Plains GP Holdings LP PAGP

EnergyOil & Gas Related Equipment and ServicesUnited States of America

Last close 27.47 USD on Nov 2, 2026, +53.6% year to date

Quant rating

Quant rating B Rank 56 of 167 in Energy

Growth C 91 of 167
Valuation B 41 of 167
Quality C 69 of 167
Revisions D 120 of 167
Momentum A 24 of 167

Wall Street consensus Hold (2.69)Average target 25.96 USD −5.5%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 5.4B
Enterprise value: 26.6B
52-week range: 16.89 – 28.96
3-year range: 15.04 – 28.96
Dividend yield: 5.88%
Beta (5 years): 0.51
Shares outstanding: 198M
Next earnings: Nov 6, 2026

About the company

Plains GP Holdings, L.P., through Plains All American Pipeline, L.P. (PAA), owns and operates midstream energy infrastructure and provides logistics services for crude oil. Its segments include Crude Oil and Natural Gas Liquids (NGL). Its Crude Oil segment operations generally consist of gathering and transporting crude oil using pipelines (including gathering systems), trucks and, at times, on barges or railcars, in addition to providing terminalling, storage and other related services utilizing its integrated assets across the United States and Canada. Its assets provide services to third parties as well as to its merchant activities. Its merchant activities include the purchase of crude oil supply and the movement of this supply on its assets or third-party assets to sales locations, including its terminals, third-party connecting carriers, regional hubs or refineries. Its NGL segment operations involve NGL storage and terminalling from its NGL assets located in the United States.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	44,262	48,889	47,336	57,342	42,078	–
Revenue growth	−9.5%	3.3%	−17.4%	36.3%	80.7%	13.7%
EPS (basic, normalized)	1.54	0.52	1.01	1.26	0.55	–
EPS growth	196.2%	−48.5%	−19.8%	129.1%	–	–
Gross margin	8.7%	7.6%	7.2%	7.3%	8.5%	7.8%
Net margin	0.3%	0.1%	0.3%	0.3%	0.1%	0.2%
ROE	11.3%	2.7%	9.4%	11.0%	4.0%	7.7%

Balance sheet, last quarter
Cash & short-term investments (mil)	1,060
Current ratio	1.12x
Long-term debt (mil)	8,432
Net debt (mil)	21,115
Total equity (mil)	1,580
Net debt / equity	13.36x
Net debt / EBITDA	6.26x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	44,262	−9.5%	0.6x	3,374	+21.4%	7.9x	1.54	+196.2%	17.8x
2026	58,609	+32.4%	0.5x	2,945	−12.7%	9.0x	1.95	+26.3%	14.1x
2027	58,834	+0.4%	0.5x	2,967	+0.8%	8.9x	1.83	−6.0%	15.0x
2028	60,782	+3.3%	0.4x	3,017	+1.7%	8.8x	1.96	+7.2%	14.0x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	58,609	+0.4%	+10.5%	+17.3%	1.95	−10.7%	−1.8%	+55.1%
2027	58,834	+0.8%	+8.7%	+18.2%	1.83	−2.7%	−11.6%	+39.2%
2028	60,782	+0.7%	+8.4%	+15.3%	1.96	−1.3%	−3.9%	+51.7%

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	11,995	12,933	12,743	12,402	12,011	10,642	11,578	10,565	12,470	17,693
Sales mean (mil)	12,791	12,409	13,108	14,677	14,141	12,216	12,117	12,572	11,716	12,865
Surprise	−6.2%	+4.2%	−2.8%	−15.5%	−15.1%	−12.9%	−4.4%	−16.0%	+6.4%	+37.5%
EPS reported	0.21	0.20	0.17	−0.05	0.42	0.15	0.41	0.40	0.39	0.41
EPS mean	0.28	0.29	0.29	0.33	0.48	0.33	0.39	0.44	0.17	0.24
Surprise	−25.7%	−30.4%	−41.6%	−115.4%	−11.8%	−55.1%	+5.8%	−9.5%	+124.1%	+68.6%

Peer comparison Oil & Gas Related Equipment and Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
PAGP Plains GP Holdings LP	5.4B	6.26x	0.3%	13.28x	14.1x	15.0x	9.0x	8.9x
ENB Enbridge Inc.	109.8B	5.79x	10.8%	2.30x	23.9x	21.6x	13.4x	12.5x
TRP TC Energy Corporation	66.4B	6.91x	23.7%	3.34x	23.6x	22.6x	13.9x	13.4x
WMB The Williams Companies, Inc.	87.1B	4.23x	21.9%	6.60x	29.8x	26.4x	14.2x	12.4x
EPD Enterprise Products Partners L.P	80.7B	3.42x	10.9%	2.66x	12.2x	11.4x	10.4x	10.0x
KMI Kinder Morgan, Inc.	72.9B	3.98x	17.9%	2.31x	20.8x	21.1x	11.6x	11.5x
Mean		5.10x	14.3%	5.08x	20.7x	19.7x	12.1x	11.5x
Median		5.01x	14.4%	3.00x	22.2x	21.4x	12.5x	11.9x

Technical analysis

1M+7.0%
3M+5.9%
1Y+70.2%
3Y+108.6%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Plains GP Holdings LP, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	44,262	48,889	47,336	57,342	42,078	23,290
Cost of revenue	40,433	45,162	43,937	53,176	38,504	20,431
Gross profit	3,829	3,727	3,399	4,166	3,574	2,859
Selling, general & administrative expenses	348	334	305	330	281	276
Research & development	–	–	–	–	–	–
Depreciation/amortization	953	901	912	968	777	656
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	−85.0	144	−180	−77.0	607	3,416
Other operating expenses	1,154	1,471	1,085	1,315	1,065	1,076
Operating income	1,459	877	1,277	1,630	844	−2,565
Net interest income (expense)	−65.0	82.0	41.0	−227	−134	−48.0
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	1.0	4.0	44.0	6.0	2.0	6.0
Net income before taxes	1,395	963	1,362	1,409	712	−2,607
Provision for taxes	92.0	124	129	246	112	−167
Minority interest	−1,151	−800	−1,089	−995	−540	1,872
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	152	39.0	144	168	60.0	−568
Extraordinary items	108	64.0	54.0	–	–	–
Net income	260	103	198	168	60.0	−568
EBIT, normalized	1,391	1,366	1,097	1,648	1,466	1,161
EBITDA, normalized	2,344	2,392	2,148	2,616	2,243	1,817
Basic EPS, normalized	1.54	0.52	1.01	1.26	0.55	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Plains GP Holdings LP, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	329	349	453	404	452	25.0
Receivables	3,598	3,901	3,760	3,907	4,705	2,553
Total inventory	211	439	548	729	783	647
Prepaid expenses	–	–	–	–	–	–
Other current assets	566	87.0	155	318	200	443
Total current assets	4,704	4,776	4,916	5,358	6,140	3,668
Property, plant & equipment	17,958	16,724	17,071	16,563	16,209	15,980
Goodwill	–	–	–	–	–	0
Intangibles	1,754	1,677	1,875	2,145	1,960	805
Long-term investments	2,846	2,811	2,820	3,084	3,805	3,764
Note receivable	–	–	–	–	–	–
Other long-term assets	4,014	1,768	1,915	2,057	1,864	1,734
Total assets	31,276	27,756	28,597	29,207	29,978	25,951
Liabilities
Accounts payable	3,457	3,881	3,845	4,045	4,811	2,425
Payable/accrued	–	–	–	–	–	–
Accrued expenses	27.0	63.0	69.0	71.0	77.0	78.0
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	563	408	446	1,159	822	831
Other current liabilities	855	572	645	618	524	921
Total current liabilities	4,902	4,924	5,005	5,893	6,234	4,255
Long-term debt	10,696	7,213	7,305	7,287	8,398	9,382
Minority interest	12,871	12,965	13,424	13,114	12,644	9,726
Other liabilities	1,462	1,303	1,315	1,389	1,169	1,124
Total liabilities	29,931	26,405	27,049	27,683	28,445	24,487
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	1,345	1,351	1,548	1,524	1,533	1,464
Additional paid-in capital	–	–	–	–	–	–
Retained earnings (accumulated deficit)	–	–	–	–	–	–
Treasury stock	–	–	–	–	–	–
Other equity	0	0	0	0	0	0
Total equity	1,345	1,351	1,548	1,524	1,533	1,464
Total liabilities & shareholders' equity	31,276	27,756	28,597	29,207	29,978	25,951

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Plains GP Holdings LP, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	1,686	1,070	1,425	1,163	600	−2,440
Depreciation, depletion & amortization	953	1,026	1,051	968	777	656
Deferred taxes	91.0	9.0	44.0	162	62.0	−218
Non-cash items	−251	−198	−450	−186	348	3,198
Changes in working capital	452	577	652	297	204	314
Cash from operations	2,931	2,484	2,722	2,404	1,991	1,510
Investing activities
Capital expenditures	−643	−619	−559	−455	−336	−752
Other investing cash flows	−2,796	−256	−143	−71.0	722	−341
Cash from investing	−3,439	−875	−702	−526	386	−1,093
Financing activities
Financing cash flow items	−1,445	−1,311	−1,095	−941	−749	−641
Cash dividends paid	−301	−251	−209	−162	−140	−166
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	2,220	−140	−667	−824	−1,090	377
Cash from financing	474	−1,702	−1,971	−1,927	−1,979	−430
Foreign exchange effects	14.0	−11.0	0	−3.0	−5.0	−8.0
Net change in cash	−20.0	−104	49.0	−52.0	393	−21.0
Free cash flow	2,288	1,865	2,163	1,949	1,655	758

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.