Plains All American Pipeline, L.P. Common

Pipe Lines (No Natural Gas)

PAASolid10 of 11 basics passed

$24.34

-0.33%

Market cap $17.2B

$24.34

-0.33%

Market cap $17.2B

Plains All American Pipeline LP, through its subsidiaries, engages in the pipeline transportation, terminaling, storage, and gathering of crude oil and natural gas liquids (NGL) in the United States and Canada. The company operates through two segments, Crude Oil and NGL.

It is a $17.2B industrial company. Revenue shrank 11.9% over the last year, it keeps 5¢ of every dollar of sales as profit, and its net debt equals ~4.7 years of free cash flow. It trades at 6.2× earnings — around the middle of its own history.

Website: plainsallamerican.com
Location: Houston, TX
Employees: 4 200
Sector: Industrials

Share price · 3 years

$14.82 → $24.34+64.2%

price only — dividends excluded

Key facts · TTM

Revenue: total sales; $52.3B
Profit: keeps 5¢ of every $1 sold; $2.66B
Free cash flow: cash left after running the business; $2.38B
Net debt: debt minus cash on hand; $11.2B
P/E: years of profit in the price; 6.2
EPS: earnings per share, TTM; $3.77
Dividend: pays out 48% of profit · 56% of FCF; 7.79%
Shares: shares outstanding; 705.5M
Volatility: beta vs the market — under 1 swings less; 0.58

Revenue, last 10 years

52-week range

Low $15.85$24.34High $26.10

Today's price is 83% of the way from the year's low to its high.

P/E vs its history4mo

6.7×median 6.8×

Higher than 39% of past days — around the middle of its own history.

Valuation vs own history

P/E

6.7×

61%

P/S

0.3×

61%

EV/EBITDA

15.4×

39%

P/B

1.2×

FCF yield

13.8%

60%

Share of the last ~5 years that was pricier than today (in line with its own history). Based on the daily valuation record.

Standing in Industrials

Size$17.2Btop 57%
Revenue growth-8%top 95%
Net margin5%top 78%
Return on equity27%top 28%
P/E6.2×top 1%
Dividend yield7.79%top 1%

Ranked against 130 Industrials companies with a full CV — for P/E, lower ranks higher.

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Strong valuation and quality; Growth, Profitability and Moat lag behind.

Valuation95

P/E vs own history39th pct · 20/25
FCF yield13.8% · 25/25
P/S0.3x · 25/25
EV/EBITDA9.4x · 25/25

Growth46

Revenue CAGR1.3% · 6/25
Net income CAGR18.5% · 20/25
EPS CAGR ~5Y11.7% · 20/25
Fwd implied growth-58.3% · 0/25

Profitability48

ROIC4.8% · 5/25
ROE27.5% · 25/25
Net margin5.1% · 13/25
Operating margin3.1% · 5/25

Health52

Altman Z1.84 · 10/25
Current ratio1.12 · 12/25
Interest coverage42.2x · 25/25
Net cash / debtD/A 37% · 5/25

Quality82

Piotroski F5/9 · 15/25
Beneish M-2.98 · 25/25
FCF conversion89% · 22/25
Margin stabilityσ 7.8% · 20/25

Moat24

ROIC >12% years4/9 yrs · 6/25
Median gross margin10.4% · 0/25
FCF-positive years9/10 yrs · 18/25
Worst-year net marginworst -11.1% · 0/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

FY2022Financial
Revenue crossed $50B
$57.3B for the year
FY2018Financial
Became debt-free
cash now exceeds total debt
FY2018Financial
Best year on record
$2.22B net income
FY2017Financial
Positive free cash flow every year since
9-year streak
FY2016Financial
First recorded profitable year
$726M net income
FY2016Financial
Revenue already above $10B
$20.2B in first reported year

Achievements

Verifiable track record, straight from the reported numbers.

$10 000 invested in 2021 would be worth ~$24 586 today — price return only

$44.3B revenue in FY2025

Profitable 5 years in a row

Positive free cash flow 9 years in a row

4 200 employees

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

Interest covered 42.2× by operating earnings

Watch-outs

Revenue shrinking 11.9% year over year
Loss-making in 1 of the recent years

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

10 of 11 checks passed

Revenue growing — the company sells more than a year ago-11.9% YoY
Profitable — makes more than it spends$2.66B TTM
Profit growing — earnings are higher than last year+11.3% YoY
Generates cash — cash left after running and investing$2.38B TTM
Debt under control — could handle its obligations~4.7y of cash flow to repay
Established company — not a micro-cap — lower blow-up risk$17.2B market cap
Not printing shares — share count not ballooning — you keep your slice+1.0% shares over ~5y
Proven track record — years of profitability behind it9/10 profitable years
Financially stable — balance sheet not near distressAltman Z 1.8 — grey
Pays a dividend — returns cash to shareholdersyield 7.79%
Valuation not extreme — price not wildly above earningsP/E 6.2

Peer comparisonPlains All American Pipeline, L.P. Common vs 6 largest industrials peers — cap, P/E, growth and margin side by sideOpen ▾

Company	Market cap	P/E	Revenue growth	Net margin	Profile
PAA this company	$17.2B	6.2	-11.9%	5.1%	Solid
LRCX Lam Research Corp	$399.2B	54.9	+26.0%	31.3%	Strong
CAT Caterpillar Inc.	$368.0B	33.9	+18.4%	14.5%	Solid
RTX RTX Corporation	$251.3B	32.4	+11.8%	8.3%	Strained
DE Deere & Company	$167.7B	34.4	+8.3%	10.2%	Solid
ETN Eaton Corporation, plc	$167.2B	43.6	+15.5%	12.8%	Mixed
UNP Union Pacific Corp.	$166.8B	22.6	+4.2%	28.8%	Strained

Head-to-head: PAA vs LRCX · PAA vs CAT · PAA vs RTX

References

What covering analysts publish about the company — information only, not a recommendation.

Strong buy 4Buy 8Hold 10Sell 2

Appendix · Financial records

The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.

Profit & lossRevenue $52.3B · net income $2.66B (TTM)Open ▾

Profit & loss

Revenue and profit over the company's career — the income statement, visualised.

How FY2025 revenue flows to profit

RevenueNet income

Revenue (TTM)

$52.3B

YoY -11.9%

Net income (TTM)

$2.66B

Margin 5.1%

Gross margin

5.5%

Operating margin

3.1%

P/E ratio

6.2

Dividend yield

7.79%

Income statement — full detail

Figures in USD billions · EPS in USD

	2020	2021	2022	2023	2024	2025
Revenue	23.3	42.1	57.3	47.3	48.9	44.3
Gross profit	2.9	3.6	2.9	2.3	2.6	2.7
Operating income (EBIT)	-2.4	0.9	1.6	1.1	1.4	1.4
Net income	-2.6	0.6	0.8	1.0	0.5	1.2
EPS (diluted)	—	—	1.19	1.39	0.73	1.66

Cash flowFree cash flow $2.38B · operating cash flow $2.98B (TTM)Open ▾

Cash flow statement

Cash generated by the business and what is left after investment — year by year.

Operating cash flowFree cash flow

Free cash flow (TTM)

$2.38B

Margin 4.5%

Operating cash flow (TTM)

$2.98B

FCF margin

4.5%

Cash flow statement — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Operating cash flow	1.5	2.0	2.4	2.7	2.5	2.9
Capital expenditure	-0.7	-0.3	-0.5	-0.4	-0.4	-0.6
Free cash flow	0.8	1.7	2.0	2.3	2.0	2.3
FCF margin	3.3%	3.9%	3.4%	4.9%	4.2%	5.2%

Balance sheetAssets $30.2B · net debt $11.2B (FY2025)Open ▾

Balance sheet

How the balance sheet is built — what it owns versus how it is financed.

How $30.2B of assets is financed

57%

43%

Liabilities $17.1B — borrowed moneyEquity $13.1B — owners' stake

Cash vs debt

Total debt $11.5B − cash $328M = net debt $11.2B

Cash on hand covers 3% of debt.

Altman Z-Score

1.84

Grey zone

Debt repayment

3.2 yrs

Years of free cash flow to clear net debt

Interest coverage

42.2x

EBIT ÷ interest expense

ROE

27.5%

Profit per $1 of equity

Balance sheet — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Cash & equivalents	0.0	0.4	0.5	0.5	0.3	0.3
Total assets	24.5	28.6	27.9	27.4	26.6	30.2
Total liabilities	—	—	14.4	13.6	13.5	17.1
Total debt	0.8	0.8	8.8	8.1	7.8	11.5
Equity	—	—	13.5	13.7	13.1	13.1
Net debt	0.8	0.4	8.3	7.6	7.5	11.2

Want the live picture — intraday moves, valuation history and full analysis?

Deeper analysis of PAA on PreMarketPrice

Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $24.34 · market cap $17.2B.