Latest Ratios: P/E Ratio 9.5x · EV/EBITDA 6.3x · ROE 1.8%. (2011–2025 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 | $5.1B | $3.8B | $3.6B | $3.1B | $2.4B | $2.0B | $2.1B | $3.2B | $3.2B | $3.2B | $3.4B |
| Enterprise Value | $16.3B | $14.9B | $11.2B | $10.7B | $10.8B | $11.1B | $12.6B | $13.4B | $12.3B | $12.3B | $13.5B |
| P/E Ratio → | 9.47 | 14.61 | 35.35 | 15.64 | 14.30 | 32.71 | — | 9.72 | 9.53 | — | 36.89 |
| P/S Ratio | 0.09 | 0.09 | 0.07 | 0.06 | 0.04 | 0.05 | 0.09 | 0.10 | 0.09 | 0.12 | 0.17 |
| P/B Ratio | 0.36 | 0.27 | 0.25 | 0.21 | 0.16 | 0.14 | 0.19 | 0.22 | 0.26 | 0.14 | 0.17 |
| P/FCF | 2.03 | 1.66 | 1.96 | 1.45 | 1.24 | 1.19 | 2.69 | 2.44 | 3.29 | 2.16 | — |
| P/OCF | 1.74 | 1.29 | 1.46 | 1.14 | 1.00 | 0.99 | 1.38 | 1.29 | 1.23 | 1.28 | 4.83 |
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 | — | 0.34 | 0.22 | 0.22 | 0.19 | 0.26 | 0.54 | 0.40 | 0.36 | 0.47 | 0.67 |
| EV / EBITDA | 6.27 | 6.28 | 5.10 | 4.19 | 4.81 | 6.89 | — | 5.18 | 4.39 | 7.40 | 8.97 |
| EV / EBIT | 11.39 | 8.03 | 6.77 | 5.34 | 5.97 | 9.80 | — | 5.03 | 4.32 | 8.88 | 11.22 |
| EV / FCF | — | 6.53 | 6.08 | 4.99 | 5.56 | 6.74 | 16.35 | 10.15 | 12.65 | 8.37 | — |
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% | 7.0% | 6.4% | 5.6% | 6.6% | 9.5% | 10.7% | 11.0% | 10.0% | 12.2% |
| Operating Margin | 3.2% | 3.2% | 2.3% | 3.1% | 2.2% | 2.0% | -10.2% | 5.9% | 6.7% | 4.4% | 4.9% |
| Net Profit Margin | 0.6% | 0.6% | 0.2% | 0.4% | 0.3% | 0.1% | -2.4% | 1.0% | 1.0% | -2.8% | 0.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 1.8% | 1.8% | 0.7% | 1.3% | 1.2% | 0.5% | -4.4% | 2.4% | 1.9% | -3.4% | 0.5% |
| ROA | 0.9% | 0.9% | 0.4% | 0.7% | 0.6% | 0.2% | -2.0% | 1.2% | 1.3% | -2.8% | 0.4% |
| ROIC | 4.5% | 4.5% | 4.0% | 4.9% | 4.1% | 2.8% | -7.7% | 6.4% | 6.3% | 2.8% | 2.5% |
| ROCE | 5.8% | 5.8% | 5.0% | 6.4% | 5.5% | 3.7% | -10.2% | 8.4% | 10.3% | 5.3% | 4.7% |
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 | 0.81 | 0.81 | 0.55 | 0.54 | 0.60 | 0.68 | 0.95 | 0.70 | 0.73 | 0.40 | 0.51 |
| Debt / EBITDA | 4.82 | 4.82 | 3.61 | 3.14 | 3.92 | 5.95 | — | 3.95 | 3.27 | 5.51 | 6.73 |
| Net Debt / Equity | — | 0.78 | 0.53 | 0.51 | 0.58 | 0.65 | 0.94 | 0.70 | 0.73 | 0.40 | 0.51 |
| Net Debt / EBITDA | 4.69 | 4.69 | 3.45 | 2.97 | 3.74 | 5.67 | — | 3.94 | 3.25 | 5.49 | 6.69 |
| Debt / FCF | — | 4.88 | 4.11 | 3.54 | 4.32 | 5.55 | 13.66 | 7.71 | 9.35 | 6.21 | — |
| Interest Coverage | 3.99 | 3.99 | 4.34 | 5.18 | 4.48 | 2.68 | -4.98 | 6.27 | 6.59 | 2.72 | 2.51 |
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 | 0.92 | 0.92 | 0.88 | 0.87 | 0.79 | 0.86 | 0.71 | 0.80 | 0.84 | 0.73 | 0.63 |
| Cash Ratio | 0.07 | 0.07 | 0.07 | 0.09 | 0.07 | 0.07 | 0.01 | 0.01 | 0.02 | 0.01 | 0.01 |
| Asset Turnover | — | 1.42 | 1.80 | 1.70 | 1.96 | 1.40 | 0.90 | 1.12 | 1.33 | 0.98 | 0.77 |
| Inventory Turnover | 197.09 | 197.09 | 106.12 | 83.18 | 74.27 | 50.17 | 32.59 | 49.76 | 47.37 | 33.12 | 13.20 |
| Days Sales Outstanding | — | 29.67 | 28.44 | 28.17 | 24.87 | 40.81 | 40.01 | 40.34 | 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 | 5.9% | 7.9% | 6.9% | 6.7% | 6.7% | 7.1% | 8.0% | 7.2% | 5.9% | 8.5% | 6.8% |
| Payout Ratio | 115.8% | 115.8% | 243.7% | 105.6% | 96.4% | 233.3% | — | 69.8% | 56.6% | — | 248.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 10.6% | 6.8% | 2.8% | 6.4% | 7.0% | 3.1% | — | 10.3% | 10.5% | — | 2.7% |
| FCF Yield | 49.4% | 60.4% | 50.9% | 68.8% | 80.8% | 84.1% | 37.1% | 40.9% | 30.4% | 46.2% | — |
| Buyback Yield | 6.7% | 9.0% | 0.0% | 0.0% | 3.1% | 9.0% | 2.4% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 12.6% | 16.9% | 6.9% | 6.7% | 9.8% | 16.2% | 10.4% | 7.2% | 5.9% | 8.5% | 6.8% |
| Shares Outstanding | — | $198M | $197M | $195M | $194M | $194M | $246M | $170M | $159M | $145M | $99M |
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Quick answers to the most common questions about buying PAGP stock.
Plains GP Holdings LP's current P/E ratio is 9.5x. The historical average is 19.9x.
Plains GP Holdings LP's current EV/EBITDA is 6.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 6.1x.
Plains GP Holdings LP's return on equity (ROE) is 1.8%. The historical average is 0.3%.
Based on historical data, Plains GP Holdings LP is trading at a P/E of 9.5x. Compare with industry peers and growth rates for a complete picture.
Plains GP Holdings LP's current dividend yield is 5.90% with a payout ratio of 115.8%.
Plains GP Holdings LP has 6.0% gross margin and 3.2% operating margin.
Plains GP Holdings LP's Debt/EBITDA ratio is 4.8x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Permian maturation and tariff pressure
Metrics are mathematically derived from official filings.
Margin Compression Persists Amid Volume Growth
Gross margin fell to 4.6% in Q2 2026 from 6.1% a year earlier, per reported figures, while operating margin slipped to 2.2%, indicating persistent competitive pressure in the Permian.
The sequential improvement from Q1 2026's 3.5% gross margin suggests some recovery, but the trend remains below the 8.2% peak in Q1 2025. This compression likely reflects narrowing regional price differentials and increased competition for uncommitted barrels, which may limit tariff pricing power. Investors should monitor whether fee-based contract mix shifts can offset these pressures.
ROIC Stalls at Sub-2% Levels
ROIC has remained below 2% for ten consecutive quarters, with Q2 2026 at 1.2%, per the ratio data, suggesting the company is not generating returns above its cost of capital.
Despite a large asset base, ROIC has not improved, indicating that incremental capital is not yielding proportional returns. The low ROIC relative to peers like EPD (8.3%) and MPLX (9.9%) highlights a structural disadvantage, possibly due to the high fixed-cost nature of the business and the pass-through revenue model. This may imply that the market's low EV/EBITDA multiple (6.83x) is justified by subpar capital efficiency.
Working Capital Efficiency Remains Tight
The cash conversion cycle held at 1 day in Q2 2026, per the ratio data, reflecting a highly efficient working capital model where receivables and payables nearly offset inventory.
DSO of 26 days and DPO of 27 days indicate the company collects from customers and pays suppliers on similar terms, minimizing net working capital investment. However, the extremely low DIO (1 day) suggests minimal inventory, which is typical for a midstream operator but also means cash flows are highly sensitive to volume and tariff changes. The efficiency is a positive, but it offers little buffer against volume declines.
Debt Service Comfort Improves Sequentially
Interest coverage rose to 3.78x in Q2 2026 from 0.99x in Q1, per the ratio data, as debt fell to $8.6B and EBITDA recovered, but D/EBITDA of 13.51x remains elevated.
The sequential improvement is encouraging, but the D/EBITDA ratio is still high compared to peers like EPD (12.37x) and ET (9.68x), indicating a heavier debt load relative to cash generation. The Q1 2026 coverage of 0.99x was a red flag, and while Q2 improved, the volatility suggests that a downturn in volumes or margins could quickly strain debt service. Investors should monitor the trajectory of EBITDA and debt reduction.
Liquidity Buffer Strengthens but Remains Thin
The current ratio improved to 1.12 in Q2 2026 from 0.94 in Q1, per the ratio data, as cash surged to $1.1B, but the quick ratio of 1.10 indicates limited inventory cushion.
The improvement is driven by a significant cash build, likely from working capital releases, but the absolute level of liquidity is modest for a company with $8.6B in debt. Under a severe stress scenario, such as a sharp drop in Permian volumes, the current ratio could quickly deteriorate, as seen in Q1 2026. The reliance on short-term debt and revolving credit facilities may be tested if cash flows weaken.
EV/EBITDA Misleads on True Leverage
The EV/EBITDA multiple of 6.83x appears cheap, but it understates leverage because EBITDA includes non-controlling interests and excludes linefill and derivative impacts, per reported figures.
For PAGP, a holding company, consolidated EBITDA overstates the cash available to common shareholders due to the large non-controlling interest in PAA. Analysts should use PAGP's proportionate share of EBITDA or adjust for NCI to derive a more accurate leverage and valuation metric. Additionally, the D/EBITDA ratio of 13.51x is distorted by the same issue, making the company appear more levered than it is on a consolidated basis. A more appropriate metric is debt-to-adjusted EBITDA attributable to PAGP, which would provide a clearer picture of the holding company's financial risk.