Latest Ratios: P/E Ratio 14.7x · EV/EBITDA 10.0x · ROE 11.0%. (1997–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $17.2B | $12.6B | $12.0B | $10.6B | $8.2B | $6.7B | $6.0B | $14.7B | $16.0B | $14.8B | $15.0B |
| Enterprise Value | $23.8B | $19.2B | $19.6B | $18.2B | $16.7B | $15.9B | $16.6B | $24.8B | $25.2B | $24.7B | $26.8B |
| P/E Ratio → | 14.72 | 10.82 | 23.40 | 10.82 | 9.88 | 16.98 | — | 6.94 | 7.23 | 21.73 | 75.09 |
| P/S Ratio | 0.39 | 0.29 | 0.24 | 0.22 | 0.14 | 0.16 | 0.26 | 0.44 | 0.47 | 0.57 | 0.75 |
| P/B Ratio | 1.32 | 0.97 | 0.92 | 0.77 | 0.62 | 0.52 | 0.62 | 1.11 | 1.33 | 1.35 | 1.71 |
| P/FCF | 7.52 | 5.51 | 6.41 | 4.88 | 4.22 | 4.03 | 7.73 | 11.12 | 16.44 | 10.05 | — |
| P/OCF | 5.87 | 4.31 | 4.82 | 3.88 | 3.42 | 3.35 | 3.96 | 5.88 | 6.14 | 5.93 | 20.73 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.43 | 0.39 | 0.37 | 0.29 | 0.38 | 0.71 | 0.74 | 0.74 | 0.94 | 1.33 |
| EV / EBITDA | 9.98 | 8.05 | 8.88 | 7.10 | 7.38 | 9.77 | — | 9.59 | 8.99 | 13.91 | 18.04 |
| EV / EBIT | 16.61 | 9.83 | 11.45 | 9.04 | 9.15 | 13.85 | — | 9.30 | 8.84 | 17.85 | 21.96 |
| EV / FCF | — | 8.38 | 10.46 | 8.38 | 8.53 | 9.56 | 21.37 | 18.77 | 25.83 | 16.75 | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 6.0% | 6.0% | 3.4% | 5.7% | 3.3% | 4.1% | 4.9% | 6.9% | 7.3% | 5.4% | 6.3% |
| Operating Margin | 3.2% | 3.2% | 2.4% | 3.1% | 2.3% | 2.0% | -10.2% | 5.9% | 6.7% | 4.4% | 4.9% |
| Net Profit Margin | 3.2% | 3.2% | 1.5% | 2.5% | 1.8% | 1.4% | -11.1% | 6.4% | 6.5% | 3.3% | 3.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 11.0% | 11.0% | 5.8% | 9.1% | 7.9% | 5.3% | -22.6% | 17.2% | 19.3% | 8.7% | 8.7% |
| ROA | 5.1% | 5.1% | 2.9% | 4.5% | 3.7% | 2.2% | -9.7% | 8.0% | 8.7% | 3.5% | 3.1% |
| ROIC | 5.3% | 5.3% | 4.2% | 5.3% | 4.4% | 3.0% | -8.2% | 6.7% | 8.1% | 4.2% | 3.7% |
| ROCE | 6.1% | 6.1% | 5.4% | 6.8% | 5.8% | 4.0% | -10.8% | 8.7% | 10.6% | 5.7% | 5.2% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.86 | 0.86 | 0.61 | 0.58 | 0.66 | 0.75 | 1.09 | 0.77 | 0.77 | 0.91 | 1.34 |
| Debt / EBITDA | 4.73 | 4.73 | 3.60 | 3.14 | 3.91 | 5.93 | — | 3.93 | 3.29 | 5.59 | 7.96 |
| Net Debt / Equity | — | 0.50 | 0.58 | 0.55 | 0.63 | 0.72 | 1.09 | 0.77 | 0.76 | 0.90 | 1.34 |
| Net Debt / EBITDA | 2.75 | 2.75 | 3.44 | 2.96 | 3.73 | 5.65 | — | 3.91 | 3.27 | 5.56 | 7.92 |
| Debt / FCF | — | 2.86 | 4.05 | 3.49 | 4.31 | 5.53 | 13.64 | 7.65 | 9.39 | 6.70 | — |
| Interest Coverage | 3.53 | 3.53 | 3.98 | 5.20 | 4.50 | 2.70 | -4.96 | 6.28 | 6.60 | 2.71 | 2.62 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.96 | 0.96 | 0.97 | 0.98 | 0.91 | 0.98 | 0.86 | 0.92 | 1.02 | 0.88 | 0.92 |
| Quick Ratio | 0.96 | 0.96 | 0.88 | 0.87 | 0.79 | 0.86 | 0.71 | 0.80 | 0.84 | 0.73 | 0.63 |
| Cash Ratio | 0.96 | 0.96 | 0.07 | 0.09 | 0.07 | 0.07 | 0.01 | 0.01 | 0.02 | 0.01 | 0.01 |
| Asset Turnover | — | 1.47 | 1.89 | 1.78 | 2.06 | 1.47 | 0.95 | 1.17 | 1.33 | 1.03 | 0.83 |
| Inventory Turnover | — | — | 110.15 | 83.86 | 76.07 | 51.52 | 34.25 | 51.91 | 49.34 | 34.77 | 14.08 |
| Days Sales Outstanding | — | 32.38 | 28.44 | 28.17 | 24.87 | 40.81 | 40.01 | 39.18 | 26.30 | 42.16 | 41.22 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 6.2% | 8.5% | 7.4% | 7.1% | 7.1% | 7.7% | 10.9% | 6.8% | 5.4% | 9.4% | 7.1% |
| Payout Ratio | 74.6% | 74.6% | 115.4% | 60.8% | 56.3% | 87.2% | — | 46.2% | 39.3% | 161.9% | 146.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.8% | 9.2% | 4.3% | 9.2% | 10.1% | 5.9% | — | 14.4% | 13.8% | 4.6% | 1.3% |
| FCF Yield | 13.3% | 18.1% | 15.6% | 20.5% | 23.7% | 24.8% | 12.9% | 9.0% | 6.1% | 10.0% | — |
| Buyback Yield | 2.0% | 2.7% | 0.0% | 0.0% | 0.9% | 2.7% | 0.8% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 8.2% | 11.2% | 7.4% | 7.1% | 8.0% | 10.4% | 11.8% | 6.8% | 5.4% | 9.4% | 7.1% |
| Shares Outstanding | — | $704M | $702M | $699M | $701M | $716M | $728M | $800M | $799M | $718M | $466M |
Includes 30+ ratios · 29 years · Updated daily
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Quick answers to the most common questions about buying PAA stock.
Plains All American Pipeline, L.P.'s current P/E ratio is 14.7x. The historical average is 23.9x. This places it at the 31th percentile of its historical range.
Plains All American Pipeline, L.P.'s current EV/EBITDA is 10.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 11.8x.
Plains All American Pipeline, L.P.'s return on equity (ROE) is 11.0%. The historical average is 11.0%.
Based on historical data, Plains All American Pipeline, L.P. is trading at a P/E of 14.7x. This is at the 31th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Plains All American Pipeline, L.P.'s current dividend yield is 6.22% with a payout ratio of 74.6%.
Plains All American Pipeline, L.P. has 6.0% gross margin and 3.2% operating margin.
Plains All American Pipeline, L.P.'s Debt/EBITDA ratio is 4.7x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Permian concentration and thin margins
Metrics are mathematically derived from official filings.
Merchant Model Masks Underlying Margin Stability
PAA's gross margin averaged 6.0% over the last four quarters, per financial statements, reflecting its high-volume, low-margin merchant business. Net margin spiked to 10.3% in Q2 2026, but this appears driven by non-operating gains.
The reported gross margin of 6.0% is structurally low because it includes the full cost of crude purchased in merchant activities, obscuring the higher-margin fee-based pipeline and storage operations. The Q2 2026 net margin of 10.3% far exceeds operating margin of 2.2%, suggesting significant non-operating income that may not be recurring. Investors should focus on adjusted EBITDA or distributable cash flow to gauge true earning power, as these strip out mark-to-market and one-time items.
ROIC Remains Thin Despite Asset-Heavy Model
ROIC has hovered between 0.3% and 1.9% over the past ten quarters, per reported data, indicating that returns on invested capital are modest relative to the capital-intensive midstream sector. This suggests limited value creation beyond the cost of capital.
PAA's ROIC of 1.3% in Q2 2026 is well below the peer average of roughly 8-10% for large-cap midstream operators, as seen with EPD's 8.3% and MPLX's 9.9%. The low ROIC reflects the high fixed-asset base and thin margins from merchant activities, which dilute returns. While the balance sheet has deleveraged, the return on capital has not improved correspondingly, implying that the asset base may be underutilized or that growth investments have yet to generate adequate returns.
Working Capital Efficiency Shows Signs of Strain
PAA's cash conversion cycle turned negative in Q1 2026 at -0 days, per reported figures, but DSO rose to 32 days in Q1 2026 from 26 days in Q2 2026, indicating slower collections. This suggests working capital management may be under pressure.
The negative CCC in Q1 2026 was driven by a spike in DPO to 35 days, but this reversed in Q2 2026 as DPO fell to 27 days, bringing CCC back to 1 day. The volatility in DSO and DPO reflects the timing of merchant transactions, which can distort working capital metrics. Asset turnover improved to 0.58 in Q2 2026 from 0.40 in Q1, per reported data, indicating better revenue generation per dollar of assets, but this is partly due to the surge in merchant revenue rather than operational efficiency gains.
Leverage Drops Sharply but Sustainability Questioned
PAA's debt-to-equity fell to 0.60 in Q2 2026 from 0.90 in Q1, per financial statements, and D/EBITDA improved to 13.49 from 22.79. This rapid deleveraging appears driven by a one-time equity boost, warranting scrutiny.
The dramatic improvement in leverage metrics in Q2 2026 is unusual, with total debt falling from $11.6B to $8.6B and equity rising to $11.1B, per reported figures. This suggests a possible asset sale or revaluation gain, as the $1.8B net income quarter far exceeded operating income. Interest coverage improved to 3.46 from 3.01, but remains below the 4-5x level seen in 2025, indicating that debt service is manageable but not yet comfortable. Investors should monitor whether this deleveraging is sustainable or a one-time event.
Liquidity Buffer Thin but Improving
PAA's current ratio rose to 1.12 in Q2 2026 from 0.94 in Q1, per reported data, with cash increasing to $1.1B. However, the quick ratio of 1.10 suggests minimal inventory cushion, leaving liquidity vulnerable to operational disruptions.
The improvement in the current ratio is positive, but the absolute level remains modest for a company with significant short-term obligations. The quick ratio of 1.10 indicates that PAA relies heavily on receivables and cash to cover current liabilities, with inventory playing a negligible role. Under a severe stress scenario, such as a sharp drop in crude prices, the merchant business could face margin calls or reduced cash flows, potentially straining liquidity. The $1.1B cash balance provides a modest buffer, but it is not a fortress.
P/E Misleads on True Earnings Power
PAA's P/E of 14.40 appears reasonable, but net income is distorted by non-operating gains, as seen in Q2 2026 where net income of $1.8B far exceeded operating income of $398M. EV/EBITDA of 9.82 is a more reliable valuation metric.
The P/E ratio is commonly misapplied to midstream MLPs like PAA because net income includes significant non-cash items, such as mark-to-market adjustments on derivatives and one-time gains. In Q2 2026, the EPS of $2.51 was inflated by non-operating items, making the trailing P/E of 14.40 misleadingly low. EV/EBITDA of 9.82, which is in line with peers like ET at 9.68, provides a cleaner comparison of operating value. Investors should also consider distributable cash flow (DCF) yield, which better reflects cash available for distributions, given PAA's 6.4% dividend yield.