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Plains All American Pipeline, L.P.

Rank #418Value

PAA · Nasdaq · Energy

Plains All American Pipeline, L.P. (PAA) — Rank #418 by gross profitability (GP/assets 0.13) · ROE — · Piotroski F-Score N/A.

As-of 2026-09-15 · CIK 0001070423 · all metrics point-in-time as of the filing date.

About

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.

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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.

Industry
Oil & Gas Midstream
Sector
Energy
State
DE
Filer Category
Large accelerated filer
Fiscal Year End
December 31
Website
plains.com

Price History

PAA+297.8% · +31.8% CAGRSPY+80.5% · +12.5% CAGR

Company Snapshot

P/E and dividend yield are the primary valuation lenses for mature businesses.

Market Cap

$18.16B

P/E (annual)

—

P/S (annual)

0.4

P/B

—

P/OCF (annual)

6.2

Shareholder Yield

—

Employees

3,900

Industry

Oil & Gas Midstream

Exchange

Nasdaq

Signal Flags

1 green1 red
Operating leverage expandingOperating income growing faster than revenue
Revenue declining YoYRevenue contracted year over year

Quality Profile

Profitability

1/1 pass
GP / assets
0.13
Return on equity
—
Gross margin trend
PASS

Safety

1/1 pass
Balance-sheet safety
PASS
Debt / equity
—
Current ratio
1.12×
Net cash
$1.05B

Cash Flow

3/3 pass
Positive FCF
PASS
Cash-backed earnings
PASS
Accruals healthy
PASS
SBC / revenue
0.1%

Growth

0/1 pass
Revenue growth
-9.5%
Piotroski F-Score
N/A
Share dilution
—

Terry Smith quality gate

Passes 1/5 Terry Smith thresholds

1 of 5 threshold not computable from filed data.

Dividend yield and payout ratio are the primary reads at this stage (trailing P/E — see valuation above).

Profitability

Gross profitability (GP / assets)

0.13

Primary signal (Novy-Marx).

Return on equity

—

Gross margin

8.7%

Revenue growth (YoY)

-9.5%

Gross margin improving

Margin trend vs prior year.

PASS

Operating Leverage

2022202320242025
Revenue vs COGS
Revenue vs OpEx
Op. Income vs Revenue

Growth

Revenue CAGR (3Y)

-8.3%

Revenue CAGR (5Y)

13.7%

Earnings CAGR (3Y)

11.4%

FCF CAGR (3Y)

5.5%

Anti-fragile safety

Balance-sheet safety

Composite anti-fragile check.

PASS

Debt / equity

—

Current ratio

1.12×

Quick ratio

1.08×

Net cash

$1.05B

Cash & equivalents minus total debt.

Recession resistance

Revenue through recessions

Worst single-year YoY revenue decline, 19 years of history

Weak
2008-2009 (GFC)
-38.4%Significant decline
2020 (COVID)
-30.8%Significant decline
Worst year on record(any fiscal year, not recession-limited)
-46.7%Significant decline

Cash-flow health

Free cash flow

$2.29B

Operating cash flow minus capex.

Positive free cash flow

PASS

FCF / net income

0.60

Cash-backing of earnings.

FCF/NI divergence

Unfavorable divergence (yellow flag).

PASS

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

0.1%

Stock-based comp intensity.

Piotroski F-Score

F-Score

N/A

Only 7/9 components determinable.

Lifecycle Phase History

20202025
Decline
Hypergrowth
Value
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