Plains All American Pipeline PAA
United StatesEnergy · Oil & Gas MidstreamUSD
26.12 USD (+8.4%)
16 analysts
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Plains All American Pipeline is a US midstream infrastructure operator that transports, stores, and markets crude oil and natural gas liquids, with key assets in the Permian basin and the US Gulf Coast.
Key points
from its scores- ✓Good share-price trend9.5
- ✓Favourable backdrop7.7
- ✓Strong growth7.2
- ✕Little competitive advantage4.0
- ✕Fragile balance sheet4.4
AI analysis
bottom line, main risk, context and newsMomentum and dividend are attractive, but the unsustainable payout and dependence on the energy cycle limit upside potential.
PAA shows exceptional momentum (score 9.53) and 66.3% revenue growth, but its financial health is average (4.41) with a very low operating margin (2.77%) and a 137.5% payout that compromises dividend sustainability. Valuation is reasonable (FCF yield 8.25%), but the business depends on the energy cycle and the current geopolitical risk premium.
The dividend is not covered by earnings (137.5% payout), which could force a cut if cash flow deteriorates or if the Ormuz risk premium deflates and compresses sector margins.
Context and risks
PAA is a crude and NGL midstream operator with assets concentrated in the Permian basin and the US Gulf Coast. Its exposure to crude volatility and the potential reversal of refining margins due to the Ormuz situation is a business risk, not a balance sheet one. The regulatory and governance risk of the domicile country (US) is moderate, with a reference.
Is Plains All American Pipeline stock cheap or expensive?
at the analysis dateOn P/E and EV / EBITDA, it trades 38% above the Energy median on average.
| Multiple | Company | Sector | Difference |
|---|---|---|---|
| P/E | 20.8 | 15.7 | +32% |
| EV / EBITDA | 11.6 | 8.0 | +44% |
| Price / book | 1.9 | 2.2 | −16% |
| Price / sales | 0.3 | 1.9 | −83% |
Sector: median of the 102 Energy companies analysed. In bold, the multiples used for the comparison.
Valuation score: 6.1 out of 10 (median for Energy: 5.9).
Average analyst target: 26.12 USD, +8.4% versus the price.
A premium can be justified if the company is of higher quality or grows faster than its sector: Quality / Moat 4.0 (sector 5.8), Growth 7.2 (sector 7.2).
Classic formulas with standard assumptions (10.0% growth, 8-9% discount rate). Indicative only: they change a lot with the assumptions and are not a recommendation.
Work out its fair value yourself →How much would you have made investing every month? →
Comparing it with its sector does not say whether it is a good buy: this is not investment advice.
Score by category
0 to 10 · hover overtap each one to see what it measuresKey metrics
at the analysis date · compared with the Energy medianValuation
- P/E
- 20.8
- Forward P/E
- 12.6
- EV / EBITDA
- 11.6
- Price / book
- 1.9
- Price / sales
- 0.3
- PEG
- 2.35
- Market cap
- 17.0B USD
- Enterprise value
- 29.8B USD
Profitability
- ROE
- 10.2%
- ROA
- 3.5%
- ROIC (approx.)
- 8.2%
- Gross margin
- 5.5%
- Operating margin
- 2.8%
- Net margin
- 5.3%
- Free cash flow
- 1.4B USD
- FCF yield
- 8.3%
- Cash conversion
- 55%
Solvency
- Total debt
- 8.6B USD
- Net debt
- 7.6B USD
- Cash
- 1.1B USD
- EBITDA
- 2.6B USD
- Net debt / EBITDA
- 2.95
- Debt / equity
- 60.42
- Current ratio
- 1.12
- Quick ratio
- 1.08
Growth
- Revenue growth
- +66.3%
- Earnings growth
- +1,076.7%
- EPS (TTM)
- 1.16 USD
- EPS (forward)
- 1.91 USD
Dividend
- Dividend yield
- 6.9%
- Payout
- 137.5%
Risk and market
- Beta
- 0.55
- Analyst consensus
- Buy (16)
- Target price
- 26.12 USD
- 52-week range
- 15.69 – 26.39
Recent news
All PAA news →Compare it with its sector
All 102 in Energy →Frequently asked questions about Plains All American Pipeline
Is Plains All American Pipeline stock cheap or expensive?
On P/E and EV / EBITDA, it trades 38% above the Energy median on average. Valuation score: 6.1 out of 10 (median for Energy: 5.9). Average analyst target: 26.12 USD, +8.4% versus the price. This is not investment advice.
What score does Plains All American Pipeline get on MeridIAn Screener?
It scores 6.0 out of 10, rank 1,007 of 2,130 (better than 51% of the companies analysed). Its strongest category is Momentum (9.5) and its weakest, Quality / Moat (4.0). Analysis of 08/10/2026.
What is Plains All American Pipeline's P/E ratio?
Its P/E is 20.8: the share price equals 20.8 times earnings per share over the last 12 months. The Energy median is 15.7. Based on the earnings analysts expect, the forward P/E is 12.6.
How much is Plains All American Pipeline worth on the stock market?
Its market capitalisation is 17.0B USD and its enterprise value, debt included, is 29.8B USD.
How much debt does Plains All American Pipeline have?
Its net debt (debt minus cash) is 7.6B USD. That is 2.95 times its EBITDA; the Energy median is 1.23.
Does Plains All American Pipeline pay a dividend?
Yes: its dividend yield is 6.93% and it pays out 138% of its earnings.
How has Plains All American Pipeline stock performed over the last year?
It has risen 64.5% over the last year, excluding dividends. Over the last 52 weeks it has traded between 15.69 and 26.39 USD. Past performance does not guarantee future results.
What do analysts think of Plains All American Pipeline?
16 analysts cover it; their average recommendation is “Buy” and their average target is 26.12 USD (+8.4% versus the price). It is an estimate, not market data.