Pembina Pipeline Corporation (PBA) 10-Year Financial Performance & Capital Metrics

PBA • • Industrial / General

EnergyMidstream Oil & GasIntegrated Midstream ServicesDiversified Midstream Operators

AboutPembina Pipeline Corporation provides transportation and midstream services for the energy industry. It operates through three segments: Pipelines, Facilities, and Marketing & New Ventures. The Pipelines segment operates conventional, oil sands and heavy oil, and transmission assets with a transportation capacity of 3.1 millions of barrels of oil equivalent per day, ground storage of 11 millions of barrels, and rail terminalling capacity of approximately 105 thousands of barrels of oil equivalent per day serving markets and basins across North America. The Facilities segment offers infrastructure that provides customers with natural gas, condensate, and natural gas liquids (NGLs), including ethane, propane, butane, and condensate; and includes 354 thousands of barrels per day of NGL fractionation capacity, 21 millions of barrels of cavern storage capacity, and associated pipeline and rail terminalling facilities. The Marketing & New Ventures segment buys and sells hydrocarbon liquids and natural gas originating in the Western Canadian sedimentary basin and other basins. Pembina Pipeline Corporation was incorporated in 1954 and is headquartered in Calgary, Canada.Show more

Revenue $7.38B +16.6%
EBITDA $3.14B -5.3%
Net Income $1.86B +5.0%
EPS (Diluted) 3.00 +0.3%
Gross Margin 44.91% +0.1%
EBITDA Margin 42.56% -18.8%
Operating Margin 30.89% -26.3%
Net Margin 25.24% -10.0%
ROE 11.19% -0.5%
ROIC 5.95% -19.6%
Debt/Equity 0.76 +8.0%
Interest Coverage 3.83 -32.1%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓FCF machine: 30.6% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Healthy 5Y average net margin of 17.6%
✓Trading at only 1.3x book value

✗Weaknesses

✗Low asset turnover indicates capital-intensive operations

Price & Volume

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Growth Metrics

Revenue CAGR

10Y1.98%

5Y0.42%

3Y-5.05%

TTM2.34%

Profit (Net Income) CAGR

10Y17.15%

5Y4.55%

3Y14.49%

TTM-10.7%

EPS CAGR

10Y10.96%

5Y2.28%

3Y14.66%

TTM-14.89%

ROCE

10Y Avg6.92%

5Y Avg7.24%

3Y Avg9.67%

Latest7.3%

Peer Comparison

Diversified Midstream Operators

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
WMBThe Williams Companies, Inc.	73.63B	60.29	33.13	-3.7%	20.64%	15.95%	3.26%	1.82
KMIKinder Morgan, Inc.	60.98B	27.41	23.43	-0.55%	16.62%	8.51%	4.93%	0.99
ENBEnbridge Inc.	102.19B	46.81	20.00	22.51%	9.38%	12.2%	5.55%	1.48
DKLDelek Logistics Partners, LP	2.59B	48.41	16.19	-7.82%	17%	9.41%	2.88%	53.11
ETEnergy Transfer LP	59.95B	17.46	13.64	5.2%	5.66%	9.58%	12.25%	1.30
MPLXMPLX Lp	56.93B	55.97	13.29	4.5%	39.71%	33.17%	8.59%	1.53
PBAPembina Pipeline Corporation	22.35B	38.47	12.82	16.63%	22.1%	10.45%	10.11%	0.76
TRPTC Energy Corporation	56.56B	54.33	12.26	3.8%	28.18%	9.32%	2.37%	1.56

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	4.63B	4.26B	5.41B	7.35B	7.23B	5.95B	8.63B	11.61B	6.33B	7.38B
Revenue Growth %	-0.24%	-0.08%	0.27%	0.36%	-0.02%	-0.18%	0.45%	0.35%	-0.45%	0.17%
Cost of Goods Sold+	3.77B	3.26B	3.93B	5.02B	4.8B	3.94B	5.98B	8.49B	3.49B	4.07B
COGS % of Revenue	0.81%	0.77%	0.73%	0.68%	0.66%	0.66%	0.69%	0.73%	0.55%	0.55%
Gross Profit+	866M	1B	1.48B	2.33B	2.43B	2.01B	2.65B	3.12B	2.84B	3.32B
Gross Margin %	0.19%	0.23%	0.27%	0.32%	0.34%	0.34%	0.31%	0.27%	0.45%	0.45%
Gross Profit Growth %	-0.01%	0.16%	0.48%	0.57%	0.05%	-0.17%	0.32%	0.18%	-0.09%	0.17%
Operating Expenses+	181M	194M	264M	306M	311M	2B	532M	-582M	185M	1.03B
OpEx % of Revenue	0.04%	0.05%	0.05%	0.04%	0.04%	0.34%	0.06%	-0.05%	0.03%	0.14%
Selling, General & Admin	157M	195M	236M	279M	296M	246M	306M	399M	422M	444M
SG&A % of Revenue	0.03%	0.05%	0.04%	0.04%	0.04%	0.04%	0.04%	0.03%	0.07%	0.06%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	40M	0	-13M	-274M	15M	1.76B	226M	-981M	-237M	591M
Operating Income+	685M	807M	1.22B	2.02B	1.82B	4M	2.12B	3.71B	2.65B	2.28B
Operating Margin %	0.15%	0.19%	0.23%	0.27%	0.25%	0%	0.25%	0.32%	0.42%	0.31%
Operating Income Growth %	-0.02%	0.18%	0.51%	0.66%	-0.1%	-1%	527.75%	0.75%	-0.28%	-0.14%
EBITDA+	948M	1.11B	1.61B	2.45B	2.34B	704M	2.84B	4.39B	3.32B	3.14B
EBITDA Margin %	0.2%	0.26%	0.3%	0.33%	0.32%	0.12%	0.33%	0.38%	0.52%	0.43%
EBITDA Growth %	0.02%	0.17%	0.45%	0.52%	-0.05%	-0.7%	3.03%	0.55%	-0.24%	-0.05%
D&A (Non-Cash Add-back)	263M	303M	394M	429M	515M	700M	723M	683M	663M	862M
EBIT	685M	767M	1.12B	2.03B	1.48B	0	2.1B	3.68B	2.66B	2.31B
Net Interest Income+	-113M	-112M	-183M	-286M	-237.52M	-416M	-440M	-462M	-463M	-549M
Interest Income	0	0	0	0	0	0	0	0	7M	46M
Interest Expense	113M	112M	183M	286M	237.52M	416M	440M	462M	470M	595M
Other Income/Expense	-71M	-153M	-185M	-279M	-289M	-420M	-450M	-486M	-466M	-561M
Pretax Income+	614M	654M	1.03B	1.74B	1.53B	-416M	1.67B	3.22B	2.19B	1.72B
Pretax Margin %	0.13%	0.15%	0.19%	0.24%	0.21%	-0.07%	0.19%	0.28%	0.35%	0.23%
Income Tax+	199M	189M	142M	464M	36M	-100M	423M	248M	413M	-154M
Effective Tax Rate %	0.66%	0.71%	0.86%	0.73%	0.98%	0.76%	0.75%	0.92%	0.81%	1.08%
Net Income+	406M	466M	891M	1.28B	1.49B	-316M	1.24B	2.97B	1.78B	1.86B
Net Margin %	0.09%	0.11%	0.16%	0.17%	0.21%	-0.05%	0.14%	0.26%	0.28%	0.25%
Net Income Growth %	0.06%	0.15%	0.91%	0.43%	0.17%	-1.21%	4.93%	1.39%	-0.4%	0.05%
Net Income (Continuing)	406M	466M	883M	867M	1.51B	-316M	1.24B	2.97B	1.78B	1.87B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	60M	60M	60M	60M	60M	60M	0	0
EPS (Diluted)+	1.02	1.01	1.86	2.51	2.68	-0.57	1.99	5.13	2.99	3.00
EPS Growth %	-0.04%	-0.01%	0.84%	0.35%	0.07%	-1.21%	4.49%	1.58%	-0.42%	0%
EPS (Basic)	1.02	1.02	1.87	2.53	2.69	-0.57	2.00	5.14	3.00	3.00
Diluted Shares Outstanding	348M	389M	432M	509M	514M	550M	551M	554M	551M	574M
Basic Shares Outstanding	347M	388M	426M	505M	512M	550M	550M	553M	550M	573M
Dividend Payout Ratio	0.72%	0.75%	0.88%	0.98%	0.89%	-	1.12%	0.51%	0.82%	0.84%

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+	676M	676M	1.02B	1.01B	987M	989M	1.25B	1.36B	2.63B	1.57B
Cash & Short-Term Investments	28M	35M	321M	157M	129M	81M	43M	94M	137M	141M
Cash Only	28M	35M	321M	157M	129M	81M	43M	94M	137M	141M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	354.91M	435M	512M	500M	667M	638M	780M	696M	824M	1.08B
Days Sales Outstanding	27.95	37.23	34.56	24.83	33.67	39.12	33	21.88	47.51	53.53
Inventory	120M	181M	168M	198M	126M	221M	376M	269M	333M	301M
Days Inventory Outstanding	11.62	20.24	15.62	14.38	9.59	20.45	22.95	11.57	34.82	27.01
Other Current Assets	362M	9M	4M	142M	40M	25M	14M	253M	1.31B	13M
Total Non-Current Assets+	12.26B	14.34B	24.54B	25.65B	32.17B	30.43B	30.21B	30.11B	29.98B	34.39B
Property, Plant & Equipment	9.25B	11.33B	13.55B	14.73B	19.6B	19.2B	18.77B	16.04B	16.32B	23.27B
Fixed Asset Turnover	0.50x	0.38x	0.40x	0.50x	0.37x	0.31x	0.46x	0.72x	0.39x	0.32x
Goodwill	2.1B	2.1B	3.87B	3.88B	4.68B	4.69B	4.69B	4.56B	4.55B	5.02B
Intangible Assets	725M	737M	843M	531M	1.75B	1.65B	1.54B	1.57B	1.51B	1.5B
Long-Term Investments	145M	134M	6.23B	6.37B	5.95B	4.38B	4.62B	7.37B	6.99B	4.27B
Other Non-Current Assets	11M	11M	13M	9M	186M	188M	320M	315M	327M	331M
Total Assets+	12.94B	15.02B	25.57B	26.66B	33.15B	31.42B	31.46B	31.48B	32.62B	35.97B
Asset Turnover	0.36x	0.28x	0.21x	0.28x	0.22x	0.19x	0.27x	0.37x	0.19x	0.21x
Asset Growth %	0.15%	0.16%	0.7%	0.04%	0.24%	-0.05%	0%	0%	0.04%	0.1%
Total Current Liabilities+	639M	785M	1.14B	1.49B	1.46B	1.78B	2.39B	2.05B	3.22B	2.91B
Accounts Payable	373M	475M	465M	519M	717M	434M	625M	571M	555M	530M
Days Payables Outstanding	36.12	53.12	43.23	37.71	54.56	40.15	38.15	24.55	58.03	47.55
Short-Term Debt	5M	6M	256M	480M	74M	600M	1B	600M	650M	1.52B
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	227M	304M	382M	387M	116M	530M	579M	57M	1.89B	75M
Current Ratio	1.06x	0.86x	0.89x	0.68x	0.68x	0.56x	0.52x	0.67x	0.82x	0.54x
Quick Ratio	0.87x	0.63x	0.75x	0.55x	0.59x	0.43x	0.36x	0.53x	0.71x	0.44x
Cash Conversion Cycle	3.45	4.35	6.94	1.51	-11.3	19.41	17.8	8.89	24.29	32.99
Total Non-Current Liabilities+	4.87B	5.94B	10.57B	10.77B	14.93B	14.62B	14.7B	13.64B	13.58B	15.55B
Long-Term Debt	3.32B	4.14B	7.3B	7.04B	10.08B	10.28B	10.24B	10B	9.85B	11.13B
Capital Lease Obligations	0	0	9M	14M	707M	675M	635M	596M	567M	576M
Deferred Tax Liabilities	965M	1.11B	2.38B	2.77B	2.91B	2.92B	3.01B	2.51B	2.62B	2.87B
Other Non-Current Liabilities	506M	594M	754M	808M	1.04B	514M	598M	399M	419M	719M
Total Liabilities	5.51B	6.72B	11.72B	12.26B	16.38B	16.4B	17.09B	15.69B	16.8B	18.46B
Total Debt+	3.32B	4.15B	7.56B	7.54B	10.97B	11.65B	11.96B	11.28B	11.14B	13.32B
Net Debt	3.29B	4.12B	7.24B	7.38B	10.84B	11.57B	11.92B	11.18B	11.01B	13.18B
Debt / Equity	0.45x	0.50x	0.55x	0.52x	0.65x	0.78x	0.83x	0.71x	0.70x	0.76x
Debt / EBITDA	3.51x	3.74x	4.69x	3.08x	4.69x	16.55x	4.21x	2.57x	3.36x	4.24x
Net Debt / EBITDA	3.48x	3.71x	4.49x	3.01x	4.64x	16.43x	4.20x	2.55x	3.32x	4.19x
Interest Coverage	6.06x	7.21x	6.66x	7.07x	7.67x	0.01x	4.81x	8.02x	5.65x	3.83x
Total Equity+	7.42B	8.3B	13.85B	14.4B	16.77B	15.02B	14.36B	15.79B	15.81B	17.51B
Equity Growth %	0.17%	0.12%	0.67%	0.04%	0.16%	-0.1%	-0.04%	0.1%	0%	0.11%
Book Value per Share	21.33	21.33	32.06	28.30	32.63	27.30	26.07	28.50	28.70	30.51
Total Shareholders' Equity	7.42B	8.3B	13.79B	14.34B	16.71B	14.96B	14.3B	15.73B	15.81B	17.51B
Common Stock	7.99B	8.81B	13.45B	13.66B	15.54B	15.64B	15.68B	15.79B	15.77B	17.01B
Retained Earnings	-1.67B	-2.01B	-2.08B	-2.06B	-1.88B	-3.64B	-3.92B	-2.61B	-2.37B	-2.3B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	3M	-11M	-7M	317M	98M	2M	28M	341M	221M	641M
Minority Interest	0	0	60M	60M	60M	60M	60M	60M	0	0

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+	801M	1.08B	1.51B	2.26B	2.53B	2.25B	2.65B	2.93B	2.63B	3.21B
Operating CF Margin %	0.17%	0.25%	0.28%	0.31%	0.35%	0.38%	0.31%	0.25%	0.42%	0.44%
Operating CF Growth %	0%	0.34%	0.4%	0.49%	0.12%	-0.11%	0.18%	0.11%	-0.1%	0.22%
Net Income	406M	466M	891M	1.28B	1.49B	-316M	1.24B	2.97B	1.78B	1.86B
Depreciation & Amortization	263M	293M	382M	417M	511M	700M	723M	683M	679M	862M
Stock-Based Compensation	25M	46M	73M	63M	66M	28M	100M	126M	72M	84M
Deferred Taxes	199M	189M	142M	464M	36M	-100M	423M	248M	413M	-154M
Other Non-Cash Items	-81M	119M	43M	117M	321M	2.03B	262M	-1.28B	-95M	601M
Working Capital Changes	-11M	-36M	-18M	-83M	106M	-93M	-100M	177M	-210M	-43M
Change in Receivables	0	0	0	0	0	0	0	0	0	0
Change in Inventory	0	0	0	0	0	0	0	0	0	0
Change in Payables	0	0	0	0	0	0	0	0	0	0
Cash from Investing+	-1.9B	-2.29B	-3.33B	-1.31B	-3.91B	-1.48B	-1.04B	-154M	-789M	-3.91B
Capital Expenditures	-1.81B	-1.75B	-1.84B	-1.23B	-1.65B	-1.03B	-658M	-605M	-606M	-955M
CapEx % of Revenue	0.39%	0.41%	0.34%	0.17%	0.23%	0.17%	0.08%	0.05%	0.1%	0.13%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-60M	27M	-148M	-27M	-50M	-252M	-5M	-63M	225M	-68M
Cash from Financing+	1.07B	1.22B	2.1B	-1.13B	1.35B	-809M	-1.67B	-2.72B	-1.8B	678M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-294M	-351M	-781M	-1.25B	-1.32B	-1.53B	-1.52B	-1.65B	-1.58B	-1.7B
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-28M	-15M	23M	53M	137M	88M	16M	310M	1M	996M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-1.01B	-668M	-326M	1.03B	887M	1.22B	1.99B	2.32B	2.03B	2.26B
FCF Margin %	-0.22%	-0.16%	-0.06%	0.14%	0.12%	0.21%	0.23%	0.2%	0.32%	0.31%
FCF Growth %	-0.65%	0.34%	0.51%	4.16%	-0.14%	0.38%	0.63%	0.17%	-0.13%	0.11%
FCF per Share	-2.90	-1.72	-0.75	2.02	1.73	2.22	3.62	4.19	3.68	3.94
FCF Conversion (FCF/Net Income)	1.97x	2.31x	1.70x	1.77x	1.70x	-7.13x	2.13x	0.99x	1.48x	1.72x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	5.9%	5.93%	8.05%	9.05%	9.57%	-1.99%	8.46%	19.71%	11.24%	11.19%
Return on Invested Capital (ROIC)	5.17%	5.23%	5.45%	7.07%	5.53%	0.01%	6%	10.44%	7.4%	5.95%
Gross Margin	18.68%	23.47%	27.4%	31.66%	33.65%	33.73%	30.68%	26.9%	44.86%	44.91%
Net Margin	8.76%	10.93%	16.48%	17.39%	20.64%	-5.31%	14.4%	25.59%	28.05%	25.24%
Debt / Equity	0.45x	0.50x	0.55x	0.52x	0.65x	0.78x	0.83x	0.71x	0.70x	0.76x
Interest Coverage	6.06x	7.21x	6.66x	7.07x	7.67x	0.01x	4.81x	8.02x	5.65x	3.83x
FCF Conversion	1.97x	2.31x	1.70x	1.77x	1.70x	-7.13x	2.13x	0.99x	1.48x	1.72x
Revenue Growth	-23.63%	-7.98%	26.8%	35.93%	-1.65%	-17.66%	44.92%	34.59%	-45.47%	16.63%

Revenue by Segment

	2019	2022	2024
Product Sales	-	-	3.57B
Product Sales Growth	-	-	-
Fee-For-Service	-	-	735M
Fee-For-Service Growth	-	-	-
Pipeline Transportation	-	247M	-
Pipeline Transportation Growth	-	-	-

Revenue by Geography

	2019	2022	2024
UNITED STATES	215M	-	-
UNITED STATES Growth	-	-	-

Frequently Asked Questions

Valuation & Price

Pembina Pipeline Corporation (PBA) has a price-to-earnings (P/E) ratio of 12.8x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Pembina Pipeline Corporation (PBA) reported $8.04B in revenue for fiscal year 2024. This represents a 380% increase from $1.68B in 2011.

Pembina Pipeline Corporation (PBA) grew revenue by 16.6% over the past year. This is strong growth.

Yes, Pembina Pipeline Corporation (PBA) is profitable, generating $1.78B in net income for fiscal year 2024 (25.2% net margin).

Dividend & Returns

Yes, Pembina Pipeline Corporation (PBA) pays a dividend with a yield of 7.11%. This makes it attractive for income-focused investors.

Pembina Pipeline Corporation (PBA) has a return on equity (ROE) of 11.2%. This is reasonable for most industries.

Pembina Pipeline Corporation (PBA) generated $2.34B in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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