Pembina Pipeline Corporation (PBA) Financial Ratios
28 years of historical data (1998–2025) · Energy · Oil & Gas Midstream
EV/EBITDA
↓
12.87
↑+39% vs avg
5yr avg: 9.24
30Y Low6.8·High34.9
P/FCF
↑
14.32
↑+62% vs avg
5yr avg: 8.82
30Y Low8.1·High64.3
P/B Ratio
↑
2.13
↑+75% vs avg
5yr avg: 1.22
30Y Low0.9·High5.1
ROE
↑
9.9%
-18% vs avg
5yr avg: 12.1%
30Y Low-2%·High20%
Debt/EBITDA
↓
3.51
↓-2% vs avg
5yr avg: 3.58
30Y Low0.1·High16.5
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
PBA Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Pembina Pipeline Corporation trades at 23.1x earnings, 92% above its 5-year average of 12.0x, sitting at the 67th percentile of its historical range. Compared to the Energy sector median P/E of 16.8x, the stock trades at a premium of 37%. On a free-cash-flow basis, the stock trades at 14.3x P/FCF, 62% above the 5-year average of 8.8x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $26.1B | $22.2B | $21.2B | $19.0B | $18.8B | $16.7B | $13.0B | $19.0B | $15.1B | $15.6B | $12.2B |
| Enterprise Value | $35.8B | $35.4B | $34.4B | $30.0B | $30.0B | $28.6B | $24.6B | $29.9B | $22.5B | $22.9B | $16.3B |
| P/E Ratio → | 23.05 | 14.31 | 12.32 | 11.51 | 6.62 | 15.24 | — | 13.83 | 11.82 | 19.45 | 31.01 |
| P/S Ratio | 4.58 | 2.85 | 2.87 | 3.00 | 1.62 | 1.94 | 2.19 | 2.63 | 2.05 | 2.89 | 2.86 |
| P/B Ratio | 2.13 | 1.32 | 1.21 | 1.20 | 1.19 | 1.16 | 0.87 | 1.14 | 1.05 | 1.13 | 1.47 |
| P/FCF | 14.32 | 8.90 | 9.39 | 9.35 | 8.09 | 8.39 | 10.64 | 21.48 | 14.66 | — | — |
| P/OCF | 10.80 | 6.71 | 6.60 | 7.20 | 6.42 | 6.31 | 5.78 | 7.52 | 6.69 | 10.33 | 11.31 |
P/E links to full P/E history page with 30-year chart
PBA EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Pembina Pipeline Corporation's enterprise value stands at 12.9x EBITDA, 39% above its 5-year average of 9.2x. The Energy sector median is 8.1x, placing the stock at a 60% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 4.55 | 4.66 | 4.73 | 2.58 | 3.32 | 4.13 | 4.13 | 3.06 | 4.23 | 3.82 |
| EV / EBITDA | 12.87 | 9.31 | 10.94 | 9.03 | 6.83 | 10.09 | 34.92 | 12.79 | 9.18 | 14.18 | 14.68 |
| EV / EBIT | 17.39 | 12.66 | 14.85 | 11.27 | 8.15 | 13.60 | — | 20.26 | 11.09 | 20.43 | 21.25 |
| EV / FCF | — | 14.20 | 15.22 | 14.77 | 12.90 | 14.37 | 20.10 | 33.70 | 21.83 | — | — |
PBA Profitability
Margins and return-on-capital ratios measuring operating efficiency
Pembina Pipeline Corporation earns an operating margin of 36.1%, significantly above the Energy sector average of 14.3%. Operating margins have compressed from 41.9% to 36.1% over the past 3 years, signaling potential cost pressures or competitive headwinds. ROE of 9.9% is modest. ROIC of 6.9% represents adequate returns on invested capital versus a sector median of 6.3%.
Margins
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 | 38.4% | 38.4% | 44.9% | 44.9% | 26.9% | 30.7% | 33.7% | 33.7% | 31.7% | 27.4% | 23.5% |
| Operating Margin | 36.1% | 36.1% | 30.9% | 41.9% | 31.9% | 24.5% | 0.1% | 25.2% | 27.5% | 22.5% | 18.9% |
| Net Profit Margin | 21.8% | 21.8% | 25.2% | 28.1% | 25.6% | 14.4% | -5.3% | 20.6% | 17.4% | 16.5% | 10.9% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 9.9% | 9.9% | 11.2% | 11.2% | 19.7% | 8.5% | -2.0% | 9.6% | 9.0% | 8.0% | 5.9% |
| ROA | 4.7% | 4.7% | 5.4% | 5.5% | 9.4% | 4.0% | -1.0% | 5.0% | 4.9% | 4.4% | 3.3% |
| ROIC | 6.9% | 6.9% | 5.9% | 7.4% | 10.4% | 6.0% | 0.0% | 5.5% | 7.1% | 5.5% | 5.2% |
| ROCE | 8.4% | 8.4% | 7.3% | 9.0% | 12.7% | 7.2% | 0.0% | 6.4% | 8.1% | 6.3% | 6.1% |
PBA Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Pembina Pipeline Corporation carries a Debt/EBITDA ratio of 3.5x, which is moderately leveraged (44% above the sector average of 2.4x). Net debt stands at $13.2B ($13.3B total debt minus $106M cash). Interest coverage of 4.8x is adequate, though a cyclical earnings downturn could tighten the margin of safety.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.79 | 0.79 | 0.76 | 0.70 | 0.71 | 0.83 | 0.78 | 0.65 | 0.52 | 0.55 | 0.50 |
| Debt / EBITDA | 3.51 | 3.51 | 4.24 | 3.36 | 2.57 | 4.21 | 16.55 | 4.69 | 3.08 | 4.69 | 3.74 |
| Net Debt / Equity | — | 0.79 | 0.75 | 0.70 | 0.71 | 0.83 | 0.77 | 0.65 | 0.51 | 0.52 | 0.50 |
| Net Debt / EBITDA | 3.48 | 3.48 | 4.19 | 3.32 | 2.55 | 4.20 | 16.43 | 4.64 | 3.01 | 4.49 | 3.71 |
| Debt / FCF | — | 5.30 | 5.83 | 5.42 | 4.81 | 5.98 | 9.46 | 12.22 | 7.17 | — | — |
| Interest Coverage | 4.76 | 4.76 | 3.89 | 5.66 | 7.97 | 4.78 | 0.01 | 6.21 | 7.09 | 6.11 | 6.85 |
PBA Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.61x is below 1.0, meaning current liabilities exceed current assets. The current ratio has declined from 0.82x to 0.61x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.61 | 0.61 | 0.54 | 0.82 | 0.67 | 0.52 | 0.56 | 0.68 | 0.68 | 0.89 | 0.86 |
| Quick Ratio | 0.47 | 0.47 | 0.44 | 0.71 | 0.53 | 0.36 | 0.43 | 0.59 | 0.55 | 0.75 | 0.63 |
| Cash Ratio | 0.05 | 0.05 | 0.05 | 0.04 | 0.05 | 0.02 | 0.05 | 0.09 | 0.11 | 0.28 | 0.04 |
| Asset Turnover | — | 0.22 | 0.21 | 0.19 | 0.37 | 0.27 | 0.19 | 0.22 | 0.28 | 0.21 | 0.28 |
| Inventory Turnover | 16.88 | 16.88 | 13.51 | 10.48 | 31.55 | 15.90 | 17.85 | 38.07 | 25.37 | 23.37 | 18.03 |
| Days Sales Outstanding | — | 39.23 | 53.53 | 47.51 | 21.88 | 33.00 | 39.12 | 33.67 | 24.83 | 34.56 | 37.23 |
PBA Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Pembina Pipeline Corporation returns 5.0% to shareholders annually primarily through dividends. The payout ratio exceeds 100% at 104.6%, meaning the company is paying out more than it earns — this level is unsustainable long-term without earnings recovery. The earnings yield of 4.3% (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 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 5.0% | 8.0% | 7.4% | 7.7% | 8.1% | 8.3% | 10.6% | 6.9% | 8.3% | 5.0% | 2.9% |
| Payout Ratio | 104.6% | 104.6% | 84.2% | 82.2% | 51.3% | 111.6% | — | 88.7% | 97.6% | 87.7% | 75.3% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.3% | 7.0% | 8.1% | 8.7% | 15.1% | 6.6% | — | 7.2% | 8.5% | 5.1% | 3.2% |
| FCF Yield | 7.0% | 11.2% | 10.7% | 10.7% | 12.4% | 11.9% | 9.4% | 4.7% | 6.8% | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.3% | 1.8% | 0.1% | 0.7% | 0.8% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 5.0% | 8.0% | 7.4% | 8.0% | 9.9% | 8.4% | 11.3% | 7.7% | 8.3% | 5.0% | 2.9% |
| Shares Outstanding | — | $582M | $574M | $551M | $554M | $551M | $550M | $514M | $509M | $432M | $389M |
Peer Comparison
Compare PBA 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 |
|---|---|---|---|---|---|---|---|---|---|
 PBAYou | $26B | 23.1 | 12.9 | 14.3 | 38.4% | 36.1% | 9.9% | 6.9% | 3.5 |
 ENB | $118B | 16.8 | 7.4 | 35.7 | — | 16.8% | 17.9% | 6.9% | 0.4 |
 TRP | $68B | 27.2 | 16.1 | 44.5 | 50.0% | 44.2% | 9.3% | 5.2% | 6.4 |
 PPL | $27B | 23.0 | 12.7 | — | 39.1% | 23.6% | 6.6% | 4.6% | 5.2 |
 WMB | $89B | 34.1 | 17.6 | 88.8 | 42.9% | 36.8% | 17.5% | 7.7% | 4.4 |
 KMI | $70B | 23.0 | 14.1 | 21.8 | 43.7% | 28.4% | 9.5% | 5.6% | 4.5 |
 OKE | $54B | 15.8 | 10.2 | 22.1 | 21.5% | 20.7% | 15.2% | 9.6% | 3.9 |
 ET | $69B | 14.8 | 9.4 | 17.8 | 21.8% | 11.4% | 10.2% | 6.3% | 4.9 |
 TRGP | $54B | 29.6 | 14.4 | 92.9 | 26.5% | 20.1% | 48.4% | 13.2% | 3.5 |
 DT | $12B | 25.4 | 49.0 | 27.9 | 81.2% | 10.6% | 20.9% | 9.0% | 0.3 |
 MPLX | $57B | 11.7 | 13.3 | 13.9 | 45.2% | 40.3% | 34.4% | 9.9% | 4.3 |
| Energy Median | — | 16.8 | 8.1 | 14.3 | 31.9% | 14.3% | 7.8% | 6.3% | 2.4 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Start ComparisonPBA — Frequently Asked Questions
Quick answers to the most common questions about buying PBA stock.
What is Pembina Pipeline Corporation's P/E ratio?
Pembina Pipeline Corporation's current P/E ratio is 23.1x. The historical average is 20.4x. This places it at the 67th percentile of its historical range.
What is Pembina Pipeline Corporation's EV/EBITDA?
Pembina Pipeline Corporation's current EV/EBITDA is 12.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 14.1x.
What is Pembina Pipeline Corporation's ROE?
Pembina Pipeline Corporation's return on equity (ROE) is 9.9%. The historical average is 9.6%.
Is PBA stock overvalued?
Based on historical data, Pembina Pipeline Corporation is trading at a P/E of 23.1x. This is at the 67th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Pembina Pipeline Corporation's dividend yield?
Pembina Pipeline Corporation's current dividend yield is 4.97% with a payout ratio of 104.6%.
What are Pembina Pipeline Corporation's profit margins?
Pembina Pipeline Corporation has 38.4% gross margin and 36.1% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does Pembina Pipeline Corporation have?
Pembina Pipeline Corporation's Debt/EBITDA ratio is 3.5x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.