ValueScreener

ValueScreener company report

Plains All American Pipeline, L.P. (PAA)

NASDAQ / Energy / Oil & Gas Midstream

Share price

25.15 USD Market dataClose of Oct 15, 2026

Market capitalisation

17.74B USD Market dataClose of Oct 15, 2026
Market data
Oct 15, 2026
Filed accounts
FY2025, filed Feb 27, 2026
Ratios computed
Oct 15, 2026
Filed years
18, FY2007 to FY2025
Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means
SEC filingFiled with the SEC
Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
Company statementCompany statement
What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
Market dataMarket data
Prices, market value and what analysts publish, with the date they are as of.
ComputedComputed by ValueScreener
Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.
Reading

1 of 10

Overview

What the business is, what it costs, and how it reads on four questions.

Market dataSEC filingComputed

Four questions, at a glance

Quality

Return on invested capital, after tax

6.7% Computed

From the FY2025 filing

Read quality

Valuation

Price to earnings

12.37x Computed

FY2025 accounts, priced at the latest close

Read valuation

Cash generation

Free cash flow yield

12.9% Computed

FY2025 accounts, priced at the latest close

Read cash generation

Revenue and net income, as filed

FY2016 Revenue: 20.18B USDFY2016 Net income: 726.0M USDFY2017 Revenue: 26.22B USDFY2017 Net income: 856.0M USDFY2018 Revenue: 34.05B USDFY2018 Net income: 2.22B USDFY2019 Revenue: 33.67B USDFY2019 Net income: 2.17B USDFY2020 Revenue: 23.29B USDFY2020 Net income: -2.59B USDFY2021 Revenue: 42.08B USDFY2021 Net income: 593.0M USDFY2022 Revenue: 57.34B USDFY2022 Net income: 1.04B USDFY2023 Revenue: 47.34B USDFY2023 Net income: 1.23B USDFY2024 Revenue: 48.89B USDFY2024 Net income: 772.0M USDFY2025 Revenue: 44.26B USDFY2025 Net income: 1.44B USD
Revenue Net income10 filed fiscal years, from the annual reports; the table in Filings names each document.
Named tests met
4 of 30 Which tests
The business, and the score behind its five axes

The reading, in brief

Is it cheap

Price to earnings is 12.37x at the close of 2026-10-15 on FY2025 figures; the lines are 15.00x (Graham's defensive ceiling) and, by market convention, 10.00x, 25.00x and 40.00x, and this sits between 10.00x and 15.00x.

Today, against the Oil & Gas Midstream industry (36 companies), 12.37x sits at the 26th percentile; the middle half of that group runs from 12.29x to 21.32x.

Is it good

Return on invested capital was 6.7% in FY2025, in the band labelled "Likely below the cost of capital" (below 8.0%), on lines anchored on Damodaran's cost-of-capital data, suggesting returns below the usual cost of the capital employed.

Today, against the Energy sector (108 companies), 6.7% sits at the 45th percentile; the middle half of that group runs from 2.6% to 11.9%.

Is it safe

Interest coverage was 2.59x in FY2025, in the band labelled "Speculative grade" (1.50x to 3.00x), on lines anchored on Damodaran's interest-coverage table.

Year by year against peers
Whether Plains All American Pipeline, L.P.'s return on invested capital stayed above the median of the Energy sector, year by year. (FY2020 to FY2025, 6 fiscal years of Plains All American Pipeline, L.P. with a comparable figure)
The direction
Which way Plains All American Pipeline, L.P.'s return on equity has moved, and how steadily. (FY2016 to FY2025, 10 filed years of Plains All American Pipeline, L.P.)
What could explain it
What in Plains All American Pipeline, L.P.'s filed statements could explain the movements. (5 readings drawn from the statement lines Plains All American Pipeline, L.P. filed)
What to check next
What to check next on Plains All American Pipeline, L.P., and where in its filings. (7 questions for Plains All American Pipeline, L.P.)
In one paragraph
One paragraph on Plains All American Pipeline, L.P.'s returns, cash, balance sheet and price. (14 of sixteen figures read for Plains All American Pipeline, L.P.)

These are PAA’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.

Research PAAPart of Serious. New accounts start with 30 days of Professional, free, no card.

2 of 10

What changed

The newest filing, what it moved, and when the next one is due.

SEC filingCompany statement

The newest accounts on file are the FY2025 annual report: 10-K, filed Feb 27, 2026, accession 0001070423-26-000014.

3 of 10

Quality

The returns the business earns on its capital, and the margins behind them.

SEC filingComputed

Plains All American Pipeline, L.P: returns on capital and margins, each with its source
FigureValue, source and document
Return on invested capital, after tax6.7% ComputedFY2025 10-K, filed Feb 27, 2026, 0001070423-26-000014
Return on equity14.6% ComputedFY2025 10-K, filed Feb 27, 2026, 0001070423-26-000014
Return on capital employed, pre-tax5.7% ComputedFY2025 10-K, filed Feb 27, 2026, 0001070423-26-000014
Return on assets4.8% ComputedFY2025 10-K, filed Feb 27, 2026, 0001070423-26-000014
Gross margin8.7% ComputedFY2025 10-K, filed Feb 27, 2026, 0001070423-26-000014
Operating margin3.2% ComputedFY2025 10-K, filed Feb 27, 2026, 0001070423-26-000014
Net margin3.2% ComputedFY2025 10-K, filed Feb 27, 2026, 0001070423-26-000014
PAA 3.2%
VNOM -4.9%OKE 10.1%FRO 19.2%VG 19.9%TRGP 11.3%
-4.9%19.9%
Net margin: PAA against the 5 companies named under Valuation context, each as filed for its own latest year. Placement only: no average is drawn.

4 of 10

Financial strength

What it owes against what it owns, and whether it can meet what falls due.

SEC filingComputedCompany statement

Plains All American Pipeline, L.P: leverage, liquidity and distress, each with its source
FigureValue, source and document
Debt to equity1.18 ComputedFY2025 10-K, filed Feb 27, 2026, 0001070423-26-000014
Current ratio0.96 ComputedFY2025 10-K, filed Feb 27, 2026, 0001070423-26-000014
Quick ratio0.92 ComputedFY2025 10-K, filed Feb 27, 2026, 0001070423-26-000014
Interest coverage2.59x ComputedFY2025 10-K, filed Feb 27, 2026, 0001070423-26-000014
Altman Z-score
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 27, 2026, 0001070423-26-000014
Net debt11.23B ComputedFY2025 10-K, filed Feb 27, 2026, 0001070423-26-000014
Total assets 30.17BTotal liabilities 17.09BShareholders' equity 9.84BOwnsOwes, and equity
Total assets Total liabilities Shareholders’ equity
The balance sheet, line by line

Financial health

What Plains All American Pipeline, L.P owned and owed at the end of fiscal 2025, from the balance sheet it filed (10-K, filed Feb 27, 2026, 0001070423-26-000014).

Plains All American Pipeline, L.P: balance sheet position
Total assets30.17B FiledFY2025 10-K, filed Feb 27, 2026
Total liabilities17.09B FiledFY2025 10-K, filed Feb 27, 2026
Shareholders' equity9.84B FiledFY2025 10-K, filed Feb 27, 2026
Cash328.0M FiledFY2025 10-K, filed Feb 27, 2026
Total debt11.56B FiledFY2025 10-K, filed Feb 27, 2026
Net debt11.23B
Current ratio0.96
Debt to equity1.18

Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.

5 of 10

Valuation context

What the market charges for it, against its own record and companies like it.

Market dataSEC filingComputed

Plains All American Pipeline, L.P: what the market charges, each with its source
FigureValue, source and document
Price to earnings12.37x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 27, 2026, 0001070423-26-000014
P/E on trailing twelve months
Why n/a

A trailing figure needs 4 filed quarters with the dates they were filed on, and we hold 2 for this company. Nothing is drawn rather than a line built from fewer.

n/a ComputedClose of Oct 15, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings
Price to book1.80x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 27, 2026, 0001070423-26-000014
Price to sales0.40x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 27, 2026, 0001070423-26-000014
Enterprise value to EBIT20.21x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 27, 2026, 0001070423-26-000014
Enterprise value to EBITDA12.14x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 27, 2026, 0001070423-26-000014
Price to earnings over growth
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 27, 2026, 0001070423-26-000014
Diluted earnings per share
Why n/a

The FY2025 filing carries no diluted earnings per share we could read.

n/a FiledFY2025 10-K, filed Feb 27, 2026, 0001070423-26-000014
Graham number
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedFY2025 10-K, filed Feb 27, 2026, 0001070423-26-000014

We publish no fair value or price target of our own. Value PAA on your own assumptions in the DCF workbench, starting from the filed figures.

Its own record, and companies like it

Valuation

What the market charges for Plains All American Pipeline, L.P today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.

Plains All American Pipeline, L.P: valuation
Share price25.15 USD
Market capitalisation17.74B USD
Enterprise value to EBITDA12.14x
Graham numbern/a
Diluted earnings per share, FY2016n/a

Price to earnings on trailing twelve months: A trailing figure needs 4 filed quarters with the dates they were filed on, and we hold 2 for this company. Nothing is drawn rather than a line built from fewer.

Companies like Plains All American Pipeline, L.P

  1. Viper Energy, Inc. (VNOM)Market cap 15.71B USD
  2. ONEOK, Inc. (OKE)Market cap 57.15B USD
  3. Frontline Ltd. (FRO)Market cap 11.70B USD
  4. Venture Global, Inc. (VG)Market cap 31.25B USD
  5. Targa Resources Corp. (TRGP)Market cap 60.59B USD

Same industry (Oil & Gas Midstream) and size band (Large, 10B to 200B), nearest in market value, net margin and current ratio. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.

6 of 10

Cash generation

Whether profit arrives as cash, and what is paid back to shareholders.

SEC filingComputed

Plains All American Pipeline, L.P: cash generation and what is paid out, each with its source
FigureValue, source and document
Free cash flow yield12.9% ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 27, 2026, 0001070423-26-000014
Free cash flow2.29B USD ComputedFY2025 10-K, filed Feb 27, 2026, 0001070423-26-000014
Free cash flow margin5.2% ComputedFY2025 10-K, filed Feb 27, 2026, 0001070423-26-000014
Dividend yield6.5% ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 27, 2026, 0001070423-26-000014
Payout ratio
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedFY2025 10-K, filed Feb 27, 2026, 0001070423-26-000014
FY2016 Free cash flow: -601.0M USDFY2016 Net income: 726.0M USDFY2017 Free cash flow: 1.48B USDFY2017 Net income: 856.0M USDFY2018 Free cash flow: 974.0M USDFY2018 Net income: 2.22B USDFY2019 Free cash flow: 1.32B USDFY2019 Net income: 2.17B USDFY2020 Free cash flow: 776.0M USDFY2020 Net income: -2.59B USDFY2021 Free cash flow: 1.66B USDFY2021 Net income: 593.0M USDFY2022 Free cash flow: 1.95B USDFY2022 Net income: 1.04B USDFY2023 Free cash flow: 2.32B USDFY2023 Net income: 1.23B USDFY2024 Free cash flow: 2.04B USDFY2024 Net income: 772.0M USDFY2025 Free cash flow: 2.29B USDFY2025 Net income: 1.44B USD
Free cash flow Net incomeProfit that arrives as cash stands level with net income; a gap year after year is worth reading about.

7 of 10

Filings

Every figure, the year it is for and the document it was read from.

SEC filing

The filed figures

Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.

Plains All American Pipeline, L.P.: the eight ratios, with the fiscal year and filing date behind each.
FigureValueYearAs of
12.37xFY2025Oct 15, 2026
1.80xFY2025Oct 15, 2026
20.21xFY2025Oct 15, 2026
12.9%FY2025Oct 15, 2026
6.7%FY2025Feb 27, 2026
6.5%FY2025Oct 15, 2026
1.18FY2025Feb 27, 2026
0.96FY2025Feb 27, 2026
0.40xFY2025Oct 15, 2026
n/aFY2025Oct 15, 2026
n/a The filed income statement reports no earnings per share.
n/aFY2025Oct 15, 2026
n/a We hold no figure here and no stored reason for its absence. The gap is ours, not the company's.
-2.79FY2025Feb 27, 2026
5/9FY2025Feb 27, 2026

The figures are computed from the accounts for fiscal 2025, the newest full year on file. 18 filed fiscal years on record, FY2007 to FY2025, from SEC EDGAR. Prices as of Oct 15, 2026. Ratios recomputed Oct 15, 2026. Two facts, because a recompute is not a fresh quote.

The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.

Ten years of filed figures, year by year

Ten years of filed figures

10 filed fiscal years, FY2016 to FY2025, read from the annual reports Plains All American Pipeline, L.P filed with the SEC. Each year names its filing. Amounts in USD, as filed.

Plains All American Pipeline, L.P: revenue, earnings, free cash flow and returns, by fiscal year, with the filing each year was read from
YearRevenueOperating incomeNet incomeEPS, dilutedFree cash flowOperating marginReturn on equityFiling
FY202544.26B1.43B1.44Bn/a2.29B3.2%14.6%10-K, Feb 27, 20260001070423-26-000014
FY202448.89B868.0M772.0Mn/a2.04B1.8%7.9%10-K, Feb 28, 20250001070423-25-000006
FY202347.34B1.26B1.23Bn/a2.32B2.7%11.8%10-K, Feb 29, 20240001070423-24-000008
FY202257.34B1.29B1.04Bn/a1.95B2.3%10.3%10-K, Mar 1, 20230001070423-23-000006
FY202142.08B851.0M593.0Mn/a1.66B2.0%6.0%10-K, Mar 1, 20220001070423-22-000006
FY202023.29B-2.38B-2.59Bn/a776.0M-10.2%-27.0%10-K, Mar 1, 20210001070423-21-000008
FY201933.67B1.99B2.17Bn/a1.32B5.9%16.6%10-K, Feb 27, 20200001070423-20-000004
FY201834.05B2.28B2.22Bn/a974.0M6.7%18.5%10-K, Feb 27, 20190001070423-19-000004
FY201726.22B1.15B856.0Mn/a1.48B4.4%7.8%10-K, Feb 27, 20180001070423-18-000006
FY201620.18B994.0M726.0M0.43-601.0M4.9%8.3%10-K, Feb 23, 20170001070423-17-000003
  • Revenue, compound annual growth FY2016 to FY2025: 9.1%
  • Earnings, compound annual growth FY2016 to FY2025: 7.9%
  • Earnings per share: Fewer than two filed years carry earnings per share.
  • Free cash flow: Free cash flow was not positive in both 2016 and 2025, so a compound rate across the window is not defined. Both figures are in the table.

Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.

8 of 10

Risks and guardrails

The accounting screens, the published tests, and the lines you can set to be told.

ComputedCompany statement

Plains All American Pipeline, L.P: accounting screens and published tests, each with its source
FigureValue, source and document
Beneish M-score-2.79 ComputedFY2025 10-K, filed Feb 27, 2026, 0001070423-26-000014
Piotroski F-score5/9 ComputedFY2025 10-K, filed Feb 27, 2026, 0001070423-26-000014
Named tests met4 of 30 Computed
Beta0.26 ComputedClose of Oct 15, 2026

The named tests

Of 30 tests value investors published: 4 met, 22 not met, 4 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.

Which tests, by name(all 30)
Meets
ROIC at or above WACC; Owner earnings yield; Low P/S, rising earnings (James O'Shaughnessy); Cheapest quarter on P/E (David Dreman)
Does not
Defensive investor (Benjamin Graham); Deep value; Large cap, low P/E; Earnings yield and ROIC (Joel Greenblatt); High F-score, low P/B (Joseph Piotroski); Three forensic scores; Low PEG, low debt (Peter Lynch); High returns and growth; Gross margin, turnover (Robert Novy-Marx); EV/EBITDA and coverage; High yield, low payout; Low beta, profitable; Near the 52-week low; Z-score and coverage (Edward Altman); Two thirds of NCAV (Benjamin Graham); High returns, low debt; High return on tangibles; Book or below, low debt (Walter Schloss); Tangible book or below; Cash-flow yield and ROIC; Clean books, high ROIC; Cheapest quarter on P/B (David Dreman)
Not measured
Dividends and buybacks; P/E times P/B (Benjamin Graham); Cash-covered dividend; Low P/E, growth, yield (John Neff). A test with a figure we could not read is incomplete, never met and never failed.
Figures we could not read(8)
  • Positive Earnings Streak: The latest filed year has no per-share earnings we can read; the test needs 10.
  • Altman Z-Score: We do not hold this figure for this company, so there is nothing to show.
  • PEG Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Eps Growth 5Y: We do not hold this figure for this company, so there is nothing to show.
  • Payout Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Share Count Change Yoy: We do not hold this figure for this company, so there is nothing to show.
  • Price To Graham: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Coverage Ratio: We do not hold this figure for this company, so there is nothing to show.

9 of 10

Declared positions

Whether anybody here owns this company.

Positions declared by the founder: no holding in any company shown here, as of October 3, 2026.

10 of 10

Next step

What to do with what you have read.

A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.

More on this company

What this cannot tell you

  • 8 figures could not be read on this company, among them Positive Earnings Streak, Altman Z-Score, PEG Ratio. Each blank in the table above names the rest, with its reason. 4 named tests come back incomplete because of them, which is neither met nor missed.

And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.

Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.

No card. 30 free days, and nothing is charged unless you choose a plan.

Analyze your own portfolio

ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.

A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.

Once a week, what changed in the filings of US-listed companies, why it can matter to a thesis, and what deserves a closer review. Grounded in filings, not market noise.

Site map
  • Android app coming soon
  • iPhone app coming soon
ValueScreener

Discover companies, research each one to its filings, track what matters, and take your work into your own spreadsheet.

ValueScreener is a trading name of Oliva Real Estate Technologies LLC, a Delaware limited liability company. Legal notices: legal@valuescreener.ai. © 2026 Oliva Real Estate Technologies LLC. All rights reserved.

Risk disclaimer. This service is provided for research and education only. Nothing on it is investment advice, a recommendation, or an offer to buy or sell any security. Capital is at risk, and past performance does not indicate future results. Figures come from filed accounts and may be incomplete, delayed or later restated, so verify a number against the filing before you act on it.