Plains All American Pipeline, L.P. (PAA) 10-Year Financial Performance & Capital Metrics

PAA • • Industrial / General

EnergyMidstream Oil & GasPipeline & Gathering SystemsCrude Oil Pipeline Operators

AboutPlains All American Pipeline, L.P., through its subsidiaries, engages in the pipeline transportation, terminalling, storage, and gathering of crude oil and natural gas liquids (NGL) in the United States and Canada. The company operates in two segments, Crude Oil and NGL. The Crude Oil segment offers gathering and transporting crude oil through pipelines, gathering systems, trucks, and at times on barges or railcars. This segment provides terminalling, storage, and other facilities-related services, as well as merchant activities. As of December 31, 2021, this segment owned and leased 18,300 miles of active crude oil transportation pipelines and gathering systems, as well as an additional 110 miles of pipelines that supports crude oil storage and terminalling facilities; 74 million barrels of commercial crude oil storage capacity; 38 million barrels of active, above-ground tank capacity; four marine facilities; a condensate processing facility; seven crude oil rail terminals and 2,100 crude oil railcars; and 640 trucks and 1,275 trailers. The Natural Gas Liquids segment engages in the natural gas processing, NGL fractionation, storage, transportation, and terminalling activities. As of December 31, 2021, this segment owned and operated four natural gas processing plants; nine fractionation plants; 28 million barrels of NGL storage capacity; approximately 1,620 miles of active NGL transportation pipelines, as well as an additional 55 miles of pipeline that supports NGL storage facilities; 16 NGL rail terminals and approximately 3,900 NGL rail cars; and approximately 220 trailers. The company was founded in 1981 and is headquartered in Houston, Texas. Plains All American Pipeline, L.P. operates as a subsidiary of Plains GP Holdings, L.P.Show more

Revenue $50.07B +2.8%
EBITDA $2.2B -13.8%
Net Income $772M -37.2%
EPS (Diluted) 0.73 -47.9%
Gross Margin 3.43% -39.3%
EBITDA Margin 4.4% -16.2%
Operating Margin 2.35% -24.1%
Net Margin 1.54% -38.9%
ROE 5.76% -36.7%
ROIC 4.21% -20.0%
Debt/Equity 0.61 +3.7%
Interest Coverage 2.74 -30.0%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓High quality earnings: Operating CF exceeds net income
✓Trading at only 1.0x book value
✓Efficient asset utilization: 1.9x turnover

✗Weaknesses

✗Profits declining 18.7% 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

10Y-5.67%

5Y-18.68%

3Y9.19%

TTM7.82%

EPS CAGR

10Y-11.15%

5Y-22.73%

3Y9.9%

TTM10.1%

ROCE

10Y Avg4.83%

5Y Avg2.23%

3Y Avg6%

Latest5.36%

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+	21.61B	18.91B	24.79B	31.58B	31.36B	22.16B	40.34B	55.46B	45.96B	48.35B
COGS % of Revenue	0.93%	0.94%	0.95%	0.93%	0.93%	0.95%	0.96%	0.97%	0.94%	0.97%
Gross Profit+	1.54B	1.27B	1.43B	2.48B	2.31B	1.13B	1.74B	1.89B	2.76B	1.72B
Gross Margin %	0.07%	0.06%	0.05%	0.07%	0.07%	0.05%	0.04%	0.03%	0.06%	0.03%
Gross Profit Growth %	-0.27%	-0.17%	0.12%	0.73%	-0.07%	-0.51%	0.54%	0.09%	0.46%	-0.38%
Operating Expenses+	278M	279M	276M	316M	325M	3.5B	884M	594M	1.25B	541M
OpEx % of Revenue	0.01%	0.01%	0.01%	0.01%	0.01%	0.15%	0.02%	0.01%	0.03%	0.01%
Selling, General & Admin	278M	279M	276M	316M	297M	271M	292M	325M	350M	381M
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	0	0	0	0	28M	3.23B	592M	269M	896M	160M
Operating Income+	1.26B	994M	1.15B	2.28B	1.99B	-2.38B	851M	1.29B	1.51B	1.18B
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 %	-0.3%	-0.21%	0.16%	0.97%	-0.13%	-2.19%	1.36%	0.52%	0.17%	-0.22%
EBITDA+	1.69B	1.49B	1.78B	2.8B	2.59B	-1.72B	1.63B	2.26B	2.56B	2.2B
EBITDA Margin %	0.07%	0.07%	0.07%	0.08%	0.08%	-0.07%	0.04%	0.04%	0.05%	0.04%
EBITDA Growth %	-0.22%	-0.12%	0.19%	0.57%	-0.07%	-1.67%	1.94%	0.39%	0.13%	-0.14%
D&A (Non-Cash Add-back)	432M	494M	623M	520M	601M	653M	774M	965M	1.05B	1.03B
EBIT	1.44B	1.22B	1.38B	2.85B	2.67B	-2.16B	1.15B	1.82B	2.01B	1.71B
Net Interest Income+	-432M	-467M	-510M	-431M	-425M	-436M	-425M	-405M	-386M	-360M
Interest Income	0	0	0	0	0	0	0	0	0	70M
Interest Expense	432M	467M	510M	431M	425M	436M	425M	405M	386M	430M
Other Income/Expense	-256M	-239M	-251M	137M	258M	-224M	-130M	125M	113M	102M
Pretax Income+	1.01B	755M	902M	2.41B	2.25B	-2.6B	721M	1.42B	1.62B	1.28B
Pretax Margin %	0.04%	0.04%	0.03%	0.07%	0.07%	-0.11%	0.02%	0.02%	0.03%	0.03%
Income Tax+	100M	25M	44M	198M	66M	-19M	73M	189M	121M	167M
Effective Tax Rate %	0.9%	0.96%	0.95%	0.92%	0.97%	1%	0.82%	0.73%	0.76%	0.6%
Net Income+	903M	726M	856M	2.22B	2.17B	-2.59B	593M	1.04B	1.23B	772M
Net Margin %	0.04%	0.04%	0.03%	0.07%	0.06%	-0.11%	0.01%	0.02%	0.03%	0.02%
Net Income Growth %	-0.35%	-0.2%	0.18%	1.59%	-0.02%	-2.19%	1.23%	0.75%	0.19%	-0.37%
Net Income (Continuing)	906M	730M	858M	2.22B	2.18B	-2.58B	648M	1.23B	1.5B	1.11B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	359M	57M	0	0	133M	145M	2.84B	3.27B	3.31B	3.28B
EPS (Diluted)+	0.77	0.43	0.95	2.77	2.65	-3.83	0.55	1.19	1.40	0.73
EPS Growth %	-0.68%	-0.44%	1.21%	1.92%	-0.04%	-2.45%	1.14%	1.16%	0.18%	-0.48%
EPS (Basic)	0.78	0.43	0.96	2.77	2.71	-3.83	0.55	1.19	1.40	0.73
Diluted Shares Outstanding	396M	466M	718M	799M	800M	728M	716M	701M	699M	702M
Basic Shares Outstanding	394M	464M	717M	799M	727M	728M	716M	701M	699M	702M
Dividend Payout Ratio	1.2%	1.46%	1.62%	0.39%	0.46%	-	0.87%	0.56%	0.61%	1.15%

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	4.27B	4B	3.53B	4.61B	3.67B	6.14B	5.36B	4.91B	4.8B
Cash & Short-Term Investments	27M	47M	37M	66M	45M	22M	449M	401M	450M	348M
Cash Only	27M	47M	37M	66M	45M	22M	449M	401M	450M	348M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	1.78B	2.28B	3.03B	2.45B	3.61B	2.55B	4.71B	3.91B	3.76B	3.9B
Days Sales Outstanding	28.14	41.22	42.16	26.3	39.18	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	15.47	25.92	10.5	7.4	7.03	10.66	7.08	4.8	4.35	3.31
Other Current Assets	241M	603M	221M	373M	349M	443M	200M	318M	155M	114M
Total Non-Current Assets+	19.32B	19.94B	21.35B	21.98B	24.07B	20.83B	22.47B	22.54B	22.44B	21.76B
Property, Plant & Equipment	13.47B	13.87B	14.09B	14.79B	15.82B	14.99B	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	707M	805M	1.96B	2.15B	1.88B	1.68B
Long-Term Investments	2.03B	2.34B	2.76B	2.7B	3.68B	3.76B	3.81B	3.08B	2.82B	2.81B
Other Non-Current Assets	1.13B	1.14B	1.1B	1.2B	1.31B	1.27B	1.41B	1.71B	1.65B	1.52B
Total Assets+	22.29B	24.21B	25.35B	25.51B	28.68B	24.5B	28.61B	27.89B	27.36B	26.56B
Asset Turnover	1.04x	0.83x	1.03x	1.33x	1.17x	0.95x	1.47x	2.06x	1.78x	1.89x
Asset Growth %	0%	0.09%	0.05%	0.01%	0.12%	-0.15%	0.17%	-0.03%	-0.02%	-0.03%
Total Current Liabilities+	3.41B	4.66B	4.53B	3.46B	5.02B	4.25B	6.23B	5.89B	5B	4.95B
Accounts Payable	2.04B	2.59B	3.32B	2.7B	3.69B	2.44B	4.81B	4.04B	3.84B	3.88B
Days Payables Outstanding	34.42	49.96	48.92	31.26	42.91	40.14	43.52	26.62	30.53	29.3
Short-Term Debt	999M	1.72B	737M	66M	486M	831M	822M	1.16B	446M	408M
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	370M	361M	471M	686M	733M	907M	523M	617M	713M	661M
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	9.19	17.18	3.74	2.44	3.3	10.53	4.38	3.05	2	2.45
Total Non-Current Liabilities+	10.94B	10.73B	9.86B	10.05B	10.46B	10.51B	9.57B	8.68B	8.62B	8.52B
Long-Term Debt	10.38B	10.12B	9.18B	9.14B	9.14B	9.31B	8.4B	7.29B	7.3B	7.21B
Capital Lease Obligations	0	0	0	0	436M	387M	339M	308M	274M	313M
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	567M	606M	679M	910M	891M	807M	830M	1.08B	1.04B	990M
Total Liabilities	14.35B	15.39B	14.39B	13.51B	15.48B	14.76B	15.8B	14.57B	13.62B	13.47B
Total Debt+	11.37B	11.84B	9.92B	9.21B	10.17B	10.61B	9.64B	8.82B	8.03B	7.93B
Net Debt	11.35B	11.79B	9.88B	9.14B	10.13B	10.59B	9.19B	8.42B	7.58B	7.59B
Debt / Equity	1.43x	1.34x	0.91x	0.77x	0.77x	1.09x	0.75x	0.66x	0.58x	0.61x
Debt / EBITDA	6.71x	7.96x	5.59x	3.29x	3.93x	-	5.93x	3.91x	3.14x	3.60x
Net Debt / EBITDA	6.70x	7.92x	5.56x	3.27x	3.91x	-	5.65x	3.73x	2.96x	3.44x
Interest Coverage	2.92x	2.13x	2.26x	5.28x	4.68x	-5.45x	2.00x	3.19x	3.91x	2.74x
Total Equity+	7.94B	8.82B	10.96B	12B	13.2B	9.74B	12.81B	13.32B	13.73B	13.1B
Equity Growth %	-0.03%	0.11%	0.24%	0.1%	0.1%	-0.26%	0.32%	0.04%	0.03%	-0.05%
Book Value per Share	20.05	18.92	15.26	15.02	16.49	13.38	17.89	19.01	19.65	18.66
Total Shareholders' Equity	7.58B	8.76B	10.96B	12B	13.06B	9.59B	9.97B	10.06B	10.42B	9.81B
Common Stock	7.58B	7.25B	8.66B	9.71B	10.77B	7.3B	7.68B	7.76B	8.13B	7.51B
Retained Earnings	0	0	0	0	0	0	0	0	0	0
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	0	0	0	0	0	0	0	0	0	0
Minority Interest	359M	57M	0	0	133M	145M	2.84B	3.27B	3.31B	3.28B

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+	1.34B	726M	2.5B	2.61B	2.5B	1.51B	2B	2.41B	2.73B	2.49B
Operating CF Margin %	0.06%	0.04%	0.1%	0.08%	0.07%	0.07%	0.05%	0.04%	0.06%	0.05%
Operating CF Growth %	-0.33%	-0.46%	2.44%	0.04%	-0.04%	-0.4%	0.32%	0.21%	0.13%	-0.09%
Net Income	906M	730M	858M	2.22B	2.18B	-2.58B	648M	1.23B	1.5B	1.11B
Depreciation & Amortization	432M	494M	626M	520M	601M	653M	774M	965M	1.05B	1.03B
Stock-Based Compensation	27M	60M	41M	79M	34M	15M	23M	40M	50M	50M
Deferred Taxes	16M	-60M	16M	132M	-46M	-70M	23M	105M	-24M	-28M
Other Non-Cash Items	79M	-12M	17M	-206M	-253M	3.65B	755M	261M	-43M	255M
Working Capital Changes	-116M	-486M	941M	-133M	-12M	-158M	-227M	-191M	194M	74M
Change in Receivables	803M	-524M	-511M	309M	-1.16B	1.43B	-2.18B	649M	213M	94M
Change in Inventory	-90M	-463M	605M	-75M	-5M	-304M	-18M	-10M	223M	70M
Change in Payables	-829M	501M	847M	-367M	1.15B	0	1.97B	-830M	-242M	-90M
Cash from Investing+	-2.53B	-1.27B	-1.57B	-813M	-1.76B	-1.09B	386M	-526M	-702M	-1.5B
Capital Expenditures	-2.08B	-1.33B	-1.02B	-1.63B	-1.18B	-738M	-336M	-455M	-559M	-619M
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	315M	-633M
Cash from Financing+	814M	563M	-943M	-1.76B	-720M	-435M	-1.98B	-1.93B	-1.98B	-1.08B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-1.08B	-1.06B	-1.39B	-1.03B	-1.2B	-853M	-715M	-782M	-989M	-1.15B
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	515M	-156M	788M	-24M	66M	41M	-179M	-325M	-320M	-421M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-735M	-608M	1.48B	974M	1.32B	776M	1.66B	1.95B	2.17B	1.87B
FCF Margin %	-0.03%	-0.03%	0.06%	0.03%	0.04%	0.03%	0.04%	0.03%	0.04%	0.04%
FCF Growth %	-11.21%	0.17%	3.43%	-0.34%	0.36%	-0.41%	1.14%	0.18%	0.11%	-0.14%
FCF per Share	-1.86	-1.30	2.05	1.22	1.65	1.07	2.32	2.79	3.10	2.67
FCF Conversion (FCF/Net Income)	1.49x	1.00x	2.92x	1.18x	1.15x	-0.58x	3.37x	2.32x	2.22x	3.23x
Interest Paid	396M	450M	486M	400M	397M	428M	401M	393M	377M	381M
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)	11.2%	8.67%	8.66%	19.3%	17.23%	-22.59%	5.26%	7.94%	9.09%	5.76%
Return on Invested Capital (ROIC)	5.11%	3.74%	4.17%	8.13%	6.71%	-8.16%	3.02%	4.43%	5.26%	4.21%
Gross Margin	6.65%	6.31%	5.45%	7.28%	6.87%	4.85%	4.12%	3.29%	5.66%	3.43%
Net Margin	3.9%	3.6%	3.26%	6.51%	6.45%	-11.12%	1.41%	1.81%	2.53%	1.54%
Debt / Equity	1.43x	1.34x	0.91x	0.77x	0.77x	1.09x	0.75x	0.66x	0.58x	0.61x
Interest Coverage	2.92x	2.13x	2.26x	5.28x	4.68x	-5.45x	2.00x	3.19x	3.91x	2.74x
FCF Conversion	1.49x	1.00x	2.92x	1.18x	1.15x	-0.58x	3.37x	2.32x	2.22x	3.23x
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 All American Pipeline, L.P. (PAA) has a price-to-earnings (P/E) ratio of 26.1x. This suggests investors expect higher future growth.

Growth & Financials

Plains All American Pipeline, L.P. (PAA) reported $46.63B in revenue for fiscal year 2024. This represents a 36% increase from $34.27B in 2011.

Plains All American Pipeline, L.P. (PAA) grew revenue by 2.8% over the past year. Growth has been modest.

Yes, Plains All American Pipeline, L.P. (PAA) is profitable, generating $1.13B in net income for fiscal year 2024 (1.5% net margin).

Dividend & Returns

Yes, Plains All American Pipeline, L.P. (PAA) pays a dividend with a yield of 6.66%. This makes it attractive for income-focused investors.

Plains All American Pipeline, L.P. (PAA) has a return on equity (ROE) of 5.8%. This is below average, suggesting room for improvement.

Plains All American Pipeline, L.P. (PAA) generated $2.22B in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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