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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 $20.7B against $17.7B — 1.2× the size. Plains All American Pipeline, L.P. trades at the lower P/E: 7.0× against 9.8×. 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 (8.12% vs 7.47%). 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 6.99 9.80 12.77
P/S 0.34 0.10 2.36
P/B 1.45 0.35 2.09
Price to free cash flow 7.31 2.23 9.71
EV/EBITDA 9.64 4.91 8.30
EV/Sales 0.48 0.25 3.88
Earnings yield 14.30% 10.20% 7.15%
Free cash flow yield 13.68% 44.78% 6.86%

Profitability

Metric PAA PAGP Oil & Gas Midstream median
Gross margin 5.55% 5.55% 56.58%
Operating margin 3.14% 3.13% 34.18%
Net margin 4.87% 1.06% 22.50%
Free cash flow margin 4.66% 4.65% 13.70%
Return on equity 21.98% 3.77% 14.65%
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% 15.60%
EPS growth (last fiscal year) 127.40% 150.00% (7.86%)
Revenue growth, 5-year CAGR 13.70% 13.70% 9.59%
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 8.12% 7.47% 4.54%
Payout ratio 0.57 0.73 0.76

Size

Metric PAA PAGP Oil & Gas Midstream median
Market cap 17.74b 20.70b 3.73b

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