Plains Group Holdings, L.P. (PAGP) vs Pembina Pipeline Corp. (PBA)

Plains Group Holdings, L.P. and Pembina Pipeline Corp. are both Oil & Gas Midstream companies. Pembina Pipeline Corp. is the larger, with a market value of $26.4B against $20.3B — 1.3× the size. Plains Group Holdings, L.P. trades at the lower P/E: 9.5× against 21.8×. Plains Group Holdings, L.P. grew revenue faster over the last twelve months: 13.1% against 2.50%. Pembina Pipeline Corp. has the higher net margin (20.1% vs 1.06%) and the higher return on invested capital (6.10% vs 4.51%). Both pay a dividend; Plains Group Holdings, L.P. yields more (6.88% vs 5.87%). Across the 22 metrics below, Plains Group Holdings, L.P. leads on 14 and Pembina Pipeline Corp. on 8.

Valuation

Metric PAGP PBA Oil & Gas Midstream median
P/E 9.47 21.79 13.19
P/S 0.10 4.38 2.60
P/B 0.34 2.34 2.08
Price to free cash flow 2.16 16.37 10.14
EV/EBITDA 4.84 12.56 8.11
EV/Sales 0.24 5.97 3.89
Earnings yield 10.56% 4.59% 6.83%
Free cash flow yield 46.37% 6.11% 6.94%

Profitability

Metric PAGP PBA Oil & Gas Midstream median
Gross margin 5.55% 40.97% 58.81%
Operating margin 3.13% 35.83% 32.14%
Net margin 1.06% 20.12% 21.16%
Free cash flow margin 4.65% 26.77% 10.15%
Return on equity 3.77% 10.84% 11.30%
Return on assets 1.90% 4.60% 5.00%
Return on invested capital 4.51% 6.10% 6.13%

Growth

Metric PAGP PBA Oil & Gas Midstream median
Revenue growth (TTM) 13.08% 2.50% 15.44%
EPS growth (last fiscal year) 150.00% (13.06%) —
Revenue growth, 5-year CAGR 13.70% 4.31% 8.96%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric PAGP PBA Oil & Gas Midstream median
Debt to equity 0.55 0.77 0.78
Current ratio 1.12 0.62 1.19
Net debt to EBITDA 4.59 3.31 3.42

Dividend

Metric PAGP PBA Oil & Gas Midstream median
Dividend yield 6.88% 5.87% 7.29%
Payout ratio — 0.54 0.64

Size

Metric PAGP PBA Oil & Gas Midstream median
Market cap 20.34b 26.43b 3.61b

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