Profit looks boosted by one-off gains.Reported profit is 1.2× operating cash profit (EBITDA), lifted by income outside the core business.Reported profit is 1.2× operating cash profit, lifted by income outside the core business.
Plains All American Pipeline, L.P.'s reported profit is 1.2× its operating cash profit (EBITDA), which is unusual: normally it's the other way round. Income outside the core business, such as interest on a large cash pile, gains on investments or asset sales, or tax items, has lifted net income, so its earnings-based valuation may look cheaper than the business alone justifies.Plains All American Pipeline, L.P.'s reported profit is 1.2× its operating cash profit, which is unusual: normally it's the other way round. Income outside the core business, such as interest on a large cash pile, gains on investments or asset sales, or tax items, has lifted net income, so its earnings-based valuation may look cheaper than the business alone justifies.
Valuation signals disagree.Cheaper than 91% of peers on earnings, but only 39% on operating cash profit (EBITDA).Cheaper than 91% of peers on earnings, but only 39% on operating cash profit.
Relative to its earnings, Plains All American Pipeline, L.P. looks cheaper than 91% of peers; relative to its operating cash profit (EBITDA), cheaper than only 39%. The valuation score blends the two, so look at which measure fits this business best.Relative to its earnings, Plains All American Pipeline, L.P. looks cheaper than 91% of peers; relative to its operating cash profit, cheaper than only 39%. The valuation score blends the two, so look at which measure fits this business best.
Yahoo Finance fallback · no standard SEC debt tagReported value33% base weight · Z-score -0.44Sector median: 0.4659 · MAD: 0.3175
Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.
Questions investors ask about Plains All American Pipeline, L.P.
Is Plains All American Pipeline, L.P. getting weaker?
Its latest SEC filing (Aug 10, 2026) got stronger: debt down 26%. Its overall score is unchanged at 64/100 since Oct 28, 2026.
How is Plains All American Pipeline, L.P. valued vs its peers?
Priced lower than most peers relative to what it earns. Valuation scores 75/100 against 404 energy peers.Earnings yield 17.0% vs a peer median of 5.2% (stronger than 91% of peers).Earnings yield 17.0% vs peers 5.2% (stronger than 91% of peers).EBITDA yield 10.2% vs a peer median of 12.1% (weaker than 61% of peers).EBITDA yield 10.2% vs peers 12.1% (weaker than 61% of peers).
Is Plains All American Pipeline, L.P. growing?
Yes, faster than most of its peers. Growth scores 86/100 against 404 energy peers.Earnings per share growth 147.6% vs a peer median of 1.1% (stronger than 92% of peers).Earnings per share growth 147.6% vs peers 1.1% (stronger than 92% of peers).
How profitable is Plains All American Pipeline, L.P.?
About as profitable as its peers. Profitability scores 51/100 against 404 energy peers.Return on assets 10.6% vs a peer median of 4.4% (stronger than 89% of peers).Return on assets 10.6% vs peers 4.4% (stronger than 89% of peers).Operating margin 3.1% vs a peer median of 11.7% (weaker than 80% of peers).Operating margin 3.1% vs peers 11.7% (weaker than 80% of peers).
How risky is Plains All American Pipeline, L.P.?
Moderate risk relative to 404 energy peers, judged on debt, liquidity and share-price swings.Current ratio 1.12× vs a peer median of 1.37× (weaker than 64% of peers).Current ratio 1.12× vs peers 1.37× (weaker than 64% of peers). A relative measure, not a bankruptcy probability.
Latest filing: what changed
Quarter ended Jun 30, 2026 · filed Aug 10, 2026 · compared with the quarter ended Mar 31, 2026
Got stronger
Debt down 26%
Previous quarter
Latest quarter
Change
Revenue (12 months)
45.3B USD
52.3B USD
+15.6%
Net income (12 months)
1.5B USD
3.1B USD
+109.6%
Operating margin
3.3%
3.1%
−0.1 pts
Free cash flow (12 months)
2.1B USD
2.4B USD
+14.1%
Debt
11.4B USD
8.4B USD
−25.8%
Cash
171.0M USD
1.1B USD
+519.3%
Shares outstanding
705.5M
705.6M
+0.0%
From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.
Industry valuation context
Industry: Oil & Gas Midstream · 32 companies
Valuations in Oil & Gas Midstream are near the top of their range since Aug 2019.
86% of months since Aug 2019 were valued lower than now.
54% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +44% and earnings +16% (medians): prices rose faster than earnings.
Median price-to-sales is +39% vs the whole market, against a usual +3%.
Aug 2019Shaded: most expensive fifth of its range2026
Plains All American Pipeline, L.P. looks cheaper than most of its peers on our valuation measures, while the Oil & Gas Midstream industry as a whole is valued high by its own standards since Aug 2019. Both can be true at once.
This is a cyclical group: after a downturn, trailing earnings and sales fall faster than prices, which can make valuations look high near a cycle's low.
Describes valuations since Aug 2019; it does not predict prices. US companies worth $1B+, from SEC filings and month-end prices, as of Aug 2026. Today's companies and industry labels are used throughout. Measured on earnings, EBITDA, sales and free cash flow yields. How this works
Financials
Fiscal years from SEC annual filings · change vs the prior year
Key ratios
FY 2021
FY 2022
FY 2023
FY 2024
FY 2025
Change
Operating margin
2.0%
2.3%
2.7%
1.8%
3.2%
▲ 1.5 pts
Net margin
1.4%
1.8%
2.6%
1.6%
3.2%
▲ 1.7 pts
Return on assets (ROA)
2.1%
3.7%
4.5%
2.9%
4.8%
▲ 1.9 pts
Free cash flow margin
3.9%
3.4%
4.9%
4.2%
5.2%
▲ 1.0 pts
Current ratio
0.98×
0.91×
0.98×
0.97×
0.96×
▼ 1.1%
Quick ratio
0.86×
0.79×
0.87×
0.92×
0.92×
▼ 0.0%
Interest coverage
2.00×
3.19×
3.26×
2.02×
2.59×
▲ 28%
PAA price history
Price history is added with the daily price update and will appear after the next one.