Plains All American Pipeline, L.P. (PAA) Financial Ratios
28 years of historical data (1997–2024) · Energy · Oil & Gas Midstream
EV/EBITDA
↓
10.54
↑+27% vs avg
5yr avg: 8.28
30Y Low7.1·High18.0
P/FCF
↓
8.36
↑+53% vs avg
5yr avg: 5.45
30Y Low4.0·High94.5
P/B Ratio
↑
1.19
↑+73% vs avg
5yr avg: 0.69
30Y Low0.5·High3.1
ROE
↑
5.8%
↓+427% vs avg
5yr avg: 1.1%
30Y Low-44%·High38%
Debt/EBITDA
↓
3.60
↓-13% vs avg
5yr avg: 4.14
30Y Low2.0·High27.6
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
PAA Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Plains All American Pipeline, L.P. trades at 30.4x earnings, 99% above its 5-year average of 15.3x, sitting at the 88th percentile of its historical range. Compared to the Energy sector median P/E of 16.9x, the stock trades at a premium of 80%. On a free-cash-flow basis, the stock trades at 8.4x P/FCF, 53% above the 5-year average of 5.5x.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $15.6B | $12.0B | $10.6B | $8.2B | $6.7B | $6.0B | $14.7B | $16.0B | $14.8B | $15.0B | $9.1B |
| Enterprise Value | $23.2B | $19.6B | $18.2B | $16.7B | $15.9B | $16.6B | $24.8B | $25.2B | $24.7B | $26.8B | $20.5B |
| P/E Ratio → | 30.37 | 23.40 | 10.82 | 9.88 | 16.98 | — | 6.94 | 7.23 | 21.73 | 75.09 | 30.00 |
| P/S Ratio | 0.31 | 0.24 | 0.22 | 0.14 | 0.16 | 0.26 | 0.44 | 0.47 | 0.57 | 0.75 | 0.40 |
| P/B Ratio | 1.19 | 0.92 | 0.77 | 0.62 | 0.52 | 0.62 | 1.11 | 1.33 | 1.35 | 1.71 | 1.15 |
| P/FCF | 8.36 | 6.41 | 4.88 | 4.22 | 4.03 | 7.73 | 11.12 | 16.44 | 10.05 | — | — |
| P/OCF | 6.28 | 4.82 | 3.88 | 3.42 | 3.35 | 3.96 | 5.88 | 6.14 | 5.93 | 20.73 | 6.81 |
P/E links to full P/E history page with 30-year chart
PAA EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Plains All American Pipeline, L.P.'s enterprise value stands at 10.5x EBITDA, 27% above its 5-year average of 8.3x. The Energy sector median is 8.1x, placing the stock at a 29% premium on an enterprise-value basis.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.39 | 0.37 | 0.29 | 0.38 | 0.71 | 0.74 | 0.74 | 0.94 | 1.33 | 0.89 |
| EV / EBITDA | 10.54 | 8.88 | 7.10 | 7.38 | 9.77 | — | 9.59 | 8.99 | 13.91 | 18.04 | 12.10 |
| EV / EBIT | 19.72 | 11.45 | 9.04 | 9.15 | 13.85 | — | 9.30 | 8.84 | 17.85 | 21.96 | 14.25 |
| EV / FCF | — | 10.46 | 8.38 | 8.53 | 9.56 | 21.37 | 18.77 | 25.83 | 16.75 | — | — |
PAA Profitability
Margins and return-on-capital ratios measuring operating efficiency
Plains All American Pipeline, L.P. earns an operating margin of 2.4%, below the Energy sector average of 14.5%. ROE of 5.8% is modest, trailing the sector median of 7.9%. ROIC of 4.2% represents below-average returns on invested capital versus a sector median of 6.4%.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 3.4% | 3.4% | 5.7% | 3.3% | 4.1% | 4.9% | 6.9% | 7.3% | 5.4% | 6.3% | 6.7% |
| Operating Margin | 2.4% | 2.4% | 3.1% | 2.3% | 2.0% | -10.2% | 5.9% | 6.7% | 4.4% | 4.9% | 5.5% |
| Net Profit Margin | 1.5% | 1.5% | 2.5% | 1.8% | 1.4% | -11.1% | 6.4% | 6.5% | 3.3% | 3.6% | 3.9% |
Return on Capital
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 5.8% | 5.8% | 9.1% | 7.9% | 5.3% | -22.6% | 17.2% | 19.3% | 8.7% | 8.7% | 11.2% |
| ROA | 2.9% | 2.9% | 4.5% | 3.7% | 2.2% | -9.7% | 8.0% | 8.7% | 3.5% | 3.1% | 4.1% |
| ROIC | 4.2% | 4.2% | 5.3% | 4.4% | 3.0% | -8.2% | 6.7% | 8.1% | 4.2% | 3.7% | 5.1% |
| ROCE | 5.4% | 5.4% | 6.8% | 5.8% | 4.0% | -10.8% | 8.7% | 10.6% | 5.7% | 5.2% | 6.9% |
PAA Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Plains All American Pipeline, L.P. carries a Debt/EBITDA ratio of 3.6x, which is moderately leveraged (50% above the sector average of 2.4x). Net debt stands at $7.6B ($7.9B total debt minus $348M cash). Interest coverage of just 2.7x is concerning — the company has limited headroom to absorb earnings volatility before struggling with debt service.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.61 | 0.61 | 0.58 | 0.66 | 0.75 | 1.09 | 0.77 | 0.77 | 0.91 | 1.34 | 1.43 |
| Debt / EBITDA | 3.60 | 3.60 | 3.14 | 3.91 | 5.93 | — | 3.93 | 3.29 | 5.59 | 7.96 | 6.71 |
| Net Debt / Equity | — | 0.58 | 0.55 | 0.63 | 0.72 | 1.09 | 0.77 | 0.76 | 0.90 | 1.34 | 1.43 |
| Net Debt / EBITDA | 3.44 | 3.44 | 2.96 | 3.73 | 5.65 | — | 3.91 | 3.27 | 5.56 | 7.92 | 6.70 |
| Debt / FCF | — | 4.05 | 3.49 | 4.31 | 5.53 | 13.64 | 7.65 | 9.39 | 6.70 | — | — |
| Interest Coverage | 2.74 | 2.74 | 3.91 | 3.19 | 2.00 | -5.45 | 4.68 | 5.28 | 2.26 | 2.13 | 2.92 |
PAA Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.97x is below 1.0, meaning current liabilities exceed current assets. The current ratio has improved from 0.91x to 0.97x over the past 3 years.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.97 | 0.97 | 0.98 | 0.91 | 0.98 | 0.86 | 0.92 | 1.02 | 0.88 | 0.92 | 0.87 |
| Quick Ratio | 0.88 | 0.88 | 0.87 | 0.79 | 0.86 | 0.71 | 0.80 | 0.84 | 0.73 | 0.63 | 0.60 |
| Cash Ratio | 0.07 | 0.07 | 0.09 | 0.07 | 0.07 | 0.01 | 0.01 | 0.02 | 0.01 | 0.01 | 0.01 |
| Asset Turnover | — | 1.89 | 1.78 | 2.06 | 1.47 | 0.95 | 1.17 | 1.33 | 1.03 | 0.83 | 1.04 |
| Inventory Turnover | 110.15 | 110.15 | 83.86 | 76.07 | 51.52 | 34.25 | 51.91 | 49.34 | 34.77 | 14.08 | 23.59 |
| Days Sales Outstanding | — | 28.44 | 28.17 | 24.87 | 40.81 | 40.01 | 39.18 | 26.30 | 42.16 | 41.22 | 28.14 |
PAA Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Plains All American Pipeline, L.P. returns 5.7% to shareholders annually primarily through dividends. The payout ratio exceeds 100% at 115.4%, meaning the company is paying out more than it earns — this level is unsustainable long-term without earnings recovery. The earnings yield of 3.3% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 5.7% | 7.4% | 7.1% | 7.1% | 7.7% | 10.9% | 6.8% | 5.4% | 9.4% | 7.1% | 11.8% |
| Payout Ratio | 115.4% | 115.4% | 60.8% | 56.3% | 87.2% | — | 46.2% | 39.3% | 161.9% | 146.3% | 119.7% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.3% | 4.3% | 9.2% | 10.1% | 5.9% | — | 14.4% | 13.8% | 4.6% | 1.3% | 3.3% |
| FCF Yield | 12.0% | 15.6% | 20.5% | 23.7% | 24.8% | 12.9% | 9.0% | 6.1% | 10.0% | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.9% | 2.7% | 0.8% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 5.7% | 7.4% | 7.1% | 8.0% | 10.4% | 11.8% | 6.8% | 5.4% | 9.4% | 7.1% | 11.8% |
| Shares Outstanding | — | $702M | $699M | $701M | $716M | $728M | $800M | $799M | $718M | $466M | $396M |
Peer Comparison
Compare PAA with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 PAAYou | $16B | 30.4 | 10.5 | 8.4 | 3.4% | 2.4% | 5.8% | 4.2% | 3.6 |
 EPD | $81B | 14.1 | 12.1 | 27.4 | 13.6% | 13.1% | 19.3% | 8.3% | 3.7 |
 ET | $68B | 14.7 | 9.4 | 17.8 | 21.8% | 11.4% | 10.2% | 6.3% | 4.9 |
 MPLX | $57B | 11.5 | 13.2 | 13.8 | 45.2% | 40.3% | 34.4% | 9.9% | 4.3 |
 WES | $17B | 13.8 | 10.9 | 11.5 | 68.5% | 41.3% | 31.0% | 10.5% | 3.9 |
 PAGP | $5B | 45.5 | 5.6 | 2.5 | 7.0% | 2.3% | 0.7% | 4.0% | 3.6 |
 KMI | $70B | 23.1 | 14.1 | 21.8 | 43.7% | 28.4% | 9.5% | 5.6% | 4.5 |
 OKE | $54B | 15.8 | 10.2 | 22.0 | 21.5% | 20.7% | 15.2% | 9.6% | 3.9 |
 TRGP | $54B | 29.3 | 14.3 | 13.7 | 26.5% | 20.1% | 48.4% | 13.3% | 3.5 |
 DKL | $3B | 15.5 | 8.8 | — | 20.9% | 18.0% | 847.5% | 14.1% | 0.1 |
 OXY | $55B | 34.2 | 6.7 | 13.3 | 33.8% | 17.2% | 6.7% | 4.7% | 2.1 |
| Energy Median | — | 16.9 | 8.1 | 14.1 | 32.7% | 14.5% | 7.9% | 6.4% | 2.4 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Full PAA Stock Analysis
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Start ComparisonPAA — Frequently Asked Questions
Quick answers to the most common questions about buying PAA stock.
What is Plains All American Pipeline, L.P.'s P/E ratio?
Plains All American Pipeline, L.P.'s current P/E ratio is 30.4x. The historical average is 24.4x. This places it at the 88th percentile of its historical range.
What is Plains All American Pipeline, L.P.'s EV/EBITDA?
Plains All American Pipeline, L.P.'s current EV/EBITDA is 10.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 12.0x.
What is Plains All American Pipeline, L.P.'s ROE?
Plains All American Pipeline, L.P.'s return on equity (ROE) is 5.8%. The historical average is 11.0%.
Is PAA stock overvalued?
Based on historical data, Plains All American Pipeline, L.P. is trading at a P/E of 30.4x. This is at the 88th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Plains All American Pipeline, L.P.'s dividend yield?
Plains All American Pipeline, L.P.'s current dividend yield is 5.73% with a payout ratio of 115.4%.
What are Plains All American Pipeline, L.P.'s profit margins?
Plains All American Pipeline, L.P. has 3.4% gross margin and 2.4% operating margin.
How much debt does Plains All American Pipeline, L.P. have?
Plains All American Pipeline, L.P.'s Debt/EBITDA ratio is 3.6x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.