Plains GP Holdings, L.P. (PAGP) 10-Year Financial Performance & Capital Metrics

PAGP • • Industrial / General

EnergyMidstream Oil & GasPipeline & Gathering SystemsCrude Oil Pipeline Operators

AboutPlains GP Holdings, L.P., through its subsidiary, Plains All American Pipeline, L.P., owns and operates midstream energy infrastructure in the United States and Canada. The company operates in two segments, Crude Oil and Natural Gas Liquids (NGLs). The company engages in the transportation of crude oil and NGLs on pipelines, gathering systems, and trucks. As of December 31, 2021, this segment owned and leased assets comprising 18,300 miles of crude oil and NGL pipelines and gathering systems; 38 million barrels of above-ground tank capacity; and 1,275 trailers. It engages in the provision of storage, terminalling, and throughput services primarily for crude oil, NGLs, and natural gas; NGL fractionation and isomerization services; and natural gas and condensate processing services. As of December 31, 2021, this segment owned and operated approximately 74 million barrels of crude oil storage capacity; 28 million barrels of NGL storage capacity; four natural gas processing plants; a condensate processing facility; nine fractionation plants; 16 NGL rail terminals; four marine facilities; and 110 miles of pipelines. As of December 31, 2021, this segment owned 15 million barrels of crude oil and 2 NGL linefill; 3 million barrels of crude oil and 1 NGL linefill in pipelines owned by third parties and other inventory; 640 trucks and 1,275 trailers; and 3,900 NGL railcars. The company offers logistics services to producers, refiners, and other customers. 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.Show more

Revenue $50.07B +2.8%
EBITDA $2.2B -13.9%
Net Income $103M -48.0%
EPS (Diluted) 0.52 -49.0%
Gross Margin 6.96% +8.4%
EBITDA Margin 4.39% -16.2%
Operating Margin 2.34% -24.0%
Net Margin 0.21% -49.4%
ROE 0.7% -47.4%
ROIC 3.96% -19.9%
Debt/Equity 0.55 +3.4%
Interest Coverage 3.07 -21.1%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓High quality earnings: Operating CF exceeds net income
✓Trading at only 0.3x book value
✓Efficient asset utilization: 1.8x turnover

✗Weaknesses

✗Weak 3Y average ROE of 1.1%
✗Profits declining 20.8% over 5 years
✗Dividend payout exceeds 100% of earnings

Price & Volume

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Growth Metrics

Revenue CAGR

10Y1.43%

5Y8.26%

3Y5.97%

TTM-7.09%

Profit (Net Income) CAGR

10Y3.94%

5Y-20.82%

3Y19.74%

TTM12.05%

EPS CAGR

10Y-8.4%

5Y-46.74%

3Y18.82%

TTM9.91%

ROCE

10Y Avg4.53%

5Y Avg2.08%

3Y Avg5.64%

Latest5.05%

Peer Comparison

Crude Oil Pipeline Operators

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
PAGPPlains GP Holdings, L.P.	3.99B	20.17	38.79	2.79%	0.4%	1.31%	46.2%	0.55
PAAPlains All American Pipeline, L.P.	13.44B	19.05	26.10	2.79%	2.42%	8.7%	13.92%	0.61
SOBOSouth Bow Corporation	5.45B	26.17	17.22	5.74%	17.26%	17.06%	7.11%	2.19

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	23.15B	20.18B	26.22B	34.05B	33.67B	23.29B	42.08B	57.34B	48.71B	50.07B
Revenue Growth %	-0.47%	-0.13%	0.3%	0.3%	-0.01%	-0.31%	0.81%	0.36%	-0.15%	0.03%
Cost of Goods Sold+	20.16B	17.73B	23.61B	30.31B	30.06B	21.09B	39.28B	54.14B	45.58B	46.59B
COGS % of Revenue	0.87%	0.88%	0.9%	0.89%	0.89%	0.91%	0.93%	0.94%	0.94%	0.93%
Gross Profit+	2.99B	2.45B	2.61B	3.74B	3.61B	2.2B	2.8B	3.2B	3.13B	3.49B
Gross Margin %	0.13%	0.12%	0.1%	0.11%	0.11%	0.09%	0.07%	0.06%	0.06%	0.07%
Gross Profit Growth %	-0.16%	-0.18%	0.06%	0.43%	-0.03%	-0.39%	0.27%	0.14%	-0.02%	0.11%
Operating Expenses+	1.74B	1.46B	1.46B	1.58B	1.63B	4.59B	1.96B	1.91B	1.63B	2.31B
OpEx % of Revenue	0.07%	0.07%	0.06%	0.05%	0.05%	0.2%	0.05%	0.03%	0.03%	0.05%
Selling, General & Admin	281M	282M	280M	320M	302M	276M	298M	330M	356M	387M
SG&A % of Revenue	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	-7M	33M	-31M	-7M	1.33B	4.31B	1.66B	1.58B	1.27B	1.93B
Operating Income+	1.26B	990M	1.15B	2.27B	1.98B	-2.38B	842M	1.28B	1.5B	1.17B
Operating Margin %	0.05%	0.05%	0.04%	0.07%	0.06%	-0.1%	0.02%	0.02%	0.03%	0.02%
Operating Income Growth %	-0.29%	-0.21%	0.16%	0.98%	-0.13%	-2.2%	1.35%	0.52%	0.17%	-0.22%
EBITDA+	1.69B	1.45B	1.66B	2.79B	2.58B	-1.73B	1.62B	2.25B	2.55B	2.2B
EBITDA Margin %	0.07%	0.07%	0.06%	0.08%	0.08%	-0.07%	0.04%	0.04%	0.05%	0.04%
EBITDA Growth %	-0.22%	-0.14%	0.14%	0.68%	-0.07%	-1.67%	1.94%	0.39%	0.13%	-0.14%
D&A (Non-Cash Add-back)	433M	464M	516M	521M	604M	656M	777M	968M	1.05B	1.03B
EBIT	1.43B	1.2B	1.39B	2.84B	2.66B	-2.17B	1.14B	1.81B	2B	1.66B
Net Interest Income+	-443M	-480M	-510M	-431M	-425M	-436M	-425M	-405M	-386M	-360M
Interest Income	0	0	0	0	0	0	0	0	0	22M
Interest Expense	443M	480M	510M	431M	425M	436M	425M	405M	386M	382M
Other Income/Expense	-267M	-252M	-251M	137M	258M	-224M	-130M	125M	113M	102M
Pretax Income+	991M	738M	896M	2.41B	2.24B	-2.61B	712M	1.41B	1.61B	1.27B
Pretax Margin %	0.04%	0.04%	0.03%	0.07%	0.07%	-0.11%	0.02%	0.02%	0.03%	0.03%
Income Tax+	182M	78M	937M	302M	176M	-167M	112M	246M	189M	204M
Effective Tax Rate %	0.12%	0.13%	-0.82%	0.14%	0.15%	0.22%	0.08%	0.12%	0.12%	0.08%
Net Income+	118M	94M	-731M	334M	331M	-568M	60M	168M	198M	103M
Net Margin %	0.01%	0%	-0.03%	0.01%	0.01%	-0.02%	0%	0%	0%	0%
Net Income Growth %	0.69%	-0.2%	-8.78%	1.46%	-0.01%	-2.72%	1.11%	1.8%	0.18%	-0.48%
Net Income (Continuing)	809M	660M	-41M	2.11B	2.06B	-2.44B	600M	1.16B	1.43B	1.07B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	7.47B	8.97B	10.66B	11.47B	12.33B	9.73B	12.64B	13.11B	13.42B	12.96B
EPS (Diluted)+	1.41	0.94	-5.04	2.11	12.13	-3.07	0.31	0.87	1.02	0.52
EPS Growth %	0.13%	-0.33%	-6.36%	1.42%	4.75%	-1.25%	1.1%	1.81%	0.17%	-0.49%
EPS (Basic)	1.41	0.94	-5.04	2.12	12.27	-3.05	0.31	0.87	1.02	0.52
Diluted Shares Outstanding	83M	99M	145M	159M	170M	246M	194M	194M	195M	197M
Basic Shares Outstanding	83M	99M	145M	158M	168M	186M	194M	194M	195M	197M
Dividend Payout Ratio	1.65%	2.49%	-	0.57%	0.7%	-	2.33%	0.96%	1.06%	2.44%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	2.97B	4.28B	4B	3.53B	4.61B	3.67B	6.14B	5.36B	4.92B	4.78B
Cash & Short-Term Investments	30M	50M	40M	69M	47M	63M	456M	404M	453M	349M
Cash Only	30M	50M	40M	69M	47M	63M	456M	404M	453M	349M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	1.78B	2.28B	3.03B	2.45B	3.72B	2.55B	4.71B	3.91B	3.76B	3.9B
Days Sales Outstanding	28.14	41.22	42.16	26.3	40.34	40.01	40.81	24.87	28.17	28.44
Inventory	916M	1.34B	713M	640M	604M	647M	783M	729M	548M	439M
Days Inventory Outstanding	16.59	27.65	11.02	7.71	7.33	11.2	7.28	4.91	4.39	3.44
Other Current Assets	241M	603M	221M	373M	242M	405M	196M	318M	155M	87M
Total Non-Current Assets+	21.17B	21.83B	22.75B	21.98B	25.36B	22.28B	23.84B	23.85B	23.68B	22.98B
Property, Plant & Equipment	13.49B	13.89B	14.11B	14.79B	15.83B	15B	15.3B	15.6B	16.09B	15.76B
Fixed Asset Turnover	1.72x	1.45x	1.86x	2.30x	2.13x	1.55x	2.75x	3.68x	3.03x	3.18x
Goodwill	2.4B	2.34B	2.57B	2.52B	2.54B	0	0	0	0	0
Intangible Assets	283M	242M	844M	772M	706M	805M	1.96B	2.15B	1.88B	1.68B
Long-Term Investments	2.03B	2.34B	2.76B	2.7B	3.68B	3.86B	3.87B	3.13B	2.82B	2.81B
Other Non-Current Assets	1.13B	1.38B	1.94B	664M	2.59B	1.18B	1.34B	1.66B	1.65B	1.52B
Total Assets+	24.14B	26.1B	26.75B	25.51B	29.97B	25.95B	29.98B	29.21B	28.6B	27.76B
Asset Turnover	0.96x	0.77x	0.98x	1.33x	1.12x	0.90x	1.40x	1.96x	1.70x	1.80x
Asset Growth %	0.01%	0.08%	0.02%	-0.05%	0.17%	-0.13%	0.16%	-0.03%	-0.02%	-0.03%
Total Current Liabilities+	3.41B	4.67B	4.53B	3.46B	5.02B	4.25B	6.23B	5.89B	5B	4.92B
Accounts Payable	1.94B	2.5B	3.32B	2.71B	3.69B	2.42B	4.81B	4.04B	3.85B	3.88B
Days Payables Outstanding	35.11	51.55	51.38	32.57	44.77	41.97	44.7	27.27	30.79	30.41
Short-Term Debt	999M	1.72B	737M	66M	530M	909M	899M	1.23B	446M	408M
Deferred Revenue (Current)	-1000K	-1000K	-1000K	-1000K	0	1000K	0	0	0	0
Other Current Liabilities	471M	447M	424M	687M	630M	560M	524M	618M	714M	635M
Current Ratio	0.87x	0.92x	0.88x	1.02x	0.92x	0.86x	0.98x	0.91x	0.98x	0.97x
Quick Ratio	0.60x	0.63x	0.73x	0.84x	0.80x	0.71x	0.86x	0.79x	0.87x	0.88x
Cash Conversion Cycle	9.62	17.31	1.8	1.44	2.9	9.23	3.38	2.52	1.77	1.47
Total Non-Current Liabilities+	11.5B	10.73B	9.86B	10.05B	10.43B	10.51B	9.57B	8.68B	8.62B	8.52B
Long-Term Debt	10.93B	10.12B	9.18B	9.14B	9.14B	9.31B	8.34B	7.24B	7.3B	7.21B
Capital Lease Obligations	0	0	0	0	436M	387M	398M	358M	274M	313M
Deferred Tax Liabilities	0	0	0	0	0	0	0	545M	535M	0
Other Non-Current Liabilities	567M	606M	679M	910M	857M	807M	830M	536M	506M	990M
Total Liabilities	14.91B	15.4B	14.39B	13.51B	15.45B	14.76B	15.8B	14.57B	13.63B	13.44B
Total Debt+	11.93B	10.12B	9.18B	9.14B	10.22B	10.61B	9.64B	8.82B	8.03B	7.93B
Net Debt	11.9B	10.07B	9.14B	9.07B	10.17B	10.54B	9.18B	8.42B	7.57B	7.58B
Debt / Equity	0.71x	0.51x	0.40x	0.73x	0.70x	0.95x	0.68x	0.60x	0.54x	0.55x
Debt / EBITDA	7.06x	6.96x	5.52x	3.27x	3.95x	-	5.95x	3.92x	3.14x	3.61x
Net Debt / EBITDA	7.04x	6.93x	5.50x	3.25x	3.94x	-	5.67x	3.74x	2.97x	3.45x
Interest Coverage	2.84x	2.06x	2.25x	5.27x	4.66x	-5.47x	1.98x	3.17x	3.89x	3.07x
Total Equity+	16.71B	19.68B	23.02B	12.51B	14.52B	11.19B	14.18B	14.64B	14.97B	14.32B
Equity Growth %	-0.02%	0.18%	0.17%	-0.46%	0.16%	-0.23%	0.27%	0.03%	0.02%	-0.04%
Book Value per Share	201.28	198.76	158.77	78.69	85.41	45.49	73.08	75.45	76.78	72.67
Total Shareholders' Equity	9.23B	10.71B	12.36B	1.04B	2.19B	1.46B	1.53B	1.52B	1.55B	1.35B
Common Stock	1.76B	1.74B	1.7B	1.85B	2.15B	1.46B	1.53B	1.52B	1.55B	1.35B
Retained Earnings	0	-1.77B	-1.72B	-844M	0	0	0	0	0	0
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-2.2B	-2.37B	-2.8B	-3.1B	0	0	0	0	0	0
Minority Interest	7.47B	8.97B	10.66B	11.47B	12.33B	9.73B	12.64B	13.11B	13.42B	12.96B

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	1.33B	711M	2.5B	2.6B	2.5B	1.51B	1.99B	2.4B	2.72B	2.48B
Operating CF Margin %	0.06%	0.04%	0.1%	0.08%	0.07%	0.06%	0.05%	0.04%	0.06%	0.05%
Operating CF Growth %	-0.33%	-0.47%	2.51%	0.04%	-0.04%	-0.4%	0.32%	0.21%	0.13%	-0.09%
Net Income	809M	660M	-41M	2.11B	2.06B	-2.44B	600M	1.16B	1.43B	1.07B
Depreciation & Amortization	433M	495M	628M	521M	604M	656M	777M	968M	1.05B	1.03B
Stock-Based Compensation	27M	60M	41M	79M	35M	16M	24M	41M	51M	52M
Deferred Taxes	98M	-7M	909M	236M	64M	-218M	62M	162M	44M	9M
Other Non-Cash Items	80M	-10M	17M	-206M	-253M	3.65B	755M	261M	-43M	255M
Working Capital Changes	-114M	-487M	942M	-133M	-12M	-158M	-227M	-191M	194M	72M
Change in Receivables	803M	-524M	-511M	231M	-1.16B	1.43B	-2.18B	649M	213M	112M
Change in Inventory	-90M	-463M	605M	-75M	-5M	-304M	-18M	-10M	223M	70M
Change in Payables	-827M	500M	848M	-367M	1.15B	-1.29B	1.97B	-830M	0	-110M
Cash from Investing+	-2.53B	-1.27B	-1.57B	-813M	-1.76B	-1.09B	386M	-526M	-702M	-875M
Capital Expenditures	-2.08B	-1.33B	-1.02B	-1.63B	-1.18B	-738M	-336M	-455M	-582M	-640M
CapEx % of Revenue	0.09%	0.07%	0.04%	0.05%	0.04%	0.03%	0.01%	0.01%	0.01%	0.01%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-93M	644M	1.13B	1.28B	-10M	416M	848M	92M	338M	17M
Cash from Financing+	827M	571M	-940M	-1.75B	-717M	-430M	-1.98B	-1.93B	-1.97B	-1.7B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-195M	-234M	-271M	-189M	-231M	-166M	-140M	-162M	-209M	-251M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-1.48B	-1.46B	-1.12B	-863M	-902M	-641M	-749M	-941M	-1.09B	-1.31B
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-746M	-623M	1.47B	970M	1.32B	772M	1.66B	1.95B	2.14B	1.84B
FCF Margin %	-0.03%	-0.03%	0.06%	0.03%	0.04%	0.03%	0.04%	0.03%	0.04%	0.04%
FCF Growth %	-14.32%	0.16%	3.36%	-0.34%	0.36%	-0.41%	1.14%	0.18%	0.1%	-0.14%
FCF per Share	-8.99	-6.29	10.15	6.10	7.76	3.14	8.53	10.05	10.97	9.36
FCF Conversion (FCF/Net Income)	11.30x	7.56x	-3.41x	7.80x	7.55x	-2.66x	33.18x	14.31x	13.75x	24.12x
Interest Paid	405M	462M	486M	400M	397M	428M	401M	393M	377M	351M
Taxes Paid	50M	98M	50M	21M	136M	111M	76M	112M	69M	269M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	0.7%	0.52%	-3.42%	1.88%	2.45%	-4.42%	0.47%	1.17%	1.34%	0.7%
Return on Invested Capital (ROIC)	3.38%	2.54%	2.78%	6.34%	6.42%	-7.7%	2.8%	4.15%	4.94%	3.96%
Gross Margin	12.93%	12.16%	9.95%	10.99%	10.73%	9.46%	6.65%	5.58%	6.43%	6.96%
Net Margin	0.51%	0.47%	-2.79%	0.98%	0.98%	-2.44%	0.14%	0.29%	0.41%	0.21%
Debt / Equity	0.71x	0.51x	0.40x	0.73x	0.70x	0.95x	0.68x	0.60x	0.54x	0.55x
Interest Coverage	2.84x	2.06x	2.25x	5.27x	4.66x	-5.47x	1.98x	3.17x	3.89x	3.07x
FCF Conversion	11.30x	7.56x	-3.41x	7.80x	7.55x	-2.66x	33.18x	14.31x	13.75x	24.12x
Revenue Growth	-46.73%	-12.83%	29.93%	29.87%	-1.13%	-30.83%	80.67%	36.28%	-15.05%	2.79%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Product	-	-	-	-	-	-	40.88B	55.95B	46.97B	48.25B
Product Growth	-	-	-	-	-	-	-	36.85%	-16.04%	2.72%
Service	-	-	-	-	-	-	1.2B	1.39B	1.74B	1.82B
Service Growth	-	-	-	-	-	-	-	16.65%	24.68%	4.66%
Long-Term Storage, Terminalling And Throughput Agreements Revenues	-	-	-	389M	404M	340M	-	-	-	-
Long-Term Storage, Terminalling And Throughput Agreements Revenues Growth	-	-	-	-	3.86%	-15.84%	-	-	-	-
Pipeline Revenues Supported By Minimum Volume Commitments And Long-Term Capacity Agreements	-	-	-	157M	164M	174M	-	-	-	-
Pipeline Revenues Supported By Minimum Volume Commitments And Long-Term Capacity Agreements Growth	-	-	-	-	4.46%	6.10%	-	-	-	-
Segment Supply And Logistics	21.93B	19B	25.06B	-	-	-	-	-	-	-
Segment Supply And Logistics Growth	-	-13.33%	31.85%	-	-	-	-	-	-	-
Segment Transportation	697M	954M	1.02B	-	-	-	-	-	-	-
Segment Transportation Growth	-	36.87%	7.02%	-	-	-	-	-	-	-
Segment Facilities	528M	546M	555M	-	-	-	-	-	-	-
Segment Facilities Growth	-	3.41%	1.65%	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	-	15.6B	21.44B	28.36B	27.16B	17.94B	34.46B	46.9B	42.31B	44.14B
UNITED STATES Growth	-	-	37.46%	32.27%	-4.23%	-33.94%	92.05%	36.12%	-9.80%	4.33%
CANADA	-	4.58B	4.78B	5.69B	6.51B	5.35B	7.62B	10.44B	6.4B	5.93B
CANADA Growth	-	-	4.30%	19.10%	14.30%	-17.81%	42.48%	36.99%	-38.65%	-7.32%
U	18.7B	-	-	-	-	-	-	-	-	-
U Growth	-	-	-	-	-	-	-	-	-	-
C	4.45B	-	-	-	-	-	-	-	-	-
C Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Plains GP Holdings, L.P. (PAGP) has a price-to-earnings (P/E) ratio of 38.8x. This suggests investors expect higher future growth.

Growth & Financials

Plains GP Holdings, L.P. (PAGP) reported $46.63B in revenue for fiscal year 2024. This represents a 36% increase from $34.27B in 2011.

Plains GP Holdings, L.P. (PAGP) grew revenue by 2.8% over the past year. Growth has been modest.

Yes, Plains GP Holdings, L.P. (PAGP) is profitable, generating $186.0M in net income for fiscal year 2024 (0.2% net margin).

Dividend & Returns

Yes, Plains GP Holdings, L.P. (PAGP) pays a dividend with a yield of 6.32%. This makes it attractive for income-focused investors.

Plains GP Holdings, L.P. (PAGP) has a return on equity (ROE) of 0.7%. This is below average, suggesting room for improvement.

Plains GP Holdings, L.P. (PAGP) generated $2.19B in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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