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Plains GP Holdings, L.P.

Rank #423Value

PAGP · Nasdaq · Energy

Plains GP Holdings, L.P. (PAGP) — Rank #423 by gross profitability (GP/assets 0.13) · ROE — · Piotroski F-Score N/A.

As-of 2026-09-15 · CIK 0001581990 · all metrics point-in-time as of the filing date.

About

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.

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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.

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

Price History

PAGP+295.6% · +31.7% CAGRSPY+80.5% · +12.5% CAGR

Company Snapshot

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

Market Cap

$6.49B

P/E (annual)

—

P/S (annual)

0.1

P/B

—

P/OCF (annual)

2.2

Shareholder Yield

—

Employees

—

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
-$48.00M

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)

15.7%

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

-$48.00M

Cash & equivalents minus total debt.

Recession resistance

Revenue through recessions

Worst single-year YoY revenue decline, 15 years of history

Weak
2008-2009 (GFC)
N/AN/A
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

7.80

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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