Plains All American Pipeline, L (PAA) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Plains All American Pipeline, L

NasdaqGS•Energy•Oil & Gas Midstream

$25.70+0.18(0.01%)Pre-market

Plains All American Pipeline, L.P., through its subsidiaries, engages in the pipeline transportation, terminalling, 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. The Crude Oil segment offers gathering and transporting crude oil through pipelines, trucks, and on barges or railcars. This segment provides terminalling, storage, and other related services, as well as merchant activities. The NGL segment is involved in natural gas processing and NGL fractionation, storage, transportation, and terminaling. This segment also includes ethane, propane, normal butane, iso-butane, and natural gasoline derived from natural gas production and processing activities, as well as crude oil refining processes. Its NGL components are used for various applications, such as heating, engine, and industrial fuels. The company was founded in 1981 and is headquartered in Houston, Texas. Plains All American Pipeline, L.P. operates as a subsidiary of Plains GP Holdings, L.P.

How this company scores

GoodMetricSide Score: 68.5/100

Strongest: Cash & Earnings Quality (23/25); weakest: Balance Sheet & Red Flags (13/25).

Profitability16/25

Growth16.5/25

Balance Sheet & Red Flags13/25

Cash & Earnings Quality23/25

Strengths

High ROERising earningsCash-backed earningsConsistent free cash flow

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

Some Concerns

Revenue Decline

Watch

Revenue has softened, declining in 4 quarters. Watch for further erosion.

Price & Volume

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $51.77B
Q. Revenue: $17.69B
TTM EBITDA: $2.41B
TTM Op. Income: $1.47B
Q. Op. Income: $398.00M
TTM Net Income: $2.76B
Q. Net Income: $1.83B
EPS: N/A
Shares Out.: $0

$51.77B in TTM revenue grew 8.3% YoY, reaching $17.69B last quarter. TTM EBITDA of $2.41B and TTM operating income of $1.47B show growth is flowing through to the bottom line. TTM net income of $2.76B means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 2 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 6.4%
EBITDA Margin: 3.6%
Op. Margin: 2.2%
Net Margin: 10.3%

Op. margin of 2.2% is up 0.0% YoY — cost efficiency is improving. Net margin at 10.3% and gross margin of 6.4% show how much of each revenue dollar survives to profit. Over the past year, operating margin is up 0% — a weakening trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: N/A
P/S Ratio: N/A
P/B Ratio: N/A

P/S of 0.0x and P/B of 0.0x.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $29.22B
Cash: $1.06B
Long-Term Debt: $8.43B
Book Value: $11.08B
D/E Ratio: 0.8
Debt/EBITDA: 13.2

With $29.22B in assets and $8.43B in long-term debt, D/E is 0.8and book value is $11.08B — a conservative capital structure with a cushion to weather downturns. Over the past year, debt/equity is down 10% — an improving trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $814.00M
TTM Free Cash Flow: $2.03B
FCF Margin: 3.9%
FCF / Net Income: 0.7

TTM FCF of $2.03B on $814.00M in operating cash flow. The FCF / Net Income ratio of 0.7x means free cash flow covers net income — earnings are backed by cash. Over the past year, free cash flow is up 12% — an improving trend.