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Canadian midstream energy company operating pipelines, gas gathering/processing plants and natural gas liquids marketing.
Canadian midstream energy company operating pipelines, gas gathering/processing plants and natural gas liquids marketing.
Most of its income is fees under long-term contracts for moving and processing others' oil, gas and NGLs, much of it take-or-pay (customers pay for capacity whether or not they use it). These are the Toronto-listed shares of the same company that trades in New York. The 2021 purchase of Inter Pipeline added oil-sands pipelines.
In one line: Canada's Williams Companies/Targa Resources.
Moat: wide (regulatory licence, installed base, scale). Extensive Western Canadian pipeline/processing network with long-term take-or-pay contracts, hard to replicate.
Headquarters: Calgary, Canada · Founded: 1954 · Employees: 2,974
Size Pembina Pipeline (PPL.TO) is a Canada Energy company (Oil & Gas Pipelines) with a market value of $28.3B, the 39th largest of 420 Canada companies the cockpit tracks. Shares closed at C$68.16 on 6 Nov 2026.
Performance Over six months the shares gained 11.2%, against -1.4% for the median peer and +5.2% for the Canada market (cap-weighted) — 2nd highest of 16 in its peer set.
Growth Revenue fell 0.3% over the last twelve months (peer median +12.2%); the operating margin is 31.0% (peer median 30.7%).
Valuation It trades at 22.2× forward earnings against a peer median of 15.1× (5th most expensive of 16).
Price implies For today's price to make sense, revenue must grow about 11% a year for seven years (Req g). Recent delivered growth is +5%, so the hurdle is +5 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 0.8 points below its cost of capital (6.6% WACC).
Backlog Backlog (remaining performance obligations) was C$17.9B at 31 Dec 2024, up 53% on a year earlier — 2.4 years of trailing revenue. Backlog detail →
Next results Next results expected around 25 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | C$7.84B | C$7.68B | C$7.31B | C$6.05B | C$11.6B |
| Revenue growth | — | +5% | +21% | -48% | — |
| Gross profit | C$2.89B | C$2.81B | C$2.85B | C$2.19B | C$2.68B |
| EBITDA | C$3.43B | C$3.40B | C$3.33B | C$2.48B | C$3.02B |
| Net income | C$1.78B | C$1.69B | C$1.86B | C$1.78B | C$2.97B |
| Free cash flow | C$2.05B | C$2.49B | C$2.23B | C$2.01B | C$2.30B |
| Capital expenditure | C$818M | C$784M | C$955M | C$606M | C$605M |
| Total debt | C$13.8B | C$13.3B | C$13.3B | C$11.1B | C$11.3B |
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 |
|---|---|---|---|---|---|---|
| Pembina Pipeline PPL.TO | $28.3B | +11% | 0% | 31% | 22.2× | 10.7% |
| Enbridge ENB.TO | $107B | -10% | +29% | 13% | 22.1× | 12.6% |
| TC Energy TRP.TO | $65.1B | -1% | +6% | 46% | 23.0× | 11.4% |
| Keyera KEY.TO | $10.6B | 0% | 0% | 11% | 17.4× | n/a |
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 | PPL.TO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +3.9% | -7.1% | 2nd highest of 16 |
| 6-month return | +11.2% | -1.4% | 2nd highest of 16 |
| Distance from 52-week high | -6.3% | -17.2% | highest of 16 |
| Revenue growth (TTM) | -0.3% | +12.2% | lowest of 16 |
| Operating margin | 31.0% | 30.7% | 8th highest of 16 |
| Forward P/E | 22.2× | 15.1× | 5th most expensive of 16 |
| Growth the price implies (Req g, 7 yrs) | 10.7% | 4.8% | 5th most demanding of 13 |
| Growth delivered (Del g) | +5.2% | +10.7% | 2nd lowest of 13 |
| Hurdle (Req g minus delivered) | +5.5 pp | -4.7 pp | 2nd most demanding of 13 |
| ROIC minus cost of capital | -0.8 pp | -0.6 pp | 7th lowest of 16 |
| EV / EBITDA | 16.0× | 13.0× | 5th most expensive of 15 |
| Net debt / EBITDA | 4.0× | 4.1× | 7th least indebted of 16 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| 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 |
| 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% |
| 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% |
| 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% |
| 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 |
| Enterprise Products Partners L.P EPD | United States | $80.0B | 0% | +22% | 12% | 11.9× | 1.0% | +14.3% |
| Williams Companies WMB | United States | $80.1B | -10% | +10% | 37% | 24.9× | 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% |
| Enbridge ENB.TO | Canada | $107B | -10% | +29% | 13% | 22.1× | 12.6% | +10.9% |
Pembina Pipeline reported C$17.9B of remaining performance obligations at 31 Dec 2024, up 53% from a year earlier. That is 2.4 years of trailing revenue already under contract.