Plains All American Pipeline, L.P.

Plains All American Pipeline, L.P.

PAA
Plains All American Pipeline, L.P.US flagNASDAQ
25.70
USD
+0.18
- -
18.13BMarket Cap
Plains All American Pipeline, L.P.
PAA
(NASDAQ)

Recent

price

25.70

P/E

ratio

- -

div

yld

- -

ROIC.AI

2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
FRC
94.5
115.4
116.3
123.9
118.43
58.76
43.5
36.57
46.91
46.31
31.99
58.77
81.8
67.72
69.64
62.87
74.14
Revenue per Share
1.2
2.46
2.43
2.83
2.41
0.79
0.44
0.98
2.78
2.71
-3.83
0.55
1.19
1.4
0.74
1.67
3.62
Basic EPS, GAAP
-0.7
5.82
0.11
1
0.2
-1.83
-1.3
2.06
1.34
1.82
1.07
2.32
2.79
3.32
2.91
3.26
3.37
Free Cash Flow per Basic Share
1.87
1.94
2.1
2.32
2.54
2.74
2.29
1.94
1.42
1.65
1.17
1
1.12
1.41
1.63
1.84
1.9
Dividend per Share
15.38
17.54
19.8
21.28
21.68
19.82
13.09
15.11
16.52
17.94
13.28
14.14
14.4
14.87
13.94
13.94
15.7
Book Value per Share
10.5
10.19
10.82
13.15
14.19
13.06
9.22
10.41
11.99
13.48
12.17
11.36
11.33
12.19
11.56
11.46
13.42
Tangible Book Value per Share
274
297
325
341
367
394
464
717
726
727
728
716
701
699
702
704
706
Basic Weighted Avg Shares
25,893
34,275
37,797
42,249
43,464
23,152
20,182
26,223
34,055
33,669
23,290
42,078
57,342
47,336
48,889
44,262
52,305
Sales/Revenue/Turnover
2.96
3.79
3.77
4.11
4.14
5.45
4.83
4.81
6.35
5.99
3.69
3.43
2.72
2.34
2.1
3.12
2.99
Operating Margin (%)
256
249
482
365
384
432
514
517
520
601
653
774
965
909
901
953
973
Depreciation Expense
505
966
1,094
1,361
1,384
903
726
856
2,216
2,171
-2,590
593
1,037
1,230
772
1,392
2,765
Net Income, GAAP
- -
4.33
4.57
6.64
10.98
9.94
3.31
4.88
8.2
2.94
- -
10.12
13.34
4.45
8.98
1.07
7.03
Effective Tax Rate (%)
1.95
2.82
2.89
3.22
3.18
3.9
3.6
3.26
6.51
6.45
-11.12
1.41
1.81
2.6
1.58
3.14
5.29
Profit Margin (%)
166
-160
-36
-447
-576
-438
-392
-531
77
-405
-588
-95
-536
-90
-148
-198
678
Working Capital
4,631
4,520
6,320
6,715
8,704
10,375
10,124
9,183
9,143
9,574
9,699
8,737
7,595
7,579
7,403
10,898
8,626
LT Debt
4,573
5,974
7,146
7,703
8,191
7,939
8,816
10,958
12,002
13,195
9,738
12,810
13,325
13,732
13,096
13,080
14,291
Total Equity
- -
11.44
10.57
10.79
9.5
6.06
4.71
6.27
10.95
10.12
- -
7.25
8.29
7.39
6.85
8.96
11.48
Return on Invested Capital (%)
- -
10.87
10.39
10.79
10.04
6.88
5.87
6.45
12.41
11.55
- -
4.3
5.38
6.05
3.86
7.07
13.36
Return on Capital (%)
7.82
14.91
13.06
13.51
11.21
3.88
2.48
7.13
17.58
15.74
-24.61
4.04
8.35
9.58
5.13
11.97
24.58
Return on Common Equity (%)

Capital Structure

FRC

in mil. unless spec.
Dec'25
Mar'26
Jun'26
ST Debt
563
420
9
LT Borrowings
10,696
10,956
8,432
LT Finance Leases
202
202
194
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
706
706
706
Market Capitalization
12,671
15,755
15,705

Working Capital

FRC

in mil. unless spec.
Dec'25
Mar'26
Jun'26
Total Current Assets
4,733
6,164
6,537
Cash, Cash Equivalents & STI
328
171
1,059
Accounts Receivable, Net
3,598
4,821
5,267
Inventories
211
380
84
Total Current Liabilities
4,931
6,544
5,859
Payables & Accruals
3,457
4,929
4,942
ST Debt
563
420
9
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
6.25%
6.77%
-0.12%
Free Cash Flow
-25.09%
30.13%
12.29%
Net Income, GAAP
-5.05%
2.73%
80.31%
Sales/Revenue/Turnover
10.83%
18.66%
-9.46%
Total Cash Common Dividend
15.24%
12.04%
20.96%

Quarterly Revenue

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
11,995
12,757
12,456
12,402
48,889
2025
11,477
10,642
11,578
10,564
44,262
2026
12,470
17,693
- -
- -
- -

Quarterly Earnings Per Share

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.29
0.27
0.22
-0.04
0.74
2025
0.49
0.22
0.55
0.41
1.67
2026
0.14
2.52
- -
- -
- -

Quarterly Dividends Per Share

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.41
0.41
0.41
0.41
1.63
2025
0.47
0.46
0.46
0.46
1.84
2026
0.49
0.49
- -
- -
- -
Business
Plains All American Pipeline, L.P., operating through its various entities, stands as a leading midstream energy company, primarily engaged in the transportation, terminalling, storage, and gathering of crude oil and natural gas liquids (NGL) across both the United States and Canada. The partnership primarily functions through two main operational divisions: Crude Oil and Natural Gas Liquids. The Crude Oil segment is responsible for the collection and movement of crude oil across its expansive pipeline network, complemented by truck transport, and occasionally utilizing barges or railcars. This division also delivers crucial terminalling, storage, and related infrastructure services, alongside merchant operations. Currently, this segment maintains an interest in over 18,000 miles of active crude oil pipelines and gathering systems. Its substantial commercial crude oil storage capacity totals approximately 75 million barrels, featuring key assets such as the Cushing Terminal, expanded to 27 million barrels, and the St. James Terminal, which provides 12.5 million barrels of storage on the Gulf Coast and includes a private dock. Important infrastructure further includes the Cactus II Pipeline System, operational since 2019, capable of moving 670,000 barrels of crude oil daily from Wink to Corpus Christi, Texas. The Plains Oryx Permian Basin joint venture, formed in 2021, also contributes significantly to crude oil capabilities with an approximate 5,500 miles of pipeline and 16.9 million barrels of operational storage capacity. Additionally, in 2025, PAA enhanced its crude oil midstream footprint by completing acquisitions to secure 100% ownership of EPIC Crude Holdings, LP. The Natural Gas Liquids segment focuses on natural gas processing, NGL fractionation, storage, transportation, and terminalling activities. This segment boasts NGL storage capacity of approximately 28 million barrels and operates five natural gas processing plants. However, a pivotal strategic decision was made in 2025 to divest most of its Canadian NGL business for an estimated $3.75 billion, a transaction projected to close in early 2026. This move is set to reshape PAA into a predominantly crude oil midstream enterprise, while retaining its U.S. NGL assets and Canadian crude oil operations. Generating revenue primarily through stable, fee-based services for transportation, terminalling, storage, and gathering, Plains All American plays a vital role in linking energy supply from major producing basins to key demand centers. The company was originally founded in 1981 and formally established as a publicly traded master limited partnership in 1998, with its headquarters situated in Houston, Texas. It operates as a subsidiary of Plains GP Holdings, L.P.

Company News

  • Midstream Scales Up Natural Gas Infrastructure

  • Strong Midstream 2Q26 Earnings Boost Full-Year Outlook

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  • Crescent Grove Advisors LLC Sells 68,151 Shares of Plains All American Pipeline Lp $PAA

  • Plains All American Pipeline and Plains GP Holdings Announce Quarterly Distributions and Timing of Second Quarter 2026 Earnings