Plains All American Pipeline, L.P. (PAA) AI Stock Analysis

Headquartered in Houston, Texas, Plains All American Pipeline, L.P. operates through two principal segments: Crude Oil and Natural Gas Liquids (NGL). The Crude Oil segment gathers and transports crude oil using pipelines, gathering systems, trucks, barges, and railcars, alongside terminalling, commercial storage, and merchant activities. As of December 31, 2021, it owned and leased 18,300 miles of active crude oil pipelines and gathering systems, with 74 million barrels of commercial storage and 38 million barrels of above-ground tank capacity. The NGL segment handles processing, fractionation, storage, transportation, and terminalling, owning four natural gas processing plants and nine fractionation plants.

Revenue grew at a 5-year CAGR of 13.7% from FY2020 to FY2025, moving from $42.08B in FY2021 to a peak of $57.34B in FY2022 before declining to $44.26B in FY2025. Despite an 11.6% revenue drop in FY2025, net income rose to $1.44B with a net margin of 3.2% and EPS of $1.54. Operating margin stood at 3.2% in FY2025 and 2.8% over the trailing twelve months. For the latest quarter ending June 30, 2026, quarterly revenue grew 66.3% year-over-year, while quarterly earnings jumped 1076.7% compared to the prior-year period.

As of June 30, 2026, Plains All American held $1.06B in cash and short-term investments against total debt of $8.63B, resulting in net debt of $7.58B. Total assets stood at $29.22B, supported by $11.08B in shareholders' equity, yielding a debt-to-equity ratio of 0.78 and a current ratio of 1.12. In FY2025, operating cash flow reached $2.94B, funding $643.0M in capital expenditures to generate $2.29B in free cash flow. Cash was returned to unitholders through $1.29B in dividends paid and $341.0M in share buybacks.

PAA trades at a trailing P/E of 21.8x, above the 15.0x median of its US-listed Energy peers, but its forward P/E of 13.1x is closer to the peer median of 12.7x. The partnership's enterprise value of $25.51B reflects an EV to EBITDA ratio of 8.3x, compared to the peer median of 8.0x, while its price-to-sales ratio of 0.3x sits below the peer median of 1.8x. Over the past year, PAA posted a 71.7% return, outpacing the 16.8% return for the S&P 500, and has delivered a 5-year return of 234.0% versus 83.0% for the index.

Plains All American pays a quarterly distribution with a forward annual dividend of $1.67 per unit, translating to a dividend yield of 6.61%. The payout ratio stands at 105.0%, and distributions have been paid for 28 consecutive years. Over the last five years, the dividend has achieved an annualized growth rate of 7.1%. The last ex-dividend date was October 30, 2026.

Wall Street sentiment includes 7 Strong Buy, 2 Buy, 7 Hold, and 2 Sell ratings. The mean price target is $26.35, representing 4.4% upside from the last close of $25.25 on October 16, 2026. For the current fiscal year ending December 31, 2026, analysts estimate revenue of $59.83B and EPS of $1.73, indicating 12.2% EPS growth. Plains beat EPS estimates in 2 of the last 4 quarters. The next earnings date is scheduled for November 6, 2026.

This page is an AI-written research summary of Plains All American Pipeline, L.P. (PAA). The text was generated on October 30, 2026 from Quotelinks data as of October 16, 2026 (company profile, annual results, latest balance sheet, valuation, price performance and analyst estimates). An automatic check rejects any draft that contains a figure not found in that data. It is not investment advice; verify figures on the linked tabs before making decisions.

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