E: 6.6× against 9.2×. 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 (6.97% vs 6.48%). 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 6.64 9.21 11.80
P/S 0.32 0.10 2.38
P/B 1.38 0.33 1.65
Price to free cash flow 6.94 2.10 7.76
EV/EBITDA 9.29 4.79 7.88
EV/Sales 0.46 0.24 3.36
Earnings yield 15.06% 10.86% 7.98%
Free cash flow yield 14.41% 47.67% 7.23%

Profitability

Metric PAA PAGP Oil & Gas Midstream median
Gross margin 5.55% 5.55% 55.22%
Operating margin 3.14% 3.13% 35.83%
Net margin 4.87% 1.06% 20.12%
Free cash flow margin 4.66% 4.65% 14.43%
Return on equity 21.98% 3.77% 14.03%
Return on assets 9.03% 1.90% 4.62%
Return on invested capital 4.74% 4.51% 6.10%

Growth

Metric PAA PAGP Oil & Gas Midstream median
Revenue growth (TTM) 13.08% 13.08% 15.70%
EPS growth (last fiscal year) 127.40% 154.90% (7.78%)
Revenue growth, 5-year CAGR 13.70% 13.70% 10.05%
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 0.77
Current ratio 1.12 1.12 1.16
Net debt to EBITDA 4.58 4.59 3.46

Dividend

Metric PAA PAGP Oil & Gas Midstream median
Dividend yield 6.97% 6.48% 5.03%
Payout ratio 0.46 0.60 0.73

Size

Metric PAA PAGP Oil & Gas Midstream median
Market cap 17.31b 20.11b 3.30b

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