Plains GP Holdings (PAGP) Stock Fundamentals, Analysis & Risk Signals

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

Plains GP Holdings

NasdaqGS•Energy•Oil & Gas Midstream

$27.68-0.16(-0.01%)Pre-market

Market Cap

$5.48B

P/E

9.9x

P/S

0.1x

P/B

0.4x

Plains GP Holdings, L.P., through its subsidiary, Plains All American Pipeline, L.P., owns and operates midstream infrastructure systems in the United States and Canada. It operates through Crude Oil and Natural Gas Liquids (NGLs) segments. The company engages in the gathering and transporting crude oil using pipelines, trucks, and barges or railcars. It also provides terminalling, storage, and other related services. In addition, the company is involved in the natural gas processing and NGL fractionation, storage, transportation, and terminalling activities. PAA GP Holdings LLC operates as a general partner of the company. Plains GP Holdings, L.P. was incorporated in 2013 and is headquartered in Houston, Texas.

How this company scores

GoodMetricSide Score: 62/100

Strongest: Cash & Earnings Quality (23/25); weakest: Profitability (9/25).

Profitability9/25

Growth17/25

Balance Sheet & Red Flags13/25

Cash & Earnings Quality23/25

Strengths

Rising earningsCash-backed earningsConsistent free cash flow

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 9.9x5y range 9.9x – 306.7x

Currently below its 19-quarter median.

P/S · 0.1x5y range 0.1x – 0.1x

Currently above its 20-quarter median.

P/B · 0.4x5y range 0.2x – 0.4x

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

Market Cap $5.48B

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: $2.43B
TTM Op. Income: $1.46B
Q. Op. Income: $397.00M
TTM Net Income: $555.00M
Q. Net Income: $389.00M
EPS: $1.97
Shares Out.: $198.00M

$51.77B in TTM revenue grew 8.3% YoY, reaching $17.69B last quarter. TTM EBITDA of $2.43B and TTM operating income of $1.46B show growth is flowing through to the bottom line. TTM net income of $555.00M 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: 2.2%

Op. margin of 2.2% is up 0.0% YoY — cost efficiency is improving. Net margin at 2.2% and gross margin of 6.4% show how much of each revenue dollar survives to profit. Over the past year, operating margin is up 1% — a weakening trend.

Price Ratios

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

P/E Ratio: 9.9x
P/S Ratio: 0.1x
P/B Ratio: 0.4x

At 9.9x P/E, the stock trades below typical market levels. P/S of 0.1x and P/B of 0.4x provide additional context. P/E sits below typical market levels while revenue is growing. Over the past year, P/E is down 65% — an improving trend.

Assets & Liabilities

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

Total Assets: $30.23B
Cash: $1.06B
Long-Term Debt: $8.43B
Book Value: $15.31B
D/E Ratio: 0.6
Debt/EBITDA: 13.2

With $30.23B in assets and $8.43B in long-term debt, D/E is 0.6and book value is $15.31B — a conservative capital structure with a cushion to weather downturns. Over the past year, debt/equity is down 5% — an improving trend.

Cash Flow

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

Op. Cash Flow: $952.00M
TTM Free Cash Flow: $2.37B
FCF Margin: 4.6%
FCF / Net Income: 4.3

TTM FCF of $2.37B on $952.00M in operating cash flow. The FCF / Net Income ratio of 4.3x 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.