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US midstream MLP transporting, storing and marketing crude oil and NGLs, mainly from the Permian Basin.
US midstream MLP transporting, storing and marketing crude oil and NGLs, mainly from the Permian Basin.
Collects fees per barrel for moving and storing crude, often under long-term contracts with minimum volumes, plus a marketing margin from buying crude at one point and selling it at another. Fees give a steadier base, and marketing profit is more volatile. It agreed in 2025 to sell its Canadian natural-gas-liquids business to Keyera to concentrate on crude oil.
Moat: narrow (scale, installed base). Extensive Permian crude gathering and long-haul pipeline network built through years of consolidation.
Headquarters: Houston, Texas, US · Founded: 1998 · Employees: 3,900
Size Plains All American Pipeline, L.P (PAA) is a United States Energy company (Oil & Gas Pipelines) with a market value of $16.9B, the 555th largest of 3,117 United States companies the cockpit tracks. Shares closed at $23.92 on 6 Nov 2026.
Performance Over six months the shares gained 10.1%, against -1.4% for the median peer and -1.1% for the United States market (cap-weighted) — 4th highest of 16 in its peer set.
Growth Revenue grew 9.0% over the last twelve months (peer median +10.5%); the operating margin is 2.8% (peer median 31.0%).
Valuation It trades at 13.9× forward earnings against a peer median of 15.8× (6th cheapest of 15).
Price implies For today's price to make sense, revenue must grow about 6% a year for seven years (Req g). Recent delivered growth is +13%, so the hurdle is -7 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.9 points below its cost of capital (6.9% WACC).
Credit Plains All American Pipeline, L.P has 11 bonds outstanding ($8.18B), rated BBB by the agencies and trading like BBB+ at a weighted spread of 97 bp.
Short interest Short interest is 2.5% of the free float (15 Oct 2026).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $52.2B | $44.3B | $48.9B | $48.7B | $57.2B |
| Revenue growth | — | -9% | 0% | -15% | — |
| Gross profit | $1.81B | $1.74B | $1.39B | $1.74B | $1.65B |
| EBITDA | $2.42B | $2.37B | $1.96B | $2.44B | $2.29B |
| Net income | $2.76B | $1.43B | $767M | $1.23B | $1.03B |
| Free cash flow | $2.38B | $2.29B | $2.04B | $2.17B | $1.95B |
| Capital expenditure | $601M | $643M | $448M | $559M | $455M |
| Total debt | $8.63B | $11.5B | $7.84B | $8.16B | $8.88B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Plains All American Pipeline, L.P PAA | $16.9B | +10% | +9% | 3% | 13.9× | 6.5% |
| Enterprise Products Partners L.P EPD | $80.0B | 0% | +22% | 12% | 11.9× | 1.0% |
| Energy Transfer LP ET | $65.1B | -2% | +56% | 9% | 11.3× | 2.6% |
| Mplx LP MPLX | $56.6B | +4% | +7% | 38% | 12.0× | 2.7% |
| Enbridge ENB.TO | $107B | -10% | +29% | 13% | 22.1× | 12.6% |
| Kinder Morgan KMI | $66.7B | -5% | +12% | 29% | 19.6× | 7.7% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | PAA | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -2.0% | -7.7% | 4th highest of 16 |
| 6-month return | +10.1% | -1.4% | 4th highest of 16 |
| Distance from 52-week high | -11.3% | -17.2% | 4th highest of 16 |
| Revenue growth (TTM) | +9.0% | +10.5% | 8th lowest of 16 |
| Operating margin | 2.8% | 31.0% | lowest of 16 |
| Forward P/E | 13.9× | 15.8× | 6th cheapest of 15 |
| Growth the price implies (Req g, 7 yrs) | 6.5% | 5.4% | 7th least demanding of 13 |
| Growth delivered (Del g) | +13.4% | +8.2% | 4th highest of 13 |
| Hurdle (Req g minus delivered) | -7.0 pp | -3.5 pp | 5th least demanding of 13 |
| ROIC minus cost of capital | -1.9 pp | -0.8 pp | 4th lowest of 16 |
| Net debt / EBITDA | 3.1× | 4.1× | 3rd least indebted of 16 |
| Bond spread | 97 bp | 110 bp | 2nd tightest of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Plains All American Pipeline, L.P PAA | United States | $16.9B | +10% | +9% | 3% | 13.9× | 6.5% | +13.4% |
| Western Midstream Partners, LP WES | United States | $16.5B | -8% | +18% | 39% | 9.9× | 3.2% | +8.6% |
| DT Midstream DTM | United States | $11.6B | -20% | +13% | 50% | 23.5× | 12.4% | +10.5% |
| Keyera KEY.TO | Canada | $10.6B | 0% | 0% | 11% | 17.4× | n/a | n/a |
| Pembina Pipeline PPL.TO | Canada | $28.3B | +11% | 0% | 31% | 22.2× | 10.7% | +5.2% |
| Venture Global VG | United States | $28.8B | +1% | +101% | 38% | 6.3× | n/a | n/a |
| Antero Midstream AM | United States | $8.97B | -9% | +8% | 55% | 15.1× | 2.5% | +5.3% |
| Kinetik KNTK | United States | $7.92B | +3% | +10% | 9% | 25.1× | 33.0% | +63.6% |
| South Bow SOBO.TO | Canada | $6.54B | -8% | -26% | 24% | 16.5× | 13.9% | -25.8% |
| Plains GP Holdings LP PAGP | United States | $5.10B | +11% | +9% | 3% | 14.7× | 2.6% | +13.4% |
| Mplx LP MPLX | United States | $56.6B | +4% | +7% | 38% | 12.0× | 2.7% | +6.8% |
| Cheniere Energy LNG | United States | $56.8B | +16% | +28% | 31% | 13.0× | -8.6% | +15.9% |
| Golar LNG GLNG | United States | $4.40B | -23% | +95% | 46% | n/a | n/a | n/a |
| TC Energy TRP.TO | Canada | $65.1B | -1% | +6% | 46% | 23.0× | 11.4% | +3.4% |
| Energy Transfer LP ET | United States | $65.1B | -2% | +56% | 9% | 11.3× | 2.6% | +17.0% |
| Kinder Morgan KMI | United States | $66.7B | -5% | +12% | 29% | 19.6× | 7.7% | +7.9% |
Plains All American Pipeline, L.P has 11 bonds outstanding with $8.18B face value. The agencies rate it BBB; its bonds trade like BBB+. Weighted yield 5.80%, a spread of 97 bp over government bonds.