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Holding company owning the general-partner economic interest in Plains All American Pipeline's crude oil and NGL logistics business.
Holding company owning the general-partner economic interest in Plains All American Pipeline's crude oil and NGL logistics business.
Owns the general partner of Plains All American Pipeline and an interest in the partnership, so its income is its share of the cash distributions PAA pays. Those come from fees for moving and storing crude oil and natural gas liquids, much of it under long-term pipeline contracts, plus some trading margin.
Moat: narrow (scale, installed base). Holds an economic stake in PAA's Permian crude network; moat mirrors PAA's pipeline scale.
Headquarters: Houston, Texas, US · Founded: 2013 · Employees: 3,900
Size Plains GP Holdings LP (PAGP) is a United States Energy company (Oil & Gas Pipelines) with a market value of $5.10B, the 1170th largest of 3,117 United States companies the cockpit tracks. Shares closed at $25.78 on 6 Nov 2026.
Performance Over six months the shares gained 11.2%, against -8.4% for the median peer and -1.1% for the United States market (cap-weighted) — highest of 14 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 23.9%).
Valuation It trades at 14.7× forward earnings against a peer median of 12.9× (6th most expensive of 13).
Price implies For today's price to make sense, revenue must grow about 3% a year for seven years (Req g). Recent delivered growth is +13%, so the hurdle is -11 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.3 points below its cost of capital (6.2% WACC).
Short interest Short interest is 8.3% of the free float (15 Oct 2026).
Next results Next results expected around 5 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $52.2B | $44.3B | $48.9B | $48.7B | $57.2B |
| Revenue growth | — | -9% | 0% | -15% | — |
| Gross profit | $1.80B | $1.74B | $1.39B | $1.74B | $1.65B |
| EBITDA | $2.45B | $2.35B | $1.95B | $2.43B | $2.28B |
| Net income | $554M | $260M | $103M | $198M | $168M |
| Free cash flow | $2.37B | $2.29B | $2.04B | $2.16B | $1.95B |
| Capital expenditure | $601M | $643M | $448M | $559M | $455M |
| Total debt | $8.63B | $11.5B | $7.84B | $8.09B | $8.82B |
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 GP Holdings LP PAGP | $5.10B | +11% | +9% | 3% | 14.7× | 2.6% |
| 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% |
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 | PAGP | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -3.0% | -7.7% | 5th highest of 14 |
| 6-month return | +11.2% | -8.4% | highest of 14 |
| Distance from 52-week high | -11.0% | -20.4% | 2nd highest of 14 |
| Revenue growth (TTM) | +9.0% | +10.5% | 6th lowest of 14 |
| Operating margin | 2.8% | 23.9% | 2nd lowest of 14 |
| Forward P/E | 14.7× | 12.9× | 6th most expensive of 13 |
| Growth the price implies (Req g, 7 yrs) | 2.6% | 6.5% | 5th least demanding of 12 |
| Growth delivered (Del g) | +13.4% | +10.5% | 5th highest of 12 |
| Hurdle (Req g minus delivered) | -10.9 pp | -2.8 pp | 4th least demanding of 12 |
| ROIC minus cost of capital | -1.3 pp | -1.5 pp | 7th highest of 14 |
| Net debt / EBITDA | 3.1× | 3.6× | 3rd least indebted of 14 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Plains GP Holdings LP PAGP | United States | $5.10B | +11% | +9% | 3% | 14.7× | 2.6% | +13.4% |
| Golar LNG GLNG | United States | $4.40B | -23% | +95% | 46% | n/a | n/a | n/a |
| South Bow SOBO.TO | Canada | $6.54B | -8% | -26% | 24% | 16.5× | 13.9% | -25.8% |
| Kinetik KNTK | United States | $7.92B | +3% | +10% | 9% | 25.1× | 33.0% | +63.6% |
| Delek Logistics Partners LP DKL | United States | $2.99B | +1% | +30% | 15% | 11.8× | 13.0% | +12.2% |
| Antero Midstream AM | United States | $8.97B | -9% | +8% | 55% | 15.1× | 2.5% | +5.3% |
| Keyera KEY.TO | Canada | $10.6B | 0% | 0% | 11% | 17.4× | n/a | n/a |
| Rockpoint Gas Storage RGSI.TO | Canada | $2.26B | -16% | +15% | 75% | 8.7× | -3.8% | +21.7% |
| DT Midstream DTM | United States | $11.6B | -20% | +13% | 50% | 23.5× | 12.4% | +10.5% |
| NGL Energy Partners LP NGL | United States | $1.87B | -8% | -22% | 12% | 11.9× | 1.2% | -9.6% |
| Western Midstream Partners, LP WES | United States | $16.5B | -8% | +18% | 39% | 9.9× | 3.2% | +8.6% |
| Plains All American Pipeline, L.P PAA | United States | $16.9B | +10% | +9% | 3% | 13.9× | 6.5% | +13.4% |
| Friedrich Vorwerk VH2.DE | Germany | $1.50B | -5% | +22% | 19% | 11.1× | -8.0% | +19.3% |
| Sinopec Kantons 0934.HK | Hong Kong | $1.31B | +3% | +10% | 27% | 9.2× | 7.7% | +1.8% |