PBA Energy

Pembina Pipeline Corporation

$49.39-1.95%

Price as of close on Nov 3, 2026 · Financials updated Oct 1, 2026

Basics

Sector: Energy
Industry: Oil & Gas Midstream
Country: Canada
Market cap: 28.7B USD
Enterprise value: 37.3B USD
Full-time employees: 2,974

Overall health

Drawback: growing more slowly than most peersgrowing more slowly than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback: higher risk than most peers: less short-term liquidity (current ratio 0.61 vs a peer median of 1.37)higher risk: less liquidity (current ratio 0.61 vs peers 1.37)

Ranks #286 of 363 energy companies (bottom 22%)

See how it ranks against its peers

Worth knowing

Investment surge. Capital spending 10% of revenue, up from 5.2% in 2022.
Pembina Pipeline is spending 10% of revenue on facilities and equipment, up from 5.2% in 2022. That weighs on free cash flow today; whether it pays off depends on the returns those investments earn.
Financials may be out of date. Latest financial period ended 10 months ago.
The latest financial period we have ended 10 months ago, so the scores may not reflect recent results.
Profit is backed by cash. Free cash flow is 149% of reported profit.
Pembina Pipeline's free cash flow is 149% of its reported profit, so its earnings are turning into cash it can reinvest, pay out or use to reduce debt.
Wide margins. Operating margin 36% (12 months to Dec 2025) vs a peer median of 12%.Operating margin 36% vs peers 12%.
Pembina Pipeline keeps 36% of revenue as operating profit, more than 88% of peers (median 12%).

StockQuotient Score

37/ 100

Oct 5 37 → Nov 4 37

Valuation

Is the price right?

25/100

Weak

3/3 inputs reported · High confidence

Since last year: No major changeValuation also moves with the share price every day.

Why

Weaker than most peers on:

▼ EBITDA yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield4.2%

SEC filings (IFRS mapped) · 12 months to Dec 2025 · CAD→USD at the current rateReported value30% base weight · Z-score -0.30Sector median: 0.0522 · MAD: 0.0351

EBITDA yield6.4%

Yahoo Finance fallback · SEC enterprise value unavailable (debt or EBITDA not reported in standard form) · trailing 12 months · CAD→USD convertedReported value50% base weight · Z-score -1.10Sector median: 0.1209 · MAD: 0.0518

Free cash flow yield6.2%

SEC filings (IFRS mapped) · 12 months to Dec 2025 · CAD→USD at the current rate · operating cash flow − capital spendingReported value20% base weight · Z-score 0.01Sector median: 0.0618 · MAD: 0.0491

Other data (not scored)

Book yield41.4%

SEC filings (IFRS mapped) · latest balance sheet · CAD→USD at the current rateReported valueInformational · 0% composite weightSector median: 0.5851 · MAD: 0.2677

Growth

Is it growing?

33/100

Weak

3/3 inputs reported · High confidence

Since last year: ▲ Stronger

12-month revenue up 5.3%

Why

Weaker than most peers on:

▼ 3-yr revenue

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growth-9.2%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported value33% base weight · Z-score -0.30Sector median: 0.0107 · MAD: 0.3431

3-year revenue growth-12.5%

SEC filings (IFRS mapped) · 3 years to Dec 2025Reported value33% base weight · Z-score -1.38Sector median: -0.0135 · MAD: 0.0807

Revenue growth5.3%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported value33% base weight · Z-score 0.44Sector median: 0.0050 · MAD: 0.1101

Profitability

Does it earn well?

66/100

Moderate

3/3 inputs reported · High confidence

Since last year: ▲ Stronger

Operating margin rose 5.2 points to 36.1%

Why

Stronger than most peers on:

▲ Operating margin

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin36.1%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported value33% base weight · Z-score 2.61Sector median: 0.1169 · MAD: 0.0936

Return on assets4.8%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported value33% base weight · Z-score 0.11Sector median: 0.0444 · MAD: 0.0302

Return on invested capital7.8%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported value33% base weight · Z-score -0.23Sector median: 0.0929 · MAD: 0.0648

Other data (not scored)

Gross margin41.1%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported valueInformational · 0% composite weightSector median: 0.3310 · MAD: 0.1935

Return on equity10.1%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported valueInformational · 0% composite weightSector median: 0.1014 · MAD: 0.0743

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last year: No major change

Why

Weaker than most peers on:

▼ Current ratio
▼ Beta
▼ Debt / equity

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta0.70

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -0.55Sector median: 0.5680 · MAD: 0.2415

Current ratio0.61×

SEC filings (IFRS mapped) · latest balance sheetReported value33% base weight · Z-score -1.50Sector median: 1.3710 · MAD: 0.5060

Debt / equity0.70×

SEC filings (IFRS mapped) · latest balance sheetReported value33% base weight · Z-score -0.72Sector 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 Pembina Pipeline

Is Pembina Pipeline getting weaker?: Its latest SEC filing (Feb 27, 2026) got stronger: operating margin rose 5.2 points to 36.1%. Its overall score is unchanged at 37/100 since Oct 28, 2026.
How is Pembina Pipeline valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 25/100 against 404 energy peers. EBITDA yield 6.4% vs a peer median of 12.1% (weaker than 81% of peers).EBITDA yield 6.4% vs peers 12.1% (weaker than 81% of peers).
Is Pembina Pipeline growing?: More slowly than most of its peers. Growth scores 33/100 against 404 energy peers. 3-year revenue growth -12.5% vs a peer median of -1.3% (weaker than 84% of peers).3-year revenue growth -12.5% vs peers -1.3% (weaker than 84% of peers).
How profitable is Pembina Pipeline?: More profitable than most of its peers. Profitability scores 66/100 against 404 energy peers. Operating margin 36.1% vs a peer median of 11.7% (stronger than 88% of peers).Operating margin 36.1% vs peers 11.7% (stronger than 88% of peers).
How risky is Pembina Pipeline?: Higher risk relative to 404 energy peers, judged on debt, liquidity and share-price swings. Current ratio 0.61× vs a peer median of 1.37× (weaker than 92% of peers).Current ratio 0.61× vs peers 1.37× (weaker than 92% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Year ended Dec 31, 2025 · filed Feb 27, 2026 · compared with the year ended Dec 31, 2024

Got stronger

Operating margin rose 5.2 points to 36.1%

	Previous year	Latest year	Change
Revenue (12 months)	7.4B CAD	7.8B CAD	+5.3%
Net income (12 months)	1.9B CAD	1.7B CAD	−9.1%
Operating margin	30.9%	36.1%	+5.2 pts
Free cash flow (12 months)	2.3B CAD	2.5B CAD	+11.4%
Debt	12.1B CAD	11.7B CAD	−3.3%
Cash	141.0M CAD	106.0M CAD	−24.8%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one year at a time.

Financials

Fiscal years from SEC annual filings · change vs the prior year · amounts in CAD, as reported

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Gross margin	30.7%	26.9%	44.9%	44.9%	41.1%	▼ 3.9 pts
Operating margin	24.5%	31.9%	41.9%	30.9%	36.1%	▲ 5.2 pts
Net margin	14.4%	25.6%	28.1%	25.2%	21.8%	▼ 3.5 pts
Return on assets (ROA)	3.9%	9.4%	5.4%	5.2%	4.8%	▼ 0.4 pts
Return on equity (ROE)	8.7%	18.9%	11.2%	10.6%	10.1%	▼ 0.5 pts
Free cash flow margin	23.1%	20.0%	32.0%	30.6%	32.4%	▲ 1.8 pts
Current ratio	0.52×	0.66×	0.82×	0.54×	0.61×	▲ 13%
Quick ratio	0.36×	0.53×	0.71×	0.44×	0.47×	▲ 7.9%
Debt to equity	0.74×	0.64×	0.63×	0.69×	0.70×	▲ 1.0%
Interest coverage	4.70×	7.62×	5.70×	4.07×	4.67×	▲ 15%

PBA price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Drawback: growing more slowly than most peersgrowing more slowly than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Drawback: higher risk than most peers: less short-term liquidity (current ratio 0.61 vs a peer median of 1.37)higher risk: less liquidity (current ratio 0.61 vs peers 1.37)

Ranks #286 of 363 energy companies (bottom 22%)

See how it ranks against its peers

Worth knowing

Investment surge. Capital spending 10% of revenue, up from 5.2% in 2022.

Pembina Pipeline is spending 10% of revenue on facilities and equipment, up from 5.2% in 2022. That weighs on free cash flow today; whether it pays off depends on the returns those investments earn.

Financials may be out of date. Latest financial period ended 10 months ago.

The latest financial period we have ended 10 months ago, so the scores may not reflect recent results.

Profit is backed by cash. Free cash flow is 149% of reported profit.

Pembina Pipeline's free cash flow is 149% of its reported profit, so its earnings are turning into cash it can reinvest, pay out or use to reduce debt.

Wide margins. Operating margin 36% (12 months to Dec 2025) vs a peer median of 12%.Operating margin 36% vs peers 12%.

Pembina Pipeline keeps 36% of revenue as operating profit, more than 88% of peers (median 12%).

Questions investors ask about Pembina Pipeline

Is Pembina Pipeline getting weaker?

Its latest SEC filing (Feb 27, 2026) got stronger: operating margin rose 5.2 points to 36.1%. Its overall score is unchanged at 37/100 since Oct 28, 2026.

How is Pembina Pipeline valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 25/100 against 404 energy peers. EBITDA yield 6.4% vs a peer median of 12.1% (weaker than 81% of peers).EBITDA yield 6.4% vs peers 12.1% (weaker than 81% of peers).

Is Pembina Pipeline growing?

More slowly than most of its peers. Growth scores 33/100 against 404 energy peers. 3-year revenue growth -12.5% vs a peer median of -1.3% (weaker than 84% of peers).3-year revenue growth -12.5% vs peers -1.3% (weaker than 84% of peers).

How profitable is Pembina Pipeline?

More profitable than most of its peers. Profitability scores 66/100 against 404 energy peers. Operating margin 36.1% vs a peer median of 11.7% (stronger than 88% of peers).Operating margin 36.1% vs peers 11.7% (stronger than 88% of peers).

How risky is Pembina Pipeline?

Higher risk relative to 404 energy peers, judged on debt, liquidity and share-price swings. Current ratio 0.61× vs a peer median of 1.37× (weaker than 92% of peers).Current ratio 0.61× vs peers 1.37× (weaker than 92% of peers). A relative measure, not a bankruptcy probability.

Previous year

Latest year

Change

Revenue (12 months)

7.4B CAD

7.8B CAD

+5.3%

Net income (12 months)

1.9B CAD

1.7B CAD

−9.1%

Operating margin

30.9%

36.1%

+5.2 pts

Free cash flow (12 months)

2.3B CAD

2.5B CAD

+11.4%

Debt

12.1B CAD

11.7B CAD

−3.3%

Cash

141.0M CAD

106.0M CAD

−24.8%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

30.7%

26.9%

44.9%

41.1%

▼ 3.9 pts

Operating margin

24.5%

31.9%

41.9%

30.9%

36.1%

▲ 5.2 pts

Net margin

14.4%

25.6%

28.1%

25.2%

21.8%

▼ 3.5 pts

Return on assets (ROA)

3.9%

9.4%

5.4%

5.2%

4.8%

▼ 0.4 pts

Return on equity (ROE)

8.7%

18.9%

11.2%

10.6%

10.1%

▼ 0.5 pts

Free cash flow margin

23.1%

20.0%

32.0%

30.6%

32.4%

▲ 1.8 pts

Current ratio

0.52×

0.66×

0.82×

0.54×

0.61×

▲ 13%

Quick ratio

0.36×

0.53×

0.71×

0.44×

0.47×

▲ 7.9%

Debt to equity

0.74×

0.64×

0.63×

0.69×

0.70×

▲ 1.0%

Interest coverage

4.70×

7.62×

5.70×

4.07×

4.67×

▲ 15%