PAA · Nasdaq · Energy
Plains All American Pipeline, L.P. (PAA) — Rank #398 by gross profitability (GP/assets 0.13) · ROE — · Piotroski F-Score N/A.
As-of 2026-10-30 · 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
Company Snapshot
P/E and dividend yield are the primary valuation lenses for mature businesses.
Market Cap
—
P/E (annual)
—
P/S (annual)
—
P/B
—
P/OCF (annual)
—
Shareholder Yield
—
Employees
3,900
Industry
Oil & Gas Midstream
Exchange
Nasdaq
9/10
Flags passed
PAA fails 1 critical flag
Passes 9 of 10 quality flags
- FAILRevenue declining YoY
Revenue contracted year over year
- PASSGross margin holding
- PASSFCF not negative from investment
- PASSDisclosure consistent
- PASSOperating margin holding
- PASSFree cash flow intact
- PASSPasses safety gate
- PASSBalance sheet stable
- PASSNo competitive retreat
- PASSSBC not compressing margin
Strengths Operating leverage expanding
No data Dilution · Valuation — not counted as a pass.
A count of the 12 warning flags that could be evaluated. Unweighted: colour follows the worst flag.
Quality Profile
Profitability
1/1 passSafety
1/1 passCash Flow
3/3 passGrowth
0/1 passDividend yield and payout ratio are the primary reads at this stage (trailing P/E — see valuation above).
Profitability
Does it make money well?
Warning: Revenue declining YoY · GP/assets 0.13
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.
Operating Leverage
| 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|
| 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%
Cash Flow Health
Is the cash real?
No warning flags · FCF 60% above net income
Free cash flow
$2.29B
Operating cash flow minus capex.
Positive free cash flow
FCF vs net income
59.8%
(FCF − net income) ÷ |net income|. Positive: cash above earnings. Negative: below.
FCF not below net income
Fails when free cash flow is below net income (yellow flag).
Accruals healthy
Cash-backed earnings.
SBC / revenue
0.1%
Stock-based comp intensity.
Balance Sheet Strength
Can it survive a storm?
No warning flags · net cash $1.05B
Balance-sheet safety
Composite anti-fragile check.
Debt / equity
—
Current ratio
1.12×
Quick ratio
1.08×
Net cash
$1.05B
Cash & equivalents minus total debt.
Piotroski F-Score
N/A
Only 7/9 components determinable.
Valuation
Is the price reasonable?
No data
Capital allocation quality
Composite score
2.0 / 5
Lifecycle Phase History
Price History
Source filings on SEC EDGAR: 10-K annual reports · 10-Q quarterly reports